The referendum is behind us. The electorate has spoken loudly; the logical question is - what's next; what do the voters really want? What do citizens that never came forward in Monday night sessions, but voted overwhelmingly in favor of the referendum really want to see?
It is not that hard to figure out. We should be the very best that we can be and need to be. This is what Falls Church citizens have consistently desired throughout the last decade, made clear in referendums, and what we want - going forward - are the very same things that City Council has memorialized in their strategic guidance document but, sadly, has managed to lose sight of over the past two years. The voters want the Council, as elected leaders, to do the things it said it believed in and then promised to do. The citizens of the City of Falls Church want their tax dollars to count for something. They want proper conservative spending. Among the last things they want are elected politicians who levy and increase taxes without any tangible benefit. The path forward for our elected leadership calls into play three principles:
Maintain focus on priorities. We want great schools and recognize that revenue generation is the only way to get them. Voters are properly beyond simply unhappy that property taxes continue to escalate out of control without reason and without improvements to things that matter: obsolete schools, consumer parking, storm-water management, cut-through speeders and lack of commerce in our City. Citizens don't understand the City's position when it refuses to negotiate with developers who propose building less than 100% commercial facilities. We reject coded insinuation that says we want less young families in the city since that will only increase the pressure on our school system. Voters recognize that without school-age children, we cease to have a reason to exist.
We need a new high school. We have many resources already in hand. We have an extension university facility. We have a concrete plant. We have a City maintenance yard and a car storage lot. True leadership would do much with that information. True leadership would not have turned down a combination of Federal earmark funds, State tax credit investments and private equity committed to financing mixed-use commercial affordable housing totaling nearly the entire external capital requirement. A financial institution would have moved its data center and customer service operation into our city if we could have provided affordable housing for its workers.
Recognize opportunities and plan to live in the future. Soon, the Silver line will be operational. What sorts of parking, shuttle services and commercial ventures have we sought, in partnership with our adjoining jurisdictions, to take advantage of the new line to Dulles Airport?
What is proper conservative spending? Stop endless spending on studies that validate what we already know. Numerous studies over the past ten years have concluded that we really have a storm water problem. After spending nearly a million dollars on studies on City Hall, it was concluded that the building is obsolete for its intended purpose and now need to spend another three million just to keep the court contract with Arlington. Let's review what has happened over current and prior councils. The past city council exhibited unprecedented leadership in engaging with the development community. They foresaw that by taking advantage of opportunities and exhibiting far-sighted leadership, our City could diminish the need to finance itself on the backs of the residential tax payer. Prior councils brought about a slew of environmentally-sustainable mixed-use developments conforming to economic prosperity needs and meeting many of the United States Green Building Council (USGBC) definitions for buildings that will survive the test of time. These include The Spectrum, the Read Building, Byron's, BJ's, the Hekemian mixed-use rental complex, the Flower Building (USGBC Gold Rating) as well as moving the ball close to the goal line in negotiations for the Gateway, City Center South and Broad Street Hotel projects. Without real estate and sales tax income from these projects, residential taxpayers could expect another four million dollars of taxes each year.
Do the right thing - always. The prior council voted to move elections to November to enable more voters to exercise their franchise as citizens. The current council is considering reducing the number of voting wards from five to three. If successful, this will exacerbate access and will result in further voter restrictions. I remain unalterably opposed to any further activity on this diversionary issue.
Let's hope that the current council is up to the challenge. Now that November balloting has passed by overwhelming assent, we ask our elected leadership to pay attention to what is truly important. Council: Let's be honest with ourselves. The work remains. Please don't make us wait for another November.
2011年11月17日星期四
2011年10月27日星期四
Pacific Biosciences Posts Q3 Revenues of $10.5M, Lowers Revenue Guidance
Pacific Biosciences reported after the close of the market Thursday that its third-quarter revenues fell 1 percent sequentially but beat analysts' consensus estimates on the top and bottom line.
The firm also lowered its revenue guidance for the year based on its current backlog of instrument orders.
The single-molecule, real-time sequencing instruments maker brought in total revenues of $10.5 million for the three-month period ended Sept. 30, down from $10.6 million for the second quarter, but above analysts' consensus estimate of $9.8 million. The firm reported revenues of $220,000 for Q2 2010, before it launched its first product, the PacBio RS system.
PacBio reported product revenues of $9.8 million versus $10.1 million for Q2 2011. Service and other revenues were $535,000, up from $192,000, and grant revenues were $165,000 versus $290,000. All of the revenues in Q3 2010 were from grants.
On a conference call following the release of the results, PacBio President and CEO Hugh Martin said that the firm placed a total of 15 RS systems during the third quarter. Of those 15, seven were new placements. The company now has an installed base of 31 systems, he added.
Martin said that the company has been successful in placing instruments with early "adopters and innovators," but added that many mainstream customers are still "waiting on the sidelines." He also acknowledged that the company "overestimated the speed" at which the transition from early adopters to the mainstream market would occur.
The firm posted a net loss of $29.3 million, or $.54 per share, compared to a net loss of $40.7 million, or $39.70 per share, for Q3 2010, before the firm went public. Its Q2 2011 net loss was $22.5 million, or $.42 per share. PacBio beat the Wall Street estimate for a loss per share of $.59.
It R&D spending was $20 million, compared to $32.9 million for Q3 2010 and $19.5 million for Q2 2011. Its SG&A expenses were $12.8 million, versus $8 million for the third quarter of 2010 and $11 million for the second quarter of 2011.
PacBio recently laid off 130 employees, or 28 percent of its workforce. At the time it said that the job cuts were the result of "uncertainties associated with the economic environment" and to put the company in a position for success in the long term.
The firm recorded charges of $4.9 million for the quarter tied to the staff reductions.
According to Martin, the layoffs cut the firm's burn rate to $20 million per quarter. It had spent around $32 million in the second quarter.
PacBio finished the quarter with $193.7 million in cash and investments.
Ben Gong, VP of finance and treasurer, said on the call that PacBio has trimmed its 2011 revenue forecast to a range of $30 million to $33 million from a previous expectation of around $35 million. He said the current backlog is 27 RS units, representing $18M in system revenue backlog, and the firm would need to install 19-20 units in Q4 to meet the earlier $35 million guidance.
Instead, PacBio intends to "stagger" the installations into Q1 in order to "smooth" the installation process and spend more time with customers, since new customers require a great deal of support, he said.
Martin added that PacBio has begun the early-access program for the C2 chemistry upgrade, which will increase the read length and improve the accuracy of the system. The firm initially targeted the commercial launch for the fourth quarter of this year but has pushed that into Q1 2012. Martin said PacBio is looking for early-access customers to "validate that the release is ready" before it become more broadly available.
Separately, PacBio announced that Michael Hunkapiller has been named executive chairman of the firm's board of directors. Hunkapiller is a general partner at venture capital firm Alloy Ventures and former president and GM of Applied Biosystems, which is now part of Life Technologies. He's been a member of PacBio's board since 2005.
The firm also lowered its revenue guidance for the year based on its current backlog of instrument orders.
The single-molecule, real-time sequencing instruments maker brought in total revenues of $10.5 million for the three-month period ended Sept. 30, down from $10.6 million for the second quarter, but above analysts' consensus estimate of $9.8 million. The firm reported revenues of $220,000 for Q2 2010, before it launched its first product, the PacBio RS system.
PacBio reported product revenues of $9.8 million versus $10.1 million for Q2 2011. Service and other revenues were $535,000, up from $192,000, and grant revenues were $165,000 versus $290,000. All of the revenues in Q3 2010 were from grants.
On a conference call following the release of the results, PacBio President and CEO Hugh Martin said that the firm placed a total of 15 RS systems during the third quarter. Of those 15, seven were new placements. The company now has an installed base of 31 systems, he added.
Martin said that the company has been successful in placing instruments with early "adopters and innovators," but added that many mainstream customers are still "waiting on the sidelines." He also acknowledged that the company "overestimated the speed" at which the transition from early adopters to the mainstream market would occur.
The firm posted a net loss of $29.3 million, or $.54 per share, compared to a net loss of $40.7 million, or $39.70 per share, for Q3 2010, before the firm went public. Its Q2 2011 net loss was $22.5 million, or $.42 per share. PacBio beat the Wall Street estimate for a loss per share of $.59.
It R&D spending was $20 million, compared to $32.9 million for Q3 2010 and $19.5 million for Q2 2011. Its SG&A expenses were $12.8 million, versus $8 million for the third quarter of 2010 and $11 million for the second quarter of 2011.
PacBio recently laid off 130 employees, or 28 percent of its workforce. At the time it said that the job cuts were the result of "uncertainties associated with the economic environment" and to put the company in a position for success in the long term.
The firm recorded charges of $4.9 million for the quarter tied to the staff reductions.
According to Martin, the layoffs cut the firm's burn rate to $20 million per quarter. It had spent around $32 million in the second quarter.
PacBio finished the quarter with $193.7 million in cash and investments.
Ben Gong, VP of finance and treasurer, said on the call that PacBio has trimmed its 2011 revenue forecast to a range of $30 million to $33 million from a previous expectation of around $35 million. He said the current backlog is 27 RS units, representing $18M in system revenue backlog, and the firm would need to install 19-20 units in Q4 to meet the earlier $35 million guidance.
Instead, PacBio intends to "stagger" the installations into Q1 in order to "smooth" the installation process and spend more time with customers, since new customers require a great deal of support, he said.
Martin added that PacBio has begun the early-access program for the C2 chemistry upgrade, which will increase the read length and improve the accuracy of the system. The firm initially targeted the commercial launch for the fourth quarter of this year but has pushed that into Q1 2012. Martin said PacBio is looking for early-access customers to "validate that the release is ready" before it become more broadly available.
Separately, PacBio announced that Michael Hunkapiller has been named executive chairman of the firm's board of directors. Hunkapiller is a general partner at venture capital firm Alloy Ventures and former president and GM of Applied Biosystems, which is now part of Life Technologies. He's been a member of PacBio's board since 2005.
2011年6月8日星期三
Ciena, Ulta Salon, Abercrombie & Fitch, Molycorp
U.S. stocks traded lower Wednesday as the Dow Jones Industrial Average declined 13 points to 12057, the Standard & Poor's 500 shed 2.2 points to 1282 and the Nasdaq Composite lost 13 points to 2688. Among the companies whose shares are actively trading in the session are Ciena Corp. (CIEN), Ulta Salon Cosmetics & Fragrance Inc. (ULTA) and Abercrombie & Fitch Co. (ANF).
Ciena's ($21.05, -$3.17, -13.07%) fiscal second-quarter loss narrowed thanks to lower acquisition and integration-related costs as the networking-equipment company continued to post strong sales growth. However, the adjusted loss was more than analysts anticipated, and the company projected fiscal third-quarter revenue below expectations.
Ulta Salon's ($54.05, +$4.44, +8.95%) fiscal first-quarter profit jumped 71% as surging same-store sales and store growth boosted its top line and margins climbed. The results handily topped the company's expectations.
Abercrombie & Fitch ($67.15, -$2.75, -3.93%) Chief Financial Officer Jonathan Ramsden said Wednesday that the retailer's second-quarter results won't be as strong as the first quarter, but still in line with its guidance.
Molycorp Inc. (MCP, $54.72, -$3.98, -6.78%) detailed plans to sell 10 million shares of common stock and offer $200 million of convertible senior notes, with proceeds from the latter offering to be used to fund the rare-earth mining company's facility expansion. Molycorp has about 82 million shares outstanding.
Samsung Electronics Co. (SSNHY, $294.50, +$0.00, +0.00%) (005930.SE) has declined to comment on market speculation that it could be preparing a bid for ailing Finland-based handset maker Nokia Corp. (NOK, $6.30, -$0.25, -3.75%). The speculation comes a week after Nokia described as unfounded and baseless a report that Microsoft Corp. (MSFT, $23.95, -$0.12, -0.48%) wanted to buy the Finnish company, which has been rocked by a recent profit warning and downgrades from ratings agencies. Nokia also declined to comment on what it called rumors.
Aaron's Inc.'s (AAN, $26.64, -$0.71, -2.60%) shares have surged 76% in the past year, but the company faces a period of "choppy demand trends," Northcoast Research says. Firm downgrades AAN to neutral from buy as it adopts a cautious, near-term outlook on the rent-to-own industry. Accelerating gasoline prices and food costs coupled with the anemic job market will limit the likelihood that AAN can boost same-store sales and EPS estimates during the next two to three quarters, Northcoast says.
ABM Industries Inc.'s (ABM, $23.15, +$0.74, +3.30%) fiscal second-quarter earnings jumped 65%, with adjusted results above analysts' expectations, as the company reported broad revenue gains across all segments, led by engineering and parking services.
Standard & Poor's Ratings Services raised its rating on American Axle & manufacturing Holdings Inc. (AXL, $10.30, +$0.08, +0.78%) Tuesday, saying a recovery in light-vehicle demand in North America and a lower cost structure have aided the auto supplier's credit measures.
Analogic Corp.'s (ALOG, $51.95, +$1.62, +3.22%) fiscal third-quarter earnings fell 11% on higher compensation expenses, without which the imaging-systems company's bottom line would have risen on better-than-expected revenue growth.
Leonard Green & Partners LP has joined with CVC Capital Partners, and the buyout firms plan to make a joint bid next week for BJ's Wholesale Club Inc. (BJ, $48.65, +$0.95, +1.99%) that will likely value the retailer at a minimum of $2.8 billion, the New York Post reported Wednesday, citing people familiar with the matter. No binding bids for BJ's have been submitted yet.
Ciena's ($21.05, -$3.17, -13.07%) fiscal second-quarter loss narrowed thanks to lower acquisition and integration-related costs as the networking-equipment company continued to post strong sales growth. However, the adjusted loss was more than analysts anticipated, and the company projected fiscal third-quarter revenue below expectations.
Ulta Salon's ($54.05, +$4.44, +8.95%) fiscal first-quarter profit jumped 71% as surging same-store sales and store growth boosted its top line and margins climbed. The results handily topped the company's expectations.
Abercrombie & Fitch ($67.15, -$2.75, -3.93%) Chief Financial Officer Jonathan Ramsden said Wednesday that the retailer's second-quarter results won't be as strong as the first quarter, but still in line with its guidance.
Molycorp Inc. (MCP, $54.72, -$3.98, -6.78%) detailed plans to sell 10 million shares of common stock and offer $200 million of convertible senior notes, with proceeds from the latter offering to be used to fund the rare-earth mining company's facility expansion. Molycorp has about 82 million shares outstanding.
Samsung Electronics Co. (SSNHY, $294.50, +$0.00, +0.00%) (005930.SE) has declined to comment on market speculation that it could be preparing a bid for ailing Finland-based handset maker Nokia Corp. (NOK, $6.30, -$0.25, -3.75%). The speculation comes a week after Nokia described as unfounded and baseless a report that Microsoft Corp. (MSFT, $23.95, -$0.12, -0.48%) wanted to buy the Finnish company, which has been rocked by a recent profit warning and downgrades from ratings agencies. Nokia also declined to comment on what it called rumors.
Aaron's Inc.'s (AAN, $26.64, -$0.71, -2.60%) shares have surged 76% in the past year, but the company faces a period of "choppy demand trends," Northcoast Research says. Firm downgrades AAN to neutral from buy as it adopts a cautious, near-term outlook on the rent-to-own industry. Accelerating gasoline prices and food costs coupled with the anemic job market will limit the likelihood that AAN can boost same-store sales and EPS estimates during the next two to three quarters, Northcoast says.
ABM Industries Inc.'s (ABM, $23.15, +$0.74, +3.30%) fiscal second-quarter earnings jumped 65%, with adjusted results above analysts' expectations, as the company reported broad revenue gains across all segments, led by engineering and parking services.
Standard & Poor's Ratings Services raised its rating on American Axle & manufacturing Holdings Inc. (AXL, $10.30, +$0.08, +0.78%) Tuesday, saying a recovery in light-vehicle demand in North America and a lower cost structure have aided the auto supplier's credit measures.
Analogic Corp.'s (ALOG, $51.95, +$1.62, +3.22%) fiscal third-quarter earnings fell 11% on higher compensation expenses, without which the imaging-systems company's bottom line would have risen on better-than-expected revenue growth.
Leonard Green & Partners LP has joined with CVC Capital Partners, and the buyout firms plan to make a joint bid next week for BJ's Wholesale Club Inc. (BJ, $48.65, +$0.95, +1.99%) that will likely value the retailer at a minimum of $2.8 billion, the New York Post reported Wednesday, citing people familiar with the matter. No binding bids for BJ's have been submitted yet.
2011年4月19日星期二
Under the banner of 'Smart Thinking'
John Plant, TRW Automotive chairman, president and chief executive officer, explained: "At Auto Shanghai this year we're demonstrating how TRW has the broadest portfolio of safety systems of any global supplier and how we're bringing this expertise to help protect drivers, occupants and other road users in China.
"We're expanding our safety campaign in China – highlighting the importance of vehicle safety – especially to wear seatbelts and increase road safety awareness. Almost a quarter of global deaths in children are as a result of road traffic incidents, according to World Health Organization statistics.
"To tackle this key challenge, we have created a range of resources to support the communication of key messages about road safety to young people and will now focus on making the tools available as widely as possible."
TRW's presence at Auto Shanghai highlights how it is taking an elevated approach to safety in three ways: through advanced systems; by improving value and offering more affordable solutions; and through a range of innovative fuel efficient systems to help reduce the impact of harmful emissions on our environment. TRW's stand focuses on these three key areas which underpin Cognitive Safety: 'Advanced Thinking', 'Smart Thinking' and 'Green Thinking'.
Executive vice president of sales and business development, Peter Lake, remarked: "With Advanced Thinking, we're demonstrating to Auto Shanghai visitors how we use our suite of sensors to integrate radar, video, steering, brakes, crash sensors and more. For example, TRW is highlighting its Automatic Emergency Braking system, which is the ultimate expression of intelligent safety."
TRW is also highlighting a number of key technologies which deliver class leading fuel efficiency beyond powertrain, including electrically assisted steering and hybrid enabling braking technologies as well as innovative light weight braking solutions.
Lake continued: "TRW's Electrically Powered Steering (EPS) can deliver up to four per cent fuel efficiency compared to standard hydraulic steering: this Green Thinking is helping to support the strong focus in China on reducing emissions and improving fuel economy. We were proud to announce a number of contracts to introduce Column Drive EPS into China with several global and domestic vehicle manufacturers."
Under the banner of 'Smart Thinking', TRW is unveiling a number of technologies which represent its focus on affordable safety solutions and creating value. TRW is innovating to make the latest safety solutions accessible to all customers in all markets. This is achieved through integration, modularity and scalability.
Lake added: "One example is our ESC family where slip control functionality is introduced from ABS and standard ESC through to ESC Premium and ESC PH – our regenerative braking solution. The technology is delivered with a modular approach with the aim of sharing the maximum number of parts across the different system architectures for greater production efficiency."
TRW is investing heavily in capacity for several advanced technology products to meet the needs of the China market. In the next two years, it plans to add local production capabilities for a number of advanced technologies such as electric power steering, airbag inflators and electronic stability control.
"We're expanding our safety campaign in China – highlighting the importance of vehicle safety – especially to wear seatbelts and increase road safety awareness. Almost a quarter of global deaths in children are as a result of road traffic incidents, according to World Health Organization statistics.
"To tackle this key challenge, we have created a range of resources to support the communication of key messages about road safety to young people and will now focus on making the tools available as widely as possible."
TRW's presence at Auto Shanghai highlights how it is taking an elevated approach to safety in three ways: through advanced systems; by improving value and offering more affordable solutions; and through a range of innovative fuel efficient systems to help reduce the impact of harmful emissions on our environment. TRW's stand focuses on these three key areas which underpin Cognitive Safety: 'Advanced Thinking', 'Smart Thinking' and 'Green Thinking'.
Executive vice president of sales and business development, Peter Lake, remarked: "With Advanced Thinking, we're demonstrating to Auto Shanghai visitors how we use our suite of sensors to integrate radar, video, steering, brakes, crash sensors and more. For example, TRW is highlighting its Automatic Emergency Braking system, which is the ultimate expression of intelligent safety."
TRW is also highlighting a number of key technologies which deliver class leading fuel efficiency beyond powertrain, including electrically assisted steering and hybrid enabling braking technologies as well as innovative light weight braking solutions.
Lake continued: "TRW's Electrically Powered Steering (EPS) can deliver up to four per cent fuel efficiency compared to standard hydraulic steering: this Green Thinking is helping to support the strong focus in China on reducing emissions and improving fuel economy. We were proud to announce a number of contracts to introduce Column Drive EPS into China with several global and domestic vehicle manufacturers."
Under the banner of 'Smart Thinking', TRW is unveiling a number of technologies which represent its focus on affordable safety solutions and creating value. TRW is innovating to make the latest safety solutions accessible to all customers in all markets. This is achieved through integration, modularity and scalability.
Lake added: "One example is our ESC family where slip control functionality is introduced from ABS and standard ESC through to ESC Premium and ESC PH – our regenerative braking solution. The technology is delivered with a modular approach with the aim of sharing the maximum number of parts across the different system architectures for greater production efficiency."
TRW is investing heavily in capacity for several advanced technology products to meet the needs of the China market. In the next two years, it plans to add local production capabilities for a number of advanced technologies such as electric power steering, airbag inflators and electronic stability control.
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