Greenwich Mean Time and Berlin Germany Time Converter Calculator, Greenwich Mean PM () Previous Day GMT AM () Berlin Time. März Liest man eine Uhrzeit, ist hinter der Zeitangabe häufig ein Kürzel wie „GMT“ angegeben. Damit ihr nicht euren Flug oder einen. GMT. More info >. ⏲ Time zone converter by place. Time converter by zone What is Greenwich Mean Time? AM/PM 24 Hour 12 6 9 3 1 7 10 4 2 8 5 Diese Seite wurde zuletzt am 5. Navigation Hauptseite Themenportale Zufälliger Artikel. In anderen Projekten Commons. Japan Standard Time wurde in Japan durch Erlass 51 vom Möglicherweise unterliegen die Inhalte jeweils zusätzlichen Bedingungen. Mai eine Sommerzeitregelung ein um Energieengpässen zu begegnen. So I would think rather than realizing the full 50, we'll Beste Spielothek in Hamfehr finden realize half of that. With that backdrop, our same-store sales declined 3. Those statements include risks and uncertainties, including but not limited to general business conditions, spanische nationalmanschaft impact of competition, success of operating initiatives, changes in commodity costs and supply of food and labor, as well as seasonality of the company's business, tennis stuttgart 2019, inflation, governmental regulations and availability of credit. A betspin of the non-GAAP information to comparable GAAP information is included in the press release or in the supplemental material provided on manhattan slots online casino website. Hurricane Harvey reduced Beste Spielothek in Halsbach finden same-store Beste Spielothek in Glaßdorf finden by approximately 2. I would like to remind you that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of as amended. Before we continue, I'd like to remind you that the statements in this discussion, including statements made during the question-and-answer session, regarding Luby's future financial and operating results as well as plans for expansion of the company's business, including the expected financial performance of the company's prototype restaurants and future openings are forward-looking statements. Now I'll provide our view on the market environment for each of our businesses and our expectations for the second quarter. And just as a reminder, I know you know this, but in case others on the phone don't know it, we've been casino websites leader in the private label tissue business for well over a decade. The lower corporate overhead included reductions in overall compensation expense, corporate travel expense, marketing and advertising and outside professional services fees. Additionally, new franchise development is a crucial component to our plan. And last question, I mean, obviously, Beste Spielothek in Haidenkofen finden doing your best to mitigate the impact of freight, but I mean -- you also said that Shelby was going to diminish your logistical Sweets & Spins Slots - Play this Video Slot Online. And how -- I Beste Spielothek in Schwarzach mit Spiegelau finden you're not particularly integrated, you do some sheeting, I guess, but when you bvb news aktuell -- how much of that price do you have slots games hacked that forecast? Cleated Belt Conveyor Manufacturer in Mumbai. You left out login casino 888 maintenance, obviously.
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This is up from an already favorable RISI reports Chinese ivory board mills are shifting their focus more towards their home market due to growing demand and production constraints on recycled Chinese box work.
Additionally, European mills have increased their focus on filling the folding box board gap in Asia. In turn, this will benefit the domestic SBS market by reducing imports into the U.
With this market environment in mind, let's turn to my final topic today, our second quarter outlook compared to Q1.
With that volume recovery and our work with the operating model changes, we expect to recover most of the related lost profit by the end of We're projecting our consolidated adjusted operating margin for Q2 to be in the range of 2.
The key variables we see determining where we land in that range are paperboard market conditions, branded tissue promotional activities and changes in customer and consumer demand in tissue.
For the full year, we expect to see continued industry-wide economic challenges in tissue, including non-ultra tissue pricing pressure, higher transportation in pulp and wood fiber cost, with the partial offset from improved paperboard pricing.
While we're not providing a full year outlook due to economic uncertainty across a number of key drivers of our financial performance, we would like to update you on our current thinking on the 4 key variables that we believe will determine the final outcome.
While we are facing some challenging economic headwinds, we are aggressively focused on continuing to drive cost out and improve the efficiency of the Consumer Products operating model, which includes recovering margin on the lost volume of our largest customer by substantial reductions in labor, transportation and other operating costs; developing a regional service model to reduce transportation and other service costs; evaluating our asset footprint to optimize the network and deliver target margins; and rationalizing product SKUs and redesigning products to reduce manufacturing cost and complexity.
We are confident that our leading market positions in both private label at-home tissue and SBS packaging, combined with our continued focus on driving out cost and improving efficiencies, will result in achieving our priority, which is to generate strong cash flows and improve our ROIC.
In closing, our priorities, which include ensuring our Shelby expansion plans are executed well, we reach our predictive production run rates with continuous digester in Lewiston later this year and continuing to streamline our operations, will make us a stronger, more capable company for our employees, customers and shareholders.
Thank you for listening to our prepared remarks. We'd now like to take your questions. Linda, just one other -- just one quick thing on those 4 key variables.
You left out the maintenance, obviously. And are there any other big buckets -- I know that you had talked about it [now], were there any other big buckets besides those 5 that we ought to be cognizant of?
No, I think we thought about which ones we wanted to talk about, so let's -- we'll leave it at that. Linda, I've asked you this on several recent calls, just about tissue.
Industry conditions remain extremely challenging for you and your competitors. You talked about you expect your pricing to be down this year, you have significant cost inflation.
What -- why do you remain confident that you'll get a good payback on this investment given these seemingly exceedingly challenging conditions not only now, but you talked about the capacity that's coming on over the next 3 years that's rather substantial?
So it's not clear to me why industry conditions would improve at all over the next 2 to 3 years, perhaps you're thinking differently.
So Adam, thanks for that question. It might be a little bit of a long-winded answer here, so bear with me. Let's just take a step back and widen the lens just a bit.
I think everybody would agree that the broader paper industry has a long history of being cyclical. The tissue sector of this industry is no different.
So we're currently facing economic headwinds in tissue. But as I said in my prepared remarks, the Paperboard business, which is roughly half of our business, is operating in stable-to-good market conditions.
We want to just remind everybody of that. We're also confident that our leading market positions in both private label at-home tissue and SBS packaging, combined with all the actions we're taking to focus on driving out cost and improving efficiencies, are going to help us achieve the priority that we're very focused on which is generating strong cash flow and improving our ROIC.
Now when we look at operating in a cyclical industry, it's just that, cycles. It comes and goes with regard to different economic cycles.
We believe it's important that we make good strategic decisions throughout the cycles and consistently create value that our customers and, ultimately, our shareholders, will benefit from.
Now if I go back and answer specifically on Shelby and why we believe that makes sense, we absolutely believe our Shelby project makes strategic sense.
And just as a reminder, I know you know this, but in case others on the phone don't know it, we've been a leader in the private label tissue business for well over a decade.
And it's because we partner with the best, the very best retailers, to bring high-quality products that consumers value. So we talked a little bit about the ultra tissue category on previous calls, it is the fastest-growing segment of the tissue -- at-home tissue market.
And we talked on today's call, we're sold out of capacity in ultra quality, and we invested in Shelby to be able to secure capacity to meet our customers' growing needs and to remain a leading position with retailers.
So that was the strategic premise of the Shelby investment. Talking a little bit about trends. And so of course, viewpoints can differ on trends.
But how we see this is the trends continue to point to growth in private label, both from a retailer perspective, it being a priority for them, and from a consumer perspective.
And we believe with this Shelby capacity that we are, and we will be, well positioned to benefit from those trends as they begin to emerge.
And then also, maybe just backing up, when we make large capital investments like you have to do in this industry, that's just how it works with regard to adding capacity or even some of the digester projects, they're just -- they're big capital investments, we make them from a very strategic perspective.
And we think about how much long-term value they're going to create and making sure that they have sustained value creation.
They're not short-term decisions. So the other aspect that we thought about with regard to Shelby is we believe the winning retailers will develop strong private label brand portfolios, and we think they're going to do that to differentiate themselves and capitalize on the trust that they have been building up all these years with the consumer.
And we think that's a far better strategy than an undifferentiated strategy of just being a reseller of national brands. And we want to partner with those retailers that are focused on driving that very differentiated, high-quality private label offering.
And we think the market's poised for growth. So it's a long-winded answer to your question to give you a little bit more insight.
John, just a couple on balance sheet and cash flow items. So your leverage was 4. Based on your 2Q guidance, it looks like it'll be -- I don't know what your cash burn will be in 2Q, but your leverage would presumably go up a bit sequentially, maybe up to 4.
I know you recently loosened your covenants. So you're at -- I think your maximum leverage is 4. Based on what you outlined here today, what do you expect your leverage ratio to head to later this year?
Do you think it'll be above 4. And I guess after our results this quarter and our outlook for next quarter, it's a little tighter than I -- if you would ask me that question a few months ago.
But I would say, we're going to be in the 4. I think even in a downside EBITDA kind of scenario, we do have enough tools in our tool chest, so to speak, between managing timing of CapEx and some other working capital knobs that we feel comfortable that we won't find ourselves in a breach kind of situation.
Other part of your question, as you look out into , now one thing you'll see is that CapEx will begin to drop off in the fourth quarter this year as it relates to Shelby and then finish in the first quarter.
So that far out shadows what we're spending -- we'd spend on, on the maintenance outages. So we feel that we'll very quickly, in the first quarter, begin to start paying down on the line of credit, and that will become less and less of an issue as we move through ' So your -- it's going to be -- even if you generate cash next year, you'll have that challenge to deal with, right?
And just from a -- your CapEx expectations for next year, what again, John? Sorry, I missed that. Adam, we haven't necessarily given that for next year.
And just last one on the consultant you hired. What, if anything, has that -- what have you learned from that consultant?
Or what are you doing differently as a result? We're done with the consultant as it relates to that. We've developed our plan that we're going to be executing over the next year, but we made changes around organizational structure that they worked with us.
We made changes around headcount and changes around how we do our work so we can reduce headcount. And so it was kind of all of those things that they helped us with.
Just maybe to start with Consumer Products, it seems like every call, or between calls, we get another couple of tissue capacity additions announced.
I like that the way the trends are going are more ultra product, but it seems like all the capacity additions are falling in that category as well.
You cited in the quarter the pricing pressure on the non-ultra categories, maybe you could give us an indication of what percentage of your tissue is non-ultra, and then -- pre-Shelby 2 and then post Shelby 2?
Yes, so we've got , tons of capacity, and , tons are currently ultra, so we'll add another 70, tons with Shelby. And then just -- you cited higher promotional spending in the quarter.
Just trying to understand what that promotional spending is related to private label, I thought that wasn't an expense that you'd necessarily see.
Yes, I mean it can go both ways in terms of sometimes it's the retailer that funds it, and sometimes it's us. So that's kind of a negotiation.
So it's not only you're seeing lower pricing among the non-premium grades, but now it looks like there's a trend to more promotional spending by you with your partners?
Paul, that's some of it, but most of what that promotional spend resulted in was increased volumes for us. So we ended up having to move product around to support those promotions in the quarter, which is right, I mean we want to have that strong demand, especially leading into this capacity that we're putting in, and so we just had to take care of that increased demand.
And then we've seen rising pulp prices for about 1. And typically, we would see some pushback by the tissue industry in terms of a price increase or desheeting.
Why isn't that going on right now? Is that because of the changing customer mix right now? Yes, so we are seeing some desheeting across the market, and we'll look at that as well.
And then we announced, as I said, Paul, a price increase that we'll implement across certain segments and certain customers.
Anybody joined you on the price increase? And then just maybe switching over to paperboard. Yes, I guess the lag could be anywhere from about 30 days, depending on the nature of our relationship with the customer from once it gets recognized by RISI Price Watch, to contractual ones where they could be reset every 6 months or every year.
So given the mix of your contracts, what should we expect in terms of that lag? Is that a one-quarter lag? Is that a 2-quarter lag? What -- can you help us out with that?
I think full implementation across everything, I'd say, 2. That might be a little conservative, but I'd say 2. And then just in respect to -- just lastly, in respect to the digester at Lewiston and the ramp-up, which seems to be a little bit slower than you expected, what are the main issues in terms of dialing that up?
It's a new piece of machine, I would have thought it would have been -- and it's not anything state-of-the-art. I mean, it's probably a state-of-the-art digester but it's not a new piece of equipment and lots of people started this up.
What are the issues associated with it? Yes, so just as a reminder, we did start the digester up under budget, on time, so that was great.
We actually had expected an accelerated start-up curve. We're now on a more normal start-up curve I would say.
And obviously, we're disappointed that we weren't able to bend that curve a little bit to our advantage, but we are confident we'll get the savings that we're expecting from the project.
Right now, our big focus is on process stability. And while it seems like a simple piece of technology, I would just say there's a lot of different variables that go into making this work, and the start-up, getting ramped up and on curve, and we're working through them carefully and methodically to make sure that we get those benefits delivered by the end of the year.
Our next question comes from Steve Chercover with Davidson. Steven Pierre Chercover, D. Some of my questions have actually already been answered.
Is that an easy way to think about it? I think if you took the midpoint of all that stuff and did your math, you're probably about right.
Is that fair to say? Yes, I mean, so minus 40 and then the paper benefit and transportation impact are about a wash, you got You're taking the high end of the tissue pricing.
So it was minus 40, so what's the lower end? So -- all right. So we got a fighting chance of being in the same zip code as last year but it's tough.
So I mean if I -- let's just say it is or , whatever you want it, , 4. So I guess, what we got to do here is figure out the trailing 12 months and just not focus on just the year for the covenant.
Yes, I mean, Linda talked in her comments about a lot of effort on the operating model, and we should start seeing some of the fruits of that labor in Q3 and Q4.
But that's -- I mean, that's a variable as to how much we get from that, the digester, whether we get an earlier and more of a benefit than we thought.
So I mean, those are the kind of different things that would vary, I guess, where we do end up in this, this year. But that also then set us up for -- to be in a stronger position from a cost perspective as we go into So -- and I'm not trying to sound negative, but considering that things haven't really bounced your way, you haven't had a lot of good breaks in the last little while, if things -- if you don't get a good break, how onerous is it to -- if you breach the covenants, what does that entail?
Well, I mean, we've got a very strong relationship with the banks that are in the syndicate. And my expectation would be that getting a waiver would not be, I guess, using your words, onerous.
And have you -- calling pulp prices in the last year has been a losing proposition, but is there any consideration that, I guess, your counterparts, even the big guys who aren't integrated, might stop eating these price increases and start passing them on to the consumer or that's just -- fat chance on that?
I don't think we're going to try to speculate on that. But I will tell you, we're happy we invested in the digester and are a little bit less reliant on external pulp markets.
So as soon as we can get that curve up and running and on target, we'll be very happy around here. Now I think you said that your headcount's down year-over-year, is that correct?
Headcount's down year-over-year, is that correct? Yes, we said it was down versus end of Q4 ' So I think I saw in the local paper, either Spokane or Lewiston paper, that there were somewhere in the vicinity of [who were] scheduled to be eliminated, is that right?
Or was it more than that? And that has yet -- that has not happened yet. And Steve, that's really the operating model work that we're currently working on.
And of course, we take those kind of situations very seriously about our employee base. And this is more a function of what our customer demand is, where we have production and really trying to line out our network to most cost-effectively serve the customers.
And in this particular case, that has a negative impact on our Lewiston employees. And we had previously mentioned that, and that's yet to happen.
In place of purchases we will instead have the cost of manufacturing the goods. For a manufacturing business the manufacturing costs are divided into the following types: Direct material costs are those materials used directly in the manufacture of products i.
These are wages paid to those who are directly involved in the manufacture of a product e. These are expenses that must be incurred in the manufacture of a product.
That is, they can be directly allocated a particular unit of a product e. The sum of all the direct costs is known as prime costs. These are any other expenses apart from the direct costs for items being manufactured: These are expenses that are administrative in nature, that is, expenses incurred in the process of panning, controlling and directing the organization.
These are expenses incurred in the process of selling, promoting and distributing the goods manufactured. These are expenses such as bank charges, discount allowed.
Format of the financial statements. This is debited with the production cost of goods completed during the accounting period: It also includes adjustments for work in progress goods that are part- completed at the end of a period.
This will be used in trading account in place for purchases. Final accounts of a manufacturer. Treatments of loose materials. The cost of loose tools consumed during the year is considered as a factory overhead in the manufacturing account and is determined as follows: Manufacturing account for the year ended.
Opening stock of raw materials. Add purchase of raw materials. Add carriage inwards if any. Less Returns outwards of raw materials.
Less Goods drawings if any. Less Closing stock of raw materials. Cost of Direct Materials. Add Direct expenses E. Add Factory overhead expenses.
Depreciation on factory building. Depreciation on factory furniture. Depreciation on factory motor van. Depreciation on other factory fixed assets.
Add Opening stock of work in progress. Less Closing stock of work in progress. In a manufacturing concern, usually there are three kinds of stocks: Stock of Raw materials the materials which are mainly used for production of the item.
Stock of Work in progress the materials on which some work process have been completed. Stock of Finished goods The materials on which all the production processes are completed and ready for sale to the customers.
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