1 McCoy Corporation Second Quarter 2013 Results Event Date/Time: August 8, :00 a.m. E.T. Length: 35 minutes
2 CORPORATE PARTICIPANTS Peter Watson McCoy Corporation Vice President, Legal & Corporate Secretary Jim Rakievich McCoy Corporation President & Chief Executive Officer Jacob Coonan McCoy Corporation Chief Financial Officer Jacob Nowotny McCoy Corporation Senior Vice President, Drilling & Completion CONFERENCE CALL PARTICIPANTS Justin Wu GMP Securities Analyst
3 Sarah Hughes Cormark Securities Analyst Theoni Pilarinos Raymond James Analyst John Bereznicki Paradigm Capital Analyst PRESENTATION Operator Good day, ladies and gentlemen. Welcome to the McCoy Corporation s Second Quarter 2013 Conference Call. At this time, all participants are in a listen only mode. Following the presentation, we will conduct a question and answer session. At that time, participants are asked to press star, one to register for a question. For assistance during the call, please press star, zero on your touchtone phone. As a reminder, this conference is being recorded today, Thursday, August 8 th, 2013.
4 Representing McCoy today, we have Jim Rakievich, President and Chief Executive Officer; Jacob Coonan, Chief Financial Officer; Jim Nowotny, Senior Vice President, Drilling & Completion; and Peter Watson, Vice President, Legal & Corporate Secretary. It is now my pleasure to introduce Peter Watson. Please go ahead, sir. Peter Watson Vice President, Legal & Corporate Secretary, McCoy Corporation Thank you, Operator. Good morning and welcome to McCoy s Second Quarter 2013 Results Conference Call. We will begin with Jim s remarks about the second quarter and Jacob s comments on the financial results. Following that, Jim will discuss the outlook for the remainder of 2013, and we will end with a question and answer session. Please be advised that statements made on this call, other than statements of historical fact, may contain forward looking information. I refer you to the forward looking information statements disclaimer included in today s release of McCoy s second quarter 2013 financial results. I caution you that this disclaimer also applies to, and expressly qualifies, any forwardlooking information disclosed in today s call. noted. Any dollar amounts mentioned on this call are in Canadian dollars, unless otherwise I will now turn over the call to Jim for an overview of our second quarter of 2013.
5 Thank you, Peter. Compared to the second quarter in 2012, McCoy s overall revenue increased 3 percent to $42.4 million, with the Energy Products & Services segment revenue experiencing a 24 percent increase to $33.1 million. We attribute the Energy Products & Services growth to continuing strength of the international and offshore markets, and in particular, orders continue to remain strong for floaters and jack up builds. Mobile Solutions continues to face a challenging market. However, a 5 percent increase in the segment s gross profit percentage indicates that our efforts to cut costs, increase efficiencies and improve our subcontractor relationships continue to be successful. A strategic growth strategy for McCoy continues to be the development of innovative products. We met another product development milestone in the second quarter of 2013, with the launch of the weverify, the third product from the we product line. The weverify is a remote online calibration tool used to verify and calibrate equipment that applies torque to make up tubular connections, such as power tongs, mechanical roughnecks and bucking units. The weverify will generate growth revenue from both sales and rental and will be used in our global service team. The software is compatible with McCoy s WINCATT system. During the second quarter, McCoy achieved a significant milestone with the shipment of our thousandth WINCATT Torque Turns Monitoring system. The continued increased use of
6 premium connections has been a key driver of the success of WINCATT and we continue to make upgrades and software improvements to keep up with premium connection technology. The next product in our we product line is the webuck. We anticipate that the webuck will be the first electric bucking unit brought to market. The webuck is currently in testing stage and, pending results, will enter field testing shortly. This technology will have several advantages in various applications that require precise control at higher speeds. McCoy continues to execute on our international growth strategy by establishing a location in Singapore as our second overseas technical sales and service centre. In 2014, we are planning to open additional centres in the Middle East and Latin America. The expansion of our dies and inserts manufacturing facility in Louisiana is nearly complete. This expansion will regionally support our international customers by improving customer responsiveness in those markets. In the Mobile Solutions segment, McCoy has continued to develop its dealer network in order to broaden our geographic scope and pursue additional sales channels. McCoy has made significant progress in its initiative to standardize oilfield trailer models, which will reduce lead times and provide pricing flexibility to our customers. On May 30 th, 2013, McCoy s common shares began trading in the U.S. on the OTCQX International, under the symbol MCCRF. McCoy s strategy to expand our international footprint
7 presents an opportunity to increase our visibility and potentially grow our shareholder base. Trading on the OTCQX will facilitate this growth by enabling U.S. investors to easily trade McCoy stock and efficiently access the Corporation s press releases and financial information. Finally, McCoy announced the permanent appointment of Mr. Jacob Coonan as Chief Financial Officer. Jacob s financial acumen and strong leadership skills will continue to be an asset to McCoy s Finance group and the management of McCoy s capital markets needs. With that, I will turn over the call to Jacob for an overview of our second quarter 2013 financial results. Jacob Coonan Chief Financial Officer, McCoy Corporation Thank you, Jim, and good morning, everyone. During the second quarter of 2013, net earnings increased 43 percent to $3.1 million, or $0.11 per share, up from $0.08 per share in the second quarter of 2012; adjusted EBITDA increased by 30 percent to $5.9 million in the second quarter of 2013, compared to 2012; adjusted EBITDA per share was $0.22, up $0.05 per share. On a segmented basis, second quarter 2013 revenue from our Energy Products & Services segment increased by $6.5 million, or 24 percent, to $33.1 million, compared to 2012; second quarter 2013 revenue from the Mobile Solutions segment decreased by $5.2 million, or
8 36 percent, to $9.3 million, compared to Consolidated gross profit percentage was 33 percent for the second quarter of 2013, compared to 27 percent in 2012, with the Energy Products & Services segment increasing by 2 percent and the Mobile Solutions segment increasing by 5 percent. McCoy s backlog at June 30 th, 2013 was $56 million. This is an increase of $8.8 million from March 31, The increase in backlog is primarily attributed to securing a large international order from Latin America. Our book to bill ratio increased from 0.74 in the first quarter of 2013 to At June 30 th, 2013, McCoy had working capital of $52 million, including $18.9 million in cash and cash equivalents. That concludes my financial summary. I ll now turn the call back to Jim. Thank you, Jacob. Before we open the call to your questions, I would like to talk about the industry outlook and its impact on our business, and then end with a summary of McCoy s ongoing growth strategy. Mobile Solutions continues to face a challenging market. Particularly, the custom chassis markets remain slow and any significant recovery is unlikely to occur in However, I will
9 note that the hard work of our Mobile Solutions management team has resulted in this segment remaining profitable. Looking forward, the highest growth opportunity for the Energy Products & Services segment resides in offshore rig builds. We expect international land and offshore markets to grow at a steady pace, whereas North America land markets are expected to be flat. We are on track with our international expansion strategy. By the end of 2014, we will have four technical sales and service centres in key regions of customer concentration. We continue to progress with our organic growth strategy of bringing new products to market. I would like to now open up the call to a question and answer session. Operator, please provide instructions to the listeners. QUESTION AND ANSWER Operator Certainly. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star, one; to withdraw your question, press the pound sign; and if you are using a speaker
10 phone, please lift your handset before entering your request. We ll stand by for a moment for the first question. Your first question comes from Justin Wu with GMP Securities. Your line is now open. Justin Wu Analyst, GMP Securities Good morning. Good morning, Justin. Justin Wu Analyst, GMP Securities So, my first question is on, I guess, new product sales. I was wondering if you can give us an update, a progress report on how sales are going for, I guess, the two products launched fairly recently, the iron roughneck and the torque sub. Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Sure, Justin. This is Jim Nowotny. On the torque sub, the wecatt, we have our count to date is 44 subs in the market that we ve sold. That s about from 15 let s see, we had about 30 from our last call, that we mentioned at the time, and so over the last three months we ve
11 added 15 subs to the market. So, we continue to get a lot of customer feedback on that tool, it s been a great tool for us, and I think we ll continue to see that market for that tool increase. On the wetorq, we continue to remain active in quoting that tool. We have two units that we re currently building. We, of course, mentioned the first sale of that unit on our last quarter call. We have a lot of quoting activity on that tool and we ll most likely, actually the next week or two, put another tool on a rig for, basically a test trial for that wetorq. So, we continue to see some good activity in the two tools. Justin Wu Analyst, GMP Securities now Okay. So, does that mean you ve sold so, you have two units that are being assembled Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Yes. Justin Wu Analyst, BMP Securities you sold one already, so to date, that s four customers that have purchased? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation
12 We have sold and shipped the first tool and we re building two more, and one of those two will be placed on a rig for trial, and pending successful trials, then that tool will be sold to that customer. So, right now one sale and one potential sale, and then we have over close to 20 quotes out there pending right now, as of May. Justin Wu Analyst, GMP Securities Okay, okay, thank you. In terms of the weverify product, who are your kind of competitors in this space, and can you give us a sense of what you guys are kind of projecting in terms of volume or dollar wise revenue you think you can do out of this product? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Sure, Justin. The weverify, of course, is a calibration tool that all of our service techs will be equipped with when they re out in the field. So, when we expand our global service organization, we will use those for calibrating our customers bucking units and tongs. As far as competitors, there s really not a lot of competition in that sector of the market. There s, I would say, some local smaller companies around the world that have some calibration tools, but not the remote online capabilities that we have, that integrate with our WINCATT system. So, that service, we ll be able to offer that service to our customers, where
13 we can do this online and not, you know, having to send necessarily an operator into the field to do that. Justin Wu Analyst, GMP Securities Okay. So, is this something that you re you re equipping your own tech guys with it, your technicians. Are you going to actually sell them to customers, as well? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Yes. Justin Wu Analyst, GMP Securities Okay. Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Yes, we ll sell to the customers. We ve actually got, probably, 10 quotes out there right now for this unit, we ve sold two already, and then of course we ll have it as an in house tool that we ll use. Justin Wu Analyst, GMP Securities Okay, thank you. My second question is, just on your replacement parts and consumable business, I was wondering if you can give us a sense of how the growth of this
14 business has been in recent quarters; and also if you can comment, perhaps, on the state of the industry with respect to the lead times for these types of parts. Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Sure. We continue to be successful as far as stocking those for our customers needs. By the last, I d say, six months, we ve been really successful with, you know, when the client needs a particular part or tool, we have it on the shelf, and as we continue to expand internationally and have more of those parts overseas available in the local regions where our customer is operating our tools, then we ll definitely start to see, I think, an increase in the parts and consumables business side of McCoy. I d like to add to that, Justin. You know, it s not that terribly long ago that we split out rig parts manufacturing business outside of our capital equipment plant in Louisiana, which was a big deal. Our lead times for replacement parts and our ability to really service that market was limited because of that. I have say our team down there has down an excellent job of now getting that plant that plant today, compared to when we did start up about a year and a half ago or so, that plant today is now their process is running really well. They have inventory, they have good inventory. Their lead times are down to like a day on some of these highmoving replacement parts and consumables. So, we re pretty excited.
15 I think our revenue generation for that part of our business is still on the come, quite frankly, and I think over the next two years, with that coming together, our production capability, timed with our growth in our international stocking centres, is going to be the real catalyst for the growth of the revenue. So, I don t think we ve achieved the kind of revenue opportunities yet that we anticipated to see from that business, because first we had to build capacity, and then distribution and sales are now getting lined up. So, I think we ve got nowhere to go but up with the sales of our replacement parts and consumables. Justin Wu Analyst, GMP Securities Okay. Thank you very much. Operator Your next question on the line comes from Sarah Hughes with Cormark Securities. Your line is now open. Sarah Hughes Analyst, Cormark Securities Can you give us a little bit more detail in terms of kind of where you indicated in the EP&S division you saw strength in the international market. Can you give us a bit more detail of where you saw that, is it region specific, and kind of the outlook for it going forward. Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation
16 Sure, Sarah. In particular, the offshore rig building activity continues to remain strong and we see just a continuing backlog with supply of rig packages. So, we continue to see that being probably one of our biggest opportunities of continued steady revenue growth. Then, of course, the international, both land and offshore drilling side, Africa, Middle East and Russia, in particular, we re seeing some longer term potential there, but still wouldn t count out, of course, growth in Latin America and Southeast Asia. Sarah Hughes Analyst, Cormark Securities Would you say obviously, you ve seen good growth in this division has it benefited that much from all the different initiatives you have put in place over the past years to really grow that business, or is that still to come, and it is more just benefiting currently from, you know, a good market environment? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Yes, I think we do have a lot of initiatives that are going on and we definitely haven t realized the full potential of those initiatives yet, so I do expect, you know, into 2014, and even 15, we ll continue to see the effects of these different opportunities that we re initiatives that we re doing.
17 You know, Sarah this is Jim Rakievich from my perspective, you re never at a state where you re just saying, okay, we ve hit all these targets and now we re just going to watch the things happen. The business evolves. It s interesting to me you know, when I think of your question, I think of what our capacity was to deliver to our customers three years ago even, and even five years ago. So, all of these initiatives, what have they done for us, you know, new product development, we ve been adding engineers and all this kind of stuff, and now we re expanding our international physical presence, all of these accumulate over time, and when I watch the if you look back at our Investor Relations presentations, we have that nice, really steady growth, where all of these initiatives all add to that plan and create that nice graph of revenue and earnings growth out of the EP&S division. So, you know, it s always hard for a guy like me, because I see the initiatives we re doing now being the next three to five years of to continue that trend for the organization. So, you can never identify one thing in isolation that s going to be the big panacea to give us the big finish line. There just never is. There s a whole bunch of you know, we re implementing ERP, the new product development continues, we ve now just we re not even completed our expansion, as I described in my comments, of the consumables plant in Louisiana. I was there last week. We ve got new machines just getting installed. The physical
18 expansion of the footprint is done. Now it s just getting the new capital equipment in there and lined up and tested and running. So, by late Q4, our physical capacity to be able to produce is going to be increased significantly, which is going to be timely for the kind of Kenny Watt and his international locations are going to need some stock and the ability to replenish all that kind of stuff. So, I think it just evolves, and I think the strategic initiatives we ve talked about callover call, quarter over quarter, you see in the numbers, some of the positive results of that, and I think there s more to come. Sarah Hughes Analyst, Cormark Securities Okay, and how do you stand overall for capacity, you know, even outside the parts and service business? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Sarah, as far as capacity in our different manufacturing facilities, I think in our main capital equipment facilities, we continue to have capacity and we continue to find new ways of increasing that capacity through efficiencies. Sarah Hughes Analyst, Cormark Securities
19 But are you going to have to will you have to add any physical capacity over the next year or so, as you continue to grow here? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation I would say that probably on the rig replacement parts, that s one area that we re looking at where our capacity is now and what our capacity needs to be in the next few years. So, that is probably one of the areas that we may need to see some expansion in that business unit. Sarah Hughes Analyst, Cormark Securities Okay, and then just a last question maybe for Jacob. In your Energy Products & Service business, is there some seasonality to your margins, like your Q1 typically is lower than the rest of the quarter, or does it swing just on product mix? Jacob Coonan Chief Financial Officer, McCoy Corporation Yes, traditionally, we haven t really disclosed any seasonality in our results, and we re looking at that. Q1, I think what sometimes happens is capital budgets just kind of get approved and orders start to come in throughout that quarter and then we start getting them out the door in Q2. So, if you look at the past few years, you re right, Q1 has been a little bit lower, and then we ramp up in Q2 and Q3.
20 Sarah Hughes Analyst, Cormark Securities Okay. Okay, that s it for me. Thank you very much. Thank you, Sarah. Operator open. Your next question comes from Theoni Pilarinos with Raymond James. Your line is now Theoni Pilarinos Analyst, Raymond James Good morning, guys. Good morning. Theoni Pilarinos Analyst, Raymond James Just a couple of questions. First, on the ERP, you talked about it very briefly, but I m just wondering how that s tracking and is it on plan, and where it is, basically, if it s going to be done by year end.
21 Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Sure, Theoni. Yes, as we mentioned last quarter, it continues to make good progress. We do plan on, in October, to go live in one of our business units, one of our bigger business units in Lafayette, and run that parallel with our systems until we re comfortable, and then soon thereafter we ll do the same up in Edmonton on our business unit. So, we feel like we continue to make good progress on that, good momentum going forward. Theoni Pilarinos Analyst, Raymond James Okay, great, thank you. Your EBITDA margin was quite strong this quarter and I m just wondering what you think the potential is there if you get more volume and a little bit more aftermarket in the mix on the EP&S side? Jacob Coonan Chief Financial Officer, McCoy Corporation Theoni, it s Jacob here. It s really a good a question there, and I think we talked a little bit before with the previous caller on all the initiatives ongoing, and that s just starting to I mean, they re always ongoing and we re always realizing some of the potential of those, but those are certainly there s a lot of things going on that could strengthen that EBITDA margin looking forward over the next few years. When you combine that with our international growth strategy and the increasing sales of consumables and replacement parts, which are traditionally
22 a little bit higher margin product, we do have some potential there on growing that EBITDA margin. Theoni Pilarinos Analyst, Raymond James Just shorter term, given where you re at in most of those initiatives, is that something that kind of peaked out here or could we see even more improvement in the near term? Jacob Coonan Chief Financial Officer, McCoy Corporation I think for the rest of the year, it s probably a pretty good indicator of where we are now. There could be some potential upside, depending on product mix, but it s probably a relatively good indicator. Theoni Pilarinos Analyst, Raymond James Okay, great. Just in terms of your backlog, I m trying to get a sense of how much goes through backlog, if it all does, if it comes out inventory right away. We haven t seen it for many quarters, just what the conversion rate is, so as to get a sense of how to look at that. Jacob Coonan Chief Financial Officer, McCoy Corporation So, what you re asking is how much of that backlog is going to pull out of our current finished goods inventory?
23 Theoni Pilarinos Analyst, Raymond James Yes. Jacob Coonan Chief Financial Officer, McCoy Corporation We ve certainly got some consumables and replacement parts that will come out of inventory, because we keep a stock of those. We ve talked in previous quarters, we actually do keep a stock of our finished goods, our finished tongs now, some of the high moving product, and so that some of those will come out, but you know what, not a significant chunk of backlog is sitting in inventory. Yes, so I guess in summary, Theoni, to a large extent, most of that backlog big dollar items are going to be produced are yet to be produced or are in production right now. The nice thing about having the finished goods of standard high moving finished capital equipment, like power tongs, those typically tend to come and go very quickly, and the idea was that we have things in stock, so if a customer on short notice needs something. So, those have been moving, but they tend to not hang out in backlog very long, right? Theoni Pilarinos Analyst, Raymond James Mm hmm.
24 produced. So, I guess that s a long way to say probably a large portion of that backlog has to be Theoni Pilarinos Analyst, Raymond James Okay, that s great. Thank you. Another question, just on your acquisition outlook, is there any update there? I know (inaudible) valuation was kind of a sticky plan, that s improved recently, and does that change any of your prospects? No, we continue to it certainly doesn t change our outlook on having strategic acquisitions as part of our growth strategy, and we have nothing to announce at this time. Theoni Pilarinos Analyst, Raymond James Sorry, one maybe final question for Jacob. The SG&A I know you guys have a lot of new people there and initiatives in place. Is what we re seeing this quarter a pretty good run rate of how it s going to track going forward, or will that increase or potentially fall in the next couple of quarters? Jacob Coonan Chief Financial Officer, McCoy Corporation
25 No, I think you ve got a pretty run rate now, of what to expect going forward. Theoni Pilarinos Analyst, Raymond James All right, great. Thanks a lot, guys. Thanks, Theoni. Operator Your next question comes from Justin Wu with GMP Securities. Your line is now open. Justin Wu Analyst, GMP Securities Just a quick follow up, if you will. Can you give us a sense of what the cost of the ERP was in the quarter and perhaps what your total expected cost for implementation is? Jacob Coonan Chief Financial Officer, McCoy Corporation Sure, Justin. I mean, obviously, part of it s difficult to fully capture, because we ve got a lot of internal resources going into it. Externally, we ve captured some of that time in our intangible assets on our balance sheet there, and we ve been it s about $300,000 a quarter we ve been putting into that, and obviously that s going to stop here once we get complete and then we ll start amortizing that.
26 Justin Wu Analyst, GMP Securities Okay, and sorry, when did you okay, well, it shows up in intangibles, I can figure it out. And the second question, just in terms of your revenue split by geographic region, can you give us I mean, just for the Energy Products & Services, what the North America versus international was. Jacob Coonan Chief Financial Officer, McCoy Corporation Justin, it s in our MD&A now. We ve got a table that s in there that outlines that. Justin Wu Analyst, GMP Securities Okay, I ll take a look at that. Jacob Coonan Chief Financial Officer, McCoy Corporation Yes, it s quite specific now. Justin Wu Analyst, GMP Securities Yes, okay, I haven t seen it yet, okay. Jacob Coonan Chief Financial Officer, McCoy Corporation No problem.
27 Justin Wu Analyst, GMP Securities In terms of when you look at your backlog, would it be fairly similar, or are you seeing more growth on the international side? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Yes, Justin, as we mentioned, the strengthening international and offshore rig building markets, so we see that s going to be the driver. The North American market s pretty flat still for us. Justin Wu Analyst, GMP Securities Okay, great. Thank you. Operator Ladies and gentlemen, again, as a reminder, if you would like to ask a question, please press star, one now. There are no further questions oh, I am sorry, we do have another question on the line from John Bereznicki with Paradigm Capital. Your line is now open. John Bereznicki Analyst, Paradigm Capital Hey, good morning, everyone.
28 Good morning, John. John Bereznicki Analyst, Paradigm Capital So, you re in Aberdeen, you re putting your flag on the ground in Singapore. Can you give us any sense of initial impressions, you know, either from a customer perspective or in terms of how things are playing out, compared to what your expectations were? Jim Nowotny Senior Vice President, Drilling & Completion, McCoy Corporation Yes, John. I mean, when we started this global service growth expansion, we had a lot of good feedback from our customers, nothing negative at all. They were looking forward to McCoy being in their backyard and being able to respond to their requirements. So, we had a lot of good positive comments from customers. I think it s still quite early, but I echo what Jim said. I, personally, heard from customers saying that suggesting that being in the backyard of their operations is going to be very helpful, but, you know, it all sounds good, but quantifying it in real new revenue will be the real true test, but I ve got to tell you I feel very confident that that s going to transpire. It s just obvious to us, that being out there every customer of ours, John, really wants the same thing.
29 They want good responsiveness, which means not waiting two days for somebody to fly from Louisiana to Southeast Asia to help them solve a problem, which they re willing to pay for, and to get OEM replacement parts and consumables from us really quickly, like overnight or the next day, or the same day. We re going to be able to do that much better and I m sure our customers will support us. The feedback we get is that that support will be there. John Bereznicki Analyst, Paradigm Capital P&L? Gotcha, and any sense when Aberdeen maybe starts to make a contribution on the Jacob Coonan Chief Financial Officer, McCoy Corporation John, this is Jacob here. I think we re going to start seeing some numbers come through in Q3. They re not going to be too big at first, but we re going to grow that business, and it s going to ramp up probably over the next year, but definitely in Q3 we ll start recognizing some revenue. John Bereznicki Analyst, Paradigm Capital Great, great. A couple more quick ones and I ll get you on your way. As far as the backlog goes, any sense of what percent of that might be offshore related?
McCoy Global Inc. Third Quarter Results Event Date/Time: Length: 35 minutes 1 CORPORATE PARTICIPANTS Peter Watson McCoy Global Inc. General Counsel and Corporate Secretary McCoy Global Inc. President and
Annual General Meeting/Assemblé Générale Annuelle October/Octobre 30, 2015 How can you improve your co-op s bottom line? Comment pouvez-vous améliorer le revenu net de votre coopérative? How can you raise
1 EVENT: THE DATA GROUP INCOME FUND FIRST QUARTER RESULTS CONF-CALL & WEBCAST TIME: 11H00 E.T. REFERENCE: CNW GROUP - TORONTO LENGTH: APPROXIMATELY 16 MINUTES DATE: MAY 9, 2006 2 OPERATOR: Good afternoon
Sent: 11 May 2011 10:53 Subject: Please find attached a revised amendment letter, extending the contract until 31 st December 2011. I look forward to receiving two signed copies of this letter. Sent: 10
LA PERSONNE SPÉCIALE These first questions give us some basic information about you. They set the stage and help us to begin to get to know you. 1. Comment tu t appelles? What is your name? Je m appelle
L intégration socioscolaire des jeunes Québécois d origine chinoise : le rôle des écoles ethniques complémentaires Ming Sun Université de Montréal Haï Thach École Chinoise (Mandarin) de Montréal Introduction
Read Online and Download Ebook ALGORITHMIQUE - 3èME édition - COURS AVEC 957 EXERCICES ET 158 PROBLèMES FROM DUNOD DOWNLOAD EBOOK : ALGORITHMIQUE - 3èME édition - COURS AVEC 957 Click link bellow and free
eid Trends in french egovernment Liberty Alliance Workshop April, 20th 2007 French Ministry of Finance, DGME Agenda What do we have today? What are our plans? What needs to be solved! What do we have today?
Indigo Books & Music Inc. Fourth Quarter Investor Conference Call Event Date/Time: Length: 11 minutes 1 CORPORATE PARTICIPANTS Janet Eger Indigo Books & Music Inc. Vice President, Public Affairs Indigo
Linja Game Rules 2 players Ages 8+ Published under license from FoxMind Games NV, by: FoxMind Games BV Stadhouderskade 125hs Amsterdam, The Netherlands Distribution in North America: FoxMind USA 2710 Thomes
Technical Service Bulletin PRODUIT DATE CREATION DATE MODIFICATION FICHIER PC INDUSTRIEL 23/03/2010 201005 REV A PC industriels et disques associés English version follows. SF01 (du 4 au 8 janvier 2010)
1. Notre planète est menacée! 2. Il faut faire quelque chose! 3. On devrait faire quelque chose. 4. Il y a trop de circulation en ville. 5. L air est pollué. 6. Les désastres environnementaux sont plus
> Le passé composé le passé composé C'est le passé! Tout ça c'est du passé! That's the past! All that's in the past! «Je suis vieux maintenant, et ma femme est vieille aussi. Nous n'avons pas eu d'enfants.
2002 Maritime Mathematics Competition Concours de Mathématiques des Maritimes 2002 Instructions: Directives : 1 Provide the information requested below Veuillez fournir les renseignements demandés ci-dessous
IT & E - Integrated Training & emploi des personnes handicapées en dessin assisté par ordinateur, les détails et graphiques TR/06/B/P/PP/178009 1 Information sur le projet Titre: Code Projet: Année: 2006
Read Online and Download Ebook LE SECRET DES FEMMES, VOYAGE AU COEUR DU PLAISIR ET DE LA JOUISSANCE BY YVES FERROUL ï ½LISA BRUNE DOWNLOAD EBOOK : LE SECRET DES FEMMES, VOYAGE AU COEUR DU PLAISIR Click
Instructions Mozilla Thunderbird Page 1 Instructions Mozilla Thunderbird Ce manuel est écrit pour les utilisateurs qui font déjà configurer un compte de courrier électronique dans Mozilla Thunderbird et
Chapter 3, lesson 1 Has Claire switched off the lights? Yes, she has. She has already switched off the lights. Have Clark and Joe made reservation at a hotel? No, they haven t. They haven t made reservation
1 EVENT: THE DATA GROUP INCOME FUND 2008 FIRST QUARTER RESULTS CONFERENCE CALL TIME: 11H00 E.T. REFERENCE: CNW GROUP LENGTH: APPROXIMATELY 21 MINUTES DATE: MAY 8, 2008 2 OPERATOR: Good morning ladies and
MGL7460 Automne 2015 Gestion de la configuration et contrôle du code source Guy Tremblay Professeur Département d informatique UQAM http://www.labunix.uqam.ca/~tremblay 10 septembre 2015 Parmi les premières
Read Online and Download Ebook DICTIONNAIRE DE SPIRITUALITé ASCéTIQUE ET MYSTIQUE : DOCTRINE ET HISTOIRE... DOWNLOAD EBOOK : DICTIONNAIRE DE SPIRITUALITé ASCéTIQUE ET Click link bellow and free register
Livre de coloriage pour adultes Masques du carnaval de Venise 3 (Volume 3) (French Edition) Nick Snels Click here if your download doesn"t start automatically Livre de coloriage pour adultes Masques du
M622 Add-On Module Installation Instructions Module complémentaire M622 Directives d installation The M622 Add-On Module can be attached to the M6310 or M6320 Meridian Business Set to provide extra feature/line
1 EVENT: THE DATA GROUP INCOME FUND CONFERENCE CALL TIME: 10H00 E.T. REFERENCE: 21121984 LENGTH: APPROXIMATELY 16 MINUTES DATE: MAY 11, 2005 2 OPERATOR: Good morning, ladies and gentlemen, and thank you
Read Online and Download Ebook TECHNIQUES D'ANIMATION : POUR LE DESSIN ANIMé, L'ANIMATION 3D ET LE JEU VIDéO BY RICHARD WILLIAMS DOWNLOAD EBOOK : TECHNIQUES D'ANIMATION : POUR LE DESSIN ANIMé, Click link
COMMISSION FOR THE COMPENSATION OF VICTIMS OF SPOLIATION RESULTING FROM THE ANTI-SEMITIC LEGISLATION IN FORCE DURING THE OCCUPATION (Decree 99-778 of September 10, 1999) Case Number : (to remind in all
Read Online and Download Ebook LA BOîTE à OUTILS ARDUINO - 2E édition - 120 RECETTES POUR RéUSSIR VOS PROJETS DOWNLOAD EBOOK : LA BOîTE à OUTILS ARDUINO - 2E édition - 120 RECETTES Click link bellow and
C est quoi, Facebook? aujourd hui l un des sites Internet les plus visités au monde. Si tu as plus de 13 ans, tu fais peut-être partie des 750 millions de personnes dans le monde qui ont une page Facebook?
Read Online and Download Ebook MATHéMATIQUES TOUT-EN-UN POUR LA LICENCE NIVEAU L1 : COURS COMPLET ET 270 EXERCICES CORRIGéS FROM DUNOD DOWNLOAD EBOOK : MATHéMATIQUES TOUT-EN-UN POUR LA LICENCE CORRIGéS
ICH Q8, Q9 and Q10 An Opportunity to Build Quality into Product Krishnan R. Tirunellai, Ph. D. Bureau of Pharmaceutical Sciences Therapeutic Products Directorate Health Canada December 4, 2008 Sequence
GCSE Bitesize Controlled Assessment Model 1 (for C/C+ grade) Question 2 Subject: Topic: French Speaking In this document you will find practical help on how to improve your grade. Before you start working
CLUB DE GYMNASTIQUE! Bulletin Hiver 2013 Newsletter Winter 2013 514.872.3043 email@example.com Rappel de nos heures d ouverture au club de gym Gadbois: Semaine: 13:30-20:00 Fin de semaine: 9:00-14:00
Read Online and Download Ebook UN INDIEN DANS L'ENTREPRISE : DONNEZ UN NOUVEAU SOUFFLE à VOTRE équipe DOWNLOAD EBOOK : UN INDIEN DANS L'ENTREPRISE : DONNEZ UN NOUVEAU Click link bellow and free register
Mangeons! Object of the game: To be the first one to fill your plate with all the food groups, a beverage, and a dessert (The players will try to collect all four food group cards, then a dessert card.)
Food for thought paper by the Coordinator on Reporting 1 PrepCom 3rd Review Conference 6 décembre 2013 (slide 1) Mr President, Reporting and exchange of information have always been a cornerstone of the
French 2208A French for Healthcare Le français de la santé Professeur : Heures de bureau : Olga Kharytonava disponible tous les jours par courriel, sauf le week-end. Préalable - Fr 1900 E ou Fr 1910, ou
The potential of the building sector in sustainable and lowcarbon strategies Arab Hoballah, UNEP SUSTAINABLE AND COMPETITIVE HOTELS THROUGH ENERGY INNOVATION - NEZEH 2015 L'INNOVATION ÉNERGÉTIQUE AU SERVICE
Read Online and Download Ebook UN INDIEN DANS L'ENTREPRISE : DONNEZ UN NOUVEAU SOUFFLE à VOTRE équipe DOWNLOAD EBOOK : UN INDIEN DANS L'ENTREPRISE : DONNEZ UN NOUVEAU Click link bellow and free register
MS Project 1- Créer un nouveau projet définir la date du déclenchement (début) ou de la fin : File New 2- Définir les détails du projet : File Properties (permet aussi de voir les détails : coûts, suivi,
Florida International University Department of Modern Languages FRENCH I Summer A Term 2014 FRE 1130 - U01A Class time: Monday, Tuesday, Wednesday, Thursday; 6:20 P.M. - 9:00 P.M. Instructors: Prof. Jean-Robert
C est quoi, Facebook? Si tu as plus de 13 ans, tu fais peut-être partie des 750 millions de personnes dans le monde qui ont un compte Facebook? Et si tu es plus jeune, tu as dû entendre parler autour de
The Skill of Reading French By the end of this session... ALL of you will be able to recognise words A LOT of you will be able to recognise simple phrases SOME of you will be able to translate a longer
PRESENT SIMPLE PRESENT PROGRESSIF 1 Exercice 1 : Conjuguez les verbes suivants au présent simple et au Verbe Pronom Présent simple Présent Progressif Exemple : To fall They fall They are falling To think
> Dans une agence de location immobilière... In a property rental agency... dans, pour et depuis vocabulaire: «une location» et «une situation» Si vous voulez séjourner à Lyon, vous pouvez louer un appartement.
Promotion of bio-methane and its market development through local and regional partnerships A project under the Intelligent Energy Europe programme Contract Number: IEE/10/130 Deliverable Reference: W.P.2.1.3
Read Online and Download Ebook HISTOIRE DE LA VIE PRIVéE, TOME 5 : DE LA PREMIèRE GUERRE MONDIALE à NOS JOURS BY PHILIPPE ARIèS DOWNLOAD EBOOK : HISTOIRE DE LA VIE PRIVéE, TOME 5 : DE LA PREMIèRE Click
Paxton ins-20605 Net2 desktop reader USB 1 3 2 4 1 2 Desktop Reader The desktop reader is designed to sit next to the PC. It is used for adding tokens to a Net2 system and also for identifying lost cards.
Profil - Stendhal (Henri Beyle, dit) : Le Rouge et le Noir: Analyse littéraire de l'oeuvre (Profil d'une Oeuvre) (French Edition) Stendhal, Christine Klein-Lataud, Paul Lidsky Click here if your download
openoffice 40 manual Print and Online Should you be particular with knowing everything concerning this openoffice 40 manual, you have to look for these details. OPENOFFICE 40 MANUAL Here are one of the
Statistique de l'évaluation Professeurs: FANELLI Angelo Cours: (I1MR62 /06L35/MBA) Organizational Behavior Date du cours: 24/10/2006 Au 24/10/2006 Période: C1 Pas du tout satisfaisant--- Tout à fait satisfaisant
AccessLearn Community Group: Introductory Survey Introduction The W3C Accessible Online Learning Community Group (aka AccessLearn) is a place to discuss issues relating to accessibility and online learning,
Safety Management System For small ATO Implementation of SMS for small and very small ATO A specific situation Safety Management System For small ATO FTO - TRTO (AIRPLANES) Safety Management System For
28/3/2011 ANNEXE 6 (Source: Electrabel) Evaluation de la prime de risques de la vente d une bande d énergie nucléaire Si nous vendons une bande d énergie nucléaire à certains clients, que nous garantissons
GCSE Bitesize Controlled Assessment Model 2 (for A/A* grade) Question 4 Subject: Topic: French Speaking In this document you will find practical help on how to improve your grade. Before you start working
Les lois organiques: étude comparée France - Thaïlande: Analyse des lois organiques de France et Thaïlande (French Edition) Keerati Saneewong Na Ayudthaya Click here if your download doesn"t start automatically
DIPLOME NATIONAL DU BREVET SESSION : 2011 Feuille 1 / 6 SUJET DIPLOME NATIONAL DU BREVET TOUTES SERIES Epreuve de Langue Vivante Etrangère : ANGLAIS SESSION 2011 Durée : 1 h 30 Coefficient : 1 Ce sujet
AWICO instrument pour le bilan de compétences élargie No. 2009 LLP-LdV-TOI-2009-164.603 1 Information sur le projet Titre: Code Projet: Année: 2009 Type de Projet: Statut: Accroche marketing: Résumé: Description:
QUAND L'INNOCENCE AVAIT UN SENS: CHRONIQUE D'UNE FAMILLE JUIVE D'ISTANBUL D'ENTRE LES DEUX-GUERRES (CAHIERS DU BOSPHORE) (FRENCH EDITION) READ ONLINE AND DOWNLOAD EBOOK : QUAND L'INNOCENCE AVAIT UN SENS:
"anatomie de l'appareil locomoteur t.1 ; membre inférieur (2e édition)" Michel Dufour Click here if your download doesn"t start automatically "anatomie de l'appareil locomoteur t.1 ; membre inférieur (2e
Toulouse, 31.05.2011 PONT DES CATALANS SPEED MANAGEMENT PROJECT MID-TERM TERM EVALUATION VISIT Presentation of the team Names : Arnaud Arsuffi Audrey Traisnel City : Toulouse University : INSA Toulouse
Phoenix A.M.D. International Inc. - Claim Procedures, Timelines & Expectations Timelines & Expectations 1. All telephone messages and e-mail correspondence is to be handled and responded back to you within
Canadian Election Study Methodological Briefs Methodological Brief #2013-A Photo Manipulations in the 2011 CES Patrick Fournier, Université de Montréal Stuart Soroka, McGill University Fred Cutler, University
Tomorrow s Classrom IRUAS Conference, Geneva January 29, 2016 firstname.lastname@example.org email@example.com MOOC in graphic novel design MOOC en bande dessinée Workshop on peer-reading issues.
GREDOR Gestion des Réseaux Electriques de Distribution Ouverts aux Renouvelables Can operational planning decrease distribution costs? - La gestion prévisionnelle pour diminuer les coûts de distribution?
Former Table Booking Policies The policies described in this document apply to table bookings made before mid- March 2015. Please refer to the AUS website for the latest policies that govern table bookings
Application Form/ Formulaire de demande Ecosystem Approaches to Health: Summer Workshop and Field school Approches écosystémiques de la santé: Atelier intensif et stage d été Please submit your application
Read Online and Download Ebook PETIT GUIDE DE L IMMIGRANT AFRICAIN: 100 RECETTES POUR REUSSIR SA VIE AUX USA (FRENCH EDITION) BY YARA LOUA DOWNLOAD EBOOK : PETIT GUIDE DE L IMMIGRANT AFRICAIN: 100 RECETTES
Sustainability Monitoring and Reporting: Tracking Your Community s Sustainability Performance Thursday, February 11 th, 2011 FCM Sustainable Communities Conference, Victoria, BC The Agenda 1. Welcome and
Read Online and Download Ebook LA PERSONNALITé NORMALE ET PATHOLOGIQUE: LES STRUCTURES MENTALES, LE CARACTèRE, LES SYMPTôMES BY BERGERET DOWNLOAD EBOOK : LA PERSONNALITé NORMALE ET PATHOLOGIQUE: LES SYMPTôMES
Read Online and Download Ebook MANUEL D'IMPLANTOLOGIE CLINIQUE : CONCEPTS, INTéGRATION DES PROTOCOLES ET ESQUISSES DE NOUVEAUX PARADIGMES DOWNLOAD EBOOK : MANUEL D'IMPLANTOLOGIE CLINIQUE : CONCEPTS, NOUVEAUX
General information 120426_CCD_EN_FR Dear Partner, The new consumables catalogue from Medisoft is now updated. Please discover this full overview of all our consumables available to you. To assist navigation
GREDOR Gestion des Réseaux Electriques de Distribution Ouverts aux Renouvelables Presentation and snapshot of achieved work FLEXIPAC meeting Bertrand Cornélusse, University of Liège December 2014 1 P L
One of the pillars of my mandate as governor general of Canada is supporting families and children. This is just one of the reasons why my wife, Sharon, and I are delighted to extend greetings to everyone
GESTION DE PROJETS AGILE Jean-Louis Lefèvre firstname.lastname@example.org 2014 AGILE & Project Management Polytech 5A JL Lefèvre P 1 QUATRE (GROS) PROBLÈMES EN GESTION DE PROJETS Classiquement, pour