FairPoint Q1 revenues down, broadband subscribers increase

first_imgQuarter ended Other assets and liabilities, net Deferred income taxes (Unaudited) 1,948 897,313(15,552)(10,352)1,375(16,591) 1Q11  Reported4Q10  Reported3Q10  Restated2Q10  Restated1Q10  Restated Proceeds from issuance of long-term debt Revenue: (41,245) ‘ 3493772,20710526 (12,477) (7,752) –1,3978,30710,436 (264,534)(6,413)7,33010,245(3,501) 34 $ 562,484$ (74,987)$ (66,084)$ (54,178)$ (86,330) 84,29474,60672,36471,47271,382 Post-retirement accruals All other allowed adjustments, net (2e) Non-cash reorganization costs (income) (1,141) Days Ended (5,901) Net change Supplemental Financial Information (201) (722) Claims payable and estimated claims accrual Depreciation and amortization ($ in thousands, except units) $ 562,484$ (74,987)$ (66,084)$ (54,178)$ (86,330) Months Ended (3,423) 109,355 (21,463)(34,810)(33,151)(35,616)(34,604) 5,103 (1,100) (48,832)(18,212)(29,911)(30,182)(31,634) 3 2,182 827,018(68,574)(73,414)(64,423)(82,829) Net cash provided by (used in) operating activities 1,236 Total adjustments Condensed Consolidated Statements of Cash Flows ‘ payable, estimated claims accrual or liabilities subject Income tax benefit (expense) Interest expense 986 91,35892,12895,92396,18296,856 105,497 (95,235) 30,258 33,583 Reorganization items (1) Other non-cash items, net (2b) Voice services 5,513 Prepaid and other assets (Restated) 28,49527,50426,69128,96127,067 Other income (expense): 219732(999)959859 Consolidated EBITDAR (1,667) Consolidated EBITDAR margin (82,764) 2,068 Reorganization adjustments: 276,204 (40,407) $586,907$(86,330) 2,418 Successor Company Predecessor Company Sixty-Six Twenty-Four 17,32614,94811,39518,78814,739 Days Ended (866) 177 (912,270)16,0961,066(8,509)1,327 (298) $   49,085$   83,987$   59,203$   72,294$   60,784 (26,485) Operating expenses, excluding depreciation, amortization and reorganization 21,515 2,736—- Capital additions included in accounts payable, claims ‘ 779 (11,996) Accrued interest payable Other non cash items Consolidated Communications,FairPoint Communications, Inc. (Nasdaq: FRP) (FairPoint or the Company), a leading provider of communications services, today announced its financial results for the first quarter ended March 31, 2011. Revenue was $254.8 million in the first quarter of 2011 as compared to $270.8 million a year earlier. Revenue was $254.8 million in the first quarter of 2011 as compared to $268.0 million in the fourth quarter of 2010. Consolidated EBITDAR was $49.1 million in the first quarter of 2011 as compared to $60.8 million a year earlier.  First quarter 2010 Consolidated EBITDAR was favorably impacted by the add-back of $10.4 million related to the net effect of a financial restatement. (see table below)As previously announced, the Company will host a conference call and simultaneous webcast to discuss its results at 2:00 p.m. (EDT) on Tuesday, May 17, 2011.High-speed Internet subscribers increased over 13,600, or 4.8% year-over-year, with over 56% of the increase coming during the first quarterVoice access line loss continued to improve to 9.6% annually from 10.3% reported in the prior quarterNet Income, including Cancellation of Debt Income of $1,351.1 million, increased to $562.5 millionversus a Net Loss of $86.3 million a year earlierRevenue was flat sequentially from fourth quarter 2010, after adjusting for one-time items”We are encouraged by the operational improvements taking hold,” said Paul H. Sunu, CEO of FairPoint.  “We believe the recently announced fiber-to-the-tower project, along with the increase in high-speed Internet subscribers and the reduction in the rate of voice access line loss are all leading indicators of expected future revenue growth.  As we’ve said before, this is a transition year for FairPoint and we’re excited about the organic revenue growth opportunities in our markets.”High-speed Internet penetration increased to 27% of voice access lines at March 31, 2011, which represents the highest level since FairPoint acquired the northern New England assets on March 31, 2008.  The addition of over 7,700 high-speed Internet subscribers was also the largest quarterly increase since FairPoint took over the northern New England properties.  Company-wide, year-over-year voice access line loss slowed for the fourth consecutive quarter to 9.6%.  In addition, continued service quality improvements led to a decline in penalties of $5.1 million versus a year earlier.  FairPoint ended the quarter with revenue of $254.8 million and Consolidated EBITDAR(1) of $49.1 million.  Included in the first quarter Consolidated EBITDAR was the impact of a $13.5 million expense related to the annual vacation award for northern New England employees.  This annual vacation expense is recorded by the Company in the first quarter of each year.  Adjusting for this item, Consolidated EBITDAR would have been approximately $62.6 million in the first quarter of 2011.Operating and Regulatory HighlightsOperating metrics continue to improve.  For example, sustained improvements in retail service quality indicators such as faster call center answer times and shorter installation and repair intervals resulted in lower retail penalties of $0.4 million in the quarter versus $4.3 million a year earlier, an improvement of$3.9 million.  In addition, continued improvements in wholesale service quality metrics resulted in lower wholesale penalties of $1.4 million in the quarter versus $2.6 million a year earlier, an improvement of $1.2 million.High-speed Internet subscribers increased 4.8% year-over-year, compared to a 0.4% increase in the fourth quarter of 2010 and a 5.5% decline in the first quarter of 2010.  The rate of voice access line loss slowed to 9.6% annually versus 10.3% in the fourth quarter of 2010 and 12.4% a year earlier.FairPoint continued its northern New England broadband expansion efforts by announcing it has brought high-speed Internet access to hundreds more communities and neighborhoods in Maine, New Hampshireand Vermont.  As of March 31, 2011, FairPoint offers broadband service to more than 83% of customers in Maine, more than 85% of customers in New Hampshire and more than 80% of customers in Vermont.  The Company is on track to meet its 2011 regulatory broadband commitments.On April 14, 2011 the Company announced an initial network build which will bring fiber to more than half of the approximately 1,600 wireless communications towers it serves in its northern New England service footprint.  With this strategic investment, FairPoint will further enhance its next-generation IP/MPLS network, branded as VantagePoint(sm), and will be uniquely positioned to capture the growth in mobile data usage by providing Ethernet backhaul to wireless carriers.Financial HighlightsFirst Quarter 2011 as compared to First Quarter 2010Revenue was $254.8 million in the first quarter of 2011 as compared to $270.8 million a year earlier.  The$16.0 million decrease was primarily the result of the 9.6% decline in voice access lines year-over-year, which led to decreases in voice services and access revenue. Partially offsetting the decline was the improvement in service quality penalties discussed above and a 5.3% increase in data and Internet services revenue.Operating expenses, excluding depreciation, amortization and reorganization, were $216.6 million in the first quarter of 2011 as compared to $231.1 million a year earlier.  The favorable variance of $14.5 million, or 6.3%, was primarily the result of reductions in contracted services, data and voice transport and bad debt expense.Consolidated EBITDAR was $49.1 million in the first quarter of 2011 as compared to $60.8 million a year earlier.  First quarter 2010 Consolidated EBITDAR was favorably impacted by the add-back of $10.4 million related to the net effect of a financial restatement. Excluding the benefit from this financial restatement add-back, Consolidated EBITDAR for the first quarter of 2010 would have been $50.4 million.  The $1.3 million decrease year-over-year is primarily explained by the decrease in revenue mostly offset by operating expense reductions as discussed above.Net income was $562.5 million in the first quarter of 2011 as compared to a net loss of $86.3 million a year earlier, First quarter 2011 net income benefited from a one-time pre-tax gain of $911.3 million related to the reorganization, which included $1,351.1 million of Cancellation of Debt Income.Capital expenditures were $53.7 million in the first quarter of 2011 as compared to $40.4 million a year earlier.  Major capital initiatives in 2011 include the continued expansion of the VantagePoint(sm) network, the fiber-to-the-tower build, regulatory broadband commitments in northern New England, information technology improvements and enhancements, success-based capital projects for targeted revenue opportunities and network and facilities maintenance.First Quarter 2011 as compared to Fourth Quarter 2010Revenue was $254.8 million in the first quarter of 2011 as compared to $268.0 million in the fourth quarter of 2010.  Revenue was essentially flat quarter-over-quarter after adjusting fourth quarter 2010 revenue for the one-time benefit of a $12.7 million service quality penalty reversal.Operating expenses, excluding depreciation, amortization and reorganization, increased $5.0 million to $216.6 million as compared to $211.6 million in the fourth quarter of 2010.  As previously reported, the majority of the Company’s employees are entitled to their annual vacation allowance on January 1st of each year.  Accordingly, the Company recognized $13.5 million of vacation expense on January 1, 2011, which will be amortized over the balance of the year as vacation is used.  In addition, fourth quarter 2010 operating expenses included certain one-time non-cash charges related to project abandonment, inventory obsolescence and other non-recurring items which totaled approximately $14.8 million.  Adjusting for these items, first quarter 2011 expenses would have been $203.1 million compared to $196.8 million for the fourth quarter of 2010.  The increase of $6.3 million was primarily driven by a $12.5 million change in bad debt expense, which was partially offset by expense reductions in other areas such as contracted services.  First quarter 2011 bad debt expense was approximately 2.2% of revenue, while in the fourth quarter of 2010 the Company benefited from a reduction in the bad debt allowance as a result of improved collections activity.Consolidated EBITDAR declined $34.9 million to $49.1 million as compared to $84.0 million in the fourth quarter of 2010.  The first quarter of 2011 was unfavorably impacted by the $13.5 million annual vacation expense.  In addition, the fourth quarter of 2010 was favorably impacted by the one-time revenue benefit of the $12.7 million service quality penalty reversal.  Adjusting for these items, Consolidated EBITDAR would have been approximately $62.6 million in the first quarter of 2011 compared to $71.3 million in the fourth quarter of 2010.  The $8.7 million unfavorable variance quarter-over-quarter is primarily the result of the$12.5 million change in bad debt expense discussed above, partially offset by operating expense reductions in other areas such as contracted services.Capital expenditures were $53.7 million in the first quarter of 2011 as compared to $40.9 million in the fourth quarter of 2010.2011 GuidanceWhile the Company is encouraged by the fact that revenue in the first quarter of 2011 was essentially flat versus the fourth quarter of 2010 on an adjusted basis, the full year 2011 revenue guidance of $1,060 to $1,090 million is unlikely to be achieved. The Company does not intend to provide new revenue guidance.  However, the Company continues to believe that it can achieve the low end of its Consolidated EBITDAR guidance of $260 to $280 million through cost reduction initiatives, many of which are already underway, and revenue growth.Fresh Start AccountingOn January 24, 2011, the Company emerged from Chapter 11 bankruptcy protection and its Plan of Reorganization became effective. For purposes of generally accepted accounting principles, the Company adopted fresh start accounting as of January 24, 2011, whereby the Company’s assets and liabilities were marked to their fair value as of the date of emergence.  Accordingly, the Company’s condensed consolidated statements of financial position and operations for periods after January 24, 2011, will not be comparable in many respects to periods prior to the adoption of fresh start accounting.Conference Call InformationAs previously announced, FairPoint will host a conference call and simultaneous webcast to discuss its first quarter 2011 results at 2:00 p.m. (EDT) on Tuesday, May 17, 2011.Participants should call (800) 706-7741 (US/Canada) or (617) 614-3471 (international) at 1:50 p.m. (EDT)and enter the passcode 31415391 when prompted.  The title of the call is the Q1 2011 FairPoint Communications, Inc. Earnings Conference Call.A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call (888) 286-8010 (US/Canada) or (617) 801-6888 (international) and enter the passcode 61310099 when prompted.  The recording will be available from Tuesday, May 17, 2011, at 5:00 p.m. (EDT) throughTuesday, May 31, 2011, at 11:59 p.m. (EDT).A live broadcast of the earnings conference call will be available via the Internet atwww.fairpoint.com/investors(link is external). An online replay will be available shortly thereafter.Use of Non-GAAP Financial MeasuresThis press release includes certain non-GAAP financial measures, including but not limited to Consolidated EBITDAR and adjustments to GAAP measures to exclude the effect of special items. Management believes that Consolidated EBITDAR may be useful to investors in assessing the Company’s operating performance and its ability to meet its debt service requirements, and the maintenance covenants contained in the Company’s credit facility are based on Consolidated EBITDAR. In addition, management believes that the adjustments to GAAP measures to exclude the effect of special items may be useful to investors in understanding period-to-period operating performance and in identifying historical and prospective trends. However, the non-GAAP financial measures, as used herein, are not necessarily comparable to similarly titled measures of other companies. Furthermore, Consolidated EBITDAR has limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, net income or loss, operating income, cash flow or other combined income or cash flow data prepared in accordance with GAAP. Because of these limitations, Consolidated EBITDAR and related ratios should not be considered as measures of discretionary cash available to invest in business growth or reduce indebtedness. The Company compensates for these limitations by relying primarily on its GAAP results and using Consolidated EBITDAR only supplementally. A reconciliation of Consolidated EBITDAR to Net Income is contained in the attachments to this press release.About FairPointFairPoint Communications, Inc. (Nasdaq: FRP) (www.FairPoint.com(link is external)) is a leading communications provider of high-speed Internet access, local and long-distance phone, television and other broadband services to customers in communities across 18 states. Through its fast, reliable data network, FairPoint delivers data and voice networking communications solutions to residential, business and wholesale customers. VantagePoint(sm), FairPoint’s resilient IP-based network in northern New England, provides business customers a fast, flexible, affordable Ethernet connection.  VantagePoint(sm) supports applications like video conferencing and e-learning. Additional information about FairPoint products and services is available at www.FairPoint.com(link is external).Cautionary Note Regarding Forward-looking StatementsSome statements herein are known as “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained herein that are not historical facts. When used herein, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including the Company’s plans, objectives, expectations and intentions and other factors. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date hereof. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  However, your attention is directed to any further disclosures made on related subjects in the Company’s subsequent reports filed with the SEC.Certain information contained herein may constitute guidance as to projected financial results and the Company’s future performance that represents management’s estimates as of the date hereof. This guidance, which consists of forward-looking statements, is prepared by the Company’s management and is qualified by, and subject to, certain assumptions. Guidance is not prepared with a view toward compliance with published guidelines of the American Institute of Certified Public Accountants, and neither the Company’s independent registered public accounting firm nor any other independent expert or outside party compiles or examines the guidance and, accordingly, no such person expresses any opinion or any other form of assurance with respect thereto. Guidance is based upon a number of assumptions and estimates that, while presented with numerical specificity, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control and are based upon specific assumptions with respect to future business decisions, some of which will change. Management generally states possible outcomes as high and low ranges which are intended to provide a sensitivity analysis as variables are changed but are not intended to represent actual results, which could fall outside of the suggested ranges. The principal reason that the Company releases this data is to provide a basis for management to discuss the Company’s business outlook with analysts and investors. The Company does not accept any responsibility for any projections or reports published by any such outside analysts or investors. Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the guidance furnished by us will not materialize or will vary significantly from actual results. Accordingly, the Company’s guidance is only an estimate of what management believes is realizable as of the date hereof. Actual results will vary from the guidance and the variations may be material. Investors should also recognize that the reliability of any forecasted financial data diminishes the farther in the future that the data is forecast. In light of the foregoing, investors are urged to put the guidance in context and not to place undue reliance on it.(1)  Consolidated EBITDAR means earnings before interest, taxes, depreciation, amortization and restructuring items as defined in the Company’s new credit facility.  Consolidated EBITDAR is a non-GAAP financial measure.  A reconciliation of Consolidated EBITDAR to Net Income is contained in the attachments to this press release.  Cash flows from investing activities: 3,454 458 Reorganization costs paid 10,68610,99212,0369,97910,240 Changes in assets and liabilities arising from operations: 71,382 19.3%31.3%22.7%26.6%22.4% Loss before reorganization items and income taxes 10,70211,69612,41811,47712,460 Provision for uncollectible revenue Reorganization expense (post-emergence) (1) Cash, beginning of period Net income (loss) 2,654 Income (loss) before income taxes (48) 130 3,170 (709) Net capital additions (667,998) Data and Internet services (in thousands) (1,096) 1,818 Access Non-cash pension and OPEB expense (2a) Net cash (used in) provided by financing activities March 31, 2011 Total revenue FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES 8,058 FAIRPOINT COMMUNICATIONS, INC. 9,017 (8,517) 180 Loss from operations Other services 84,29474,60672,36471,47271,382 Repayment of capital lease obligations Three (41,248) (917,358) 977 (211) Distributions from investments 303,612286,204290,541301,745302,435 10,262 (1,500) 23,888 Accounts payable and accrued liabilities 160,184 Three months ended March 31, 2010 71,120 Pension accruals 264,5346,413(7,330)(10,245)3,501 Adjustments to reconcile net income to net cash provided by 216,582211,598218,177230,273231,053 Total other income (expense) (81,091) Restructuring costs (2c) Accounts receivable $ 124,225$ 136,664$ 125,598$ 134,943$ 134,418 13,918 Depreciation and amortization (70,295)(53,022)(63,062)(65,798)(66,238) (Unaudited) operating activities: Loan origination costs Net cash used in investing activities 254,780267,992260,630271,563270,801 Operating expenses: $10,262$145,980 Cash flows from financing activities: 8,133 Restricted cash Supplemental disclosure of cash flow information: 46,697 Summary Income Statement: Cash flows from operating activities: Restricted cash – cash claims reserve (12,477) March 31, 2010 Other income (expense), net Cash, end of period$15,416 3,207 62,779 32,687 subject to compromise at period-end (521) 73,854 33,810 (40,399) 36,625 12,812 5,154 ‘ Depreciation and amortization Net income (loss) Sixty-Six Days ended March 31, 2011, Twenty-Four Days ended January 24, 2011 and Interest expense Total operating expenses Consolidated EBITDAR Reconciliation: Income tax (benefit) expense 8 14,381 (21,812)(35,187)(35,358)(35,721)(34,630) CHARLOTTE, N.C., May 16, 2011 /PRNewswire/ — January 24, 2011 379 Restatement impact, net (2d) 8,064 ‘ 11,110 21,81235,18735,35835,72134,630 Net (loss) income$(24,423)last_img read more

Grateful for County Waste gift of bikes

first_imgCategories: Letters to the Editor, OpinionRe Dec. 13 article, “Bikes for Tikes”: Recently, a truck and trailer from County Waste visited our Early Learning Center on Bigelow Avenue in Schenectady.An incredible team from County Waste delivered 39 bikes and helmets to some very special Schenectady kids. These kids are from families who struggle with poverty and who may struggle to get that special gift for their children during the holidays. On behalf of those 39 very grateful families whose kids will soon be cruising around on new sets of wheels, we want to thank County Waste from the bottom of our hearts.Wendy HopkinsonAlbanyThe writer is executive program director of Early Childhood Services Northern Rivers Family of Services.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Beware of voter intimidationFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Find a way to get family members into nursing homeslast_img read more

More mental health workers needed to address effects of COVID-19

first_imgPita, a Jakarta resident who asked to use a pseudonym for this article, said anxiety had kept her from sleeping for several days at a time during the pandemic. Social distancing prevented her from gathering with her friends and going out, which had helped her cope with her stress before the outbreak.She said she felt bad for reaching out to her usual therapist, who was busier than usual during the pandemic. She could either make a video call or meet her therapist in person at Mintoharjo Naval Hospital (RSAL Mintoharjo), a COVID-19 referral hospital, to obtain her psychological test results. The latter was a riskier choice.She initially hesitated to do an online consultation because of the lack of privacy in her home, where she lived with her siblings, but she managed to obtain the results on Monday on a video call. “The internet connection is slow and there are only a few psychiatrists. And even if it is online, it is also a matter of compatibility. I’ve found one that I am comfortable with after talking to six others,” Pita said. “It’s complicated.”Pita is one of many who have felt the pinch of Indonesia’s longstanding shortage of clinical psychologists and psychiatrists, exacerbated by the COVID-19 outbreak despite patients’ need for regular access to mental health care.According to the World Health Organization (WHO), access to mental health treatment is critical. Failure to take people’s emotional well-being seriously during the pandemic, the organization says, will lead to long-term social and economic costs to society.“There is no health without mental health,” said Indonesian Clinical Psychology Association (IPK) chairwoman Indria Laksmi Gamayanti, quoting the WHO. “When mental health is ignored, there will be a decline in productivity and people’s character development.” Read also: Three stages of emotion on COVID-19 journey: Where are you now?Indria said Indonesia was already lacking clinical psychologists before the COVID-19 pandemic, but the current surge in virus-related inquiries had stretched mental health resources further. She said the deficit-stricken national health insurance (JKN) program had yet to include clinical psychological services in its scheme despite high demand for it.The 2018 Basic Health Survey (Riskesdas) shows that 7 in 1,000 households in Indonesia have members who experience psychosis or schizophrenia. In addition, about 6 in every 1,000 households have members below 15 years old who are enduring depression.No national data is currently available about the number of mental health workers and patients during the pandemic. However, past data shows that Indonesia lacks the mental health resources to cope with the country’s needs.With a population of about 250 million in 2016, the country had only about 773 psychiatrists – approximately one for every 323,000 people, the Health Ministry told Tempo in 2016. The figure is a far cry from the WHO’s recommendation of having one psychiatrist and psychologist for every 30,000 people.An article in The Conversation in 2018 argues that the country needs 7,500 mental health workers to provide sufficient psychiatric services for its population, basing the figure on the WHO’s benchmark. They estimated that the country could only meet 16.3 percent of its needs.Read also: Less than 1,000 psychiatrists for 260 million IndonesiansThe WHO warned last month that the world could risk a “massive” increase in mental health issues in the coming months if nations neglected investment in such services.“It is now crystal clear that mental health must be treated as a core element of our response to and recovery from the COVID-19 pandemic,” WHO chief Tedros Adhanom Ghebreyesus said.To alleviate the burden, the Social Affairs Ministry, the Indonesian Professional Social Workers Association (IPSPI) and the Indonesian Social Work Consortium (KPSI) launched a set of psychosocial services on May 12. They include a 24/7 hotline for online consultation and regular webinars for mental health education.”The psychosocial service programs can reduce the emotional burden on individuals and society. The proper handling of the community’s emotional condition will also help the community’s readiness and endurance in the current situation,” Social Affairs Minister Juliari Batubara said.The government has introduced a psychological consultation service, called the Psychological Services for Mental Health (Sejiwa) program, to improve mental health during the coronavirus outbreak.Read also: Psychological consultation hotline launched in virus-stricken IndonesiaCounseling and development center Personal Growth CEO and founder Ratih Ibrahim said services like Sejiwa would not be effective without a sufficient number of clinical psychologists. She encouraged universities to increase access to clinical psychology programs and to shorten the period of study needed to be a clinical psychologist. According to IPK chairwoman Indria, Indonesia only has 17 universities that offer psychology majors.center_img Ratih’s firm found that 33 percent of the 327 cases recorded on its free online counseling platform from March to May were related to COVID-19. Some 9 percent of the 23 complaints involving children aged 13 to 17 were COVID-19-related.“Don’t underestimate the figures. If we generalize it to a larger population, the trend will likely be the same,” Ratih said.Topics :last_img read more

Pension fund seeks info for €950m EM govvie mandate via IPE Quest

first_imgA pension fund has launched a request for information on IPE Quest in relation to a potential mandate to invest €950m in sovereign local currency emerging market debt.According to search QN-2578, the investor is interested in receiving information from asset managers with experience managing such a mandate in an “enhanced manner,” aiming to replicate key criteria of the benchmark with lower turnover and lower transaction costs.It said it might change the benchmark of the mandate to include hard currency debt from emerging market sovereigns.Responses to the request for information will inform the pension fund’s longlist of managers, which it said would be cut down to two to three managers following a comprehensive analysis. It will carry out site visits to managers on the shortlist and perform reference checks on them. Managers must have a code of conduct to be able to be considered for the next round of the selection process, as well as an ISAE 3402 Type II or AAF 01/06 quality certification or equivalent.The deadline for responses to the request for information is 19 December. Applicants should state performance to 31 October 2019 gross of fees.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email jayna.vishram@ipe-quest.com.last_img read more

INDOT awards on-call guardrail repairs contracts

first_imgSeymour, In.— The Indiana Department of Transportation has announced guardrail contractors that will be responsible for on-call repairs along area highways.James H. Drew Corporation of Indianapolis will replace damaged guardrail and end treatments within 14 days of notification “along various roads throughout the Seymour District” through October, 2019, under a $784,563 contract.Specialties Company LLC of Indianapolis will maintain and repair guardrail “along I-64, I-65 and I-265 at various locations” through next October under a $525,000 contract.C-Tech Corporation of Boggstown will maintain and repair guardrail “along I-74, I-275 and State Road 1 at various locations” through next October under a $598,860 contract.Guardrail and energy-absorbing end treatments are in place to keep vehicles from straying off the road into fixed obstacles and roadside hazards or from swerving across the median into oncoming traffic. They are designed to redirect errant vehicles with minimal damage to the car or truck.  Rails bend, posts give way, end sections collapse—all designed to lessen impact to the vehicle.Statewide, INDOT is responsible for approximately 2,400 miles of guardrail installations along state and interstate highways.This year (2018), Indiana has $3,442,014 in maintenance contracts with outside service providers to repair or replace damaged guardrail along state roadways.In addition, INDOT reports $836,673 in internal charges for in-house labor and materials expenses this year for damaged guardrail, end treatments and attenuators.last_img read more

Mexico’s Mental Coach Changing Player’s Mindset

first_imgMexico recovered from that setback and managed to qualify for the 2018 FIFA World Cup Russia, topping the final six-team group in the CONCACAF Zone, at which point Ibarrondo’s role changed. “The work I did after that was more personal and individual in nature,” he added. “I have been able to speak with virtually all of the players and support them in their process of growth, development and transformation. It’s been a privilege for me.”In going about his work, the Spaniard has forged a strong bond with the Tri coach, a person he respects and admires: “He’s a real perfectionist, an obsessive when it comes to work. But there’s more to him than that. He’s an example for all of us. He works much harder than anyone. He’s the first person up in the morning and the last one to go to bed, and he designs his training sessions in such a way that the players can understand the style of play. He always listens to them too.”Ibarrondo added: “He’s like a teacher, and not just when it comes to theory; he also knows how to put his knowledge into practice. And he’s very brave too.”“Confidence involves a number of factors,” continued the 51-year-old mental coach. “First comes the personal side of things, believing in yourself. Then comes the confidence of your team-mates. The third factor is believing in the plan, feeling that the plan will help you win, that you’ll be able to respond to anything. And the final factor is having confidence in the leader, who brings everything together. And in that respect he’s an outstanding leader and he’s ensured that his players listen to him and respect his ideas.”Ibarrondo believes the win over Germany is the first step to bigger things for Mexico: “There are moments in life when things happen that can break mental barriers. I hope this game will be a turning point. Then it’s just a case of the competition putting everything in its place.“I’m just imagining a ten-year-old child in Mexico watching his first game and seeing his team beat Germany. From now on they’ll see life differently, thinking that anything is possible.”It is not only El Tri who are benefitting from the relationship between them and the mental coach; he too has found it richly rewarding.“I’ve had some wonderful moments,” he said. “When you have a transformational experience, it works both ways. When you see that someone has confidence in you, and they put so much into it, and you see that it’s useful for them, that they can grow, learn and improve, then it’s just priceless. Knowing that you have something positive to contribute, that you can put your heart and soul into it, shows you that it’s all been worthwhile.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Though the spotlight is always on the players and coaches at the FIFA World Cup, the success of any national team at the competition is always founded on the work of many people behind the scenes.Following Mexico’s historic win over Germany, coach Juan Carlos Osorio earned plaudits for his tactical astuteness, though it was not long before the Mexican players were lauding someone else. “His work has been so important for me,” said Raul Jimenez. “I really believe in what he does,” added Marco Fabian.The subject of their lavish praise was Imanol Ibarrondo, the team’s mental coach. A former player with Spanish club Rayo Vallecano, Ibarrondo’s experience on the pitch and his training have given him the tools to be able to help El Tri on their journey.He took up his position in 2016, at a delicate time for Mexico: “The team had just suffered a really heavy defeat (a 7-0 loss to Chile at the Copa America). My job was to re-establish the ties between the players and restore the confidence they needed to compete,” Ibarrondo explained.last_img read more

UW gains ground in Big Ten after 2-0 weekend

first_imgThe Wisconsin women’s soccer team wanted to make a statement Sunday against Michigan State. They did just that, shutting down the second-place team in the Big Ten and the nation’s leading scorer en route to a 2-0 victory.“We’re building our team from the start of the season to now,” freshman forward Laurie Nosbusch said. “This was a really big win for us. It was a really exciting game to play in. We knew that they were going to be really tough, so to get this win, it means a lot to this team and what we’ve accomplished over the past couple weeks.”UW controlled the game early, outshooting MSU 8-1 in the first half and adding a goal from freshman Erin Jacobsen in the 17th minute to take a 1-0 lead into halftime.The Badgers’ defense shut down the Spartans, limiting their opportunities and keeping them from putting a shot-on-goal in the first half of play.“It was just a commitment that the backs — the four of us — made, that we’re going to be this brick wall here,” sophomore defender Birdie Leibham said. “It feels great, especially when the hype of the whole team is these two forwards. Shutting them down made a statement to the other teams in the Big Ten, I think.”Wisconsin (9-6-1, 3-4-0 in the Big Ten) didn’t let up in the second half, as Nosbusch added a goal just over five minutes in on an assist from Jacobsen.Michigan State (13-4-0, 5-3-0 in the Big Ten) was able to get some momentum in the second half, outshooting Wisconsin 7-4 and putting three shots-on-goal. The Badgers’ defense held strong, however, keeping the Spartans off the scoreboard for the fourth time this season.“I thought the biggest thing was every time those two (freshman Laura Heyboer and junior Lauren Hill) touched the ball, we had somebody who was pressing them, and we were careful to make sure that they were covering each other,” head coach Paula Wilkins said.Wilkins also noted that the collective play of the defense made the difference.“It was a total group effort with the group of four back there keeping track of people and being competitive to win the first balls,” Wilkins said. “It’s a huge credit to them because obviously with Heyboer and Hill being the two leading scorers in the Big Ten, to be able to shut them down is a wonderful thing.”Senior goalkeeper Jamie Klages made three saves in the game to earn her fifth shutout of the season and her second in Big Ten play. Earlier in the week, Klages outlined her team’s approach to facing Heyboer and Hill.“We try and worry more about what we can bring to the table and what we’re going to do as a defense rather than changing ourselves for [them],” Klages said.Wisconsin also defeated Michigan (4-6-4, 1-6-2) in Friday’s matchup, scoring three goals in a 10-minute span to come away with a 3-1 victory.Senior Taylor Walsh got things started for Wisconsin in the 12th minute with a goal from 35 yards out into the upper left corner of the goal. Junior Krista Liskevych followed with a goal just under five minutes later, less than a minute after entering the game.The Badgers extended their lead to 3-0 in the 21st minute as Nosbusch found the back of the net with an assist from Liskevych.“I can’t even remember a time when we’ve had that,” Liskevych said of the goals. “It was a huge confidence boost.”Wisconsin maintained its three-goal lead for nearly 70 minutes before giving up a goal to senior Katie Miller on an assist from Danielle Underwood. The Wolverines’ goal was the only shot they managed to put on goal in the second half.“It was amazing,” Klages said of the game. “When we get a goal early, we always respond really well to that, and Taylor’s goal was great. Just to be able to come out and not taper off at all — I think we played really well that first half — was great.”Klages also noted that she believes the team’s success on the weekend stemmed from its ability to carry the momentum built from defeating Indiana 1-0 a week ago.Following two Wisconsin wins, an Illinois loss and two Iowa losses on the weekend, the Badgers moved up two spots in the Big Ten standings into a tie with Illinois for sixth place.“Other teams in the Big Ten better watch out for us because we’re staying focused and working really hard,” Leibham said. “We’re making a statement for our program.”last_img read more

Syracuse Crunch enters 1 of 8 rivalry games with Binghamton as AHL realignment turns regional

first_img Published on October 16, 2014 at 12:14 am When the American Hockey League approached Syracuse Crunch owner Howard Dolgon about moving from the East Division to the Northeast Division, he knew there was one thing that needed to remain intact — games against local rivals, like the Binghamton Senators.Syracuse (0-1-1-0) will play eight games against the Senators (0-0-1-0) this year — the same number of matchups it has scheduled against division opponents Albany, Bridgeport (Connecticut), Hartford (Connecticut) and Springfield (Massachusetts).After hosting the Springfield Falcons (1-0-0-0) on Friday at 7 p.m., the rivalry will be renewed on Saturday at 7 p.m. at the Oncenter as the Crunch faces Binghamton for the first time this season.“I’m sure it’s going to be a lot of people in there and the crowd will hate them, so it’ll be a fun match and a hard game,” Syracuse center Cedric Paquette said.What the Crunch risks competitively — Syracuse was 2-5-2-1 against Binghamton last year — the team hopes to make up in revenue generated from nearby fans and the excitement of a regional matchup.AdvertisementThis is placeholder textFor Dolgon, the ideal division would be hyper-regional with teams exclusively from New York. The closer the opponents, the more money there is to be made from both home and and rival fans, Dolgon said. Closer opponents also result in easier, cheaper travel too, he added.“As long as we were able to continue to play in Wilkes-Barre (Pennsylvania) and Binghamton a significant number of times, which were easy travels for us and easy for those markets to come to our building, we were OK with a change,” Dolgon said.The ideal way to format a division for fans and team budgets is by location, Dolgon said. He singled out the trips his team made to Norfolk, Virginia two times for four games last season as ones he wanted to avoid by switching divisions. The Crunch will play the Utica Comets, a Western Conference, still-nearby opponent, six times this year — an increase from four in 2013–14.While a weekday game might not draw a large crowd regardless of opponent, he said, a weekend game against in-state rivals brings in fans that more distant teams don’t.“You walk a fine line in this league because you want to play divisional foes because that’s really to create a true standing, but at the same time there’s a lot of passion in the markets that are close to each other,” Dolgon said.Dolgon said he notices the organization getting a bigger revenue stream from local opponents because of the ticket orders from booster clubs that come in from those cities versus other locations.Coaches and players say they feed off the energy of the fans from Syracuse and Binghamton too.Said Crunch head coach Rob Zettler: “You get some Bingo fans in here and you get some people who are a little bit territorial.” Comments Facebook Twitter Google+last_img read more

Syracuse’s season-long struggles come full circle in 12-11 NCAA tournament opening-round loss

first_img Comments NEWTON, Mass. — Nicole Levy took off her mask, exhaled and walked off the field as her teammates ran in the opposite direction. The junior caught her breath and put her hand around the back of teammate Alie Jimerson. SU players hugged and held back tears as they went down to greet the team that had just ended its season.A goal from Princeton’s Colby Chanenchuk had just given Syracuse’s season a final blow, a stab in the chest at the finite portion of perhaps SU’s most powerful run all year. In SU’s (9-10, 1-6 Atlantic Coast) 12-11 NCAA tournament opening loss in double overtime to Princeton (13-5, 6-1 Ivy League), the Orange saw the season-long struggles it’s faced come back to haunt it, resulting in the first losing season in program history. The same problems that arose in the sloppy first half of Syracuse’s season-opening win reappeared against the Tigers, as they have shown signs all season long. Despite a tough fight in the end, SU was forced to pack its bags early.“We worked our way every single minute, every single second toward the end of the game,” redshirt sophomore Mary Rahal said. “I’m really, really proud of all my teammates for not giving up and pushing and going to the last whistle, the last second of the game.”This season, there’s always been something wrong for the Orange. It started with the loss of fall ball, then the draw struggles, then a tough schedule, then intense travel, then injuries and communication issues. What was wrong always swallowed what was right. SU head coach Gary Gait said he found himself in a spot that he’s never been before, a “bubble team” with a chance of missing the NCAA tournament.But, that was “long ago,” he said before the game. The Orange was more equipped. It had time to prepare and it was “ready.” Princeton was a team that SU has beaten before, at Princeton’s home field a month and a half ago.AdvertisementThis is placeholder textBut since the Orange last played the Tigers, things have changed. Princeton can score: Its offense ranked 18th in the nation coming into the game. Princeton can defend: Its 35th-ranked scoring defense allows just 10.85 goals per game. The only thing that the Tigers seemingly can’t do over their past six games is lose. Princeton’s six-game winning streak was capped with an Ivy League championship and a matchup with the Orange, whose ACC tournament opening loss matched the worst defensive performance in the program’s history after allowing 21 goals.Princeton gave the Orange nothing early on. The Tigers came out with a vengeance and tore apart the SU defense, opening up an 8-2 lead at one point of the game. An immediate scoring opportunity from Nicole Levy seconds into the game was dropped by the junior, and the rest of the Orange’s struggles followed.In the first half, Taylor Gait found her way toward the goal and forced a whistle as she took a shot. It was called a foul, though, and the Tigers were awarded possession.“That was a push on the shot, that was definitely a push on the shot,” Gary Gait yelled to the referee on the near side behind the goal. She ran past, pointing to the referee behind her coming down the field toward Gait. So, he repeated to the next ref, “That was a push on the shot, that was definitely a push on the shot.”It was much like what he had been forced to do the remainder of the season before Friday: Complain about the things that hindsight couldn’t fix.“It’s just the weirdest year that I’ve ever had,” SU head coach Gary Gait said. “It’s crazy how things happen, but this year is a year for anything.”Gait looked left and then right. He fist bumped Goldstock, whom he just removed from the game, turned around and put both his hands on his hips. He pleaded to his players. Silent, he watched as his players responded with a turnover on the other end. In just the first half, the Orange had packed in all of its season’s mistakes. Unlike the past, SU persisted.Gait’s unanswered calls showed how the Orange’s struggles have come full circle and haunted them when it mattered most. First the offense, then the defense and finally, the communication.But then the tempo changed. The Orange put on a mini-run from the end of the first half into the early part of the second frame. It expanded. The Orange marched, eating away at the Tigers’ lead. First, it was Levy, then Neena Merola, then Levy again, then Riley Donahue, then Mary Rahal. In an unanswered stretch, the Orange had roared back to cut the Princeton lead to one.“Syracuse is such a high-scoring and dangerous offensive team,” said Princeton head coach Chris Sailer. “And they went for a while there.”All game long, Princeton freshman goalkeeper Sam Fish swallowed up SU scoring chances, effortlessly grabbing the ball in her pocket from point-blank shooting range, standing up straight and lofting the ball to her nearest teammate. But the Tigers’ goalie started to look timid.The Orange roared back, equalized the game and pushed ahead. Hannah Van Middelem was unstoppable in SU’s net. Syracuse’s offense was electric. Play after play, SU seemed to have the upper hand. Even as Princeton had a chance to stop the run and push its lead to four on a pass inside to a wide-open Chanenchuk, the senior — just as Levy did on the first play of the game to spark the Orange’s struggles — dropped the pass.“We were just making some errors that we don’t usually make,” Chanenchuk said. “There was just a little bit of agitation, hesitation there.”But the final play suffocated yet another opportunity for triumph from an Orange team that spent a large part of the season gasping for air.It’s something that the Orange’s entire season was building up to. The preseason’s No. 7 team in the country, SU fell and fell. It became a bottom-dweller in the ACC and, every game, was forced to fight for its NCAA tournament life. After the buzzer, as SU players dug their faces into their jersey, not bearing the sight of the scoreboard behind them, Syracuse’s season finally reached its full perspective. It ended the same way it began. It looked short-handed, handicapped, but unlike in the early going, Syracuse was inferior. “We had a very rough year, from no fall ball, to having one of the toughest schedules in the country. I give us a lot of credit for making it into the tournament and giving us a chance to prove ourselves,” Rahal said, choking and fighting on her words. “Because Syracuse lacrosse is one of the best programs in the country.“We like to always remind everybody of that.” Facebook Twitter Google+center_img Published on May 11, 2018 at 6:52 pm Contact Michael: mmcclear@syr.edu | @MikeJMcClearylast_img read more

Irish soccer team due home today

first_imgThe Republic of Ireland squad return home from EURO 2016 this evening.The Boys in Green exited the tournament after a 2-1 loss to hosts France in Lyon yesterday.Ireland opened their campaign with a 1-1 draw against Sweden before losing 3-0 to Belgium. A 1-0 victory over Italy in their final group game saw them book their place in the last-16 of the European Championship for the first time ever.Defender Stephen Ward says they did themselves proud at the tournament.England now know that they could play hosts France in the quarter-finals.England would play them if they get past Iceland in Nice tonight at 8pm.Before that at 5pm, defending Champions Spain face Italy in Paris.last_img