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Wiki Wiki Summary
Finance Finance is the study and discipline of money, currency and capital assets. It is related with, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services.
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.
Automotive industry The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest industries by revenue (from 16 % such as in France up to 40 % to countries like Slovakia).
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, 326 Indian reservations, and nine minor outlying islands.
List of states and territories of the United States The United States of America is a federal republic consisting of 50 states, a federal district (Washington, D.C., the capital city of the United States), five major territories, and various minor islands. The 48 contiguous states and Washington, D.C., are in North America between Canada and Mexico.
President of the United States The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces.
United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, being composed of a lower body, the House of Representatives, and an upper body, the Senate.
United States Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage of its active battle fleet alone exceeding the next 13 navies combined, including 11 U.S. allies or partner nations as of 2015.
List of presidents of the United States The president of the United States is the head of state and head of government of the United States, indirectly elected to a four-year term by the American people through the Electoral College. The office holder leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces.
United States dollar The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents.
Republican Party (United States) The Republican Party, also referred to as the GOP ("Grand Old Party"), is one of the two major contemporary political parties in the United States, along with its main historic rival, the Democratic Party.\nThe GOP was founded in 1854 by anti-slavery activists who opposed the Kansas–Nebraska Act, which allowed for the potential expansion of chattel slavery into the western territories.
Democratic Party (United States) The Democratic Party is one of the two major contemporary political parties in the United States. It was founded in 1828 by supporters of Andrew Jackson, making it the world's oldest active political party.
United States Marine Corps The United States Marine Corps (USMC), also referred to as the United States Marines, is the maritime land force service branch of the United States Armed Forces responsible for conducting expeditionary and amphibious operations through combined arms, implementing its own infantry, artillery, aerial, and special operations forces. The U.S. Marine Corps is one of the eight uniformed services of the United States.
Subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that belong to the same parent company are called sister companies.
Transfer pricing In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control. Because of the potential for cross-border controlled transactions to distort taxable income, tax authorities in many countries can adjust intragroup transfer prices that differ from what would have been charged by unrelated enterprises dealing at arm’s length (the arm’s-length principle).
Corporate tax A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels.
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.
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.
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 research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Funds transfer pricing The Fund Transfer Pricing (FTP) measures the contribution by each source of funding to the overall profitability in a financial institution. Funds that go toward lending products are charged to asset-generating businesses whereas funds generated by deposit and other funding products are credited to liability-generating businesses.
Language acquisition Language acquisition is the process by which humans acquire the capacity to perceive and comprehend language (in other words, gain the ability to be aware of language and to understand it), as well as to produce and use words and sentences to communicate.\nLanguage acquisition involves structures, rules and representation.
Knowledge acquisition Knowledge acquisition is the process used to define the rules and ontologies required for a knowledge-based system. The phrase was first used in conjunction with expert systems to describe the initial tasks associated with developing an expert system, namely finding and interviewing domain experts and capturing their knowledge via rules, objects, and frame-based ontologies.
Rules of Acquisition In the fictional Star Trek universe, the Rules of Acquisition are a collection of sacred business proverbs of the ultra-capitalist race known as the Ferengi.\nThe first mention of rules in the Star Trek universe was in "The Nagus", an episode of the TV series Star Trek: Deep Space Nine (Season 1, Episode 10).
Resource acquisition is initialization Resource acquisition is initialization (RAII) is a programming idiom used in several object-oriented, statically-typed programming languages to describe a particular language behavior. In RAII, holding a resource is a class invariant, and is tied to object lifetime.
Language acquisition device The Language Acquisition Device (LAD) is a claim from language acquisition research proposed by Noam Chomsky in the 1960s. The LAD concept is a purported instinctive mental capacity which enables an infant to acquire and produce language.
Affiliated Foods Affiliated Foods is a grocery wholesaler. It was founded by the 1968 merger of South Plains Associated Grocers of Lubbock, Texas and the Panhandle Associated Grocers of Amarillo, Texas, and is a retailers' cooperative serving Texas, Oklahoma, Kansas, New Mexico, Colorado, Arizona, Nebraska, and Wyoming.
Caruso Affiliated Caruso, formerly Caruso Affiliated Holdings, LLC, is one of the largest, privately held real estate companies in the United States. It was founded by Rick Caruso in 1987, and Caruso continues to serve as CEO. Caruso has a portfolio of retail and mixed-use properties in Southern California, including ones in Los Angeles, Glendale, Calabasas, Pacific Palisades, Marina Del Rey, Encino and Thousand Oaks.
Nationwide Mutual Insurance Company Nationwide Mutual Insurance Company and affiliated companies, commonly shortened to Nationwide, is a group of large U.S. insurance and financial services companies based in Columbus, OH. The company also operates regional headquarters in Scottsdale, AZ; Des Moines, IA; San Antonio, TX; Gainesville, FL; Raleigh, NC; Sacramento, CA, and Westerville, OH. Nationwide currently has approximately 25,391 employees, and is ranked #76 in the 2019 Fortune 500 list. Nationwide is currently ranked #25 in Fortune's "100 Best Companies to Work For".Nationwide Financial Services (NFS), a component of the group, was partially floated on the New York Stock Exchange prior to being repurchased by Nationwide Mutual in 2009.
BWT (company) BWT, registered name BWT AG, is an Austrian manufacturing company of water treatment systems with its headquarters in Mondsee. \n\n\n== Production sites and subsidiaries ==\nThe company has four main production sites at Mondsee (Austria), Schriesheim (Germany), Paris (France), Aesch (Switzerland) numerous subsidiaries and affiliated companies and a global distribution network.
Arm's length principle The arm's length principle (ALP) is the condition or the fact that the parties of a transaction are independent and on an equal footing. Such a transaction is known as an "arm's-length transaction".
International taxation International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country's tax laws as the case may be. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income.
Income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income.
List of mergers and acquisitions by Alphabet Google is a computer software and a web search engine company that acquired, on average, more than one company per week in 2010 and 2011. The table below is an incomplete list of acquisitions, with each acquisition listed being for the respective company in its entirety, unless otherwise specified.
Mergers & Acquisitions In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
List of acquisitions by Oracle This is a listing of Oracle Corporation's corporate acquisitions, including acquisitions of both companies and individual products.\nOracle's version does not include value of the acquisition.See also Category:Sun Microsystems acquisitions (Sun was acquired by Oracle).
Library acquisitions Library acquisitions is the department of a library responsible for the selection and purchase of materials or resources. The department may select vendors, negotiate consortium pricing, arrange for standing orders, and select individual titles or resources.Libraries, both physical and digital, usually have four common broad goals that help dictate these responsibilities.
Risk Factors
MEASUREMENT SPECIALTIES INC ITEM 1A RISK FACTORS 12 ITEM 1A RISK FACTORS An investment in our common stock is speculative in nature and involves a high degree of risk
No investment in our common stock should be made by any person who is not in a position to lose the entire amount of such investment
In addition to being subject to the risks described elsewhere in this Annual Report on Form 10-K, including those risks described below under “Liquidity and Capital Resources,” an investment in our common stock is subject to the following risks and uncertainties: IF WE DO NOT DEVELOP AND INTRODUCE NEW PRODUCTS IN A TIMELY MANNER, WE MAY NOT BE ABLE TO MEET THE NEEDS OF OUR CUSTOMERS AND OUR NET SALES MAY DECLINE Our success depends upon our ability to develop and introduce new sensor products and product line extensions
If we are unable to develop or acquire new products in a timely manner, our net sales will suffer
The development of new products involves highly complex processes, and at times we have experienced delays in the introduction of new products
Since many of our sensor products are designed for specific applications, we must frequently develop new products jointly with our customers
We are dependent on the ability of our customers to successfully develop, manufacture and market products that include our sensors
Successful product development and introduction of new products depends on a number of factors, including the following: 12 _________________________________________________________________ · accurate product specification; · timely completion of design; · achievement of manufacturing yields; · timely, quality and cost-effective production; and · effective marketing
RAPID GROWTH BRINGS RISKS AND CHALLENGES ASSOCIATED WITH GROWTH The rapid growth of our business through a combination of organic and acquisitive means creates a unique set of challenges which include: · managing inventory from acquired companies as well as inventory required for new programs; · prioritizing the right engineering programs so new opportunities are harvested without losing business in smaller, more stable lines of business; · managing a growing end user business alongside a robust and larger OEM business; · building infrastructure and the management team to support growth of the business in new geographies, especially Europe and Asia; · maintaining a pipeline of increasingly larger opportunities to achieve comparable year over year growth rates; and · maintaining a rapidly changing balance sheet to optimize debt to equity and working capital ratios
WE HAVE SUBSTANTIAL NET SALES AND OPERATIONS OUTSIDE OF THE UNITED STATES, INCLUDING SIGNIFICANT OPERATIONS IN CHINA AND EUROPE, THAT EXPOSE US TO INTERNATIONAL RISKS Our international sales accounted for approximately 43dtta4prca and 29dtta8prca of our net sales in the fiscal years ended March 31, 2006 and 2005, respectively
At March 31, 2006, our foreign subsidiaries’ total assets totaled dlra85cmam152, of which, dlra14cmam768 was in China, dlra18cmam536 was in Hong Kong and dlra51cmam848 was in Europe
We are subject to the risks of foreign currency transaction and translation losses, which might result from fluctuations in the values of the Chinese renminbi and the Euro against the United States dollar
At March 31, 2006, we had net assets of dlra18cmam503 subject to fluctuations in the value of the Chinese renminbi, net assets of dlra30cmam269 subject to fluctuations in the value of the Hong Kong dollar, and net assets (liabilities) of $(231) subject to fluctuations in the Euro
Our foreign subsidiariesoperations reflect intercompany transfers of costs and expenses, including interest on intercompany trade receivables, at amounts established by us
We manufacture the majority of our sensor products in China
Our China subsidiary is subject to certain government regulations, including currency exchange controls, which limit the subsidiary’s ability to pay cash dividends or lend funds to us
The inability to operate in China or the imposition of significant restrictions, taxes, or tariffs on our operations in China would impair our ability to manufacture products in a cost-effective manner and could reduce our profitability significantly
Risks specific to our international operations include: · political conflict and instability in the relationships among Hong-Kong, Taiwan, China, the United States and in our target international markets; · political instability and economic turbulence in Asian markets; · changes in United States and foreign regulatory requirements resulting in burdensome controls, tariffs and import and export restrictions; · changes in foreign currency exchange rates, which could make our products more expensive as stated in local currency, as compared to competitive products priced in the local currency; · enforceability of contracts and other rights or collectability of accounts receivable in foreign countries due to distance and different legal systems; 13 _________________________________________________________________ · delays or cancellation of production and delivery of our products due to the logistics of international shipping, which could damage our relationships with our customers; · a recurrence of the outbreak of Severe Acute Respiratory Syndrome (“SARS”) or Avian Flu and the associated risks to our operations in China; and · tax policy change in China, which could affect the profitability of our operations in China
On January 1, 2004, China adopted a new Value Added Tax (VAT) export refund rate, which dropped from 17prca to 13prca, with the intention of reducing their trade surplus and increasing pressure on local currency
COMPETITION IN THE MARKETS WE SERVE IS INTENSE AND COULD REDUCE OUR NET SALES AND HARM OUR BUSINESS Highly fragmented markets and high levels of competition characterize our business
Despite recent consolidations, including the acquisition of several smaller competitors of ours by larger competitors like General Electric, Honeywell, and Danaher Corporation, the sensor industry remains highly fragmented
Some of our competitors and potential competitors may have a number of significant advantages over us, including: · greater financial, technical, marketing, and manufacturing resources; · preferred vendor status with our existing and potential customer base; · more extensive distribution channels and a broader geographic scope; · larger customer bases; and · a faster response time to new or emerging technologies and changes in customer requirements
OUR TRANSFER PRICING PROCEDURES MAY BE CHALLENGED, WHICH MAY SUBJECT US TO HIGHER TAXES AND ADVERSELY AFFECT OUR EARNINGS Transfer pricing refers to the prices that one member of a group of related companies charges to another member of the group for goods, services, or the use of intellectual property
If two or more affiliated companies are located in different countries, the laws or regulations of each country generally will require that transfer prices be the same as those charged by unrelated companies dealing with each other at arm’s length
If one or more of the countries in which our affiliated companies are located believes that transfer prices were manipulated by our affiliate companies in a way that distorts the true taxable income of the companies, the laws of countries where our affiliated companies are located could require us to redetermine transfer prices and thereby reallocate the income of our affiliate companies in order to reflect these transfer prices
Any reallocation of income from one of our companies in a lower tax jurisdiction to an affiliated company in a higher tax jurisdiction would result in a higher overall tax liability to us
Moreover, if the country from which the income is being reallocated does not agree to the reallocation, the same income could be subject to taxation by both countries
We have adopted transfer-pricing procedures with our subsidiaries to regulate intercompany transfers
Our procedures call for the transfer of goods, services, or intellectual property from one company to a related company at prices that we believe are arm’s length
We have established these procedures due to the fact that some of our assets, such as intellectual property developed in the United States, are transferred among our affiliated companies
If the United States Internal Revenue Service or the taxing authorities of any other jurisdiction were to successfully require changes to our transfer pricing practices, we could become subject to higher taxes and our earnings would be adversely affected
Any determination of income reallocation or modification of transfer pricing laws can result in an income tax assessment on the portion of income deemed to be derived from the United States or other taxing jurisdiction
PRESSURE BY OUR CUSTOMERS TO REDUCE PRICES MAY CAUSE OUR NET SALES OR PROFIT MARGINS TO DECLINE Our customers are under pressure to reduce prices of their products
Therefore, we expect to experience pressure from our customers to reduce the prices of our products
We believe that we must reduce our manufacturing costs and obtain larger orders to offset declining average sales prices
If we are unable to offset declining average sales prices, our gross profit margins will decline
As a part of our business strategy, we may enter into additional business combinations and acquisitions
Acquisitions are typically accompanied by a number of risks, including the difficulty of integrating the operations and personnel of the acquired companies, the potential disruption of our ongoing business and distraction of management, expenses related to the acquisition and potential unknown liabilities associated with acquired businesses
If we are not successful in completing acquisitions that we may pursue in the future, we may be required to reevaluate our growth strategy, and we may incur substantial expenses and devote significant management time and resources in seeking to complete proposed acquisitions that will not generate benefits for us
In addition, with future acquisitions, we could use substantial portions of our available cash as all or a portion of the purchase price
We could also issue additional securities as consideration for these acquisitions, which could cause significant stockholder dilution
Our prior acquisitions and any future acquisitions may not ultimately help us achieve our strategic goals and may pose other risks to us
As a result of our previous acquisitions, we have added several different decentralized operating and accounting systems, resulting in a complex reporting environment
While we strive to integrate each acquired company into our enterprise resource planning (ERP) information systems as quickly as possible after the acquisition, we expect that we will need to continue to modify our accounting policies, internal controls, procedures and compliance programs to provide consistency across all of our operations, in order to increase efficiency and operating effectiveness and improve corporate visibility into our decentralized operations