ZPG has today claimed that 808 branches have returned to its portals over the past two years from rival OnTheMarket.com since Agents Mutual launched it in 2015.And ZPG senior figure Mark Goddard (pictured, left), who heads up its Property Services division, has gone on the attack, saying that agents who spend their marketing budgets on OnTheMarket are doing so “inefficiently”.Recent returnees include 16 agency branches which ZPG says have moved over during the past week, helping increase its returning total by 58 since it last reported on its attempt to persuade agents back from OnTheMarket. This was within its 24th May half-year results.“We do not comment on individual agent relationships but the facts remain the same as they did last week when Zoopla gave a similar update,” says Ian Springett, Chief Executive of Agents’ Mutual (pictured, right).“OnTheMarket.com continues to have a positive material impact on the property portals landscape.”“Many thousands of agents switched from Zoopla/Primelocation to join us. Many thousands of agents continue to support the objectives of the business by creating a genuine alternative portal for consumers and agents alike. Many thousands of agents have not returned to ZPG portals with their advertising budgets and their data.”ZPG says it now has 14,271 branches and 928,000 properties listed on its websites, up 9% year-on-year.Somerset agentOne of the more recent agents to move over is three-branch Somerset agent Jeanes Holland Burnell. One of its directors, Ian Odam, says the company joined OnTheMarket in January.“After two years of supporting the OTM project, we felt unable to sustain our membership with them any longer as we believed we were missing out by not listing our stock with ZPG,” he says.“In December 2016, we re-listed with ZPG and such has been the response that our offices received as many leads in the first few weeks as we received in the previous 6 months with Onthemarket and is on par with the number we receive from Rightmove.”Ian Springett told The Negotiator that OnTheMarket is making “impressive headway in a very challenging market, achieving millions of monthly visits with a record-breaking month of 11.2m earlier this year – an 85% year-on-year increase”, he said. Ian Springett Mark Goddard OnTheMarket Zoopla ZPG June 1, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Marketing » Over 800 OnTheMarket agents have returned to ZPG, says Goddard previous nextMarketingOver 800 OnTheMarket agents have returned to ZPG, says GoddardLatest claims by portal countered by Ian Springett of OTM who says “many thousands” of agents have switched and not returned.Nigel Lewis1st June 201701,444 Views
View post tag: News by topic View post tag: Career View post tag: Defence July 24, 2013 Training & Education Sailors aboard the aircraft carrier USS Nimitz (CVN 68) conducted a career fair on the ship’s aft mess decks July 21.“One of the Navy career counselors jobs is to provide information to the crew,” said Chief Navy Counselor Dean Miller, a career counselor aboard Nimitz. “One of the most successful ways to accomplish that task is to hold a career fair. We floated the idea up the chain of command, who were receptive and supportive of this combined event, and were given the green light.”Volunteers for the event taught Sailors about opportunities to advance their careers through commissioning programs, educational opportunities and special assignments that include recruiting and instructor duties.“If Sailors are interested in molding the future of the Navy as an instructor, I want to encourage them to do that,” said Chief Electronics Technician Timothy Hoover, an administrative leading chief petty officer for the “Blue Diamonds” of Strike Fighter Squadron (VFA) 146 currently embarked with Nimitz.Another opportunity Sailors had the chance to learn about was serving at Recruit Training Command (RTC), helping to mold newly recruited Sailors at the Navy’s only enlisted boot camp.“Depending on a Sailor’s paygrade, serving as a recruit division commander (RDC) can help advance their career a lot,” said Chief Yeoman Joel Campbell, a former RDC at RTC.Sailors seeking to serve in special operations forces or in the explosive ordnance disposal (EOD) field were guided on paths they would need to take to be eligible for those duties.“I really enjoy talking to the EOD guys,” said Gunner’s Mate 3rd Class Joseph Janelle, a Sailor who visited the career fair. “I’ve been trying for EOD. They’re helping me out with that.”The event was conducted on a Sunday, with many of Nimitz’ Sailors off duty for holiday routine. This allowed for many Sailors to take their time and visit multiple stations at the fair.“There are two things that are a prime commodity for an aircraft carrier: time and space” said Miller. “We were able to nail down a space and a time that would maximize the use of talent on board and reach the majority of the crew. This was truly a combined effort.”Sailors from a variety of different ratings and paygrades advised the participants. These volunteers offered the participants pamphlets, instruction and advice.“This is a nice forum for young Sailors wanting to do something beyond what they’re doing here on the ship,” said Hoover. “It helps them decide what they want for their future in the Navy.”With participation from Sailors with experience from many different opportunities and assignments, Nimitz’ career fair provided the crew with information on how to make the most of their futures.“We’re allowing Sailors to benefit from the experience of people who have done certain jobs,” said Hoover. “Holding career fairs like this in the Navy is important.”“Sometimes we tend to forget about taking time out of our schedule to talk about our careers because we are so focused on the mission,” said Miller. “This career fair offered an opportunity to have subject matter experts provide answers to the crew. We wanted to highlight the incredible jobs the Navy has to offer when it is your time to roll to shore duty.”Nimitz Carrier Strike Group is deployed to the U.S. 5th Fleet Area of Responsibility conducting maritime security operations, theater security cooperation efforts and support missions for Operation Enduring Freedom.[mappress]Press Release, July 24, 2013 View post tag: Naval USS Nimitz Conducts Career Fair View post tag: Navy View post tag: conducts View post tag: Defense View post tag: USS Back to overview,Home naval-today USS Nimitz Conducts Career Fair View post tag: Nimitz View post tag: Fair Share this article
“We would like to thank our partners, fans, the local businesses and community for their continued support.” “Our thoughts are very much with the athletes who have worked so hard and made immense sacrifices to represent their University and are now unable to do so. To cancel is not an easy decision and we realise this news will undoubtedly disappoint all those who look forward to the Race each year.” Robert Gillespie, Chairman of the Boat Race Company Limited,said: “Given the unprecedented situation our country and each of us asindividuals faces, the public good far outweighs all other considerations.Cancellation of The Boat Race is therefore clearly the correct decision.” The Oxford University Boat Club announced it was “bitterly disappointed” by the cancellation via their Facebook page. Its post continued: “The team has been spending its last days together before we go our separate ways. We would like to thank our alumni and all our dark blue fans for their support this year.” This is the first time the men’s event has been cancelled since the Second World War, whilst the women’s race has taken place every year since its inception in 1977. The decision comes after the government issued new guidance advising against large public gatherings. The traditional boat races between Oxford and Cambridge scheduled for 29th March have been cancelled due to Coronavirus. The race’s organisers announced in a statement today that the event will no longer take place out of “concern for the welfare of our crews, our spectators, our staff and volunteers”
Northern Irish craft bakery Genesis ran a “Welcome Home” promotion over the festive period, greeting holidaymakers arriving back in Belfast City Airport with slices of its Crafty Wheaten range.Genesis marketing manager Liesa Donaldson said the company, assisted by Miss Northern Ireland Lucy Evangelista, distributed almost 24,000 slices of bread to passengers. “This promotion is our way of reminding ex-pats and émigrés about all that’s great about coming home,” said Ms Donaldson. The Crafty brand of premium breads, which the Magherafelt firm launched in the UK and Ireland in August, is promising to generate the same “level of fervour” as its wheaten and its scones, which have 30% of the home market, she claimed. The firm’s range of scones and wheatens is available in supermarkets across Northern Ireland and in Waitrose in the UK.
Twitter WhatsApp By Carl Stutsman – July 20, 2020 2 465 Twitter Facebook Previous articleBittersweet Library branch to close for renovationsNext articleLagrange officials to consider zoning for new commercial dog breeding facility Carl Stutsman Pinterest WhatsApp (Source: https://goo.gl/gQxaGW License: https://goo.gl/sZ7V7x) As it turns out it wasn’t the first time, second, or even third time that Allen Hanuscak robbed a bank. This would, in fact, be at least his 8th time pulling a bank robbery; and those eight robberies three of them happened at the same bank on N. Main St. in Elkhart. He was arrested last week after police found him near the scene of an Old National Bank shortly after it had been robbed of $7,000As detailed by The Goshen News, 65 year old Allen Hanuscak first robbed that Old National Bank back in 2010, went to jail, escaped from a halfway house, and then robbed it again. After that he traveled to Ohio where he was connected to a spree of five bank robberies between November 2012 and April 2013. Again, he was arrested, charged, imprisoned, and released on parole.That parole lasted only a few weeks before the robbery attempt last week. Police did find the missing on cash on him when they made the arrest.You can read more here with The Goshen News Facebook 65 year old arrested in Elkhart last week is a serial bank robber IndianaLocalNews Google+ Google+ Pinterest
4A Hubway bike station provides green transportation on the Harvard Medical School campus. It is one of 12 Harvard-sponsored stations in Cambridge and Boston. The University provides a Hubway membership discount to students and staff, and offers a bike expense reimbursement to employees who commute by bicycle. 8A natural gas-fired turbine in Harvard’s Blackstone Steam Plant is part of an expanded combined heat and power system that efficiently generates 7.5 megawatts of electricity. The heat created in the process is reused to provide steam heat to the campus, significantly reducing the plant’s greenhouse gas emissions. 7Alex Hem ’16, who works with the Undergraduate Resource Efficiency Program, talks with Jose “Memo” Guillermo Cedeño Laurent, a researcher at the Harvard T.H. Chan School of Public Health, outside the newly renovated McKinlock Hall at Leverett House. Hem participated in a “living laboratory” study led by Laurent, who won two Climate Change Solutions Fund grants at Harvard. This study monitors students’ wellness, sleep, and fitness habits. “We want to understand how buildings can enable our students not only to be the most accomplished, but also to be as healthy and happy as they can be,” says Laurent. 1Standing on the roof of Batten Hall, Julia Musso, the energy and sustainability coordinator for Harvard Business School, shows an array of 113kW solar panels that provide energy for the HBS campus. The University has installed more than 1MW of solar panels on rooftops across its Cambridge and Boston campuses. 2William Veguilla (left), a research assistant, and Li Qiong Chan (right), operation director of the DNA Resource Core at Harvard Medical School, work with TetraScience equipment connected to ultra-low-temperature freezers at HMS. The devices, developed by a team that included Harvard students and supported by a student sustainability grant, were developed to help researchers monitor and reduce energy using wireless technology. In the background is research assistant Alexander Reynolds. 6Inside the great staircase in the Barker Center, Bradley Craig, a student in the Graduate School of Arts and Sciences, marvels at the antler chandelier that was donated by President Theodore Roosevelt and recently upgraded with LED bulbs. The energy-efficient bulbs are being installed throughout the University’s buildings, including the Harvard Art Museums and Widener Library, as part of Harvard’s focus on improving energy efficiency and reducing greenhouse gas emissions. The impact of climate change and sustainability touches almost every part of life. Universities such as Harvard are well positioned to act on some of these environmental challenges, not only on Earth Day but every day, both through multidisciplinary research and teaching and by translating the findings of that research into practice.Harvard students, faculty, and staff are exploring the ideas and discoveries that will help to move the world away from fossil fuels and build a healthier, more sustainable future. The solutions generated across the University’s Schools and departments not only reduce pollution, save money, and increase energy efficiency, but they also give students the tools to address these global challenges wherever their lives may lead.“Living green and learning about the impact we have in our environment has been an essential part of my education at Harvard,” said Matheus Fernandes ’15, a doctoral student at the Harvard John A. Paulson School of Engineering and Applied Sciences. “I believe the challenge of sustainable living is different than any other challenges we face in modern society. It requires a joint community effort and brings together people from many different backgrounds to achieve a common goal of unquestionable importance.” 9John Carroll, horticulturist, and Kieran Clyne, operations supervisor for landscape and recycling, analyze soil samples in the organic landscaping indoor “lab” at 156 Western Ave., Allston. The new lab will be used to test and optimize the “compost teas” that are part of the University’s internationally recognized organic landscaping program. 12Tom Tribble, senior facilities manager at the Faculty of Arts and Sciences, explains how a device he designed helps reduce airflow in the Northwest Laboratory building, dramatically curbing energy use. The metal disk, which is manufactured at a campus machine shop, allows Tribble’s team to reduce airflow without replacing the building’s air conditioning system. Harvard’s facilities leaders and building managers are working behind the scenes to optimize building energy systems and performance to improve efficiency and reduce greenhouse gas emissions. 5Memorial Church’s property operations assistant, Jim Barbas, maintains historic chandeliers that were recently outfitted with long-lasting, energy-efficient LED light bulbs in the narthex entrance in Harvard Yard. 10Matheus Fernandes ’15 tests out green chairs and furniture inside Peabody Terrace. These chairs, used by Harvard University Housing, feature chemical flame retardant-free materials. In 2015, Harvard became the first university to sign a national pledge stating a preference for purchasing furniture manufactured without the use of toxic flame retardants. Peabody Terrace was the first project of its size to implement the new pledge on campus. 11Kieran Clyne, operations supervisor for landscape and recycling, and Franco Camporesi, volunteer and Allston resident, repair a donated table at the Harvard Recycling and Surplus Center at 156 Western Ave., Allston. The University prioritizes the reuse of furniture and other materials through donations to more than 200 local organizations, “freecycle” events, and by distributing surplus furniture and equipment to the community at the Recycling and Surplus Center. 3Susan Andrade uses the electric car charging stations in the new parking garage on the HMS campus. There are more than 25 electric vehicle charging stations located across Harvard’s Cambridge and Boston campuses.
Time to ink some dates in your calendars! After a couple of switcheroos, here’s a roundup of all the official Tony Awards events for the 2015-16 season. Of course, everything leads up to the 70th annual ceremony on June 12, which this year will be broadcast live on CBS from the Beacon Theatre.Thursday, April 28Official cut-off for 2015-16 Tony eligibility.Tuesday, May 3The 2016 Tony Award nominations announcement, which will take place at the Diamond Horseshoe at the Paramount Hotel.Wednesday, May 4The annual meet the nominees press reception, which will also take place at the Paramount.Thursday, May 19The Tony Nominees’ Luncheon, again back at the Paramount. All very swanky and no media allowed.Sunday, June 12The 70th annual Tony Awards at the Beacon Theatre. The three-hour ceremony will be broadcast live (ET/PT time delay) on CBS from 8:00—11:00 PM. The ceremony will be followed by the invite-only Tony Gala. View Comments
As previously announced, FairPoint will host a conference call and simultaneous webcast to discuss its second quarter results at 8:30 a.m. (EDT) on August 6, 2009. Participants should call (888) 562-3356 (US/Canada) or (973) 582-2700 (international) at 8:20 a.m. (EDT) and request the FairPoint Communications Second Quarter 2009 Earnings Call or Conference ID# 22824129. A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call (800) 642-1687 (US/Canada) or (706) 645-9291 (international) and enter confirmation code 22824129. The recording will be available from Thursday, August 6, 2009 at 11:30 a.m. (EDT) through Thursday, August 13, 2009 at 11:59 p.m. (EDT). During the second quarter, the Company repurchased $12.0 million aggregate principal amount of its senior notes for $4.2 million in cash. The Company has a highly leveraged capital structure and has essentially fully drawn all borrowings available under its credit facility. In the future, the Company expects that the primary sources of liquidity will be cash flow from operations and cash on hand. Because of systems cutover issues that have prevented the Company from executing fully on its operating plan for 2009, revenue has continued to decline. In addition, cash collections have remained below pre-cutover levels and the Company has incurred significant incremental costs as a result of the cutover issues in its northern New England operations, causing further stress on the Company’s liquidity position. During the conference call, representatives of the Company may discuss and answer one or more questions concerning the Company’s business and financial matters. The responses to these questions may contain information that has not been previously disclosed. While FairPoint uses Adjusted EBITDA in managing and analyzing its business and financial condition and believes it is useful to its management and investors for the reasons described above, Adjusted EBITDA has certain shortcomings. In particular, Adjusted EBITDA does not represent the residual cash flows available for discretionary expenditures, since items such as debt repayment and interest payments are not deducted from such measure. FairPoint’s management compensates for the shortcomings of Adjusted EBITDA by utilizing it in conjunction with its comparable GAAP financial measures. FairPoint Communications, Inc. is an industry leading provider of communications services to communities across the country. Today, FairPoint owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbols FRP and FRP.BC. Learn more at www.fairpoint.com(link is external)This press release may contain forward-looking statements by FairPoint that are not based on historical fact, including, without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in FairPoint’s filings with the SEC, including, without limitation, the risks described in FairPoint’s most recent Annual Report on Form 10-K on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and FairPoint undertakes no duty to update this information. FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets June 30, December 31, 2009 2008 —- —- (Dollars in thousands) Assets Current assets: Cash $80,964 $70,325 Restricted cash 1,981 8,144 Accounts receivable, net 190,551 173,589 Materials and supplies 36,871 38,694 Other 30,268 28,747 Deferred income tax, net 29,241 31,418 —— —— Total current assets 369,876 350,917 ——- ——- Property, plant and equipment, net 1,996,335 2,013,515 Intangibles assets, net 223,105 234,481 Prepaid pension asset 9,741 8,708 Debt issue costs, net 23,617 26,047 Restricted cash 1,378 60,359 Other assets 16,432 21,094 Goodwill 595,120 619,372 ——- ——- Total assets $3,235,604 $3,334,493 ========== ========== Liabilities and Stockholders’ Equity Current liabilities: Current portion of long term debt $45,000 $45,000 Current portion of capital lease obligations 2,046 2,231 Accounts payable 158,863 147,778 Dividends payable – 23,008 Accrued interest payable in cash 3,834 18,844 Interest rate swaps 43,438 41,274 Other non-operating accrued liability – 19,000 Other accrued liabilities 68,234 70,887 —— —— Total current liabilities 321,415 368,022 ——- ——- Long term liabilities: Capital lease obligations 6,584 7,522 Accrued pension obligation 49,507 46,801 Employee benefit obligations 239,152 225,840 Deferred income taxes 117,184 154,757 Unamortized investment tax credits 5,068 5,339 Accrued interest payable in kind 14,423 – Other long term liabilities 18,006 35,492 Long term debt, net of current portion 2,443,647 2,425,253 Interest rate swap agreements 19,386 41,681 —— —— Total long term liabilities 2,912,957 2,942,685 ——— ——— Stockholders’ equity: Common stock 895 890 Additional paid-in capital 736,469 735,719 Retained earnings (deficit) (604,914) (578,319) Accumulated other comprehensive loss (131,218) (134,504) ——– ——– Total stockholders’ equity 1,232 23,786 —– —— Total liabilities and stockholders’ equity $3,235,604 $3,334,493 ========== ========== FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations Three months ended Six months ended June 30, June 30, ——– ——– 2009 2008 2009 2008 (1) —- —- —- ——– (Dollars in thousands) Revenues $299,611 $344,690 $611,241 $627,104 ——– ——– ——– ——– ——– Operating expenses: Cost of services and sales, excluding depreciation and amortization 122,707 133,900 267,854 269,737 Selling, general and administrative expense, excluding depreciation and amortization 97,986 102,290 190,398 165,406 Depreciation and amortization 68,629 69,741 136,496 123,666 —————— —— —— ——- ——- Total operating expenses 289,322 305,931 594,748 558,809 ————— ——- ——- ——- ——- Income from operations 10,289 38,759 16,493 68,295 ———– —— —— —— —— Other income (expense): Interest expense (54,809) (45,123) (108,288) (59,645) Gain on derivative instruments 7,233 43,123 20,131 43,123 Gain on early retirement of debt 7,494 – 12,357 – Other (58) 264 15,857 1,250 ——- — — —— —– Total other expense (40,140) (1,736) (59,943) (15,272) ——————- ——- —— ——- ——- Income (loss) before income taxes (29,851) 37,023 (43,450) 53,023 Income tax (expense) benefit 12,033 (13,909) 16,855 (20,366) ——————– —— ——- —— ——- Net income (loss) $(17,818) $23,114 $(26,595) $32,657 —————– ——– ——- ——– ——- Weighted average shares outstanding: Basic 89,364 88,725 89,168 62,077 —– —— —— —— —— Diluted 89,364 89,190 89,168 62,483 ——- —— —— —— —— Earnings per share: Basic $(0.20) $0.26 $(0.30) $0.53 —– —— —– —— —– Diluted (0.20) 0.26 (0.30) 0.52 ——- —– —- —– —- (1) FairPoint completed its acquisition of Verizon Communication’s wireline and related operations in Maine, New Hampshire and Vermont (the “Northern New England business”) on March 31, 2008. As a result of that transaction, which was treated as a “reverse acquisition” for accounting purposes, the statement of operations for the six months ended June 30, 2008 reflects the operating results of the Northern New England business for the three month period ending March 31, 2008 and the combined operating results of Spinco and Legacy FairPoint for the three month period ended June 30, 2008. FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Cash Flows Six months ended June 30, ——– 2009 2008 —- —- (Dollars in thousands) Cash flows from operating activities: Net income (loss) $(26,595) $32,657 ——– ——- Adjustments to reconcile net income to net cash provided by operating activities excluding impact of acquisitions: Deferred income taxes (18,970) 24,489 Provision for uncollectible revenue 14,314 7,543 Depreciation and amortization 136,496 123,666 Non-cash interest expense 14,423 – SFAS 106 post-retirement accruals 15,908 29,103 Gain on derivative instruments (20,131) (43,123) Gain on early retirement of debt, net of cash fees (12,477) – Other non-cash items 6,429 (26,406) Changes in assets and liabilities arising from operations: Accounts receivable (29,094) (24,287) Prepaid and other assets (3,350) (40,750) Accounts payable and other accrued liabilities (31,286) (38,965) Accrued interest payable (15,011) 18,476 Other assets and liabilities, net (2,585) 4,113 Other – (16,221) ——- ——- Total adjustments 54,666 17,638 —— —— Net cash provided by operating activities 28,071 50,295 —— —— Cash flows from investing activities: Acquired cash balance, net – 11,552 Net capital additions (90,493) (98,348) Net proceeds from sales of investments and other assets 1,230 235 —– — Net cash used in investing activities (89,263) (86,561) ——- ——- Cash flows from financing activities: Loan origination costs (521) (29,238) Proceeds from issuance of long term debt 50,000 1,676,000 Repayments of long term debt (18,673) (687,491) Contributions from Verizon – 344,629 Restricted cash 65,143 (80,886) Repayment of capital lease obligations (1,122) (1,637) Dividends paid to stockholders (22,996) (1,173,961) ——- ———- Net cash provided by financing activities 71,831 47,416 —— —— Net increase in cash 10,639 11,150 Cash, beginning of period 70,325 – —— —— Cash, end of period $80,964 $11,150 ======= ======= FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Revenue and Operating Metrics (unaudited) (Dollars in thousands) Three Months Ended —————— June 30, March 31, December 31, September 30, June 30, 2009 2009 2008 2008 2008 ——– ——— ———— ————- ——– Revenues: ——— Local calling services $126,017 $129,032 $135,610 $143,415 $149,591 Network access (1) (2) 98,515 97,038 96,295 94,094 101,402 Long distance services 34,754 45,375 46,312 50,161 49,090 Data and Internet services 29,062 28,405 29,461 32,873 30,552 Other services (2) 11,263 11,780 11,582 7,712 14,055 ——– ——– ——– ——– ——– Total revenue $299,611 $311,630 $319,260 $328,255 $344,690 ======== ======== ======== ======== ======== Operating Metrics: ——— Residential voice access lines 869,698 903,965 926,610 958,324 996,531 Business voice access lines 382,404 390,418 392,496 403,939 412,633 Wholesale Access lines 102,163 105,408 107,243 112,131 116,731 ——- ——- ——- ——- ——- Total voice access lines 1,354,265 1,399,791 1,426,349 1,474,394 1,525,895 HSD subscribers 296,107 300,882 295,360 294,134 294,412 ——- ——- ——- ——- ——- Total access line equivalents 1,650,372 1,700,673 1,721,709 1,768,528 1,820,307 ========= ========= ========= ========= ========= Long distance subscribers 605,468 623,497 631,458 643,844 656,599 ======= ======= ======= ======= ======= (1) During the first quarter of 2009, the Company reclassified certain revenues from network access revenues to local calling services revenue. Prior period revenues were also reclassified for comparison purposes. (2) During the third and fourth quarters of 2008, the Company recorded certain revenue adjustments/reclassifications that related to prior periods. The table below shows the revenue for the affected category as if the adjustments were reflected in the appropriate period: Three Months Ended —————— Normalized Normalized Normalized December 31, September 30, June 30, 2008 2008 2008 ———— ————- ————– Revenues: Local calling services $135,610 $143,415 $149,591 Network access 96,295 96,094 99,402 Long distance services 46,312 50,161 49,090 Data and Internet services 30,814 31,520 30,552 Other services 11,582 10,994 10,773 ——– ——– ——– Total revenue $320,613 $332,184 $339,408 ======== ======== ======== FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Reconciliation of Net Income under GAAP to Adjusted EBITDA (Non-GAAP) (Dollars in thousands) Three Months Ended —————— June 30, March 31, Dec. 31, Sept. 30, June 30, 2009 2009 2008 2008 2008 —- —- —- —- —- Net Income $(17,818) $(8,777) $(76,072) $(25,109) $23,114 Depreciation and amortization 68,629 67,867 70,598 60,768 69,741 Interest expense 54,809 53,479 52,730 49,665 45,123 Income taxes (12,033) (4,822) (46,598) (17,176) 13,909 —— —– —– —– —– 93,587 107,747 658 68,148 151,887 —— —– —– —– —– Non-cash (gain) loss on derivatives (7,233) (12,898) 49,909 5,014 (43,123) Non-cash gain on repurchase of debt (7,614) (4,863) – – – Transition services agreement – 15,895 49,597 49,550 49,476 Other merger and cutover related costs (1) – 9,618 26,871 15,191 10,095 Other non-cash items (2) 12,152 9,589 9,128 5,723 5,723 —— —– —– —– —– Adjusted EBITDA (Covenant) (3) $90,892 $125,088 $136,163 $143,626 $174,058 ===== ===== ===== ===== ===== Other adjustments to EBITDA: Cutover costs in excess of cumulative cap (4) 8,653 9,743 – – – Restructuring and severance costs 1,330 451 – – – Non-cash accrual for compensated absences (5) (989) 2,966 – – – Revenue and expense adjustments related to prior periods (6) – – 1,353 4,956 (6,309) Other income (7) – (15,000) – – – —— —– —– —– —– Adjusted EBITDA $99,886 $123,248 $137,516 $148,582 $167,749 ===== ===== ===== ===== ===== (1) Other one-time items related to the merger and systems cutover primarily include training costs, recruiting and relocation costs, brand and promotional marketing costs, systems development costs and travel costs. (2) Includes non-cash pension, OPEB and stock based compensation expenses. (3) Adjusted EBITDA is defined in FairPoint’s credit facility as net income (loss) before interest expense and provision (benefit) for income taxes and depreciation and amortization, excluding unusual or one-time non-recurring items (including costs related to the use of Verizon’s systems and services under the transition services agreement as well as other costs related to the cutover to FairPoint’s newly developed systems platform), non-cash items related to pension and OPEB, stock based compensation and other costs and adjustments related to the acquisition of the Northern New England business. (4) Represents one-time costs incurred in connection with the systems cutover which exceeded the cumulative cap of $61 million for allowed cutover related add-backs as provided in the Company’s credit facility. (5) Reflects a non-cash accrual recorded in the first quarter of 2009 for vacation pay for the full year 2009 for employees of the northern New England operations which fully vested on January 1, 2009. The non- cash accrual will be relieved throughout 2009 as employees use their accrued vacation. (6) Includes certain revenue and expense adjustments related to prior quarters. (7) Other income for the three months ended March 31, 2009 represents a gain resulting from the one-time payment made by Verizon to the Company pursuant to the transition agreement entered into on January 30, 2009. FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Unaudited Pro Forma Combined Statement of Operations (Non-GAAP) For the Six Months Ended June 30, 2008 (in thousands, except per share data) Pro Forma Results of Results Operations Legacy Merger for Under GAAP FairPoint Related Pro Forma Combined (a) (b) Costs(c) Adjustments Businesses ———- ——— ——— ———– ———- Revenues $627,104 67,927 – (923)(e) $694,108 ——– —— — —- ——– Operating expenses: Cost of services and sales, excluding depreciation and amortization 269,737 27,511 – (10,131)(d)(e) 287,117 Selling, general and administrative expense 165,406 59,010 – (50,286)(e)(f) 174,130 Depreciation and amortization 123,666 13,299 – 5,436(g) 142,401 Gain on sale of operating assets – – – – – — — — — — Total operating expenses 558,809 99,820 – (54,981) 603,648 ——– —— — ——- ——- Income from operations 68,295 (31,893) – 54,058 90,460 ——– —— — —— —— Other income (expense): Interest expense (59,645) (11,083) – (21,510)(h)(i) (92,238) Interest and dividend income – 713 – – 713 Gain (loss) on derivative instruments 43,123 (22,259) – – 20,864 Other nonoperating, net 1,250 (32,419) – 32,419(j) 1,250 —– ——- — —— —– Total other expense (15,272) (65,048) – 10,909 (69,411) ——- ——- — —— ——- Income before income taxes 53,023 (96,941) – 64,967 21,049 Income tax (expense) benefit (20,366) 31,567 – (18,650)(k) (7,449) ——- —— — ——- —— Net income $32,657 (65,374) – 46,317 $13,600 ======= ======= === ====== ======= Basic weighted average shares outstanding 62,077.0 88,669.0 Diluted weighted average shares outstanding 62,483.0 89,539.0 Basic earnings per common share $0.53 $0.15 Diluted earnings per common share $0.52 $0.15 Note: The unaudited pro forma combined financial statements have been prepared using the purchase method of accounting as if the transaction with Verizon had been completed as of January 1, 2008. The unaudited pro forma combined financial statements give effect to (1) the contribution by Verizon of assets comprising its local exchange business in Maine, New Hampshire and Vermont to Spinco, a subsidiary of Verizon, (2) the spin-off of Spinco to Verizon stockholders and (3) the merger of Spinco with FairPoint accounted for as a reverse acquisition of FairPoint by Spinco, with Spinco considered the accounting acquirer. The accompanying notes are an integral part of these unaudited pro forma combined condensed financial statements. (a) Reflects the GAAP results of FairPoint Communications, Inc. and subsidiaries for the six months ended June 30, 2008. (b) Reflects the standalone results for the Legacy FairPoint business for the quarter ended March 31, 2008. (c) Reflects nonrecurring transition and transaction costs incurred by FairPoint prior to the closing of the merger. (d) This adjustment reflects revenues and related expenses associated with VoIP and wireless directory assistance services which were not transferred to Spinco. For the three months ended March 31, 2008, the Northern New England business recorded approximately $923 thousand in revenue and $847 thousand in expenses associated with VoIP and wireless directory assistance services. In addition, it reflects certain revenues and related expenses associated with customers of VSSI-CPE that were not transferred to Spinco. (e) This adjustment reflects the reduction in pension and OPEB expense of $11,905 thousand for the three months ended March 31, 2008 for the Northern New England business, determined using an actuarial study of employees to eliminate the pension and OPEB expenses that were not transferred to Spinco. Of the $11,905 thousand adjustment, $9,284 thousand was included in cost of services and sales and $2,621 thousand was included in selling, general and administrative expenses. (f) This adjustment is to eliminate merger related costs of $47,665 thousand incurred by Legacy FairPoint prior to the consummation of the merger during the three months ended March 31, 2008 which are directly related to the merger and related transactions. (g) This adjustment reflects the amortization of the finite-lived identifiable intangible assets recorded in this transaction. The weighted average estimated life of FairPoint’s customer relationships is estimated to be 9.7 years and amortization expense is $5,436 thousand for the three months ended March 31, 2008. (h) This adjustment reflects the removal of allocated interest expense of $14,522 thousand recorded by the Northern New England business during the three month period ended March 31, 2008 associated with affiliate notes payables and long term debts held by Verizon. (i) This adjusts reported interest expense to the pro forma interest expense to be recognized on the debt structure of the combined company following the spin-off and merger. The adjustment considers (1) the interest expense for the three months ended March 31, 2008 recognized on the newly issued debt of the combined company, (2) the amortization of capitalized debt issuance costs associated with the newly issued debt, and (3) the elimination of interest expense and amortization of debt issuance costs related to the debt of Legacy FairPoint that was repaid upon consummation of the merger. (j) This adjustment consists of fees and charges incurred in connection with the closing of the spin-off and merger, principally including investment banking fees, write-off of debt issuance costs on Legacy FairPoint’s old credit facility and other costs incurred at the closing of the merger. (k) This adjustment reflects the income tax impact on adjustments described above. Non-GAAP Financial Measures The information in this press release should be read in conjunction with the financial statements and footnotes contained in FairPoint’s Quarterly Report on Form 10-Q which will be filed with the Securities and Exchange Commission (“SEC”). FairPoint’s results for the quarter ended June 30, 2009 are subject to the completion and filing with the SEC of its Quarterly Report on Form 10-Q. Adjusted EBITDA (including Adjusted EBITDA as calculated under FairPoint’s credit facility) is a non-GAAP financial measure (i.e., it is not a measure of financial performance under generally accepted accounting principles) and should not be considered in isolation or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with GAAP. In addition, the non-GAAP financial measures used by FairPoint may not be comparable to similarly titled measures of other companies. For a definition of and additional information regarding Adjusted EBITDA, and a reconciliation of such measure to the most comparable financial measure calculated in accordance with GAAP, please see the attachments to this press release. A live broadcast of the earnings conference call will be available via the Internet at www.fairpoint.com(link is external) under the Investors section. An online replay will be available beginning later in the morning on August 6, 2009 and will remain available for one year. FairPoint believes Adjusted EBITDA is useful to investors because Adjusted EBITDA is commonly used in the communications industry to analyze companies on the basis of operating performance, liquidity and leverage. FairPoint believes Adjusted EBITDA allows a standardized comparison between companies in the industry, while minimizing the differences from depreciation policies, financial leverage and tax strategies. In addition, certain covenants in FairPoint’s credit facility and the indenture governing its senior notes as well as the regulatory orders issued in connection with the acquisition of the Northern New England business contain ratios based on Adjusted EBITDA. The restricted payment covenants in such agreements and orders regulating the payment of dividends on FairPoint’s common stock are also based on Adjusted EBITDA. If FairPoint’s Adjusted EBITDA were to decline below certain levels, covenants in FairPoint’s credit facility that are based on Adjusted EBITDA may be violated and could cause, among other things, a default under such credit facility. Consolidated Communications,FairPoint Communications, Inc. (NYSE: FRP, FRP.BC) announced Wednesday its financial results for the three and six months ended June 30, 2009. Net income for the quarter showed a $17.8 million loss, or 20 cents per diluted share. For the first six months, net income showed a loss of $26,595 or 30 cents per diluted share. Revenue totaled $299.6 million for the second quarter of 2009, a 3.9 percent decline compared with $311.6 million in the first quarter of 2009. Highlights Successfully completed an exchange offer for nearly 83 percent of outstanding senior notes enabling the Company to reduce cash interest expense for the second quarter of 2009 by approximately $14.4 million.After giving effect to the conversion of a portion of the Company’s cash interest expense to non-cash as a result of the exchange offer, the Company maintained compliance with all financial covenants contained in the Company’s senior secured credit facility.Access line equivalents declined by 3.0 percent during the second quarter of 2009 to 1,650,372 compared to 1,700,673 at March 31, 2009.Revenue totaled $299.6 million for the second quarter of 2009, a 3.9 percent decline compared with $311.6 million in the first quarter of 2009.Operating expenses, excluding depreciation, declined by $16.9 million, or 7.1 percent, to $220.7 million during the second quarter of 2009 compared to the first quarter of this year.Adjusted EBITDA (a non-GAAP financial measure as defined herein) totaled $99.9 million for the second quarter of 2009, compared with $123.2 million in the first quarter of 2009. “Operationally, we continued to make steady progress during the second quarter,” stated David Hauser, Chairman and CEO of FairPoint. “The issues experienced with the systems cutover are continuing to improve and most of them are behind us. Going forward, we will be focusing on three primary areas: improving customer service, growing business and broadband revenue and reducing costs.” “Financially, while we were pleased with the successful completion of the exchange offer with our bondholders in July, this represented only the first step in a more comprehensive debt restructuring. While the exchange offer provides us with additional time, we remain fully committed to permanently deleveraging our current capital structure. Once completed, we will be able to focus all of our attention toward profitably growing the business,” concluded Hauser.Second Quarter ResultsRevenue for the second quarter of 2009 totaled $299.6 million, a decline of $12.0 million, or 3.9%, compared to the first quarter of 2009 reflecting the continued decrease in access line equivalents and the weak economic environment. Operating expenses, excluding depreciation, for the second quarter of 2009 totaled $220.7 million, a decline of $16.9 million, or 7.1%, compared to the first quarter of 2009. Cutover related costs totaled $8.7 million in the second quarter of 2009, a decline of $26.6 million from the first quarter which included costs under the transition services agreement with Verizon. Excluding cutover related costs, operating expenses increased by $9.7 million in the second quarter of 2009.Adjusted EBITDA totaled $99.9 million for the three months ended June 30, 2009, compared with $123.2 million for the first quarter of 2009. The decline in Adjusted EBITDA primarily reflects the reduced level of revenue and higher operating expenses incurred for services that were previously covered under the transition services agreement with Verizon, as well as higher bad debt expenses and costs related to the exchange offer.Operating MetricsTotal access line equivalents were 1,650,372 at June 30, 2009, compared with 1,820,307 at June 30, 2008, a decline of 9.3%. During the second quarter, total access line equivalents declined by 3.0% compared with a decline of 1.6% during the first quarter of 2009 (normalizing for a previously reported one-time first quarter adjustment to access lines identified during the systems cutover).HSD subscribers totaled 296,107 as of June 30, 2009, a decrease of 1.6% compared with 300,882 at March 31, 2009 and an increase of 0.6% compared with 294,412 at June 30, 2008. HSD subscribers increased by 3.4% in Legacy FairPoint during the second quarter, while declining by 3.3% in the northern New England operations. We believe the decline in northern New England reflects the absence of promotional activity during the first half of 2009 as a result of cutover related issues. Total HSD penetration was 21.9% as of June 30, 2009, compared with 21.5% at March 31, 2009 and 19.3% at June 30, 2008.Long distance subscribers totaled 605,468 at June 30, 2009, down 2.9% from 623,497 as of March 31, 2009 and down 7.8% compared with a year ago. Long distance penetration was 44.7% at June 30, 2009, compared with 44.5% as of March 31, 2009 and 43.0% a year ago. Access Line Equivalents % change % change 6/30/08 to 3/31/09 to 6/30/2009 3/31/2009 6/30/2008 6/30/09 6/30/09 ——— ——— ——— ———- ——— Residential access lines —————— Legacy FairPoint 160,065 162,059 176,891 (9.5%) (1.2%) Northern New England 709,633 741,906 819,640 (13.4%) (4.4%) ——— ——— ——— 869,698 903,965 996,531 (12.7%) (3.8%) Business access lines —————— Legacy FairPoint 51,235 51,344 54,619 (6.2%) (0.2%) Northern New England 331,169 339,074 358,014 (7.5%) (2.3%) ——— ——— ——— 382,404 390,418 412,633 (7.3%) (2.1%) Wholesale access lines 102,163 105,408 116,731 (12.5%) (3.1%) Total voice access lines 1,354,265 1,399,791 1,525,895 (11.2%) (3.3%) ——— ——— ——— HSD subscribers ————— Legacy FairPoint 79,210 76,619 73,326 8.0% 3.4% Northern New England 216,897 224,263 221,086 (1.9%) (3.3%) ——— ——— ——— Total HSD subscribers 296,107 300,882 294,412 0.6% (1.6%) Total access line equivalents 1,650,372 1,700,673 1,820,307 (9.3%) (3.0%) ========= ========== ========= Long distance subscribers 605,468 623,497 656,599 (7.8%) (2.9%) ========= ========== ========= Cash Flow and LiquidityFor the six months ended June 30, 2009, operating cash flow totaled $28.1 million. Cash flow from operations for the first six months of 2009 was negatively impacted by $43.9 million of expenses related to the systems cutover activities and an increase in accounts receivable, before allowance for uncollectibles, of $29.1 million, largely resulting from cutover related issues. Excluding the impact of these cutover related items, cash flow from operations would have been $101.1 million. The Company also made cash interest payments totaling $107.3 million during the six months ended June 30, 2009 which reduced cash flow from operations. Capital expenditures totaled $90.5 million for the first half of 2009. Conference Call and Webcast Cash and cash equivalents at June 30, 2009 totaled $81.0 million and $2.4 million remained available under the Company’s revolving credit facility. As of June 30, 2009, after giving effect to the conversion of a portion of the Company’s cash interest expense to non-cash as a result of the exchange offer, the Company was in compliance with all of the financial covenants contained in its credit facility.The Company currently believes that the reduction in its cash interest expense resulting from the consummation of the exchange offer may not be sufficient to prevent a breach of the interest coverage ratio maintenance covenant for the measurement period ending September 30, 2009. In addition, the Company currently expects that it may exceed the leverage ratio maintenance covenant limit contained in its credit facility as early as the measurement period ending September 30, 2009. As a result, the Company has initiated discussions with its bondholders regarding a more comprehensive and permanent restructuring of its current capital structure to reduce its indebtedness and debt service obligations. About FairPoint Source: FairPoint Communicatioins. CHARLOTTE, N.C., Aug. 5, 2009 /PRNewswire-FirstCall/ —
The first bluegrass song I ever loved was “In The Pines,” which I discovered on a 20th-anniversary concert recording from The Seldom Scene.I don’t think I had ever heard something so haunting as the harmonies in the chorus, driven by whoever was singing the high tenor. The sound was eerily intoxicating, and it is still cause for goosebumps at every listen. I later found out that the high tenor was John Duffey, founding member of two of bluegrass music’s most instrumental bands, The Seldom Scene and, earlier, The Country Gentlemen. Man, I was hooked. Since that early introduction, I have dug deep in The Seldom Scene’s catalog, and they rank as my favorite bluegrass band, with “Wait A Minute” ranking high at the top of of my list of the most beautiful songs ever written.Smithsonian Folkways Recordings recently released Epilogue: A Tribute John Duffey, a seventeen song collection chronicling Duffey’s bluegrass recording career and featuring some of the genre’s heaviest hitters. Guest musicians include Sam Bush, David Grisman, Tim O’Brien, Kenny and Amanda Smith, Tony Rice, John Cowan, and some of Duffey’s mates from The Seldom Scene.The project was fifteen years in the making, with recording sessions dating back to 2002, and was spearheaded by Akira Otsuka, whose love of Duffey’s work reaches back to his boyhood in Japan.After listening to the record a number of times, I reached out to friends in the music world about John Duffey to gauge his impact on their love of bluegrass. The responses were universally appreciative.Seldom Scene with Akira in Japan, 1985. From left to right: Mike Auldridge, Ben Eldridge, Phil Rosenthal, John Duffey, Tom Gray, Akira Otsuka. Photo by Michael Couzens.“John Duffey was a force, and a delight. He had enough love and respect for bluegrass to internalize all of the music’s traditions, yet he couldn’t help but turn all that on its ear, playing “Little Georgia Rose” in Spider Man tights and slurping whatever that godawful purple vodka drink was that he favored.”– Peter CooperSenior Director of Country Music Hall of Fame“I remember riding with my dad, as a teenager, in our old Chevrolet. It had an eight-track player and my dad had three or four bluegrass tapes in his collection. He was most proud of one by The Country Gentlemen. Listening to that tape was my introduction to John Duffey. Like most kids, I was a rock music fan, but I could hear the folk, rock, and jazz influences in their take on bluegrass. That drew in this teenager as a fan of the band. Later, when in the army, I discovered The Seldom Scene and learned that Duffey was part of the band. Hearing that first tape in a buddy’s van had me hooked. How could you not be a fan of this band? That was over forty years ago. I’ve been following bluegrass since the mid-sixties, promoting bluegrass events and working at radio stations since 1994. I like to feel that I owe my love of this music to John Duffey and the impact he had on me.”– Larry GorleyFestival promoter and radio host at WBCM/Radio BristolJohn Duffey’s flattop haircut and blacksmith’s forearms belied the beauty of his artistry. His glorious high tenor. His delicate mandolin runs. He seemed almost embarrassed at times to be so good at two skills that required such sensitivity, so much so that he seemed to revel in growling out his lead vocal lines or barking out high harmony parts inelegantly, shall we say, when the mood hit. As for his mandolin lines, he could start a solo as beautifully as anyone, but then it would start bouncing off the guardrails, and his car-crash cascades of notes would careen straight through the guardrails, all with a manic gleam in his eyes. But these different sides of John Duffey were all a part of who he was. John made sure that we knew he could sing and play as well as anyone. But he also took the time to remind us all that he was a master of a more rare skill. He was an entertainer. If I had a time machine, I would set it not for Imperial Rome, not for the Cavern Club in 1961, not for Paris in 1925, but for a Thursday night in 1975, at the Birchmere on Four Mile Run in Alexandria, Virginia, to watch John Duffey and The Seldom Scene do what they did so well and better than anyone.– Eric BraceMusician and former staff writer for the Washington PostJohn had a strong tenor voice and played a unique style of mandolin. Because he was responsible for bringing regional Appalachian music to a sophisticated urban sound, he is often called the father of modern bluegrass. I started listening to him when I was learning to play mandolin in junior high school in Japan and he was my idol. My band, Bluegrass 45, was invited to tour the United States in 1971 and we met John during the tour. He was kind enough to produce one of our albums and we became good friends. One neat part of this album is that I now own John’s Gibson F-12 mandolin and many of the mandolin players used it on this album.– Akira OtsukaMusician and producer/director of Epilogue: A Tribute to John DuffeyI don’t have many interpersonal stories about Duffey, per se. Although I knew him from the time I was a baby until I was fourteen, when he died, I can actually only recall a handful of direct interactions that I had with him. Despite his larger than life stage persona, he was actually very shy. I don’t think John knew how to interact with kids, so he didn’t. I remember the first time that he acknowledged me directly, as a person, shortly before he died. I was sitting backstage at the old Birchmere, noodling on a guitar, when John came up, scruffed my hair, and said, “Oh, hi there, guy!” I replied, “Oh, hi, John.” That was it. That was the extent of our interaction, but it felt like a big deal to me, because I had somehow crossed the threshold into being grown up enough to where John felt he could say something – anything – to me. This is the thing that people would never have known about him. He was sweet and gentle and bashful, a sheep in lion’s clothing. Personal observations aside, the sound of his tenor singing and mandolin playing is absolutely seared in my memory. It was raw, human, and powerful. He sang with the strength of ten men. But it was also sensitive. A key part of The Seldom Scene’s alchemy was the contrast of the band’s smooth, folk infected vibe with the sheer power of Duffey’s voice. He was truly one of the all-time greats of bluegrass music.– Chris EldridgeMusician and son of Ben Eldridge, founding member of The Seldom SceneFor more information on Epilogue: A Tribute to John Duffey, be sure to surf over to Smithsonian Folkways website.In the meantime, take a listen to “If I Were A Carpenter,” featuring Akira Otsuka on Duffey’s Gibson F-12, on this month’s Trail Mix.
RewardStream has years of experience providing online referral programs to our clients and one of the services we provide is customer support to end users – which is why we know so much about what our program users want!In the second part of our referral marketing CX/UX series, we take a look at what users don’t like about referral marketing programs and offer some tips on what you can do to make your users happy.Here are three of the pet peeves that online referral program users have:All Good Things Take TimeEven if the payoff will be a happy experience, most of us hate waiting. Whether it’s in line at a supermarket or waiting for a reward you are due for referring a friend to your internet provider, waiting periods can be almost intolerable.As referral marketing professionals, we understand why customers must wait before they receive a reward. Companies can’t just hand out rewards to everyone who signs up on the program website. That would cost a small fortune! Unfortunately, for many customers there is an expectation that their reward will be issued instantly once they sign up online and without any caveats.Regardless of the industry or product, there will always be a waiting period before a reward can be issued in an online referral program. The waiting period exists primarily to accommodate a company’s business needs. Unfortunately this can contribute to customer misunderstandings about why they are being made to wait since customers are generally detached from these business idiosyncrasies. Companies often want to make sure a new customer referred to them maintains their service for a pre-determined amount of time to ensure that a reward payment is worthwhile. There is very little to be gained from rewarding someone who then switches brands again within a few weeks. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr