Team Returns Home to Thousands of Fans
The world champs came home last night after defeating the Curacao team Sunday. The boys from West Oahu arrived like conquering heroes with first a huge reunion at the airport, then an even bigger bash in Ewa Beach.
more…
Look no further than the case of Amy Lynn Bradley
by Dan McGee
Thursday, August 25, 2005
I thought the commentary about the “Natalee Holloway,” madness was very interesting.
As a journalist myself, I was wondering where he got the information about the dissention within the Twitty camp.
Now this could be true, and if it is that shows me that the people, who came to Aruba to search for Holloway’s body were actually seeking to stroke their own egos. If so, they apparently lost sight of what was supposed to be going on.
Personally I believe what Beth Twitty has been saying about the authorities on Aruba. In fact this was kind of confirmed when the Prime Minister, in what has to be almost the understatement of the year, admitted that there were mistakes made.
If someone wants further proof they need look no further than the case of Amy Lynn Bradley. This woman was kidnapped off a cruise ship that docked at Curacao in March of 1998. A year later she identified herself to an U.S. Navy sailor in a brothel, which I believe, was in the same port she was kidnapped in.
The FBI interviewed the sailor, who waited too long to report this, and confirmed his story. This means that a kidnapped woman was enslaved in a brothel, and made to work as a prostitute, right under the noses of the local police.
In the Holloway case the police waited long enough for any evidence to be covered up before any arrests were made. Then Van Der Sloot’s father was briefly arrested and informed the boys that if there was no body, there was no case.
Since the chief of police is Joran’s godfather doesn’t this indicate something is amiss?
Despite all of this I know that the majority of the people in the Antilles are good, decent people trying to make a living. Just like I met on two sides of this world.
After spending most of my life in tourist areas I know just how difficult making a living can be. My question to them is, what have you become?
I’d bet money that some of the staff at that brothel on Curacao knew that Bradley was a prisoner there and kept against her will. Some of them probably know when and where she was shipped to. If she was killed, they know that as well. In fact some might even have had a hand shipping her to the mainland and might even know just where she actually is.
Of course I can’t blame them for being silent.
Once again, look at Aruba. Where is that gardener whose testimony blew a hole in the boy’s story? If he’s smart, he’ll be back on Colombia in hiding or if not probably has suffered a fatal accident. Still, I hope they can find him alive.
So folks, it all comes down to you. It’s not 1998 and the Internet allows a person to offer real information anonymously. So far the Bradleys have only heard silence about their daughter. Let’s see decent citizens of the Antilles finally stand up and be counted, even if they can’t publicly do it.
Oh yes, if you want to respond, forget the hate mail I’m seeing on Holloway’s site. That just shows you’re worthy of the scorn Beth Twitty and others have for you.
Finally I want to leave you decent types with two American sayings that I think apply. First is “action speak louder than words,” let’s see those who know either go to their ministers or use the Internet to offer real information to both grieving mothers. Something that might actually help.
And last of all, to you decent citizens of the Antilles, the “ball is in your court.” Maybe someday the names of these two unfortunate women be remembered as the turning point when the decent people started to make the Antilles the paradise it should be.
Thanks and good luck
P.S. Any information should be sent to either of the two following websites.
Amy Bradley – TeamAmy@hotmail.com
Natalee Holloway – NataleeHolloway@gmail.com
Source: Caribbean Net News
Curaçao politicians obstructing process on purpose, says Sarah
PHILIPSBURG–The delay in granting St. Maarten more financial leeway has Commissioner Sarah Wescott-Williams convinced more than ever that some Curaçao politicians are “purposely obstructing†increased autonomy for the island.
Wescott-Williams was referring to statements made during the handling of the borrowing authority for St. Maarten in Friday’s meeting of Parliament, held here. She said Members of Parliament such as Mike Willem of PAR “conveniently overlooked frustrations†that St. Maarten faced on a daily basis as part of the Netherlands Antilles and was trying to change. “They know better,†she said.
“Not seeing anything happening†that is part of the Governing Accord, she stated that the “conclusion is being confirmed every day, notwithstanding the referenda, there are politicians who are not in favour, and if given the opportunity would even obstruct the process of constitutional reform.â€
As for the borrowing authority process, Wescott-Williams explained that the Joubert Committee that was involved in the evaluation of higher supervision that had been imposed on St. Maarten had recommended in 1994 that the island be transferred from title three to title two.
The committee in question even prepared a draft federal ordinance for the transfer and the amendment to the ERNA. The transfer was also “emphatically†stated in the governing accords/programmes of the Central Governments of 1998 and 2002, said Wescott-Williams.
The actual process to be granted borrowing authority started in 2001 with the Council of Ministers deciding in October 2001 to approve in principle more financial leeway for the island. A protocol was signed with the Netherlands and the Central Government in August 2002 to facilitate more financial autonomy for St. Maarten.
“If it took this long to change just a few articles in the ERNA, can you imagine how long it would take to transfer from title three to two?†She announced that the DP faction in Parliament would be seeking an amendment to the ERNA, moving the island from title three to title two, which would make it possible to submit the budget at a later date and to fix salaries and pensions of (former) office holders.
Referring to the national debt, of which Senator Willem spoke when voicing his concerns about a debt that would be too high for St. Maarten, Wescott-Williams said that the 17 per cent share of St. Maarten in the national debt was “incorrect.†That would mean the island would be punished for contributing to the national economy. She spoke of an amount more in the range of 3 per cent.
She said different alternatives were mentioned in the report of the Preparatory Work Group for the Round Table Conference (RTC) to solve the issue of the national debt. No decision has been taken on that yet, but she said she expected it to be one of the topics that would be discussed at the inter-island summit that starts today, Thursday.
Source: The Daily Herald
A New Airline, a New Look
On August 23, 2005 America West and US Airways unveiled our new livery – or aircraft paint scheme – that will be used when we join together this fall to create the world’s largest low-fare, full-service airline with flights to more than 200 cities worldwide, including coast-to-coast destinations across the U.S., and a multitude of destinations in Canada, Mexico, Central America, the Caribbean, and Europe.
The fresh new look includes an updated version of the US Airways flag symbol and waving stripes that represent the stripes of the flag streaming across the sides of the plane.
While the new look celebrates the bright future for the airline, it also honors the rich history of the combined airline by incorporating an important new element: A symbol near the front of the body of the airplane that pays tribute to each of the airlines that have joined together over the years to make up the new US Airways:
* Allegheny Airlines
* America West
* Pacific Southwest Airlines (PSA)
* Piedmont Airlines
In addition to this symbol that celebrates the combined heritage of the new airline, several aircraft will be painted in the classic paint schemes of these airlines as a tribute to each of them.
Source: America West and US Airways
Venezuela ignores U.S. military deployment
CARACAS, Venezuela — Venezuelan Defense Minister Orlando Maniglia said a U.S. Navy ship docked at the island of Curacao posed no threat to Venezuela.
Venezuelan Television reported that Maniglia said the USS Bataan — an amphibious assault vessel resembling an aircraft carrier — with 1,500 Marines on board was taking a port break after a nine-day naval drill, adding that a similar situation took place three months ago.
Venezuela to resume using gas additive
Venezuela’s Curacao Isla oil refinery will resume operations this week at its 18,500-barrel-a-day unit after a nearly three-week shutdown because of a leak, a spokeswoman said Monday.
Source: Associated Press
Curacao 3, Saudi Arabia 0
Associated Press
SOUTH WILLIAMSPORT, Pa. – Sorick Liberia struck out nine batters and allowed just one hit to lead defending champion Willemstad, Curacao, over Dhahran, Saudi Arabia, 3-0, in the Little League World Series on Monday.
One of the four returning players from last year’s squad, Liberia took a no-hitter into the top of the sixth inning before Alexander Robinett doubled over third base with two outs for the only hit of the game for Saudi Arabia (0-2), the Transatlantic champs.
Curacao (2-1), the Caribbean champs, scored twice in the first without the benefit of a hit. Rayshelon Carolina walked and advanced to second on a wild pitch, and after Darren Seferina reached base on an error, scored the first run on a passed ball.
The win clinched a spot in the next round of the series for Curacao.
Seferina scored the second run when losing pitcher Andrew Holden threw his third wild pitch of the inning.
Holden struck out eight batters and allowed only a two-out double to Seferina in the fifth inning.
Venezuelan Consul caught napping by arrival of US Navy in Curacao
Filed under: Government & Politics, Law Enforcement and Crime
The Venezuelan consul in Curacao was caught napping last Wednesday when a US Coast Guard vessel and helicopter carrier sailed into Curacao supposedly for joint exercises with the Dutch Navy.
However, it appears that the amphibious vessel USS Bataan had been taking part in the US Southern Command joint-exercise Panamax 2005 with Argentinean, Colombian, Chilean and Panamanian aircraft patrolling the Caribbean and Pacific approaches to the Panama Canal.
Lt. Commander James Anderson says the participants provided persistent long-range surveillance, imagery and positioning data of all contacts of interest.
Venezuelan Consul in Williamstad, Lorenzo Angiolillo suggests a connection between the US Navy presence and an internal opposition campaign to discredit Petroleos de Venezuela (PDVSA), alleging that there are people that want to bring about an end of a contract to operate Venezuela’s oil refinery on Curacao.
* The local press say that two offers have been made to contract the refinery.
According to US Ambassador to Venezuela, William Brownfield, the Venezuelan Defense Ministry was duly informed about the arrival of the USS Dallas and USS Bataan for a bit of RR for servicemen taking part in joint exercised.
It has been learned that the Venezuelan Navy (Armada) has been put on full alert, while the ships remain in Curacao and their presence has given rise to speculation in Venezuela and the Dutch Antilles.
Source: VHeadline.com Venezuela
Singer N.V. Announces Results for the Second Quarter of 2005 and for Annual Shareholders Meeting
CURACAO, Netherlands Antilles, Aug. 20 /PRNewswire-FirstCall/ — Singer N.V. (Symbol: SNGR) (“Singer” or “the Company”) announced today its results for the second quarter of 2005. The Company also announced th
e results from its Annual General Meeting of Shareholders held on August 18, 2005.
On June 23, 2005, the Company completed the sale of Singer Jamaica Limited (“Singer Jamaica”) to AON International Inc. for a total consideration of $8.2 million. Singer Jamaica was Singer’s only remaining operating company outside of Asia. The consideration consists of $2.7 million in cash and $5.5 million in three promissory notes due through December 2009. The results of operations of Singer Jamaica, together with a loss on sale of $1.9 million, are reported as part of discontinued operations.
2005 Second Quarter Results
For the second quarter of 2005 ended June 30, 2005, the Company reported consolidated revenues of $84.3 million compared to $64.9 million for the second quarter of 2004, an increase of $19.4 million or 29.9%. The increase in revenues was primarily due to strong retail sales at almost all of the major Retail operating units in Asia, particularly in Thailand, Sri Lanka and Bangladesh. India’s sales, however, were substantially below prior year. Excluding India, the Company would have shown a 39.9% revenue increase for the quarter.
The Company’s revenues for the second quarter of 2005 include $12.8 million of finance earnings on consumer credit sales compared to $10.3 million in the second quarter of 2004. The increase in finance earnings is due primarily to increased credit sales in Thailand and Sri Lanka as a result of strong retail sales and promotion of credit, including longer average credit terms.
Gross profit for the three months ended June 30, 2005 was $28.0 million, representing a gross profit as a percentage of revenues of 33.2%, as compared to $23.6 million and a gross profit percentage of 36.3% for the three months ended June 30, 2004. The decline in gross profit percentage is primarily due to a shift in Thailand’s sales mix from appliances to motorcycles, which have a lower gross profit contribution.
Selling and administrative expenses for the three months ended June 30, 2005 were $24.3 million, representing 28.8% of revenues, as compared to $22.3 million and 34.3% of revenues for the three months ended June 30, 2004. The decrease in selling and administrative expenses as a percent of revenues is primarily due to Thailand’s significant sales increase which exceeded the increase in Thailand’s fixed selling and administrative expenses. This was offset, in part, by India’s significant decline in revenues without a corresponding decrease in fixed selling and administrative expenses. Excluding India, selling and administrative expenses as a percentage of revenue would have been 27.7% in the 2005 second quarter as compared to 34.1% in the 2004 second quarter.
Operating income for the three months ended June 30, 2005 and 2004 was $3.7 million and $1.3 million, respectively, while EBITDA (earnings before interest expense, taxes, depreciation and amortization) from continuing operations was $3.2 million and $1.1 million, respectively. The $2.4 million increase in operating income and $2.1 million increase in EBITDA were due to improved performance at the operating units, particularly in Thailand, Sri Lanka and the Philippines, coupled with a reduction in Corporate overhead expense.
Singer India Limited (“Singer India”) has incurred substantial and growing losses over the last several years. These losses are primarily a result of the inability of the operation through new initiatives to generate adequate sales volume, coupled with the high turnover of personnel, increased competition and, during 2004 and continuing into the second quarter of 2005, a severe liquidity crunch reflecting the impact of prior losses. On May 31, 2005, Singer India was registered as a “Sick Company” by the Board for Industrial & Financial Reconstruction (“BIFR”) pursuant to the Sick Industrial Companies (Special Provisions) Act, 1985 of India. The registration provides certain legal protection against creditors.
There can be no assurance that BIFR registration or any other steps being taken by Singer India will permit a successful reorganization of that company. The survival and restructuring of Singer India will require the support and assistance of Singer India’s banks and other stake holders, which support has so far not been forthcoming. The Company has not guaranteed any debt or any other obligations of Singer India and has no legal obligation to provide any financial support.
Singer has established a new wholly owned subsidiary in India, which together with a third party distributor, may take on the role of distributing sewing machines and small appliances on a wholesale basis in India. Residual sourcing and retail activity may continue to be carried on by a smaller and more focused Singer India. Singer is also considering reducing its ownership stake in that company. Should a sufficient stake be sold and Singer India be deconsolidated, the Company would recognize a significant accounting gain from the reversal of prior losses in excess of that company’s equity.
Interest expense was $2.3 million and $2.1 million for the three-month periods ended June 30, 2005 and 2004, respectively. The increase in interest expense reflects the increased financing required to support the increased installment receivables as a result of higher sales and promotion of credit, including longer average credit terms in Thailand and Sri Lanka.
Equity earnings from Operating Affiliates totaled a loss of $0.3 million during the three-month period ended June 30, 2005 as compared to a loss of $0.5 million for the same period in 2004. The $0.2 million improvement was primarily due to lower losses at First Capital Ltd., an operating affiliate in Sri Lanka.
Royalty expense was $0.8 million and $0.7 million for the three-month periods ended June 30, 2005 and 2004, respectively. The increase in royalty expense is due to increased revenues in Singer Asia. The royalty expense is for the use of the SINGER® trademark by the Retail Operating Companies in Asia.
Miscellaneous other income was $0.6 million for the three-month period ended June 30, 2005 as compared to other income of $0.7 million for the same period in 2004. Other income in 2005 was primarily interest income from investments and the KSIN notes receivable and gain on sale of property in India, which was partially offset by foreign exchange losses of $0.9 million. The other income for 2004 was primarily gain on sale of property in Thailand.
Provision for income taxes amounted to $1.5 million in the three-month period ended June 30, 2005, as compared to a $0.8 million tax provision for the same period in 2004. The $0.7 million increase in provision for income taxes is primarily due to higher provision for income tax in Thailand and Sri Lanka during 2005 as compared to 2004.
Minority interest share in income was $0.7 million for the 2005 second quarter compared to $0.5 million for the same period in 2004. The increase in minority interest income was primarily due to the increase in profits in Thailand and Sri Lanka.
The Company’s loss from continuing operations for the three months ended June 30, 2005 and 2004 was $1.3 million and $2.6 million, respectively. The reduction in loss of $1.3 million is primarily due to improved performance at the operating units, particularly in Sri Lanka and the Philippines.
Income from discontinued operations for the three months ended June 30, 2005 was $0.5 million as compared to a loss of $29.5 million for the same period in 2004. The gain in 2005 was due to the final post closing purchase price adjustment relating to the KSIN transaction which resulted in a gain of $2.3 million that was offset, in part, by loss on sale of Jamaica, net of earnings from operations, of $1.7 million and additional termination benefits of $0.1 million. The loss from discontinued operations in 2004 was primarily due to an impairment charge of $35.9 million on assets of the Sewing business and trademark that were sold as part of the KSIN transaction.
The net loss available to common shares for the three months ended June 30, 2005 and 2004 was $0.8 million and $32.0 million, respectively. This is equivalent to basic and diluted loss per common share of $0.14 and $4.04, respectively.
2005 Six Months Results
For the six months ended June 30, 2005, the Company reported consolidated revenues of $163.9 million compared to $133.1 million for the same period in 2004, an increase of $30.8 million or 23.1%. The increase in revenues was primarily due to strong retail sales at almost all of the major Retail operating units in Asia, particularly in Thailand, Sri Lanka and Bangladesh. India’s sales, however, were substantially below prior year. Excluding India, the Company would have shown a 34.2% revenue increase for the six months.
The Company’s revenues for the six months ended June 30, 2005 include $26.4 million of finance earnings on consumer credit sales compared to $20.0 million for the same period in 2004. The increase in finance earnings is due primarily to increased credit sales in Thailand and Sri Lanka as a result of strong retail sales and promotion of credit, including longer average credit terms.
Gross profit for the six months ended June 30, 2005 was $54.7 million, representing a gross profit as a percentage of revenues of 33.4%, as compared to $48.9 million and a gross profit percentage of 36.7% for the six months ended June 30, 2004. The decline in gross profit percentage is primarily due to a shift in Thailand’s sales mix from appliances to motorcycles, which have a lower gross profit contribution.
Selling and administrative expenses for the six months ended June 30, 2005 were $48.2 million, representing 29.4% of revenues, as compared to $43.2 million and 32.5% of revenues for the six months ended June 30, 2004. The decrease in selling and administrative expenses as a percent of revenues is primarily due to Thailand’s significant sales increase which exceeded the increase in Thailand’s fixed selling and administrative expenses. This was offset, in part, by India’s significant decline in revenues without a corresponding decrease in fixed selling and administrative expenses. Excluding India, selling and administrative expenses as a percentage of revenue would have been 28.3% in the six months ended June 30, 2005 as compared to 32.8% for the same period in 2004.
Operating income for the six months ended June 30, 2005 and 2004 was $6.6 million and $5.7 million, respectively, while EBITDA from continuing operations was $5.9 million and $4.1 million, respectively. The $0.9 million increase in operating income and $1.8 million increase in EBITDA were due to improved performance at the operating units, particularly in the Philippines and Sri Lanka, coupled with a reduction in Corporate overhead expense.
For a discussion of Singer India, please see the 2005 Second Quarter Results, above.
Interest expense was $4.3 million and $4.1 million for the six-month periods ended June 30, 2005 and 2004, respectively. The increase in interest expense reflects the increased financing required to support the increased installment receivables as a result of higher sales and promotion of credit, including longer average credit terms in Thailand and Sri Lanka.
Equity earnings from Operating Affiliates totaled a loss of $0.2 million during the six-month period ended June 30, 2005 as compared to a loss of $0.8 million for the same period in 2004. The $0.6 million improvement was primarily due to lower losses at First Capital Ltd., an operating affiliate in Sri Lanka.
Royalty expense was $1.6 million and $1.3 million for the six-month periods ended June 30, 2005 and 2004, respectively. The increase in royalty expense is due to increased revenues in Singer Asia. The royalty expense is for the use of the SINGER® trademark by the Retail Operating Companies in Asia.
Miscellaneous other income was $1.2 million for the six-month period ended June 30, 2005 as compared to other income of $1.5 million for the same period in 2004. Other income in 2005 was primarily interest income from investments and the KSIN notes receivable and gain on sale of property in India, which was partially offset by foreign exchange losses of $0.7 million. The other income for 2004 was primarily gains on sale of property in Thailand and Indonesia.
Provision for income taxes amounted to $2.8 million in the six-month period ended June 30, 2005, as compared to a $2.6 million tax provision for the same period in 2004. The $0.2 million increase in provision for income taxes is primarily due to higher provision for income tax in Thailand and Sri Lanka during 2005 as compared to 2004.
Minority interest share in income was $1.5 million for the 2005 period compared to $2.3 million for the same period in 2004. The decrease in minority interest share in income was primarily due to the lower net income in Singer Asia.
The Company’s loss from continuing operations for the six months ended June 30, 2005 and 2004 was $2.5 million and $4.0 million, respectively. The improvement of $1.5 million is primarily due to the increase in operating income coupled with the decline in minority interest share in income.
Loss from discontinued operations for the six months ended June 30, 2005 and 2004 was $0.4 million and $24.7 million respectively. The loss in 2005 was due to the loss on sale of Jamaica, net of earnings from operations, of $1.7 million and additional termination benefits of $1.0 million which were offset, in part, by the final post closing purchase price adjustment relating to the KSIN transaction which resulted in a gain of $2.3 million. The loss from discontinued operations in 2004 was primarily due to an impairment charge of $35.9 million on assets of the Sewing business and trademark that were sold as part of the KSIN transaction.
The net loss available to Common Shares was $2.9 million and $28.7 million for the six months ended June 30, 2005 and 2004, respectively. This is equivalent to basic and diluted loss per Common Share of $0.50 and $3.64, respectively.
Annual Shareholders Meeting
The required quorum was present and all resolutions presented to shareholders were approved by the requisite majorities at Singer’s Annual Shareholders Meeting, held in Curacao, Netherlands Antilles on August 18, 2005. Among the resolutions presented and approved at the meeting was a resolution to amend the Company’s Articles of Association to, among other things, change the Company’s name from “Singer N.V.” to “Retail Holdings N.V.” The name change was required by the terms of the agreements entered into in connection with the sale last year of the Sewing business and trademark to KSIN Holdings Ltd. Singer Asia Limited, the holding company subsidiary for the Asia Retail business will continue to use “Singer” as part of its company name, as will the individual Singer operating companies in Asia. These companies also will continue, with out change, to use the SINGER® trademark on stores and products.
Chairman’s Comments
Commenting on recent developments, Stephen H. Goodman, Singer’s Chairman, President and CEO remarked, “The sale by the Company during the second quarter of Singer Jamaica and approval by the shareholders at the Annual General Meeting of the recommended changes to the Company’s Articles of Association, including the change of the Company’s name to Retail Holdings N.V., are the important final steps in the restructuring of the Company announced last year. Retail Holdings is now a smaller and more focused company, with a growing and improving retail operating business in Asia and significant financial liquidity and resources. I am pleased with the significant increase in Singer Asia’s revenues, particularly in Thailand and Sri Lanka, and by the improvement in operating income, in both absolute dollars and as a percentage of revenue. Our objective going forward will be to continue to grow Singer Asia and improve its operating performance, including addressing the challenges in India, as we continue to seek to enhance shareholder value.”
About Singer N.V./Retail Holdings N.V.
Singer N.V. was incorporated under the laws of the Netherlands Antilles on December 21, 1999. Effective September 2000, as a result of a successful Chapter 11 reorganization, Singer became the parent company of several Operating Companies formerly owned by The Singer Company N.V. Effective following the 2005 Annual General Meeting, the name of the Company has been changed to Retail Holdings N.V.
The Singer Retail business in Asia, the only operating business remaining following the completion of the KSIN Transaction and sale of Singer Jamaica, consists primarily of the distribution, through Company-owned retail stores and direct selling, of a wide variety of consumer durable products in selected emerging markets in Asia. Retail sales activities in these markets are strengthened by the offer of consumer credit services provided by the Company to its customers. In some markets where it operates, Singer is recognized as a leading retailer of products for the home.
The Company does not anticipate that its Common Shares will be listed on any U.S. or overseas securities exchange, the NASDAQ National Market System, the NASDAQ Small Cap Market, the OTC Bulletin Board or a similar trading system. Price quotations for the Company’s Common Shares became available on the “Pink Sheets” quotation service under the symbol “SNGR” in March 2002. Brokers should be able to continue trading Singer/Retail Holding’s Common Shares using the “Pink Sheets” quotation service as long as the Company is current in submitting to the Securities and Exchange Commission (“SEC”) the materials that it makes available to its shareholders or is required to file under its own country jurisdiction. If the Common Shares cease to be traded, shareholders seeking to sell or buy Shares will only be able to do so with considerable difficulty and at prices that may not reflect the Shares’ theoretical inherent value. Even to the extent that quotations on the “Pink Sheets” service continue, there is no assurance that there will be adequate liquidity or that there will not be wide swings in prices and significant differences between “bid” and “asked” prices, which will make trading difficult and could cause prices for the Company’s Shares to deviate substantially from their theoretical inherent value.
Additional financial and other information about the Company, including: a copy of Singer’s audited consolidated financial statements for the twelve months ended December 31, 2004, 2003, 2002, and 2001 and for the three months ended December 31, 2000, together with the Auditor’s Reports thereon; the 2004 Annual Report dated April 2005, and the prior Disclosure Statements and Reports dated April 2004, April 2003, May 2002 and September 2001; and copies of all quarterly reports and press releases since the conclusion of the Chapter 11 proceedings in September 2000, may be found at the investor section of the Company’s website at http://www.retailholdings.com.
Statements made herein with respect to the Company’s current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of the Company. Forward-looking statements include but are not limited to those using words such as believe, expect, anticipate, plans, strategy, prospects, forecast, estimate, project, may or might, and words of similar meaning in connection with a discussion of future operations, financial performance, financial position, capital resources and strategy and plans and objectives of management. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management’s assumptions and beliefs which are expressed in light of the information available to management at the time. The ultimate outcome in many cases is outside the Company’s control. The Company cautions you that no assurance can be given that expectations reflected in such forward looking statements will prove to have been correct, that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and, therefore, you should not place undue reliance on such forward-looking statements. You should not rely on any obligation of the Company to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company disclaims any such obligation. Risks and uncertainties that might affect the Company include, but are not limited to: general economic conditions in the Company’s markets worldwide, particularly in Asia, including levels of consumer spending; exchange rates, particularly between the US dollar and other currencies in which the Company makes significant sales or in which the Company’s assets and liabilities are denominated; the Company’s ability to continue to win acceptance of its products and services, which are offered in highly competitive markets; the payment at maturity of the unsecured subordinated promissory notes issued to the Company by KSIN Holdings, Ltd. and the secured promissory notes issued to the Company by AON International and Singer Jamaica; continuing relationships with financial institutions, suppliers and other creditors; and the outcome of contingencies.
SINGER N.V.
CONSOLIDATED BALANCE SHEETS
June 30, 2005 and DECEMBER 31, 2004
(in thousands of US dollars, except share and per share amounts)
(Unaudited) (Audited)
June 30, December 31,
2005 2004
ASSETS:
Current assets -
Cash and cash equivalents $36,650 $40,038
Accounts receivable, net of allowances
for doubtful accounts of $28,072 and
$28,242, respectively 109,773 113,441
Inventories, net 50,432 51,898
Other current assets 15,541 13,773
Total current assets 212,396 219,150
Investment in operating affiliates 6,235 6,616
Installment receivables due in excess of
one year 63,987 39,523
Property, plant and equipment, net 20,746 21,141
Goodwill and intangible assets, net 14,845 14,821
Other assets 40,653 34,525
Total assets $358,862 $335,776
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities -
Notes and loans payable $81,686 $48,370
Accounts payable 21,843 27,069
Accrued liabilities 18,539 19,747
Current portion of long-term debt 23,378 24,668
Total current liabilities 145,446 119,854
Long-term debt 40,458 38,359
Other non-current liabilities 31,325 31,365
Minority interest 60,525 62,317
Total liabilities 277,754 251,895
SHAREHOLDERS’ EQUITY:
Common Shares, $0.01 par value, authorized
20,000,000 shares, issued and outstanding
5,848,339 in 2005 and 5,984,375 in 2004 58 60
Additional paid-in capital 96,300 97,132
Deficit (9,212) (6,293)
Accumulated other comprehensive loss (6,038) (7,018)
Total shareholders’ equity 81,108 83,881
Total liabilities and shareholders’
equity $358,862 $335,776
SINGER N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2005 and 2004 (Unaudited)
(in thousands of US dollars, except share and per share amounts)
Three Months Ended Six Months ended
June 30, 2005 and 2004 June 30, 2005 and 2004
Revenues $84,270 $64,918 $163,945 $133,105
Cost of revenues 56,235 41,355 109,197 84,205
Gross profit 28,035 23,563 54,748 48,900
Selling and administrative
expenses 24,313 22,249 48,172 43,246
Operating income 3,722 1,314 6,576 5,654
Other income (expense)
Interest expense (2,312) (2,147) (4,301) (4,091)
Equity earnings from
operating affiliates (298) (502) (157) (803)
Royalty (842) (649) (1,639) (1,331)
Other, net 623 716 1,242 1,461
(2,829) (2,581) (4,855) (4,764)
Income (loss) from continuing
operations before provision
for income taxes and minority
interest 893 (1,267) 1,721 891
Provision for income taxes 1,545 827 2,766 2,555
Minority interest share
in income (675) (496) (1,494) (2,302)
Loss from continuing
operations (1,327) (2,590) (2,539) (3,967)
Discontinued operations
Income from operations of
Sewing business and
trademark — 6,444 — 11,128
Gain (loss) on
sale/impairment on assets
of Sewing business and
trademark, net of
tax benefit 2,198 (35,923) 1,314 (35,923)
Income from operations of
Jamaica 231 23 233 73
Loss on sale of Jamaica,
net of tax benefit (1,927) — (1,927) –
Income (loss) from
discontinued operations 502 (29,456) (380) (24,718)
Net loss available to
common shares $(825) $(32,046) $(2,919) $(28,685)
Earnings (loss) per common
share – basic and diluted
Loss from continuing
operations $(0.23) $(0.33) $(0.43) $(0.50)
Income (loss) from
discontinued operations $0.09 $(3.71) $(0.07) $(3.14)
Net loss available to
common shares $(0.14) $(4.04) $(0.50) $(3.64)
Basic weighted average
common shares outstanding 5,840,982 7,934,414 5,805,763 7,902,620
Diluted weighted average
common shares outstanding 6,159,042 8,285,034 6,170,529 8,301,377
Source: Singer N.V.
Gambling site allows bets on gas prices
Filed under: Business and Economy, Entertainment and Sport
WILLEMSTAD, Netherlands Antilles | August 16, 2005 4:11:45 AM IST
An Internet gambling site allows small timers to gamble on the future price of oil and gas just like the big players who buy oil futures.
The Chicago Tribune reports that Pinnacle Sports, which is based in Curacao, gives gamblers three options. They are whether the price of crude oil will be more than $70 a barrel by Jan. 1, whether the drivers in Los Angeles and New York will be paying more than $3 a gallon and whether the average price nationwide will go over $2.50 for regular unleaded.
This really is the man on the street, Simon Noble, executive director of Pinnacle UK, told the newspaper. These are the Joe Publics who are getting hit in the pocket with rising gas prices.
While Pinnacle refused to say how many have put their money down on oil and gas bets, the company did say that the bets are attracting the same level of interest as July’s Tour de France.