...Hill Country Snack Food Co is experiencing steady growth and success due to its effective operations and quality products in its industry. It has unique capital structure with zero debt and large cash balance corresponding to its conservative operation strategy and corporate culture and philosophy. Whether to change to a more aggressive capital strategy and what is the optimal level of debt-to-capital ratio for Hill Country is the key issue in this case. * Hill Country’s operation strategy and its corporate culture The company commits to operating and cost efficiency with high quality products and strong distribution management. This strategy enjoys a steady sales growth rate and positive profits. The management of Hill Country strongly believes to maximize shareholder value and the managerial philosophy is caution and risk-avoidance. * Influence on financial performance and capital structure Hill Country’s conservative operation drove strong financial performances with large increases in net income since 2009 and continuous and growing dividends paying out ratio and sufficient cash flow. The company’s risk-aversion culture also brings about a preference of equity finance, large cash balance and avoidance of debt. The ROE of Hill Country (12.5%) is much lower to Pepsi’s (30.8%) in correspondence to its net profit (7.2%) compared to Pepsi’s (9.7%). The reason is because of its 100% reliance on equity finance. * The impact of a more leveraged capital structure ...
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...9-913-517 OCTOBER 22, 2012 W. CARL KESTER CRAIG STEPHENSON Hill Country Snack Foods Co. The Chief Executive Officer of Hill Country Snack Foods had never enjoyed analyst conference calls, but in late January of 2012, Howard Keener was yet again asked about the company’s cash balances, capital structure, and performance measures. One analyst complained that Hill Country’s growing cash position, absence of debt finance, and large equity balance made it difficult for a company in a mature industry to earn a high rate of return on equity, and recommended a more aggressive capital structure. “Maybe I don’t fully understand capital structure theory and practice,” replied Keener, “but I have observed that companies don’t get into trouble because they have too much cash; they get into trouble because they have too much debt.” Hill Country had seen its sales and profits grow at a steady rate during Keener’s tenure as CEO, and at the end of 2011 the company had zero debt and cash balances equal to 18% of total assets and 13% of market capitalization. Having just celebrated his 62nd birthday, Keener was approaching retirement, creating speculation by investors and analysts that the company might change to a more aggressive capital structure in the near future. Company Background Hill Country Snack Foods, located in Austin, Texas, manufactured, marketed, and distributed a variety of snacks, including churros, tortilla chips, salsa, pretzels, popcorn, crackers, pita...
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...Hill Country practices the conservative capital structure, which has excessive liquidity and lower interest rates that will bring negative impacts on the company’s financial performance measures. So, it is a good opportunity for Hill Country to implement a more aggressive capital structure. For example, the Chief Executive Officer (CEO) of this company can increase the leverage ratio by either increase the debt or reduce the equity or both. At first, debt financing usually used when a firm raises money for capital expenditures by issuing debt instruments to individual or institutional investors. In return for lending the money, the firm need to pay the principal plus interest payment at some agreed time in the future. The most common debt...
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...American Rangelands and Forests Jacolbi Williams October 28, 2012 SCI 275 Page 1 | Rangeland or Forest Location | Brief History of Rangeland or Forest | What are current land management problems? | What are the current federal land management strategies that address these problems? | What is one sustainable effort that should be implemented? | American Rangeland or Forest: Edwards Plateau | TEXAS | Edward’s Plateau is located in South Central Texas . This plateau is mainly a grassland covered with trees, soil more suitable for farming needs and rivers running through the south and east portion of the land ("Texas State Historical Asociation", n.d). | The rapid growth of the urban areas and endangerment of species around Edward’s Plateau. The increase of growth brings more issues in different types of developments which in turn damages the value of the land. | Texas has the Southern Edwards Plateau Habitat Conservation Plan (SEP-HCP) in place to address the problems of Edwards Plateau. | Emphasize and give notice of violations against the SEP-HCP | Part 1 Page 2 The Rangeland in Texas by the name of Edwards Plateau is at risk. The human activities have begun to limit land and endanger the different species residing on that land. Without a set sustainability plan in action, Edwards Plateau as will know it will become a thing of the past. Part 2 Action Items (in order) | Action Steps | Timeline | List sources for Edwards Plateau | Write down information...
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...In “The Dreamer,” Junot Diaz reflects on his mother’s childhood. Diaz’s mother lived in a Third-World country, Dominican. His mother worked on his grandmother’s farm and would not let her get an education. Although one day the county got a new dictator Trujillo, which he put into effect mandatory education to children under fifteen-years-old. Diaz’s mother tried so hard to acquire an education because her dream was to one day become a nurse. I am inspired by Diaz's essay both because of what his mother did in order to education and also because of what a mother’s abilities can go on their son. To begin with, Diaz’s essay was an inspiration to me because his mother had to go a remarkable length to get an education. Firstly, Diaz writes “Her...
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...JetBlue IPO – Case Study IPO Process An initial public offering (IPO) is selling traded equity to the public on a securities exchange for the first time. The initial public offerings are used by companied to raise additional capital, and to transform from a private company into a public company. The IPO process is as follows. 1. Selecting an underwriter 2. Due diligence 3. Preliminary registration 4. SEC review 5. Road show and book building 6. The offering settlement There are many advantages and disadvantages of going public through an IPO. Advantages Increased capital from public offering * Increased liquidity * Public market creates shareholders’ value * Facilitates merger & acquisition – shares can be used instead of cash * Accelerates company’s growth * Increased recognition * Employee stock options are valuable Disadvantages * Costs and time demands – costs associated with reporting could be significant and more time needed for statements preparations. * Information disclosure – information may be visible to competitors. * Financial reporting and administration burdens of complying with SEC * Control – managements may experience loss of control. * Increased risk of shareholder litigation * Increased restrictions The issue of JetBlue The issue is that there is a debate among the JetBlue management about the appropriate pricing of the IPO. The analysts reported that demand exceeded supply...
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...political power to keep tradition of loyalty within family. I will elaborate on the conflict and show how Solon tried to change that. The third part of the paper will analyze the political constitution that was created to make a balance of power. For my sources I will use the life of Solon in The Rise and Fall of Athens: Nine Greek Lives by Plutarch, and a class document analyzing the Athenian political constitution. I Athens’s had 3 main landowners, which were consist of the Hill Peasants, the Plains, and the Shore. The shore was not used much for farming. However, the others were. The Hill peasants had land filled with many small poor farms that didn’t produce much crops and had poor quality. The reason they were considered poor quality was because the hills were dry, which was not good for farming. Another reason was the slope of the hill allowed for rundown of water to bypass the top of the hill and immediately go down to the plains where the other farms were. The plains received the rundown from the hills and all proper nutrients. Therefore, this portion contained high quality land. The farms were large and provided a surplus of crops each harvest. Athens population consists of 98% peasants and 2% Aristocrat. Aristocrats are those who are educated, big landowners, politicians, priests, and warriors. They receive their wealth through inheritance, which I will get into detail further on. There were two types of peasants in...
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...Jenolan Caves is located in rural New South Wales in the Blue Mountains, which is a three hour drive from Sydney ((Bluemts.com.au, 2015). This tourist attraction features a 10 caves and offers tours during the day and night. It has also won numerous tourism awards and is a world heritage listed site(VisitNSW.com, 2015). About the caves According to the CSIRO, the caves are approximately 340 million years old. The cave tours are open every day and are suited to all ages and fitness levels, with prior notice they are able to offer wheelchair access. The tours take 1-2 hours and have a few sessions per day. They feature spectacular lighting, underground rivers and fascinating rock formations which captivates visitors. Visitors can choose between guided day or night tours, ghost tours or adventure caving, it caters well to all stages of life. When visitors explore the caves, they walk along a path with secure railing and good lighting which tour guides are able to turn on at any time. This gives visitors a better experience because they are able to see the caves clearly at important stages of the tour. The caves also offer amazing sound acoustics due to its unique shape, on the weekends there are often musicians or bands playing. If caves aren’t your thing, there is a river walking track which has very secluded streams of water amongst large rock formations. There are also walking tracks if you would prefer to stay on dry land and in open spaces. Accommodation There is plenty...
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...FUN UNLIMITED PACKAGE! Step out and have Fun on an Eco-farm…….. Rolling Hills Farm near Kanakapura, located 45 kms from Bangalore in Devarahalli Village, near Maralvadi in Kanakpura Taluk offers an exciting farm-stay and a great outdoor experience on a coconut farm. Set against a range of rocky hillocks, the farm has a petting zoo for kids and wide open spaces for youngsters to play games and dabble in adventure activities. Run by the professional team that offers an amazing wilderness & adventure experience at Riveredge Paradise Resort at Karwar for close to a decade, Rolling Hills offers families and youngsters a great day out to recharge. Day Package: Cost of a FUN UNLIMITED day trip package (8:00 AM to 6:00 PM). * Rs. 1500 per adult (12 years and above) * Rs. 750 per child (Ages 5-12) * Ages 5 and below – free food, but no adventure activities are included in this package. Package Includes: * 1 Buffet Breakfast, 1 Buffet lunch,1 Tea with cookies & snacks * Use of Archery equipment with instructions. * A trek to nearby rock for Rock-climbing/ Rappelling with instructions. * 2 rounds of the track on the All Terrain Vehicle (ATV) * Unlimited use of outdoor sports equipment like darts, badminton, cricket and volley ball. * Feeding and petting of farm animals. * Any other Adventure Activities are not a part of this package and will be charged extra if used. Note: All other expenses of personal...
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...Shuo Sun – Anthro R5B - Final Paper Outline Abstract: In “The art of not being governed”, James Scott uses the example of the hill people living in the mountain region of Zomia and argued that instead of being primitive form of living, barbarians, or human beings leftover from pre-state era, these hill people deliberately move to inaccessible region to avoid state control. Scott states that the inaccessibility of the hills make them natural escape routes that can be used to avoid the sovereignty of state government. Scott briefly talks about the examples of how the defeated Kuomintang in the 1950s and the remnants from Taiping Rebellion both escaped to the mountains, but fails to talk about what happen to these people after that. In this paper, I would like to work on this missing information and find data to evaluate whether these people converted themselves to hill people permanently or did they use the resources in the hills to fight back against the state. The aim of this paper is to find out whether the primary or secondary sources concur with Scott’s arguments and discuss about the mechanism of using hills as escape routes in more details. Outline: 1. Introduction: The section introduces Scott and his book, “The art of not being governed” and points the reader to the specify topic that I will be focusing on in this paper. There will be a few sentences talking about the rationale and importance of this paper. (0.5 page) 2. Theoretical background: This section...
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...Zamani 1 Damien Zamani Professor Newman English 102 October 9th, 2012 Hills Like White Elephants Research Paper Despite the multiple critques of "Hills like White Elephants" I will briefly touch on a few. Several reviews elude the imagery and symbolism of the tale. Instead of list each critique in some haphazard bullet list we'll review the three points that were repeated and most obvious. The while elephant is the most prolific revolving theme of the story. Jig tells her boyfriend the hills look like white elepants. He responds that he's never seen one, to which she retorts "Of course you haven't". The hills are the imagery of the story. They are not actual hills but rather a metaphor for a choice of carrying a pregnancy to full term. White elephants are generally referred to as items whose maintenance costs exceeds their usefulness. In the story, Hemmingway is being subtle making an analogy of the hills being a child. For Jig, the costs exceeds the usefulness. To say children are exspensive is a Zamani 2 gross understatement. The hills represent an achievable undesirable journey. Jig comtemplates whether she's willing to make such a trip. This is eluded several times in the story. Her boyfriends perspective is that the hill is blocking his life with Jig. While jig indulges in the thought of the top of the hill; a child;family;life. The station is a allegory for change. The couple has a decision...
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...by Grant Wood. I really like how serene it looks. The rolling hills bring about a sense of calmness. The subject of this work seems to be farming and the rolling hills. You can tell it has to do with farming because of what looks like crops are planted and that the three people may be picking crops. Wood uses many forms of visual elements in this painting. One element is the use of lines. Lines are used to create boundaries between each piece of land. The crops that are planted are used to make lines. The lines also show direction of the crops. Diagonal lines are also used to show feelings of movement over the rolling hills. The fencing of the pastures forms lines. A line also forms the horizon. Another visual element Wood uses is shapes. The primary geometric shape used in this piece is the circle. The trees and the bushes are made with circles. The house is made up of triangles and rectangles. The crops at the bottom of the painting form diamonds. The rolling hills are organic shapes because they appear to have a natural look. The three people in the painting are positive shapes because they stand out and we focus on them. The next visual element is light. Woods use of light and shadow give the piece a three-dimensional feel. The shadows that the trees are making imply that the sun is shining up in the sky. The shadows also give you a sense of depth and it makes you feel as though you are standing on the hill looking down over the farm. The main colors of the piece are...
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...Pictures A and B illustrate a “better” side of Caracas—the ground is level and skyscrapers flourish. These skyscrapers vary in nature. Some of the more modern-looking buildings are global business centers like Credit-Suisse’s offices in “Milla De Oro,” Caracas’s central business district. Some are extravagant apartment complexes for the rich. Some are beautiful, European-influenced architecture in the center of the city, like the National Pantheon, a beautiful church of Spanish influence from Venezuela’s past. However, The rich center of the city is surrounded by both economic and personal despair. Picture D illustrates a mature squatter settlement on the hills surrounding the city. The poor have settled here informally and illegally, forming their own economic and support system, on the less-desired land in the hills surrounding the city. These squatter settlements are so dangerous that they have resulted in Caracas’s standing as the murder capital of the world, with the highest per capita murder rate globally. Most of these crimes go unsolved. The poor are separated by the rich both informally and formally; social divides and inequalities block the two groups, and actual fences and police force do too. Picture C illustrates an extravagant apartment complex for the rich, with tennis courts and private pools, separated from the squatter settlements by electric fences. Even if one of the poor were to surpass a social divide, formal barriers block any hope of social integration...
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...On the journey towards our dreams the road may be tough and many of us will be faced with many tasks more than we can bear; challenges like working to support ourselves, raising children in addition to the course workloads may be very daunting and impossible and many may give up their dreams. But always remember the hills ahead are never as steep as they seem and with faith in our hearts and believe in ourselves we can climb until we reach our dreams. I remembered when my husband was preparing for pharmacy school he was a fulltime student, working for 12 hours a day, taking care of the household expenses, and he barely got 5 hours of sleep a day but despite the challenges he never gave up his dream of becoming a pharmacist. He was relentless in his pursuit of his dream through believe in himself and faith in God; and now he is a practicing pharmacist. As many of us are pursuing our dreams we may be confronted with many challenges, which may abort our dreams if we give up, but see challenges as opportunities in disguise. Remember challenges are designed to strengthened us for the tasks ahead. Do not give up your dreams when the going gets tough and the hills ahead seem too steep to climb but remember faith is the vehicle that will catapult us through the challenges prior to realizing our...
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...| Compensation and R&R: Current Issues and Proposed Reform | A Critique | Manish Gupta Roll No 13 | Current Issues and Proposed Reform The current Resettlement & Rehabilitation policy has set a very high threshold of 500 families or more together in plains and 250 families together in hills, Desert Development Programme (DDP) blocks, and the areas which have been mentioned in Schedule V and Schedule VI of the Constitution of India. This high threshold fails to capture the cases in which the family number is not as high as 500 in plains or 250 in cases of hills. This high threshold totally defeats the purpose of the Resettlement & Rehabilitation policy as it will still cause the families to be traumatized due to loss of land and in most of the cases, means of the livelihood and social status of the families. In Indian society, the families having land have always enjoyed a higher social status than the ones having less or no land at all. Displacement from the land also may result in the families losing the same society of people in which they have been living in prior to land acquisition. The Resettlement & Rehabilitation policy also failed to put stress on an option that causes non-displacement or minimum displacement for the execution of the project for which the land has been acquired from the landowners. The Resettlement & Rehabilitation policy also did not make any provision for prior assent of the affected people before forced displacement...
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