Monday, November 5, 2012

Savanna Energy Services Corp. Announces Q3 2012 Results

CALGARY, ALBERTA--(Marketwire - Nov. 5, 2012) - Overall, a decrease in industry activity and demand in Canada led to a decrease in utilization, revenue, operating margins and EBITDAS in Q3 2012 compared to Q3 2011. Activity levels in Canada, particularly in drilling and completions, were sharply reduced compared to 2011, and demonstrated a much higher level of decline than in the U.S., Savanna's (TSX:SVY) other primary market. Reduced demand for all of Savanna's service lines in Canada negatively affected Q3 results, despite increases in both the U.S. and Australia.

Financial Highlights

The following is a summary of selected financial information of the Company:

Three Months Ended Nine Months Ended
September 30 2012 2011 Change 2012 2011 Change
(Stated in thousands of dollars, except per share amounts) $ $ $ $
OPERATING RESULTS
Revenue 154,300 166,127 (7 %) 501,079 429,257 17 %
Operating expenses 108,445 115,298 (6 %) 345,974 306,452 13 %
Operating margin(1) 45,855 50,829 (10 %) 155,105 122,805 26 %
Operating margin %(1) 30 % 31 % 31 % 29 %
EBITDAS(1) 34,853 39,387 (12 %) 121,649 92,773 31 %
Per share: basic 0.41 0.47 (13 %) 1.43 1.14 25 %
Per share: diluted 0.41 0.46 (11 %) 1.42 1.13 26 %
Net earnings 6,915 14,363 (52 %) 34,350 28,982 19 %
Per share: basic 0.08 0.17 (53 %) 0.40 0.36 11 %
Per share: diluted 0.08 0.17 (53 %) 0.40 0.35 14 %
CASH FLOWS
Operating cash flows(1) 32,982 39,826 (17 %) 112,055 96,380 16 %
Per diluted share 0.38 0.47 (19 %) 1.31 1.18 11 %
Acquisition of capital assets(1) 42,040 91,099 (54 %) 140,148 218,023 (36 %)
Dividends paid 5,862 - 100 % 10,085 - 100 %
FINANCIAL POSITION Sep. 30 2012 Dec. 31 2011 Change
$ $
Working capital(1) 78,783 99,587 (21 %)
Capital assets(1) 1,091,751 1,033,241 6 %
Total assets 1,264,845 1,233,700 3 %
Long-term debt 214,623 207,637 3 %

NOTES:

  1. Operating margin, operating margin percentage, EBITDAS, and operating cash flows are not recognized measures under IFRS, and are unlikely to be comparable to similar measures presented by other companies. Management believes that, in addition to net earnings, the measures described above are useful as they provide an indication of the results generated by the Company's principal business activities both prior to and after consideration of how those activities are financed, the effect of foreign exchange and how the results are taxed in various jurisdictions. Similarly, capital assets, working capital, and net debt are not recognized measures under IFRS; however, management believes that these measures are useful as they provide an indication of the Company's liquidity, leverage and investment in operating assets.
  • Operating margin is defined as revenue less operating expenses.
  • Operating margin percentage is defined as revenue less operating expenses divided by revenue.
  • EBITDAS is defined as earnings before finance expenses, income taxes, depreciation, amortization and share-based compensation and excludes other expenses.
  • Operating cash flows are defined as cash flows from operating activities before changes in non-cash working capital.
  • Capital assets are defined as property, equipment and intangible assets.
  • The acquisition of capital assets includes the purchase of property, equipment and intangible assets, capital assets acquired through business acquisitions and non-cash capital asset additions.
  • Working capital is defined as total current assets less total current liabilities excluding the current portions of long-term debt.
  • Net debt is defined as long-term debt, including the current portions thereof and excluding unamortized debt issue costs, less working capital as defined above.
  1. Certain industry related terms used in this press release are defined or clarified as follows:
  • The number of operating days, spud to release days and operating hours are all on a net basis which means only Savanna's proportionate share of any rigs held in 50/50 limited partnerships have been included.
  • Savanna reports its drilling rig utilization based on spud to release time for its operational drilling rigs and excludes moving, rig up and tear down time, even though revenue may be earned during this time. Source of Canadian industry average utilization figures: Canadian Association of Oilwell Drilling Contractors. Industry utilization figures are calculated in the same manner as the Company.
  • Savanna reports its service rig utilization for its operational service rigs based on standard hours of 3,650 per rig per year. Reliable industry average utilization figures, specific to well servicing, are not available.

The third quarter of 2012 began with wet conditions limiting activity in Canada, but as field conditions improved demand remained muted as customers pulled back on their Q3 projects. This resulted in an overall decrease in revenue compared to Q3 2011 and reduced Savanna's Q3 2012 EBITDAS(1) by $4.5 million to $34.9 million from $39.4 million in Q3 2011. Savanna's net earnings decreased further compared to Q3 2011, and at $6.9 million for Q3 2012 were $7.5 million lower than the comparative quarter. The decrease was a result of higher share-based compensation expense based on mark-to-market adjustments on the Company's deferred share units, higher depreciation and amortization expenses based on an increased capital asset cost base, higher finance expenses, and foreign exchange losses compared to gains in Q3 2011.

On a year-to-date basis, the strong demand for drilling, completion and maintenance services in the first part of 2012, backed by relatively high oil prices and sustained activity levels in liquids-rich natural gas and unconventional oil plays, coupled with improved operating performance resulted in Savanna generating significantly higher revenue, operating margins, EBITDAS, net earnings, and operating cash flows compared to the first nine months of 2011. These increases from Q1 2012 have held despite the negative effects of an extended spring break-up in Canada, prolonged periods of wet weather and a reduction in overall industry demand in the last six months. Total EBITDAS(1) for the nine months ended September 30, 2012, was $121.6 million which represents an increase of $28.9 million or 31% from the nine months ended September 30, 2011. Net earnings on a year-to-date basis have increased by $5.4 million to $34.4 million; a 19% increase from the $29 million in net earnings to the end of September 2011, despite a $4.8 million impairment charge in Q2 2012.

CONTRACT DRILLING

The decrease in industry activity and demand in Canada led to significantly lower operating days in Q3 2012 compared to Q3 2011. Conversely, both the U.S. and Australian divisions achieved more days in Q3 this year versus last year based on larger drilling rig fleets in each respective region. Overall, the drilling division achieved 8% fewer operating days in Q3 2012 compared to Q3 2011. However, a 3% increase in average day rates over the same time frame and 8% lower per day operating costs resulted in a $0.5 million or 1% increase in operating margins in Q3 2012 compared to Q3 2011 despite the lower activity.

Based on year-to-date increases in operating days and day rates, together with overall improved operating margin performance, operating margins in the first nine months of 2012 increased by $32.3 million or 36% from the first nine months of 2011. In aggregate, for the nine months ended September 30, 2012, drilling revenue was $367.1 million, which is up significantly from $321.3 million for the same period in 2011. Operating margins in the first nine months of 2012 were $121.9 million (33% of revenue) compared to the same period in 2011 when operating margins were $89.6 million (28% of revenue).

The Canadian long-reach drilling rigs were able to maintain operating margin percentages in Q3 2012 compared to Q3 2011 despite the decrease in utilization that led to a 20% decrease in operating margins in the same respective periods. In the first part of 2012, the Canadian industry was highly focused on developing oil and liquids-rich prospects. Savanna was well positioned within these activity areas, and as a result demand for Savanna's primarily deep fleet of drilling rigs in Canada was particularly strong. Despite a decrease in overall demand in Q3 2012, Savanna's long-reach horizontal drilling rigs have consistently achieved utilization rates higher than industry averages (in the same depth categories) and day rates above those of 2011. These factors have led to a $9.7 million increase in operating margins, compared to the first nine months of 2011, for the Canadian long-reach horizontal drilling fleet, which contributed 45% of Savanna's overall operating margin to the end of September, 2012.

Savanna's fleet of shallow rigs in Canada was the most negatively impacted by the decrease in industry demand in Q3 2012. These shallow rigs in Canada were not able to generate sufficient revenues to cover fixed operating costs in the third quarter this year. These rigs were also the most significantly impacted by the extended break-up conditions in Q2 2012 as the conventional shallow drilling market has been virtually non-existent throughout 2012. However, Savanna's shallow CT-1500 fleet found a niche in Q1 2012 performing coring work for oil sands customers, and achieved significant increases in utilization, day rates and operating margins in that quarter compared to the same period in 2011. The gains achieved in Q1 have held despite very poor utilization over the last six months and operating margins remain $1.8 million ahead of the first nine months of 2011. The Company does expect to see a marginal increase in activity for the shallow fleet in Q4 2012 and expects the rigs to be highly utilized performing coring work in Q1 2013.

Backed by strong contract positions and operating in high activity areas, the Company's U.S. drilling fleet did not face the same demand pressures as in Canada, and the fleet continued to achieve high utilization rates. Revenue for Savanna's U.S. drilling operations was 12% higher in Q3 2012 compared to Q3 2011, and 21% higher on a year-to-date basis, as a result of more rigs, more operating days and higher day rates. Operating margin performance in the U.S. has improved dramatically in 2012 as footage-based contracts in place in 2011 were converted to day work terms. As a result, operating margins increased by 82% in Q3 2012 from Q3 2011 and operating margin percentages increased by 11 percentage points. The Q3 2012 increase in operating margins brings the year-over-year increase for the first nine months of 2012 to $17.1 million or 81% from the first nine months of 2011 with operating margin percentages ten percentage points higher this year compared to last.

In Australia, more of the fleet worked throughout Q3 2012 generating solid operating margins on a rig-by-rig basis. This resulted in Australia contributing more than its share of overall drilling operating margins in the quarter on a rig-by-rig basis. In Q3 2011, the first of the four drilling rigs only began working in the last part of the quarter. As the fleet begins working more consistently and achieves higher utilization rates the Company expects operating margin contributions to continue to improve.

OILFIELD SERVICES

Savanna's oilfield services division generated lower revenues based on a decrease in operating hours in Q3 2012 compared to Q3 2011. In Canada, wet conditions limited activity early in Q3 2012, but as field conditions improved demand remained muted and operating hours were significantly lower compared to Q3 2011. In Australia, customer delays continued to negatively affect utilization, and operating hours were lower in Q3 2012 versus Q3 2011 despite having one additional service rig available this year. The U.S. services rigs were the only Savanna rigs in the oilfield services division to increase hours compared to Q3 2011 as demand held strong in the areas where these rigs were deployed. Overall, operating hours decreased by 23% in Q3 2012 compared to Q3 2011, resulting in a $5.5 million operating margin decrease compared to Q3 2011.

On a year-to-date basis, the negative impact of an extended spring break-up in Canada in Q2 2012, and a reduction in overall industry demand in Q3 2012 resulted in lower year-over-year utilization. As a result, operating margins have remained flat despite more operating hours and higher revenue this year compared to last. Overall for the nine months ended September 30, 2012, oilfield services revenue was up $25.8 million to $136.2 million from $110.4 million for the same period in 2011. Aggregate operating margins were basically unchanged at $32.6 million for the first nine months of 2012 compared to $32.7 million for the same period in 2011; however, operating margin percentages are six percentage points lower this year compared to last.

Savanna's Canadian service rig fleet increased by nearly 50% through two acquisitions in the summer of 2011. This growth contributed to an increase in operating hours and, combined with higher hourly rates, overall revenues and operating margins increased in Q1 2012 relative to Q1 2011. While hourly rates for well servicing have remained higher throughout 2012 versus 2011, utilization of the much larger fleet in the last six months has lagged that of the same period in 2011. With a higher labour and fixed cost base driven by its larger scale, this negatively affected operating margins in the second and third quarters of 2012. Savanna still expects a secular increase in well servicing activity over the medium-term and has been upgrading and re-certifying its fleet and improving recruiting and training capabilities in anticipation of this expected demand increase.

In contrast, the U.S. well servicing division did not see any decrease in demand and had strong utilization rates throughout Q3 2012. The U.S. operation clearly continued to benefit from a larger service rig fleet, increasing operating margins by 36% in Q3 2012 compared to Q3 2011. On a year-to-date basis, operating margins were 61% higher in the first nine months of 2012 compared to the same period in 2011.

In Australia, the service rigs and rental equipment generated higher revenues in Q3 2012 compared to Q3 2011 based on more equipment this year versus last. However, lower than expected service rig utilization and resulting crew retention costs led to operating margins just slightly ahead of breakeven for Q3 2012, which is consistent with those in Q3 2011. The Company expects to have more of the fleet working throughout Q4 2012 which should result in improved operating margin contributions.

BALANCE SHEET

Savanna's working capital at September 30, 2012, was $78.8 million and its net debt(1) position was $135.8 million. The amount owing on its revolving credit facility was $84.1 million and Savanna's total long-term debt outstanding, excluding unamortized debt issue costs, was $214.6 million. As of the date of this release, $85.0 million was drawn on Savanna's available revolving credit facility of $180 million, and $3.6 million was drawn on Savanna's available operating facility of $20 million. Savanna's current financial position provides the Company with considerable flexibility for the remainder of 2012 and beyond.

DIVIDEND

In total for Q3 2012, Savanna declared dividends of $7.7 million or $0.09 per share.

SUMMARY OF QUARTERLY RESULTS - CONTRACT DRILLING

The following is a summary of selected financial and operating information of the Company's contract drilling segment:

(Stated in thousands of dollars, except revenue per day)
Three Months Ended Nine Months Ended
September 30 2012 2011 Change 2012 2011 Change
Revenue $ 110,839 $ 117,120 (5 %) $ 367,054 $ 321,346 14 %
Operating expenses $ 75,869 $ 82,632 (8 %) $ 245,157 $ 231,743 6 %
Operating margin(1) $ 34,970 $ 34,488 1 % $ 121,897 $ 89,603 36 %
Operating margin %(1) 32 % 29 % 33 % 28 %
Operating days(2) 5,221 5,705 (8 %) 15,967 15,566 3 %
Revenue per operating day $ 21,229 $ 20,529 3 % $ 22,988 $ 20,644 11 %
Spud to release days(2) 4,522 5,034 (10 %) 14,020 13,724 2 %
Wells drilled(2) 547 538 2 % 1,684 1,692 0 %
Total meters drilled(2) 1,031,310 1,015,903 2 % 2,862,593 2,646,920 8 %

The following summarizes the operating results for the three and nine months ended September 30, 2012 and 2011 by type of rig or geographic area. Long-reach drilling in Canada includes the Company's telescoping double drilling rigs, TDS-3000? drilling rigs and TDS-2200? drilling rigs.

(Stated in thousands of dollars) Long-reach Shallow Drilling
Drilling Drilling U.S. and
Three months ended September 30, 2012 Canada Canada International Total
$ $ $ $
Revenue 56,865 2,703 51,271 110,839
Operating margin(1) 21,521 (797 ) 14,246 34,970
Operating margin %(1) 38 % (29 %) 28 % 32 %
Revenue excluding cost recoveries 51,813 2,539 50,477 104,829
Operating margin(1) 21,521 (797 ) 14,246 34,970
Operating margin %(1) 42 % (31 %) 28 % 33 %
Average number of net rigs deployed 43 20 30 93
Utilization %(2) 56 % 8 % 79 % 53 %
(Stated in thousands of dollars) Long-reach Shallow Drilling
Drilling Drilling U.S. and
Three months ended September 30, 2011 Canada Canada International Total
$ $ $ $
Revenue 70,282 9,598 37,240 117,120
Operating margin(1) 27,048 707 6,733 34,488
Operating margin %(1) 38 % 7 % 18 % 29 %
Revenue excluding cost recoveries 63,675 9,107 35,524 108,306
Operating margin(1) 27,048 707 6,733 34,488
Operating margin %(1) 42 % 8 % 19 % 32 %
Average number of net rigs deployed 38 25 25 88
Utilization %(2) 81 % 21 % 74 % 62 %
(Stated in thousands of dollars) Long-reach Shallow Drilling
Drilling Drilling U.S. and
Nine months ended September 30, 2012 Canada Canada International Total
$ $ $ $
Revenue 184,442 35,531 147,081 367,054
Operating margin(1) 69,968 10,457 41,472 121,897
Operating margin %(1) 38 % 29 % 28 % 33 %
Revenue excluding cost recoveries 165,947 33,999 142,547 342,493
Operating margin(1) 69,968 10,457 41,472 121,897
Operating margin %(1) 42 % 31 % 29 % 36 %
Average number of net rigs deployed 41 21 29 91
Utilization %(2) 56 % 24 % 79 % 56 %
(Stated in thousands of dollars) Long-reach Shallow Drilling
Drilling Drilling U.S. and
Nine months ended September 30, 2011 Canada Canada International Total
$ $ $ $
Revenue 174,443 42,864 104,039 321,346
Operating margin(1) 60,228 8,704 20,671 89,603
Operating margin %(1) 35 % 20 % 20 % 28 %
Revenue excluding cost recoveries 152,102 40,770 98,111 290,983
Operating margin(1) 60,228 8,704 20,671 89,603
Operating margin %(1) 40 % 21 % 21 % 31 %
Average number of net rigs deployed 37 28 24 89
Utilization %(2) 67 % 25 % 75 % 56 %

In the contract drilling segment, significant costs are incurred and passed through to customers with little or no markup. For the three and nine months ended September 30, 2012 these costs aggregated $6 million and $24.6 million respectively. In the same respective periods in 2011 these costs amounted to $8.8 million and $30.4 million. Savanna's accounting policy with respect to cost recoveries billed to customers is to include them as both revenue and operating expenses rather than net them. Although Savanna believes this most appropriately reflects the substance of the underlying transactions, the accounting treatment of cost recoveries varies in the oilfield services industry. There is no effect on overall operating margins whether cost recoveries are netted or not; however, the different treatments do result in different operating margin percentages as the same dollar margin is factored against lower revenue when cost recoveries are netted. As a result Savanna believes it is useful to provide revenue excluding cost recoveries and the resulting operating margin percentages for comparative purposes.

SUMMARY OF QUARTERLY RESULTS - OILFIELD SERVICES

The following is a summary of selected financial and operating information of the Company's oilfield services segment:

(Stated in thousands of dollars, except revenue per hour)
Three Months Ended Nine Months Ended
September 30 2012 2011 Change 2012 2011 Change
Revenue $ 43,957 $ 49,818 (12 %) $ 136,151 $ 110,364 23 %
Operating expenses $ 33,242 $ 33,639 (1 %) $ 103,521 $ 77,650 33 %
Operating margin(1) $ 10,715 $ 16,179 (34 %) $ 32,630 $ 32,714 0 %
Operating margin %(1) 24 % 32 % 24 % 30 %
Operating hours(2) 42,286 54,705 (23 %) 129,878 118,429 10 %
Revenue per hour $ 842 $ 758 11 % $ 863 $ 749 15 %

The following summarizes the operating results for the oilfield services segment by geographic area for the three and nine months ended September 30, 2012 and 2011:

Source: http://www.marketwire.com/mw/release.do?id=1721267&sourceType=3

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Somalia: Security Council agrees on short extension for mandate of African Union peacekeepers

2 November 2012 ? The United Nations Security Council has extended the mandate of the international peacekeeping force providing support to the Government of Somalia in its efforts to bring peace and stability to the Horn of African country.

?Noting the exceptional circumstances in New York City arising from Hurricane Sandy,? the Council said in a resolution adopted in a meeting on Wednesday afternoon, adding that it recognised in ?those exceptional circumstances, the need for a short extension of the mandate of the African Union Mission to Somalia (AMISOM).?

While most meetings at UN Headquarters in New York City earlier this week had been cancelled due to the impact of Hurricane Sandy ? which caused death and destruction throughout the Caribbean region and the eastern US ? Council members briefly met on Wednesday to discuss AMISOM?s mandate, which was set to expire on 31 October.

Created and operated by the African Union Peace and Security Council in January 2007, AMISOM received a UN mandate from the world body?s Security Council the following month, and has been renewed ever since.

With close to 10,000 peacekeepers, it is mandated to conduct peace support operations in Somalia, which has been affected by conflict for more than two decades.

In its unanimously adopted resolution, the Council, acting under Chapter VII of the UN Charter, said it had determined that the situation in Somalia continues to constitute a threat to international peace and security in the region, and ?decides to authorize the Member States of the African Union to maintain the deployment until 7 November 2012.?

Chapter VII of the Charter allows the Council to use force in the face of a threat to peace or aggression, taking ?such action by air, sea, or land forces as may be necessary to maintain or restore international peace and security,? including blockades and other operations by the forces of Member States.

After decades of factional fighting and lawlessness, the East Africa country has been undergoing a peace and national reconciliation process, with a series of landmark steps in recent months that have helped to bring an end to the country?s nine-year political transition period. These steps included the adoption of a Provisional Constitution, the establishment of a new Parliament and the appointments of a new President and a new Prime Minister.

Until last year, most of the country?s capital, Mogadishu, was, for several years, riven by a fluid frontline dividing the two sides ? fighters belonging to the Al-Shabaab militant group and troops belonging to the Government of Somalia, with the latter supported by AMISOM.

Since the Al-Shabaab withdrawal from the capital in August last year, the frontlines have been pushed back to surrounding areas. In late September, Al-Shabaab insurgents withdrew from the port city of Kismayo, their last remaining stronghold located a sizable urban area, but still control parts of the country?s south-central areas.

Although the Al-Shabaab has now dispersed into a ?rag-tag militia,? it has nonetheless, embarked on more asymmetrical, terrorist and hit-and-run tactics as it occasionally does in Mogadishu, according to the Secretary-General?s Special Representative and head of the UN Political Office for Somalia (UNPOS), Augustine P. Mahiga.

Addressing the Council earlier this month, Mr. Mahiga said that the security situation in Somalia has ?vastly improved,? thanks to the continuing efforts of AMISOM, as well as Ethiopian forces and the Somali Government and its local allied forces.

He said it was essential that AMISOM is supported to control more effectively the coastal waters around Mogadishu, Marka, Baraawe and Kismayo, in order to protect its own forces, supply lines, interrupt Al-Shabaab re-supply lines and effectively secure the ports for commercial use.

The African Union has informed the Council that, working together with the UN, it intends to undertake a thorough assessment of AMISOM and how best it can contribute to the stabilization of Somalia in light of the gains made on the ground and the challenges ahead.

Also, earlier this week, Mr. Mahiga condemned, in the ?strongest terms,? the latest killing of another media worker in Mogadishu.

The latest victim was a playwright and comedian for the Kulmiye News Network, Warsame Shire Awale, who was shot dead by unidentified gunmen, according to an UNPOS news release.

?This has been the deadliest year for journalists and media workers in Somalia? Mr. Mahiga noted. ?The latest killing raised the number of Somali media professionals killed in 2012 to 18.?

On Sunday, a journalist and producer with Radio Shabelle, Mohamed Mohamud Turyare, died as a result of wounds inflicted on 21 October when he was shot in a similar attack.

?I strongly condemn the targeted and persistent assault on Somalia?s media professionals. The world is concerned that none of these murders have resulted in conclusive arrests, investigations and due process or convictions of suspects,? Mr. Mahiga said.

He added, ?We renew our offer to facilitate assistance to the Government in addressing impunity and urge the Somali public to assist the Government by providing information, which will expose perpetrators of these violent acts to law enforcement agencies.?

Source: http://www.globalsecurity.org/military/library/news/2012/11/mil-121102-unnews03.htm

Source: http://endthelie.com/2012/11/04/somalia-security-council-agrees-on-short-extension-for-mandate-of-african-union-peacekeepers/

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I acquired up about thousand shares through a web trade account. At that point I continue to test in on that stock continually as it continued to continuously climb. I checked back in the following day and discovered that that investment had jumped to $.38 a share in the past day. It eventually and momentarily topped off at $.57 at which point I took a conservative approach and got out with a nice profit of $370 on $180, thus tripling my original investment. Think about this eventuality 2 months on, that job was now merely a memory and he was spending his days chatting to ship yards about the ideal ship and catching up on everything he'd been avoiding. Marion was checking out vacation packages. Life was good! Then, the bull market that had been in place for a period of time startlingly turned. Volatility was high and even seasoned traders had to put things in place to guarantee they stayed on track. Those untroubled days were now days crammed with stress and frantic feelings.

Source: http://traders101.com/2012/11/03/inspecting-online-securities-investing/

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Sunday, November 4, 2012

Video: Marathon runners racing to help out



>>> around the world were supposed to take part inmarathon, but on friday new york city 's mayor canceled the race in the mounting criticism it was incensensitive to the victims of hurricane sandy. jenna is back with that. very loud cries from not just in the city but the entire region.

>>> erica, many runners are disappointed but they're turning that bad news into something good. frustration after months of preparation.

>> 20 weeks of training, it's a little disappointed to give up.

>> running is the light of my life and i feel like my wedding has been canceled.

>> reporter: confusion over the back and forth on whether it would happen.

>> have a hoopla, just rah-rah-rah for us runners when there are people without homes, mothers who have lost children.

>> reporter: and ultimately acceptance.

>> i'm disappointed. we would have liked to have run it. that's life.

>> reporter: the 47,000 runners scheduled to hit the street today as part of the new york city marathon are now forced to put the race behind them this morning after the city agreed with the popular opinion that now just wasn't the right time.

>> difficult news for people who have trained all year. people who have come around the world to run in it, but it's the right decision.

>> reporter: and while some runners are upset over the timing --

>> this was brutal. absolutely brutal. this should have been canceled tuesday.

>> reporter: many have moved on, lending a hand to those who need it, racing now to help out. the website race2recover nyc are matching donations. as generators once dedicated to the race have been freed up to help those still without power. dr. jordan metzel helped organize an event to distribute food and supplies throughout storm ravaged communities of staten island , literally running supplies across the borough.

>> with our somewhat freakish skill being able to run 26 miles at once, hopefully we'll get into place that is are tougher to get to, things like prepaid cell phone, gift cards, hygiene supplies.

>> reporter: the desire to help, replacing that sought after runners high . and for those still looking to hit the pavement, there's always 2013 .

>> i have a date with the new york city marathon, so it's not this year. it's next year. so i'll be back.

>> more than 500 runners are expected to show up in staten island today. other informal runs will be held as well this afternoon around central park , taking the same course as the 1970 route of the marathon. and it's because 47,000 people are right now in central park with a lot of pent-up energy and they need somewhere to go and something to do.

>> they need to run. it's nice to see people putting that energy into a great

Source: http://video.today.msnbc.msn.com/today/49683068/

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Knicks roll past Heat 104-84 in New York opener

New York Knicks' Carmelo Anthony (7) shoots against, from left, Miami Heat's Chris Bosh (6), Dwyane Wade (3) and Rashard Lewis (9) during the first half of an NBA basketball game, Friday, Nov. 2, 2012, in New York. (AP Photo/Jason DeCrow)

New York Knicks' Carmelo Anthony (7) shoots against, from left, Miami Heat's Chris Bosh (6), Dwyane Wade (3) and Rashard Lewis (9) during the first half of an NBA basketball game, Friday, Nov. 2, 2012, in New York. (AP Photo/Jason DeCrow)

Miami Heat's LeBron James (6) tries to maintain possession while being defended by New York Knicks' Carmelo Anthony (7) during the first half of an NBA basketball game, Friday, Nov. 2, 2012, in New York. (AP Photo/Jason DeCrow)

New York Knicks' J.R. Smith (8) shoots over Miami Heat's Shane Battier (31) during the first half of an NBA basketball game, Friday, Nov. 2, 2012, in New York. (AP Photo/Jason DeCrow)

New York Knicks' Raymond Felton (2) shoots against Miami Heat's LeBron James (6) during the first half of an NBA basketball game, Friday, Nov. 2, 2012, in New York. (AP Photo/Jason DeCrow)

(AP) ? Carmelo Anthony heard the news about the New York City Marathon being canceled, then came out to warm up and saw plenty of empty seats at Madison Square Garden.

At that moment, it would've been easy to agree with Dwyane Wade and others, that this wasn't the time to be playing games.

By tip-off, Anthony and the Knicks knew otherwise.

Fans had filled the place, when even the players weren't sure how many of them would show up.

"It gave us some more energy," Anthony said. "When we first went out there, the crowd, it wasn't crowded. As we started warming up, we seen the crowd started getting packed and packed. Just for all the fans to come out and still support this game tonight in the wake of everything that's been happening, that just goes to show you and tell you a lot about this city."

Anthony thanked them for coming, then had 30 points and 10 rebounds as the Knicks gave suffering New Yorkers something to cheer with a 104-84 victory over the Miami Heat in their storm-delayed season opener Friday night.

"Over the last couple of days, we didn't even know if this game was going to be played. Then before the game we look up and they say they canceled the Marathon, so it was like, we have to go out there and play," Anthony said. "So today was something to give New York a couple hours of some peace. Come to the game, support us. We gave them a good show out there tonight, that's the least that we can do."

In the first sporting event in New York since Superstorm Sandy, the Knicks dominated a game the Heat players weren't sure should even be played with the region still so devastated. But the Knicks hoped they could provide a distraction for a few hours, and fans who were able to watch surely loved what they saw from a team that could barely compete with Miami last season.

"I think this win meant a lot for us, for the city, fans, you know, just everybody in New York," guard Raymond Felton said. "This was a big win, so I'm happy we got it."

Steve Novak, a non-factor against the Heat in last season's playoffs, added 17 points off the bench and Felton had 14 points and nine assists to begin his second stint with the Knicks.

LeBron James scored 23 points for the Heat, so impressive in a season-opening victory over Boston on Tuesday but never really in this one. Wade, who thought the game should be postponed, finished with 15 points and Chris Bosh had 12 points and 11 rebounds.

The Heat beat the Knicks in five games in last season's first round, and at least for one night New York appears to have closed the gap on the champs.

But the focus surrounding this one had little to do with basketball.

Knicks players said Thursday they weren't sure what kind of crowd to expect with many New Yorkers in such bad shape and perhaps unable to travel to the game with the city's transit system crippled. But Madison Square Garden was packed with a sold-out crowd of 19,033 and lively from well before the tip right through their loud cheers when Rasheed Wallace, retired the last two seasons, entered with about 3 minutes left.

"Right from the get-go you could tell there was a difference in energy, disposition, quickness to the ball (on) both ends of the court," Heat coach Erik Spoelstra said. "They played a very good basketball game. Got us on our heels pretty much the whole game and we weren't able to recover from there. We have to move on. We're clearly much better than this."

Anthony went to center court and took the microphone before the game, telling fans that this was the "most important time for the city of New York to come together as one and build the city back up." Then there was a moment of silence for the victims of the disaster.

It wasn't long before it was loud again.

Anthony hit two 3-pointers in a 10-0 run that gave New York a quick 11-point lead, and he followed six consecutive points by JR Smith by pulling up for a long 3-pointer and a 30-12 lead with 1:14 left in the first quarter. Anthony was even further away when he tossed in another 3 at the buzzer, capping his 16-point period and giving the Knicks a 33-17 advantage.

The Heat couldn't get the deficit into single digits in the second, but were within 55-44 at halftime following 13 points from Wade after his scoreless first period. Anthony was 1 of 9 in the second after hitting six of 10 shots in the first.

But he had consecutive baskets in the Knicks' run of seven straight points early in the third, and the lead grew to 75-52 on Novak's 3-pointer with 3:12 remaining in the period. New York was ahead 81-63 heading into the fourth.

The Knicks' scheduled opener at Brooklyn on Thursday night was postponed, and Heat players thought this game would be, too. Wade was so sure the Heat weren't coming to New York that he didn't even bother to pack until after practice Thursday.

Miami flew afterward and finally arrived in New York after a three-hour bus ride from nearby Newark, N.J. Seeing all the traffic as New Yorkers tried to recover, Wade wrote on his Twitter account that the game shouldn't be played, a feeling he reiterated Friday morning after the Heat's shootaround.

"If we're in a car and we're in traffic for three hours, what are other people who are really affected by this, what are they doing? How are they getting around, how are they moving, et cetera?" Wade said. "So it was just like, come on man, we shouldn't be here to play a basketball game. If anything, we should be here to do something to help the city."

He decided Friday to donate his game check, around $210,000 before taxes, to relief efforts.

The Knicks finished 19 of 36 from 3-point range. Wallace made one with 41 seconds left.

NOTES: The Madison Square Garden company is donating $500,000 for storm relief and is hosting a telethon on MSG network during the Knicks' game against Dallas on Nov. 9. MSG chairman James Dolan said he was glad Friday's game was taking place, believing it was good for the city and that many people had told him they were either coming or planned to watch on TV. ... The Heat announced Friday they will unveil a banner to commemorate James' gold medal with the U.S. basketball team Saturday before they play the Denver Nuggets. It will be displayed alongside three others for players who won Olympic gold as members of the Heat ? Wade, Alonzo Mourning and Tim Hardaway. ... Marcus Camby sat out after missing most of the preseason with a sore left calf. He recently returned to practice, but Knicks coach Mike Woodson said Camby hadn't gone through enough contact workouts.

___

Follow Brian Mahoney on Twitter: http://www.twitter.com/Briancmahoney

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-11-03-Heat-Knicks%20Folo/id-1389330d0b044da0855c84eee728c82a

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The Right Way To Detect A Vacation Home Rip-off

Source: http://www.articlesnatch.com/Article/The-Right-Way-To-Detect-A-Vacation-Home-Rip-off/4248567

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(Stated in thousands of dollars)
Three months ended September 30, 2012 Canada U.S. and International Total
Revenue 29,965 13,992 43,957
Operating margin(1) 7,807 2,908 10,715
Operating margin %(1) 26 % 21 % 24 %
Utilization %(2) 41 % 64 % By: Jennifer Rothchild Selling your timeshare can be troublesome with the present financial crisis. Undesirably, loads of timeshare fraudsters will certainly take advantage of this economical susceptibility, causing the growing surge in timeshare fraud and swindles. Inexperienced home sellers all too often fall prey to timeshare swindles or perhaps inefficient advertising systems and, out of despondency, force rash or ignorant conclusions without competition analysis.
Though Florida's completely new Timeshare Rule helps defend against swindles of this type, there are some issues you ought to be on the look-out for, concerning a timeshare reseller. Be watchful about any of the following:

  • An Upfront Service charge for Any Reason - There is never a good-enough a proper reason to pay off an initial cost to promote your timeshare. No matter whether an enterprise is marketing you ad-space on their "highly visible" internet site, or even guaranteeing to secure the transaction for a "ready and waiting" new buyer " it's seldom worth having to take the possibility to pay upfront for expertise. Out-right fraudsters trick vulnerable online business owners into cutting all of them a paper check to "close a deal" whilst ad-sites demand a designated price to list your premises among a huge number of others " with virtually no hope of sale. In the end, the instant they've received your finances, what's their incentive to sell your timeshare?



  • Repeated Cold-Calling - Any kind of reseller who is associated with unrequested telephone communication ought to be suspect. Be especially cautious about resellers who call numerous occasions, or even start to force you in the slightest.



  • Lack of Existing Real Estate Licensing - The moves of registered agents is generally successfully checked by state boards along with property products; guaranteeing the highest transparency and truthfulness their timeshare re-sale services.


it is strongly recommended by the American Resort Development Association (ARDA) that people looking to purchase or advertise timeshare on the resale market utilize only qualified land brokers.

  • Lack of BBB Accreditation - The mission of the BBB the Better Business Bureau is to verify integrity and efficiency in the consumer marketplace by: setting requirements for marketplace confidence; encouraging and assisting perfect techniques; creating a neighborhood of dependable enterprises and denouncing inferior marketplace attitude.



  • Extravagant Deals - Does it appear too good to be authentic? It probably is. The fact remains, timeshares depreciate enormously after a while. If a reseller or trader declares to have the capacity to market your timeshare for about what you paid for it; be wary. Decide on a reseller or agent who will discuss plainly with you about costs your real estate for resale - and obtain a fair market survey so you'll have a recommendation position.
    In case a reseller or trader displays any one of the above characteristics, think genuinely about working with them. To ensure you're acquiring trustworthy brokerage services, go for an authorized and BBB certified real-estate trader, and keep in mind, never pay an upfront cost to promote your timeshare.

About the Author:
Jennifer Rothchild is a freelance travel writer with Tampa based Fractional Ownership. She has extensive travel experience and has traveled to over 45 countries over the past 18 years. Her seasoned knowledge of the timeshare market is greatly sought after throughout the industry. She has written extensively in various top publications and is often a guest blogger for Timeshare Broker Sales. Her experience in the Private Residence Clubs market has enhanced her outlook in the industry. If you would like to invite her to guest write for your blog or website, please contact her.

Article Originally Published On: http://www.articlesnatch.com


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