Wednesday, October 31, 2012

Making 2013 Budget Different From Previous Ones | OSUN ...

The Green Chamber may do well to avoid the shoddy past of budget padding and the resultant spats with the executive on sub-heads, as it commences sessions with agencies and departments of government on the Appropriation Bill this week, TORDUE SALEM writes.

A presidential spokesman pronounced in 2009: Blame the National Assembly for whatever delay on the part of the Presidency in the implementation of the Budget.

But this kind of thinking from the executive preceded 2009 and would recur for long, if the National Assembly and the Presidency do not re-jig their attitudes to budgeting in the country.

Since 1999, when the country returned to democracy, there have been an avalanche of promises of change captured in budgets that have ended up unimplemented, and as much as it goes, the Presidency and the National Assembly must share the blame in this.

The National Assembly on its part, though empowered by section 80 of the 1999 Constitution to overhaul budget estimates from the executive, has often gone overboard with that constitutional privilege, to cut dangerous deals with heads of agencies, where they pad the estimates for the agencies, only to go behind and cream off the balance.

The lawmakers also overload the budget with too many sub-heads, bothering on constituency projects and the likes and sometimes, even cut deals with Permanent Secretaries of ministries, ministers and other heads of agencies to allow their chosen contractors execute the contracts.

Failure to impliment the national budget is without doubt, an impeachable offence, but besides the ripple effect of the impeachment treat, which has the inevitable potential of reversing the fortunes of a country, it can also be extremely difficult when the National Assembly itself shares the blame in the non-implementation of budgets.

In 2005, the Senate were on the spot for the pork-barrel act of jerking up sub-heads and demanding N25 million bribe from a former Minister of Education, Prof. Fabian Osuji.

The deal backfired. Osuji was booted out of office and the Economic and Financial Crimes Commission (EFCC), then headed by the blazing Mallam Nuhu Ribadu moved in and picked the then chairmen of Appropriation and Education committees.

The nation was stunned as then President, Olusegun Obasanjo, went ahead to make a show of it on television. Nigerians thought that would deter the lawmakers, but as the budget rituals have rolled by, more deals are continually being cut and spats with the Presidency have continued to deepen.

Many civil society organisations, besides the troubling trend of budget-padding by the National Assembly, have also observed that the National Assembly itself is not even doing enough in terms of oversight on the executive, with a view to avoiding budgets with in-built deficits and situations where key organisations continue to short-change the federation as foreign reserves and the Excess Crude Account continues to deplete. Since 2009, agencies like the Nigerian Ports Authority, the Nigerian Customs and more than 20 other agencies have not been remitting to the Federation Account.

The NPA, for example, has argued on many occasions that the Act establishing it, allows it to gather revenue and spend as it deems necessary.

This has gone unchallenged by the National Assembly, by way of removing that clause from the Act or compelling the NPA and others like it to tow the line of section 162 of the 1999 Constitution that compels revenue-generating agencies to remit to the Federation Account.

Between 2009 to date, the nation has an accumulated budget deficit of about N5 trillion, when paradoxically NPA and the Nigerian Customs Service (NCS) have made way more than that in revenue within the three years since 2009.

In 2010, the House of Representatives, under Dimeji Bankole, discovered that no fewer than 31 agencies, with the NCS and the NPA topping the list, were guilty of not remitting to the Federation Account, as stipulated by section 162 of the Constitution, part of the reason why the budget deficit had bulged that year.

The blame was rightly put on the Presidency?s table, but the other side of it indicted the National Assembly for not properly doing its job of oversight and ensuring that agencies that were getting huge revenue were remitting religiously to the coffers of the federation.

There were reported cases where signature bonuses derived from Oil-Prospecting Licenses (OPL) issued on behalf of government by the Nigerian National Petroleum Corporation (NNPC), were never lodged in the Federation Account and the National Assembly Committees on Petroleum allegedly went behind to get their share and let sleeping dogs lie. But the House, however, denied the charges against it.

Two weeks ago, before it embarked on a two-week break, it commenced debate on the 2013 budget estimates laid by President Goodluck Jonathan before a joint session of the National Assembly.

The Chairman of the House Committee on Finance, Abdulmumin Jibrin picked holes in the budget estimates, stressing that it was put together by few staff in the Presidency, without inputs from other relevant agencies and institutions of government.

Commenting further on the $80 per barrel of crude oil which the House has adopted as its benchmark for the budget, he wondered why the position of the lower chamber of the National Assembly had attracted so much controversy despite the fact that the decision was taken to protect the nation?s economy from the effects of domestic public debt burden.

In his own contribution to the debate, the Minority Leader of the House, Femi Gbajabiamilla, said he could not understand why the House should deliberate on the document, when it had not even received reports of the various committees which had embarked on oversight trips on the level of implementation of the 2012 budget.

He further aligned with Jibrin that it did not make sense to lower the benchmark for the price of crude oil to $75 per barrel while embarking on external borrowing to finance the deficit in the budget. In his own contribution, Samson Osagie, said he identified fully with the speech that was delivered by the Speaker of the House, Aminu Tambuwal, at the budget presentation.

Tambuwal had described the executive arm?s implementation of the 2012 budget as poor during his vote of thanks after President Jonathan?s presentation of the 2013 budget estimates.

He demanded for tangible achievements that had been achieved with the Subsidy Reinvestment Programme funds (SURE-P) ? an aspect of the revenue profile of the 2012 budget which was introduced after partial withdrawal of fuel subsidy early this year.

He said: This was necessary in order to justify the increment of fuel price from N65 to N97 per litre. In his own remarks on the budget debate, Friday Itulah queried the allocation of N66 billion to the Office of the National Security Adviser, whose responsibility is merely that of coordinating the activities of the various security agencies in the country.

According to him, such a huge allocation should have been used to provide more equipment and facilities for the security agencies in the country.

Farouk Lawan, who has found his voice again after the bribery scandal he was steeped in, acknowledged that though the budget was presented early, what mattered most was whether it was implementable, adding that the 2012 budget was already suffering from the troubles of past budgets of the Federal Government.

Expressing regret that the 2013 budget as presented by President Jonathan did not have any strategy to move the nation?s economy from the public domestic debt trap but rather indicated an intention to borrow more funds to finance the deficit, Lawan said that he hoped that the waivers introduced in the aviation sector of the economy, would not be hijacked by private jet owners.

Pally Iriase said it was strange that the authors of the budget wanted the Federal Government to borrow funds to finance the budget at a high interest rate while at the same time saving proceeds from crude oil.

Emmanuel Jime described the N81 billion allocated to the agricultural sector as too low, adding that this would not address the problem of youth unemployment so pervasive across the country.

But the Deputy Leader of the House, Leo Ogor, was full of praises for the 2013 budget, stressing that President Jonathan should not only be commended for the early presentation of the document but also for the increment in the capital expenditure proposal.

He added that the allocation to the education sector and other infrastructure would make a positive impact on the economy, adding that the budget emphasised consolidation on ongoing projects. He, however, disagreed with the government?s plan on domestic borrowing. In her remarks, Peace Nnaji commended the President?s budget presentation, adding that it would enhance economic growth.

The House later referred the 2013 budget proposal to the House Committee on Appropriation for further consideration. The questions remains: will they avoid the pitfalls of the past and make their own contributions conscientiously to help achieve workability of the 2013 budget? Time will surely tell!

Culled from Nigeriamasterweb

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Second man dies after clashes between Tunisian Salafis, police

TUNIS (Reuters) - A second man died on Wednesday of wounds suffered when Tunisian police opened fire on hardline Salafi Muslim protesters in the capital Tunis, the state news agency said.

A struggle over the role of religion in government and society has emerged as the most divisive issue in Tunisia, for decades seen as among the most secular in the Arab world, since a popular uprising ended autocratic rule last year.

"A second man, named Khaled Karoui, died today of his wounds after yesterday's clash ... in the Dawar Hicher (district of Tunis)," TAP news agency said.

A security source said late on Tuesday that one person was killed in clashes that followed an assault by hundreds of Salafis on a police station to protest at the arrest of a Salafi accused of attacking a police chief with a knife.

The violence was the latest sign of religious tension in the North African state where the "Arab Spring" democracy movements took off.

Tunisia, whose authoritarian president, Zine El Abidine Ben Ali, was overthrown in a street revolt last year, now has an elected Islamist-led government.

But friction has grown between Islamists and secularists since the Islamist Ennahda Movement won an election.

Ennahdha, a moderate Islamic group, formed a coalition with two non-religious parties and has promised not to ban alcohol, impose the veil or use sharia as the basis of Tunisian law.

But it has come under pressure from both hardline Salafi Muslims calling for the introduction of sharia and secular opposition parties determined to prevent this.

(Reporting By Tarek Amara; editing by Mark Heinrich)

Source: http://news.yahoo.com/second-man-dies-clashes-between-tunisian-salafis-police-161053084.html

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At least 50 flooded houses destroyed by NYC fire

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Tuesday, October 30, 2012

Credit Suisse upgrades Wipro ahead of Q2 earnings

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Great Self Help Advice That's Easy To Follow

TIP! A leader knows how to be modest, yet assertive. Be rebuking yet gentle, and always remember in order to lead, you must know how to serve.

Self improvement is a very important thing to work on. Personal development can include leading a healthier life or getting control over your finances. You need to work to better yourself. There is always something that can be improved in the different areas of your life. Establishing good habits will make your life more enjoyable and beneficial!

TIP! Selfless behavior is a big leap forward in your personal development. Doing good for others will also benefit yourself.

By using love, you can re-energize your faith and get closer to your personal development goals. This will help you focus on the things that are truly important. Your faith is shown through loving actions, so don?t be complacent. You can make your faith meaningful by doing positive things for peers and loving them.

TIP! Take the time to read what has helped others to be who they want to be. The best way to learn how to avoid making mistakes in your career and your personal life is to discover the path that other people have taken toward self-fulfillment.

When you are pursuing your self improvement goals, having setbacks can be discouraging and make you feel like a failure. However, failure should be a way that you can learn. Failure is only another way of learning about your strengths and weaknesses. If you look at it that way, when you fail, you should be happy, because you now know more about you.

TIP! A positive attitude is required for you to make any progress in your development. A negative attitude will thwart your attempts at taking your life in a good direction.

The majority of employers that you encounter won?t care about the school you graduated from. They care about how successful you are at doing your job. Some employers, such as banks or other financial institutions, do put more weight on which school you attended, but these are rare exceptions. Truthfully, it?s more crucial that you have obtained a degree and expanded your horizons.

TIP! Even if you feel the need to change and grow, you will not do so until you choose to. You must choose change and learn how to accept it without reservation.

On the road to self improvement, treat your body with respect. Listen to your body?s cues. If it tells you that it needs food, water or rest, LISTEN. By doing this, your body will function well for you in the years ahead. If you do not give your body what it needs, you will have a hard future ahead of you.

TIP! When dealing with depression issues, altering your diet to include a greater intake of complex carbohydrate may help. If you don?t get enough complex carbs, you will be low on serotonin.

Life should be approached with wisdom and modesty. Look for opportunities to learn something new every day, and always be willing to admit when you simply cannot change something. Exercising humility is a great way to make sure that you stay within your limits. Wisdom allows you to make better future choices based on past experiences.

TIP! A great self help tip to deal with anxiety is to accompany a friend to the movies. This allows you to be in a social setting without the added pressure of talking to a lot of people.

Sexual capital is a new thing that is being learned about, and it is very crucial to start developing yourself. This means using your charm rather than your sexuality to acquire things you want. Some people are unable to socialize well, but being able to can be extremely beneficial.

TIP! Taking a few risks can help you feel happier. Many people get stuck in a zone that is comfortable so they do not risk failure or rejection, but the true risk is the loss of opportunities for personal growth.

Are you having trouble meeting that special someone? Have you considered online dating? Surprisingly, forty percent of today?s couples met online. Who knows? Maybe you can put the web to work for you to find your soul mate. Each site will have pros and cons about the services they offer.

TIP! For people with serious problems, therapy may be the best answer. Self-help books can be useful for many small problems, but they won?t help you tackle the bigger issues which could be haunting you.

It may become discouraging to begin developing better personal habits and lifestyles, but once you start noticing your life developing towards a better future, you will never want to stop. You can always develop better ways to do things and it?s important to always try hard towards any personal development goals you have.

http://coreyotten.com/empowerblog

Tags: personal development goals

Source: http://coreyotten.com/great-self-help-advice-thats-easy-to-follow.html

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Video: Rhode Island braces for worst-case scenario



>> picture, again, this is the sound between long island and the east coast , the waves are getting pushed up there. let's go further north to narragansett .

>> reporter: good evening, brian, it certainly is, and over the next couple of hours, rhode island is bracing for the worst part of the storm, the worst rain, wind and flooding. we have been watching the flooding all day, up close to the sea wall in narragansett , starting to breach the high tide , and the waters just kept coming in. the police kept saying it was the worst flooding they have ever seen, and that was hours ago. high tide is expected again at 8:00. and that is the time where the governor says they could expect life-threatening flood levels. and all over massachusetts, the police were concerned people wouldn't take this storm seriously enough. and they made sure they warned people about about it. but a lot of people looking at the storm maps seeing the center cross over new jersey thought they would be okay. they realize now what a mistake that was. 80,000 people in the state are without electricity, there are rescue crews on the roads trying to clear trees from the roads. and we were in some coastal communities today that are completely under water. and as i said, the worst is yet to come.

>> all right, stephanie gosk in narragansett , where they're getting all the weather they can handle.

Source: http://video.msnbc.msn.com/nightly-news/49603162/

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Monday, October 29, 2012

Top regulators warn on expanding president's powers

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coolingZONE-13 International Business and Technology Summit ...

Technology Image

Cambridge, MA, October 28, 2012 ?(PR.com)? coolingZONE-13, the International Business and Technology Summit, has opened their call for papers. The conference is scheduled for October 23-25th, 2013, in Cambridge, Massachusetts, October 23-25th. The Summit is appropriate for technical papers on topics concerning thermal management, heat transfer, electronics cooling and energy transport.

The annual summit, now in its 13th year, brings together world experts in thermal management to present the latest developments in this important and fast growing field. The Summit covers emerging technologies in thermal management, electronics cooling, heat transfer and energy transport.

Presenting papers is a time-honored opportunity to gain peer recognition and make a mark on this important industry. For anyone involved in applications that bring novel approaches to thermal management, this is the forum for presenting a paper to the international marketplace. Abstracts will be considered by a panel of thermal experts looking for innovative work within these important areas:

? Electronics Thermal Management For High Power ICs and Systems

? Data center cooling and containerized cooling solutions

? Energy Generation, including Wind Turbines and Solar Energy Generating
Systems

? LED Thermal Management and Control

? Electric Car and Battery Thermal Management

? IC Packaging for Improved Thermal and Electrical Performances

? Thermal Management in Bio-Sciences

? Cold Plates and Spray Impingement Solutions for Industry

? Advances in Thermal Modeling and Computational Solutions

? Thermal Measurement Advances, Options and Instruments

? Control Technologies in Thermal and Energy Management for Electronics
Equipment

? Advances in Thermal Management of Embedded Computing

You may submit your 500 word minimum abstract supported by figures, tables and references as appropriate, to coolingZONE at this web site address: www.coolingzone.com/event.php?eventid=41

Abstracts submission deadline is June 14th, 2013. Authors Notifications are scheduled for July 12th, 2013 and Completed papers deadline is September 1st, 2013

For more information, visit coolingZONE.com or email cz-info@coolingzone.com

Contact Information:
coolingZONE, LLC
Sydney Evans
508-329-2021
Contact via Email
www.coolingZONE.com

Click here to read the full story: coolingZONE-13 International Business and Technology Summit Call for Papers

Press Release Distributed by PR.com

Source: http://tech.rambergmedia.com/coolingzone-13-international-business-and-technology-summit-call-for-papers/

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Improve Home Security By Hiring A Locksmith Southampton Service

Improve Home Security By Hiring A Locksmith Southampton Service

October 28th, 2012 by admin

There are quite a few things that a home owner needs to do in order to improve home security. Windows and locks need to be strong and durable in order to prevent the chance of a person trying to break into one’s home. When a burglar breaks into a home, it would be the time to improve locks to the doors and windows. How will you be able to install the needed locks? It would behove you to get in touch with a certified locksmith service to handle the extremely important work order. Yes, with the help of a Locksmith Southampton service, you can finally improve the security in your home.

Posted in Self Improvement and Motivation |

Source: http://www.hubph.com/self-improvement-and-motivation/improve-home-security-by-hiring-a-locksmith-southampton-service/

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Sunday, October 28, 2012

Miniature Pinscher - Mason - Small - Adult - Male - Dog | Eaton ...

Miniature Pinscher - Mason - Small - Adult - Male - Dog

Mason is a 5 year old male Miniature Pinscher (22 pounds) who came to the shelter as an owner surrender. He is very friendly. Mason is also housebroken, good with other dogs and he seems to be fine with cats. Mason LOVES to play fetch. He is neutered, microchipped, up to date on vaccinations and dewormed.

CHARACTERISTICS:
Breed: Miniature Pinscher
Size: Small
Petfinder ID: 24434205

ADDITIONAL INFO:
Pet has been spayed/neutered

CONTACT:
Humane Society of Preble County | Eaton, OH | 937-456-PETS

For additional information, reply to this ad or see: http://www.petfinder.com/petnote/displaypet.cgi?petid=24434205

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New Syria fighting despite UN-backed truce

In this Saturday, Oct. 27, 2012 photo, a doctor examines an x-ray while a Syrian elder sits on a hospital trolley suffering partial loss of memory after was shot in the head by a sniper in Aleppo, Syria. (AP Photo/Narciso Contreras).

In this Saturday, Oct. 27, 2012 photo, a doctor examines an x-ray while a Syrian elder sits on a hospital trolley suffering partial loss of memory after was shot in the head by a sniper in Aleppo, Syria. (AP Photo/Narciso Contreras).

In this Saturday, Oct. 27, 2012 photo, Syrian civilian sob as a relative lies on a hospital trolley after was wounded with a sniper shot to his back, in the Aleppo, Syria. (AP Photo/Narciso Contreras).

In this Saturday, Oct. 27, 2012 photo, Syrian residents cross a street as a pile of rubbish burns along the roadside in Aleppo, Syria. (AP Photo/Narciso Contreras).

In this Saturday, Oct. 27, 2012 photo, a Syrian elder sits on a hospital trolley suffering partial loss of memory after was shot in the head by a sniper while walking on a street in Bustan Al-Pasha, Aleppo, Syria. (AP Photo/Narciso Contreras).

In this Saturday, Oct. 27, 2012 photo, Syrian residents walk on a street among the debris of buildings damaged by heavy shelling in the southeast of Aleppo City. (AP Photo/Narciso Contreras).

(AP) ? Syrian warplanes and artillery struck rebellious suburbs east of Damascus, while rebels attacked regime positions elsewhere near the capital Sunday, violence that marred the third day of what was meant to be a four-day holiday truce, activists said.

A U.N-backed truce declared for the Muslim holiday of Eid al-Adha has failed to take hold, with fighting reported from the start. Activists said more than 150 people were killed Friday, the start of the holiday, and more than 120 people on the second day, similar to previous daily casualty tolls.

The cease-fire was seen as a long shot from the outset. The international mediator in Syria, Lakhdar Brahimi, failed to get firm commitments from all combatants.

At least one rebel-linked radical Islamic group, the al-Qaida-inspired Jabhat al-Nusra, rejected the truce outright. In a video posted this week, the leader of al-Qaida, Ayman al-Zawahri, urged "Muslims everywhere" to support Syria's uprising.

The truce was called as the two sides were battling over strategic targets in a largely deadlocked civil war. They include a military base near a main north-south highway, the main supply route to Aleppo, Syria's largest city, where regime forces and rebels have been fighting house-to-house. It appears each side feared the other could exploit a lull to improve its positions.

With the unraveling of the cease-fire, it's unclear what the international community can do next.

The holiday truce marked the first attempt in six months to reduce the bloodshed in Syria, where activists say more than 35,000 people have been killed in 19 months.

Brahimi has not said what would follow a cease-fire. Talks between Syrian President Bashar Assad and the Syrian opposition on a peaceful transition are blocked, since the Syrian leader's opponents say they will not negotiate unless Assad resigns, a step he has refused to take.

The international community has been unable to rally around other options, including tougher U.N. Security Council action, arming the rebels or direct military intervention.

The failure of the truce to take hold "highlighted the impotence of the international community's approach" to the Syria conflict, said Salman Shaikh, director of the Brookings Doha Center, a think tank.

In April, Brahimi's predecessor as Syria mediator, former U.N. chief Kofi Annan, tried to launch a more comprehensive plan ? an open-ended cease-fire, to be enforced by hundreds of U.N. monitors and followed by talks on a political transition. Annan's plan failed to gain traction, and after an initial decrease in violence, his proposed cease-fire collapsed.

In fighting Sunday, Syrian warplanes struck the eastern Damascus suburbs of Arbeen, Harasta and Zamalka to try to drive out rebels, according to the Britain-based Syrian Observatory for Human Rights, which compiles information from activists in Syria. The Observatory also reported shelling attacks in these areas.

Local activists and another opposition group, the Local Coordination Committees, said warplanes struck Arbeen and Harasta. The LCC said eight people were killed Sunday in Damascus and its suburbs.

Three amateur videos posted online showed warplanes flying over the eastern suburbs.

One video showed two huge clouds of smoke rising from what was said to be Arbeen, and the sound of an airplane could be heard in the background. It was not clear if the video showed the aftermath of shelling or an airstrike.

Another video showed destruction inside the Sheikh Moussa mosque in Harasta. Windows and doors were blown out, glass and debris scattered across the mosque's floor. The narrator broke down as he was heard saying: "Where are the Muslims? Our mosques are being bombed and no one cares."

Also in Harasta, a video showed widespread destruction, including rows of buildings with shattered windows, gaping holes and shell-pocked facades.

The videos appeared consistent with Associated Press reporting in the area.

In Douma, another Damascus suburb, rebels wrested three positions from regime forces, including an unfinished high-rise building that had been used by regime snipers, according to the Observatory and Mohammed Saeed, a local activist.

Fighting was also reported near Maaret al-Numan, a town along the Aleppo-Damascus highway that rebels seized earlier this month. Opposition fighters have also besieged a nearby military base and repeatedly attacked government supply convoys heading there. The Observatory said the Syrian air force fired missiles and dropped barrel bombs ? makeshift weapons made of explosives stuffed into barrels ? on villages near the base.

The Syrian government has accused the rebels of violating the cease-fire from the start. The state-run news agency SANA said opposition fighters carried out attacks in a number of areas, including in Aleppo and the eastern town of Deir el-Zour.

___

Associated Press writer Zeina Karam contributed reporting.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-10-28-Syria/id-6e3f1bf52feb4aa19720dde739d95bef

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Don't Ignore these 5 Insights from 5 Big Online ... - Internet Works

I?ve been lucky enough to have in-depth interviews with 20 of the world?s top online entrepreneurs.

Today, I?m sharing five really important and totally exclusive insights from five of these big online entrepreneurs.

What You?ll Learn:

#1 Responsive Web Design is the Future

When we asked Jacob Cass about the ?future of web design? he said, ?responsive design would be at the top of my list.?

What is Responsive Design

A website is ?responsive? when its design adapts automatically depending on what device the site is being viewed on. ?For example, a website will change its look when you?re viewing it on a mobile device, versus a large screen,? Cass explained.

Why Responsive Design is so Important

The Internet used to be just on computer monitors. Today, it?s being viewed more than ever on phones and tablets. A May 2012 study from comScore predicts that smart phone owners will become ?the new mobile majority in the US? by the end of the year (see chart).

More and more people around the world are browsing the web on small, mobile screens and if your website doesn?t look good on an iPhone or iPad then you?re losing ground with this rising wave of users.

The Insight:

If you?re a web developer, it?s time to learn how to create responsive websites.

If you?re a website owner, make sure your next redesign includes responsive design.

If you want more insight from Jacob Cass, you can check out his blog or get Income Diarys book of interviews. Cass also identified ?HTML 5, CSS 3, web fonts and parallax scrolling? as hot web design trends on the rise.

??

#2 Membership Sites may be the Best Way to Make Money Online Today

Broadly, a membership site is a website that restricts access to most of its content to members only. Many membership sites are free to join, but others cost anywhere from $1 to $? per month.

Why Membership Sites are so Profitable

Matt Wolfe made $1,615.63 in January 2012 from selling 12 different affiliate products. He made a little over $62 with Adsense. Between his two membership sites (The WordPress Classroom and The Marketer?s Classroom), Wolfe raked in about $20,000 in just one month:

The best thing about this type of revenue is that it tends to be recurring. As Ryan Lee explained to us, ?instead of always having to get new customers, your job becomes taking care of the customers that you already have.?

The Challenge of Creating a Membership Site

The biggest obstacle to success with a membership site is making your exclusive content incredibly valuable. As Wolfe explained to us, ?There?s a lot of information out there for free, so you?ve got to figure out what makes your information different.?

Once you?ve convinced people to pay monthly for access, then the challenge becomes continuing to provide value to your community of members so that they?re getting their money?s worth. That could be a full-time job ? but if you?re making $20,000 per month from subscriptions like Wolfe does, then you can justify the hard work.

The Insight:

While selling ad space and products are still perfectly viable ways of earning a passive income online, creating a members-only community is more lucrative right now. If you?re willing and able to provide massive, exclusive value to your members, your reward will be a fat, reliable monthly paycheck.

#3 Low Barriers to International Business mean Huge Opportunity

A couple decades ago, the idea of hiring a personal assistant who lived in another country was ridiculous. Today, the Internet has made it possible for a team of people to work on a project simultaneously from their computers while living anywhere.

In 2005, Tyrone Shum started a business selling Dragonboat paddles online. Business was almost too good and Shum was working 60 hours a week. After reading Timothy Ferriss, Shum started outsourcing and brought down his workload to just ten hours per week.

Shum has since sold his Dragonboat business and now spends his time teaching people how to outsource work effectively.

Why Outsourcing Works

Every business owner could use a bigger staff. But if you live in The United States (like me) or in The UK (like Michael), then a skilled full-time employee will no doubt cost over $10,000 per year.

Outsourcing works because it allows a business owner to hire a staff in a country where the cost of living is much lower.

How Much Does Outsourcing Cost?

Where to Hire

Obstacles with Outsourcing

If you?ve ever had a staff, then you know managing a team is a lot of hard work. Unfortunately, if you don?t do it right, outsourcing a personal assistant or a team may be more trouble than it?s worth.

Shum recommends talking to a potential employee ?face to face? via video call before hiring to get an idea of their character. Another important step in effective outsourcing is to develop efficient systems for managing and training your staff, which Shum details in his interview.

The Insight:

There?s nothing more valuable to a business than a dedicated employee. If your business could benefit from a staff (or a larger staff) but you don?t yet have the funds to pay someone locally, outsourcing offers an incredible opportunity.

#4 Social Media is a Party

We mostly talked with Pat Flynn about his hugely successful blog on earning passive income.

But Flynn is an expert on social media ? as testified by his 58,000+ Twitter followers and?,000+ fans on Facebook? and he told us that social media is like a party.

What to Do on Social Media

According to Pat, your goal on social media should be to develop a trusting relationship with your audience.

What not to Do on Social Media

Many people make the mistake of trying to use their social media pages as a platform for selling. That?s a big mistake.

The Benefit of Seeing Social Media like a Party

Flynn says that ?Facebook and Twitter have been amazingly successful at bringing in returning traffic to my site.? He also mentioned the increased brand awareness that comes with being on a site that people are on ?all the time.?

But social media is even more valuable to Flynn as an ongoing social event, an interactive community: ?It??s great because I can post questions on there and people answer. It really brings a community feel to the brand and that?s a good thing about social media. If people have questions, other people can answer for me before I even have to go there. So that really helps a lot.?

The Insight:

Even businesses should keep social media social.

#5 Business will always be about Solving People?s Problems

Derek Halpern is one of the world?s foremost experts on the psychology of blogging. We interviewed him to find out more about his popular blog Social Triggers and how to benefit from understanding what makes people ?tick? online.

But one of my favorite parts of the interview came when Halpern wasn?t talking about psychology at all. He was discussing the way people often miss what really matters when it comes to running an online business.

The Shiny Object Problem

There?s always something new to talk about on the ever-changing web. New features, new software, new sources of traffic. All of these things matter, but by their very nature they tend to be short-lived.

It?s a good idea to pay attention to opportunities afforded by the latest trends, like how Josh Dunlop has capitalized on Pinterest?s popularity to grow his photography blog. But when keeping up with the latest trends becomes your priority, you?re foolishly ignoring what really matters.

The One Thing that Will Never Change about Online Business

Some people think that you can trick people into giving you money online. Others seem to think that money will just fall from the sky after they set up their website.

The truth is more difficult but also simpler and, I think, much better: ?people will give you money online when you solve their problems.

The Insight:

If you?re not making money online, then you?re probably not doing much to solve peoples? problems.

If you are making money online but you?d like to make more, then it?s time to start looking at how you can create systems and processes that solve those problems better and more efficiently.

Related Posts

Source: http://www.iwks.com/don%E2%80%99t-ignore-these-5-insights-from-5-big-online-entrepreneurs.html

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Saturday, October 27, 2012

BizBuySell.com report: Fewer small businesses sold, but higher ...

Better economic conditions and healthier small businesses in the Dallas-Fort Worth area translated into higher sales prices in the third quarter, according to a new report by BizBuySell.com., the largest online business-for-sale marketplace.

Mike Handelsman, group general manager of BizBuySell.com, said third-quarter trends here and nationally likely were influenced by an urgency to sell before an expected increase in the capital gains tax rate starting next year.

Here are some statistics for small businesses for sale in the D-FW area from San Francisco-based BizBuySell.com:

* The median asking price for a business was $249,500 as of Sept. 30, up from $240,000 a year earlier.

* Businesses for sale had median revenue of $417,897 in the third quarter, down from $420,000 a year earlier.

* The median cash flow over the course of a year was $100,000, compared with $102,000 last year.

* Business owners asked for an average revenue multiple of 0.96 (up from 0.89 a year earlier) and a cash flow multiple of 3.46 (up from 3.36 a year earlier).

The Dallas area information is based on listing data, not completed sales, for businesses using a local business brokers and those ?for sale by owner.?

Handelsman expects the online business sales to continue along ?the same slow yet bumpy road to improvement? as seen in the last two years.

Source: http://bizbeatblog.dallasnews.com/2012/10/bizbuysell-com-report-small-business-sales-and-prices-rose-in-the-third-quarter.html/

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Stephen Colbert Offers Donald Trump $1 Million in Exchange for Ball Dipping

Source: http://www.thehollywoodgossip.com/2012/10/stephen-colbert-offers-donald-trump-1-dollars-million-in-exchang/

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Taylor Swift to Headline 2013 "Red" Tour

Source: http://www.thehollywoodgossip.com/2012/10/taylor-swift-to-headline-2013-red-tour/

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Friday, October 26, 2012

Analysis: Arms makers' margins solid despite some strain

WASHINGTON (Reuters) - Weapons makers reported surprisingly strong profit margins this week, even as budget cuts are starting to weigh on revenues. That has prompted a big question: how long can the defense industry sustain good margins?

The sector is clearly facing leaner times, with $487 billion in spending reductions slated for the next decade and another $500 billion in cuts due to kick in next year under the process known as sequestration.

But experts expect a year or more to elapse before those changes ripple through to corporate income statements.

Industry executives told analysts this week that solid order backlogs and continued cost-cutting would protect their overall margins, although some parts of the defense business are already showing signs of strain as the United States winds down military spending after more than a decade of growth.

"We're pushing ourselves," Lockheed Martin Corp Chief Executive Bob Stevens said, underscoring the company's focus on cutting costs and making its weapons less expensive. "With or without sequestration, we know that we're facing a long cycle where the demands of our security customers are going to go up ... and they're not going to have the economic resources available to meet those growing demands."

The durability of defense profit margins could have a big effect not just on stock prices, but on investment and employment as well. Defense company shares have rebounded this year, with bellwether General Dynamics up nearly 16 percent, compared with a 3 percent gain for the S&P 500 index <.spx>.

At the same time, the defense industry could shed as many as 88,000 jobs this year, double the 44,000 cut in 2010. The cuts could quadruple from 2010 levels if sequestration is not averted, according to Tom Captain, leader of aerospace and defense analysis at Deloitte.

Analysts say shorter-cycle businesses such as services - where margins are historically lower to begin with - already are feeling the heat. But it may take time until margins in longer-cycle businesses like shipbuilding and other metal-bending manufacturing operations come under significant pressure.

"You're seeing it in isolated areas already ... but it could take a while for the downward pressures to finally be seen on an aggregate basis," said Rob Stallard with RBC Capital Markets, adding that point might be reached in another year or so. "It does take a very long time to flow through the industry."

He said the big arms makers were "a bit fat and happy" after 15 years of growing budgets, and could probably expand the cost-cutting efforts they had already begun, which would allow them to maintain good profit margins despite pressure on revenues.

"They have not seen lean by comparison to what goes on in the commercial world," Stallard said. "There's definitely more that could be done there."

Lockheed, Boeing Co's defense division, Northrop Grumman Corp and Raytheon Co this week beat analyst forecasts with higher earnings and solid margins despite weakening sales.

General Dynamics missed forecasts due to a one-time charge, although maintained its guidance for full-year earnings at roughly the same level, assuaging investors' concerns.

The big companies, eager to shore up investor support, say they remain focused on consolidating facilities, cutting jobs and improving productivity to maintain margins. They also highlight the big backlogs they have.

Margins reported by the top five defense companies ranged from 10.5 percent in Boeing's defense business to 13 percent at Raytheon, for an average around 11.5 percent.

Those margins are higher than they were in the 1990s, but still far below margins seen in the commercial world, where technology companies shoulder research and development costs on their own instead of relying on government funding, and must recoup those costs.

Another plus: Most big defense companies are aggressively pursuing international orders, which generally have higher profit margins, said Jason Gursky, an analyst at Citi Research.

Many companies also have weapons programs that are transitioning from development to production, which generally results in more predictable outlays and better returns, he said.

"It's not that they're outperforming per se, but they're moving into higher-margin activities and that trend is likely to continue for a while," Gursky said.

The third-quarter reports did show increasing and worse-than-expected pressure on sectors of the defense business that are focused on providing services rather than products.

Classic service providers such as CACI Inc , Mantech International Corp , and Science Applications International Corp are the hardest hit so far, but even the service divisions of Lockheed, Northrop and other big firms reported lower margins, Stallard said.

General Dynamics Chief Executive Jay Johnson told analysts it was "a blinding flash of the obvious" that his company was seeing the most impact on margins in its information systems sector, where services account for about half of revenues.

"There's a margin reality that's attached to that," Johnson said. He said that sector has just won some significant contract awards that would help improve margins, but program managers are insisting on more competition, scaling back contracts, and awarding contracts by assessing the "lowest price, technically acceptable" bid, rather than "best value."

Defense consultant Loren Thompson of the Lexington Institute said the companies had been preparing for the downturn for years, taking aggressive cost-cutting measures like closing plants and laying off workers to preserve profits, while maintaining solid dividends and buying back shares.

Eventually, Thompson said, cost-cutting efforts will reach a limit since it will get harder and harder for companies to find efficiencies on a dwindling number of programs.

"There's a fine line between cutting unnecessary costs and beginning to undermine future business prospects," he said, noting that scaling back research and development spending or marketing would eventually eat into a company's ability to respond to rapidly changing military requirements.

(Reporting by Andrea Shalal-Esa; Editing by Alwyn Scott and Richard Chang)

Source: http://news.yahoo.com/analysis-arms-makers-margins-solid-despite-strain-201908772--finance.html

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LG Optimus G landing on TELUS November 13

Android Central

The LG Optimus G, which is coming soon to the U.S., will also be available in Canada by way of TELUS starting November 13. Pricing is still something of a mystery, but the American version is going for $200 on a two-year contract, so that should provide something of an indication. 

We've got two reviews of the LG Optimus G if you're thinking of picking one up, but here's the short version. 

  • Chipset: 1.5 GHz Quad-core Krait CPU Qualcomm Snapdragon™ S4 Pro processor
  • LTE
  • Operating System: Android 4.0 Ice Cream Sandwich
  • Network: 2G / 3G / LTE
  • Display: 4.7-inch WXGA True HD IPSPLUS (1280 x 768 pixels) / 15:9 ratio
  • Memory: 32GB
  • RAM: 2GB DDR
  • Camera: 13.0MP or 8.0MP rear / 1.3MP front
  • Battery: 2,100mAh (570Wh/L) / Talk time: 15 hours / Standby: 335 hours
  • Size: 131.9 x 68.9 x 8.45mm
  • Weight: 145g
  • Other: Bluetooth 4.0, Wi-Fi, USB2.0 HS, A-GPS, MHL and DLNA, NFC

It's quite a powerhouse on paper, but do we have any takers? Canadians interested in getting in on the Optimus G can keep their eyes peeled to the TELUS online store



Source: http://feedproxy.google.com/~r/androidcentral/~3/hIyyxCQ9ulU/story01.htm

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Bullet in chest doesn't keep cop from catching suspect

By Shimon Prokupecz and Brynn Gingras, NBCNewYork.com

An off-duty NYPD officer chased after a trio of robbery suspects in the Bronx, N.Y., after he was shot in the chest by one of them, authorities say. The officer then fatally shot one of the suspects.

Police Commissioner Raymond Kelly said Officer Ivan Marcano, 27, was sitting in the passenger seat of his car on Harrison Avenue around 6:30 p.m. Wednesday when his girlfriend saw two men robbing a third.

She told Marcano, who got out of the car, pulled out his gun and shield and identified himself as a police officer, Kelly said.

"As soon as he did, one of the suspects fired, striking Officer Marcano in the chest,'' Kelly said Wednesday evening at a news conference with Mayor Michael Bloomberg at the Bronx hospital where the officer was taken.

Read the original report??| ?More from NBCPhiladelphia.com

The wounded Marcano got back into the vehicle with his girlfriend behind the wheel. She took off to seek medical attention when their car became held up at a red light behind several vehicles, Kelly said. She honked at the cars; the one in front of her, a white Mustang, turned out to be the suspects' getaway vehicle. It jerked forward, hitting a livery cab and then a parked car before going onto the sidewalk where it came to a stop.

'Remarkable display of marksmanship'
Three men got out of the Mustang and started running on foot.?Marcano got out of his car, taking cover some distance away. Holding his left hand over his wound, with his gun in his right hand, he approached the men and fired one shot, Kelly said.

He then moved to another location and fired again.

"In a remarkable display of marksmanship and cool under fire, Officer Marcano fired, striking one of the suspects in the head,'' Kelly said.

The man died at the scene. The other men ran off in different directions.

Stay informed with the latest headlines; sign up for our newsletter

Marcano followed one of the men, and came across an ambulance, which got him to Bronx Lebanon Hospital, Kelly said.?

A gun was recovered at the scene.

"There's police standing on every corner, all day and every day," said neighbor Crystal Lopez. "So for something like this to happen in police presence is scary."?

The group COP SHOT has posted a $10,000 reward for information leading to the arrests and convictions of the two suspects on the loose.

Marcano, who joined the force in 2007 and was assigned to Transit District 12, is expected to be alright.?

He is the 12th NYPD officer to be shot in eight separate incidents so far this year, according to Kelly, and the second shooting of a police officer this week. On Tuesday, Nassau County Officer?Arthur Lopez was killed?after getting shot in what had started out as a traffic stop near the Belmont Park racetrack.

Source: http://usnews.nbcnews.com/_news/2012/10/25/14696581-with-bullet-in-chest-ny-cop-chases-after-robbers-kills-one-authorities-say?lite

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Brinker International Reports Increases In First ... - Franchising.com

DALLAS, Oct. 24, 2012 // PRNewswire // -- Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal first quarter ended Sept. 26, 2012.

Highlights include the following:

  • Earnings per diluted share, excluding special items, increased 23.3 percent to?$0.37?compared to?$0.30?for the first quarter of fiscal 2012 (see non-GAAP reconciliation below)
  • On a GAAP basis, earnings per diluted share increased 28.6 percent to?$0.36?compared to?$0.28?for the first quarter of fiscal 2012
  • Chili's?comparable restaurant sales increased 2.8 percent, representing the sixth consecutive quarterly increase, and guest traffic increased 0.4 percent, representing the seventh consecutive quarterly increase
  • Maggiano's comparable restaurant sales increased 0.9 percent, representing the eleventh consecutive quarterly increase
  • Company sales increased 2.5 percent to?$663.7 million?and restaurant operating margin[1]?improved approximately 150 basis points to 14.6 percent from 13.1 percent
  • The company repurchased approximately 2.5 million shares of its common stock for?$86.3 million?in the first quarter
  • The company paid a dividend of?16 cents?per share in the first quarter, an increase of 14.3 percent over the prior year quarter
  • For the first three months of fiscal 2013, cash flows provided by operating activities were?$32.9 million?and capital expenditures totaled?$37.0 million

"Brinker delivered 23 percent EPS growth during the quarter by increasing operational efficiencies and growing top line sales that outpaced the industry," said Doug Brooks, President and Chief Executive Officer. "Our long term strategies continue to strengthen our business model, help us drive more predictable and sustainable growth, and give us confidence we'll deliver on our long term promise to double EPS to $2.75 to $2.80."

[1] Effective for the fiscal first quarter ended Sept. 26, 2012, revenues are reported in two separate captions - Company sales and Franchise and other revenues. Restaurant operating margin is now defined as Company sales less Cost of sales, Restaurant labor and Restaurant expenses.

Table 1: Monthly and Q1 comparable restaurant sales

Q1 13 and Q1 12, company-owned, reported brands and franchise; percentage

?

?

Jul

Aug

Sep

Q1 13

Q1 12

Brinker International

?3.7

?2.1

?1.6

?2.6

?1.9

? Chili's Company-Owned

? ? ? ? ?

???? Comparable Restaurant Sales

?3.9

?2.0

?2.2

?2.8

?1.7

???? Pricing Impact

?1.3

?1.4

?1.5

?1.4

?1.3

???? Mix-Shift

?1.6

?1.1

?0.0

?1.0

(1.5)

???? Traffic

?1.0

(0.5)

?0.7

?0.4

?1.9

? Maggiano's

? ? ? ? ?

???? Comparable Restaurant Sales

?2.2

?2.7

(2.3)

?0.9

?3.5

???? Pricing Impact

?2.7

?2.6

?2.3

?2.6

?1.8

???? Mix-Shift

?1.1

?1.0

?0.6

?0.8

(0.4)

???? Traffic

(1.6)

(0.9)

(5.2)

(2.5)

?2.1

? ? ? ? ? ?

Franchise1

? ? ?

?2.9

?2.0

? Domestic Comparable Restaurant Sales

? ? ?

?3.7

?0.2

? International Comparable Restaurant Sales

? ? ?

?1.1

?7.5

? ? ? ? ? ?

System-wide2

? ? ?

?2.7

?2.0

?

1

?

Revenues generated by franchisees are not included in revenues on the consolidated statements of income; however, we generate royalty revenue and advertising fees based on franchisee revenues, where applicable. We believe including franchisee comparable restaurants revenues provides investors information regarding brand performance that is relevant to current operations and may impact future restaurant development.

2

System-wide comparable restaurant sales are derived from sales generated by company-owned Chili's and Maggiano's restaurants in addition to the sales generated at franchisee operated restaurants.

?

Quarterly Operating Performance

CHILI'S first quarter company sales of $581.3 million represent a 2.7 percent increase from $566.1 million in the prior year period driven by increased menu prices, favorable mix shift and improved guest traffic. Restaurant expense benefited from lower repair and maintenance expense, credit card fees and utilities expense, as well as sales leverage on fixed costs related to higher revenue. Restaurant labor was positively impacted by sales leverage related to higher revenue and improved labor productivity from the installation of new kitchen equipment, partially offset by increased overtime incurred to support these installations. Cost of sales was flat for the quarter as increased menu pricing and favorable commodity pricing on produce, dairy and poultry offset unfavorable commodity pricing and product mix primarily related to meat.

MAGGIANO'S first quarter company sales of $82.4 million increased 0.9 percent, primarily driven by menu pricing and mix. Restaurant operating margin improved compared to prior year primarily due to improved cost of sales. Cost of sales was favorably impacted by decreased commodity usage from efforts to reduce waste, increased menu pricing and menu item changes. Restaurant operating margin was also positively impacted by lower credit card fees, utilities expense and sales leverage on fixed costs related to higher revenue.

FRANCHISE AND OTHER revenues totaled $19.8 million for the quarter, a decrease of 3.9 percent over the prior year driven primarily by a decrease in gift card breakage income due to increased gift card usage, partially offset by an increase in royalty revenues. Domestic franchise comparable restaurant sales increased 3.7 percent while international comparable restaurant sales increased 1.1 percent. Brinker franchisees generated approximately $399 million in sales1 for the first quarter of fiscal 2013.

"During the first quarter, Brinker once again achieved positive comp sales and margin improvement," said Guy Constant, Executive Vice President and Chief Financial Officer. "Our balanced approach of delivering every day value to our guests and increasing profitability in our restaurants continues to drive ongoing shareholder value and create a strong financial position for the company."

Other

Depreciation and amortization expense increased $1.4 million for the quarter primarily due to investments in existing restaurants and asset replacements, partially offset by an increase in fully depreciated assets.

General and administrative expense increased $4.5 million for the quarter primarily due to an increase in stock-based and other compensation costs.

Excluding the impact of special items, the effective income tax rate increased to 31.2 percent in the current quarter from 30.2 percent in the same quarter last year driven by increased earnings. On a GAAP basis, the effective income tax rate increased to 31.1 percent in the current quarter as compared to 29.8 percent in the same quarter last year primarily due to increased earnings.

Non-GAAP Reconciliation

The company believes excluding special items from its financial results provides investors with a clearer perspective of the company's ongoing operating performance and a more relevant comparison to prior period results.

Table 2: Reconciliation of net income excluding special items

Q1 13 and Q1 12; $ millions and $ per diluted share after-tax

?

Q1 13

EPS
Q1 13

Q1 12

EPS
Q1 12

Net Income

27.9

0.36

23.6

0.28

? Other (Gains) and Charges1

? 0.2

0.01

? 1.1

0.02

Net Income excluding Special Items

28.1

0.37

24.7

0.30

? ? ? ? ?

1

Pre-tax Other gains and charges was $0.4 million and $1.7 million in the first quarter of fiscal 2013 and 2012, respectively.

1?Royalty revenues are recognized based on the sales generated and reported to the company by franchisees.

Guidance Policy

Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, and other key line items in the income statement and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.

Webcast Information

Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter. The call will broadcast live on the Brinker website (www.brinker.com) at 9 a.m. CDT today (Oct. 24). For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on the Brinker website until the end of the day Nov. 21, 2012.

Additional financial information, including statements of income which detail operations excluding special items, franchise and other revenues, and comparable restaurant sales trends by brand, is also available on the Brinker website under the Financial Information section of the Investor tab.

Forward Calendar

  • SEC Form 10-Q for first quarter fiscal 2013 filing on or before Nov. 5, 2012; and
  • Second quarter earnings release, before market opens, Jan. 22, 2013.

About Brinker

Brinker International, Inc. is one of the world's leading casual dining restaurant companies. Founded in 1975 and based in Dallas, Texas, Brinker currently owns, operates, or franchises 1,585 restaurants under the names Chili's? Grill & Bar (1,540 restaurants) and Maggiano's Little Italy? (45 restaurants). Brinker also holds a minority investment in Romano's Macaroni Grill?.

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by general business and economic conditions, financial and credit market conditions, credit availability, reduced disposable income, the impact of competition, the impact of mergers, acquisitions, divestitures and other strategic transactions, franchisee success, the seasonality of the company's business, adverse weather conditions, future commodity prices, product availability, fuel and utility costs and availability, terrorists acts, consumer perception of food safety, changes in consumer taste, health epidemics or pandemics, changes in demographic trends, availability of employees, unfavorable publicity, the company's ability to meet its business strategy plan, acts of God, governmental regulations and inflation.

BRINKER INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

?

?

Thirteen Week Periods Ended

?

Sept. 26,

?

? Sept. 28,

?

? ?2012

?

? ? 2011

? ? ? ?
? ? ? ?

Revenues:

? ? ?

?????????? Company sales

$ ?663,668

?

$ ?647,755

?????????? Franchise and other revenues (a)

? ? ? 19,839

?

? ? ? 20,647

????????? ?????Total revenues

? ? 683,507

?

? ? 668,402

? ? ? ?

Operating Costs and Expenses:

? ? ?

??? ?? ????Company restaurants

? ? ?

????????? ?????Cost of sales

? ? 184,695

?

? ? 181,618

?????????????? Restaurant labor

? ? 218,866

?

? ? 215,945

?????????????? Restaurant expenses

? ? 163,053

?

? ? 165,565

??? ?????? Company restaurant expenses

? ? 566,614

?

? ? 563,128

??? ?????? Depreciation and amortization

? ? ? 32,629

?

? ? ? 31,183

??? ?????? General and administrative

? ? ? 37,273

?

? ? ? 32,819

??? ??? ???Other gains and charges (b)

? ? ? ? ? ?447

?

? ? ? ? 1,685

? ? ? ?
? ? ? ?

?????????????? Total operating costs and expenses

? ? 636,963

?

? ? 628,815

? ? ? ?

Operating income

? ? ? 46,544

?

? ? ? 39,587

? ? ? ?

Interest expense

? ? ? ? 6,889

?

? ? ? ? 7,048

Other, net

? ? ? ? (797)

?

? ? ? (1,092)

? ? ? ?

Income before provision for income taxes

? ? ? 40,452

?

? ? ? 33,631

? ? ? ?

?????? Provision for income taxes

? ? ? 12,588

?

? ? ? 10,010

? ? ? ?
? ? ? ?

??? ???????????? Net income

$ ? ?27,864

?

$ ? ?23,621

? ? ? ?
? ? ? ?

?????? Basic net income per share

$ ? ? ? ?0.38

?

$ ? ? ? ?0.29

? ? ? ?
? ? ? ?

?????? Diluted net income per share

$ ? ? ? ?0.36

?

$ ? ? ? ?0.28

? ? ? ?
? ? ? ?

?????? Basic weighted average shares outstanding?

? ? ? 73,903

?

? ? ? 81,744

? ? ? ?
? ? ? ?

?????? Diluted weighted average shares outstanding

? ? ? 76,558

?

? ? ? 83,583

? ? ? ?

?

(a)

Franchise and other revenues includes royalties, development fees and franchise fees, banquet service charge income, and gift card activity (breakage and discounts).

?

(b)

Current quarter Other gains and charges primarily includes $0.4 million in lease termination charges related to prior year closures. In the first quarter of fiscal 2012, Other gains and charges primarily includes a $2.5 million charge related to litigation and $0.7 million in lease termination charges, partially offset by a $1.3 million gain on the sale of land.

?

BRINKER INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

? ? ? ?
? ?

Sept. 26,

? ? June 27,

? ?

2012

? ? ?2012

? ?

??? (Unaudited)

?

ASSETS

? ? ?

? Current assets

?

$ ? ? 190,639

$ ? ? 194,846

? Net property and equipment (a)

?

? ? 1,043,953

? ? 1,043,564

? Total other assets

?

? ? ? ?197,264

? ? ? ?197,662

???? Total assets

?

$ ?1,431,856

$ ?1,436,072

? ? ? ?

LIABILITIES AND SHAREHOLDERS' EQUITY

? ? ?

? Current installments of long-term debt

?

$ ? ? ? 27,397

$ ? ? ? 27,334

? Current liabilities

?

? ? ? ?329,239

? ? ? ?374,415

? Long-term debt, less current installments

?

? ? ? ?671,031

? ? ? ?587,890

? Other liabilities

?

? ? ? ?136,100

? ? ? ?136,560

? Total shareholders' equity

?

? ? ? ?268,089

? ? ? ?309,873

? Total liabilities and shareholders' equity

?

$ ?1,431,856

$ ?1,436,072

?

(a)

At Sept. 26, 2012, the company owned the land and buildings for 188 of the 865 company-owned restaurants. The net book values of the land and buildings associated with these restaurants totaled $141.0 million and $121.2 million, respectively.

?

BRINKER INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

? ? ?
?

Sept. 26,

Sept. 28,

?

2012

2011

Cash Flows From Operating Activities:

? ?

Net income

$ 27,864

$ 23,621

Adjustments to reconcile net income to net cash provided by operating activities:

? ?

Depreciation and amortization

? ?32,629

? ?31,183

Restructure charges and other impairments

? ? ? ? 447

? ? ?3,029

Stock-based compensation

? ? ?6,521

? ? ?3,918

Net loss (gain) on disposal of assets

? ? ? ? 945

( ? ? ?364)

Changes in assets and liabilities

( 35,466)

( 30,534)

Net cash provided by operating activities

? ?32,940

? ?30,853

? ? ?

Cash Flows from Investing Activities:

? ?

Payments for property and equipment

( 37,001)

( 27,662)

Proceeds from sale of assets

? ? ? ?649

? ? 2,523

Investment in equity method investees

-

( ? ? 729)

Net cash used in investing activities

( 36,352)

( 25,868)

? ? ?

Cash Flows from Financing Activities:

? ?

Borrowings on revolving credit facility

? ?90,000

-

Purchases of treasury stock

( 86,331)

( 77,822)

Proceeds from issuances of treasury stock

? ?17,855

? ? 3,449

Payments of dividends

(12,803)

( 12,222)

Payments on long-term debt

( ?6,595)

( ? 5,312)

Excess tax benefits from stock-based compensation

? ? 6,493

? ? ? ?662

Proceeds from issuance of long-term debt

-

? 70,000

Payments for deferred financing costs

-

( ? 1,620)

Net cash provided by (used in) financing activities

? ? 8,619

( 22,865)

? ? ?

Net change in cash and cash equivalents

? ? 5,207

( 17,880)

Cash and cash equivalents at beginning of period

? 59,103

? ?81,988

Cash and cash equivalents at end of period

$64,310

$ 64,108

?

BRINKER INTERNATIONAL, INC.

RESTAURANT SUMMARY

? ? ? ?
?

?

First Quarter

Net Openings/(Closings)

Total Restaurants

? ? Projected Openings

?

Fiscal 2013

Sept. 26, 2012

? ? ?Fiscal 2013

? ? ? ?

Company-Owned

?Restaurants:

? ? ?

??????? Chili's

-

? 821

-

??????? Maggiano's

-

? ? 44

-

?

-

? 865

-

? ? ? ?

Franchise

?Restaurants:

? ? ?

? Chili's

(5)

? 453

? 2-3

? International (a)

?9

? 267

30-35

?

?4

? 720

32-38

? ? ? ?

Total Restaurants:

? ? ?

? Chili's

(5)

1,274

? 2-3

? Maggiano's

-

? ? ?44

-

? International (a)

?9

? ?267

30-35

?

?4

1,585

32-38

(a)

At Sept. 26, 2012, international franchise restaurants by brand were 266 Chili's and one Maggiano's.

SOURCE?Brinker International, Inc.

Contacts:

Maureen Locus
Media Relations
1-800-775-7290

Tony Laday
Investor Relations
+1-972-770-8890

###

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Brinker restaurant brands include Chili's Grill & Bar, Romano's Macaroni Grill, On The Border Mexican Grill & Cantina and Maggiano's Little Italy.

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