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Wiki Wiki Summary
Organizational performance Organizational performance comprises the actual output or results of an organization as measured against its intended outputs (or goals and objectives).\nOrganizational performance also the success or fulfilment of organization at end of program or projects as it is intended.
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.
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".
Uncertainty Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown.
Cone of Uncertainty In project management, the Cone of Uncertainty describes the evolution of the amount of best case uncertainty during a project. At the beginning of a project, comparatively little is known about the product or work results, and so estimates are subject to large uncertainty.
Dirichlet conditions In mathematics, the Dirichlet conditions are sufficient conditions for a real-valued, periodic function f to be equal to the sum of its Fourier series at each point where f is continuous. Moreover, the behavior of the Fourier series at points of discontinuity is determined as well (it is the midpoint of the values of the discontinuity).
Conditions races Conditions races are horse races in which the weights carried by the runners are laid down by the conditions attached to the race. Weights are allocated according to the sex of the runners, with female runners carrying less weight than males; the age of the runners, with younger horses receiving weight from older runners to allow for relative maturity, referred to as weight for age; and the quality of the runners, with horses that have won certain values of races giving weight to less successful entrants.
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.
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.
Recession In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock).
Non-price competition Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship". It often occurs in imperfectly competitive markets because it exists between two or more producers that sell goods and services at the same prices but compete to increase their respective market shares through non-price measures such as marketing schemes and greater quality.
Product (business) In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods.
Proprietary trading Proprietary trading (also known as "prop trading") occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money, aka the nostro account, contrary to depositors' money, in order to make a profit for itself. Proprietary trading can create potential conflicts of interest such as insider trading and front running.Proprietary traders may use a variety of strategies such as index arbitrage, statistical arbitrage, merger arbitrage, fundamental analysis, volatility arbitrage, or global macro trading, much like a hedge fund.
Manufacturing Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy.
Computer-aided manufacturing Computer-aided manufacturing (CAM) also known as computer-aided modeling or computer-aided machining is the use of software to control machine tools in the manufacturing of work pieces. This is not the only definition for CAM, but it is the most common; CAM may also refer to the use of a computer to assist in all operations of a manufacturing plant, including planning, management, transportation and storage.
Digital distribution Digital distribution (also referred to as content delivery, online distribution, or electronic software distribution (ESD), among others) is the delivery or distribution of digital media content such as audio, video, e-books, video games, and other software. The term is generally used to describe distribution over an online delivery medium, such as the Internet, thus bypassing physical distribution methods, such as paper, optical discs, and VHS videocassettes.
Product liability Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. Although the word "product" has broad connotations, product liability as an area of law is traditionally limited to products in the form of tangible personal property.
Quality Distributors Quality Distributors FC are a professional association football (soccer) club in Guam. They play in the Guam Soccer League.
Additional Mathematics Additional Mathematics is a qualification in mathematics, commonly taken by students in high-school (or GCSE exam takers in the United Kingdom). It is applied to a range of problems set out in a different format and wider content to the standard Mathematics at the same level.
Additionality Additionality is the property of an activity being additional by adding something new to the context. It is a determination of whether an intervention has an effect when compared to a baseline.
Latin Extended Additional Latin Extended Additional is a Unicode block.\nThe characters in this block are mostly precomposed combinations of Latin letters with one or more general diacritical marks.
European Central Bank The European Central Bank (ECB) is the prime component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important central banks.
Reserve requirement A reserve requirement is a central bank regulation that sets the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the commercial bank's reserve, is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank.
Financial crisis of 2007–2008 The financial crisis of 2008, or Global Financial Crisis, was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929).
List of photovoltaics companies This is a list of notable photovoltaics (PV) companies. Grid-connected solar photovoltaics (PV) is the fastest growing energy technology in the world, growing from a cumulative installed capacity of 7.7 GW in 2007, to 320 GW in 2016.
American Pet Products Association The American Pet Products Association (APPA) is a not-for-profit industry association founded in 1958 and is headquartered in Stamford, Connecticut. The APPA represents more than 1000 pet product manufacturers, importers of pet products and suppliers of products for non-pet livestock as well.
Directors and officers liability insurance Directors and officers liability insurance (also written directors' and officers' liability insurance; often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising from criminal and regulatory investigations or trials as well; in fact, often civil and criminal actions are brought against directors and officers simultaneously.
Umbrella insurance Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.\nWhen an insured person is liable to someone, the insured's primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy).
Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
Corporate finance Corporate finance is the area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to maximize or increase shareholder value.Correspondingly, corporate finance comprises two main sub-disciplines.
Dividend tax A dividend tax is a tax imposed by a jurisdiction on dividends paid by a corporation to its shareholders (stockholders). The primary tax liability is that of the shareholder, though a tax obligation may also be imposed on the corporation in the form of a withholding tax.
Financial statement analysis Financial statement analysis (or financial analysis) is the process of reviewing and analyzing a company's financial statements to make better economic decisions to earn income in future. These statements include the income statement, balance sheet, statement of cash flows, notes to accounts and a statement of changes in equity (if applicable).
Risk Factors
COAST DISTRIBUTION SYSTEM INC ITEM 1A RISK FACTORS Statements contained in this Annual Report that are not historical facts or that discuss our expectations regarding our future operations or future financial performance or trends in our business constitute “forward-looking statements
” Forward-looking statements are estimates or predictions of our future financial performance or financial condition, or are statements about financial or market trends that may affect our future results of operations, which are based upon current information and which are subject to a number of risks and uncertainties that could cause our actual operating results or our financial performance or condition in future periods to differ significantly from those expected at the current time
Those risks and uncertainties include, although they are not limited to, the following: Our Business is Seasonal and is Subject to Various Economic and Climatic Influences
Our sales are affected directly by the purchase and usage levels of RVs and boats
The purchase and usage of RVs and boats are affected by consumers’ level of discretionary income and their confidence about economic conditions; the availability and prices of gasoline; prevailing interest rates; and weather conditions
As a result, our future sales and earnings can be, and in the past have been, adversely affected by the following: • Loss of confidence among consumers regarding economic conditions and the onset of economic recessions, which cause consumers to reduce their purchases and usage of RVs and boats; • Increases in the prices and shortages in the supply of gasoline, which increase the cost of using, and the willingness of consumers to purchase and use, RVs and boats; 5 ______________________________________________________________________ [42]Table of Contents • Increases in interest rates which affect the availability and affordability of financing for RVs and boats and accessories for RVs and boats; • Unusually severe or extended winter weather conditions, which can reduce the usage of RV and boats for periods extending beyond the ordinary winter months or to regions that ordinarily encounter milder winter weather conditions and which cause period-to-period fluctuations in our sales and financial performance
These conditions also often lead to increased price competition in our markets which could force us to reduce our prices, thereby reducing sales revenue and our gross profit margins and earnings
Reliance on Sole Sources of Supply for Certain of our Products
We sometimes choose to carry only a single manufacturer’s products for certain of the brand-name product lines that we sell
In addition, we obtain each of our proprietary products from a single source manufacturer, although in many instances we own the tooling required for their manufacture
Dependence on a single manufacturer for any product or line of related products, however, presents some risks, including the risk that we will be unable to readily obtain alternative product supply sources in the event that a single source supplier (i) encounters quality or other manufacturing problems, or (ii) decides to enter into an exclusive supply arrangement or alliance with a competing distributor, or to vertically integrate its operations to include not only manufacturing, but also distribution, of its products
If any of our single source suppliers were to encounter any manufacturing problems or disruptions or terminate our supply relationship, our sales and earnings could decline, possibly to a significant extent
As is the customary practice in our markets, in most instances we do not have long term supply contracts with our product suppliers
As a result, product suppliers are free to change the terms on which they sell us products or to discontinue supplying us with products altogether, because they may choose to distribute their products directly to after-market dealers or because they might choose to establish exclusive supply relationships with other distributors
Additionally, manufacturers of new RVs and boats may choose to incorporate optional equipment on their RVs and boats at the time of manufacture that, historically were provided to their dealers by distributors such as the Company
Any of these occurrences could result in increased competition in our markets or reduce the number of products we are able to offer our customers, which could cause our sales to decline and could result in lower margins and in reduced earnings
We rely heavily on bank borrowings in the operation of our business
We rely heavily on bank borrowings to fund our working capital requirements and capital expenditures
Our outstanding borrowings create additional risks for our business
Among other things, we may find it more difficult to obtain additional financing to fund expansion or take advantage of other business opportunities, and we use a substantial portion of our cash flow from operations to pay the principal of and interest on our debt
Our existing debt also makes us more vulnerable to general economic downturns and competitive pressures, which could cause us to fail to meet financial covenants in our bank loan agreement and, as discussed in the Section of this Report entitled “MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS,” the interest we have to pay on such debt impacts our operating results
Risks Related to New Proprietary Products Strategy
We have begun sourcing and buying from overseas manufacturers and marketing and selling new products into new markets
We do not have experience in marketing and selling products in some of those markets and there is no assurance that these products will gain acceptance among customers in those markets
We also expect to encounter stiff competition from companies that manufacture or market competing products
We expect that many of those companies will be larger and will have greater financial and marketing resources than we have
Also, we will have greater responsibilities in marketing and providing warranty protection and service for these products
There is no assurance that we will be successful in marketing and selling these products, and the costs we incur in doing so may reduce our earnings or possibly even cause us to incur losses and we could encounter liabilities for possible warranty claims related to these products
Product Liability Risks
Although we do not manufacture any of the products we sell, it is not uncommon for us to be named as an additional defendant in product liability lawsuits brought against the product manufacturers
To protect ourselves from liability, we have been able in many instances to obtain indemnification agreements from these manufacturers or to be named as additional insureds under their product liability insurance policies
Nevertheless, we also maintain our own product liability insurance
Although we have never incurred any material product liabilities in excess of the insurance coverages that we have obtained under policies of insurance maintained by product manufacturers or by us, there is no assurance that we will not incur, in the future, product liabilities in amounts that materially exceed the insurance coverage and indemnification protections that we have
6 ______________________________________________________________________ [43]Table of Contents No Assurance that We Will Be Able to Fund Cash Dividends Pursuant to our Dividend Policy
Although the Board of Directors has adopted a cash dividend policy that provides for regular quarterly cash dividends of dlra0dtta05 per share, the payment of cash dividends in the future will depend on a number of factors, including, but not limited, to our future financial performance and our available cash resources and the cash requirements of our business and, possibly also, the consents of third parties, such as the lender under our revolving credit facility
As a result, there can be no assurance that future quarterly cash dividends will be equal to the dlra0dtta05 per share called for by our current dividend policy or that we will not find it necessary to suspend or even terminate the payment of cash dividends in the future
Additional uncertainties and risks that could affect our future financial performance or future financial condition are discussed above in Part I of this Report, entitled “BUSINESS” and in the Section of this Report entitled “MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION” and you are urged to read those sections as well
Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on forward-looking statements contained in this Report, which speak only as of the date of this Annual Report
We also disclaim any obligation to update forward-looking information contained in this Report, whether as a result of new information, future events or otherwise