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August 17, 2010

AMC Entertainment expects $100M from sale of National CineMedia shares

Filed under: economics — Tags: , — Gogo @ 2:54 pm

AMC Entertainment Inc. has priced its coming sale of shares in Colorado in-theater marketing company National CineMedia Inc. (NCM), saying it expects net proceeds of $99.6 million.

In a securities filing Friday, the Kansas City-based theater operator said that subsidiary AMC ShowPlace Theatres Inc. will offer 6.5 million shares at a gross public price of $16 each. Shares in Centennial-based NCM (NASDAQ: NCMI) closed at $16.01 Friday.

Privately held AMC said underwriters will have the option to buy as many as 812,500 additional shares of NCM.

AMC said it plans to use its proceeds to pay down debt and for future acquisitions.

As of July 1, AMC had 382 theaters with 5,342 screens, mostly in the United States and Canada. Last month, AMC filed paperwork to take the company public and raise $450 million. It’s the third attempt to go public since a group of investors took the theater chain private in December 2004.

AMC and another theater chain, Regal Entertainment Group (NYSE: RGC), the latter controlled by Denver investor Philip Anschutz, said earlier this month that they plan a registered underwritten public offering of a combined 10.7 million shares of their NCM stock. The two chains are co-founders of NCM.

NCM owns just over a third and is the managing member of National CineMedia LLC, which provides in-theater advertising and promotional products, such as the "FirstLook" pre-feature programs, and services corporate meetings and training sessions in theaters.

"These shares of common stock will be issued to AMC and Regal upon redemption of a like number of NCM LLC common membership units that were issued to AMC and Regal," NCM Inc. said in a statement.

"Such redemption of NCM LLC common membership units will take place immediately prior to the closing of the underwritten public offering. The company will not receive any proceeds from the sale of common stock by AMC or Regal," the NCM statement said.

After the offering, NCM Inc.’s interest in NCM LLC will increase from the current 38.3 percent to a range of 48 percent and 49 percent, depending on overallotment sales.

Knoxville, Tenn.-based Regal will be selling 4.2 million of its shares.

A third theater chain — Plano, Texas-based Cinemark Holdings Inc. (NYSE: CNK) — owns 16.9 million membership units in NCM, or about 15.4 percent of the total, Cinemark said in its latest quarterly securities filing.

Aon Aug. 12, NCM announced that another theater chain — R/C Theatres, based in Reisterstown, Md. — will begin showing NCM’s "FirstLook" programming and the NCM Fathom entertainment and business events packages in September. R/C Theatres has 12 theaters with 90 screens in Florida, Maryland, North Carolina, Pennsylvania and Virginia.

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August 5, 2010

Gallery Furniture relaunches e-commerce site

Filed under: legal, news — Tags: , — Gogo @ 11:47 pm

Gallery Furniture is launching a new online shopping site on August 7.

The new GalleryFurniture.com online shopping site will feature the store’s full furniture inventory along with an Internet-only section that provides discounts on products not found in Gallery Furniture’s I-45 and Galleria locations.

Gallery Furniture originally invested $1 million into an e-commerce site in 1999 but got rid of it in 2000 after an incident with a hacker wreaked havoc on the company’s banking system, according to a spokesperson for Gallery Furniture.

“We want our online theme to follow our in-store theme: only the best available products at the best prices, utilizing advanced technology to help customers in their purchasing decisions,” said Jim “Mattress Mack” McIngvale.

Gallery Furniture initially plans to offer its e-commerce site to those within a 200-mile radius of Houston, with plans to expand in the future.

For those shopping in-store, Gallery Furniture will be placing Microsoft Meta Tags that are similar to barcodes on all furniture, allowing customers with compatible smart phones to scan items and instantly be provided with product information.

Gallery Furniture has also secured the right to sell Tempur-Pedic products to its online customers–a first in the Houston area.

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July 30, 2010

Grant to help save firefighter jobs

Filed under: management, news — Tags: , — Gogo @ 7:42 am

The Orlando City Council received an $8.4 million federal grant that will allow it to retain 46 firefighter positions that would have been eliminated as part of budget cuts due to the recession.

The funding is part of the federal government’s Staffing for Adequate Fire and Emergency Response program. The grant will cover the firefighters’ salaries and benefits for a two-year period with no matching funds required.

“Securing this grant took a collaborative, bipartisan effort from Central Florida’s elected leaders,” said Orlando Mayor Buddy Dyer Faxless payday loans. “I want to specifically thank U.S. Sen. Bill Nelson, U.S. Sen. George S. LeMieux, U.S Rep. Corrine Brown, U.S. Rep. Alan Grayson and U.S. Rep. Suzanne M. Kosmas for their willingness to partner with us to obtain this critical funding.”

The SAFER grant is expected to be distributed to the city of Orlando later this year.

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July 2, 2010

NIH issues study grant to UNF professor

Filed under: online — Tags: , , — Gogo @ 9:21 pm

A professor at the University of North Florida has been awarded a National Institute of Health grant for $145,000 to study knee pain.

Michelle Boling, an assistant professor in the Department of Clinical and Applied Movement Sciences at the UNF, will study the structural and biomechanical as well as demographic and psychosocial risk factors associated with patellofemoral pain syndrome. The syndrome is one of the most common causes of knee pain.

She is collaborating with researchers from the University of North Carolina at Chapel Hill, College of Charleston, Uniformed Services University and the United States Military Academy.

“We hope that the findings from this investigation may be used to develop injury prevention programs to decrease the risk of developing PFP,” said Boling cash advance in one hour.

She hopes to learn if risk factors for the condition are gender-specific. It affects approximately 25 percent of the physically-active population, with females being 2 to 3 times more likely to develop it than their male counterparts.

Boling has been a faculty member at UNF since 2008 and has previously received a Transformational Learning Opportunity Grant from UNF, a University of North Carolina Future Faculty Fellowship and an Outstanding Alumni award by the University of Kentucky College of Health Sciences.

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June 18, 2010

U.S. households recover at faster pace

Filed under: management — Tags: , , — Gogo @ 11:42 am

The net worth of American households inched higher during the first three months of 2010, rising at about twice the pace as the previous quarter, the Federal Reserve said Thursday.

Household net worth, the difference between assets and liabilities, rose to $54.6 trillion in the first quarter of 2010, up about 2% from $53.5 trillion in the fourth quarter. That’s the fastest rate of increase since the second quarter of 2009, and faster than the 1% climb in the previous quarter, the final three months of last year payday loans for bad credit.

Although the figure marked the fourth consecutive quarterly rise, it remained well below the highs seen in 2007. Net worth peaked at about $65.9 trillion in the second quarter of that year.

The rebound in household net worth came in part on the back of the rising value of investment portfolios. During the first quarter, stock market holdings rose 4% to $7.9 trillion.  

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June 5, 2010

Mishler out as CEO of Business Bank

Filed under: economics — Tags: , — Gogo @ 10:24 am

David Mishler has stepped down as chief executive of The Business Bank of St. Louis but will remain as vice chairman and a member of the board.

Tom O’Meara, the bank’s chairman and a partner at the Moneta Group, will serve as interim chief executive while the board searches for a permanent replacement.

“Dave is a marketing and sales oriented guy — great at developing relationships,” and he will continue to do that for the bank, O’Meara said. “With growth, different skills sets are sometimes needed.”

Mishler had served as chief executive and vice chairman of the bank, which operates from a single location in Clayton, since it opened in 2002. His previous experience included Enterprise Bank & Trust and Mark Twain Bank.

From the outside, the change may look sudden, O’Meara said, but the board and Mishler have been engaged in “an ongoing discussion” about a change in management.

The Business Bank is the 14th-largest commercial bank in the St. Louis area, with total assets of $572 million, according to the Federal Reserve Bank of St. Louis. The bank reported a profit of $1.15 million in the most recent quarter, ended March 31, although its parent company, Business Bancshares Inc., reported a 5 percent slip in profit, to $516,000, from $541,000 a year earlier. The parent company has expenses, such as those associated with its acceptance of $15 million in TARP money, that the bank does not have.

Mishler was one of the bank’s founders, and O’Meara credited him with its growth and, more recently, with working out its problem loans.

The Business Bank’s bad loans totaled $8.9 million for the first quarter, compared with $14.9 million a year earlier, and its Tier 1 risk based capital ratio — a key measure of a bank’s financial strength and its ability to sustain future losses — improved to 12.78 percent from 9.71 percent a year ago.

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June 2, 2010

June 1 is final day to protest Harris County property taxes

Filed under: news, technology — Tags: , , — Gogo @ 7:15 pm

Monday is the last day for Harris County residential and commercial property owners to protest the property values determined by the Harris County Appraisal District.

Property owners get an extra day to file a protest this year since May 31 fell on Memorial Day.

Homeowners whose houses are valued at $1 million or less can use the iSettle program on the Harris County Appraisal District Web site to try to lower their valuation payday advances. The account number and iFile number mailed to the property owner is required for handling the process online.

The June 1 deadline does not apply to business personal property and some real property accounts, which will have more time to protest.

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May 28, 2010

Donations pour in for border protection

Filed under: marketing — Tags: , — Gogo @ 8:18 am

Arizona’s effort to secure the state’s border with Mexico has generated enough cash donations to require the establishment of a special fund.

State Treasurer Dean Martin and State Representative Doris Goodale (R-Dist. 3) have set up the Border Fence Support Fund aimed at helping the state and its border protection efforts.

Martin spokeswoman Kimberly Yee said letters containing checks as well as e-mails requesting information about how to donate have been pouring into state offices since the immigration controversy began. While officials still are tallying the total, it’s estimated that at least several hundred dollars will be deposited into the account immediately, she said.

The fund was created through two state laws, A.R.S. 41-1105 and A.R.S. 35-149, and will serve as a depositing account for contributions written to the state of Arizona to help finance capital costs associated with building a secure fence along the border between Arizona and Mexico.

“We have waited long enough for the federal government to build viable protection along our border. If the government won’t secure our border, we will. This fund will be used to create security barriers and provide grants to local law enforcement that bear the brunt of the government’s open border policy,” said Martin.

Yee also said the account helps to ensure a trusted outlet for contributions. Officials believe that the establishment of this type of fund is a nationwide first.

Donations may be made directly to: http://www.aztreasurer.gov/borderFenceSupportFund.html.

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May 10, 2010

‘Old’ Internet flaw persists

Filed under: marketing — Tags: , — Gogo @ 8:48 am

In 1998, a hacker told Congress that he could bring down the Internet in 30 minutes by exploiting a certain flaw that sometimes caused online outages by misdirecting data. In 2003, the administration of President George W. Bush concluded that fixing this flaw was in the nation’s "vital interest."

Fast forward to 2010, and very little has happened to improve the situation. The flaw still causes outages every year. Although most of the outages are innocent and fixed quickly, the problem still could be exploited by a hacker to spy on data traffic or take down websites. Meanwhile, our reliance on the Internet has only increased. The next outage, accidental or malicious, could disrupt businesses, the government or anyone who needs the Internet to run normally.

The outages are caused by the somewhat haphazard way that traffic is passed between companies that carry Internet data. The outages are called "hijackings," even though most of them are not caused by criminals bent on destruction. Instead the outages are a problem borne out of the open nature of the Internet, a quality that also has stimulated the Net’s dazzling growth.

"It’s ugly when you look under the cover," says Earl Zmijewski, a general manager at Renesys Corp., which tracks the performance of data routes. "It amazes me every day when I get into work and find it’s working."

When you send an e-mail, view a Web page or do anything else online, the information you read and transmit is handed from one carrier of Internet data to another, sometimes in a long chain. When you log into Facebook, your data might be handed from your Internet service provider to a company such as Level 3 Communications Inc., which operates a global network of fiber-optic lines that carry Internet data across long distances. It, in turn, might pass the data to a carrier that’s connected to Facebook’s servers.

The crux of the problem is that each carrier along the way figures out how to route the data based only on what the surrounding carriers in the chain say, rather than by looking at the whole path. It’s as if a driver had to get from Philadelphia to Pittsburgh without a map, navigating solely by traffic signs he encountered along the way — but the signs weren’t put up by a central authority. If a sign pointed in the wrong direction, that driver would get lost.

That’s essentially what happens when an Internet route gets hijacked. Because carriers pass information between themselves about where data should go — and this system has no secure, automatic means of verifying that the routing information is correct — data can be routed to some carrier that isn’t expecting the information. The carrier doesn’t know what to do with it, and usually just drops it. It falls into a "black hole."

On April 25, 1997, millions of people in North America lost access to the Internet for about an hour. The hijacking was caused by an employee misprogramming a router, a computer that directs data traffic, at a small Internet service provider.

A similar incident happened elsewhere the next year, and the one after that. Routing errors also blocked Internet access in different parts of the world, often for millions of people, in 2001, 2004, 2005, 2006, 2008 and 2009. Last month a Chinese Internet service provider halted access from around the world to a vast number of sites, including Dell.com and CNN.com, for about 20 minutes.

In 2008, Pakistan Telecom tried to comply with a government order to prevent access to YouTube from the country and intentionally "black-holed" requests for YouTube videos from Pakistani Internet users. But it also accidentally told the international carrier upstream from it that "I’m the best route to YouTube, so send all YouTube traffic to me." The upstream carrier accepted the message, and passed it along to other carriers across the world, which started sending all requests for YouTube videos to Pakistan Telecom. Soon, even Internet users in the U.S. were deprived of videos of singing cats and skateboarding dogs for hours.

In 2004, the flaw was put to malicious use when someone got a computer in Malaysia to tell Internet service providers that it was part of Yahoo Inc. A flood of spam was sent out, appearing to come from Yahoo.

"Hijacking is very much like identity theft. Someone in the world claims to be you," said Todd Underwood, who worked for Renesys during the Pakistan Telecom hijacking no fax pay day loans. He now works for Google Inc., trying to prevent hijacking of its websites, which include YouTube.

In 2003, the Bush administration’s Critical Infrastructure Protection Board assembled a "National Strategy to Secure Cyberspace" that concluded that it was vital to fix the routing system and make sure the "traffic signs" always point in the right direction.

But unlike Internet bugs that get discovered and fixed relatively quickly, the routing system has been unreformed for more than a decade. And while there’s some progress being made, there’s little industry-wide momentum behind efforts to introduce a permanent remedy. Data carriers regard the fallibility of the routing system as the price to be paid for the Internet’s open, flexible structure. The simplicity of the routing system makes it easy for service providers to connect, a quality that has probably helped the explosive growth of the Internet.

That growth has also increased the risks exponentially. Fifteen years ago, maybe 8,000 people in the world had access to computers that use the Border Gateway Protocol, or BGP, which defines how carriers pass routing information to each other. Now, Danny McPherson, chief security officer at Arbor Networks, believes that with the growth of Internet access across the world and the increase in the number of carriers, that figure is closer to 1 million people.

Peiter Zatko, a member of the "hacker think tank" called the L0pht, told Congress in 1998 that he could use the BGP vulnerability to bring down the Internet in half an hour. In recent years, Zatko — who now works for the Pentagon’s Defense Advanced Research Projects Agency — has said the exploit would still work. However, it would likely take a few hours rather than 30 minutes, partly because a greater number of carriers would need to be hit.

Plenty of solutions have been proposed in the Internet engineering community, going back as far as 1995. The U.S. government has supported these efforts, spurred in part by the Bush administration’s 2003 statement. That has resulted in some trials of new technology, but adoption by carriers still appears distant. And the government doesn’t have any direct authority to force changes.

One reason is that the weaknesses are in the routing between carriers. It doesn’t help if one carrier introduces a new system — every one it connects with has to make the change as well. "It’s kind of everybody’s problem, because it impacts the stability of the Internet, but at the same time it’s nobody’s problem because nobody owns it," says Doug Maughan, at the Department of Homeland Security.

Pieter Poll, the chief technology officer at Qwest Communications, says he would support some simple mechanisms to validate data routes, but he argues that fundamental reform isn’t necessary. Hijackings are typically corrected quickly enough that they don’t pose a major threat, he argues.

One fix being tested would stop short of making the routing system fully secure but would at least verify part of it. Yet this system also worries carriers because they would have to work through a central database.

"My fear is that innovation on the Internet would slow down if there’s a need to go through a central authority," Poll says.

Jeffrey Hunker, a former senior director for critical infrastructure in the Clinton administration, says he’s not surprised that little has happened on the issue since 2003. He doesn’t expect much to happen in the next seven years, either.

"The only thing that’s going to drive adoption is a major incident, which we haven’t had yet," he says. "But there’s plenty of evidence out there that a major incident would be possible."

In the meantime, network administrators deal with hijacking an old-fashioned way: calling their counterparts close to where the hijacking is happening to get them to manually change data routes. Because e-mails may not arrive if a route has been hijacked, the phone is a more reliable option, says Tom Daly, chief technical officer of Dynamic Network Services Inc., which provides Web hosting and other Internet services.

"You make some phone calls and hope and pray," Daly says.

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April 12, 2010

Public video screens compete for TV ad dollars

Filed under: news — Tags: , , — Gogo @ 8:00 pm

A new report from the measurement company Nielsen shows that ads on outside-the-house video screens — in places like health clubs, gas stations and elevators — can reach many more people than ads on prime-time television.

The report, called the “Fourth Screen Network Audience Report,” (Nielsen is calling it the “fourth screen” after television, the computer and mobile), is expected to be released on Monday. The company researched 10 screen networks, from companies like NCM Media Networks and Screenvision, which run ads in movie theaters, to Gas Station TV, which places screens on gas pumps.

“If you took the 10 networks that we measured and put a spot on each of the 10” for a month, “you’d draw more exposures than having a spot on every one of the top 20 programs in prime time” in a given week, said Paul Lindstrom, senior vice president of the Nielsen Co.

The screens are part of a phenomenon of place-based advertising that has gained popularity as consumers move away from traditional media. The networks try to capture people as they are about to buy something, or when they are bored and undistracted — waiting for a movie to start, for instance.

The networks have been pushing Nielsen to create a standard measurement so that they can better sell their ad time to agencies.

“The agencies ask, ‘Why are you better, why should I take some money and not run it on traditional television or somewhere else, and run it with you?’ ” said David Leider, chief executive of Gas Station TV. “If there’s no legitimate measurement behind it, there’s no point for an agency or client to look at it.”

“They were measured all differently by each of the venues, so there was no consistency in the marketplace and no third-party, independent view of it,” said Terrie Brennan, senior vice president for new business development at Nielsen.

To get the ratings, Nielsen looked at variables like how long people spent in front of the screens and the proximity to the screen — “so in the health clubs, it’s not going to be everybody who swipes in, it’s going to be people in that cardio room that can see those televisions,” Lindstrom said. It then interviewed viewers to get demographic information. The number of people interviewed per screen network was as low as 298, for the bar/restaurant TV network Zoom Media & Marketing’s Social Network, and as high as 26,052 for NCM and Screenvision.

Nielsen found that the screen networks reached a broad audience. For example, ads on Screenvision and NCM’s networks in October had 61.7 million exposures. That compared with an average of 3 million viewers 18 years and older for a typical prime-time commercial on broadcast television in the same period. So an advertiser could either take out a monthlong series of ads on the theater networks, or buy about 20 prime-time commercials, to reach the same audience size.

However, some agencies and networks raised questions about Nielsen’s approach. Jack Sullivan, senior vice president and out-of-home activation director at Starcom USA, part of the Starcom MediaVest Group division of the Publicis Groupe, said he was not certain that Nielsen took into account all the differences in these networks.

“A doctor’s office is different than a grocery store is different than an airport is different than an elevator,” he said. “So the consumer is different in every one of those categories, and the screens are different sizes.

”There’s really no common denominator,“ he said.

By measuring out-of-home screens with the same tools it uses to measure television, Nielsen lets these networks try to be included among the big broadcast ad purchases.

”More and more, now that we have these results, at least in 2010, we’re starting to get looked at from a broadcast budget,“ said Scott Marden, research director for Captivate Network, which runs video screens in elevators. ”The budgets, and the dollars, are really in the TV world.“

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