| Industries |
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| Asset Management and Custody Banks |
| Human Resource and Employment Services |
| Independent Power Producers and Energy Traders |
| Health Care Distribution and Services |
| Investment Banking and Brokerage |
| Exposures |
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| Military |
| Provide |
| Express intent |
| Material Aid |
| Regime |
| Event Codes |
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| Accident |
| Yield to order |
| Demand |
| Solicit support |
| Agree |
| Host meeting |
| Sports contest |
| Human death |
| Warn |
| Military blockade |
| Wiki | Wiki Summary |
|---|---|
| Mortgage loan | A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. |
| Availability | In reliability engineering, the term availability has the following meanings:\n\nThe degree to which a system, subsystem or equipment is in a specified operable and committable state at the start of a mission, when the mission is called for at an unknown, i.e. a random, time. |
| High availability | High availability (HA) is a characteristic of a system which aims to ensure an agreed level of operational performance, usually uptime, for a higher than normal period.\nModernization has resulted in an increased reliance on these systems. |
| Availability heuristic | The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision. The availability heuristic operates on the notion that if something can be recalled, it must be important, or at least more important than alternative solutions which are not as readily recalled. |
| Not Available | Not Available is the second studio album (released as the fourth) by the Residents, recorded in 1974. The album was allegedly meant to only be released once its creators completely forgot about its existence (adhering to their "Theory of Obscurity," in which an artist's purest work is created without an audience) - however, due to ongoing delays in the release of Eskimo, Not Available was released to supply the demand for new Residents material, given their unexpected critical and commercial success following the release of the Duck Stab EP.\n\n\n== History ==\nIt is said that the lyrics and themes of Not Available arose from personal tensions within the group, and that the project began as a private psychodrama before being adapted into a possible operetta. |
| Continuous availability | Continuous availability is an approach to computer system and application design that protects users against downtime, whatever the cause and ensures that users remain connected to their documents, data files and business applications. Continuous availability describes the information technology methods to ensure business continuity.In early days of computing, availability was not considered business critical. |
| Availability cascade | An availability cascade is a self-reinforcing cycle that explains the development of certain kinds of collective beliefs. A novel idea or insight, usually one that seems to explain a complex process in a simple or straightforward manner, gains rapid currency in the popular discourse by its very simplicity and by its apparent insightfulness. |
| Available-to-promise | Available-to-promise (ATP) is a business function that provides a response to customer order inquiries, based on resource availability.\n It generates available quantities of the requested product, and delivery due dates. |
| Manufactured housing | Manufactured housing (commonly known as mobile homes in the United States) is a type of prefabricated housing that is largely assembled in factories and then transported to sites of use. The definition of the term in the United States is regulated by federal law (Code of Federal Regulations, 24 CFR 3280): "Manufactured homes are built as dwelling units of at least 320 square feet (30 m2) in size with a permanent chassis to assure the initial and continued transportability of the home." The requirement to have a wheeled chassis permanently attached differentiates "manufactured housing" from other types of prefabricated homes, such as modular homes. |
| Yoda conditions | In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement. |
| Twenty-one Conditions | The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920. |
| Standard temperature and pressure | Standard temperature and pressure (STP) are standard sets of conditions for experimental measurements to be established to allow comparisons to be made between different sets of data. The most used standards are those of the International Union of Pure and Applied Chemistry (IUPAC) and the National Institute of Standards and Technology (NIST), although these are not universally accepted standards. |
| Wolfe conditions | In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length. |
| Conditions of Learning | Conditions of Learning, by Robert M. Gagné, was originally published in 1965 by Holt, Rinehart and Winston and describes eight kinds of learning and nine events of instruction. This theory of learning involved two steps. |
| Operation Mincemeat | Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin. |
| Arithmetic | Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today. |
| Special Activities Center | The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015. |
| Operations management | Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements. |
| Surgery | Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery". |
| Country Place Era | The Country Place Era was a period, from about 1890 to 1930, of American landscape architecture design during which wealthy Americans commissioned extensive gardens at their country estates, emulating European gardens that the Americans had seen in their European travels. An example is Castle Hill in Ipswich, Massachusetts.Landscape architects that were involved included Charles Gillette, Frederick Law Olmsted, Charles Adam Platt, and Beatrix Farrand. |
| A Place in the Country | A Place in the Country consists of six essays or monographs by W.G. Sebald, each devoted to a specific writer or artist.\n\n\n== Contents ==\nA Comet in the Heavens: On Johann Peter Hebel\nJ'Aurais Voulu Que Ce Lac Eut Été L'océan: On Jean Jacques-Rousseau\nWhy I Grieve I Do Not Know: On Eduard Morike\nDeath Draws Nigh, Time Marches On: On Gottfried Keller\nLe Promeneur Solitaire: On Robert Walser\nAs Day and Night: On Jan Peter Tripp\n\n\n== References ==\n\n\n== Further reading ==\nMcCulloh, Mark (2003). |
| List of countries by GDP (PPP) per capita | This article is a list of the countries of the world by gross domestic product (at purchasing power parity) per capita, i.e., the purchasing power parity (PPP) value of all final goods and services produced within a country in a given year, divided by the average (or mid-year) population for the same year.\nAs of 2019, the estimated average GDP per capita (PPP) of all of the countries of the world is Int$ 18,381. |
| In a Beautiful Place Out in the Country | In a Beautiful Place Out in the Country is an EP by Scottish electronic music duo Boards of Canada. It was released by Warp and music70 on 27 November 2000, in the period between the duo's albums Music Has the Right to Children and Geogaddi. |
| Country music | Country (also called country and western) is a genre of popular music that originated with blues, church music such as Southern gospel and spirituals, old-time, and American folk music forms including Appalachian, Cajun, Creole, and the cowboy Western music styles of New Mexico, Red Dirt, Tejano, and Texas country. Its popularized roots originate in the Southern and Southwestern United States of the early 1920s. |
| Profitability analysis | In cost accounting, profitability analysis is an analysis of the profitability of an organisation's output. Output of an organisation can be grouped into products, customers, locations, channels and/or transactions. |
| Customer Profitability Analysis | Customer Profitability Analysis (in short CPA) is a management accounting and a credit underwriting method, allowing businesses and lenders to determine the profitability of each customer or segments of customers, by attributing profits and costs to each customer separately. CPA can be applied at the individual customer level (more time consuming, but providing a better understanding of business situation) or at the level of customer aggregates / groups (e.g. |
| Profitable growth | Profitable Growth is the combination of profitability and growth, more precisely the combination of Economic Profitability and Growth of Free cash flows. Profitable growth is aimed at seducing the financial community; it emerged in the early 80s when shareholder value creation became firms’ main objective. |
| SAP ERP | SAP ERP is an enterprise resource planning software developed by the German company SAP SE. SAP ERP incorporates the key business functions of an organization. The latest version of SAP ERP (V.6.0) was made available in 2006. |
| Return on equity | The return on equity (ROE) is a measure of the profitability of a business in relation to the equity. Because shareholder's equity can be calculated by taking all assets and subtracting all liabilities, ROE can also be thought of as a return on assets minus liabilities. |
| Securitization | Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. |
| Assets under management | In finance, assets under management (AUM), sometimes called funds under management, measures the total market value of all the financial assets which an individual or financial institution—such as a mutual fund, venture capital firm, or depository institution—or a decentralized network protocol controls, typically on behalf of a client. These funds may be managed for clients/users or for themselves in the case of a financial institution which has mutual funds or holds its own venture capital. |
| Life Insurance Corporation | Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is under the ownership of Government of India. |
| Ivor Montagu | Ivor Goldsmid Samuel Montagu (23 April 1904, in Kensington, London – 5 November 1984, in Watford) was an English filmmaker, screenwriter, producer, film critic, writer, table tennis player, and Communist activist in the 1930s. He helped to develop a lively intellectual film culture in Britain during the interwar years, and was also the founder of the International Table Tennis Federation. |
| Decree nisi | A decree nisi or rule nisi (from Latin nisi 'unless') is a court order that will come into force at a future date unless a particular condition is met. Unless the condition is met, the ruling becomes a decree absolute (rule absolute), and is binding. |
| Sales operations | Sales operations is a set of business activities and processes that help a sales organization run effectively, efficiently and in support of business strategies and objectives. Sales operations may also be referred to as sales, sales support, or business operations. |
| Risk Factors |
|---|
| PALM HARBOR HOMES INC /FL/ Item 1A Risk Factors Certain statements contained in this annual report are forward-looking statements within the safe harbor provisions of the Securities Litigation Reform Act |
| Forward-looking statements give our current expectations or 8 ______________________________________________________________________ [37]Table of Contents forecasts of future events and can be identified by the fact that they do not relate strictly to historical or current facts |
| Investors should be aware that all forward-looking statements are subject to risks and uncertainties and, as a result of certain factors, actual results could differ materially from these expressed in or implied by such statements |
| These risks include such assumptions, risks, uncertainties and factors associated with the following: Financing for our retail customers may be limited, which could affect our sales volume |
| Our retail customers generally secure financing from third party lenders, which have been negatively affected by adverse loan experience |
| Several major lenders, which had previously provided financing for our customers, have withdrawn from the manufactured housing finance business |
| Reduced availability of such financing is currently having an adverse effect on the manufactured housing business and our home sales |
| Availability of financing is dependent on the lending practices of financial institutions, financial markets, governmental policies and economic conditions, all of which are largely beyond our control |
| Quasi-governmental agencies such as Fannie Mae and Freddie Mac, which are important purchasers of loans from financial institutions, have tightened standards relating to the manufactured housing loans that they will buy |
| Most states classify manufactured homes as personal property rather than real property for purposes of taxation and lien perfection, and interest rates for manufactured homes are generally higher and the terms of the loans shorter than for site-built homes |
| Financing for the purchase of manufactured homes is often more difficult to obtain than conventional home mortgages |
| There can be no assurance that affordable retail financing for manufactured homes will continue to be available on a widespread basis |
| If third party financing were to become unavailable or were to be further restricted, this could have a material adverse effect on our results of operations |
| If CountryPlace is unable to adequately and timely service its loans, it may adversely affect its results of operations |
| Although CountryPlace has originated loans since 1995, it has limited loan servicing and collections experience |
| In 2002, it implemented new systems to service and collect the portfolio of loans it originates |
| The management of CountryPlace has industry experience in managing, servicing and collecting loan portfolios; however, many borrowers require notices and reminders to keep their loans current and to prevent delinquencies and foreclosures |
| If there is a substantial increase in the delinquency rate that results from improper servicing or loan performance, the profitability and cash flow from the loan portfolio could adversely affect CountryPlace’s ability to continue to securitize its loans |
| If CountryPlace’s customers are unable to repay their loans, CountryPlace may be adversely affected |
| CountryPlace makes loans to borrowers that it believes are creditworthy based on its credit guidelines |
| However, the ability of these customers to repay their loans may be affected by a number of factors, including, but not limited to: • national, regional and local economic conditions; • changes or continued weakness in specific industry segments; • natural hazard risks affecting the region in which the borrower resides; • employment, financial or life circumstances; and • rising energy costs |
| If customers do not repay their loans, the profitability and cash flow from the loan portfolio could adversely affect CountryPlace’s ability to continue to securitize its loans |
| If CountryPlace is unable to continue to securitize its loans, it will be required to seek other sources of long-term funding, which funding may not be available |
| The loans that are originated by CountryPlace are funded with proceeds from its warehouse borrowing facility and borrowings from us |
| On July 12, 2005, CountryPlace successfully completed its initial securitization 9 ______________________________________________________________________ [38]Table of Contents for approximately dlra141dtta0 million of loans which were funded by issuing bonds totaling approximately dlra118dtta4 million |
| We anticipate CountryPlace will continue to securitize its loans as a primary source of funding |
| The proceeds from future securitizations will be used to repay any borrowings from the warehouse facility and from us, as well as to originate new loans |
| The securitization market is dependent upon a number of factors, including general economic conditions, conditions in the securities market generally and conditions in the asset-backed securities market specifically |
| Although the asset-backed securitization market for manufactured housing lenders has improved slightly in the past year in terms of access to the markets, as well as pricing and credit enhancement levels, poor performance of any loans we may securitize in the future could harm our future access to the securitization market |
| If CountryPlace is unable to continue to securitize its loans on terms that are economical, or if there is a decline in the securitization market for manufactured housing loans, and if CountryPlace is unable to obtain additional sources of long-term funding, it could have a material adverse effect on our results of operations, financial condition and business prospects |
| Increased prices and unavailability of raw materials could have a material adverse effect on us |
| Our results of operations can be affected by the pricing and availability of raw materials |
| In fiscal 2006, 2005, and 2004 we experienced an increase in the average prices of our raw materials of 5prca, 6prca and 14prca, respectively |
| Although we attempt to increase the sales prices of our homes in response to higher materials costs, such increases typically lag behind the escalation of materials costs |
| Many of the most important raw materials used in our operations have experienced significant price fluctuations in the past three fiscal years |
| Although we have not experienced any shortage of such building materials today, there can be no assurance that sufficient supplies of lumber, gypsum wallboard and insulation, as well as other materials, will continue to be available to us on terms we regard as satisfactory |
| Reduced availability of wholesale financing may adversely affect our inventory levels of new homes |
| We finance a portion of our new inventory at our retail superstores through wholesale “floor plan” financing arrangements |
| Through these arrangements, financial institutions provide us with a loan for the purchase price of the home |
| Since the beginning of the industry downturn in 1999, several major floor plan lenders have exited the floor plan financing business |
| Although we currently have a floor plan facility with a financial institution totaling dlra70 million, there can be no assurance that we will continue to have access to such a facility or that we will not be forced to reduce our new home inventory at our retail superstores |
| Our repurchase agreements with floor plan lenders could result in increased costs |
| In accordance with customary practice in the factory-built housing industry, we enter into repurchase agreements with various financial institutions pursuant to which we agree, in the event of a default by an independent dealer, builder or developer in its obligation to these credit sources, to repurchase factory-built homes at declining prices over the term of the agreements, typically 12 to 18 months |
| The difference between the gross repurchase price and the price at which the repurchased home can then be resold, which is typically at a discount to the original sale price, is an expense to us |
| Thus, if we were obligated to repurchase a large number of factory-built homes in the future, this would increase our costs, which could have a negative effect on our earnings |
| Tightened credit standards by lenders and more aggressive attempts to accelerate collection of outstanding accounts with independent dealers, builders and developers could result in defaults by independent dealers, builders and developers and consequently repurchase obligations on our part may be higher than has historically been the case |
| During fiscal 2006, 2005 and 2004, our losses incurred under these repurchase agreements totaled dlra157cmam000, dlra65cmam000 and dlra6cmam000, respectively |
| We are dependent on our principal executive officer and the loss of his service could adversely affect us |
| We are dependent to a significant extent upon the efforts of our principal executive officer, Larry H Keener, Chairman and Chief Executive Officer |
| The loss of the services of our principal executive officer could have a material adverse effect upon our business, financial condition and results of operations |
| Our continued growth is also dependent upon our ability to attract and retain additional skilled management personnel |
| 10 ______________________________________________________________________ [39]Table of Contents We are controlled by two shareholders, who may determine the outcome of all elections |
| Approximately 52prca of our outstanding common stock is beneficially owned or controlled by our Chairman Emeritus, Lee Posey and Capital Southwest Corporation and its affiliates |
| As a result, these shareholders, acting together, are able to determine the outcome of elections of our directors and thereby control the management of our business |
| If inflation increases, we may not be able to offset inflation through increased selling prices |
| If there is a material increase in inflation in the future, it is unlikely that we will be able to increase our selling prices to completely offset the material increase in inflation and as a result, our operating results may be adversely affected |
| The manufactured housing industry is highly competitive and some of our competitors have stronger balance sheets and cash flow, as well as greater access to capital, than we do |
| As a result of these competitive conditions, we may not be able to sustain past levels of sales or profitability |
| The manufactured housing industry is highly competitive, with relatively low barriers to entry |
| Manufactured and modular homes compete with new and existing site-built homes and to a lesser degree, with apartments, townhouses and condominiums |
| Competition exists at both the manufacturing and retail levels and is based primarily on price, product features, reputation for service and quality, retailer promotions, merchandising and terms of consumer financing |
| Some of our competitors have substantially greater financial, manufacturing, distribution and marketing resources than we do |
| As a result of these competitive conditions, we may not be able to sustain past levels of sales or profitability |
| If our retail customers are unable to obtain insurance for factory-built homes, our sales volume and results of operations may be adversely affected |
| We sell our factory-built homes to retail customers located throughout the United States including in coastal areas, such as Florida |
| Some of our retail customers in these areas have experienced difficulty obtaining insurance for our factory-built homes due to adverse weather-related events in these areas, primarily hurricanes |
| If our retail customers face continued and increased difficulty in obtaining insurance for the homes we build, our sales volume and results of operations may be adversely affected |
| Our business is highly cyclical and there may be significant fluctuations in our quarterly results |
| The factory-built housing industry is highly cyclical and seasonal and has experienced wide fluctuations in aggregate sales in the past |
| We are subject to volatility in operating results due to external factors beyond our control such as: • access to capital markets; • the level and stability of interest rates; • unemployment trends; • the availability of retail financing; • the availability of wholesale financing; • the availability of homeowners’ insurance in coastal markets; • housing supply and demand; • industry availability of used or repossessed manufactured homes; • international tensions and hostilities; 11 ______________________________________________________________________ [40]Table of Contents • levels of consumer confidence; • inventory levels; • severe weather conditions; • regulatory and zoning matters; and • changes in general economic conditions |
| Sales in our industry are also seasonal in nature, with sales of homes traditionally being stronger in the spring, summer and fall months |
| The cyclical and seasonal nature of our business causes our revenues and operating results to fluctuate and makes it difficult for management to forecast sales and profits in uncertain times |
| As a result of seasonal and cyclical downturns, results from any quarter should not be relied upon as being indicative of performance in future quarters |
| We are concentrated geographically, which could harm our business |
| A decline in the demand for factory-built housing in these two states and/or a decline in the economies of these two states could have a material adverse effect on our results of operations |
| We are a limited partner in BSM Financial, LP and if its business is adversely affected, our results of operations may also be adversely affected |
| We have an investment of approximately dlra4dtta7 million in a mortgage banking firm, BSM Financial LP Through our investment as the sole limited partner in BSM, we offer conforming and non-conforming mortgages |
| As a limited partner, we do not have the legal authority to manage or control BSM’s operations |
| Therefore, if BSM’s operations are not financially successful or their portfolio does not perform as expected, our results of operations may also be adversely affected and we could lose some or all of our investment in BSM |