Painter and printmaker Will Barnet received one of the country’s highest honors Monday, when President Obama presented him with a National Medal of Arts.
Barnet, 100, has deep Maine ties. Much of the inspiration for his artistic vision derives from his time in Maine, particularly in and around the midcoast area of Phippsburg.
Barnet, who lives in New York most of the year, received his medal in an East Room ceremony at the White House.
The White House cited Barnet “for his contributions as an American painter, printmaker and teacher. His nuanced and graceful depictions of family and personal scenes, for which he is best known, are meticulously constructed of flat planes that reveal a lifelong exploration of abstraction, expressionism and geometry. For more than 80 years, Mr. Barnet has been a constant force in the visual arts world, marrying sophistication and emotion with beauty and form.”
Among others who received honors Monday were Al Pacino, Mel Tillis and Andre Watts.
In remarks prior to conferring the medals, Obama praised artists for their contributions to society, and characterized those honored as “icons” for their courage to “dwell in possibilities.”
“As much as we need engineers and scientists,” the president said, “we also need artists and scholars ... to disrupt our views and challenge our assumptions.”
Susan Danly, senior curator at the Portland Museum of Art, said the museum has 13 Barnet images in its collection, though none is currently on view.
“We are very proud of him,” Danly said. “This is a top honor bestowed on an artist in the country, and certainly Will Barnet is one of the pre-eminent painters in Maine today. He has a long-standing love of New England and of Maine.”
In an interview with the Maine Sunday Telegram in 2002, Barnet said that painting has been a way of life for as long as he could remember.
“It’s just a pattern of living that has been a part of me that began very early,” he said. “I had a studio in my father’s basement when I was 12 years old. By the time I was 14, I read every book on the history of art that was available. Today ... it’s a continuation of my whole life, of my whole being. It is something that is a natural pattern that flows every day. It’s just a part of me. Every day, I have ideas, thoughts or feelings that I like to express.”
He was born in Beverly, Mass., in May 1911 and first came to Maine in 1953.
He has received many awards in his life, including the first Artist’s Lifetime Achievement Award Medal given on the National Academy of Design’s 175th anniversary; the College Art Association’s Lifetime Achievement Award; the Philadelphia Academy of Fine Art’s Lippincott Prize; and the American Academy and Institute of Arts and Letters’ Childe Hassam Prize.
His paintings and prints are included in most major public collection in the United States, including the National Gallery of Art, the Metropolitan Museum of Art, the Whitney Museum of American Art, the Museum of Modern Art, New York; the Museum of Fine Arts, Boston; the Philadelphia Museum of Art and the San Francisco Museum of Modern Art.
2012年2月13日星期一
2011年6月14日星期二
Capstone Turbine's CEO Discusses Q4 2011 Results - Earnings Call Transcript
Good day, ladies and gentlemen, and welcome to Capstone Turbine Corporation Earnings Conference Call for Fourth Quarter and Fiscal Year 2011 Financial Results ended March 31, 2011. My name is Stacy, and I'll be your conference moderator for today. [Operator Instructions] As a reminder, this conference call is being recorded for replay purposes.
During today's call, Capstone management will be referencing slides that can be located at www.capstoneturbine.com under the Investor Relations section. At this time, I would like to introduce your host for today, Ms. Jayme Brooks, Vice President of Finance and Chief Accounting Officer. Please proceed.
Jayme Brooks
Thank you. Good afternoon, and welcome to Capstone Turbine Corporation's Conference Call for the Fourth Quarter and Year Ended March 31, 2011. I am Jayme Brooks, your contact for today's conference call.
Capstone filed its annual report on Form 10-Q with the Securities and Exchange Commission today, June 14, 2011. If you do not have access to this document and would like one, please contact Investor Relations via telephone at (818) 407-3628 or e-mail ir@capstoneturbine.com, or you can view all of our public filings on the SEC website at www.sec.gov or on our website at www.capstoneturbine.com.
During the course of this conference call, management may make projections or other forward-looking statements regarding future events or financial performance of the company within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
These statements relate to, among other things, future financial performance in attaining profitability; the ability to reduce cost and improve inventory turns and contribution margins; higher average selling prices; continued growth in current market conditions; the availability of a line of credit; the success of the C200 and C1000 products; new products and technologies; compliance with certain government regulations and increased government awareness in funding of our products; growing market share and market adoption of our products; new applications for our products; growth in the oil and gas and hydroelectric vehicle markets; increased opportunities in Japan, revenue growth and increased sales volumes, our success in key market segments; our ability to enter into new relationships with channel partners and distributors and other third parties; the energy efficiency, reliability, and low cost of ownership of our products; and the expansion of production capacity manufacturing efficiency and improved relationships with suppliers.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including the following: Our expectations about expansion into key markets may not be realized. Certain strategic business initiatives and relationships may not be sustained and may not lead to increased sales. We may not be able to reduce our manufacturing costs. The growth in our backlog has significantly exceeded our internal forecast. In order to meet this increased demand, we may need to raise additional funds to meet our anticipated cash needs for working capital and capital expenditures.
The current economy can make it difficult or impossible for us to raise necessary funds and for our customers to buy our products. We may not be able to utilize our line of credit, for example, as a result of a failure to meet a financial covenant. We may not be able to expand production capacity to meet our demand for our products. We may not be able to obtain sufficient materials at reasonable prices.
If we fail to meet all applicable NASDAQ global market requirements, the NASDAQ determines to delist our common stock. The delisting could adversely affect the market liquidity of our common stock, impair the value of your investment, and adversely affect our ability to raise needed funds. We have substantial accounts receivable and increased bad debt expense or delays in collecting accounts receivable could have a materially adverse effect in our cash flows and results of operations.
Our release of new products maybe delayed or new products may not perform as we expect. We maybe unable to increase our sales and sustain or increase our profitability in the future. We may not be able to obtain or maintain customer distributor and other relationships that are expected to result in an increase in volume and revenue. We may not be able to comply with all applicable government regulations. We may not be able to retain and develop distributors in our targeted markets, in which case our sales would not increase as expected.
We may not be able to successfully integrate the acquired Calnetix assets and achieve productivity relationships with these distributors. And if we do not effectively implement our sales, marketing, service and product enhancements plan, our sales will not grow and therefore, we may not generate the net revenue we anticipate.
During today's call, Capstone management will be referencing slides that can be located at www.capstoneturbine.com under the Investor Relations section. At this time, I would like to introduce your host for today, Ms. Jayme Brooks, Vice President of Finance and Chief Accounting Officer. Please proceed.
Jayme Brooks
Thank you. Good afternoon, and welcome to Capstone Turbine Corporation's Conference Call for the Fourth Quarter and Year Ended March 31, 2011. I am Jayme Brooks, your contact for today's conference call.
Capstone filed its annual report on Form 10-Q with the Securities and Exchange Commission today, June 14, 2011. If you do not have access to this document and would like one, please contact Investor Relations via telephone at (818) 407-3628 or e-mail ir@capstoneturbine.com, or you can view all of our public filings on the SEC website at www.sec.gov or on our website at www.capstoneturbine.com.
During the course of this conference call, management may make projections or other forward-looking statements regarding future events or financial performance of the company within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
These statements relate to, among other things, future financial performance in attaining profitability; the ability to reduce cost and improve inventory turns and contribution margins; higher average selling prices; continued growth in current market conditions; the availability of a line of credit; the success of the C200 and C1000 products; new products and technologies; compliance with certain government regulations and increased government awareness in funding of our products; growing market share and market adoption of our products; new applications for our products; growth in the oil and gas and hydroelectric vehicle markets; increased opportunities in Japan, revenue growth and increased sales volumes, our success in key market segments; our ability to enter into new relationships with channel partners and distributors and other third parties; the energy efficiency, reliability, and low cost of ownership of our products; and the expansion of production capacity manufacturing efficiency and improved relationships with suppliers.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including the following: Our expectations about expansion into key markets may not be realized. Certain strategic business initiatives and relationships may not be sustained and may not lead to increased sales. We may not be able to reduce our manufacturing costs. The growth in our backlog has significantly exceeded our internal forecast. In order to meet this increased demand, we may need to raise additional funds to meet our anticipated cash needs for working capital and capital expenditures.
The current economy can make it difficult or impossible for us to raise necessary funds and for our customers to buy our products. We may not be able to utilize our line of credit, for example, as a result of a failure to meet a financial covenant. We may not be able to expand production capacity to meet our demand for our products. We may not be able to obtain sufficient materials at reasonable prices.
If we fail to meet all applicable NASDAQ global market requirements, the NASDAQ determines to delist our common stock. The delisting could adversely affect the market liquidity of our common stock, impair the value of your investment, and adversely affect our ability to raise needed funds. We have substantial accounts receivable and increased bad debt expense or delays in collecting accounts receivable could have a materially adverse effect in our cash flows and results of operations.
Our release of new products maybe delayed or new products may not perform as we expect. We maybe unable to increase our sales and sustain or increase our profitability in the future. We may not be able to obtain or maintain customer distributor and other relationships that are expected to result in an increase in volume and revenue. We may not be able to comply with all applicable government regulations. We may not be able to retain and develop distributors in our targeted markets, in which case our sales would not increase as expected.
We may not be able to successfully integrate the acquired Calnetix assets and achieve productivity relationships with these distributors. And if we do not effectively implement our sales, marketing, service and product enhancements plan, our sales will not grow and therefore, we may not generate the net revenue we anticipate.
2011年4月24日星期日
Qualcomm with growth of only 12.4 percent
Samsung is racing to take top spot in electronics and semiconductor domain. As per the newly released semiconductor ranking by IHS iSuppli for 2010, the No. 2-ranked Samsung held 9.2 percent share of global chip revenue, up from 7.6 percent in 2009. This put the South Korean electronics giant a mere 4.1 percentage points behind perennial market leader Intel of the United States, says IHS iSuppli.
"The rise of Samsung is one of the biggest stories of the last decade in the worldwide semiconductor market," said IHS analyst Dale Ford. "When experts discuss competition for Intel, they almost always focus on Advanced Micro Devices Inc. (AMD). While it is true that AMD is Intel's major competitor in the microprocessing unit (MPU) market, Samsung is the primary rival of Intel for overall semiconductor market share. And although they are mainly indirect competitors in the marketplace, Intel and Samsung have been ranked No. 1 and No. 2, respectively, for a number of years."
IHS iSuppli findings and observations on semiconductor vendor ranking in 2010 include:
In 2001 Intel's market share at 14.9 percent was more than three times that of Samsung at 3.9 percent; Samsung ranked fifth then. Since that time, Intel's market share has ranged between 11.9 percent and 14.8 percent. Meanwhile, Samsung has seen its revenues grow by 355 percent from 2001 to 2010, allowing the company to expand market share and raise its ranking.
Samsung's strong performance in 2010 was driven by booming sales of its main semiconductor product: memory integrated circuits (ICs). Among the major semiconductor categories, memory ICs had the strongest growth at 52.4 percent. In comparison, the next fastest-rising area was sensors and actuators at 35.5 percent, followed by discretes at 34.5 percent.
The biggest growth driver in the memory segment in 2010 was dynamic random access memory (DRAM), which enjoyed 75.0 percent expansion. The other major segment of the memory market, NAND flash, grew 38.6 percent for the year.
For Samsung, given its position as the world's leading supplier of DRAM and NAND, the company's 59.1 percent rise in semiconductor revenue during 2010 meant it massively outperformed the overall semiconductor industry. Worldwide semiconductor revenue amounted to $304.1 billion in 2010, up 32.1 percent from $230.2 billion in 2009, according to the final IHS iSuppli 2010 semiconductor revenue ranking.
U.S.-based Micron Technology, Hynix Semiconductor of South Korea and Japan's Elpida Memory expanded their share of the total market by 1.1 percent, 0.7 percent and 0.4 percent, respectively. For Micron, the combination of strong memory market growth and its acquisition of Numonyx propelled Micron up five places into the Top 10 to No. 8. For their part, Hynix and Elpida achieved revenue expansion of 66.2 percent 63.3 percent, respectively-the largest increase among Top 20 semiconductor companies based entirely on organic growth. As a result, Elpida jumped up four spots in ranking from No. 15 in 2009 to No. 11 in 2010, while Hynix advanced one place to No. 6.
Renesas Electronics Corp. went up in the rankings from No. 9 in 2009 to No. 5 in 2010 by virtue of the merger between Renesas Technology and NEC Electronics. The two companies, which had combined revenues in 2009 of $9.5 billion, grew 24.7 percent, less than the overall market, to $11.9 billion in 2010.
The 3.9 percent market share in 2010 of Renesas Electronics Corp. is still lower than the 4.3 percent market share of Renesas Technology, formed in 2003 by the merger of Hitachi Semiconductor and Mitsubishi Semiconductor. Renesas Technology had seen its overall market share fall to 2.2 percent in 2009, but the most recent merger now boosts the merged entity back up close to the company's original share and into the Top 5 rankings.
A combination of impressive business execution and participation in strong market segments enabled Maxim Integrated Products, Marvell Technology Group, Elpida Memory, Broadcom Corp. and Xilinx Inc. to make the biggest strides in the Top 25 market rankings for 2010.
Maxim jumped six places to No. 24, followed by Marvell climbing five places to No. 18. The rest moved up four places, with Broadcom moving into the Top 10 for the first time. All five companies, driven primarily by organic growth, expanded their revenues between 36.0 percent and 63.3 percent in 2010.
Other semiconductor suppliers achieving strong growth in 2010 without the boost of a major acquisition were Texas Instruments with an increase of 34.4 percent, Analog Devices with 36.9 percent, Infineon Technologies with 41.8 percent and Panasonic Corp. with 52.5 percent. Infineon's revenue for 2010 still includes the wireless business it sold to Intel at the start of 2011.
NXP, which sold its set-top box business lines to Trident Microsystems in 2010, also delivered a healthy performance with 24.3 percent growth.
Suppliers among the Top 25 that struggled the most in 2010 were Taiwan-based MediaTek with flat revenue, Qualcomm with growth of only 12.4 percent and nVidia with 13.1 percent expansion. Qualcomm slipped from No. 6 to No. 9, and MediaTek fell from 16th to 19th in the rankings. nVidia was able to hang on to its No. 20 spot. AMD and Sony Corp. also fell in the rankings by four positions each, as their overall revenue growth significantly lagged market growth.
"The rise of Samsung is one of the biggest stories of the last decade in the worldwide semiconductor market," said IHS analyst Dale Ford. "When experts discuss competition for Intel, they almost always focus on Advanced Micro Devices Inc. (AMD). While it is true that AMD is Intel's major competitor in the microprocessing unit (MPU) market, Samsung is the primary rival of Intel for overall semiconductor market share. And although they are mainly indirect competitors in the marketplace, Intel and Samsung have been ranked No. 1 and No. 2, respectively, for a number of years."
IHS iSuppli findings and observations on semiconductor vendor ranking in 2010 include:
In 2001 Intel's market share at 14.9 percent was more than three times that of Samsung at 3.9 percent; Samsung ranked fifth then. Since that time, Intel's market share has ranged between 11.9 percent and 14.8 percent. Meanwhile, Samsung has seen its revenues grow by 355 percent from 2001 to 2010, allowing the company to expand market share and raise its ranking.
Samsung's strong performance in 2010 was driven by booming sales of its main semiconductor product: memory integrated circuits (ICs). Among the major semiconductor categories, memory ICs had the strongest growth at 52.4 percent. In comparison, the next fastest-rising area was sensors and actuators at 35.5 percent, followed by discretes at 34.5 percent.
The biggest growth driver in the memory segment in 2010 was dynamic random access memory (DRAM), which enjoyed 75.0 percent expansion. The other major segment of the memory market, NAND flash, grew 38.6 percent for the year.
For Samsung, given its position as the world's leading supplier of DRAM and NAND, the company's 59.1 percent rise in semiconductor revenue during 2010 meant it massively outperformed the overall semiconductor industry. Worldwide semiconductor revenue amounted to $304.1 billion in 2010, up 32.1 percent from $230.2 billion in 2009, according to the final IHS iSuppli 2010 semiconductor revenue ranking.
U.S.-based Micron Technology, Hynix Semiconductor of South Korea and Japan's Elpida Memory expanded their share of the total market by 1.1 percent, 0.7 percent and 0.4 percent, respectively. For Micron, the combination of strong memory market growth and its acquisition of Numonyx propelled Micron up five places into the Top 10 to No. 8. For their part, Hynix and Elpida achieved revenue expansion of 66.2 percent 63.3 percent, respectively-the largest increase among Top 20 semiconductor companies based entirely on organic growth. As a result, Elpida jumped up four spots in ranking from No. 15 in 2009 to No. 11 in 2010, while Hynix advanced one place to No. 6.
Renesas Electronics Corp. went up in the rankings from No. 9 in 2009 to No. 5 in 2010 by virtue of the merger between Renesas Technology and NEC Electronics. The two companies, which had combined revenues in 2009 of $9.5 billion, grew 24.7 percent, less than the overall market, to $11.9 billion in 2010.
The 3.9 percent market share in 2010 of Renesas Electronics Corp. is still lower than the 4.3 percent market share of Renesas Technology, formed in 2003 by the merger of Hitachi Semiconductor and Mitsubishi Semiconductor. Renesas Technology had seen its overall market share fall to 2.2 percent in 2009, but the most recent merger now boosts the merged entity back up close to the company's original share and into the Top 5 rankings.
A combination of impressive business execution and participation in strong market segments enabled Maxim Integrated Products, Marvell Technology Group, Elpida Memory, Broadcom Corp. and Xilinx Inc. to make the biggest strides in the Top 25 market rankings for 2010.
Maxim jumped six places to No. 24, followed by Marvell climbing five places to No. 18. The rest moved up four places, with Broadcom moving into the Top 10 for the first time. All five companies, driven primarily by organic growth, expanded their revenues between 36.0 percent and 63.3 percent in 2010.
Other semiconductor suppliers achieving strong growth in 2010 without the boost of a major acquisition were Texas Instruments with an increase of 34.4 percent, Analog Devices with 36.9 percent, Infineon Technologies with 41.8 percent and Panasonic Corp. with 52.5 percent. Infineon's revenue for 2010 still includes the wireless business it sold to Intel at the start of 2011.
NXP, which sold its set-top box business lines to Trident Microsystems in 2010, also delivered a healthy performance with 24.3 percent growth.
Suppliers among the Top 25 that struggled the most in 2010 were Taiwan-based MediaTek with flat revenue, Qualcomm with growth of only 12.4 percent and nVidia with 13.1 percent expansion. Qualcomm slipped from No. 6 to No. 9, and MediaTek fell from 16th to 19th in the rankings. nVidia was able to hang on to its No. 20 spot. AMD and Sony Corp. also fell in the rankings by four positions each, as their overall revenue growth significantly lagged market growth.
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