Ken Joyce
Ken Joyce
addition available billion completed credit designed due facility financing fourth group improve james june loan members million notes november offering proceeds quarter replaced revolving secured senior series taiwanese term
During the fourth quarter we completed a series of financing initiatives designed to improve our liquidity. We completed a NT$1.8 billion (approximately $54 million) 5-year secured term loan with a group of Taiwanese lenders, and we replaced our $30 million secured revolving credit facility with a new $100 million senior secured revolver that is available through November 2009. In addition our chairman, James Kim, and members of his family, subscribed to an offering of $100 million of 6.25% convertible subordinated notes due 2013, the proceeds of which were used to repurchase $100 million of 5.75% convertible notes due June 1, 2006.
charlie gets guys might poe
If these guys keep it up, Charlie Poe might be the one that gets promoted.
associated charge continue designed employee expect expenses goal improving included increase intend million process program reduce reducing reduction savings seek separation support yield
As we seek to increase profitability, we are undertaking a comprehensive program designed to streamline our corporate-wide support organization and reduce SG&A costs. Fourth-quarter SG&A expenses included a charge of $3.3 million associated with employee reduction and separation expenses, which we expect to yield annualized savings of around $8 million. We intend to continue this process during 2006 with the goal of not only reducing costs, but also improving operational effectiveness.
bullpen pitching series
Our pitching was outstanding this series and I really thought our bullpen was good.
forth head
I went back and forth with it in my head for a while before I made the decision.
expenses goal lower million
Our goal is for 2006 SG&A expenses to be $25 to $30 million lower than in 2005.
guys handle mental
It's all a mental thing. It's all a grind, and these guys have to handle that professionally and they did that tonight.
happens
We'll see what happens when (Martin) comes back.
game runs
We are where we are because of them. Unfortunately at the end of the game they got some runs on us.
aggregate amount available based believe business cash currently due enhanced face february financial flow forecasts improved march market maturity million notes open principal purchased quarter remaining resources retire satisfy senior sufficient together value
We believe that these initiatives, together with improved cash flow from business operations, have enhanced our financial flexibility. We currently have sufficient resources to retire the remaining '06 convertible notes at maturity and based on current forecasts we believe we will have sufficient liquidity available to satisfy the $146 million of 5% convertible notes due March 2007. As previously announced, during the first quarter of 2006 we purchased in the open market $30 million face value of our outstanding $471 million aggregate principal amount of 9.25% Senior notes due February 2008.