BANGKOK (AP) ? Asian stocks dived Friday after discouraging U.S. economic reports unnerved investors already worried about the stability of the 17-country euro currency union.
Japan's Nikkei 225 tumbled 2.4 percent to 8,660.23 as signs of weakness in critical export markets battered some of the country's behemoth manufacturers.
Hong Kong's Hang Seng slid 2.1 percent to 18,802.45 and Australia's S&P/ASX 200 dropped 2.2 percent to 4,064.40.
South Korea's Kospi sank 2.5 percent to 1,798.36. Benchmarks in Singapore, Taiwan, mainland China and New Zealand also fell.
Asian shares followed U.S. stocks, which closed lower Thursday after a report showed manufacturing slowed in the mid-Atlantic region for the first time in eight months, and was far below analyst estimates.
"Most of the attention is on Europe where the big risks still lie. But the U.S. is grinding at a 2 (percent) sort of growth rate and while that's better than in Europe, things are slowing down, not speeding up," analysts from DBS Bank Ltd. in Singapore said in an email. "The situation is precarious."
The Federal Reserve Bank of Philadelphia said its index of factory activity fell to minus 5.8 from 8.5 in April. Any reading below zero indicates contraction.
Measures of new orders and employment also fell in May, the bank said. That suggests manufacturers in the region are cutting jobs.
Among individual stocks, Japanese auto makers were hit hard. Toyota Motor Corp. lost 3.5 percent and Isuzu Motors Ltd. fell 4.2 percent.
Gold miners were among the gainers. Australia's Newcrest Mining jumped 5.5 percent on rising prices for the precious metal. Hong Kong-listed Zijin Mining Group Co., China's largest gold miner, rose 3.4 percent.
The Dow closed down 1.2 percent at 12,442.49. The Standard & Poor's 500 index was down 1.5 percent at 1,304.86. The Nasdaq composite index fell 2.10 percent to 2,813.69.
Benchmark oil for June delivery was up 3 cents to $92.59 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to settle at $92.56 in New York on Thursday.
In currencies, the euro fell to $1.2683 from $1.2714 late Thursday in New York. The dollar rose to 79.41 yen from 79.28 yen.
___
Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson
King Arts Complex Celebrates 25 Years of Community Service
The Legacy lives at King Arts Complex 25th Silver Anniversary Gala
COLUMBUS, Ohio, May 16, 2012 /PRNewswire/ -- The King Arts Complex is celebrating 25 years of community service during The King Arts Complex's 25(th) Silver Anniversary Gala Saturday, May 19, 2012. The annual Gala, co-chaired by Mark Corna, president of Corna Kokosing Construction Company, and Sallie Gibson, is The King Arts Complex's signature and largest fundraising event of the year.
Gibson expects more than 1,200 attendees to Saturday's gala, raising an estimated $200,000 to support performing arts and educational programs.
"Our 25th Silver Anniversary Gala honors a quarter of a century of The King Arts Complex in the community," said Corna, King Arts Complex Board of Trustees President. "It is a time to recall the memories of yesterday, celebrate the joys of today and look forward to the hopes and dreams of tomorrow."
The event features a silent auction, Casino Royale and dancing, along with some of the best cuisines from Columbus' premiere caterers and restaurants. The 25th Silver Anniversary Gala features music by DJ Layne Luv and a live performance from national recording artist Eddie Levert. Levert, the lead vocalist of the soul/funk/R&B group the O'Jays, will perform hits from his current album "I Still Have It."
The King Arts Complex continues to be a jewel in the central Ohio arts community. Located just minutes from downtown, in one of the oldest African American communities in Columbus, The King Arts Complex remains true in its mission of enriching and improving the quality of life in our community. Offering performing, cultural and educational programs that focus on the rich heritage and contributions of African Americans to the U.S. and the world, the Complex also builds bridges of understanding and harmony among all people.
"We thank the residents of Columbus for supporting this cultural gem - The King Arts Complex - and invite everyone to join us in this celebration," Corna said.
Tickets for the 25thSilver Anniversary Gala are on sale. Non-member tickets are $50 per person and member tickets are $45 per person. For more information, please call The King Arts Complex at 614-645-KING (5464) or visit www.thekingartscomplex.com. The 25th Silver Anniversary Gala is presented by Nationwide.
SOURCE Corna Kokosing Construction Company
Corna Kokosing Construction Company
CONTACT: Toni Johnson, Marketing/Membership Director, +1-614-645-0630, tjohnson@kingartscomplex.com; or Dan Farkas, Paul Werth Associates, +1-614-224-8114, dfarkas@paulwerth.com
Pioneering US program creates spike in student success; Malaysia becomes first country to adopt ideas at national levelPublic release date: 16-May-2012 [ | E-mail | Share ]
Contact: Terry Collins tc@tca.tc 416-878-8712 Malaysian Industry?Government Group for High Technology
'Strive' strategy increasing student success 'from cradle to career' in 27 US states
Malaysia is preparing national level education reforms based on tactics pioneered in the US that are successfully raising student success throughout the school system, from very early childhood through completion of university or college.
The "cradle to career" approach of the Strive initiative, originated in Ohio by Dr. Nancy Zimpher, now Chancellor of the State University of New York (SUNY), involves, among many measures, identifying specific interventions such as daycare or home visits by social service workers that best prepare a child to start kindergarten on the right foot ("Success by Six").
The students are then helped to meet carefully tracked indicators of critical progress in, for example, math and reading proficiency along their educational journey.
US experience with Strive shows a given approach is not necessarily best in all circumstances; preliminary studies would be required in Malaysia.
But, armed with these important insights, community talent, time and resources would be narrowly concentrated on tactics that produce proven, winning results.
SUNY and the New York Academy of Sciences (NYAS) signed a Memorandum of Understanding on the initiative with the Malaysia's Ministry of Higher Education, headed by Dato' Seri Mohamed Khaled Nordin.
Malaysia is the first country looking to institute at a nationwide level the Strive methodology, personally detailed for the country's senior-most leaders by Dr. Zimpher, a member of Malaysia's Global Science and Innovation Advisory Council (GSIAC) and Chair of the New York Academy of Sciences.
Chaired by Malaysian Prime Minister YAB Dato' Sri Mohd. Najib Tun Abdul Razak, the year-old GSIAC is today comprised of international experts in education, economics, business, science and technology, each volunteering to help the Asian country achieve an environmentally-sustainable, high-income economy driven by knowledge and innovation.
Host of the meeting in Manhattan is the NYAS, which co-chairs the GSIAC Secretariat with Malaysian Industry-Government Group for High Technology (MIGHT) of the Prime Minister's Department and last year helped assemble international Council members from China, India, Russia, Japan, Korea, The Netherlands, the UK and the USA, including two Nobel laureates.
Dr. Zimpher notes that positive results are being documented in many education systems where the Strive approach is being deployed, which now includes 27 US states and the District of Columbia.
Since Strive began in Cincinnati a few years ago, that city, for example, has experienced a sharp 9% increase in kindergarten readiness, setting the stage for later success. The use of certified teachers, small class sizes, and summer learning enrichment programs, are part of the early education strategy chosen there.
Cincinnati public school student math proficiency in Grade 4 is up 7%, Grade 8 math up 15% and college enrolment has jumped 10%.
At the end of high school, one-on-one advice and simply helping students complete financial aid forms and scholarship applications, led to a profound 40% increase in college enrolment by graduates from one low-performing Cincinnati school compared to the year before.
An essential STRIVE pre-requisite, says Dr. Zimpher: Strategic buy-in from hundreds of partners throughout the community -- city government officials, school district superintendents, presidents of universities and community colleges, corporate leaders, philanthropists, and the executive directors of hundreds of education-related non-profit and advocacy groups.
"There is virtually no reliable or continuous collaboration between pre-kindergarten, kindergarten to Grade 12, higher education, and workforce development," says Dr. Zimpher, adding the need for co-ordination with other student supports such as after-school programs.
"This is a recipe for failure. Kids may do well in pre-school, for example, but unless that pre-school is working with the local school district to align expectations, most of them won't be ready for kindergarten. The same holds true for the transitions to high school, college, and career. These absences of collaboration cause what we call 'leaks' in the education pipeline," youths leaving the educational system before completion.
"The alignment of efforts involving all players throughout a community is a major enterprise but offers high rewards for students and educators alike," says Dr. Zimpher.
"We are proud that Malaysia is the first country taking up this challenge at a national level and look forward to working with the country in making this program succeed in an emerging economy context."
Prime Minister Najib notes that the proposed reforms would help ensure every child enters school well prepared, eliminate disparities in academic success, and link the community and family supports available to students -- all important steps in the transformation of Malaysia's economy with greater human capital in science, technology and innovation.
"This initiative will also address the lack of student interest in science, technology, engineering and mathematics due to poor teaching of the subject matter, insufficient professional support and supervision, a lack of priority given to the subjects by schools, a lack of information on career prospects in science-related fields, and unattractive prospects for science-qualified graduates."
The Prime Minister said he was struck by a comment Dr. Zimpher made on a recent trip to Kuala Lumpur that the challenges she faces as SUNY chancellor are similar in kind and in scale to those faced in his nation.
"A truly remarkable alliance has been initiated between the State University of New York and its Cradle to Career program, the New York Academy of Sciences and its STEM (Science, technology, Engineering, Math) Education Initiative, and our education-related ministries and three of our leading universities.
"The notion that Malaysia and New York State would benefit by attacking many of the same problems in tandem, learning from each other's experiences, and leveraging the investments of the best practices going on throughout the world, as conveyed by Chancellor Zimpher's team in the sphere of education and the New York Academy of Science's team in the sphere of science, technology, engineering and math, is truly inspirational."
###
Members, Global Science and Innovation Advisory Council (GSIAC) for Malaysia:
http://bit.ly/LJqkc7
About the New York Academy of Sciences
The New York Academy of Sciences is an independent, not-for-profit organization that since 1817 has been committed to advancing science, technology, and society worldwide. With 25,000 members in 140 countries, the Academy is creating a global community of science for the benefit of humanity. The Academy's core mission is to advance scientific knowledge, positively impact the major global challenges of society with science-based solutions, and increase the number of scientifically informed individuals in society at large. Please visit us online at www.nyas.org.
About the Malaysian Industry-Government Group for High Technology
The Malaysian Industry-Government Group for High Technology (MIGHT) is a not-for-profit company limited by guarantee under the purview of the Prime Minister of Malaysia. MIGHT is an organization built on the strength of public-private partnership with more than 100 members, both local and international, from industry, government and academia. As an organization MIGHT is dedicated to providing a platform for industry-government consensus building in the drive to advance high technology competency in Malaysia. Please visit us online at www.might.org.my
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Pioneering US program creates spike in student success; Malaysia becomes first country to adopt ideas at national levelPublic release date: 16-May-2012 [ | E-mail | Share ]
Contact: Terry Collins tc@tca.tc 416-878-8712 Malaysian Industry?Government Group for High Technology
'Strive' strategy increasing student success 'from cradle to career' in 27 US states
Malaysia is preparing national level education reforms based on tactics pioneered in the US that are successfully raising student success throughout the school system, from very early childhood through completion of university or college.
The "cradle to career" approach of the Strive initiative, originated in Ohio by Dr. Nancy Zimpher, now Chancellor of the State University of New York (SUNY), involves, among many measures, identifying specific interventions such as daycare or home visits by social service workers that best prepare a child to start kindergarten on the right foot ("Success by Six").
The students are then helped to meet carefully tracked indicators of critical progress in, for example, math and reading proficiency along their educational journey.
US experience with Strive shows a given approach is not necessarily best in all circumstances; preliminary studies would be required in Malaysia.
But, armed with these important insights, community talent, time and resources would be narrowly concentrated on tactics that produce proven, winning results.
SUNY and the New York Academy of Sciences (NYAS) signed a Memorandum of Understanding on the initiative with the Malaysia's Ministry of Higher Education, headed by Dato' Seri Mohamed Khaled Nordin.
Malaysia is the first country looking to institute at a nationwide level the Strive methodology, personally detailed for the country's senior-most leaders by Dr. Zimpher, a member of Malaysia's Global Science and Innovation Advisory Council (GSIAC) and Chair of the New York Academy of Sciences.
Chaired by Malaysian Prime Minister YAB Dato' Sri Mohd. Najib Tun Abdul Razak, the year-old GSIAC is today comprised of international experts in education, economics, business, science and technology, each volunteering to help the Asian country achieve an environmentally-sustainable, high-income economy driven by knowledge and innovation.
Host of the meeting in Manhattan is the NYAS, which co-chairs the GSIAC Secretariat with Malaysian Industry-Government Group for High Technology (MIGHT) of the Prime Minister's Department and last year helped assemble international Council members from China, India, Russia, Japan, Korea, The Netherlands, the UK and the USA, including two Nobel laureates.
Dr. Zimpher notes that positive results are being documented in many education systems where the Strive approach is being deployed, which now includes 27 US states and the District of Columbia.
Since Strive began in Cincinnati a few years ago, that city, for example, has experienced a sharp 9% increase in kindergarten readiness, setting the stage for later success. The use of certified teachers, small class sizes, and summer learning enrichment programs, are part of the early education strategy chosen there.
Cincinnati public school student math proficiency in Grade 4 is up 7%, Grade 8 math up 15% and college enrolment has jumped 10%.
At the end of high school, one-on-one advice and simply helping students complete financial aid forms and scholarship applications, led to a profound 40% increase in college enrolment by graduates from one low-performing Cincinnati school compared to the year before.
An essential STRIVE pre-requisite, says Dr. Zimpher: Strategic buy-in from hundreds of partners throughout the community -- city government officials, school district superintendents, presidents of universities and community colleges, corporate leaders, philanthropists, and the executive directors of hundreds of education-related non-profit and advocacy groups.
"There is virtually no reliable or continuous collaboration between pre-kindergarten, kindergarten to Grade 12, higher education, and workforce development," says Dr. Zimpher, adding the need for co-ordination with other student supports such as after-school programs.
"This is a recipe for failure. Kids may do well in pre-school, for example, but unless that pre-school is working with the local school district to align expectations, most of them won't be ready for kindergarten. The same holds true for the transitions to high school, college, and career. These absences of collaboration cause what we call 'leaks' in the education pipeline," youths leaving the educational system before completion.
"The alignment of efforts involving all players throughout a community is a major enterprise but offers high rewards for students and educators alike," says Dr. Zimpher.
"We are proud that Malaysia is the first country taking up this challenge at a national level and look forward to working with the country in making this program succeed in an emerging economy context."
Prime Minister Najib notes that the proposed reforms would help ensure every child enters school well prepared, eliminate disparities in academic success, and link the community and family supports available to students -- all important steps in the transformation of Malaysia's economy with greater human capital in science, technology and innovation.
"This initiative will also address the lack of student interest in science, technology, engineering and mathematics due to poor teaching of the subject matter, insufficient professional support and supervision, a lack of priority given to the subjects by schools, a lack of information on career prospects in science-related fields, and unattractive prospects for science-qualified graduates."
The Prime Minister said he was struck by a comment Dr. Zimpher made on a recent trip to Kuala Lumpur that the challenges she faces as SUNY chancellor are similar in kind and in scale to those faced in his nation.
"A truly remarkable alliance has been initiated between the State University of New York and its Cradle to Career program, the New York Academy of Sciences and its STEM (Science, technology, Engineering, Math) Education Initiative, and our education-related ministries and three of our leading universities.
"The notion that Malaysia and New York State would benefit by attacking many of the same problems in tandem, learning from each other's experiences, and leveraging the investments of the best practices going on throughout the world, as conveyed by Chancellor Zimpher's team in the sphere of education and the New York Academy of Science's team in the sphere of science, technology, engineering and math, is truly inspirational."
###
Members, Global Science and Innovation Advisory Council (GSIAC) for Malaysia:
http://bit.ly/LJqkc7
About the New York Academy of Sciences
The New York Academy of Sciences is an independent, not-for-profit organization that since 1817 has been committed to advancing science, technology, and society worldwide. With 25,000 members in 140 countries, the Academy is creating a global community of science for the benefit of humanity. The Academy's core mission is to advance scientific knowledge, positively impact the major global challenges of society with science-based solutions, and increase the number of scientifically informed individuals in society at large. Please visit us online at www.nyas.org.
About the Malaysian Industry-Government Group for High Technology
The Malaysian Industry-Government Group for High Technology (MIGHT) is a not-for-profit company limited by guarantee under the purview of the Prime Minister of Malaysia. MIGHT is an organization built on the strength of public-private partnership with more than 100 members, both local and international, from industry, government and academia. As an organization MIGHT is dedicated to providing a platform for industry-government consensus building in the drive to advance high technology competency in Malaysia. Please visit us online at www.might.org.my
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
LONDON (Reuters) - Bank of England Governor Mervyn King left the door open for more support for the struggling economy on Wednesday despite higher inflation in the near term as the escalating dangers from the euro zone debt crisis pose risks to a gradual recovery.
The central bank took a gloomier view of growth ahead, though it surprised observes by lowering its medium-term inflation prediction - a sign that while more stimulus is not immediately on the cards it could come if conditions worsen.
The economy has not fully recovered from its 2008-2009 slump that left many Britons poorer. But the central bank opted to halt the money printing press last week although the economy slipped back into recession earlier this year.
"We don't know when the storm clouds will move away. But there are good reasons to believe that growth will recover and inflation will fall back," he told a news conference, presenting the bank's latest forecasts.
But King warned against the long and treacherous road ahead.
"We have been through a big global financial crisis, the biggest downturn in world output since the 1930s, the biggest banking crisis in this country's history, the biggest fiscal deficit in our peacetime history and our biggest trading partner, the euro area, is tearing itself apart without any obvious solution," he said.
"The idea that we could reasonably hope to sail serenely through this with growth close to the long-run average and inflation at 2 percent strikes me as wholly unrealistic. We're bound to be buffeted by this and affected by it."
AUSTERITY
The lack of growth in Britain has led to criticism of the Bank and Britain's Conservative-led government, part-way through a five-year austerity programme which it is finding harder to defend as growth in Britain and the euro zone falters.
Most economists think that the central bank will be reluctant to engage in another round of asset purchases with newly created money, known as quantitative easing, after buying a total of 325 billion pounds in gilts, as inflation has proven stickier than so far forecast.
But King said more stimulus remained an option, and analysts took the unexpectedly low two-year inflation forecast as a sign that the policymakers had room to do more if needed.
"That back door to more QE is still firmly wedged open," Investec analyst Victoria Cadman said.
Sterling fell to a fresh four-week low against the dollar and a session low against the euro, while gilt futures reversed losses after the quarterly inflation report gave a weaker growth outlook.
Britain's economy shrank again in the first quarter and the central bank indicated that an extra day off for the Queen's Diamond Jubilee would hit growth in the second quarter.
Business surveys have painted a more positive picture of the economy and, in another sign of some underlying resilience, the number of Britons out of work fell at the fastest pace in nearly a year in the three months to March.
Like in previous Inflation Reports since the crisis, the central bank had to revise up its near-term inflation forecast and cut its growth outlook.
Inflation was now likely to remain above the 2 percent target for the next year or so, it said. In two years' time, inflation is forecast to be around 1.6 percent, compared to 1.8 percent in the Bank's February forecast.
At this point, annual growth will have recovered to around 2.7 percent, about 0.3 percentage points lower than previously forecast. As well as high inflation, there will also be headwinds to growth from tight credit and public spending cuts, the Bank said.
(Additional reporting by Peter Griffiths, Michelle Martin, Olesya Dmitracova and Yeganeh Torbati; writing by Sven Egenter. Editing by Jeremy Gaunt.)
Home > Features > Arctic Cat sees sled sales rise 38%, ATVs up 25% for fiscal year
May 15, 2012 Filed under Features, News, Top Stories
Arctic Cat Inc. today reported net earnings for the fiscal year ended March 31 rose 130 percent to $29.9 million, or $1.72 per diluted share, up from prior-year net earnings of $13.0 million, or $0.70 per diluted share. Arctic Cat?s net sales for the fiscal 2012 full year grew 26 percent to $585.3 million versus net sales of $464.7 million last fiscal year.
?We are very pleased with the company?s continued strong sales and earnings performance in fiscal 2012,? said Claude Jordan, Arctic Cat?s president and CEO. ?Sales rose across all product lines for the full year. Double-digit gains in our snowmobile and all-terrain vehicle segments were fueled by the introduction of innovative products and technologies, such as our extensive new snowmobile lineup and the Wildcat sport side-by-side. Higher sales volumes, coupled with our focus on operational excellence and cost control, led to another year of outstanding financial results.?
Among the highlights of Arctic Cat?s fiscal 2012 full-year financial results versus last fiscal year:
Net sales grew 26 percent, chiefly driven by increased snowmobile, Wildcat side-by-side and international ATV and recreational off-road vehicle (ROV) sales;
Gross margins improved 47 basis points, due to higher volumes, selling prices and improved product mix;
Operating expenses as a percent of sales declined to 14.5 percent compared to 17.9 percent;
Operating profit rose 153 percent to $45.9 million, up from $18.1 million.
The company ended the 2012 fiscal year with cash and short-term investments totaling $62.6 million versus $125.1 million at the end of fiscal 2011. During the fiscal 2012 third quarter, Arctic Cat used $79.3 million in cash to purchase all of Suzuki Motor Corporation?s 6.1 million shares of Arctic Cat Class B common stock. Arctic Cat reported no short- or long-term debt for the year.
For the fiscal 2012 fourth quarter ended March 31, Arctic Cat reported an improved net loss of $6.2 million, or a loss of $0.49 per diluted share, on 34 percent net sales growth to $98.5 million. In the prior-year fourth quarter, Arctic Cat reported a net loss of $9.6 million, or a loss of $0.52 per diluted share, on net sales of $73.5 million. Due to the seasonality of Arctic Cat?s business, the company typically reports lower results in its fiscal first and fourth quarters, while its fiscal second and third quarters are historically its strongest.
?Snowmobile sales in fiscal 2012 benefitted from the tremendous enthusiasm generated by the largest introduction of new models in Arctic Cat?s history,? Jordan said. Arctic Cat had five of the top 10-selling snowmobile models for the 2012 model year. In addition, two of Arctic Cat?s 2012 sleds were named snowmobile of the year ? the XF1100 Turbo Sno Pro and the F1100 Turbo Sno Pro.
In the 2012 fourth quarter, Arctic Cat?s snowmobile sales were a negative $6.8 million, primarily due to sales incentives, versus negative sales of $4.5 million in the prior-year quarter. Full-year snowmobile sales rose 38 percent to $250.4 million compared to $182.0 million last fiscal year. Sales for the full year were driven by Arctic Cat?s extensive new 2012 model lineup, with 23 all-new snowmobiles representing 75 percent of the company?s offerings. In addition to producing the world?s fastest snowmobiles, Arctic Cat?s 2012 models featured two new chassis ? the ProCross performance and ProClimb mountain platforms ? as well as new suspension, drive and braking technologies.
Added Jordan, ?We are continuing to build on our new chassis platforms with exciting new sleds for the 2013 model year. Looking ahead, we also remain committed to investing in research and development, in order to remain an industry innovation leader and in anticipation of manufacturing our own snowmobile engines.?
Among the new 2013 model year snowmobiles introduced to dealers in March are the ProCross F Sno Pro RR (race replica) sled that features high-performance trail racing suspension and styling. Also new is the Procross XF CrossTour, a crossover model that combines the best of snowmobile touring, trail and deep-snow capabilities. The CrossTour, available in either the 800 2-stroke or the 1100 turbo and non-turbo 4-stroke engine, offers riders trail performance and touring comfort with its wide ski stance, ample storage and a heavy-duty rear bumper that easily accepts accessories, such as an optional passenger seat. Arctic Cat?s ProClimb M Series mountain snowmobiles also received further enhancements to performance and handling. The turbocharged M1100 four-stroke mountain model, with 177 horsepower, remains the industry?s most powerful production engine available to date.
As previously announced, Suzuki is supplying snowmobile engines to Arctic Cat through the 2014 model year, as well as engine parts to service existing engines beyond that time. Beginning with the 2015 model year, Arctic Cat will manufacture its own snowmobile engines at its St. Cloud, Minn., facility, where the company has produced ATV engines since 2007.
In the fiscal 2012 fourth quarter, Arctic Cat?s ATV sales increased 58 percent to $75.8 million versus $48.0 million in the same period last year, chiefly due to strong dealer demand for the all-new Wildcat V-Twin 1000i H.O. sport recreational off-road vehicle. Full-year ATV sales rose 25 percent to $226.9 million driven by both Wildcat and international sales.
?We remain very pleased with the strong demand for our new Wildcat off-road sport vehicle,? commented Jordan. ?We believe this segment presents a great growth opportunity.?
Sales of parts, garments and accessories in the fiscal 2012 fourth quarter were nearly flat at $29.5 million versus $29.9 million in the prior-year quarter. For the 2012 full-year, PG&A sales grew 6 percent to $107.9 million compared to $101.6 million last fiscal year. The growth was primarily due to accessories sales for ATVs/Wildcat and snowmobiles, as well as ATV parts and garments.
In fiscal 2013, Arctic Cat anticipates continued gains in its ATV/ROV business, fueled by the growth potential for the Wildcat pure-sport ROV model and Prowler side-by-side offerings. Additionally, the company remains focused on further enhancing profitability through operational efficiencies.
Arctic Cat?s fiscal 2013 outlook includes the following assumptions versus the prior fiscal year: core ATV North America industry retail sales flat to down 5 percent; snowmobile North America industry retail sales flat to up 2 percent; Arctic Cat dealer inventories flat to down 5 percent; achieving flat operating expense levels as a percent of sales; and increasing cash flow from operations. The company expects gross margins to improve between 20 and 60 basis points in fiscal 2013.
For the fiscal year ending March 31, 2013, Arctic Cat anticipates sales in the range of $631 million to $650 million, an increase of approximately 8-11 percent versus fiscal 2012. Assuming diluted weighted average shares of 14 million, the company estimates that fiscal 2013 earnings per diluted share will be in the range of $2.40 to $2.50, an increase of 40-45 percent compared to fiscal 2012.
Auguste Rodin's "The Thinker" is displayed at the entrance to the grounds of the Rodin Museum on Wednesday, May 16, 2012, in Philadelphia. After a three-year renovation, the museum is scheduled to reopen to the public on July 13. (AP Photo/Alex Brandon)
Auguste Rodin's "The Thinker" is displayed at the entrance to the grounds of the Rodin Museum on Wednesday, May 16, 2012, in Philadelphia. After a three-year renovation, the museum is scheduled to reopen to the public on July 13. (AP Photo/Alex Brandon)
People walk around the renovated gardens and exterior of the Rodin Museum on Wednesday, May 16, 2012, in Philadelphia. After a three-year renovation, the museum is scheduled to reopen to the public on July 13. (AP Photo/Alex Brandon)
Works of art are boxed for protection in the Rodin Museum on Wednesday, May 16, 2012, in Philadelphia. After a three-year renovation, the museum is scheduled to reopen to the public on July 13. (AP Photo/Alex Brandon)
Auguste Rodin's "The Gates of Hell" is displayed at the Rodin Museum on Wednesday, May 16, 2012, in Philadelphia. After a three-year renovation, the museum is scheduled to reopen to the public on July 13. (AP Photo/Alex Brandon)
Tobias Canfield, with Materials Conservation Collaborative, LLC, puts the final touches on the plaster relief on the ceiling of the main gallery of the Rodin Museum on Wednesday, May 16, 2012, in Philadelphia. After a three-year renovation, the museum is scheduled to reopen to the public on July 13. (AP Photo/Alex Brandon)
PHILADELPHIA (AP) ? The Rodin (roh-DAN') Museum in Philadelphia is getting ready to reopen after three years of renovations.
The museum is home to the largest collection of sculptures by French artist Auguste (ah-GOOST') Rodin outside of Paris.
The revitalization project started in 2009. It aimed to clean the pollution and grime that have built up at the institution over the past several decades. The museum first opened in 1929.
Restoration work includes interior and exterior renovations, garden rejuvenation and a reinstallation of the collection. Major pieces include "The Thinker," ''The Gates of Hell" and "The Burghers of Calais" (cah-LAY').
Media outlets previewed the changes on Wednesday. The museum will reopen to the public on July 13.
The museum was founded by Philadelphia entrepreneur and art collector Jules Mastbaum.
Innovative Software Technologies, Inc. (INIV.PK) announces that its green energy division, Znergy, Inc. has become the Foundation Sponsor for Practice Greenhealth?s Energy Program. Practice Greenhealth is the nation?s leading organization for health care institutions committed to implementing sustainable, eco-friendly practices.
Lutz, FL (PRWEB) May 15, 2012
Innovative Software Technologies, Inc. (INIV.PK) announces that its green energy division, Znergy, Inc. (http://www.Znergy.co) has become the Foundation Sponsor for Practice Greenhealth?s Energy Program. Practice Greenhealth (http://www.PracticeGreenhealth.org) is the nation?s leading organization for health care institutions committed to implementing sustainable, eco-friendly practices.
?As a company that is dedicated to the effort of sustainability in the energy space, Znergy and its portfolio companies have long advocated for energy conservation and use of alternative sources of clean energy. Practice Greenhealth is at the forefront of this work and we are excited to have the opportunity to work with them and to create a long term relationship,? said Peter Peterson, President and Chief Executive Officer for Znergy, Inc.
Robert Jarboe, Executive Vice President Business Development for Practice Greenhealth states, ?We are motivated to work with Znergy, Inc. in the further building of our Energy Program, which will create a new and timely offering for our membership. Practice Greenhealth?s business members and health care facilities have built tremendous momentum by moving the health care sector toward operational practices that protect patients, health care staff, and the environment, and we look forward to working with Znergy to continue that momentum through the Energy Program.?
Znergy is also working with Practice Greenhealth in the formation of an Energy Alliance which is slated for roll-out August 1, 2012. ?The Energy Alliance will be an extraordinarily important addition to Practice Greenhealth?s Energy Program,? states Laura Wenger, Executive Director of Practice Greenhealth. ?Znergy?s foresightedness in supporting this Alliance is noteworthy and will help to create system change in the move to more sustainable sources of energy in the health care sector. We are pleased to be working with Znergy on this exciting mission.?
About Innovative Software Technologies
Innovative Software Technologies (INIV.PK) is a holding company with a strategic focus on health care informatics and services. The Company provides integrated energy solutions focused on efficiency, conservation, infrastructure upgrades and system performance. This high growth market sector currently offers a wide range of attractive opportunities and the Company is focused on potential business acquisitions and strategic partnering in the health care and services industry.
About Practice Greenhealth
Practice Greenhealth is a membership and networking organization for institutions and supplier companies in the health care community that have made a commitment to sustainable, environmentally friendly practices. Practice Greenhealth provides technical assistance, tools and recognition to its members and, together with Health Care Without Harm (HCWH), co-organizes the CleanMed Conference each year.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Media Relations Contact:
Practice Greenhealth
Sherry MacDonald
(703) 870-7494
smacdonald(at)practicegreenhealth(dot)org
http://www.PracticeGreenhealth.org
Investor Relations Contact:
Innovative Software Technologies, Inc.
Tiffany Martinez????????????????????
(813) 920-9435
tmartinez(at)znergy(dot)co
http://www.Znergy.co
Source: Innovative Software Technologies, Inc.
Tiffany Martinez Znergy, Inc. 813-920-9435 Email Information
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Public release date: 16-May-2012
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