Online Spiritual Spa Invites You to Join Thousands of People in a Collective Meditation on a Powerful, Energetic Day
LOS ANGELES--(BUSINESS WIRE)-- Yogamint offers a free online video meditation in celebration of 11-11-11 (2+0+0+9 =11), a powerful numerological day that is the gateway to higher energy.
"The number 11 is a mastery number," said Hari Bhajan Kaur Khalsa, CEO and founder of Yogamint. "Today's three 11's are extremely rare and beneficial. On this day more energy is available for you to unlock blockages or problems, giving you the ability to heal yourself and feel amazing."
The 10-minute video meditation is available all day and is taught by Alexandra Aitken, certified KRI Kundalini yoga instructor and produced by Derik Mills of Yogaglo.
"Chii-a Kriya is a protective meditation that will carry you through any obstacle into a gateway of greatness," said Aitken. "It's your day to move into a whole new expansion of yourself. Everything in your life that you're wishing to complete can happen."
New to meditation? Yogamint offers the following tips:
-- Sit in a cross-legged position with a straight spine, your chin parallel
to the ground.
-- Close your eyes and focus at the third eye point - the area between the
eyebrows
-- Take long, slow, deep breaths through your nose.
"This auspicious day is the perfect introduction for anyone new to meditating," said Khalsa. "Using breath and focusing your energy for 3-11 minutes will give you a very powerful experience."
For more information about Yogamint, please visit www.yogamint.com
About Yogamint
Yogamint is an online spiritual spa for the body, mind and soul. Through inspirational articles, or "mints," Yogamint inspires a healthy, yogic lifestyle, serving up small morsels, designed to freshen your day. Based on ancient yogic teachings and designed for the fast-pace of today, Yogamint shares information in small digestible portions that support and energize all aspects of your being.
Source: Yogamint
TAINAN, Taiwan--(BUSINESS WIRE)-- The K.T. Li Technology and Literature Lectureship announced the 2009 Award winners hosted by Founder and Chairman Bruce C.H. Cheng of Delta Electronics and Academician Michael M.C. Lai , the President of National Cheng Kung University (NCKU) on Nov. 10th at the Conference Room, NCKU. Academician Ching-Wu (Paul) Chu as the member of Academia Sinica, and Prof. Ying-Tai Lung from The University of Hong Kong was honored with the K.T. Li Chair Professor Award. Prof. Jhing-Fa Wang from Department of Electrical Engineering and Prof. Gwo-Bin Lee from Department of Engineering Science were also awarded with the K.T. Li Honorary Scholar Award. This award was established with the one million stocks endowed from Chairman Cheng who is also an outstanding NCKU alumnus and an NCKU Honorary Doctor.
Paul Chu and Prof. Lung, the winner of the 2009 K.T. Li Chair Professor Award received a grant of $600,000 NT dollars ($18,000 US dollars). Prof. Wang and Prof Lee, winners of the Honorary Scholar were granted with $300,000 NT dollars ($9,000 US dollars) respectively. Prof. Liang-Ming Whang and Prof. Horng-Long Cheng, winners of the K.T. Li Research Award, respectively received $120,000 NT dollars ($3,600 US dollars). Prof. Shinn-Nan Lin has received the Gold Medal Awards. All honored scholars appreciated the encouragement from Present Cheng and NCKU.
This ceremony was attended by President Lai, together with Prof. Hwung-Hweng Hwung and Prof. Da-Hsuan Feng, both as the Senior Executive Vice President, Prof. Woei-Shyan Lee, the Secretary General, Prof. Ming-Jer Tang, the Vice President of Academic Affairs, Prof. Bih-Ching Shu, the Vice President of Office of Student Affairs, Deans from all colleges and many outstanding alumni.
President Lai praised Chairman Cheng's contribution. Chairman Cheng attributed the achievement of his company to the profitable economical environment founded by Mr. K.T. Li, a late Senior Advisor in Presidential Office, Taiwan. Mr. K.T. Li was widely regarded as the key figure in the Taiwan economic "miracle." That is the reason he made donation to establish K.T. Li Technology Lectureship in order to honor outstanding researchers and scholars, and to promote technology education and research.
"Dr. Neal F. Lane, Assistant to the President for Science and Technology, and Director of the White House Office of Science and Technology Policy from 1998 to 2001, Director of the National Science Foundation (NSF), USA from 1993 to 1998, at present, Malcolm Gillis University Professor, Senior Fellow, James A. Baker III Institute for Public Policy, and Professor from Department of Physics and Astronomy, Rice University, remarked that we need to train the scientists and engineers with the literal points of view in technology," said President Lai.
"A successful 21st-century citizen will be full of potential professional knowledge and cultural literacy. Obviously, university education not only focused on technological research but also cooperated with cultural literacy. Therefore, we received the approval from President Cheng to add literature in the award," said President Lai. This year is more significant not only the 100th birthday anniversary of Mr. K.T. Li but also the first time to replace for The K.T. Li Technology Lectureship into The K.T. Li Technology and Literature Lectureship.
"K.T. Li is regarded as the Father of technology in Taiwan, as well as Chairman Cheng is one of the top outstanding entrepreneurs in Taiwan. This award was established from Chairman Cheng's adornment and named as K.T. Li research award. It is really exciting to receive the award in NCKU. Moreover, I really appreciated my teachers and classmates when I was in NCKU. All the achievement I received today is absolutely attributed to NCKU. I am glad to see that NCKU is getting upgrade not only in research area but also in education with the leadership from President Lai," said Paul Chu.
"Actually there is a story between K.T. Li and me. When I assumed the duty as the Commissioner from Department of Cultural Affairs, Taipei city in 2000, I preserved K.T. Li's old home from demolition. I appreciated the donation at that moment from Chairman Cheng, and Mr. Shih. K.T. Li's contributions lead to significant development in the economy of Taiwan and promotion in technological policy. President Cheng adopted K.T. Li's philosophy into practice. Hence, I really appreciate it to receive this award and come back to NCKU," said Prof. Lung.
About Academician Ching-Wu (Paul) Chu
Paul Chu was born in China's Hunan Province, 1941. In 1949, he was taken to Taiwan where he grew up and received his formative education. After graduating in physics from NCKU, he moved to America in 1963. He received his M.S. in 1965 from physics at Fordham University in the Bronx, and his PhD in 1968 from the University of California, San Diego.
After spending some time working for the company AT & T, Paul Chu entered academic life, first at Cleveland State University, and since 1979 as professor of physics at the University of Houston. Academician Chu published his first scientific papers in 1967 and 1968 on the relationships of high pressure and low-temperature superconductivity in various metallic compounds. In addition, he also achieved great fame in 1987 and 1988 with numerous awards and much coverage in newspapers and magazines.
At various times, he has served as a consultant and a visiting staff member at Bell Labs, Los Alamos National Lab, the Marshall Space Flight Center, Argonne National Lab and DuPont. He is the founding director of the Texas Center for Superconductivity at University of Houston (UH) and serves as the center's senior science adviser and president of the Hong Kong University of Science and Technology.
In addition, Paul Chu, a pioneer in the field of high-temperature superconductivity, is also a member of the U.S. National Academy of Sciences, the American Academy of Arts and Sciences, the Chinese Academy of Sciences, the Academia Sinica, Taiwan and the Academy of Sciences for the Developing World. He also was elected a foreign member of the Russian Academy of Engineering.
Paul Chu has received numerous awards, including the 1988 National Medal of Science, the highest honor possible for a scientist in the United States, for his work on high-temperature superconductivity. The White House appointed Chu to be among 12 distinguished scientists who will evaluate National Medal of Science nominees.
About Prof. Ying-Tai Lung
Prof. Lung was born in Kaohsiung, 1952. She graduated from Department of Foreign Language and Literature, NCKU, Tainan, and then received her PhD in Kansas State University, U.S.A. At present, she served as a professor in the City University of New York (CUNY) and Mercyhurst College - Erie USA.
She is a celebrated essayist and cultural critic, with a total of 15 published titles to her credit in Chinese. After coming back to Taiwan, she began writing an op-ed column in China Times on the various conditions of Taiwan. Essays in other languages had appeared in European newspapers such as the Frankfurter Allgemeine Zeitung before she accepted the appointment as the first Cultural Minister of Taipei in 1999. During her 4-year term as cultural architect of the city, she has designed as well as practiced a new concept of cultural policy with a great impact on contemporary culture in Taiwan and China. Prof. Lung's poignant and critical essays contributed to the democratization of Taiwan.
Prof. Lung has been recruited as Commissioner of Department of Culture Affairs in 1999. In addition, she has joined the Journalism and Media Studies Centre of the University of Hong Kong (HKU) in August 2004. In July, 2005, she established the Lung Ying-Tai Cultural Foundation and used the foundation as a platform to sponsor literary and artistic endeavors as well as academic lectures. Since 2008, she has undertaken the position of Hung Leung Hau Ling Distinguished Fellow in Humanities of HKU and Chair Professor from Department of Arts and Humanities in National Tsing Hua University (NTHU) in Taiwan.
About Prof. Jhing-Fa Wang
Prof. Wang received his M.S. from Department of Electrical and Engineering of NCKU, and Ph.D. from Stevens Institute of Technology, U.S.A. He has been appointed as the Chairman of Tainan Information Software Association, Associate Editor of IEEE Transaction both on VLSI system and Neural Networks, Editor-in-chief in Journal of the Chinese Institute of Electrical Engineering, Chairman of The Chinese Image Processing and Pattern Recognition Society, and Assistant Professor from Stevens Institute of Technology, U.S.A. At present, he served as the Chair Professor from Department of Electrical Engineering, the Dean of College of Engineering, and The Board of Governors of IEEE Taipei Section.
His specialties are CAD/VLSI chip design and neural network for speech, pattern recognition. Moreover, he also received many awards including "Outstanding Researcher", NSC (2002, 1996), "Macronix golden silicon Awards", IEEE Fellow (1999), "Outstanding Award", Acer Company, (1996), "Outstanding Professor Award", Chinese Engineer Association, (1996), "Outstanding Academic Award", NSC, (1995, 1990), one of the ten recipients of the Outstanding Timber Award on Information Industry from Ministry of Economics, (1991), Outstanding Paper Award from IEEE International Conference on CAD, (1987).
About Prof. Gwo-Bin Lee
Prof. Lee started his academic career at NCKU after he received his PhD in mechanical and aerospace engineering from University of California, Los Angeles (UCLA), 1998. He earned his B.S. and M.S. both in Department of Mechanical Engineering, NTU.
Prof. Lee is also enthusiastic about school administration. He has been appointed as the Deputy Director of NCKU Micro Bio-analysis Center, the Deputy Director for technology transfer in Center for Micro/Nano Science Technology, the Associate Editor for IEEE Proceedings of Nanobiotechnology, and the Chair for the Technical Committee on Nanosensors and Nanoactuators under the IEEE Nanotechnology Council. Now, he serves as the deputy director for Medical Electronics and Device Technology Center in Industrial Technology Research Institute.
Since 1999, Prof. Lee has authored about 164 academic papers, and has been granted with 81 patents. Four of his recent papers have been selected as "Highly cited papers in 10 years" by Essential Science Indicators, ISI database. Prof. Lee's research interests mainly apply to micro electro mechanical systems (MEMS), micro sensors, micro actuators, micro fluidics, micro tics, nanobiotechnology, DNA manipulation and biosensing.
Prof. Lee's achievement on science and education can be appreciated from many awards he has received, including the "2008 National Innovation Award", the "2006 Outstanding Research Award", NSC, "Distinguished Young Electrical Engineer Award", Chinese Electrical Engineering Society, "Distinguished Mechanical Engineer Award" named by the Chinese Society of Mechanical Engineers, the "45th National Youth Award", "K.T. Li Research Award" and many best paper awards in many world-renowned international conferences.
About Prof. Liang-Ming Whang
Prof. Whang got his B.S. from Department of Environment Engineering in NCKU (1992), and then went to U.S.A. for M.S. and PhD in University of Wisconsin-Madison, (1997, 2002). He has been very active in research regarding microbial communities (nitrifying, denitrifying and phosphorus-accumulating organisms) and their performance in biological nutrient removal system, application of environmental biotechnology in soil and groundwater bioremediation, biological hydrogen production mechanisms and mathematical model simulation, and optimization of biological treatment processes for TFT-LCD wastewaters.
He was honored as Marquis Who's Who 10th Anniversary Edition of Who's Who in Science and Engineering, 2008~2009, Marquis Who's Who 25th Anniversary Edition of Who's Who in the World (2008, 2009), "Best Research Paper Award", the 4th and 5th Soil and Groundwater Conference, the 22nd Waste Treatment Technology Conference, and the 27th Water-wastewater treatment technology conference, Chinese Institute of Environmental Engineering, Taipei, Taiwan, (2004, 2006, 2007), "Outstanding Young Engineers Reward", Chinese Institute of Engineers, Taipei, Taiwan (2007) and identified as a Rising Star from "Rising Star Program", NCKU College of Engineering, (2007).
About Prof. Horng-Long Cheng
Prof. Cheng graduated Department of Chemistry in Tamkang University (TKU), and received his M.S. in Department of Polymer Engineering and Science, National Taiwan University of Science and Technology (NTUST), and PhD from Department of Materials Science and Engineering, NTU. His research interests mainly apply to flexible electronic and flat panel displays, organic/polymeric electronics, organic/polymeric field-effect transistors, polymeric light emitting diodes, organic/polymeric solar cells, and organic and polymeric optoelectronic materials and devices.
Prof. Cheng received many awards including "2003 Outstanding Innovation Award", ITRI/ERSO, "2007 Progress Award", Scientific Papers Published, "Faculty Research Award", (2007, 2008), "K. T. Li Research Award", (2009).
About National Cheng Kung University (NCKU):
NCKU is located in the ancient city of Tainan, the historical and ancient cultural capital city of Taiwan, which boasts more than 50 national relics sanctioned by the government and is approximately 250 kilometers south of Taipei. It is connected to all major cities in Taiwan by the recently initiated state-of-the-art Taiwan High Speed Rail. Further, this historical heritage is the pride of Tainan City and represents a rich cultural resource to NCKU. The technological sectors in the Southern Taiwan Science Park offer students at NCKU with a stage to apply what they have learned into practice.
With three quarters of a century of distinguished history, with well over 130,000 powerful alumni now dotting the globe, many have achieved supreme successes in arts, business, education, science, technology and healthcare and are ready and willing to assist the 22,000 academic selective students and 1200 academic faculty members. Currently, both have an international flavor, with enormous regional support, and there is a permeating culture of proactive intellectual growth on the world's stage NCKU in Tainan, Taiwan, has evolved from its engineering genesis into a powerful and comprehensive research international university in the Asia Pacific.
Since NCKU's establishment in 1931, it has developed into a research intensive and comprehensive university with integrated academic fields in nine colleges: Liberal Arts, Sciences, Engineering, Electrical Engineering & Computer Science, Planning & Design, Management, Social Sciences, Medicine, and Bioscience & Biotechnology. NCKU currently offers 40 undergraduate programs (excluding the Program of Bachelor's Degree), 78 master's degree programs, 54 doctoral programs and 20 master's degree programs for working professionals.
Photo: http://www.cna.com.tw/postwrite/cvpread.aspx?ID=42964
Source: National Cheng Kung University
TRAVERSE CITY, Mich., Nov. 11 /PRNewswire/ -- Since its premiere in 2007, the popular AMC show "MAD MEN" has renewed an interest in the sophisticated lifestyle of the early 1960s. For professionals of this era, the ultimate sign of success was a new car.
(Photo: http://www.newscom.com/cgi-bin/prnh/20091111/LA09314)
Hagerty, the country's leading provider of collector car insurance, has put together its picks of the collector cars that the most powerful and influential professionals of the MAD MEN era would have driven.
"Collector cars are a unique way to show off your sense of style and express your personality," said McKeel Hagerty, CEO of Hagerty. "The early '60s especially were an era when quality products and cutting-edge design still ruled in America. The ten cars on our list are great examples of the understated and sophisticated design style of this period, and their solid value today makes them a smart way to capture the essence of MAD MEN era."
Below are Hagerty's picks of "How to Drive like the MAD MEN: Top 10 Cars of the MAD MEN Era." The leading collectible car price guide, Hagerty's Cars that Matter, has determined approximately what each vehicle is valued at today.
1. 1963 Buick Riviera ($28,000-$36,100): When Cadillac decided against
producing the Riviera, Buick enlisted McCann Erickson ad agency to
convince GM brass that the car should be a Buick. GM styling chief Bill
Mitchell drew inspiration from Rolls-Royce and Ferrari. Owners knew the
value of a powerful, yet beautifully understated car with plenty of room
for the mistress and weekend's luggage. And the iconic 1963 Riviera
certainly filled the bill.
2. 1963 Corvette Sting Ray ($61,000-$74,000): The 1963 Corvette was perhaps
the last truly elegant Corvette before the muscle car era arrived with
all its ducts and scoops. A man could "expect a subtle, extra measure of
attention and respect" by arriving in such a potent machine.
3. 1961-63 Ford Thunderbird ($35,000-$45,000): With the 1955 Thunderbird,
Ford introduced Americans to the concept of a personal luxury car. By
the early sixties, the boys from Dearborn had perfected the notion. Big
power, big comfort, "suddenly, you're in Thunderbird Country."
4. 1961-63 Lincoln Continental Sedan ($18,000-$24,000): Conceived just
before the beginning of the design-by-committee era, Elwood Engel's
magnum opus was the last mass-produced automobile to be designed by a
single man. A 1963 print ad showed the Continental, with doors open in
welcome. Below, the tagline stated: "For 1963, we have enlarged your
private world and provided you with added power."
5. 1961 Chrysler 300G ($59,000-$67,000): The G's styling was unabashedly
50's. But with up to 400 horsepower available and one of the best
suspension and brake packages available, the big Chrysler was more than
met the eye. Though outwardly traditional, its looks concealed inner
fury.
6. 1963 Studebaker Avanti ($23,000-$31,000): Studebaker was among the last
of America's independent automakers. Styled by a team led by famed
industrial designer Raymond Loewy, the Avanti was Studebaker's last gasp.
A Hail Mary Pass of a European-style GT, the Avanti was a lasting icon of
an era when the fiercely independent were heroes. While Studebaker
succumbed to a creeping death, Avanti production continued into the
1980s.
7. 1962-63 Cadillac Coupe De Ville ($14,000-$20,000): No list of great 1960s
cars is complete without a Cadillac. The Coupe De Ville was a neon sign
announcing the "arrival" of a top executive. Young businessmen did not
want or even yearn for a new Cadillac, they aspired to one.
8. 1962-64 Studebaker Gran Turismo Hawk ($27,000-$32,000): Although
Studebaker went out of business in 1966, it wasn't because their products
lacked style. The GT Hawk was fast, elegant, and understated. Though
larger and more staid than its Avanti stable mate, the Hawk was still a
bold statement of independence.
9. 1963 Buick Electra 225 ($13,000-$19,000): Though it was built by GM's
"near luxury" division, the Electra 225 carried plenty of prestige. Four
vents on each front fender indicated Buick's largest available engine and
the big 401 cubic-inch V8 provided enough power to make even Cadillac
owners think twice. Though not as flashy as the Cadillac, the Buick was
grace and style made manifest.
10. 1963 Ford Galaxie XL Convertible ($31,000-$36,000): If the world or even
the solar system simply wasn't big enough, there was the Galaxie. With a
whopping 119" wheelbase the Galaxie convertible wasn't a car you wanted
to parallel park in Manhattan. Which is why the French invented valet
parking. True story, sweetheart.
Hagerty Insurance Agency, Inc. is the leading insurance agency for collector vehicles in the world and host to the largest network of collector car owners. Hagerty offers insurance for collector cars, motorcycles and motorcycle safety equipment, tractors, automotive tools and spare parts, and even "automobilia" (any historic or collectible item linked with motor vehicles). Hagerty also offers overseas shipping/touring insurance coverage, commercial coverage and club liability coverage. For more information, call (800) 922-4050 or visit www.hagerty.com.
SOURCE Hagerty Insurance Agency, Inc.
DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/cb32f4/ghana_mining_repor) has announced the addition of the "Ghana Mining Report Q4 2009" report to their offering.
This Ghana Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Ghana's mining industry.
Ghana contains the second largest area of gold deposits in the African region after South Africa. The nation derives the bulk of its external revenue from gold mining, which accounts for over 90% of Ghana's total mineral exports. Apart from gold, Ghana also produces significant quantities of bauxite and diamonds. The country is also counted among the top five nations across the globe for its manganese ore production. Ghana is home to some of the biggest names from the global extractive industry: Gold Fields (Ghana), Newmont Ghana and South Africa's AngloGold Ashanti.
In 2008, overall revenues from the Ghanaian mining sector reached US$2.3bn, an increase of 28% year-on-year (y-o-y), according to figures released by the Ghana Chamber of Mines in June 2009. Gold revenues stood at US$2.2bn, with output of 2.6mn oz (up 4% y-o-y) selling at an average realised price of US$852 per oz. Manganese revenue was up by a stellar 69%, to US$62.34mn, while bauxite revenue was essentially flat, at US$19.81mn.
Looking forward, Chamber of Mines President Jurgen Eijgendaal said that 2009 would be a mixed year for Ghana's mining industry. He expects gold to perform well, while bauxite and manganese exports could fall as a result of a decline in demand.
Though the mining industry has been successful in attracting foreign capital, it has also been subject to criticism from the Ghanaian government, environmentalists and human rights activists. Foreign players have been known to exploit legal loopholes and abuse both human rights as well as the environment. However, stakeholders in the mining sector claim that regulations pertaining to compensation need to be updated; that the price levels for valuing crops, livestock and landed property have not been reviewed for a number of years. They also point out that in other African countries, such as Tanzania, the state pays the compensation and not the miner.
The basic law governing the mining industry is the Minerals and Mining Act 2006 (Act 703). Under the law, the president holds the power to grant mining rights. However, the pressure to amend the law and allow farmers to have a say in authorising their lands for mining activity is increasingly gaining favour in the country, and is being seen as a necessary move to crack down on the rampant exploitation of the environment by mining industries.
Frequent disruption to power supplies is another challenge and continues to escalate operating costs in mining operations. In June 2008, the Ghanaian cabinet gave the go-ahead for the country to develop a nuclear power sector. If realised, the new plant will diversify the country's power sector and offer the boost in generation that Ghana requires to meet demand.
Industry Forecast With gold being Ghana's principal asset and prices remaining strong, forecasts for the mining sector in Ghana are more positive than for some of its African neighbours. In calculating its forecasts, BMI has also taken account of the vast untapped potential of Ghana's mining industry. In recognition of this potential, the publisher expects the value of the mining industry to increase from US$0.74bn in 2008 to US$1.02bn in 2013.
However, Ghana is still many leagues behind South Africa when it comes to regulations to protect the rights of communities in the vicinity of mining operations. Injustice against the mining communities and lack of proper compensation is an everyday affair that usually passes unnoticed. Indeed, according to the Ministry of Mines and Energy, approximately 30% of Ghana's land is under concession to mining companies, and every year more farmland is converted for this use. The Commission on Human Rights and Administrative Justice (CHRAJ) claims that Ghana's mining laws are designed to attract foreign investors and not to protect the rights of communities. Particular problems include the pollution of water sources, the deprivation of land and the loss of livelihoods.
Key Topics Covered:
-- Executive Summary
-- SWOT Analysis
-- Special Focus: Outlook For Global Mining
-- Industry Trends And Developments
-- Business Environment
-- Industry Forecast Scenario
-- Competitive Landscape
-- Global Assumptions
-- Appendix: Business Environment Ratings
Companies Mentioned:
-- Gold Fields,
-- Newmont Ghana,
-- AngloGold Ashanti
For more information visit http://www.researchandmarkets.com/research/cb32f4/ghana_mining_repor
Source: Research and Markets Ltd
ROSH HAAYIN, Israel, November 11 /PRNewswire-FirstCall/ -- Pointer Telocation Ltd. (Nasdaq Capital Market: PNTR, Tel-Aviv Stock Exchange: PNTR) - a leading provider of Automatic Vehicle Location (AVL) technology, stolen vehicle retrieval services, fleet management, car & driver safety, public safety, vehicle security, asset management and road side assistance, announced today its financial results for the first nine months and third quarter of 2009.
Financial Highlights:
Revenues: Pointer's revenues for the third quarter of 2009 decreased by 18%, to $16.9 million, from $20.7 million in the comparable period in 2008. In the first nine months of 2009, revenues were $48.5 million, a 17% decrease over the same period of 2008. Pointer's revenues from services in the third quarter and the first nine months of 2009 were 68% and 69%, respectively, of total revenues, as compared with 58% and 59% for these periods in 2008, respectively. International activities for the third quarter of 2009 were 21% of total revenue compared to 31.5% in the comparable period in 2008.
Gross Profit: For the third quarter of 2009, gross profit decreased 8% to $7 million from $7.7 million in the third quarter of 2008. As a percentage of revenues, gross profit was 41% in the third quarter of 2009, as compared to 37% in the third quarter of 2008. In the first nine months of 2009, gross profit decreased 7.7% to $20.5 million from $22.3 million in the first nine months of 2008. Gross margin for the first nine months of 2009 was 42%, as compared to 38% for the first nine months of 2008.
Operating Income: Pointer's operating income increased 9% to $2.5 million in the third quarter of 2009, compared to operating income of $2.3 million for the third quarter of 2008. Operating margin was 15% in the third quarter of 2009, as compared to approximately 11% in the third quarter of 2008. In the first nine months of 2009, operating income was $2.7 million compared to $7.1 million for the same period of 2008. In the first nine months of 2009, the operating income was primarily affected by the non-cash impairment of $3.0 million, attributable to a revised estimate of the fair market value of the business with certain customers of the Cellocator business which we acquired in September 2007. Excluding this non-cash impairment, operating income during the first nine months of 2009 was $5.7 million.
Net Income: Pointer recorded net income attributable to Pointer shareholders of $1.1 million or $0.23 per share in the third quarter of 2009, as compared to net income of $0.7 million or $0.15 per share in the third quarter of 2008. Net income attributable to a non-controlling interest in affiliates in the third quarter of 2009 was $0.7 million compared to $0.4 million for the third quarter of 2008. For the third quarter of 2009 the net income, before giving effect to the exclusion of those earnings relating to non-controlling interests in accordance with SFAS 160, was $1.8 million.
For the first nine months of 2009, Pointer recorded net loss attributable to Pointer shareholders of $1.7 million or ($0.38) per share, compared to net income of $2.3 million or $0.48 per share in the same period of 2008. Net income attributable to non-controlling interest in affiliates in the first nine months of 2009 was $2.4 million compared to $1.3 million for the third quarter of 2008. For the first nine months of 2009, the net income, before giving effect to the exclusion of those earnings relating to non-controlling interests in accordance with SFAS 160, was $0.7 million.
Non-GAAP net income attributable to Pointer: Pointer recorded non-GAAP net income of $1.9 million during the third quarter of 2009, as compared to non-GAAP net income of $1.6 million in the third quarter of 2008. For the first nine months of 2009, Pointer's non-GAAP net income was $3.5 million, compared to non-GAAP net income of $5.1 million in the same period of 2008. An explanation of how we derive Non-GAAP net income is included on the first paragraph in page four of this press release.
EBITDA: Pointer's EBITDA for the third quarter of 2009 and for the first nine months of 2009 was $3.6 million and $9.3 million, respectively, as compared to $3.8 million and $11.9 million in the comparable periods of 2008.
Danny Stern, Pointer CEO, said: "We are proud to report improved gross margins. These are the outcome of measures taken to improve our efficiency over the past challenging four quarters of industrial and global slowdown. The gross margins will support profitability when the economy picks-up. Our services sector seems to have overcome the slowdown. Our product & technology division still demonstrates weakness in revenues, although the above-mentioned efficiency measures partly offset the slowdown's negative impact on income. Our Latin American subsidiaries have reported improved performance. As we have stated in previous quarters, our strong cash generative business, which yielded $9.3M in EBITDA during the first nine month of 2009, enables us to continue our R&D efforts. Our R&D efforts are designed to offer our partners as-of mid 2010, the next generation of our products & technologies. These efforts, we believe, will further contribute to our showing of improved profitability."
Mr. Stern concluded that Pointer expects to be able to leverage a market upturn as a result of its decreasing debt to equity ratio. He also noted that this reduction in debt is a key indicator of the group's strength.
Conference Call Information:
Pointer Telocation's management will host a conference call with the investment community to review and discuss the financial results:
Conference call will take place today, November 11th, 2009 on 9:30 AM EST, 16:30 Israel time.
To listen to the call, please dial in to one of the following teleconferencing numbers. Please begin placing your call at least 5 minutes before the conference call commences.
From USA: +1-888-407-2553
From Israel: 03-918-0609
International: +972-3-918-0609
A replay of the conference call will be available through November 12th, 2009 on the Company's website at http://www.pointer.com.
Reconciliation between results on a GAAP and Non-GAAP basis.
Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Condensed Interim Consolidated Statements of Cash Flows. Non-GAAP net income consist of GAAP net income adjusted to exclude amortization of acquired intangible assets, deferred income tax, impairment of long-lived assets and a onetime non-cash expense relating to a loan discount in the amount of $0.7 million as part of a loan replacement which we reported in the second quarter of 2009, as well as certain business combination accounting entries. The purpose of such adjustments is to give an indication of our performance exclusive of non-GAAP charges and other items that are considered by management to be outside of our core operating results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. We believe that these non-GAAP measures help investors to understand our current and future operating cash flow and performance, especially as our three most recent acquisitions have resulted in amortization and non-cash items that have had a material impact on our GAAP profits. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table immediately following the consolidated statements of cash flows in this press release.
Pointer uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes and depreciation and amortization including in respect of our non-cash impairment charge related to the fair market value of the business with certain customers from our acquisition of Cellocator. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. A reconciliation of EBITDA to GAAP measures is provided in a table immediately following the consolidated statements of cash flows in this press release.
Forward Looking Statements
This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of the Company. The words "believe," "expect," "anticipate," "intend," "seems," "plan," "aim," "should" and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of the Company with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the markets in which the Company operates and in general economic and business conditions, loss or gain of key customers and unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this press release. Various risks and uncertainties may affect the Company and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to update these forward-looking statements.
About Pointer Telocation:
Pointer Telocation is a leading provider of technology and services to the automotive and insurance industries, offering a set of services including Road Side Assistance, Stolen Vehicle Recovery and Fleet Management. Pointer has a growing client list with products installed in over 400,000 vehicles across the globe: the UK, Greece, Mexico, Argentina, Brazil, Russia, Croatia, Germany, Czech Republic, Latvia, Turkey, Hong Kong, Singapore, India, Costa Rica, Norway, Venezuela, Hungary, Israel and more. Cellocator, a Pointer Products Division, is a leading AVL (Automatic Vehicle Location) solutions provider for stolen vehicle retrieval, fleet management, car & driver safety, public safety, vehicle security and more. In 2004, Cellocator was selected as the official security and location equipment supplier for the Olympic Games in Athens. For more information: http://www.pointer.com.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
September 30, December 31,
2009 2008
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 3,013 $ 2,708
Trade receivables, net 14,250 13,509
Other accounts receivable and prepaid
expenses 3,451 2,774
Inventories 2,642 3,999
Total current assets 23,356 22,990
LONG-TERM ASSETS:
Long-term accounts receivable and deferred
expenses 647 339
Severance pay fund 5,993 4,925
Property and equipment, net 8,838 7,998
Deferred income taxes 1,049 1,037
Other intangible assets, net 9,736 14,894
Goodwill 51,411 50,416
Total long-term assets 77,674 79,609
Total assets $ 101,030 $ 102,599
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
September 30, December 31,
2009 2008
Unaudited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit and current maturities
of long-term loans $ 10,698 $ 7,849
Trade payables 8,092 8,613
Deferred revenues and customer advances 9,792 8,701
Other accounts payable and accrued expenses 6,107 5,792
Total current liabilities 34,689 30,955
LONG-TERM LIABILITIES:
Long-term loans from banks 15,963 20,520
Long-term loans from shareholders and others 974 3,305
Other long-term liabilities 580 257
Accrued severance pay 7,036 6,375
Total long-term liabilities 24,553 30,457
Shareholders' equity *) 41,788 41,187
Total liabilities and shareholders' equity $ 101,030 $ 102,599
*) Reclassification due to the adoption of SFAS 160.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Nine months Three months Year
ended ended ended
December
September 30, September 30, 31,
2009 2008 2009 2008 2008
Unaudited
Revenues:
Products
$15,101 $24,029 $ 5,395 $ 8,708 $ 30,645
Services 33,354 34,567 11,500 12,003 46,010
Total revenues 48,455 58,596 16,895 20,711 76,655
Cost of revenues:
Products 7,974 12,837 2,555 4,725 16,392
Services 19,190 22,757 7,086 8,084 29,869
Amortization of
intangible assets 738 735 246 245 980
Total cost of
revenues 27,902 36,329 9,887 13,054 47,241
Gross profit 20,553 22,267 7,008 7,657 29,414
Operating expenses:
Research and
development, net 2,113 1,792 653 621 2,511
Selling and
marketing 4,461 5,408 1,482 1,931 6,934
General and
administrative 6,777 6,130 1,903 2,210 8,311
Amortization of
intangible assets 1,489 1,818 442 583 2,365
Impairment of
intangible assets 2,959 - - - -
Total operating
expenses 17,799 15,148 4,480 5,345 20,121
Operating income 2,754 7,119 2,528 2,312 9,293
Financial expenses,
net 1,574 3,252 477 1,077 4,054
Other( income)
expenses, net 15 (19) 3 - (22)
Income before taxes
on income 1,165 3,886 2,048 1,235 5,261
Taxes on income 79 320 38 90 640
Income after Income
taxes 1,086 3,566 2,010 1,145 4,621
Equity in losses of
affiliate 382 - 191 - -
Net income *)
$ 704 $3,566 $ 1,819 $ 1,145 $ 4,621
Less: net income
attributable to the
noncontrolling
interest *) $ 2,429 $1,303 $ 692 $ 431 $ 2,248
Net income (loss)
attributable to
Pointer's
shareholders $(1,725) $2,263 $ 1,127 $ 714 $ 2,373
Basic net earnings
(loss) per share $(0.36) $ 0.49 $ 0.24 $ 0.15 $ 0.51
Diluted net earnings
(loss) per share $(0.38) $ 0.48 $ 0.23 $ 0.15 $ 0.50
*) Reclassification due to the adoption of SFAS 160.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months Year
Nine months ended ended ended
December
September 30, September 30, 31,
2009 2008 2009 2008 2008
Unaudited
Cash flows from
operating
activities:
Net income *) $ 704 $ 3,566 $ 1,819 $ 1,145 $ 4,621
Adjustments
required to
reconcile net
income to net cash
provided by
operating
activities:
Depreciation
,amortization and
impairment 6,934 5,036 1,281 1,613 6,918
Accrued interest
and exchange rate
changes of
convertible
debenture and
long-term loans (113) 1,214 16 (30) 1,187
Accrued severance
pay, net (415) 365 (160) 198 619
Gain (loss) from
sale of property
and equipment, net (205) (133) (67) 25 (36)
Equity in losses of
affiliate 382 - 191 - -
Amortization of
deferred
stock-based
compensation 318 226 48 86 350
Decrease (increase)
in trade
receivables, net (568) (3,313) 91 (1,039) (1,773)
Decrease (increase)
in other accounts
receivable and
prepaid expenses (384) (551) (229) 175 (6)
Decrease (increase)
in inventories 156 (1,088) (150) (821) (2,088)
Decrease (increase)
in long-term
accounts receivable
and deferred
expenses (226) 49 (63) 1 23
Write-off of
inventories 39 75 75 112
Increase in
deferred income
taxes - - - - (178)
Increase (decrease)
in trade payables (339) 1,958 347 1,821 888
Increase (decrease)
in other accounts
payable and accrued
expenses 1,072 163 (820) (1,418) 379
Net cash provided
by operating
activities 7,355 7,567 2,304 1,831 11,016
Cash flows from
investing
activities:
Purchase of
property and
equipment (2,525) (2,537) (1,188) (761) (3,476)
Proceeds from sale
of property and
equipment 861 512 302 133 605
Investments in
affiliate (300) - (100) - -
Acquisition of
subsidiary (a) (38) - - - -
Increase in
long-term accounts
receivable - (247) - (19) (357)
Net cash used in
investing
activities (2,002) (2,272) (986) (647) (3,228)
Cash flows from
financing
activities:
Receipt of
long-term loans
from banks - 9,254 - 2,155 9,064
Repayment of
long-term loans
from banks (4,423) (2,727) (1,553) (639) (4,930)
Repayment of
long-term loans
from shareholders
and others (23) (10,394) (8) (1,526) (10,201)
Dividend paid to
the noncontrolling
interest (871) - (285) -
Proceeds from
issuance of shares
and exercise of
warrants, net - 1,000 - 1,000 1,000
Short-term bank
credit, net 414 (1,137) 848 (512) (970)
Net cash provided
by (used in)
financing
activities (4,903) (4,004) (998) 478 (6,037)
Effect of exchange
rate on cash and
cash equivalents (145) (44) (135) 247 (243)
Increase in cash
and cash
equivalents 305 1,247 185 1,909 1,508
Cash and cash
equivalents at the
beginning of the
period 2,708 1,200 2,828 538 1,200
Cash and cash
equivalents at the
end of the period $ 3,013 $ 2,447 $ 3,013 $ 2,447 $ 2,708
*) Reclassification due to the adoption of SFAS 160.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Nine months Three months
ended ended Year
ended
September 30, September December
30, 31,
2009 2008 2009 2008 2008
Unaudited
Acquisition of
(a) subsidiary
Fair value of assets
acquired and
liabilities assumed
at date of
acquisition:
Working capital (40) - - - -
Property and
equipment 60 - - - -
Customer list 24 - - - -
Goodwill 384 - - - -
Accrued severance
pay, net (12) - - - -
Shareholders loan (122) - - - -
Minority interest (256) - - - -
38 - - - -
Reconciliation Tables of Non-GAAP Measures
U.S. dollars in thousands
Reconciliation of GAAP net income to non-GAAP net income is as follows:
Year
Three months ended
Nine months ended ended
December
September 30 September 30 31
2009 2008 2009 2008 2008
Unaudited
GAAP Net income as
reported: $ 704 $ 3,566 $1,819 $1,145 $ 4,621
Net income
attributable to the
noncontrolling
interest (2,429) (1,303) (692) (431) (2,248)
Amortization of
intangible assets 2,227 2,553 688 828 3,345
Impairment of
long-lived assets 2,959 - - - -
Loan Discount - - - - 704
Tax on income 79 320 38 90 640
Non-GAAP Net income
$ 3,540 $ 5,136 $1,853 $1,632 $ 7,062
Reconciliation of GAAP net income to EBITDA
To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), the Company uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income interest, taxes, depreciation, amortization and minority interest. EBITDA is provided to investors to complement results provided in accordance with GAAP, as management believes the measure helps illustrate underlying operating trends in the Company's business and uses the measure to establish internal budgets and goals, manage the business and evaluate performance. EBITDA should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. Reconciliation of the GAAP to non-GAAP operating results is as follows:
CONDENSED EBITDA
US dollars in thousands
Year
ended
Nine months ended Three months ended
December
September 30 September 30 31
2009 2008 2009 2008 2008
Unaudited
GAAP Net income as
reported: $ 704 $3,566 $1,819 $ 1,145 $ 4,621
Financial
expenses, net 1,574 3,252 477 1,077 4,054
Tax on income 79 320 38 90 640
Depreciation
,amortization and
impairment 6,933 4,719 1,279 1,524 6,116
EBITDA
$ 9,290 $11,857 $ 3,613 $3,836 $15,431
Contact:
Zvi Fried, V.P. and Yael Nevat,
Chief Financial Officer Commitment-IR.com
Tel: +972-3-572-3111 Tel: +972-9-741-8866
E-mail: zvif@pointer.com E-mail: yael@commitment-IR.com
SOURCE Pointer Telocation Ltd
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