Green Mountain Coffee reports Q3 results, sales up 127 percent to $717.2 million
$0.83 147,663,350 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 131,303,879 weeks ended Income tax expense Thirteen June 25, Gain on financial instruments, net Cost of sales (As Restated)Net sales$717,210 $0.86 (981) 264,080 Basic income per share: 18,400 45,687 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 142,313 Thirty-nine Income tax expense 108,885 $316,583 72,903 Thirty-nine 131,677,459 203,398 Other income (expense), net (233) 27 Selling and operating expenses $0.40 149,357,480 93,503 Net income per common share – basic$0.38 453,130 Interest expense Diluted income per share: General and administrative expenses 56,970 134,788 137 119,310 Diluted weighted average shares outstanding June 26, Operating income 4,643 Loss on foreign currency, net Operating income Net income attributable to GMCR$56,348 Net income attributable to noncontrolling interests Green Mountain Coffee Roasters, Inc., (GMCR) (NASDAQ: GMCR), a leader in specialty coffee and coffeemakers, today announced its fiscal 2011 third quarter results for the thirteen weeks ended June 25, 2011.Third Quarter Fiscal 2011 Performance Highlights*Net sales up 127% over the same period in fiscal 2010GAAP EPS of $0.37; Non-GAAP EPS of $0.49GAAP operating income increases 215% over Q3’10; Non-GAAP operating income improves 185% over the year ago quarterGAAP net income increases 206% over Q3’10; Non-GAAP net income up 167% over Q3’10Third Quarter Fiscal 2011 Results*Net sales for the third quarter of fiscal 2011 increased 127% to $717.2 million as compared to $316.6 million for the third quarter of fiscal 2010. Under Generally Accepted Accounting Principles (GAAP), net income for the third quarter of fiscal 2011 totaled $56.3 million, or $0.37 per diluted share, representing an increase of 206% as compared to GAAP net income of $18.4 million, or $0.13 per diluted share, for the third quarter of fiscal 2010.The Company’s non-GAAP net income for the third quarter of fiscal 2011 increased 167% to $75.7 million, from non-GAAP net income of $28.3 million in the third quarter of fiscal 2010. Third quarter fiscal 2011 non-GAAP net income excludes pre-tax items of $11.8 million in amortization of identifiable intangibles related to the Company’s acquisitions, $17.1 million in loss on extinguishment of debt, and $0.8 million in legal and accounting expenses related to the SEC inquiry and pending litigation. Third quarter fiscal 2010 non-GAAP net income excludes pre-tax items of $4.0 million in non-deductible acquisition-related expenses for the Diedrich acquisition and $4.3 million in amortization of identifiable intangibles related to the Company’s prior acquisitions.On the same basis of presentation, GMCR’s non-GAAP earnings per diluted share increased 140% to $0.49 in the third quarter of fiscal 2011 from $0.21 in the third quarter of fiscal 2010.”In addition to continued strong consumer adoption of the Keurig® Single-Cup Brewing system, we believe our third quarter benefitted from our first-ever significant spring advertising and brand support programs, designed to raise awareness of the Keurig Single-Cup Brewing system and of our Brew Over Iceâ ¢ Teas and Coffees, perfect for the summer months,” saidLawrence J. Blanford, GMCR’s president and CEO.The Keurig® Single-Cup Brewing system brews a perfect cup of coffee, tea, hot cocoa or iced beverage in under one minute at the touch of a button.”Keurig brewing is truly changing the way North America brews and enjoys coffee at home and in the workplace,” said Blanford. “We have seen awareness of the Keurig Single-Cup Brewing system grow faster and more broadly than we could have imagined just a few years ago. As we head into preparation for Holiday 2011 and planning for our 2012 fiscal year, we are both excited and humbled by the opportunity we see ahead for our Company, our employees and our valued business partners.”Blanford concluded, “It is particularly rewarding to think that with our growth, the resources we’re able to allocate to socially and environmentally focused initiatives grows as well, amplifying the positive change GMCR and its employees continue to bring about in our local communities and in communities around the world.”Fiscal 2011 Third Quarter Financial Review*Approximately 82% of consolidated net sales in the third quarter were from the Keurig brewing system and its recurring portion pack sales, including Keurig-related accessory sales with the remainder of total sales consisting primarily of sales of bagged coffee and revenue from our office coffee services business.Net sales from portion packs totaled $485.4 million in the quarter, up 136%, or $279.7 million, over the same period in 2010.Net sales from Keurig brewers and accessories totaled $105.4 million in the quarter, up 66%, or $42.0 million, from the prior year period.Supporting continued growth in portion pack demand, GMCR sold 1.1 million Keurig brewers during the third quarter of fiscal 2011. This brewer shipment number does not account for consumer returns to retailers. We estimate that GMCR brewer shipments represented approximately 92% of total brewers shipped with Keurig technology in the period.The Company announced a price increase in September 2010 that was implemented in the first and second quarters of fiscal 2011, and announced a price increase in May 2011 that was implemented late in the third quarter of fiscal 2011. If calculated based on pricing in effect during the prior year quarter, we believe the price increases improved net sales by approximately 13% compared to net sales for the third quarter of fiscal 2010.The acquisition of Van Houtte completed on December 17, 2010 contributed $111.7 million to consolidated net sales.Third quarter fiscal 2011 gross margin was 36.8% of total net sales compared to 34.4% for the corresponding quarter in fiscal 2010. The improvement of gross margin is due primarily to a shift in the Company’s sales mix.The Company increased its GAAP operating income by 215%, to $119.3 million, in the third quarter of fiscal 2011 as compared to $37.9 million in the year ago quarter.GMCR’s third quarter fiscal 2011 non-GAAP operating income of $131.9 million increased 185% over non-GAAP operating income of $46.2 million in the third quarter of fiscal 2010. Non-GAAP operating income represented 18.4% of net sales in the third quarter of fiscal 2011 and 14.6% of net sales in the third quarter of fiscal 2010.The Company’s tax rate for the third quarter of fiscal 2011 was 35.8% as compared to 49.5% in the prior year quarter. The 49.5% prior year rate included the tax effect of the recognition of the estimated total $12 million non-deductible acquisition-related expenses incurred during the Company’s first, second and third quarters of fiscal 2010 for the Diedrich acquisition which closed during the Company’s fiscal third quarter of fiscal 2010.Diluted weighted average shares outstanding increased 11% to 153.3 million in the third quarter of fiscal 2011 from 137.9 million in the third quarter of fiscal 2010 largely as a result of the addition of approximately 9.5 million shares issued as part of the Company’s common stock offering completed in May 2011 as well as 608,342 shares of common stock sold to Luigi Lavazza S.p.A in a private placement pursuant to preemptive rights under existing agreements, completed on May 11, 2011. The offering raised approximately $688.9 million after deducting underwriting discounts and commissions and estimated offering expenses.Balance Sheet HighlightsCash and short-term cash investments were $106.8 million at June 25, 2011, up from $64.5 million at March 26, 2011 as a result of the Company’s common stock offering closed on May 11, 2011.Accounts receivable increased 78% year-over-year to $229.4 at June 25, 2011, from $128.8 million at June 26, 2010, reflecting continuing sales growth and the addition of Van Houtte-related accounts receivables.Inventories were $417.5 million at June 25, 2011 including $40.1 million of Van Houtte-related inventories. This compares to $177.2 million at June 26, 2010.Debt outstanding decreased to $421.9 million at June 25, 2011 from $1.06 billion at March 26, 2011 as a result of the pay down of debt with proceeds from the Company’s common stock offering in May 2011.The Company is pursuing a sale of the Filterfresh U.S.-based coffee services business portion of its Van Houtte acquisition, which is classified as “assets held for sale” in the Company’s financial statements, and expects to use any proceeds from an ultimate sale to reduce debt.Business Outlook and Other Forward-Looking Information*Company Estimates for Fourth Quarter Fiscal Year 2011With one quarter remaining, the Company has refined its outlook for its fiscal year 2011 and is providing its estimates for its fourth quarter of fiscal 2011. It expects:Fiscal fourth quarter consolidated net sales growth of 100% to 105% resulting in total fiscal 2011 consolidated net sales growth of 98% to 100%, compared to the prior estimate of 82% to 87%.Fiscal fourth quarter fully diluted non-GAAP earnings per share in the range of $0.44 to $0.48 per share, resulting in total fiscal 2011 fully diluted non-GAAP earnings per share in the range of $1.63 to $1.67 per share. This excludes any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry, the Company’s internal investigation and pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; losses incurred on the extinguishment of debt; foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition; and any gain or loss from sale of the Filterfresh U.S.-based coffee services business.The Company’s estimate of non-GAAP earnings per share for fiscal 2011 is greater than the sum of the actual year-to-date third quarter of fiscal 2011 non-GAAP earnings per share and Company’s estimate of the non-GAAP earnings per share for the fourth quarter of fiscal 2011 due to the weighted impact of the increase in outstanding shares resulting from the May 2011 equity offering on the fourth quarter as compared to the fiscal year.Capital expenditures for fiscal 2011 in the range of $325 million to $350 million, up from previous capital expenditure guidance of $275 million to $305 million.Company Estimates for Fiscal Year 2012The Company provided the following first estimates for its fiscal year 2012.Total consolidated net sales growth of 60% to 65% from fiscal 2011.Fiscal 2012 non-GAAP earnings per diluted share in a range of $2.55 to $2.65 per diluted share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry, the Company’s internal investigation and pending litigation; amortization of identifiable intangibles related to the Company’s acquisitions; and any gain or loss from sale of the Filterfresh U.S.-based coffee services business.Capital expenditures for fiscal 2012 in the range of $650 million to $720 million. In addition, as the Company secures new production facilities for future growth it may incur additional capital expenditures in the range of $50 million to $60 million in fiscal 2012.*All comparisons to prior periods reflect restated financial results for those periods as reported in Annual Report on Form 10-K filed December 9, 2010. A complete reconciliation of the Company’s GAAP to non-GAAP results is provided with this announcement.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as acquisition-related transaction expenses, legal and accounting-related expenses associated with the SEC inquiry, the Company’s internal investigation and pending litigation, foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition, and non-cash related items such as amortization of identifiable intangibles, and losses incurred on the extinguishment of debt, each of which include adjustments to show the tax impact of excluding these items. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the “GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations” tables that accompany this press release for a full reconciliation the Company’s GAAP to non-GAAP results.Conference Call and WebcastGreen Mountain Coffee Roasters, Inc. will be discussing these financial results with analysts and investors in a conference call and live webcast available via the Internet at 5:00 p.m. ET today, July 27, 2011. Management’s prepared remarks on its quarterly results will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external). As a result, the conference call will include only brief remarks by management followed by a question and answer session. The call along with accompanying slides is accessible, via live webcast from the events link in the Investor Relations portion of the Company’s website at http://investor.gmcr.com/events.cfm(link is external). The Company archives the latest conference call for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 8608345 from 9:00 p.m. ET on July 27, 2011 through 9:00 p.m. ET on Sunday, July 31, 2011.About Green Mountain Coffee Roasters, Inc.As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative Keurig Single-Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, the Company’s success in efficiently and effectively integrating the Company’s acquisitions, the Company’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under the Company’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, the Company’s ability to continue to grow and build profits in the At Home and Away from Home businesses, the Company experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the Company’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, the impact of the inquiry initiated by the SEC and any related litigation or additional governmental investigative or enforcement proceedings, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.GMCR-C Basic weighted average shares outstanding (11,819) (1,495)Income before income taxes $52,515 Gross profit 933 Diluted weighted average shares outstanding 88,748 52,515 37,931 2011 Diluted income per share: 2011 (3,376)Income before income taxes weeks ended $18,400 June 25, Cost of sales $983,688 253,546 June 26, 650,535 weeks ended $124,132 $0.14 671,376 Thirteen 1,095 (As Restated)Net sales Selling and operating expenses (31,778) (40,988)Net Income 143,606,691 (52,560) – Loss on financial instruments, net 153,344,389 Net income per common share – diluted$0.37 1,288,481 482 97,096 95,512 Net income per common share – diluted (354)Gain on foreign currency, net 137,898,253 49,258 $0.13 Gross profit Basic weighted average shares outstanding 36,463 262,201 – (78,171) (29,830) weeks ended 125,227 207,698 $1,939,016 (18,063)Net Income Net income attributable to GMCR – – $0.38 2010 622 WATERBURY, Vt.–(BUSINESS WIRE)– Green Mountain Coffee Roasters, Inc. 7.27.2011 312,312 Net income per common share – basic 2010 Other income (expense), net Net income attributable to noncontrolling interests Basic income per share: 137,681,766 Interest expense 25,267 General and administrative expenses –
– 30- Northstar Vermont Yankee,Entergy has promoted Vermont Yankee Plant Manager Chris Wamser to its VY site vice president position replacing Michael Colomb, who has served as the nuclear plant’s top executive since October 2008. Colomb has been named site vice president for the James A Fitzpatrick plant near Oswego, NY. The Vermont plant is located in Vernon, with executive offices in Brattleboro.Wamser has served in roles of increasing responsibility at Vermont Yankee since starting in 1986 as an auxiliary operator. He began his nuclear career in the U.S. Navy Nuclear Power Program and held the position of quality control inspector at the Knolls Atomic Power Laboratory in Milton, New York prior to joining Vermont Yankee. He graduated from Franklin Pierce College in New Hampshire with a bachelor of science in business management. He was a licensed senior reactor operator as a Vermont Yankee shift manager, working his way up to manager of operations before assuming the role of manager of planning and scheduling outages in 2006. Wamser was named general manager, plant operations at Vermont Yankee in 2008. Colomb joined Entergy in 2001 when the company purchased the Fitzpatrick plant and served as general manager, plant operations until 2002, when he joined the Institute of Nuclear Plant Operations on a loan assignment as an evaluation team manager. In 2003, he returned to Entergy’s White Plains, N.Y., office as the director of oversight for the northeast region. In 2006, he served as general manager, plant operations at Nebraska’s Cooper Nuclear Station. His educational background includes an associate of applied science in electrical technology from Onondaga Community College, a bachelor of science in mechanical engineering technology from Rochester Institute of Technology and an MBA from Syracuse University. Jeff Forbes, Entergy Nuclear, senior vice president for fleet nuclear operations said, “These leaders bring years of experience to their new roles, as well as a comprehensive knowledge of different areas within Entergy Nuclear. This reorganization and talent development will help strengthen our nuclear business even more.” Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity and delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $11 billion and approximately15,000 employees.Entergy. 11.10.2011
By Dialogo September 28, 2009 New Delhi, 25 September (EFE).- The Indian Space Research Organisation (ISRO) took credit today for the discovery of water on the moon, a discovery made by a NASA instrument carried on board an Indian satellite, the Chandrayaan 1, and confirmed by another Indian vehicle on board the vessel. India’s first mission to the moon, affirmed the chairman of the ISRO, G. Madhavan Nair, culminated in a “real discovery” establishing the presence of water on the moon, also confirmed by an Indian lunar-impact vehicle. “The water is not in the form of lakes or seas, or drops. It is encrusted in the surface, in minerals or rocks,” Nair said in a press conference in Bangalore (in southern India) that was rebroadcast by the country’s principal television networks. The discovery, revealed on Thursday, came about thanks to the U.S. National Aeronautics and Space Administration’s Moon Mineralogy Mapper (M3), which traveled on board the Indian satellite, although Nair said that the ISRO also found water with its lunar-impact vehicle. The Chandrayaan mission had to be aborted on 30 August because the satellite lost radio contact with Earth, but Nair affirmed today that the mission objectives were fulfilled and that it will take time to analyze all the data gathered. “The amount found is much greater than was expected,” the scientist said, confirming that the liquid could be extracted, although present in very small amounts. According to Nair, his team has had indications of the existence of water since June, but the scientists preferred to wait until their conclusions were published in a scientific journal. The information was released on Thursday by the journal Science and was received with euphoria by Indian media and television networks, which dedicated extensive coverage to the discovery and have characterized it as an ISRO success. “One big step for India, a giant leap for mankind,” was today’s leading headline in the country’s principal English-language daily, the Times of India, in reference to the discovery.
There is a contradiction within most organizations that usually goes overlooked: success can be hazardous to culture.We tend to overlook this fact because it is so counter-intuitive. If things are going well, we might ask, then how can that be a hazard to anything?Losing Sight of Cultural ValuesUnfortunately, larger or growing organizations can easily lose sight and influence over the importance of their culture. Consequently, this makes refocusing on cultural values a more complicated prospect after they have been ignored or neglected.David Hassell, CEO of the Silicon Valley-based startup 15Five explains it this way: continue reading » 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
The Division of Humane Rights says it has found not enough evidence for that to be the case. Binghamton Mayor Rich David tells 12 News that the city takes all allegations of racism seriously. Hamlett also said he was not given an assignment due to his race. 12 News reached out to Hamlett’s legal counsel, but is awaiting to hear back. BINGHAMTON (WBNG) — The New York State Division of Human Rights says there is “no probable cause” to believe Binghamton Police Officers engaged in discriminatory practices against a veteran officer. Hamlett has 60 days to appeal the decision to the State Supreme Court.
On our news app? Click here to read the PDF. 12 News will have more information about this story in its 11 p.m. newscast. The divisions’s report says Christopher J. Hamlett filed a report against Captain John Ryan. The report says Ryan was “known to be a racist” and denied Hamlett a promotion based on race. The full report can be read below: 
Oct 25, 2005 (CIDRAP News) – The United Nations Food and Agriculture Organization (FAO) said yesterday it would set up a team to “kick start” avian influenza control efforts in Indonesia, which has been criticized for its response to the disease.”The bird flu virus is threatening to become endemic in several parts of the country,” and a “strong, coordinated response” is needed, said Joseph Domenech, the FAO’s chief veterinary officer.Indonesia has reported avian flu outbreaks in poultry since February 2004, and the country has had at least seven confirmed human cases, including four deaths, since July of this year. The government has promised several times to respond with mass poultry culls and quarantines, but has actually done little, by most accounts.Lack of awareness citedDomenech said the FAO is concerned that the virus is present in millions of backyard poultry flocks. “There still seems to be a lack of awareness in the rural and suburban communities about the threat the virus poses to humans and animals,” he added. “Big poultry producers have generally managed to protect themselves, because they have the knowledge and means to mount effective biosecurity and virus control.”The FAO said it would set up a task force of experts from Indonesian veterinary and health agencies, the World Health Organization, and the World Food Programme to lead an effort to attack the disease in the field.”Our basic objective is to kick-start virus control activities in the field,” said Peter Roeder, an FAO animal health officer who will head the team. “FAO will therefore establish local disease control centres in hot-spot areas. These centres will offer up-dated information and will train animal health technicians and veterinarians in how to carry out rapid disease search and control.”Based on an approach used in Thailand, plans call for workers to go from house to house to identify areas affected by avian flu and to decide, with Indonesian officials, on control measures such as slaughtering, vaccination, and biosecurity, the FAO said.”This military-like approach against avian influenza has proved very successful in Thailand,” Roeder said. “FAO will bring in a team of experienced Thai veterinarians to share their experience with Indonesian animal health experts and to train hundreds of animal health technicians. We believe that Indonesia can learn a lot from the Thai experience.”The project will be funded by $1.5 million from the US Agency for International Development, officials said.The FAO promised to explore the possibility of compensating farmers for their loss when chickens are culled.Containment in poultry underfundedThe FAO announcement yesterday came as health officials at an international meeting in Ottawa said the need to control avian flu at the source—in poultry—is being neglected amid global worries that the disease will lead to a human flu pandemic.”Our first line of defense should be attacking the problem at the poultry level,” said Alejandro Thiermann, advisor to the director-general of the World Organization for Animal Health (OIE), as quoted by the Associated Press.Thiermann added, “It is our opinion that the international community has drastically underinvested in the veterinary infrastructure required to support this vitally important program.”FAO Director-General Jacque Diouf said many people seem more concerned about a possible human pandemic than about containing the disease in poultry, according to a Reuters report.He said the FAO and the OIE had developed a $175 million strategy for controlling avian flu in birds, but so far donor countries have pledged only $30 million for the effort and have not actually paid a cent, according to the story.
Inside 8 Nautilus Court, Newport.“To get something of that size on that big of a block in the mid-$600,000s is a good buy,” Mr Campbell said. “The size of the block was a big thing — in the newer part of Newport the biggest blocks are around 500sq m.” Mr Campbell said the new owners were a family from North Lakes. The Peninsula-based agent said the Newport market was “kicking along quite well”.“There are more owner occupiers and we’ve noticed a lot of investors have moved away from the market with banking regulations tightening up,” he said. The home at 8 Nautilus Court, Newport.AN entry-level lowset brick home attracted good interest in Newport before selling to a local family. Marketing agent Andrew Campbell, of Ray White Redcliffe, said 8 Nautilus Ct sold for $655,000. “The home was styled well and the owners did everything right from the start when presenting it for sale, which attracted a lot of interest,” he said. “It was on the market for about eight weeks and we averaged six groups per open home.”More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019The four-bedroom home has three living areas, a covered patio and an in-ground pool on 707sq m.
According to MSCI, the new indices aimed to exclude companies associated with thermal coal and oil sands extraction, as well as those deriving revenues from controversial and nuclear weapons, civilian firearms, and tobacco. Companies violating the principles of the UN Global Compact would also be excluded.The index provider said it was its first off-the-shelf methodology to incorporate a range of ESG exclusions in broad market capitalisation indices.Deborah Yang, global head of ESG indices at MSCI, said the company had observed growing interest among institutional and wealth investors for benchmarks with ESG exclusions “that are easy to use and implement”.Making exclusions with a market capitalisation approach had been possible for many years, according to Yang.BlackRock said it would make “transparent” environmental, social and corporate governance (ESG) data available on its iShares website, as “part of a firm-wide initiative to expand access to ESG data and sustainability-related insights for clients and across our investment processes globally”.The company said it would also launch strategic ESG model portfolios for financial advisers and independent asset managers, implemented through UCITS iShares ETFs.The $6.4trn manager said its new offering was targeting “the growing number of investors seeking to align their values with their long-term financial objectives”.Philipp Hildebrand, vice-chairman of BlackRock, added that “increased transparency on the sustainability profile of their investment portfolios will enable investors to understand the potential ESG-related risks and opportunities they are exposed to”.BlackRock’s disclaimers for the new ETFs state that, apart from for controversial weapons, “no exclusion is made on the basis of how ethical a particular industry/sector is perceived to be” and that investors should therefore make a personal ethical assessment of the index before investing in one of the new funds. See IPE’s 2018 ETF Guide for more on ESG and ETFs BlackRock has launched a suite of “sustainable” exchange-traded funds (ETFs) that track new MSCI indices that exclude companies on up to six different grounds. The asset manager said it expected assets under management in ESG ETFs would rise “dramatically” in the next 10 years as a result of increased interest from retail investors as well as continued strong demand from institutions.Assets in ESG-related ETFs could grow 16-fold over that period, BlackRock said, from $25bn (€22bn) today to more than $400bn (€349bn) by 2028. According to the manager, this would increase the ETF industry’s share of the ESG investment market from 3% today to 21%.BlackRock partnered with MSCI to design and build the new screened indices following a survey of 80 clients across Europe at the beginning of the year.
A lot of room to move in this old kitchen.The house was walking distance to the popular Brisbane markets and was currently rented out at $315 a week.The owner had wanted $360,000 for the property but accepted $30,000 to land the sale. FOLLOW SOPHIE FOSTER ON FACEBOOK Potential plus in the Acacia Ridge property.The property, which sits on a large 794 sqm block, was bought for $21,000 in August 1980 according to property records, selling for over 1600 per cent more this week. The land alone was valued at $230,000 last year in a suburb where the median price was currently $410,000. MARGOT ROBBIE’S SECRET WEDDING ESTATE FOR SALE NRL TITANS OWNERS MADE MILLIONS SELLING NSW PROPERTY BRISBANE HOME SET FOR TV FAME That gives the new owners about $60,000 to play with on renovations before even hitting the midway mark in the suburb, or they could choose to tear down the post war house and start fresh at that price. The market was hot with the median time taken to sell a house in Acacia Ridge now at 28 days. 66 Sherwood Road, Rocklea, sold on Monday for $330,000. The value of the land last year was $250,000 according to CoreLogic.House prices in the area jumped 41.6 per cent in the past five years, realestate.com.au figures found, with houses taking 27 days to sell just 9km from the CBD.The property was listed as needing work “but it has good bones ready for you to take the opportunity and renovate this tired three bedroom house into your home”. Add $5000 for a new bathroom?More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoYet another three bedroom buyer this week did even better, buying a house at 66 Sherwood Road, Rocklea, for $330,000 on Monday.The property was on a 703 sqm block and also post-war, built in 1960. GET THE COURIER-MAIL’S REAL ESTATE NEWS FREE & DIRECT TO INBOX 
27 Flaxton Street, Acacia Ridge, sold on Tuesday for $350,000.CRACK out the avocado, with homes this cheap, you can probably afford it, with two Brisbane houses having sold for $350,000 this week.Brisbane is still kicking affordability goals in certain pockets in the city’s inner and middle ring, with a three-bedroom house at 27 Flaxton Street, Acacia Ridge, selling for $350,000 on Tuesday. A renovator could do wonders with this bathroom.
But these companies currently have no way to sell the power they produce, because they simply cannot compete on price with offshore wind.So should we give up on them and focus on the cheapest options?Would this match with the aspirations of the Clean Growth Strategy?Will it increase our productivity, create good jobs, boost earning power for people right across the country, and help protect the climate and environment upon which we and future generations depend?Of course not, and of course we shouldn’t. Innovation is not a cheap business, and it takes time.Are lower bills and a country powered by renewables mutually exclusive? Absolutely not – but we need patience if we’re to make the transition work for everyone in society.Tidal and wave energy technologies (Photo: EMEC) The global clean energy challenge needs an entrepreneurial mind-set. There is no easy or quick fix Climate change crosses boundaries and borders – the climate version of the credit crunch will not be something we can austerity, tax, spend or buy our way out of.To make the most of the energy transition, both economically and environmentally, we need to think long term, and we need to think globally.There is a huge opportunity here and we can be ready to grasp it when the rest of the world looks to us to see the action we’ve already taken.How amazing would it be for these islands to re-write the energy playbook? And to do it while we still have options.Climate change presents us with a burning bridge, and our industry is responding with innovation and radical thinking.How will we heat our homes in 2030? Where will the power for the shift to EVs which has been set out so clearly from our political leaders come from?Already the renewable energy industry is thinking about the solutions to these challenges.This is bold. Tidal Energy Today is featuring a piece written by Scottish Renewables Chief Executive Claire Mack who talked about the importance of renewable energy, both for the environment and the economy.Renewable energy is about more than just megawatts – it’s power with purpose.Scotland’s continued determination to reap the environmental and economic benefits of a shift to green energy is setting us up to capture an economic prize on a global scale.Recent news from the energy sector has shown once again that renewable energy can beat conventional generation on cost.The results of an auction for clean power capacity in September delivered offshore wind – derided as ‘very expensive’ just four years ago – at £57.50 per megawatt hour. That’s not far off half the cost of new nuclear.Some big words accompanied the prices achieved by offshore wind – phenomenal, astonishing, amazing – and the sector should be rightly proud of the cost reductions it has achieved. But some perspective here is a good thing.Renewables is still a young industry, and cost reductions like this aren’t possible for all technologies.An example: Scotland leads the world in marine energy, with home-grown companies already delivering devices which can capture energy from our waves and tides. The global opportunity presented by this technology is vast The past saw us power economic growth with carbon, and there are still huge swathes of the planet to go through this cycle There’s no shortage of clever people around renewables who know exactly why they are doing what they are doing.As an industry we need to tell a better story about ourselves. There is a need to break out from behind our own technologies and shout about what we can bring to the table, about why we are important, and about why we are the future.We need to prevent early-stage, innovative technologies being picked off by price-led arguments.We need to look and learn internationally to build and feed resilient supply chain businesses that can compete.And we need be firm that we can and will set an example to the world about the sort of nation we want to be, and to offer leadership to those earlier on their journey.Scotland’s Energy Strategy, which will be published this week, is expected to retain a new target, proposed by Scottish Renewables.Under it, half of all our energy – across heat, electricity and transport – would be delivered by renewables by 2030.This is our chance to tap a vast global opportunity by selling the technologies and ideas which will be part of other nation’s new energy stories.We can’t build our energy future by looking only at the pounds and pence.What we offer has value way above and beyond providing consumers with energy.Renewables are power with purpose, and it’s now up to all of us to think about what kind of energy future we want.Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Tidal Energy Today.