Frontier Communications Corporation (NASDAQ: FTR) today reported fourth-quarter 2011 revenue of $1,283.2 million, operating income of $230.5 million and net income attributable to common shareholders of Frontier of $42.2 million, or $0.04 per share. After excluding $42.2 million for integration costs and $1.1 million for severance and early retirement costs, net income attributable to common shareholders of Frontier for the fourth quarter of 2011 would have been $69.0 million, or $0.07 per share.
?Fourth quarter 2011 demonstrated the strongest quarterly revenue and EBITDA margin performance since our Verizon acquisition? said Maggie Wilderotter, Chairman & CEO of Frontier Communications. ?We also finished a successful 4 state conversion, started the prep work for the additional 9 states to convert in March 2012, and delivered annualized synergies of $552 million enabling us to increase our guidance for 2012 to $650 million.?
Mrs. Wilderotter added: ?Frontier?s Board of Directors also made the decision to lower the quarterly dividend to $0.10 per share. This will enable Frontier to reduce debt, improve our leverage, have ample cash to invest in the network and other strategic initiatives, and to provide a more sustainable shareholder return through a lower dividend payout ratio. This was a difficult decision, but we believe it is in the best interest of all stakeholders and will make Frontier a competitively stronger business in both the near term and long term.?
Revenue for the fourth quarter of 2011 was $1,283.2 million as compared to $1,290.9 million in the third quarter of 2011 and $1,358.7 million in the fourth quarter of 2010. The decrease in revenue for the fourth quarter of 2011 as compared to the fourth quarter of 2010 is attributable to decreases in the number of residential and business customers, switched access, subsidy, video and other revenue.
At December 31, 2011, the Company had 3,103,800 residential customers and 309,900 business customers. The Company grew its high-speed internet customers by 9,300 during the fourth quarter of 2011. The Company had 1,764,200 high-speed internet customers at December 31, 2011. The Company had net additions of 1,000 video customers during the fourth quarter of 2011, which includes 6,900 net additions of satellite TV customers and a net loss of 5,900 FiOS video customers. The Company had 557,500 video customers at December 31, 2011.
Network access expenses and other operating expenses for the fourth quarter of 2011 were $669.4 million as compared to $691.3 million in the third quarter of 2011 and $755.0 million in the fourth quarter of 2010. Other operating expenses included severance and early retirement costs of $1.1 million in the fourth quarter of 2011, $3.6 million in the third quarter of 2011 and $2.7 million in the fourth quarter of 2010.
Depreciation and amortization for the fourth quarter of 2011 was $341.0 million as compared to $351.9 million in the third quarter of 2011 and $352.8 million in the fourth quarter of 2010.
Integration costs of approximately $42.2 million ($0.03 per share after tax) were incurred during the fourth quarter of 2011, as compared to approximately $67.4 million ($0.04 per share after tax) in the third quarter of 2011 and $11.3 million ($0.01 per share after tax) in the fourth quarter of 2010, in connection with our integration of the acquired properties. These nonrecurring costs in 2011 were incurred in connection with our successful conversion of various states onto our platform of system applications on October 1, 2011, continued work on the conversion of remaining systems scheduled to commence in March 2012, and other ongoing network integration work.
Operating income for the fourth quarter of 2011 was $230.5 million and operating income margin was 18.0 percent as compared to operating income of $180.3 million and operating income margin of 14.0 percent in the third quarter of 2011 and operating income of $239.7 million and operating income margin of 17.6 percent in the fourth quarter of 2010. After excluding $42.2 million for integration costs and $1.1 million for severance and early retirement costs, operating income and operating income margin for the three months ended December 31, 2011 would have been $273.8 million and 21.3 percent, respectively. After excluding $143.1 million for integration costs and $15.7 million for severance and early retirement costs, operating income and operating income margin for the year ended December 31, 2011 would have been $1,058.5 million and 20.2 percent, respectively. After excluding acquisition and integration costs and severance and early retirement costs for the comparable periods of 2010, operating income and operating income margin for the three months ended December 31, 2010 would have been $253.7 million and 18.7 percent, respectively, and for the year ended December 31, 2010 would have been $919.5 million and 24.2 percent, respectively.
Interest expense for the fourth quarter of 2011 was $165.2 million as compared to $167.5 million in the fourth quarter of 2010, a $2.3 million decrease.
Income tax expense for the fourth quarter of 2011 was $21.5 million as compared to $26.2 million in the fourth quarter of 2010, a $4.7 million decrease.
Net income attributable to common shareholders of Frontier was $42.2 million, or $0.04 per share, as compared to $46.0 million, or $0.05 per share, in the fourth quarter of 2010. The fourth quarter of 2011 includes integration costs of $42.2 million and severance and early retirement costs of $1.1 million (combined impact of $26.8 million or $0.03 per share after tax). The fourth quarter 2011 decrease is primarily the result of reduced operating income, partially offset by lower income taxes.
Capital expenditures for Frontier business operations were $111.8 million for the fourth quarter of 2011 and $748.4 million for the full year of 2011. Capital expenditures were $13.8 million for the fourth quarter of 2011 and $76.5 million for the full year of 2011 related to integration activities.
Operating cash flow, as adjusted and defined by the Company in the attached Schedule B, was $616.2 million for the fourth quarter of 2011 resulting in an operating cash flow margin of 48.0 percent. Operating cash flow, as reported, of $571.5 million has been adjusted to exclude $42.2 million of integration costs, $1.4 million of non-cash pension and other postretirement benefit costs, and $1.1 million of severance and early retirement costs for the fourth quarter of 2011.
Free cash flow, as defined by the Company in the attached Schedule A, was $357.7 million for the fourth quarter of 2011 and $1,105.7 million for the full year of 2011. The Company?s dividend represents a payout of 52 percent of free cash flow for the fourth quarter of 2011 and 68 percent of free cash flow for the full year of 2011.
For the full year of 2012, the Company?s expectations for capital expenditures and free cash flow, excluding integration expense and integration capital expenditures, are within a range of $725 million to $775 million and $900 million to $1 billion, respectively. We expect that in 2012 our cash taxes will be approximately $25 million. We expect to incur operating expenses and capital expenditures for integration activities of approximately $80 million and $40 million, respectively, in 2012.
The Company?s next regular quarterly cash dividend of $0.10 per share of common stock will be paid on March 30, 2012 to shareholders of record on March 9, 2012.
Supplemental Information
As a convenience to investors, the Company furnished today on a Current Report on Form 8-K unaudited historical financial and operating data for the Company, including certain financial and operating data for the acquired properties, updated to reflect the actual financial and operating data for the fourth quarter of 2011.
The Company uses certain non-GAAP financial measures in evaluating its performance. These include free cash flow and operating cash flow. A reconciliation of the differences between free cash flow and operating cash flow and the most comparable financial measures calculated and presented in accordance with GAAP is included in the tables that follow. The non-GAAP financial measures are by definition not measures of financial performance under GAAP and are not alternatives to operating income or net income reflected in the statement of operations or to cash flow as reflected in the statement of cash flows and are not necessarily indicative of cash available to fund all cash flow needs. The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.
The Company believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company?s financial condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) together provide a more comprehensive view of the Company?s core operations and ability to generate cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation and planning decisions and (iii) presents measurements that investors and rating agencies have indicated to management are useful to them in assessing the Company and its results of operations. In addition, the Company believes that free cash flow and operating cash flow, as the Company defines them, can assist in comparing performance from period to period, without taking into account factors affecting cash flow reflected in the statement of cash flows, including changes in working capital and the timing of purchases and payments. The Company has shown adjustments to its financial presentations to exclude: $42.2 million, $67.4 million and $11.3 million of acquisition and integration costs in the quarters ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively, and $143.1 million and $137.1 million of acquisition and integration costs in the years ended December 31, 2011 and 2010, respectively; $1.4 million, $6.0 million and $15.8 million of non-cash pension and other postretirement benefit costs in the quarters ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively, and $23.9 million and $40.1 million of non-cash pension and other postretirement benefit costs in the years ended December 31, 2011 and 2010, respectively; and $1.1 million, $3.6 million and $2.7 million of severance and early retirement costs in the quarters ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively, and $15.7 million and $10.4 million of severance and early retirement costs in the years ended December 31, 2011 and 2010, respectively, because investors have indicated to management that such adjustments are useful to them in assessing the Company and its results of operations.
Management uses these non-GAAP financial measures to (i) assist in analyzing the Company?s underlying financial performance from period to period, (ii) evaluate the financial performance of its business units, (iii) analyze and evaluate strategic and operational decisions, (iv) establish criteria for compensation decisions, and (v) assist management in understanding the Company?s ability to generate cash flow and, as a result, to plan for future capital and operational decisions. Management uses these non-GAAP financial measures in conjunction with related GAAP financial measures.
These non-GAAP financial measures have certain shortcomings. In particular, free cash flow does not represent the residual cash flow available for discretionary expenditures, since items such as debt repayments and dividends are not deducted in determining such measure. Operating cash flow has similar shortcomings as interest, income taxes, capital expenditures, debt repayments and dividends are not deducted in determining this measure. Management compensates for the shortcomings of these measures by utilizing them in conjunction with their comparable GAAP financial measures. The information in this press release should be read in conjunction with the financial statements and footnotes contained in our documents filed with the U.S. Securities and Exchange Commission.
Conference Call and Webcast
The Company will host a conference call today at 4:30 P.M. Eastern Time. In connection with the conference call and as a convenience to investors, the Company furnished today on a Current Report on Form 8-K certain materials regarding fourth quarter 2011 results. The conference call will be webcast and may be accessed at:
http://investor.shareholder.com/media/eventdetail.cfm?eventid=107873&CompanyID=AMDA-OJWDG&e=1&mediaKey=0E22E5295F196538A0152E6D2D7DC909
A telephonic replay of the conference call will be available for one week beginning at 7:30 P.M. Eastern time, February 16, 2012 via dial-in at 888-203-1112 for U.S. and Canadian callers or, outside the U.S. and Canada, at 719-457-0820, passcode 7725145. A webcast replay of the call will be available at www.frontier.com/ir.
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) offers voice, High-Speed Internet, satellite video, wireless Internet data access, data security solutions, bundled offerings, specialized bundles for small businesses and home offices, and advanced business communications for medium and large businesses in 27 states and with approximately 15,400 employees based entirely in the United States. More information is available at www.frontier.com and www.frontier.com/ir.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management?s views and assumptions regarding future events and business performance. Words such as ?believe,? ?anticipate,? ?expect? and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties are based on a number of factors, including but not limited to: our ability to successfully integrate the remaining operations and systems of the Acquired Business into Frontier?s existing operations and systems; the risk that the growth opportunities from the Transaction may not be fully realized or may take longer to realize than expected; our indemnity obligation to Verizon for taxes which may be imposed upon them as a result of changes in ownership of our stock may discourage, delay or prevent a third party from acquiring control of us during the two-year period ending July 2012 in a transaction that stockholders might consider favorable; the effects of increased expenses incurred due to activities related to the integration of the Acquired Business; our ability to maintain relationships with customers, employees or suppliers; the effects of greater than anticipated competition requiring new pricing, marketing strategies or new product or service offerings and the risk that we will not respond on a timely or profitable basis; reductions in the number of our access lines that cannot be offset by increases in High-Speed Internet (HSI) subscribers and sales of other products and services; the effects of ongoing changes in the regulation of the communications industry as a result of federal and state legislation and regulation, or changes in the enforcement or interpretation of such legislation and regulation; the effects of any unfavorable outcome with respect to any current or future legal, governmental or regulatory proceedings, audits or disputes; the effects of changes in the availability of federal and state universal funding to us and our competitors; the effects of competition from cable, wireless and other wireline carriers; our ability to adjust successfully to changes in the communications industry and to implement strategies for growth; continued reductions in switched access revenues as a result of regulation, competition or technology substitutions; our ability to effectively manage service quality in our territories and meet mandated service quality metrics; our ability to successfully introduce new product offerings, including our ability to offer bundled service packages on terms that are both profitable to us and attractive to customers; changes in accounting policies or practices adopted voluntarily or as required by generally accepted accounting principles or regulations; our ability to effectively manage our operations, operating expenses and capital expenditures, and to repay, reduce or refinance our debt; the effects of changes in both general and local economic conditions on the markets that we serve, which can affect demand for our products and services, customer purchasing decisions, collectability of revenues and required levels of capital expenditures related to new construction of residences and businesses; the effects of technological changes and competition on our capital expenditures and product and service offerings, including the lack of assurance that our network improvements will be sufficient to meet or exceed the capabilities and quality of competing networks; the effects of increased medical and pension expenses and related funding requirements; changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments; the effects of state regulatory cash management practices that could limit our ability to transfer cash among our subsidiaries or dividend funds up to the parent company; our ability to successfully renegotiate union contracts expiring in 2012 and thereafter; changes in pension plan assumptions and/or the value of our pension plan assets, which would require us to make increased contributions to the pension plan in 2013 and beyond; the effects of customer bankruptcies and home foreclosures, which could result in difficulty in collection of revenues and loss of customers; adverse changes in the credit markets or in the ratings given to our debt securities by nationally accredited ratings organizations, which could limit or restrict the availability, or increase the cost, of financing; limitations on the amount of capital stock that we can issue to make acquisitions or to raise additional capital until July 2012; our ability to pay dividends on our common shares, which may be affected by our cash flow from operations, amount of capital expenditures, debt service requirements, cash paid for income taxes and liquidity; and the effects of severe weather events such as hurricanes, tornados, ice storms or other natural or man-made disasters. These and other uncertainties related to our business are described in greater detail in our filings with the Securities and Exchange Commission, including our reports on Forms 10-K and 10-Q, and the foregoing information should be read in conjunction with these filings. We do not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.
TABLES TO FOLLOW
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| Frontier Communications Corporation |
| Consolidated Financial Data |
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| | | For the quarter ended | | | For the year ended |
| | | December 31, | | September 30, | | December 31, | | | December 31, |
| (Amounts in thousands, except per share amounts) | | 2011 | | 2011 | | 2010 | | | 2011 | | 2010 |
| | | | | | | | | | | | ? |
| Income Statement Data | | | | | | | | | | | |
| Revenue | | $ | 1,283,152 | ? | | $ | 1,290,939 | ? | | $ | 1,358,721 | ? | | | $ | 5,243,043 | ? | | $ | 3,797,675 | ? |
| | | | | | | | | | | | ? |
| Network access expenses | | | 120,828 | | | | 119,941 | | | | 140,624 | | | | | 518,682 | | | | 383,679 | |
| Other operating expenses (1) | | | 548,595 | | | | 571,388 | | | | 614,340 | | | | | 2,278,419 | | | | 1,611,137 | |
| Depreciation and amortization | | | 341,025 | | | | 351,907 | | | | 352,802 | | | | | 1,403,175 | | | | 893,719 | |
| Acquisition and integration costs (2) | | ? | 42,247 | ? | | ? | 67,412 | ? | | ? | 11,275 | ? | | | ? | 143,146 | ? | | ? | 137,142 | ? |
| Total operating expenses | | ? | 1,052,695 | ? | | ? | 1,110,648 | ? | | ? | 1,119,041 | ? | | | ? | 4,343,422 | ? | | ? | 3,025,677 | ? |
| | | | | | | | | | | | ? |
| Operating income | | | 230,457 | | | | 180,291 | | | | 239,680 | | | | | 899,621 | | | | 771,998 | |
| Investment and other income (loss), net | | | 1,487 | | | | 836 | | | | 647 | | | | | 11,526 | | | | 20,538 | |
| Interest expense | | ? | 165,162 | ? | | ? | 165,755 | ? | | ? | 167,458 | ? | | | ? | 665,196 | ? | | ? | 521,820 | ? |
| Income before income taxes | | | 66,782 | | | | 15,372 | | | | 72,869 | | | | | 245,951 | | | | 270,716 | |
| Income tax expense (benefit) (3) | | ? | 21,534 | ? | | ? | (6,948 | ) | | ? | 26,247 | ? | | | ? | 88,343 | ? | | ? | 114,999 | ? |
| Net income (2) | | | 45,248 | | | | 22,320 | | | | 46,622 | | | | | 157,608 | | | | 155,717 | |
| Less: Income attributable to the noncontrolling interest in a partnership | | ? | 3,001 | ? | | ? | 1,925 | ? | | ? | 630 | ? | | | ? | 7,994 | ? | | ? | 3,044 | ? |
| Net income attributable to common shareholders of Frontier (3) | | $ | 42,247 | ? | | $ | 20,395 | ? | | $ | 45,992 | ? | | | $ | 149,614 | ? | | $ | 152,673 | ? |
| | | | | | | | | | | | ? |
| Weighted average shares outstanding | | | 990,276 | | | | 990,259 | | | | 989,411 | | | | | 989,852 | | | | 649,828 | |
| | | | | | | | | | | | ? |
| Basic net income per share attributable to common shareholders of Frontier (3) (4) | | $ | 0.04 | | | $ | 0.02 | | | $ | 0.05 | | | | $ | 0.15 | | | $ | 0.23 | |
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| Other Financial Data | | | | | | | | | | | |
| Capital expenditures - Business operations | | $ | 111,792 | | | $ | 222,530 | | | $ | 228,528 | | | | $ | 748,361 | | | $ | 480,888 | |
| Capital expenditures - Integration activities | | | 13,837 | | | | 43,655 | | | | 19,055 | | | | | 76,478 | | | | 96,991 | |
| Operating cash flow, as adjusted (5) | | | 616,198 | | | | 609,162 | | | | 622,287 | | | | | 2,485,567 | | | | 1,853,271 | |
| Free cash flow (5) | | | 357,675 | | | | 263,869 | | | | 212,946 | | | | | 1,105,747 | | | | 838,260 | |
| Dividends paid | | | 186,584 | | | | 186,588 | | | | 186,347 | | | | | 746,387 | | | | 529,389 | |
| Dividend payout ratio (6) | | | 52 | % | | | 71 | % | | | 88 | % | | | | 68 | % | | | 63 | % |
| | ? | |
| (1) | | Includes severance and early retirement costs of $1.1 million, $3.6 million and $2.7 million for the quarters ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively, and $15.7 million and $10.4 million for the years ended December 31, 2011 and 2010, respectively. |
| | | ? |
| (2) | | Reflects acquisition and integration costs of $42.2 million ($26.1 million or $0.03 per share after tax), $67.4 million ($41.6 million or $0.04 per share after tax) and $11.3 million ($7.0 million or $0.01 per share after tax) for the quarters ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively. Reflects acquisition and integration costs of $143.1 million ($88.4 million or $0.09 per share after tax) and $137.1 million ($85.7 million or $0.13 per share after tax) for the years ended December 31, 2011 and 2010, respectively. |
| | | ? |
| (3) | | Basic net income per share attributable to common shareholders of Frontier, as adjusted to exclude acquisition and integration costs, severance and early retirement costs and the reversal of uncertain tax positions of $14.0 million ($0.01 per share after tax) in the third quarter of 2011, was $0.07 per share, $0.05 per share and $0.05 per share for the quarters ended December 31, 2011, September 30, 2011 and December 31, 2010, respectively. Basic net income per share attributable to common shareholders of Frontier, as adjusted to exclude acquisition and integration costs, severance and early retirement costs, the reversal of uncertain tax positions of $14.0 million ($0.01 per share after tax) in the third quarter of 2011 and a $10.5 million discrete tax item ($0.01 per share after tax) in the second quarter of 2011, was $0.24 per share and $0.37 per share for the years ended December 31, 2011 and 2010, respectively. |
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| (4) | | Calculated based on weighted average shares outstanding. |
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| (5) | | Reconciliations to the most comparable GAAP measures are presented in Schedules A and B at the end of these tables. |
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| (6) | | Represents dividends paid divided by free cash flow, as defined in Schedule A. |
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| ? |
| Frontier Communications Corporation |
| Consolidated Financial and Operating Data |
| | ? | ? | | ? | | ? | | ? | | ? | | ? | | ? | | ? | |
| | | | For the quarter ended | | | | For the year ended | | |
| | | | December 31, | | September 30, | | | | December 31, | | | | December 31, | | |
| (Amounts in thousands, except operating data) | | | 2011 | | 2011 | | | | 2010 | | | | 2011 | | 2010 (1) | | |
| | | | | | | | | | | | | Source: http://www.virtual-strategy.com/2012/02/16/frontier-communications-reports-2011-fourth-quarter-and-full-year-results made in america made in america icam patrice o neal. osteopathy osteopathy diphtheria
WASHINGTON ? Calling quits on a bruising election-year fight, negotiators on Capitol Hill announced an agreement late Wednesday on legislation to renew a payroll tax cut for 160 million workers and jobless benefits for millions more. Sen. Max Baucus, D-Mont., and Rep. Dave Camp, R-Mich., announced the agreement after a wrapup set of talks that capped a long day of wrangling over final details of the measure, which is a top priority of President Barack Obama. The announcement paved the way for votes in both House and Senate this week. "We have reached an agreement," Camp said, though he added that a few technical details still need to be sorted out by staff aides. The $150 billion measure represents a tactical retreat for Republicans, who were generally unenthusiastic about the legislation but eager to move beyond the issue. With the campaign season starting, they don't want Obama and Democrats in Congress to be able to claim that the GOP was standing in the way of a middle-class tax cut. It represented a rare burst of bipartisanship in a bitterly divided Congress. The legislation would continue a 2 percentage-point cut in the Social Security payroll tax, renew jobless benefits averaging about $300 a week for people languishing for long periods on unemployment rolls and protect doctors from a huge cut in their Medicare reimbursements. The measure carries a price tag of roughly $150 billion over the coming year, partly financed by new auctions of telecommunications spectrum to wireless companies and by requiring newly-hired federal workers to contribute 2.3 percent of their salary toward their traditional defined benefit pensions. The pension provision would raise $15 billion but was more palatable to supporters of federal workers in the Maryland and Virginia delegations than a version sought by House Republicans ? and initially, tentatively agreed to by key Democrats ? that would have required current federal workers to contribute 1.5 percent more to their pensions. Wednesday evening featured brinksmanship from Sen. Ben Cardin, D-Md., a member of the House-Senate negotiating panel, who withheld his support for the entire measure until the pension modifications were made. Cardin's state is home to many federal workers. His signoff was especially crucial since Senate Republican negotiators, who were largely out of the talks, were withholding their support too. Auctions of portions of the nation's airwaves to wireless companies would net another $15 billion or so ? even after $7 billion is set aside to construct and run a new public safety network for emergency first responders. Extending the payroll tax cut and renewing long-term jobless benefits were key planks in Obama's jobs program, which was announced last September but has been largely ignored since. The measures are intended to help the economy by giving people more money to spend, fattening a typical bimonthly paycheck by $40 or so and giving the unemployed critical cash that most of them turn around and spend immediately. The measure also includes a key adjustment to the badly broken Medicare payment formula for doctors, which would otherwise impose a 27 percent cut on March 1 under a 1997 budget law. The $20 billion cost would be covered in part by cuts to a fund created under Obama's health care law that awards grants for preventive care and by curbs on Medicaid payments to hospitals that care for a disproportionate share of uninsured patients. House Speaker John Boehner, R-Ohio, said the legislation would probably be voted on by the end of the week. GOP leaders had jump-started the talks over the weekend by dropping a demand that the tax cut be paid for with spending cuts. On Monday, Republicans upped the ante by threatening to advance the payroll tax cut on its own ? and leave jobless benefits and the Medicare fix behind, which set off alarms with Democratic lawmakers and at the White House. "We were not going to allow the Democrats to continue to play political games and raise taxes on working Americans," Boehner told reporters. "We made the decision to bring them to the table so that the games would stop and we would get this work done." Some rank-and-file Republicans continued to grumble that the measure was flawed and that the payroll tax cut, first enacted in December of 2010, has done little to prop up the economy. But the prevailing instinct among Republicans was political survival and not wanting to look like they were getting in the way of an election-year tax cut. "Not going to do this again, but if it gets us through the year, gets this issue off the table, it's worth doing this way," said Sen. Lindsey Graham, R-S.C. One snag on Wednesday, aides said, had involved a spat over new auctions of wireless spectrum, a key provision required to help defray the $30 billion cost of extending jobless benefits. House Republicans moved in the Democrats' direction on the amount of money dedicated to creating the public safety communications network for first responders. Republicans claimed victory in reducing the number of weeks of jobless benefits that workers would be eligible to receive. The maximum number in states with the highest jobless rates would be cut from 99 weeks to 73 weeks by the end of the year, according to aides in both parties. Republicans had wanted to cut the maximum to 59 weeks. But in states with particularly high unemployment, such as Rhode Island and Nevada, the measure is actually more generous over the next few months than current law. Negotiators also dropped House-passed language that would have forced low-income people to have Social Security numbers in order to get government checks by claiming the children's tax credit, a move that was aimed at illegal immigrants and caused a furor among many Hispanics. Republicans also dropped a proposal requiring unemployed people to seek high school equivalency degrees to obtain benefits. But a GOP provision requiring jobless people to be more diligent in job searches as a condition of receiving benefits was included. The measure also would prevent welfare recipients from using their electronic benefits cards to withdraw money at ATMs in strip clubs, casinos and liquor stores. Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20120216/ap_on_go_co/us_payroll_tax apple event buccaneers buccaneers bernanke bernanke meredith kercher meredith kercher
 Workplace Injury? If you have been injured on the job, you need to know whether your employer is covered by Texas Workers Compensation Insurance. Texas does not require employers to carry workers compensation insurance to cover workplace injuries.? You may search to determine whether your employer has workers? compensation coverage by going to the Texas Department of Insurance I want to? page and scrolling down until you see ?Locate Covered Employers? under ?Workers Compensation.?? If the employer is covered, the Texas Department of Insurance (TDI) has a list of Employee Frequently Asked Questions you may find helpful.? If you are an employer, you may find the TDI page Information for Employers helpful.? The TDI website has a number of useful resources and is worth visiting before and after a workplace injury.
If your employer is not covered by workers compensation insurance, some employers buy accident and health policies, employer indemnification agreements, and disability policies as cheaper alternatives to workers? compensation. Even though these policies may provide benefits to an injured employee, Texas law does not recognize them as substitutes for workers? compensation insurance and your employer will likely be considered a nonsubscriber. The difference between a subscribing employer and a non-subscribing employer is significant. Nonsubscribing employers are subject to a lawsuit claiming negligence for a workplace injury or death. Subscribing employers are not. The Texas Workers Compensation Act provides: Sec. 408.001. EXCLUSIVE REMEDY; EXEMPLARY DAMAGES. (a) Recovery of workers? compensation benefits is the exclusive remedy of an employee covered by workers? compensation insurance coverage or a legal beneficiary against the employer or an agent or employee of the employer for the death of or a work-related injury sustained by the employee. (b) This section does not prohibit the recovery of exemplary damages by the surviving spouse or heirs of the body of a deceased employee whose death was caused by an intentional act or omission of the employer or by the employer?s gross negligence. In short, if the employer is a subscriber, workers? compensation benefits is the exclusive remedy against the employer, unless the employee dies as a result of an intentional act or omission of the employer or by the employer?s gross negligence. For nonsubscribers it is completely different. The employee can file suit against the employer claiming negligence and the employer loses some of its defenses: Sec. 406.033. COMMON-LAW DEFENSES; BURDEN OF PROOF. (a) In an action against an employer who does not have workers? compensation insurance coverage to recover damages for personal injuries or death sustained by an employee in the course and scope of the employment, it is not a defense that: (1) the employee was guilty of contributory negligence; (2) the employee assumed the risk of injury or death; or (3) the injury or death was caused by the negligence of a fellow employee. (b) This section does not reinstate or otherwise affect the availability of defenses at common law, including the defenses described by Subsection (a). (c) The employer may defend the action on the ground that the injury was caused: (1) by an act of the employee intended to bring about the injury; or (2) while the employee was in a state of intoxication. (d) In an action described by Subsection (a) against an employer who does not have workers? compensation insurance coverage, the plaintiff must prove negligence of the employer or of an agent or servant of the employer acting within the general scope of the agent?s or servant?s employment. The statutes above deals with claims against the employer. The on the job injury or death may be the result of the wrongful conduct of someone other than the employer or as a result of a defectively designed products or warnings. Whether the employer is a subscriber or not, a lawsuit can be filed against a negligent third-party or based upon a defective products.? For example, many workplace injuries involve machine guarding, or lack thereof, lock out tag out, OSHA violations, NEC and NESC violations, etc?
The Workers Compensation Statute provides: Sec. 417.001. THIRD-PARTY LIABILITY. (a) An employee or legal beneficiary may seek damages from a third-party who is or becomes liable to pay damages for an injury or death that is compensable under this subtitle and may also pursue a claim for workers? compensation benefits under this subtitle. (b) If a benefit is claimed by an injured employee or a legal beneficiary of the employee, the insurance carrier is subrogated to the rights of the injured employee and may enforce the liability of the third-party in the name of the injured employee or the legal beneficiary. Section (b) deals with subrogation which may allow the insurance carrier to recover all or some of the benefits it has paid out of any third-party settlement or judgment. The above are excerpts from a detailed Act and the issues that arise in on the job accidents and injuries can be complicated. The point of this post is that there may be remedies available in addition to workers compensation benefits or a claim against an employer. If you have been seriously injured on the job or you have lost a loved one, please do not hesitate to give us a call to discuss your options. Source: http://www.joneslawyers.com/texas-workers-compensation-the-exclusive-remedy/ amityville horror kim richards robert hegyes andrew bogut mary louise parker mary louise parker jim irsay
New Health And Fitness.Org - Health Information You Can Use Well, it?s been labeled as ?the greatest remedy-the physician within? by Philippus Paracelsus and more and more people are discovering the use of fasting as a means of improving health and losing weight. However, as beneficial as this method can be, being radical in nature, the use of fasting should be approached with care. Though fasting is by far a greater cure of our ills-both physical and mental-than all of the drugs of the medical fraternity combined, for weight loss or for anything it may be used for, one has to be aware of certain criteria to achieve success with its use. These include the types of fasts one can use, how long to fast, when to fast and how to come off of a fast. Friends, there are several types of fasts that can be beneficial for weight loss. 1. The complete water fast: This, admittedly, should be conducted with extreme caution or in a specialized sanitarium if undertaken more than 3 days.
2. The Juice Fast: This is much easier for the general populace and can be undergone as long as you feel like it.
3. The Fruit Fast: This, well, is really not a fast per se?but when one lives exclusively on SEASONAL ORGANIC fruits for days on end?meaning mono meals (2 at the most ) of only one kind of fruit say Apples in Fall, Melons in summer for a week plus, you will be bound to see the benefits. The second and third choices are by far my personal recommendations for those seeking to lose weight through fasting. How to Fast Being far-reaching in nature, fasting must be undertaken with care, however from my experience with it, here are a few tips to hopefully get you started. 1. Prepare yourself for a fast by gradually tapering off of acid-forming aka ?junk foods and commence to consuming raw and cooked fruits and veggies to begin a milder cleansing process as these items are the best intestinal brooms for the colon.
2. Every now and again, 3 hours after supper and say an hour or so before retiring to sleep, drink an herbal tea laxative such as ?Smooth Move Herbal Tea? during this preparatory stage.
3. Drink 1-2 quarts of unflavored lemonade in the mornings to balance the chemical reactions within the body and to restore it to an alkaline state.
4. Be mentally prepared for the task ahead of fasting.
5. Take things a little easier while fasting or on a mono-diet of fruit.
6. Avoid using microwaves at all costs-can?t go into detail as that is another subject, however, TRUST me. You want to exclude the use of this so-called convenience device not only while fasting put permanently.
7. Taper off a water fast by using the second type (juice fasting) for a few days, then gradually going to the third (mono-fruit fasting), then afterwards you could (like I do most of the time) simply stick to tons of fruit as the core of your diet or include properly cooked roots, steamed or raw leafy vegetables. Whatever you do, just please don?t go back to eating the old junk stuff. To explain why in a nutshell, here are two quotes: ?You are what you eat? and ?Let your foods be your medicine?? I really think options 2 and especially 3 (in regards to the types of a fast) are quite easy for any and everyone to do. So why not give it a shot? I can confidently say fasting, when used properly, will not only make you lose the excess pounds, but you?d also be well on your way to a cleaner, better, healthier and happier you in no time. It may come across as a huge sacrifice however, when you see the results, you sure will be glad you did it. Here?s to your health and happiness. Want to find out more about Weight Loss Blog, then visit Donn Dovichi?s site on Quick Ways To Lose Weight for your needs.  Source: http://newhealthandfitness.org/2012/02/10/when-fasting-for-weight-loss-remember-the-following/ velasquez vs dos santos velasquez vs dos santos manny pacquiao vs. juan manuel marquez manny pacquiao vs. juan manuel marquez cain velasquez vs dos santos cain velasquez vs dos santos oregon stanford
Everyone loves to dress up and look their best as the daily life events greet us with amazement, and this is definitely about the ladies. However many of them cannot afford fashionable designer dresses, if only the latter are by no means cheap. Probably it would be really convenient if discount designer fashion was available or if it was possible for women to find just the same stylish designer clothing they want but with as low price as it possible could be. But ladies seek not only the dresses; there are many beautiful accessories too and you can select some of them to go with your clothing. Different belts, bags, sunglasses, handbags and shoes are just a few of these accessories that are available on our website clothes shop online and this ensures that you are to find something that meets your style preferences perfectly. Are you one of those who search for the designer clothes? Yes, all women like to dress up and look brilliant. All ladies do their best to find some special items to create their style particular and so, stylish fashion clothing is what they all are seeking. Everybody has got his various sources were he used to purchase designer clothes and consider them the best ones. However, buying designer clothing from retail shops and supermarkets is not always as simple task as many people find it. Actually, there are lots of people that prefer Internet for doing their purchases as they find online shopping more convenient than going to the local store and their quantity grows up rapidly. To be sure, Active Technologies 1895 Company clothes e-shop does its bests for you to have a good time while turning the pages our on-line clothes catalogue. Nowadays, designer fashion online shopping may be a blessing for people who are the potential customers of e-shops. All those women that are interested can find designer clothing on the empirestyle.net: head gears, denims, skirts and coats are extremely popular among ladies. But not only the dresses ' shirts, blazers, blouses and tops are also in great favor. You can find many accessories there too ' shoes, belts and handbags are only some of them. The truth is that if you are a woman, then fashion becomes a great part of your daily routine. You are being loudly declared fashion trends and requirements for clothing. And all the time you must be in a hurry just not to fall down from the speeding fashion trends elevator and to be able to buy everything that is fresh and stylish right now. Women need to update their outfits with the latest trends in clothing all the time. Everything has to by stylish, starting from the hairdo and down to the heels. But how modern trends influence the color selection? Actually most fair sex representatives would think that black color is the safest one and clothes of this color could be combined for example with bright items. Remember that fashionable outfit can be easily made of various clothes with different shapes and sizes. But color always will be the main thing! Forget about those monochrome things! Throw them away into the past! Now the variety rules! Seek for the designer clothes on our website e-shop. This is the right place where you can easily find elegant evening outfit, fashioned and stylish evening dresses, cocktail party dresses, elegant suits, coats, jackets and to sort out the item that suits you the best among different tops and bottoms, feel the heat of handicrafts and soul particle of our designer collections. You are the only one! The designer clothes are made with love to those who are eager to wear them whatever it is - a wedding or leaving party dress, disco dress or a business suit. Just get on-line and choose the best we offer you. Remember that having purchased the designer clothes you are going to look natural and unique saving you money at the same time. So, welcome! Source: http://www.xjxm.net/463330-Women-s-Clothing-Search-For-Designer-Clothes-Get-On-Empirestyle.html cotto vs margarito cotto vs margarito miguel cotto cotto ncaa bowl games bowls brooke mueller
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