U.S. Dollar Strength – Who Cares? -
CHICAGO, IL UNITED STATES
CHICAGO, June 8 /PRNewswire/ — Currency and Futures Analyst for ONN.tv’s Mark2Market, looks at the debate over the strength and stability of the U.S. dollar. Taking opposition with proponents of the idea that the dollar must remain strong and stable for the U.S. economy to recover, Cook gives ten arguments against the “Kudlow thesis.” He addresses typical concerns about deficits and inflation, explains the sell-off in the dollar that began in March, and highlights why we can’t always have a strong currency and strong equity markets.
Mark2Market programming is exclusively sponsored by Mirus Futures.
About the Options News Network:
The Options News Network provides top quality options news, education, trading ideas and strategies, and expert commentary on the options market, targeting options traders of all skill and experience levels.
About Mirus Futures:
Mirus Futures is the leading provider of commodity trading brokerage services. As the first full-service firm to launch the Zen-Fire network, Mirus has been able to revolutionize trading experiences worldwide. Clients experience the art of acceleration with the ultimate trading solution; NinjaTrader powered by Zen-Fire. Envision the fastest connection and unfiltered tick data with the strongest available support team and see Mirus. http://mirusfutures.com.
SOURCE www.ONN.tv
Guess?, Inc. Reports First Quarter Fiscal Year 2010 Results
Q1 EPS Reached $0.35 Compared to $0.50 Last Year
Provides Q2 EPS Guidance in the Range of $0.42 to $0.45
First Quarter Fiscal 2010 Highlights
- Global revenues reached $441 million, flat in constant dollars and down 10% in US dollars compared to last year.
- Operating income reached $48 million, down 37% compared to last year.
- Cash position increased $52 million from last year. Balance sheet remains strong.
LOS ANGELES, June 4 /PRNewswire-FirstCall/ — Guess?, Inc. (NYSE: GES) today reported financial results for the first quarter of its 2010 fiscal year, which ended May 2, 2009.
First Quarter Fiscal 2010 Results
For the first quarter of fiscal 2010, the Company reported net earnings of $32.5 million, a decrease of 31.9% compared to net earnings of $47.8 million for the first quarter of fiscal 2009. Diluted earnings per share decreased 30.0% to $0.35 in the current quarter, compared to $0.50 in the prior-year quarter. The Company has reduced the current and prior year quarter’s reported diluted earnings per share by $0.01 to reflect the impact of a new accounting pronouncement related to certain participating shares.
Paul Marciano, Chief Executive Officer, commented, “Our first quarter financial results exceeded our expectations. We managed our business effectively, reducing inventory levels and capital spending. We also aggressively cut costs, which resulted in an improved SG&A rate, even with lower sales. As a result, we generated solid operating cash flows, further strengthening our capital structure.”
Mr. Marciano continued, “We expect the challenging economic conditions to persist for some time. However, we believe that the strength of our product lines and our diversified business model position us well in this environment. We remain committed to our international expansion strategy, and continue to see opportunities in Europe and Asia where our brand is well known but underpenetrated. We will continue to run the business prudently and build the capabilities and infrastructure to support our growth objectives in the future. Through these efforts, we expect to emerge in an even stronger position when conditions ultimately improve.”
Total net revenue for the first quarter of fiscal 2010 decreased 9.8% to $441.2 million from $489.2 million in the prior-year quarter. In constant dollars, total net revenue was essentially flat. The Company’s retail stores in North America generated revenue of $207.6 million in the first quarter of fiscal 2010, a 2.0% decrease from $211.9 million in the same period a year ago. Comparable store sales decreased 6.0% in local currency and 10.0% in US dollars for the first quarter of fiscal 2010, compared to the same period a year ago. The Company operated 429 retail stores in the U.S. and Canada at the end of the first quarter of fiscal 2010 versus 391 stores a year earlier.
Net revenue from the Company’s wholesale segment, which includes the Company’s Asian operations, decreased 12.3% to $65.9 million in the first quarter of fiscal 2010, from $75.1 million in the prior-year period.
Net revenue from the Company’s European segment decreased 18.5% to $145.7 million in the first quarter of fiscal 2010, compared to $178.7 million in the prior-year period.
Licensing segment net revenue decreased 6.0% to $22.1 million in the first quarter of fiscal 2010, from $23.5 million in the prior-year period.
Operating earnings for the first quarter of fiscal 2010 decreased 36.7% to $48.0 million from $75.9 million in the prior-year period. Operating margin in the first quarter decreased 460 basis points to 10.9%, compared to the prior-year’s quarter. This margin contraction was due to lower European product margins, partially attributable to the impact of the stronger US dollar, lower product margins in North America and occupancy deleverage due to the negative comparable store sales, partially offset by SG&A leverage resulting from strong expense management.
The Company’s effective tax rate declined to 33.0% for the first quarter of fiscal 2010, from 36.0% for the first quarter of the prior year.
Share Repurchase
During the first quarter of fiscal 2010, the Company repurchased approximately 400,000 shares of its common stock at an average purchase price of $13.00, totaling $5.3 million. As of May 2, 2009, the Company had remaining approval under its existing repurchase program to purchase $134.2 million of its common stock.
Outlook
The Company’s expectations for the second quarter of fiscal 2010 ending August 1, 2009, are as follows:
* Consolidated net revenues are expected to range from $465 million to $485 million. * Operating margin is expected to be around 14%. * Diluted earnings per share are expected to be in the range of $0.42 to $0.45.
The continued volatility in the global economy presents a substantial challenge to forecasting future consumer behavior and future financial results. Due to its limited visibility, the Company is not providing specific revenue, operating margin or diluted earnings per share guidance for the full fiscal year 2010.
Dividend
The Company also announced today that its Board of Directors has approved a quarterly cash dividend of $0.10 per share on the Company’s common stock. The dividend will be payable on July 2, 2009 to shareholders of record at the close of business on June 17, 2009.
The Company will hold a conference call at 4:30 pm (ET) on June 4, 2009 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.guessinc.com via the “Investor’s Info” link. The webcast will be archived on the website for 30 days.
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. As of May 2, 2009, the Company operated 429 retail stores in the United States and Canada and 706 retail stores outside of North America, of which 103 were directly owned. The Company also distributes its products through better department and specialty stores around the world. For more information about the Company, please visit www.guessinc.com.
Except for historical information contained herein, certain matters discussed in this press release, including statements concerning the Company’s future prospects and guidance for the second quarter of fiscal 2010 are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ materially from current expectations include, among other things, domestic and international economic conditions, including economic and other events leading to a reduction in consumer confidence and discretionary consumer spending; our ability to, among other things, anticipate consumer preferences, effectively operate our various retail concepts, effectively manage inventories and successfully execute our strategies, including our supply chain and international growth strategies; and risks associated with changes in economic, political, social and other conditions affecting our foreign operations, including currency fluctuations. In addition to these factors, the economic, litigation-related and other risks identified in the Company’s most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission, including but not limited to the risk factors discussed therein, could cause actual results to differ materially from current expectations.
Contact: Guess?, Inc. Investor Relations (213) 765-5578
Guess?, Inc. and Subsidiaries Condensed Consolidated Statements of Income (dollars in thousands, except per share data)
Three Months Ended ———————————- May 2, May 3, 2009 2008 $ % $ % ———————————-
Net revenue Product sales $419,127 95.0% $465,735 95.2% Net royalties 22,074 5.0% 23,485 4.8% —— — —— — 441,201 100.0% 489,220 100.0%
Cost of product sales 263,698 59.8% 267,981 54.8% ——- —- ——- —-
Gross profit 177,503 40.2% 221,239 45.2%
Selling, general and administrative expenses 129,469 29.3% 145,314 29.7% ——- —- ——- —-
Earnings from operations 48,034 10.9% 75,925 15.5%
Other (income) expense: Interest expense 606 0.1% 1,025 0.2% Interest income (737) (0.2%) (1,533) (0.3%) Other, net (1,266) (0.2%) 908 0.2% —— —- — —
Earnings before income taxes 49,431 11.2% 75,525 15.4%
Income taxes 16,312 3.7% 27,189 5.5% —— — —— —
Net earnings 33,119 7.5% 48,336 9.9%
Net earnings attributable to noncontrolling interests in subsidiaries 577 0.1% 535 0.1% — — — —
Net earnings attributable to Guess?, Inc. $32,542 7.4% $47,801 9.8% ======= === ======= ===
Earnings per common share attributable to common stockholders:
Basic (1) $0.35 $0.51
Diluted (1) $0.35 $0.50
Weighted average common shares outstanding attributable to common stockholders:
Basic 90,631 92,950
Diluted (1) 91,158 93,806
(1) The company adopted a new accounting pronouncement in the first quarter of fiscal 2010 that requires the company to exclude certain earnings and shares related to participating securities from the computation of earnings per common share. The net earnings attributable to participating securities were approximately $532 and $766 in the first quarter of fiscal 2010 and fiscal 2009, respectively, and the amount of participating shares for the same periods were 237 and 233, respectively. The effect of the new accounting pronouncement on diluted earnings per common share is to reduce both the current quarter and the prior year quarter by approximately $0.01 per share. The prior year’s earnings per share has been adjusted to reflect the change.
Guess?, Inc. and Subsidiaries Consolidated Segment Data (dollars in thousands)
Three Months Ended ———————— May 2, May 3, % 2009 2008 chg ——– ——– —-
Net revenue: Retail operations $207,560 $211,937 -2% Wholesale operations 65,869 75,134 -12% European operations 145,698 178,664 -18% Licensing operations 22,074 23,485 -6% —— —— $441,201 $489,220 -10% ======== ========
Earnings (loss) from operations: Retail operations $18,007 $22,844 -21% Wholesale operations 7,422 12,554 -41% European operations 23,139 39,961 -42% Licensing operations 19,015 20,247 -6% Corporate overhead (19,549) (19,681) -1% ——- ——- $48,034 $75,925 -37% ======= =======
Operating margins: Retail operations 8.7% 10.8% Wholesale operations 11.3% 16.7% European operations 15.9% 22.4% Licensing operations 86.1% 86.2%
Total Company 10.9% 15.5%
Guess?, Inc. and Subsidiaries Selected Condensed Consolidated Balance Sheet Data (in thousands)
May 2, January 31, May 3, 2009 2009 2008 ———- ———- ———-
ASSETS
Cash and cash equivalents $312,630 $294,118 $260,390
Receivables, net 277,436 262,349 315,598
Inventories 203,395 239,675 202,804
Other current assets 92,696 98,047 52,247
Property and equipment, net 235,607 221,416 237,193
Other assets 137,502 130,961 151,361
———- ———- ———- Total Assets $1,259,266 $1,246,566 $1,219,593 ========== ========== ==========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of borrowings and capital lease obligations $30,645 $24,018 $47,562
Other current liabilities 276,531 311,866 309,083
Borrowings and capital lease obligations 14,327 14,586 18,453
Other long-term liabilities 114,979 110,592 124,946
Guess?, Inc. stockholders’ equity 808,720 777,032 711,074
Noncontrolling interests in subsidiaries 14,064 8,472 8,475
———- ———- ———- Total Liabilities and Stockholders’ Equity $1,259,266 $1,246,566 $1,219,593 ========== ========== ==========
Guess?, Inc. and Subsidiaries Condensed Consolidated Cash Flow Data (in thousands)
Three Months Ended —————— May 2, May 3, 2009 2008 —- —-
Net cash provided by operating activities $43,067 $2,505
Net cash used in investing activities (18,265) (26,573)
Net cash (used in)/ provided by financing activities (7,603) 7,626
Effect of exchange rates on cash 1,313 1,237 —– —–
Net increase/ (decrease) in cash and cash equivalents 18,512 (15,205)
Cash and cash equivalents at the beginning of the year 294,118 275,595 ——– ——– Cash and cash equivalents at the end of the period $312,630 $260,390 ======== ========
Supplemental information:
Depreciation and amortization $14,547 $13,813
Rent 41,691 37,513
Guess?, Inc. and Subsidiaries Retail Store Data U.S. and Canada
Three Months Ended ——————– May 2, May 3, 2009 2008 ——— ———
Number of stores at the beginning of the year 425 373
Store openings 6 19
Store closures (2) (1)
— — Number of stores at the end of the period 429 391 === ===
Total store square footage at the end of the period 1,969,000 1,817,000 ========= =========
SOURCE Guess?, Inc.
Standish Mellon Asset Management to Launch TALF Strategies
Sees advantage to early investors in program
BOSTON, June 4 /PRNewswire-FirstCall/ — Standish Mellon Asset Management Company LLC, the fixed income specialist for BNY Mellon Asset Management, will offer investment strategies that will enable its clients to invest in securities related to the Term Asset-Backed Securities Loan Facility (TALF). Standish said it is initiating these strategies because of strong expressions of interest from its clients. It expects to begin investing client money by early July.
“We believe that investors who are the early buyers of asset-backed securities (ABS) in the TALF Program have the potential for the biggest gains,” said Desmond Mac Intyre, president and chief executive officer of Standish. “As more money flows into these investments, the overall spreads should tighten and the opportunities for strong returns will diminish. However, it is important to remember the TALF program is essentially a buy-and-hold strategy which is dependent on strong upfront securities selection and price discovery. That is why our strong research team will be invaluable as we determine which securities are most attractive for our investors.”
Standish will create two separate investment strategies. The first will target new issues of consumer ABS and commercial mortgaged-backed securities (CMBS). The second is designated as an Expanded TALF strategy that will include legacy assets such as non-agency CMBS, consumer ABS and non-agency residential mortgaged-backed securities (RMBS).
“We view the TALF initiative as having the potential to be the most successful of the government programs aimed at resuscitating financial markets,” said Tom Graf, managing director of structured products and global workout solutions. “It is among the least expensive programs, has already established strong momentum, and continues to have growing participation. We stand ready to structure strategies to meet various client needs as they seek to invest in this program.”
All information source BNY Mellon Asset Management as of 31 March 2009 except where noted. The views represented in this document are those of Standish Mellon Asset Management and do not necessarily represent the views of the BNY Mellon Asset Management umbrella organization. This press release is qualified for issuance in the US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance.
A Bank of New York Mellon Company(SM)
Notes to Editors:
Standish Mellon Asset Management Company LLC, with $55 billion of assets under management, (as of April 1, 2009), provides investment management services across a broad spectrum of fixed income asset classes. These include corporate credit (investment-grade and high-yield), emerging markets debt (dollar-denominated and local currency), core / core plus and opportunistic (U.S. and global) strategies. The firm also includes assets managed by Standish personnel acting as dual officers of The Dreyfus Corporation and The Bank of New York Mellon, each a subsidiary of The Bank of New York Mellon Corporation.
BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation’s affiliated investment management firms and global distribution companies.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $19.5 trillion in assets under custody and administration, $881 billion in assets under management, services more than $11 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.
SOURCE The Bank of New York Mellon Corporation
ICE Reports 11% Increase in Futures ADV for May 2009; CDS Clearing Surpasses $730 Billion in Notional Value
ATLANTA, June 2 /PRNewswire-FirstCall/ — IntercontinentalExchange(R) (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, today reported total futures volume of 20.1 million contracts in May 2009, an increase of 6% from May 2008. Average daily volume (ADV) was 967,182 contracts for the month, up 11% over May 2008 ADV.
Year-to-date through May 31, ADV across ICE’s futures exchanges was 989,795 contracts, an increase of 4% compared to the same period of 2008. ADV for ICE Futures Europe(R) was flat compared to the first five months of 2008 and up 12% at ICE Futures U.S.(R)
European Futures Volume and RPC
ICE Futures Europe is ICE’s London-based energy futures exchange. ICE Futures Europe reported total volume of 12,402,248 contracts in May, a 12% decrease from 14,145,967 in May 2008. ADV was 590,583, a decline of 8% compared to the year-ago month.
The three-month average rate per contract (RPC) for May 2009 was $1.61. RPC averaged $1.61 and $1.57 for the three months ended April and March, respectively. RPC is calculated by dividing transaction revenues by contract volume, and can vary based on pricing, customer and product mix.
Open interest for ICE Futures Europe was a record 2,620,898 contracts on May 31, 2009, compared to 2,102,574 contracts on December 31, 2008.
North American Futures Volume and RPC
ICE’s agricultural, soft commodity, financial and index futures trade on ICE’s North American futures exchanges. Total volume at ICE Futures U.S. was 7,391,418 contracts during the month of May, 61% higher than 4,598,435 contracts in May 2008. ADV was 362,047 for the month, an increase of 66% from May 2008.
The three-month average RPC for May 2009 was $2.23 for ICE Futures U.S. agricultural contracts. RPC averaged $2.33 and $2.34 for the three months ended April and March, respectively. RPC for ICE Futures U.S. financial contracts averaged $0.77 for the three months ended May 2009. RPC averaged $0.77 and $0.78 for the three months ended April and March, respectively.
Open interest for ICE Futures U.S. was 3,109,377 contracts on May 31, 2009, compared to 3,028,877 contracts on December 31, 2008.
ICE Futures Canada(R) recorded total monthly volume of 291,030 contracts in May 2009, an increase of 25% from May 2008. ADV was 14,552, up 31% from May 2008. Open interest for ICE Futures Canada was 125,476 as of May 31, 2009, compared to 97,673 contracts on December 31, 2008.
ICE Futures: Rolling Three-Month Average Rate per Contract
Three Months Three Months Three Months Product Line Ending Ending Ending May 2009 April 2009 March 2009
ICE Futures Europe $1.61 $1.61 $1.57 ICE Futures U.S. Ag $2.23 $2.33 $2.34 ICE Futures U.S. Fin $0.77 $0.77 $0.78
Additional May 2009 Information:
* Through May 29, ICE Trust(TM) has cleared $731 billion in notional value of CDS index contracts, resulting in $118 billion of open interest. * The Royal Bank of Scotland plc and HSBC Bank USA became operational as clearing members of ICE Trust, bringing the total to 12 clearing members. * ICE was named Exchange of the Year for 2009 by Energy Risk magazine. * Trading days in May 2009: o ICE Futures Europe: 21 o ICE Futures U.S. Agricultural: 20 o ICE Futures U.S. Currency and Index: 21 o ICE Futures Canada: 20 * ICE Futures Europe product records achieved in May 2009: o Gas Oil futures achieved record open interest of 522,240. o Brent Crude futures achieved record open interest of 721,844. o Open interest records were established for U.K. natural gas and several coal and emissions contracts.
Financial Guidance Clarification:
* As previously disclosed, ICE Trust entered into a profit sharing arrangement with the former shareholders of The Clearing Corporation (TCC), which was acquired by ICE in March 2009. ICE will retain approximately 86% of profits earned at ICE Trust through December 31, 2009. From January 2010, ICE Trust will retain 50% of the profits, with the remaining 50% distributed to TCC’s former shareholders.
ICE Futures: May 2009 Average Daily Volume by Product
ADV ADV ADV May May % Change Product Line 2009 2008
ICE Brent Crude futures 258,787 304,656 -15.1 ICE WTI Crude futures 160,800 228,719 -29.7 ICE Gas Oil futures 136,249 97,494 39.8 Other contracts (1) 34,747 12,130 186.5 Total ICE Futures Europe 590,583 642,999 -8.2 Russell 2000((R)) mini futures & options 141,206 4,432 3,085.9 Sugar No. 11 futures & options 148,767 122,878 21.1 Other agricultural commodity contracts (2) 62,810 77,916 -19.4 Currency futures (3) 2,185 5,560 -60.7 Index futures (4) 6,818 6,766 0.8 Other contracts (5) 261 595 -56.0 Total ICE Futures U.S. 362,047 218,147 66.0 Total ICE Futures Canada (6) 14,552 11,069 31.5 —— —— —- TOTAL FUTURES CONTRACTS 967,182 872,215 11%
(1) “Other contracts” include ICE Middle East Sour Crude futures; ICE Heating Oil futures; ICE Unleaded Gasoline Blendstock (RBOB) futures; ICE UK Natural Gas futures; ICE ECX EUA futures; ICE ECX CER futures; ICE UK Electricity futures; ICE Coal futures; ICE Brent options; ICE WTI options, ICE Gas Oil options; ICE ECX EUA options and ICE ECX CER options. The ICE ECX EUA futures and options contracts and the ICE ECX CER futures and options contracts are the result of a cooperative relationship between ICE Futures Europe and the Chicago Climate Exchange, Inc. and its subsidiary, the European Climate Exchange. ICE Futures Europe shares in the revenue derived from the ECX EUA and ECX CER futures and options contracts. (2) “Other agricultural commodity contracts” include futures and/or options for Cocoa, Coffee “C”, Cotton No. 2, Orange Juice, Sugar No. 14 and Sugar No. 16. (3) “Currency futures” include futures for foreign exchange products and ICE Millions contracts. (4) “Index futures” include futures for the U.S. Dollar Index(R), Russell 2000 (full size), Russell 1000(R), Russell 1000 mini, the Continuous Commodity Index, the Euro Index, and the NYSE Composite. The transition of the Russell Index futures and options contracts to exclusive trading on ICE occurred in September 2008. (5) “Other contracts” include options on foreign exchange futures and options on index futures, excluding Russell 2000 mini options. (6) “ICE Futures Canada” includes futures and options for Canola and Western Barley.
Monthly RPC and volumes are estimated using best available current information. Final figures are reported in ICE’s quarterly and annual filings with the Securities and Exchange Commission.
Historical futures volume and OTC commission data can be found at:
http://ir.theice.com/supplemental.cfm
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) operates leading regulated exchanges, trading platforms and clearing houses serving the global markets for agricultural, credit, currency, emissions, energy and equity index markets. ICE Futures Europe(R) trades half of the world’s crude and refined oil futures. ICE Futures U.S.(R) and ICE Futures Canada(R) list agricultural, currency and Russell Index markets. ICE offers trade execution and processing for the credit derivatives markets through Creditex and clearing through ICE Trust(TM). A component of the Russell 1000(R) and S&P 500 indexes, ICE(R) serves customers in more than 50 countries and is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. www.theice.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding IntercontinentalExchange’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2008, as filed with the SEC on February 11, 2009.
SOURCE IntercontinentalExchange
Aberdeen Global Income Fund, Inc. Announces Performance Data and Portfolio Composition
PHILADELPHIA, June 1 /PRNewswire-FirstCall/ — Aberdeen Global Income Fund, Inc. (the “Fund”) (NYSE AMEX: FCO), a closed-end bond fund, announced today its performance data and portfolio composition as of April 30, 2009.
The Fund’s total returns for various periods through April 30, 2009 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price, and are stated net-of-fees):
Period NAV Total Return % Market Price Total Return %
Cumulative Annualized Cumulative Annualized Since Inception 207.2 6.8 163.5 5.8 (March 1992) 10-years 70.2 5.5 98.5 7.1 5-years 20.3 3.8 17.8 3.3 3-years -1.8 -0.6 -5.4 -1.8 1-year -14.3 -11.8
The Fund’s returns, which are denominated in U.S. dollars, are affected by the performance of the U.S. dollar against the various currencies listed below.
As of April 30, 2009, the portfolio was invested as follows:
Currency Exposure % * Geographic Exposure % Australia 23.1 23.1 United Kingdom 0.6 10.4 Canada 11.7 15.1 New Zealand 12.3 18.9
United States ** 48.7 0.9
Europe (ex UK) 0.2 3.0 Asia 1.2 10.6 Emerging Markets 2.2 18.0
* Currency allocations include impact of all foreign forward currency exchange contracts. ** Of which 23.1% is invested in US$ denominated bonds issued by foreign issuers.
As of April 30, 2009, the Fund’s net assets, including US$30 million in bank borrowing, amounted to US$117.9 million with a net asset value per share of common stock of US$9.78.
As of April 30, 2009, 68.4% of the portfolio was invested in securities where either the issue or the issuer was rated “A” or better, or judged by the Investment Manager to be of equivalent quality. The credit quality and maturity breakdown of the portfolio was as follows:
Credit Quality (%)
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B CCC 41.4 12.5 14.5 10.3 18.1 2.9 0.3
As of April 30, 2009, the average credit quality of the portfolio was A+.
Maturity (%)
<3 Years 3-5 Years 5-10 Years >10 Years 25.0 17.8 32.1 25.1
As of April 30, 2009, the average maturity of the portfolio was 10.3 years.
A revolving credit loan facility, in the amount of $30,000,000, was entered into on March 7, 2008 with the Bank of Nova Scotia, in order to fund the redemption of the Fund’s Auction Market Preferred Stock (”AMPS”) that took place in March 2008. The leverage is used with the intent of enhancing returns by borrowing at interest rates that are lower than the relatively higher yields of the emerging market fixed income securities in which the Fund invests. The Fund has entered into interest rate swap agreements in order to fix the interest payable on an aggregate notional amount of $19.4 million, which represents 65% of the bank loan facility. Details regarding the revolving credit loan facility and the interest rate swap agreements are contained in the Fund’s annual and semi-annual reports to shareholders.
Important Information
Aberdeen Asset Management Inc., the Fund’s Administrator, has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, the Administrator, Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen Asset Management Limited (the Investment Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.
Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Inception date March 12, 1992.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com
SOURCE Aberdeen Global Income Fund, Inc.
Read This Before You Try a Cash for Gold Website
JACKSONVILLE, Fla., May 20 /PRNewswire/ — Unemployment is rising as a result of worsening economic conditions. Governments have been injecting huge amounts of money into the economies of the world. This, among other factors, has been bullish for gold. With gold hovering around $900/ounce, just percentage points from a new high, many people are buying SPDR Gold Shares (GLD) on the NYSE while fearing more losses in other areas.
“Rising unemployment has put a lot of pressure on American consumers to pay down debt and live more responsibly,” says Sean Monahan, President, ReturnYourGold.com, an Internet gold buying company focused on consumers.
A trend of Internet gold buying has swept the nation as consumers sell their jewelry to raise cash to pay bills.
“Gold buying companies are springing up everywhere in response to the current economic situation, and the rapidly rising price of gold,” says Mr. Monahan. “ReturnYourGold.com is the only company that pays you top dollar for your gold jewelry upfront, then sends you a second profit sharing payment if we sell your gold through our buyer network.”
Before you sell your gold through the Internet, in the search of an honest company, consider a few points. It’s always a good idea to deal with people that have been evaluating and buying jewelry for a long time. Like most things, you want to deal with people that know what they’re doing. Be wary of companies that spend so much on advertising that they payout less to offset those costs. Also, make sure that the company you deal with can be reached by telephone, and that you’re able to track the progress of your package within the company.
Your payout should be initiated quickly, usually within twenty-four hours of receiving your package. If there’s a delay with a company making payment, that may be a serious red flag.
When asked about the Return Your Gold procedure, Sean says, “We pay our customers within 24 hours of receiving their jewelry, then we take it a step further by quickly trying to sell their items on our buyer network. If we are able to resell the customer’s unwanted jewelry, then we actually share the profit with them by sending the customer a second profit sharing payment.”
“That’s the ReturnYourGold.com difference,” says Mr. Monahan, “it is not just about making money; we have the customer’s best interest at heart.”
SOURCE ReturnYourGold.com
Washington, D.C. and Virginia Paying Top Dollar for Workers with Security Clearances Finds ClearanceJobs.com
DES MOINES, Iowa, May 19 /PRNewswire/ — Despite the deepest recession in generations, workers holding security clearances are enjoying an average pay increase of nearly two percent to $73,961, finds ClearanceJobs.com, the leading online career management resource for professionals with active government security clearance. In its annual survey, ClearanceJobs finds that employees in Washington, D.C. and Virginia received a three percent increase and the highest annual compensation in the “cleared worker” category, with average salaries of $82,874 and $80,135, respectively.
“The turbulent economy has put a governor on the growth rate of salaries for security cleared workers,” said Evan Lesser, founder & Director of ClearanceJobs. “However, there is no shortage of security-cleared career opportunities both in and outside the D.C. corridor. Considering both number of current job openings and the local cost of living, there isn’t a bad market anywhere in the country for security clearance jobs.”
Top 10 Average Cleared Salaries by Geography:
2009-08 2008-07 ——- ——-
1. Washington, DC $82,874 $80,380 2. Virginia $80,135 $78,043 3. Colorado $74,000 $74,448 4. Maryland $73,471 $72,844 5. California $73,636 $70,874 6. Arizona $68,000 $67,020 7. Florida $65,962 $66,128 8. Texas $64,207 $60,252 9. Georgia $61,022 $59,150 10. North Carolina $58,506 $54,788
Additional findings include:
* Salaries for cleared workers in Afghanistan surged by seven percent to $106,321, while salaries of their counterparts in Iraq increased slightly to $106,839. The closing of the pay gap between the two war zones echoes the elevation of the United States’ focus in Afghanistan. In fact, the number of job postings on ClearanceJobs with work located in Afghanistan surged 170 percent over the past year, while openings in Iraq grew 58 percent over the same time frame. * The salary gap between government employees ($62,615) and government contractors ($83,212) widened in 2009 with contractors earning roughly $20,000 more than civil servants. * Average salaries for management-level positions topped six-figures for the first time at $101,720, joining the executive level ($130,293) in that highly sought-after compensation club. By comparison, an entry-level security cleared professional with less than two years of experience earned on average $45,811. * Despite an average salary gain that was a third of the increase security cleared professionals received in 2008, 70 percent of respondents noted they are satisfied with their current job, an increase from 67 percent satisfaction last year.
ClearanceJobs can provide additional specific and targeted data including reports salaries by location, clearance level, polygraph level, industry, gender and salary satisfaction. The data for the ClearanceJobs Salary Survey was collected from more than 5,000 security-cleared professionals registered on ClearanceJobs.com between February 21, 2008 and April 26, 2009.
About ClearanceJobs.com
ClearanceJobs, a Dice Holdings, Inc. company, is the leading Internet-based job board dedicated to matching job seekers who hold an active security clearance with the best hiring companies searching for new employees. Authorized U.S. government contractors and their representatives utilize the service to quickly and easily locate candidates with specific security clearance requirements to fill open jobs. For more information, please visit www.ClearanceJobs.com.
SOURCE ClearanceJobs.com
Alibris Book Buyback Service Pays Students for New and Used Textbooks and Educational Books
Alibris logo. (PRNewsFoto/Alibris)
EMERYVILLE, CA UNITED STATES
Book, music, and movie marketplace increases value for students over campus bookstores and textbook renters
EMERYVILLE, Calif., May 18 /PRNewswire/ — Alibris has launched a new book buyback service that gives students and parents increased value over college bookstores and textbook rental programs. The online book, music, and movie marketplace now pays customers for their new and used textbooks, literature, study guides, and other books. Consumers can still save up to 90% when they buy new and used textbooks at Alibris, so the buyback service closes the buyer-seller loop and empowers customers to make money when they’re finished with a book.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090511/ALIBRISLOGO)
Market research has shown that the Alibris textbook buyback service gives those who shop and sell at Alibris the best value, beating the offers of campus bookstores and textbook rental models. Those interested in selling books to Alibris enjoy a variety of helpful benefits:
* Free shipping. The shipping charges for purchased books are prepaid. * Free, quick, and easy use. There’s no sign-up required, and the service is fast and free to use. * Competitive pay-outs. The service pays top dollar for new and used textbooks. * Fast payments. Customers’ payments are sent within five days after their books are received. * Environmental friendliness. Selling used books encourages reuse, which is easy on the planet.
“Alibris is known as the place to go for great deals on new and used textbooks,” said Brian Elliott, President and Chief Executive Officer of Alibris. “Now we’re positioned to deliver the lowest-cost way for students to cover the increasing expenses of college: Buy used textbooks, and sell textbooks back when you’re finished with them.”
Elliott continued by illustrating how the Alibris book buyback service beats the offers of college bookstores and textbook rental programs. “Alibris has been around for more than ten years; we’re a proven, reliable online marketplace for students and educators. Whether you bought your book from one of our sellers or from somewhere else, our book buyback service will make you an offer — delivering cash for used textbooks, second-hand literature, and other educational books.”
About Alibris
Alibris is the premier online marketplace for independent sellers of new and used books, music, and movies, as well as rare and out-of-print titles. Read more about us.
SOURCE Alibris
RiT Technologies Announces $10 Million Convertible Loan Agreement With Stins Coman
The Loan Agreement is Subject to Shareholders Approval
TEL AVIV, Israel, June 19 /PRNewswire-FirstCall/ — RiT Technologies (NASDAQ: RITT) today announced that it has entered into a convertible loan agreement with STINS COMAN Incorporated (”STINS COMAN”), the largest shareholder of RiT.
According to the loan agreement, STINS COMAN agreed to extend to the Company a loan of up to $10 million. Other key terms of the loan agreement are as follows:
- At any time beginning with October 1, 2009, RiT may call the loan from STINS COMAN, but no more than $5 million at one call (up to a maximum of $10 million) and at intervals of at least 30 days between each call.
- The outstanding principal amount will accrue interest at an annual rate of 2.47%.
- The outstanding principal amount and the interest accrued thereon are due and payable 36 months following receipt of the funds drawn at each call (the “Maturity Date”).
- The loan is unsecured.
- STINS COMAN has the right to convert, at any time, the outstanding principal amount and the interest accrued thereon, in whole or in part, into ordinary shares of RiT at a conversion price per share equal to the market price of RiT shares on NASDAQ on the day RiT had received the funds, plus a premium of 10%. The conversion is subject to a 30 days prior notice and to the execution of a definitive purchase agreement to be substantially similar to the Securities Purchase Agreement entered between the parties, dated September 11, 2008.
Mr. Sergey Anisimov, the Chairman of RiT and the President of STINS COMAN, commented: “This $10 million credit line, which will be granted to RiT on remarkable terms, especially in the current economic environment, is another indication of STINS COMAN’s commitment to RiT. I am confident that this loan will allow RiT the necessary funds to continue to focus on implementing its growth strategies.”
The closing of the transaction is subject to the approval of the Company’s shareholders. RiT plans to convene its 2009 annual shareholders meeting in the next few weeks in order to approve, among other things, the loan agreement. For further information about the transaction, see the Company’s Proxy Statement to be filed with the Securities and Exchange Commission on Form 6-K.
IMPORTANT NOTE: The securities to be offered in the convertible loan agreement will not be registered under the Securities Act of 1933, as amended (the “Act”) or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws. This news release does not constitute an offer to purchase, sell or exchange or a solicitation of an offer to purchase, sell or exchange any securities of the Company.
About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure management, asset management, environment and security, and network utilization. RiT Enterprise solutions address datacenters, communication rooms and workspace environments, ensuring maximum utilization, reliability, decreased downtime, physical security, automated deployment, asset tracking, and troubleshooting. RiT Environment and Security solutions enable companies to effectively control their datacenters, communications rooms and remote physical sites and facilities in real-time, comprehensively and accurately. RiT Carrier solutions provide carriers with the full array of network mapping, testing and bandwidth qualification capabilities needed for access network installation and service provisioning. RiT’s field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world.
For more information, please visit our website: http://www.rittech.com
Safe Harbor Statement
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate”, “forecast”, “target”, “could” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when we discuss a field trial which could lead to a multi-million dollar Carrier deal, we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading “Risk Factors” in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC. These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
COMPANY CONTACT:
Simona Green VP Finance +972-3-766-4249 simonag@rit.co.il
SOURCE RiT Technologies Ltd
Howard Hughes Lincoln Sells for $1 Million at Tulsa Auction
Total Sales for the 3-Day Leake Car Show & Auction Exceed $12.2 Million
TULSA, Okla., June 18 /PRNewswire/ — A 1936 Lincoln Boat Tail Speedster once owned by Howard Hughes sold for $1 million at the Leake Car Show & Auction in Tulsa on June 13. Previously used as his personal limo, Hughes completely redesigned and restructured the limo into a Boat Tail Speedster. The $1 million dollar sale is the largest single sale in Leake’s history in Tulsa. Over 60% of the cars consigned were sold.
“This was a very unique vehicle, and it was a privilege to auction it in Tulsa,” stated Richard Sevenoaks, president of Leake Auction Company. “Howard Hughes was a very complex man and this car is a reflection of its unique creator.”
“Our Tulsa show was outstanding, and it exceeded our expectations,” Sevenoaks continued. “The auction kicked off on Friday with a large crowd and vigorous bidding. The excitement continued to build throughout the weekend, resulting in record attendance and enthusiastic bidders. This shows that the collector car market is still strong. Nationally, many car auctions have seen a decrease in sales. Industry wide, our Tulsa auction was one of the strongest in the nation for 2009.”
Approximately 10,000 people attended the 2009 Leake Car Show & Auction. Total bids for the auction reached $22 million. Leake registered more than 600 bidders for the show, including a bidder from Australia. The Tulsa auction also had a strong increase in Internet and phone bidding.
Other top selling cars included a 1936 Lincoln Model K Brunn Cabriolet at $187,500, a 1931 Cadillac V-16 Convertible Sedan at $185,000, a 1953 Buick Skylark at $165,00 and a 1932 Packard 903 Super 8 Coupe Roadster at $160,000. A 1937 Lincoln Series K that was used a presidential limo during the Truman and Teddy Roosevelt presidencies sold for $105,000. The SC2000 from 2 Fast 2 Furious did not sell and was bid to $37,000.
The 37th annual Leake Collector Car Show and Auction was held June 12-14 in the QuikTrip Center at Expo Square. 750 cars crossed the two-lane auction block. Leake Auction Company was established in 1964 as one of the first car auctions in the country. More than 40 years later the auction company has sold more than 31,000 cars. Leake Auction Company currently operates auctions in Tulsa, Oklahoma City, Dallas, Houston and San Antonio.
For more information, leakecar.com or contact Leake at info@leakecar.com or 918-254-7077.
SOURCE Leake Auction Company
