Harte-Hanks Reports Second Quarter Results | Nearshore Journal

SAN ANTONIO, TX ? (Marketwire) ? 08/02/12 ? Harte-Hanks, Inc. (NYSE: HHS) today reported second quarter 2012 diluted loss per share of ($1.74) on revenues of $199.1 million. These results compare to diluted earnings per share of $0.15 on $213.0 million in revenues for the second quarter of 2011.

The financial results reflect the previously announced non-cash income statement charge of $165.3 million for the impairment of Shoppers goodwill and other intangibles and $2.2 million for restructuring charges. Excluding these items, 2012 second quarter diluted income per share was $0.13.

The following table presents financial highlights of the company?s operations for the second quarter of 2012 and 2011, respectively. Full financial results are attached.

RESULTS FROM OPERATIONS (unaudited)

                                       -------------------------------------- (In thousands, except per share  amounts)                                   Three Months Ended June 30,                                       --------------------------------------                                           2012          2011       % Change                                       -------------------------------------- Operating revenues                    $    199,137  $    213,047     -6.5% Operating income (loss)                   (152,665)       16,546      NM Net income (loss)                         (109,705)        9,425      NM Diluted earnings (loss) per share            (1.74)         0.15      NM Diluted shares (weighted average  common and common equivalent shares  outstanding)                               63,007        63,703     -1.1%                                       --------------------------------------                                       * NM=Not meaningful  

For the three months ended June 30, 2012, the company generated free cash flow (defined below) of $11.1 million, an increase from $8.8 million in the prior year?s second quarter. Capital expenditures for the quarter were $2.6 million compared to $7.0 million in the prior year?s second quarter.

Commenting on the second quarter performance, Chairman, President and Chief Executive Officer Larry Franklin said, ?As we said in our July 17, 2012 announcement, we are disappointed with our financial performance. The revenue decline in the quarter was driven primarily by Direct Marketing. Our high tech vertical revenue declined (as a percentage) in low double digits from the second quarter of 2011, primarily from reductions in programs from our global clients and reduced volumes from a domestic contact center customer. Pharmaceuticals declined in the high teens mostly from reduced volumes. Financial services declined in the high single digits, primarily from decreased credit card acquisition activities. We experienced revenue softness with Trillium Software primarily from European and Japanese partners. This softness contributed to the shortfall in the financial vertical, as well as the high tech vertical. Our retail vertical declined in the mid single digits and our select vertical was flat compared to the prior year quarter.

?The $0.13 diluted earnings per share mentioned above excludes $2.2 million (or $0.02 per share) in restructuring charges incurred in Direct Marketing and Shoppers. The Direct Marketing charges resulted from the recently announced leadership changes, while the Shoppers charges resulted from closing our daily deal site and some other digital initiatives which had not met expectations. We continue to invest, and see good growth, in PowerSites.?

Discussing the performance of the business segments, Executive Vice President and Chief Financial Officer Doug Shepard said, ?Direct Marketing revenues decreased $9.9 million, or 6.5%, in the second quarter of 2012 compared to the second quarter of 2011. Direct Marketing results reflect the impact of JC Penney changing its marketing strategy from direct mail to broadcast, with the reduction in mail services contributing about half of the 6.5% decline. Operating income margins were 11.6% versus 13.3% in the second quarter of 2011.

?Shoppers revenue decreased 6.6% in the second quarter compared to the 2011 second quarter. Operating income (excluding the goodwill and other intangibles impairment and restructuring charges) was $0.6 million compared to a 2011 second quarter operating income (excluding $2.8 million of primarily severance charges) of $1.7 million. Consistent with the first quarter, Shoppers revenues increased for the automotive, communications and consumer spending sectors, but decreased for the real estate, services and restaurant sectors. We had good revenue performance in June, with the mid-week 4th of July holiday pulling revenue into June from July.?

Concluding, Franklin said, ?We continue to expect the rate of Shoppers revenue decline to decrease slightly for the second half of 2012 compared to the second half of 2011, and Shoppers should have some modest profit growth. We expect Direct Marketing revenue in the second half of 2012 will continue to show declines in the 4% to 5% range. Although we expect operating income to decline, the decline should be less than that shown by revenue. The new Direct Marketing leadership team announced yesterday reflects the caliber and depth of the leadership already in the company. This restructuring of roles and responsibilities aligns our leaders to better serve our clients as we help them engage and grow their customers. This is a skilled leadership team supported by terrific people throughout the company committed to delivering excellent results for our customers, people and stockholders. Harte-Hanks remains financially strong and has an exciting future.?

Selected Highlights:

• Harte-Hanks Direct Marketing announced the promotion to executive vice president of Brian Dames, Jeannine Falcone, Tony Paul and Andrew Harrison as it realigns roles and responsibilities of key leaders in four areas ? customer solutions, customer strategy and engagement, customer delivery and people ? to structure the company for future growth and enhance the customer experience. Paul and Harrison were also elected as vice presidents of Harte-Hanks, as Dames and Falcone had been previously.
• Harte-Hanks Market Intelligence has licensed its business-to-business Ci Technology Database (CiTDB?) to PC Connection, a leading IT solutions provider, to support multichannel lead generation for medium and large technology customers.
• Harte-Hanks announced that Silversea Cruises has selected The Agency Inside? Harte-Hanks to provide digital media services to drive qualified leads to Silversea Cruises? contact center. The Agency will target media to affluent consumers in the US, UK and elsewhere. Services provided will include multilingual search engine optimization (SEO), digital media planning and buying, paid search management, mobile search and social media marketing for this new customer.
• The Aberdeen Group? and Harte-Hanks Market Intelligence are teaming to drive high quality sales leads to a leading global supplier of business technology solutions. The Aberdeen Group will develop content, and will ensure attendance using CiTDB resources, for a series of executive roadshows designed to drive demand for the client?s analytics products.
• Trillium Software? announced agreements with three new clients and expansion of an existing client relationship:
  • The State of Connecticut will use the Trillium Software System? as it creates a master data management (MDM) system to allow it to optimize its operations with a single master view of its data, which provides the State with a central case search and match facility that highlights duplicate services provided by other state agencies.
  • A large U.S. public utility has licensed the Trillium Software System to provide standardization, validation, matching and de-duplication for third party data leads use in the client?s marketing database.
  • A large international precious metals engraver and stamper selected the Trillium Software System to bolster their current data governance initiative to improve the value of its customer, supplier and product data within its Customer Relationship Management and Business Intelligence systems.
  • One of the world?s leading manufacturers of data terminals has expanded its use of the Trillium Software System to its MDM environment with detailed profiling capabilities, and has added census geography data and location data (latitude/longitude) to its current platform which will result in improving and increasing the value of its customer and product data assets.
• CDW Corporation, a leading provider of technology products and services for business, government and education, renewed its license to the Ci Pipeline?, Harte-Hanks? lead generation and delivery system designed specifically for technology solution providers and focused on key technology investment initiatives.
• The Agency Inside Harte-Hanks was selected to perform an integrated customer and health care provider email campaign for a new product being launched by one of its long-standing pharmaceutical clients. The Agency Inside will develop the strategy and email creative for the campaign, and provide reporting and analytics after deploying the campaign.
• Harte-Hanks was selected by a leading department store to manage its mail advertising program. Harte-Hanks will leverage its mail processing and data processing experience along with its proprietary distribution and mail tracking capabilities to improve the effectiveness of this new client?s programs.
• A leading network solutions provider has chosen Harte-Hanks as its contact center agency of record for North America, building on the performance of past projects for this global client in performing lead qualification services.
• A leading global open-source software and service provider has selected Harte-Hanks to provide international lead qualification. Using its contact center resources in Latin America, Asia-Pacific, North America and Europe, Harte-Hanks will use its expertise with Eloqua to improve the quality of the client?s lead generation information.
• A top U.S. regional bank chose Harte-Hanks to execute a customer communication program. Harte-Hanks will provide data integration, database services, creative services and multichannel digital and mail campaign execution for this client?s effort to migrate customers to a new checking service.
• The Philadelphia Direct Marketing Association awarded The Agency Inside ten Benjamin Franklin Awards (or ?Bennys?) for excellence in direct marketing ? including for the competition?s top campaign overall, a consumer multimedia campaign created for the launch of the Hyundai Veloster. The Agency Inside also garnered six awards for its multichannel campaigns for Sony Electronics.
• Mason Zimbler?, Harte-Hanks? digital B2B agency, won three advertising awards for technology clients: two Business Marketing Association ACE Awards for social media on behalf of clients IBM and Sage HRMS, and one Killer Content Award, presented by DemandGen Report, for client Sage Fixed Assets. The ACE Awards honor the best in business-to-business marketing creative, while the Killer Content Awards recognize business-to-business efforts that rely on content marketing strategies and tactics. The winning campaigns and their results demonstrate how marketing dynamics are changing, with social and content leading the way to relevance and sales in business markets.
• Harte-Hanks paid a dividend of 8.5 cents per share, marking 69 consecutive quarterly dividend payments since the first quarter of 1995.

About Harte-Hanks?:

Harte-Hanks? is a worldwide direct and targeted marketing company that provides multichannel direct and digital marketing services and shopper advertising opportunities to a wide range of local, regional, national and international consumer and business-to-business marketers. Harte-Hanks Direct Marketing helps its clients obtain insight about their customers through database and marketing analytics. Based on that insight Harte-Hanks Direct Marketing designs, implements and executes multichannel marketing programs on behalf of its clients using direct and digital communications. Harte-Hanks Shoppers is North America?s largest owner, operator, and distributor of shopper products which bring buyers and sellers together at a local level through its proven multichannel offerings, including targeted print, digital advertising, and classifieds. Its print publications are zoned into more than 950 separate editions and reach 11.2 million addresses each week in California and Florida. Shoppers also provide advertisers with PowerSites? to help small- and medium-size businesses establish a web presence and improve lead generation, PowerClick? SEM services, and mobile distribution of their ads and coupons. For consumers, PennySaverUSA.com? and TheFlyer.com? offer local online and mobile classifieds for garage sales, pets, used and new cars, real estate, as well as thousands of coupons and business listings. Visit us at http://www.PennySaverUSA.com, http://www.TheFlyer.com, and http://www.PowerSites.net.

Cautionary Note Regarding Forward-Looking Statements:

This press release and our related earnings and conference call contain ?forward-looking statements? within the meaning of the federal securities laws. All such statements are qualified by this cautionary note, which is provided pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements other than historical facts are forward-looking and may be identified by words such as ?may,? ?will,? ?expects,? ?believes,? ?anticipates,? ?plans,? ?estimates,? ?seeks,? ?could,? ?intends,? or words of similar meaning. Examples include statements regarding (1) our strategies and initiatives, (2) our financial outlook or preliminary estimates for revenues, earnings per share, operating income, expenses, capital resources, estimates for goodwill and intangibles impairment charges and other financial items, (3) expectations for our businesses and for the industries in which we operate, including the negative performance trends in our Shoppers business and the impact of economic conditions in the United States and other economies on the marketing expenditures and activities of our clients and prospects, (4) competitive factors, (5) acquisition, disposition of assets and development plans, (6) adjustments to our cost structure and other actions designed to respond to market conditions and improve our performance, and any anticipated cost and effect, (7) our stock repurchase program and (8) other statements regarding future events, conditions or outcomes. These forward-looking statements involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from what is expressed in or indicated by the forward-looking statements. In that event, our business, financial condition, results of operations or liquidity could be materially adversely affected and investors in our securities could lose part or all of their investments. These risks, uncertainties, assumptions and other factors include, without limitation, (a) domestic, international and local economic and business conditions, including (i) market conditions in California and Florida that may continue to adversely impact local advertising expenditures in our Shoppers publications and (ii) the adverse impact of continuing economic uncertainty in the United States and elsewhere on the marketing expenditures and activities of our clients and prospects, (b) the demand for our services by clients and prospective clients, including (i) the willingness of existing clients to maintain or increase their spending on products and services that are or remain profitable for us, and (ii) our ability to predict changes in client preferences, (c) the financial condition and marketing budgets of our clients, including client bankruptcies or other developments that may result in increased bad debt expense, (d) economic and other business factors that impact the industry verticals that we serve, including competition and consolidation of and prospective clients, vendors and partners in these verticals, (e) our ability to manage and timely adjust our capacity and current headcount, and to otherwise effectively service our clients, (f) our ability to improve our processes and to provide new products and services in a timely and cost-effective manner though development, license or acquisition, (g) our ability to protect our data centers against security breaches and other interruptions, and to protect sensitive personal information of our clients and their customers, (h) increasing concern, regulation and legal action over consumer privacy issues, including legislation changing requirements for collection, processing and use of information, (i) the impact of other regulations, including restrictions on unsolicited marketing communications and other consumer protection laws, (j) fluctuations in fuel prices, paper prices, postal rates and postal delivery schedules, (k) the number of equity securities that we may issue to employees, (l) the number of shares, if any, that we may repurchase in connection with our repurchase program, (m) unanticipated developments regarding litigation or other contingent liabilities, and (n) other factors discussed under ?Item 1A. Risk Factors? in our Annual Report on Form 10-K for the year ended December 31, 2011. The forward-looking statements in this press release and our related earnings press release and conference call are made only as of the date hereof (or thereof) and we undertake no obligation to update publicly any forward-looking statement, even if new information becomes available or other events occur in the future.

Supplemental Non-GAAP Financial Measures:

In this press release and our related earnings conference call, the company intends to provide investors with a better understanding of operating results and underlying trends to assess the company?s performance and liquidity. Harte-Hanks evaluates its operating performance based on several measures, including the non-GAAP financial measures of (1) free cash flow, defined as net income, plus depreciation and amortization, plus stock-based compensation (tax-effected), plus goodwill and other intangibles impairment (tax-effected) less capital expenditures, and (2) EBITDA, defined as net income before interest, taxes, goodwill and other intangibles impairment, depreciation, and amortization. Harte-Hanks believes that free cash flow and EBITDA are useful supplemental financial measures for investors because they facilitate investors? ability to evaluate the operational strength of the company?s business. Free cash flow and EBITDA, however, are not calculated in accordance with GAAP and they should not be considered substitutes for net income as an indicator of operating performance. A quantitative reconciliation of free cash flow and EBITDA to net income is found in the tables attached to this release.

Note Regarding Use of Non-GAAP Financial Measures:

This press release includes the non-GAAP financial measure of diluted earnings per share, excluding the goodwill and other intangibles impairment charges described elsewhere in this release (?EPS with Impairment Exclusion?). This EPS with Impairment Exclusion is intended to provide additional information only and does not have any standard meaning prescribed by generally accepted accounting principles in the U.S. We believe EPS with Impairment Exclusion is useful to our management and investors, analysts and other external users of our financial statements in evaluating our operating performance from period to period by removing the impact of goodwill and other intangibles impairment charges that management believes does not directly reflect our core operations. To reconcile diluted earnings per share to EPS with Impairment Exclusion, start with our diluted loss per share of ($1.74) and exclude the per share impact of the goodwill and other intangible impairment and restructuring charges discussed in this press release, $1.87, which results in estimated EPS with Impairment Exclusion of $0.13.

Our management recognizes that using EPS with Impairment Exclusion as a performance measure has inherent limitations as compared to diluted loss per share, as this non-GAAP financial measure excludes a goodwill impairment charge that may be meaningful to investors. Accordingly, EPS with Impairment Exclusion should not be considered in isolation and does not purport to be an alternative to diluted earnings per share as a measure of our operating performance.

This document may contain trademarks that are owned or licensed by Harte-Hanks, Inc. and its subsidiaries, including, without limitation, Harte-Hanks? and other names and marks. All other brand names, product names, or trademarks belong to their respective holders.

Tags in this release: Harte-Hanks, The Agency Inside, Aberdeen Group, Trillium Software, Mason Zimbler, Ci Technology Database, Market Intelligence, Direct Marketing, Shoppers, PennySaverUSA.com, The Flyer.com, Contact Centers, Digital Marketing, Digital Solutions, Mobile, Social, Direct Mail, Database, Customer Experience, Innovation, Powersites, Larry Franklin, Doug Shepard, Brian Dames, Jeannine Falcone, Tony Paul, Andrew Harrison

  Harte-Hanks, Inc. Consolidated Statements of Operations (Unaudited)                                 Three months ended       Six months ended                                     June 30,                June 30,                              ----------------------  ---------------------- In thousands, except per  share data                     2012        2011        2012        2011                              ----------  ----------  ----------  ----------  Operating revenues           $  199,137  $  213,047  $  394,309  $  413,353 Operating expenses:   Labor                          88,140      91,274     174,855     180,283   Production and    distribution                  75,458      82,523     149,631     158,792   Advertising, selling,    general and    administrative                16,920      17,341      32,732      32,681   Impairment of goodwill and    other intangibles            165,336           -     165,336           -   Depreciation and    amortization                   5,948       5,363      11,488      10,732                              ----------  ----------  ----------  ----------                                 351,802     196,501     534,042     382,488                              ----------  ----------  ----------  ---------- Operating income (loss)        (152,665)     16,546    (139,733)     30,865                              ----------  ----------  ----------  ---------- Other expenses (income):   Interest expense                  880         626       1,899       1,262   Interest income                   (30)        (67)        (59)       (136)   Other, net                        403         473       1,058       1,115                              ----------  ----------  ----------  ----------                                   1,253       1,032       2,898       2,241                              ----------  ----------  ----------  ---------- Income (loss) before income  taxes                         (153,918)     15,514    (142,631)     28,624 Income tax expense (benefit)    (44,213)      6,089     (39,719)     11,282                              ----------  ----------  ----------  ---------- Net income (loss)            $ (109,705) $    9,425  $ (102,912) $   17,342                              ==========  ==========  ==========  ==========   Basic earnings (loss) per  common share                $    (1.74) $     0.15  $    (1.63) $     0.27                              ==========  ==========  ==========  ==========      Weighted-average common      shares outstanding          63,007      63,371      62,959      63,538                              ==========  ==========  ==========  ==========    Diluted earnings (loss) per  common share                $    (1.74) $     0.15  $    (1.63) $     0.27                              ==========  ==========  ==========  ==========      Weighted-average common      and common equivalent      shares outstanding          63,007      63,703      62,959      63,974                              ==========  ==========  ==========  ==========     Harte-Hanks, Inc. Balance Sheet Data  (Unaudited)                             June 30,    December 31, In thousands                 2012          2011                          ------------  ------------      Cash and cash      equivalents         $     34,407  $     86,778      Total debt           $    116,375  $    179,438    Harte-Hanks, Inc. Business Segment Information (Unaudited)                 Three months ended              Six months ended                     June 30,                       June 30,               -------------------  --------  -------------------  --------- In thousands     2012      2011    % Change     2012      2011     % Change               ---------  --------  --------  ---------  --------  ---------  OPERATING  REVENUES:  Direct   Marketing   $ 142,794  $152,721      -6.5% $ 282,250  $293,802       -3.9%  Shoppers        56,343    60,326      -6.6%   112,059   119,551       -6.3%               ---------  --------            ---------  --------   Total    operating    revenues   $ 199,137  $213,047      -6.5% $ 394,309  $413,353       -4.6%               ---------  --------            ---------  --------  OPERATING  INCOME  (LOSS):  Direct   Marketing   $  16,578  $ 20,356     -18.6% $  32,231  $ 36,336      -11.3%  Shoppers      (165,946)   (1,118) -14743.1%  (165,745)      129  -128584.5%  General   corporate   expense        (3,297)   (2,692)    -22.5%    (6,219)   (5,600)     -11.1%               ---------  --------            ---------  --------   Total    operating    income    (loss)     $(152,665) $ 16,546   -1022.7% $(139,733) $ 30,865     -552.7%               ---------  --------            ---------  --------  DEPRECIATION AND AMORTIZATION:  Direct   Marketing   $   4,005  $  3,921       2.1% $   8,116  $  7,860        3.3%  Shoppers         1,938     1,438      34.8%     3,362     2,863       17.4%  General   corporate   expense             5         4      25.0%        10         9       11.1%               ---------  --------            ---------  --------   Total    depreciation    and amorti-    zation     $   5,948  $  5,363      10.9% $  11,488  $ 10,732        7.0%               ---------  --------            ---------  --------    

   Reconciliation of Net Income to Free Cash Flow                     Three months ended             Six months ended                         June 30,                      June 30,                  ----------------------        ---------------------- In thousands        2012        2011              2012        2011                  ----------  ----------        ----------  ---------- Net Income  (Loss)          $ (109,705) $    9,425        $ (102,912) $   17,342  Add: After-tax   impairment   (Note 1)          116,681           -           116,681           -  Add: After-tax   stock-based   compensation   (Note 2)              735       1,047             1,333       1,705  Add:   depreciation   and   amortization        5,948       5,363            11,488      10,732  Less: capital   expenditures        2,582       7,036             5,636      11,408                  ----------  ----------        ----------  ---------- Free cash flow   $   11,077  $    8,799        $   20,954  $   18,371                  ----------  ----------        ----------  ----------  Note 1: Pre-tax impairment of goodwill and other intangibles was $165,336 for the three months ended June 30, 2012.  Note 2: Pre-tax compensation expense was $1,203 and $1,723 for the three months ended June 30, 2012 and 2011, respectively. Pre-tax compensation expense was $2,196 and $2,812 for the six months ended June 30, 2012 and 2011, respectively.     Reconciliation of Net Income (Loss) to EBITDA                     Three months ended             Six months ended                         June 30,                      June 30,                  ----------------------        ---------------------- In thousands        2012        2011              2012        2011                  ----------  ----------        ----------  ---------- Net Income  (Loss)          $ (109,705) $    9,425        $ (102,912) $   17,342 Add: Impairment  of goodwill and  other  intangibles        165,336           -           165,336           -  Depreciation   and   amortization        5,948       5,363            11,488      10,732  Interest   expense, net   and non-   operating, net      1,253       1,032             2,898       2,241  Income tax   expense   (benefit)         (44,213)      6,089           (39,719)     11,282                  ----------  ----------        ----------  ---------- EBITDA           $   18,619  $   21,909        $   37,091  $   41,597                  ----------  ----------        ----------  ----------  EBITDA by  Segment:  Direct   Marketing      $   20,583  $   24,277        $   40,347  $   44,196  Shoppers             1,328         320             2,953       2,992  Corporate           (3,292)     (2,688)           (6,209)     (5,591)                  ----------  ----------        ----------  ----------                  $   18,619  $   21,909        $   37,091  $   41,597                  ----------  ----------        ----------  ----------    Harte-Hanks, Inc. Direct Marketing Revenue Mix (Unaudited)  Vertical Markets - Percent of Direct Marketing Revenue                                       Three months ended   Six months ended                                           June 30,            June 30,                                      ------------------  ------------------                                        2012      2011      2012      2011                                      --------  --------  --------  --------  Retail                                     27%       26%       26%       26% Financial and Insurance Services           14%       15%       14%       15% Technology                                 23%       24%       24%       24% Healthcare and Pharmaceuticals              9%       10%       10%       10% Other Select Markets                       27%       25%       26%       25%                                      --------  --------  --------  --------                                           100%      100%      100%      100%                                      ========  ========  ========  ========  

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Source: http://www.nearshorejournal.com/2012/08/harte-hanks-reports-second-quarter-results/

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Al Fresco In Aura | Essential Ibiza News

Posted on August 2, 2012 by admin

It has been one of the hottest days of the summer so far, not just because the temperature is climbing quickly but mainly because it is one of those muggy, can?t catch a breath days where no matter what you?re doing, you can?t cool down. When the sun finally disappears, there is a slight breeze, although not much, so we couldn?t have picked a better night to be dining al fresco in Aura. After an invitation from Jade to join her for dinner, the short trip from Santa Gertrudis is taken up by chat of how good the food was last year and what they could possibly do to top it! The garden restaurant is stunning, and since they lost the giant sails that provided some shelter from the elements, it has even more of an open air feel to it. It?s still early but there a couple of family tables already seated, Aura loves your children, offering to feed any of them under 12 years for free this summer, as long as you are seated by 20.15. That?s one of things that really impresses about the Aura operation, no matter how much success they are having, they are always looking at ways to step up to the next level.

One such step is a redesign of last summer?s popular menu. Meetings were held all through the winter, tasting became a daily occurrence and even the vessels that some of the dishes are delivered in came in for serious scrutiny. The result? Read on and I?m sure you?ll have no problem forming your own opinion, suffice to say, our meal in Aura last summer was one of our favourites of the year so they have big shoes to fill if they are looking to improve on that experience. The Aura staff is very friendly, it?s almost like coming home for dinner. From the minute you set foot in the garden area, to the drink at the bar prior to your table seating and throughout the meal, they can?t do enough for you. They are helpful with the wine list, great with food suggestions and generally on hand and usually ahead of the game whenever you need anything. While we are perusing the menu, hot bread and butter is delivered to the table, the bread, a variety of different flavours, packed into a cool brown bag and the butter salted with lemon twists through it. It?s this attention to detail that makes all the difference. With Jade at our table we have the inside scoop on everything on the menu, which is the perfect way to enjoy a meal. I think every restaurant should offer the option of having an ?insider? at your table!

For starters we opt for a mixture of dishes to share, including the 100g hand-carved jamon Iberico de bellota with preserved pear pickle. The Pear Pickle is amazing and is a discovery from the island, a family run business where Paola produces a range of artisanal preserves, jams and jellies, which also includes the orchard apple mustard that will be served with the creamy Gallician Tetilla cheese later in the summer. The grilled Mediterranean king prawns on ?sand? with rose harissa mayonnaise is not only delicious but fun to eat. Dip the giant prawns in the slightly spicy mayonnaise before coating them in the ?edible sand? for the maximum flavour explosion. Next up is the Heirloom tomato salad, handmade burrata and thyme oil. The handmade burrata comes from Artina House in San Rafael, a family run artisanal dairy that has seen UK Prime Minister David Cameron queue to buy Massimo?s legendary mozzarella! Finally, I opt for the Aura signature white peach salad and am not disappointed, it is served with jamon Serrano and the famous San Rafael mozzarella and mint leaves producing the perfect flavour combination.

It?s not just that the food is so tasty, it?s that every dish has a story behind it, whether the vegetables came from Aura?s own garden or the mozzarella from a local dairy farmer making a name for himself, the thought that goes into every bit of the menu is evident by the time the food reaches your table. Given that it is such a hot evening, for drink we opt for a crisp ros? from Provence, after some advice and friendly instruction from our waiter Joan. The wine is perfect, as is the amount of time between courses; just enough to allow the starter to fully make its impact and give us a chance to chat, not to mention make our own impact on the crisp Provence ros?! When the main courses do arrive, once again the presentation is amazing. Unlike the starters, clearly no one is in the mood to share their option as we all dig in. Our choices include Slow-cooked pulled pork burger with apple & horseradish compote and homemade focaccia turns a burger into a taste extravaganza! Five-hour slow roast lamb with cucumber and mint yoghurt takes a lot less than five hours to be demolished. Scallops with sweetcorn polenta, chorizo & chorizo oil and pan fried seas bass fillet with summer pea puree make up the four dishes. The sea bass is pan fried to perfection and the pea puree offers a unique twist on the garden vegetable, we also order salad and roasted vegetables on the side. The table goes completely quiet for the first time this evening as we all lose ourselves in our main courses.

At this point I think it has to be mentioned that the Essential team are more than happy with our lot and are ready to call it a night on the food front, until Jade starts waxing lyrical about some of the desserts and the process that they underwent in the winter to make sure they got it just right. For me, the chocolate pot, which was concocted in exactly the same way but presented in various sized vessels to the staff, resulting in a multitude of different opinions, is the winner. I need to see what this looks like as the finished article! Arriving on a small rectangular slate, with a mini glass dish complete with locking lid and a bit of honeycomb on the side is simple but very effective. The only thing better than how it looks is how it tastes, it?s funny how we can gracefully take our main course apart but when it comes to dessert it?s all out war. Our trusty snapper and self confessed creamed rice fanatic orders the chilled cardamom & rose rice, wild rose jam and pistachio, which I?m assuming he enjoyed as he never looked up from the minute the first spoonful hit his mouth. The chocolate brownie, milk ice cream with salted caramel sauce suffered a similar fate although we all did get to taste the salted caramel sauce and if a huge vat of it was available we may have all jumped in. The desserts are rounded off with a vanilla panna cotta with passion fruit syrup, delivered in a quaint glass dish and swiftly dispatched.

We order coffee, probably more because we don?t want the experience to end than anything else. While we wait for them to arrive, the boutique has opened so we wander over for a look. It?s a cool space full of local designer wear, for men and women. They have everything from a straw top hat to Syd & Rex swim shorts, making sure you look your best on one of the island?s many beautiful beaches. The boutique makes perfect sense, what better than a little retail therapy while you are in between courses. The Aura experience is every bit as good as we remember it, I think it is fair to say that they have definitely upped the ante as far as the food goes, I would have given you directions to the nearest padded cell if you had told me last summer that they would improve of the food for next year but that?s exactly what has happened. And with the menu changing throughout the summer, who knows what goodies they have in store for us.

Source: http://www.essentialibiza.com/news/al-fresco-in-aura.asp

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RIM to launch new PlayBook line next week

TORONTO (Reuters) - Canada's Research In Motion has chosen its home country to launch a PlayBook tablet with built-in support for cellular networks, a crucial feature missing from its poor-selling initial models.

The BlackBerry maker said on Thursday it would launch the new tablets in Canada next week and roll them out in coming months in the United States, Europe, South Africa, Latin America and the Caribbean.

The PlayBook tablet, introduced more than a year ago, is strategically important for RIM as it is the first product to use the QNX operating system that RIM is adapting for a new generation of BlackBerry phones designed to compete with sexier devices already on the market.

But the PlayBook was widely criticized at launch for lacking basic features such as email, and it has failed to wow consumers despite sharp discounts and a major software upgrade.

RIM has so far only sold Wi-Fi capable PlayBook devices and this has played a role in making the device less attractive to potential buyers, as users would need access to a Wi-Fi network or to tether the device to the BlackBerry to use the Internet.

The new device will run on the latest 4G LTE networks that offer high-speed data downloads capabilities. Long Term Evolution (LTE) technology is being widely deployed by carriers both in North America and overseas, as smartphone adoption has increased and boosted demand for wireless data downloads.

The 4G LTE BlackBerry PlayBook tablet will come with 32 gigabytes of memory and will be available from major Canadian carriers like BCE Inc's Bell, Rogers Communications Inc and Telus Corp in Canada on August 9.

Variants of the tablet supporting various cellular networks are expected to be available in the coming months from carriers in other countries, RIM said.

The company did not release pricing details on the new PlayBook.

HEAVY DISCOUNTS

Over the last year RIM has been forced to offer heavy discounts to boost flagging sales, as the PlayBook runs on the QNX operating system that will power RIM's next generation of smartphones, due early next year.

The Waterloo, Ontario-based company needs to have more applications available before the new phones, powered by QNX software called BlackBerry 10, hit the market. It hopes greater PlayBook adoption will encourage developers to create apps for the new devices.

RIM has struggled to compete against Apple Inc's iPhone and iPad, and a host of devices smartphone and tablet devices powered by Google's Android. The one-time technology giant's fate now rests almost completely on the success or failure of its new line of BlackBerry 10 smartphones.

Shares of RIM were down 2 percent at $6.97 on Thursday afternoon on the New York Stock Exchange.

(Reporting by Euan Rocha; Editing by Frank McGurty)

Source: http://news.yahoo.com/rim-launches-line-playbook-tablets-130634102--finance.html

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Sega Sammy sees losses in gaming sector, StarHorse3 sales - Joystiq

Sega Sammy Holdings is a ginormous company; one that, on the whole, is doing pretty well for itself, having ended the first quarter of fiscal 2013 in the black to the tune of ?2.544 billion -- a massive increase over the ?2.224 billion loss the company reported last year. When broken down by section, however, Sega Sammy's "Consumer Business" segment didn't fare as well as the company's pachinko/pachislot and amusement center-oriented segments.

The Consumer Business division, the part of the company responsible for console and handheld gaming, posted an operating loss of ?1.559 billion for the three month period ending on June 30, but that's actually up 59 percent from the ?3.856 billion loss reported for the same period last year. Consumer Business shipped a total of 1.3 million units during Q1, with more units shipping to Europe (700,000) than to the US, Japan and elsewhere combined (400,000 and 230,000 respectively).

Honestly, we think it'd do wonders for Sega Sammy's bottom line if they'd start selling the convertible horse racing loveseats they make for "StarHorse3 Season ? A NEW LEGEND BEGINS" (above) on their own, or license out the design to movie theaters.

Source: http://www.joystiq.com/2012/07/31/sega-sammy-sees-losses-in-gaming-sector-starhorse3-sales-contin/

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Markets remain hopeful of euro debt crisis plan

LONDON (AP) ? Markets were firm on Tuesday as investors remained confident European policymakers will back powerful new measures to battle the continent's debt crisis.

However, the scale of the advance in stock markets witnessed since last Thursday has eased considerably this week amid nagging doubts over Europe's longer-term ability to solve its financial and economic problems.

As so often before in the debt crisis, the risk is that Europe's leaders overpromise and under-deliver.

"Disappointment in the wake of the meetings could be severe if measures are not announced, or if those outlined are not deemed to be sufficiently impressive," said Chris Beauchamp, market analyst at IG Index.

Stocks are considerably higher than where they were last Thursday, when European Central Bank chief Mario Draghi ratcheted up expectations of a new plan.

His comments that the bank is "ready to do what it takes" to save the beleaguered currency, has led many in the markets to believe that the ECB will at the very least ramp up its bond-buying program at this Thursday's monthly policy meeting to keep a lid on Spain's and Italy's borrowing rates.

Draghi's statement of intent came at a particularly important time as Spain's borrowing costs surged to dangerous levels, raising the risk that one of Europe's biggest economies will need a bailout that would strain the euro currency union's finances.

Spain's borrowing rates remain high, certainly in comparison with strong euro economies like Germany. However, they are at manageable rates for now, with the ten-year bond yield down at 6.57 percent. Anything above 7 percent is thought unsustainable in the long-run.

By late morning in Europe, Germany's DAX was up 0.6 percent to 6,812 while France's CAC 40 was up 0.2 percent at 3,328. The FTSE 100 index of leading British companies dipped 0.1 percent to 5,686.

The euro was also solid, trading 0.3 percent higher at $1.2291 despite figures showing a record 17.8 million people were unemployed in the eurozone in June.

U.S. stocks were poised to gain. Both Dow futures and the broader S&P 500 futures were 0.3 percent higher.

Markets aren't just focusing on Europe. The Federal Reserve starts its two-day policy meeting later in the day and investors will be keenly awaiting Wednesday's statement to see if it backs another monetary stimulus.

"Consensus appears to be that the Fed will hold off from making any bold steps in the short term," said Fawad Razaqzada, market strategist at GFT Markets.

Earlier in Asia, Japan's Nikkei 225 stock average rose 0.7 percent to close at 8,695.06 and Hong Kong's Hang Seng gained 1.1 percent to 19,796.81. South Korea's Kospi rose 2.1 percent to 1,881.99 while Australia's S&P/ASX 200 climbed 0.6 percent to 4,269.20.

China's Shanghai Composite dipped 0.3 percent to finish at 2,103.63 as investors appeared unimpressed by a government announcement the day before that it will launch projects to attract private investments in energy, health and other industry sectors in an attempt to reverse an economic slump.

Oil prices remained near $90 a barrel, with benchmark crude for September delivery was up 20 cents to $89.98 a barrel in electronic trading on the New York Mercantile Exchange.

Source: http://news.yahoo.com/markets-remain-hopeful-euro-debt-crisis-plan-103829011--finance.html

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Tradewinds | The Salt Lake Tribune

The Park City Chamber of Commerce/Convention and Visitors Bureau has named Maxine Turner of Cuisine Unlimited to its board of directors. Turner has served on the marketing and advertising committee for the past year. Cuisine Unlimited, an award-winning catering business, opened its Park City office in Prospector three years ago.

OB/GYN Andrea N. Smith has joined Salt Lake Regional Women?s Center, on the campus of Salt Lake Regional Medical Center. Smith earned her medical degree at the University of Colorado, followed by an obstetrics/gynecology residency at Exempla Saint Joseph?s Hospital in Denver. She has practiced in Utah for seven years. Cardio-thoracic and vascular surgeon Navin Thakur has joined Salt Lake Regional Cardiovascular Center. Thakur completed a thoracic surgery residency at the University of Arkansas for Medical Services, followed by a fellowship at Texas Heart Center in Houston. He has more than 15 years of experience. Orthopedic surgeon Joe Albano has joined Comprehensive Orthopedics & Sports Medicine on the campus of Salt Lake Regional Medical Center. Albano completed a general surgery internship at Wright-Patterson Air Force Base/Wright State University, followed by a family practice residency at the University of Utah. He completed a sports medicine fellowship at Michigan State University.

Adaptive Computing, a Provo-based provider of software to manage large banks of computers, has appointed Marty Smuin as vice president of worldwide sales. He has more than 20 years of management experience in business development, sales and marketing, and will be responsible for all global customer engagements and end-user relationships.

MultiLing, a provider of language translation services for businesses, has appointed Lyle Ball chief operating officer. He has nearly 20 years of experience managing or consulting high-tech and clean-energy companies. He has worked with the company for the past six months on high-growth strategies.

Intermountain Financial Group, the Utah Agency of Massachusetts Mutual Life Insurance Co., has hired Nick Morrell and Dennis Walker as financial services professionals. Morrell and Walker will work with individuals and business owners to assist with strategies for life insurance, disability income insurance, long term care insurance and business goals. Morrell is a graduate of the University of Utah with a bachelor?s degree in finance and has experience in accounting and sales. Walker is a graduate of LDS Business College and has a background in educational and business consulting.

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David J. Langeland has been named a shareholder in the Salt Lake City-based law firm of Callister Nebeker & McCullough. Langeland joined the firm as an associate in 2007. He is a graduate of Creighton University College of Law. Langeland advises clients on various aspects of Internet, corporate and technology law, including doing business online, Internet traps to avoid, privacy and data security, and the benefits and risks of social networking.

Black Diamond Inc., a Utah-based provider of outdoor recreation equipment and active-lifestyle products, has promoted Mark Ritchie to the new position of chief operating officer. Additionally, the company has promoted Zach Posner to vice president of information technology; Wim de Jager, to managing director of Black Diamond Equipment Asia; Lauri Hawkins, to director of sourcing development for apparel; Doug Heinrich, to director of line planning; and Kasey Jarvis, to director of design. Black Diamond also has announced that it has hired Laura Deuser as an apparel textile engineer. Joe Moak has joined the company as a design engineer, and Sven Mostoegl as apparel product manager.

Submit information about hires, promotions, appointments and honors to bizdesk@sltrib.com. Photos may be attached as .jpg files.

Copyright 2012 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.sltrib.com/sltrib/money/54590336-79/business-university-lake-salt.html.csp

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Understand Exactly About Cooking In The Following Paragraphs ...

With the amount of distinct sources readily available for cooking, it may appear like there is an details overload ? allowing you sense really confused. Nevertheless, by merely by using these easy tips you are able to quickly and easily learn ways to prepare and provide good quality food items that the whole family will like!

If are generating a salsa or guacamole with natural onions, and is particularly not likely to be ingested until later on, make sure that you wash the red onion with cold water after dicing them, and after that blot them free of moisture. The sulfurous petrol from uncooked onions can damage the freshness from the foods, so it?s essential to wash it apart well before mixing up the onions with all the other elements.

A good way to preserve remaining sauces is usually to shop and hold them in ice cubes cube trays. Then you can reheat them in the saut? pan anytime you need a swift sauce, in only the portion size that you desire. This is fantastic for creating simple foods during the 7 days.

Ideal pasta each time. Never add more oil for the water while you are boiling pasta. It stops the sauce from layer the pasta appropriately. Right before you deplete the pasta, reserve about 1/3 mug of the prepared spaghetti drinking water. Whenever you mix the marinade using the spaghetti, add a small of your cooking food liquid. The starch within the water provides entire body and flavor for the sauce.

To lower the fat and calorie consumption inside a dish that calls for a number of mayonnaise, basically replace half the mayonnaise with bad product. Given that mayonnaise will serve mostly a textural function in most of these dishes, exchanging it with similarly textured bitter lotion offers you the identical feel using a lighter, much healthier taste.

Purchase a very good roll of parchment papers. When you are baking, collection your cookware along with it and you will probably save yourself a lot of time and chaos. The prepared merchandise push correct from the paper and all your pan demands is a straightforward rinse off in some hot soapy water!

When food preparation any dish, make use of the finest elements that you can afford to pay for. Splurge a bit on brought in cheeses or better quality meat when you can, so that you can experience a nearby restaurant, high quality-tasting food in your own home. To improve the event a little bit more, attempt to wonderfully dish the food with a bit of imagined, for some thing diverse once in a while.

Mentioned previously just before inside the post, many individuals prepare food every day. They prepare food for their own reasons as well as the individuals around them. Also you can prepare for your self and those you understand. The advice within the article above will assist you to prepare meals which you and people close to you will adore to consume.

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Source: http://blog.1stfind.com/?p=317679&utm_source=rss&utm_medium=rss&utm_campaign=understand-exactly-about-cooking-in-the-following-paragraphs

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