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Privacy policy A privacy policy is a statement or legal document (in privacy law) that discloses some or all of the ways a party gathers, uses, discloses, and manages a customer or client's data. Personal information can be anything that can be used to identify an individual, not limited to the person's name, address, date of birth, marital status, contact information, ID issue, and expiry date, financial records, credit information, medical history, where one travels, and intentions to acquire goods and services.
Financial condition report In accounting, a financial condition report (FCR) is a report on the solvency condition of an insurance company that takes into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios. Risk assessment in an FCR involves dynamic solvency testing, a type of dynamic financial analysis that simulates management response to risk scenarios, to test whether a company could remain solvent in the face of deteriorating economic conditions or major disasters.
California Bureau of Investigation The California Bureau of Investigation ("CBI" or "BI") is California's statewide criminal investigative bureau under the California Department of Justice (CA DOJ), in the Division of Law Enforcement (DLE), administered by the Office of the State Attorney General that provides expert investigative services to assist local, state, tribal, and federal agencies in major criminal investigations ranging across the state.\n\n\n== History ==\nThe California Office of the Attorney General (AG) was created in 1850; however, permanent law enforcement and criminal investigative elements of the CA DOJ were not established until the early 20th century.
United States District Court for the Northern District of New York The United States District Court for the Northern District of New York (in case citations, N.D.N.Y.) serves one of the 94 judicial districts in the United States and one of four in the state of New York. Appeals from the Northern District of New York are taken to the United States Court of Appeals for the Second Circuit, which has jurisdiction over the four districts of New York, the District of Connecticut and the District of Vermont (except for patent claims and claims against the U.S. government under the Tucker Act, which are appealed to the Federal Circuit).
Baptist Mid-Missions Baptist Mid-Missions is an independent Baptist mission agency based in Cleveland, Ohio.\n\n\n== History ==\nOriginally named The General Council of Co-operating Baptist Missions of North America, Inc., this mission board was established October 15, 1920.
Bit numbering In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Production leveling Production leveling, also known as production smoothing or – by its Japanese original term – heijunka (平準化), is a technique for reducing the mura (unevenness) which in turn reduces muda (waste). It was vital to the development of production efficiency in the Toyota Production System and lean manufacturing.
Public transport Public transport (also known as public transportation, public transit, mass transit, or simply transit) is a system of transport for passengers by group travel systems available for use by the general public unlike private transport, typically managed on a schedule, operated on established routes, and that charge a posted fee for each trip. There is no rigid definition; the Encyclopædia Britannica specifies that public transportation is within urban areas, and air travel is often not thought of when discussing public transport—dictionaries use wording like "buses, trains, etc." Examples of public transport include city buses, trolleybuses, trams (or light rail) and passenger trains, rapid transit (metro/subway/underground, etc.) and ferries.
Northeast Passage The Northeast Passage (abbreviated as NEP) is the shipping route between the Pacific and Atlantic oceans, along the Arctic coasts of Norway and Russia. The western route through the islands of Canada is accordingly called the Northwest Passage (NWP).
Customer service representative Customer service representatives (CSRs), customer service advisors, or customer service associates (CSAs) interact with customers to handle complaints, process orders, and provide information about an organization’s products and services. Customer service representatives answer questions or requests from customers or the public.
Portland Transportation Center Portland Transportation Center is a bus and train station in Portland, Maine, United States, served and run primarily by Concord Coach Lines (18 round-trips a day) and Amtrak Downeaster passenger trains (five round-trips a day). It is also served by Megabus (via Concord Coach Lines), as well as the Greater Portland Metro Bus Route 1 BREEZ express bus service to Brunswick, Maine.
Global shipping network The global shipping network is the worldwide network of maritime traffic. From a network science perspective ports represent nodes and routes represent lines.
Parental leave in the United States Parental leave in the United States (also known as family leave) is regulated by US labor law and state law. The Family and Medical Leave Act of 1993 (FMLA) requires 12 weeks of unpaid leave annually for mothers of newborn or newly adopted children if they work for a company with 50 or more employees.
Biological hazard A biological hazard, or biohazard, is a biological substance that poses a threat to the health of living organisms, primarily humans. This could include a sample of a microorganism, virus or toxin that can adversely affect human health.
Television show A television show – or simply TV show – is any content produced for viewing on a television set which can be broadcast via over-the-air, satellite, or cable, excluding breaking news, advertisements, or trailers that are typically placed between shows. Television shows are most often scheduled for broadcast well ahead of time and appear on electronic guides or other TV listings, but streaming services often make them available for viewing anytime.
Transactional net margin method The transactional net margin method (TNMM) in transfer pricing compares the net profit margin of a taxpayer arising from a non-arm's length transaction with the net profit margins realized by arm's length parties from similar transactions; and examines the net profit margin relative to an appropriate base such as costs, sales or assets.\nThis differs from the cost-plus and resale price methods that compare gross profit margins.
Ready-mix concrete Ready-mix concrete (RMC) is concrete that is manufactured in a batch plant, according to each specific job requirement, then delivered to the job site "ready to use".There are two types with the first being the barrel truck or in–transit mixers. This type of truck delivers concrete in a plastic state to the site.
List price The list price, also known as the manufacturer's suggested retail price (MSRP), or the recommended retail price (RRP), or the suggested retail price (SRP) of a product is the price at which its manufacturer notionally recommends that a retailer sell the product.\nSuggested pricing methods may conflict with competition theory, as they allow prices to be set higher than would be established by supply and demand.
Transaction cost In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs.
Package development process A software package development process is a system for developing software packages. Packages make it easier to reuse and share code, e.g., via a software repository.
Collective action problem A collective action problem or social dilemma is a situation in which all individuals would be better off cooperating but fail to do so because of conflicting interests between individuals that discourage joint action. The collective action problem has been addressed in political philosophy for centuries, but was most clearly established in 1965 in Mancur Olson's The Logic of Collective Action.
Concerning the Jews "Concerning the Jews" is an 1899 short essay by Mark Twain. Twain had lived in Austria during 1896, and opined that the Habsburg empire used Jews as scapegoats to maintain unity in their immensely diverse empire.
Helicopter manufacturer Helicopter manufacturers belong to the broader category of aerospace manufacturers. It is useful to think of helicopter manufacturers as falling into two categories, those that can design, certify and manufacture new helicopter designs from scratch and those that can only manufacture extant designs under license.
Tertiary sector of the economy The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the secondary sector (manufacturing).
World Financial Group World Financial Group (WFG) is a multi-level marketing financial and insurance services company based in Johns Creek, Georgia, a suburb of Atlanta, which sells investment, insurance, and various other financial products through a network of distributors in the United States, Canada, and Puerto Rico. It is wholly owned by Aegon and operates primarily under the Transamerica brand in the United States.World Financial Group associates are compensated by selling financial services products and receiving commission overrides from people that agents sponsor into the company.
Marketplace A marketplace or market place is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a souk (from the Arabic), bazaar (from the Persian), a fixed mercado (Spanish), or itinerant tianguis (Mexico), or palengke (Philippines).
Bolt-on acquisition Bolt-on acquisition refers to the acquisition of smaller companies, usually in the same line of business, that presents strategic value. This is in contrast to primary acquisitions of other companies which are generally in different industries, require larger investments, or are of similar size to the acquiring company.
Earnout Earnout or earn-out refers to a pricing structure in mergers and acquisitions where the sellers must "earn" part of the purchase price based on the performance of the business following the acquisition.\n\n\n== Description ==\nEarnouts are often employed when the buyer(s) and seller(s) disagree about the expected growth and future performance of the target company.
Business opportunity A business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.
Interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed.
Kill Bill: Volume 1 Kill Bill: Volume 1 is a 2003 American martial arts film written and directed by Quentin Tarantino. It stars Uma Thurman as the Bride, who swears revenge on a team of assassins (Lucy Liu, Michael Madsen, Daryl Hannah, and Vivica A. Fox) and their leader, Bill (David Carradine), after they try to kill her and her unborn child.
Federally funded research and development centers Federally funded research and development centers (FFRDCs) are public-private partnerships that conduct research and development for the United States Government. Under Federal Acquisition Regulation § 35.017, FFRDCs are operated by universities and corporations to fulfill certain long-term needs of the government that "...cannot be met as effectively by existing in-house or contractor resources." While similar in many ways to University Affiliated Research Centers, FFRDCs are prohibited from competing for work.
Risk Factors
LAWSON PRODUCTS INC/NEW/DE/ ITEM 1A RISK FACTORS In addition to the other information in this Annual Report on Form 10-K for the fiscal year ended December 31, 2005, the following factors should be considered in evaluating Lawson’s business
The Company’s operating results depend upon many factors and are subject to various risks and uncertainties
The material risks and uncertainties known to the Company which may cause the operating results to vary from anticipated results or which may negatively affect the Company’s operating results and profitability are as follows: If the Company is unable to successfully conclude the pending governmental investigation of the Company, the Company’s business, financial condition, results of operations and stock price could be adversely affected
In December 2005, the Federal Bureau of Investigation executed a search warrant for records at the Company’s offices and informed the Company that it was conducting an investigation as to whether any of the Company’s representatives improperly provided gifts or awards to purchasing agents (including government purchasing agents) through the Company’s customer loyalty programs
The US Attorney’s office for the Northern District of Illinois subsequently issued a subpoena for documents in connection with this investigation
In conjunction with the Company’s own internal investigation regarding these matters, several customer loyalty programs have been terminated, and other programs have been suspended pending review and analysis
The Company is cooperating with the ongoing investigation of the US Attorney, however, the Company cannot predict when the investigation will be completed or what the outcome or the effect of the investigation will be
The outcome of the investigation could result in criminal sanctions or civil remedies against the Company, including material fines, injunctions or the loss of the Company’s ability to conduct business with governmental entities
Any such adverse outcome could materially adversely affect the Company’s financial condition or results of operations and the trading price of the Company’s common stock
-6- _________________________________________________________________ In addition, any adverse publicity related to this action may harm the Company’s reputation and impair its ability to attract and retain customers and employees
A significant portion of Lawson’s inventory may become obsolete
Lawson’s business strategy requires the Company to carry a significant amount of inventory in order to meet rapid processing of customer orders
If the Company’s inventory forecasting and production planning processes result in the Company carrying inventory levels in excess of the levels demanded by the Company’s customers, the Company’s operating results could be adversely affected due to costs of carrying the inventory and additional inventory write-downs for excess and obsolete inventory
Work stoppages and other disruptions, including due to extreme weather conditions, at transportation centers or shipping ports may adversely affect Lawson’s ability to obtain inventory and make deliveries to Lawson’s customers
The Company’s ability to provide rapid processing of customer orders is an integral component of the Company’s overall business strategy
Disruptions at transportation centers or shipping ports, due to events such as severe weather or labor interruptions, affect both the Company’s ability to maintain core products in inventory and deliver products to the Company’s customers on a timely basis, which may in turn adversely affect the Company’s results of operations
In addition, severe weather conditions could adversely affect demand for the Company’s products in particularly hard hit regions
Changes in the Company’s customers and product mix could cause the Company’s gross margin percentage to fluctuate or decline in the future
From time to time, the Company has experienced changes in product mix and inventory costs
When the Company’s product mix changes, there can be no assurance that the Company will be able to maintain its historical gross profit margins
Changes in the Company’s customers, product mix, or the volume of Lawson’s orders could cause its gross profit margin percentage to fluctuate or decline
Increases in energy costs and the cost of raw materials used in Lawson’s products could impact Lawson’s cost of goods and distribution and occupancy expenses, which may result in lower operating margins
Costs of raw materials used in Lawson’s products (ie steel) and energy costs have been rising during the last several years, which has resulted in increased production costs for Lawson’s vendors
Those vendors typically look to pass their increased costs along to Lawson through price increases
If Lawson is unable to fully pass these increased prices and costs through to Lawson’s customers or to modify Lawson’s activities to mitigate the impact would have an adverse effect on the Company’s operating profit margins
Disruptions of Lawson’s information systems could adversely affect the Company
The Company depends upon its information systems to help process orders, to manage inventory and accounts receivable collections, to purchase, sell and ship products, to maintain cost-effective operations, and to service customers
Any disruption in the operation of the Company’s information systems over an extended period of time and affecting multiple distribution centers, including widespread power outages such as those that affected the northeastern and midwest United States in August 2003, could have a material adverse effect on Lawson’s business, financial condition and results of operations
A limited number of the Company’s stockholders can exert significant influence over the Company
As of February 1, 2006, the Port family collectively beneficially owned 52dtta4prca of the outstanding shares of common stock
This share ownership would permit these stockholders, if they chose to act together, to exert significant influence over the outcome of stockholder votes, including votes concerning the election of directors, by-law amendments, possible mergers, corporate control contests and other significant corporate transactions
-7- _________________________________________________________________ The Company operates in highly competitive markets
The Company’s marketplace, although consolidating, still remain large, fragmented industries that are highly competitive
The Company believes that customers and competitors may continue to consolidate over the next few years, which may make the industry even more competitive
The Company’s current or future competitors include companies with similar or greater market presence, name recognition, and financial, marketing, and other resources, and the Company believes they will continue to challenge the marketplace with their product selection, financial resources, and services
Future acquisitions, as well as the acquisition of Rutland, are subject to integration and other risks
On December 1, 2005 Lawson acquired Rutland Tool and Supply Co
pursuant to an asset purchase agreement
The Company anticipates that it may, from time to time, selectively acquire additional businesses or assets
Acquisitions are accompanied by risks, such as potential exposure to unknown liabilities of acquired companies and the possible loss of key employees and customers of the acquired business
In addition, the Company may not obtain the expected benefits or cost savings from the Rutland acquisition or any other acquisition
Further, acquisitions are subject to risks associated with financing the acquisition and integrating the operations and personnel of the acquired businesses or assets
If any of these risks materialize, they may result in disruptions to Lawson’s business and the diversion of management time and attention, which could increase the costs of operating the Company’s existing or acquired businesses or negate the expected benefits of the acquisitions
A slowdown in the economy could negatively impact Lawson’s sales and earnings
General economic conditions affect Lawson’s customers and its sales opportunities
In general, the Company’s sales represent spending on consumption needs by the Company’s customers
This spending is affected by many factors, including, among others: general business conditions, interest rates, inflation, taxation, fuel prices and electrical power rates, unemployment trends, terrorist attacks and acts of war, and other matters that influence consumer confidence and spending
Additionally, in the event of an economic downturn, Lawson could experience customer bankruptcies, reduced volume of business from its existing customers and lost volume due to customer plant shutdowns or consolidations
An economic or other situation that effects government and tax-supported entities could negatively impact Lawson’s sales and earnings
The Company sells to numerous government and tax supported entities
Any situation that impacts these funded entities or the Company’s ability to sell to these entities could have a material adverse effect on the Company