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Panastar investments for beginners

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PD 856 CHAPTER 17 INVESTMENTS

Intellectual Property. We rely on a combination of patents, licensing arrangements, trade names, trademarks, service marks, trade secrets, know-how and proprietary technology to protect our intellectual property rights.

We own or have been assigned or licensed domestic and foreign patents and patent applications relating to our cameras, lenses and accessories, including the patent for our compound zoom technology granted in late This technology is currently incorporated in our X compound zoom lens.

Environmental Matters. Panavision is subject to foreign, federal, state and local environmental laws and regulations relating to the use, storage, handling, generation, transportation, emission, discharge, disposal and remediation of hazardous and non-hazardous substances, materials and wastes. We are also subject to laws and regulations relating to worker health and safety. We believe that our operations are in substantial compliance with all applicable environmental and health and safety laws.

Although no material capital or operating expenditures relating to environmental controls or other environmental matters are currently anticipated, there can be no assurance that we will not incur costs in the future relating to environmental matters that would have an adverse effect on our business or financial condition.

As of December 31, , we had 1, full-time employees, consisting of employees based in North America, employees based in Europe, and employees based in the Asia Pacific region. PANY Rental is a party to collective bargaining agreements with two local affiliates of the International Brotherhood of Teamsters, which together cover approximately 22 employees.

We believe that relationships with our employees are good. In North America, episodic television programs typically cease filming in the second quarter for several months, and then resume production in August. Feature film production activity typically reaches its peak in the third and fourth quarters. Availability of Certain Documents Concerning the Company. Copies of our annual reports on Form K, our quarterly reports on Form Q, our current reports on Form 8-K, proxy statements, reports under Section 16 of the Exchange Act and any amendment to any of these documents, as well as current versions of the following documents are available, without charge, on our website, www.

Item 1A. Risk Factors. Our substantial indebtedness could affect our operations and flexibility. We have a substantial amount of outstanding indebtedness. Our substantial indebtedness could have important consequences. For example, it could:. Furthermore, our interest expense could increase if interest rates increase, because all of our debt under the Senior Secured Credit Agreement bears interest at floating rates, although the Company plans to enter into hedging arrangements with respect to certain of its interest rate risk during Our ability to service our debt and meet our cash requirements depends on many factors.

We currently anticipate that operating cash flow and the Revolver see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Long-Term Debt" will be sufficient to cover our operating and capital spending requirements for However, if we do not generate sufficient cash flow from our operations or have funds available for borrowing under our credit facilities, we would be required to adopt one or more alternatives.

For example, we could be required to:. If we are required to take any of these actions, it could have an adverse effect on our business, financial condition and results of operations. In addition, we cannot assure you that we would be able to take any of these actions, that these actions would enable us to continue to satisfy our capital requirements or that these actions would be permitted under the terms of our various debt instruments then in effect.

Restrictions and covenants in debt agreements may limit our ability to take certain actions and our failure to comply with these covenants and restrictions, whether or not caused by events beyond our control, could result in an event of default which could materially and adversely affect our operating results and financial condition.

The Senior Secured Credit Agreement contains a number of significant restrictions and covenants that limit our ability and our subsidiaries' ability, among other things, to:. In addition, these instruments also require us to maintain certain financial ratios and meet certain tests, including minimum interest coverage and maximum leverage ratios and minimum levels of EBITDA as defined in such instruments , and restrict our ability and the ability of our subsidiaries to make capital expenditures.

Events beyond our control, such as prevailing economic conditions and changes in the competitive environment, could impair our operating performance, which could affect our ability and that of our subsidiaries to comply with the terms of our debt instruments. Although our lenders have accommodated us to date, we cannot assure you that they will continue to do so in the future.

We cannot assure you that we and our subsidiaries will be able to comply with the provisions of our respective debt instruments. Breaching any of these covenants or restrictions or the failure to comply with our obligations after the lapse of any applicable grace periods could result in a default under the applicable debt instruments.

If there were an event of default, holders of such defaulted debt could cause all amounts borrowed under these instruments to be due and payable immediately. We cannot assure you that our assets or cash flow or that of our subsidiaries would be sufficient to fully repay borrowings under the outstanding debt instruments, either upon maturity or if accelerated upon an event of default or that we would be able to refinance or restructure the payments on such debt.

In addition, any event of default or declaration of acceleration under one debt instrument could also result in an event of default under one or more of our or our subsidiaries' other debt instruments. We depend on the feature film, series television program and television commercial markets. Our operations are dependent on the feature film industry, including, in particular, the number of major studio feature films, which tend to use larger camera packages than the feature films made by independent producers.

We are also dependent on the number of series television programs and television commercials produced. A significant reduction in the total number of feature films, particularly major studio or large-budget action films, series television programs and television commercials produced, could have a material adverse impact on our operations.

In addition, a reduction in the average equipment rental package size could have an adverse affect on our revenues for each such project, and in turn, an adverse affect on our results of operations. Further, the rental revenue generated from our lighting rental operations depends on the number of feature films, television programs and commercials produced, as well as the location of such production activity while we have a global network of camera rental offices and independent distributors, we have a smaller number of lighting operations and film and television productions tend to rent lighting equipment from rental agencies in the territories where the productions are filmed.

Labor disruptions in these industries could also adversely affect our operations. In North America, the Writers Guild of America, the Screen Actors Guild and other organizations periodically enter into negotiations with the major motion picture studios for the renewal of their respective collective bargaining agreements. These negotiations occasionally have resulted in strikes or other work stoppages.

Labor disruptions due to such negotiations could significantly reduce production activities. Labor disruptions in our international territories, arising from local labor issues, could also occur. Such disruptions could have an adverse effect on our operating results and cash flow.

In addition, feature film and television production is in part reliant on the availability of tax and other incentives from government organizations. These incentives change from time to time and any elimination or adverse change in availability of incentives can lead to a reduction in production activity which could have an adverse effect on our operating results and cash flow. Responding to the rapid geographic shift of our customers, particularly feature film productions, creates operational challenges and failure to successfully respond to such challenges may adversely affect results of operations.

Although we have in place a broad network of camera rental offices and distributors, there are often rapid and significant shifts in production activity between different states, countries and continents from year to year in response to changes in local tax incentives, currency fluctuations, labor market conditions, location preferences and other factors. Responding to these trends often requires the relocation of significant amounts of equipment, the establishment of new operations, or resizing existing operations, all of which may involve significant additional expense.

If we are unable to respond to these geographic changes efficiently or effectively, we may lose certain productions to competitors which would have an adverse effect on our results of operations. The markets for our products are highly competitive.

The market for our cinematography equipment is highly competitive, primarily driven by technology, customer service and price. As a manufacturer of camera equipment, our primary competitor is Arri Inc. As a renter of camera and lighting equipment, we compete with numerous rental houses, which purchase equipment from other manufacturers and then rent that equipment to their customers. In addition, in recent years Arri has also been expanding its own rental operations. Although fragmented, the lighting rental market is also highly competitive and driven by price.

There can be no assurance that we will be able to continue to develop, manufacture and market our camera and lighting products successfully against existing or new competitors. As we continue to see our industry transition from film to digital image capture, we are likely to see a number of new technological competitors that may include existing or new film or digital camera manufacturers and other companies that have a history of technological innovation in the digital arena.

The digital camera rental market may be highly competitive and there can be no assurance that we will be as successful in capturing the market share in the digital camera rental market as we have been in the traditional camera rental market, or that the revenue and cash flows generated from the rental of digital cameras will compare favorably to the levels we experience in the traditional camera rental market.

A number of these new competitors have significantly greater research and development resources and financial resources than us and we cannot assure that we will be able to effectively compete or achieve successful alliances with these companies. The motion picture and television industries are subject to changes in technology, industry standards, customer requirements and product offerings.

The motion picture and television industries are subject to technological change, evolving industry standards, changing customer requirements including artistic preferences and trends, and improvements in and expansion of product offerings. The choice of image capture equipment is very often driven by artistic preferences of particular cinematographers that may change over time.

Predicting the trend of such preferences is difficult, particularly with respect to new technologies such as digital image capture. Our ability to anticipate and adapt to all of these changes will be significant factors in our ability to remain a leader in the manufacturing and rental of cinematography equipment. Keeping pace with technological advancements is an important part of our ability to compete. There can be no assurance that products or technologies developed by others will not render our products or technologies noncompetitive or obsolete or that we will be able to develop new products to meet the changes and demands in our industry.

One of the most significant changes we are likely to encounter over the next several years is the emerging demand for digital image capture. In addition to the potential competitive pressures in this new market discussed above, the transition poses other significant challenges for us. It is difficult for us to anticipate the rate at which our customers will want to move from traditional film equipment to digital equipment, and which of our customers will want to make that transition.

If the transition to digital image capture occurs more rapidly than we anticipate, it will create pressure for additional capital expenditures and increased expenses in addition to technological challenges and we cannot assure that we will be able to make such investments or respond rapidly enough to meet the change in demand. If our competitors are able to anticipate and respond to the pace of transition to digital image capture more effectively than us, it will adversely affect our results of operations.

Our business and competitive position depends, in part, on our ability to protect and exploit our new and existing intellectual property rights. We rely on a combination of patents, licensing arrangements, trade names, trade and service marks, proprietary know-how and technology and trade secrets to protect our intellectual property rights.

We own or have been assigned or licensed domestic and foreign patents and patent applications relating to our cameras, lenses and accessories. We also own or have been assigned several domestic and foreign trademark or service mark registrations which, collectively, are material to our business.

The success of our business operations and competitive position within our industry depends, in part, on our continued ability to obtain intellectual property rights for our new products. Our existing intellectual property rights may not provide commercially meaningful protection against competitors. Our manufacturing competitors may challenge our patents or independently develop similar products that could result in an interference proceeding in the U. Patent Trademark Office or a legal action.

Enforcing our rights under these circumstances may be difficult, costly and time consuming. Our manufacturing competitors may also be able to design around our patents or develop unique products providing technology similar to our products. In addition, our ability to use our patent rights, as well as our ability to obtain new patent rights, may be more limited in certain markets outside of the United States because the protections available in other jurisdictions may not be as extensive as those available domestically.

We may not be successful in implementing strategies for future growth. If we fail to successfully implement strategies for future growth, including developing and manufacturing technologically superior cameras, lenses and accessories, we may not be able to grow or remain competitive. We have recently introduced, and plan in the future to introduce, new products in the markets in which we compete; however, demand for our new products may not materialize.

In addition, as part of our strategy for growth, we may plan from time to time to pursue strategic acquisitions, which will be dependent upon a number of factors, including our ability to identify acceptable acquisition candidates, consummate acquisitions on favorable terms, successfully integrate acquired assets and obtain financing to support our growth.

We may not be successful in acquiring additional assets, and any acquisitions that we do consummate may not produce the anticipated benefits or may have adverse effects on our business and operating results. Our business may suffer if we do not attract and retain existing and additional highly skilled personnel. Our business may suffer if we do not attract and retain additional highly skilled personnel.

To meet our planned growth, we believe that our future success will depend upon our ability to retain our existing personnel and to hire, train and retain new, highly skilled personnel, particularly in the areas of research and development, engineering, equipment service and finance.

Competition for quality personnel in each of these areas is intense, particularly with respect to all areas relating to digital image capture expertise. We cannot be sure that we will be successful in hiring, assimilating or retaining the necessary personnel, and our failure to do so could have an adverse affect on our operating results. We are dependent upon key suppliers. We use outside vendors for the manufacture of certain components used in our products, such as the grinding, manufacture and polishing of certain camera lens elements.

We currently obtain the glass we use. We generally do not have supply contracts with our outside vendors. If we were to lose one or more of such vendors, or if we were otherwise unable to obtain such components on terms that are favorable to us, it could disrupt our business in a manner that leads to an adverse effect on our results of operations. We are subject to the effects of foreign currency fluctuations and social, political and economic risks affecting foreign operations. We consider revenue generated outside of the United States to be revenue derived from the rental and sale of products for productions that are filmed outside United States.

We expect that international operations will continue to account for a significant portion of our revenue in future periods. The results of operations of our international subsidiaries are translated from international currencies to United States dollars. Therefore, our results of operations are affected by fluctuations in exchange rates between such currencies.

In addition to foreign exchange risk, international operations are subject to a number of special risks, including trade barriers, exchange controls, national and regional labor strikes, political risks and risk of increases in duties, taxes and governmental royalties, as well as changes in laws and policies governing operations of foreign-based companies. In addition, earnings of foreign subsidiaries and intercompany payments are subject to foreign income tax rules that may reduce cash flow available to meet required certain of our debt service and other obligations of Panavision.

We depend on our facility in California. Our sole camera and lens manufacturing facility is located in Woodland Hills, California. It is also our largest warehousing and camera rental facility. Since we are dependent on this manufacturing, warehousing and rental facility, a disruption of our operations at this facility could have an adverse effect on our business, financial condition and results of operations.

Such disruption could result from various factors including human error, a natural disaster such as an earthquake, fire or flood, or a terrorist attack. We do not own the real estate for any of our principal facilities. Accordingly our business is highly dependent upon the ability to renew existing leases or locate new leasehold premises.

As we do not own the real estate on which any of our principal facilities, including Woodland Hills, California, are located throughout the world, we depend on our ability to renew existing leases as they expire or to locate suitable alternate locations. Many of our operations are located in markets where there is significant competition for appropriate commercial real estate, that may make it difficult, or more expensive, to renew existing leases or to obtain suitable alternate locations, if necessary.

In addition, if it becomes necessary to relocate existing facilities it may cause significant disruption to our operations. Failure to effectively manage these real estate challenges may have an adverse affect on our operations and, accordingly, our results of operations. We are developing new information systems and if we are unsuccessful in the development and implementation of such systems, it could interrupt our operations and adversely affect our ability to run our business. In conjunction with an external consulting company, we are in the process of developing a new information system that, if successful, is expected to provide significant improvements to the core functions of our rental operations, asset management, and related financial functions.

The development of this system for global deployment will require a significant commitment of time from employees across a broad range of functions, which may distract our employees from the successful performance of their existing functions. Given that this system is being custom built for our operations, the development of this system poses a number of challenges including managing a large fleet of physical assets located in numerous locations around the world, accounting for local regulatory and practical differences in our.

Accordingly, we may not be successful in developing and implementing this new system. Failure to smoothly and successfully develop and implement this system could interrupt our operations and adversely impact our ability to run the business. If our internal control over financial reporting does not comply with the requirements of the Sarbanes-Oxley Act of , our business may be adversely affected.

Section of the Sarbanes-Oxley Act of requires companies to comprehensively evaluate their internal control over financial reporting. To comply with this statute, we will be required to document and test our internal control over financial reporting; our management will be required to assess and issue a report concerning our internal control over financial reporting; and our independent registered public accounting firm will be required to attest to and report on management's assessment.

Reporting on our compliance with Section of the Sarbanes-Oxley Act will first be required in connection with the filing of our Annual Report on Form K for the fiscal year ending December 31, The standards that must be met for management to assess our internal control over financial reporting are new and require significant investment of time, money and other resources, documentation and testing.

A foreclosure upon any such shares could constitute a change of control and event of default, which would permit our lenders to accelerate our Senior Secured Credit Facility. We may not have sufficient funds at the time of the change of control to repay in full the borrowings under our Senior Secured Credit Facility.

Our operating results have been and may continue to be subject to seasonal fluctuations. Our revenue and net income are subject to seasonal fluctuations. For example, in North America, episodic television programs typically cease filming in the second quarter for several months, and typically resume production in August.

Feature film activity typically reaches its peak in the third and fourth quarters. These seasonal factors may lead to fluctuations in our quarterly operating results. Item 1B. Unresolved Staff Comments. Item 2. Our other significant manufacturing facility is the Lee Filters facility located in Andover, England. We conduct our operations through rental offices owned and operated by us as well as through independent distributors.

All principal facilities are leased, although we do own one small facility in Glasgow, Scotland. In addition, Panavision may from time to time service its customers at other locations as needed. Panavision camera equipment and accessories are also available through a worldwide network of independent distributors in the following locations:. Item 3. Legal Proceedings. Panavision is not engaged in any legal proceeding other than ordinary routine litigation incidental to its business.

Currently, Panavision is not involved in any legal proceeding that it expects to have a material effect on its financial condition, results of operations, or business. Item 4. Submission of Matters to a Vote of Security Holders. No matter was submitted to a vote of security holders during the fourth quarter of As of March 21, , there were 79 registered holders of record of Panavision Common Stock.

We have never paid a cash dividend on our Common Stock and do not anticipate paying any cash dividend on our Common Stock in the foreseeable future. The current policy of our Board of Directors is to retain earnings to finance the operations and expansion of our business. Item 6. Selected Financial Data. The following selected financial data has been derived from our Consolidated Financial Statements. Selected Financial Data continued. Item 7. The following should be read in conjunction with the Consolidated Financial Statements of Panavision and the Notes thereto included elsewhere in this Form K.

We are the leading designer, manufacturer, and supplier of high precision camera systems for the motion picture, television series and television commercial markets in North America, Europe and the Asia Pacific Region. The products we rent include film and digital cameras, lenses, and accessories; lighting equipment; and cranes and remote devices used in those markets.

We provide technical support services to our customers around the world in conjunction with theses activities. We sell the filters and other consumable items used by our customers. In addition, the Company continues to serve markets covering music videos, corporate programming, documentaries and other professional production markets that utilize our services and equipment.

Our revenue historically has fluctuated on a quarterly basis with revenues in the second half of each fiscal year typically higher than the first half, due, in part, to North American television production activity during that period. At the same time, our annual investment in new equipment usually occurs early in the year to ensure that our inventory is appropriate to meet the needs of our customers over the entire year. We believe this trend of seasonality of revenue and capital spending is likely to continue in the future.

We believe that maintenance and growth of our business requires continued technological innovation, engineering excellence, and a commitment to delivering high-quality products and services to our customers and partners. In addition, we continue to develop innovative camera, optics and other equipment and tools to enhance the creative experience and productivity of our customers. We also continue to invest in research and development of existing businesses, such as digital imaging technology, that we believe will become increasingly significant to our business in coming years.

Worldwide production factors have a strong correlation to business and consumer demand for our service offerings. We expect that general production trends will remain stable or experience slight improvement in fiscal year as compared to fiscal year In , we remain focused on execution in key areas of our business, responding effectively to customer needs, and continue to focus internally on product excellence, business efficacy, and accountability across the Company.

We believe that key market opportunities include: strengthening our core. We will also continue to remain focused on achieving improvements in operating efficiencies. Summary of Results. The increase was driven by higher production volume and larger camera packages, the effect of various acquisitions, and favorable foreign currency translation, partially offset by higher costs of camera rentals.

Overview of Financing Activities. Further, in March of , the Company completed a substantial refinancing of its existing long-term debt. In that refinancing, the Company was able to reduce its expected cost of borrowing, raise additional capital to fund capital spending requirements including the implementation of its strategy related to digital image capture, strengthen its balance sheet through the issuance of preferred stock to PX Holding in exchange for the retirement of outstanding borrowings under the PX Term Loan Agreement and lengthen the maturity of its long-term debt.

Results of Operations. Our revenue is derived from three sources: i camera rental operations, ii lighting rental operations, and iii sales and other revenue. Revenue from camera rental operations consists of the rental of cameras, lenses and accessories to the motion picture and television industries through a network of owned and operated rental offices located throughout North America, Europe and the Asia Pacific region, and through a network of independent distributors responsible for the rental of our equipment in locations not served by our rental offices.

Our lighting rental operations generate revenue through the rental of lighting, lighting grip, transportation and distribution equipment, as well as mobile generators, which are all used in the production of feature films, television programs, commercials and other events. Revenue generated by Lee Lighting, our lighting rental facility located in the United Kingdom, generates the majority of our lighting rental operations revenue.

Sales and other revenue is comprised of: i the manufacture and sale of lighting filters through Lee Filters in the United Kingdom and the United States; ii sales of various consumable products, such as film stock, light bulbs and gaffer tape, which are used in all types of productions; iii sales of prosumer non-proprietary digital camera and lighting equipment in Australia; and iv sales by Panavision Federal Systems, LLC.

We consider revenue from international business to be that revenue which is generated from the rental of our equipment and sales to productions that are located at production sites outside of the United States. Disclosure of revenues and long-lived assets by geographical region appears in Note 14 of the Notes to Consolidated Financial Statements. When LC-denominated activity is converted into U.

While both rental revenues and costs of rental revenues in any given country will typically be affected in the same manner, a change in gross margin can be amplified or mitigated depending on the direction of foreign exchange rate changes. During the past three years we entered into several transactions that affect comparability of the results of operations.

In May , we sold our lighting assets in Canada, thereby exiting the lighting business in that country. In August , we also purchased Technovision France, a film equipment rental company in Paris. Results of Technovision operations have been consolidated effective August 14, Prior to this purchase the DHD joint venture was reported using the equity method of accounting. Results of DHD operations have been consolidated effective September 16, On December 29, , we purchased all the film and video camera equipment of William F.

White International Inc. As a result, the analyses that follow reflect the consolidation of PANY Rental for the 12 months ended and but only eight months in Certain amounts in previously issued financial statements have been reclassified to conform to the presentation.

Additionally, the Company reviewed the components of its reported cost of rentals and sales and determined that certain reclassifications were appropriate to better reflect the operating costs related to revenues. All prior periods have been reclassified to conform to the current classification. The following discussion and analysis includes our consolidated historical results of operations for the years compared to and compared to During , the USD weakened compared to most major foreign currencies of countries in which we do business.

The main factors underlying the increase in camera rental revenue were additional revenue from television and the purchase of the WFW assets, the leasing of the PX UK Equipment and the acquisitions of Technovision and DHD, along with increased revenue from commercials and feature films and the positive translation effect of foreign exchange rate changes.

As the WFW and Technovision assets and the PX UK Equipment have been integrated into our respective regional operations, the impact of their utilization cannot be accurately quantified but we believe it has been accretive to revenue. Higher margins are driven by more favorable pricing due, in part, to the fact that through utilization of digital image capture our customers are able to achieve cost savings in other elements of the production process.

The increase in television revenues took place primarily in the U. Television revenues in the U. Reality shows tend to be lower-budget productions that, as a general rule, are less likely to use our cameras and lenses. The increase in camera rental revenue from commercials and other camera revenue was due primarily to the addition of the WFW assets in Canada.

The increase from U. In Europe, significant declines in feature films were nearly offset by increases in television and commercials, due in large part to the acquisition of Technovision and the leasing of the PX UK Equipment. In the Asia Pacific region, increases in camera rental revenue from feature films essentially offset declines in all other market segments. The commissions are directly related to increased revenue from independent distributors and the leasing of the PX UK Equipment, while payroll and subrental costs are related to both increased rental activity and the recent acquisitions of the WFW assets and Technovision.

The improvement in gross margin was due to an increase in major feature films in the Asia Pacific region partially offset by a decrease in major feature films in the United Kingdom. The Asia Pacific region had a higher profit margin than the United Kingdom primarily due to lower labor costs as a percentage of rental revenue.

Sales and Other. Contract sales to the U. Operating Costs. Interest, Taxes and Other. The increase in interest expense primarily reflected higher effective interest rates during along with higher average debt balances compared to the corresponding period of The higher average debt balances resulted from an increase in borrowings, primarily capital leases and borrowings from affiliates, offset by scheduled principal payments of outstanding debt.

Foreign exchange activity resulted in a larger loss for the year ended December 31, as compared with the year ended December 31, This was primarily due to the effects of the weakening of the USD against foreign currencies on intercompany balances held in the United States that are denominated in those foreign currencies. These costs represent lender and professional fees incurred by the Company. The income tax provision for the year ended December 31, comprises income taxes on profitable foreign operations and foreign taxes withheld in the relevant jurisdictions.

The Company did not recognize any net benefit from current tax losses as uncertainty as to future utilization resulted in an increase to the allowance against deferred tax assets in the same amount as additional deferred tax assets generated. For the year ended December 31, the Company was able to recognize a significant portion of the benefit of the loss as an offset to the gain on sale of EFILM reflected in discontinued operations.

The following table presents the average exchange rates we used during and in translating LC-denominated activity USD: 1 LC :. These currency rate changes have had a significant impact on the amounts of rental revenues, costs of revenues, and operating costs translated from LC into USD, and in most cases were the most significant factor in changes when comparing results for with Major feature film production is a global activity and the level of activity in any given geographic region can fluctuate from year to year.

We estimate that the total number of major feature film starts was essentially unchanged from to and that our share of these total starts increased slightly. Similar to the change in revenues, the primary reasons for the increase in cost of camera rentals were the translation effect of foreign currency rate changes and the consolidation of acquired businesses.

The consolidation impact of PANY Rental was not significant as the increase in camera costs was offset by a decrease in third-party agent commissions. Excluding the currency effects, there were several significant offsetting changes. Excluding currency effects, U. At Lee Lighting in the U. The overall improvement in gross margin as a percentage of revenues was due primarily to the Asia Pacific region, which had a higher profit margin than Lee Lighting primarily due to lower labor costs.

The majority of the remaining increase arose in Asia Pacific due to higher consumables sales related to several large-budget lighting contracts obtained in Cost increases in Europe, due primarily to higher raw material costs, comprised the majority of the remaining change. Other costs in the U. The principal reasons for the increase in Europe were higher advertising, legal and bad debt expenses at Lee Filters and general wage inflation.

The increase in interest expense primarily reflected higher effective interest rates in , offset in part by lower debt balances compared to the prior year. Refinancing expense for the year ended December 31, principally reflected costs incurred in connection with the January Refinancing. Refinancing expense for the year ended December 31, reflects costs incurred in connection with our discontinued offering of secured notes in the summer of These costs represent primarily professional fees incurred by the Company.

The income tax benefit for the year increased because of a greater pre-tax loss from continuing operations. The Company was able to recognize a significant portion of the benefit of the loss as an offset to the gain on sale of EFILM reflected in discontinued operations. Capital Expenditures.

The Company intends to use cash provided by operating activities, its Revolver defined below and proceeds from the March Refinancing defined and discussed below to make additional capital expenditures primarily to manufacture and purchase digital camera systems and accessories and purchase other rental equipment. The Company also has spent and expects to spend a substantial amount on the continued maintenance and upgrading of its existing inventory of cameras, optics and accessories.

Liquidity and Capital Resources. The primary reasons for the increase in cash provided by operations as compared with the year ended December 31, were the higher operating income in and net additions from working capital components in as opposed to net deductions in Cash used in investing activities for the year ended December 31, was significantly higher than primarily because included proceeds from the EFILM sale and collections of a note receivable that was also related to EFILM.

The primary reasons for the decrease in cash provided by operations as compared with the year ended December 31, was an increase in net loss from continuing operations and an increase in working capital used, primarily an increase in inventory for the manufacturing of our x zoom lens.

Cash used in investing activities for the year ended December 31, was less than that of the prior year primarily because of proceeds from the EFILM sale and collections of a note receivable that was also related to EFILM. Capital expenditures were primarily used to manufacture camera rental systems and accessories. As described below under "—March Refinancing," all amounts outstanding under the Second MacAndrews Line were repaid and that line of credit was retired on March 30, Although there can be no assurance, Panavision expects that cash flows from operations, borrowings under the Revolver and the Senior secured Credit Facility, cash equity contributions and advances from affiliates will be sufficient to enable Panavision to meet its anticipated operating, capital spending and debt service requirements through at least the next twelve months.

Off-Balance Sheet Arrangements. We do not have any off-balance sheet arrangements. Long-Term Debt. MacAndrews Lines. All amounts outstanding under the Second MacAndrews Line were repaid and that line of credit was retired on March 30, as part of the March Refinancing as described below. January Refinancing — The term facility under the Amended and Restated Credit Agreement was secured on substantially the same basis as indebtedness under the Prior Credit Agreement.

In addition, the Amended and Restated Credit Agreement revised certain financial tests and other restrictive covenants set forth in the Prior Credit Agreement, including required EBITDA as defined , limitations on indebtedness, and other provisions.

As defined in the Amended and Restated Credit Agreement and Indenture, EBITDA included adjustments for certain severance expenses, refinancing expenses, foreign exchange gain loss, and other non-cash charges. As compliance with EBITDA levels was a material aspect of the Amended and Restated Credit Agreement and the Indenture, the calculation of EBITDA pursuant to these agreements for the year ended is set forth below, with the calculation for provided for comparative purposes in millions :.

Certain amounts in previously issued financial statements, including the presentation of EFILM, have been excluded from continuing operations. Preferred Stock Exchange. The Amended and Restated Credit Agreement was amended in August , November and December and the Company entered into supplemental indentures with respect to the Indenture in August , September and December For a description of these amendments and supplemental indentures, please refer to our Annual Report on Form K for the year ended December 31, There were no periodic or interest payments through February 1, Both offer only modest returns but carry little or no risk of principal loss.

The bond issuer promises to pay you back for that amount, plus interest, at a specific time in the future. You can purchase federal bonds online through a program on the Treasury Direct website. This helps you avoid paying a fee to a broker or other money manager. Most interest earned through bonds issued by U. Some escape taxation at the state level, too. For example, U. Treasury securities are exempt from state income taxes. Like a bond, CDs hold a fixed amount of money for a certain amount of time, such as six months, one year, or 10 years.

When you cash in or redeem your CD, you receive your initial investment plus any interest. By placing funds into a CD, you promise to keep your money in there for a certain period of time. Unlike bonds, which are purchased from a company or government, most CDs are purchased through a bank or credit union. The only real risk with CDs is the possibility that inflation will grow faster than your money, thus diminishing your returns over time.

Bonds and CDs help round out diverse portfolios. Stocks have provided the highest average rate of return among investment types for decades, according to the U. Security and Exchange Commission. The stock market is complex and constantly changing. It takes time and research to make money and manage risk. When you buy a stock, you are purchasing a small percentage of a company that should grow in value. But that growth is not guaranteed. You can take a hands-on approach to stock trading or you can invest your money with a robo-advisor.

Virtually all major brokerage firms offer this service, which invests your money for you. If you choose the hands-on approach, the first step is opening an investment account with a brokerage firm. You can also choose to buy individual stocks of a particular company. However, hand-picking stocks takes a great deal of time, effort and money.

The cost of individual stocks depends on the share price, which can range from a few dollars to a few thousand dollars per share. Some taxes are due only when you sell investments — stocks, for example — at a profit.

Other taxes are due when your investments pay you a distribution, also known as a dividend. Taxes are owed only when you sell those investments for a profit. This applies not only to stocks, but to most other investments, too, including profits from the sale of bonds, mutual funds and ETFs. Buying an investment at one price and selling it later at a higher price is known as capital gains. For tax purposes, the IRS splits capital gains into two categories: long-term and short-term.

Long-term capital gains receive more favorable tax treatment from the federal government than short-term gains made in a year or less. This is beneficial for tax purposes because capital losses can be used to reduce your capital gains tax. For tax purposes, dividends fall into two groups: qualified and nonqualified. Nonqualified dividends are sometimes called ordinary because they are taxed as ordinary income.

Qualified dividends are usually taxed at a lower rate. Dividend taxes are complex and include many exceptions, unusual scenarios and special rules. See IRS Publication for more detail, and consult a tax professional with further questions. In times of market uncertainty, more people are turning to annuities for added security in their retirement planning portfolio.

Annuities are highly customizable. Common types of annuities include fixed annuities, which provide a stable payout, or variable annuities, which fluctuate based on market changes. All annuities can be purchased with a single premium or multiple premiums. Insurance companies issuing annuities guarantee their payouts, much like a life insurance policy. You can get a contract that sets up distributions to pay out immediately, in several months or many years from now.

Instead of taxing the value of the entire annuity contract, the IRS taxes consumers only on the annual distribution. Anyone can buy an annuity, and there are many to choose from. However, these financial products often require a significant premium, which means that although annuities can be bulletproof retirement investments, they may not be ideal for beginning investors.

It is also smart to consider this option as you near retirement. Even the savviest investors started with limited knowledge. Consulting a financial planner or advisor is always a smart decision. Financial fiduciaries are paid through flat hourly rates instead of commission and are required to put your best interests first.

While financial planning services cost a little extra money, sound advice and peace of mind is priceless. A robo-advisor is an investment management service that uses algorithms to build and look after your financial portfolio. Betterment, Wealthfront and Ellevest are popular examples. These companies use computer models to determine the best portfolio mix for your unique needs based on your age, income and goals. When you open a robo-managed account, you usually supply basic information about your investment goals through an online questionnaire.

Using a robo-advisor can be a good move for beginner investors. They allow you to quickly manage your investments without consulting a financial advisor. Some programs can even sell certain assets at a loss to offset gains in other assets — a process called tax-loss harvesting — that can help reduce your tax bill.

Micro-investing apps, such as Acorns or Stash, are types of robo-advisors. These apps allow you to save and invest money in small amounts. By linking a credit or debit card, these apps round up purchases to the nearest dollar. Like robo-advisors, these apps invest your money into a portfolio of ETFs. Your investments are then diversified across thousands of stocks and bonds. Acorns also lets you choose a portfolio based on your risk tolerance.

While micro-investment apps are easy to use, returns are minimal. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines. Click here to sign up for our newsletter to learn more about financial literacy, investing and important consumer financial news.

If you're interested in buying an annuity, a representative will provide you with a free, no-obligation quote. SMS is committed to excellent customer service. The company can help you find the right insurance agent for your unique financial objectives.

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But if demand for Tesla's current production and delivery volume can't be sustained, incremental investment could be put on hold until the demand situation improves. Nikkei 's report also said that the Japanese company is suspending its planned investment in Tesla's under-construction Gigafactory in Shanghai.

Tesla downplayed the report. Tesla's new Model 3, which accounts for the bulk of the company's total deliveries, is by no means a flop. In addition, rising Model 3 production and deliveries last year meant that in terms of revenue, the vehicle was the best-selling passenger car in the U. While there's a chance that demand for Tesla's vehicles isn't as robust as management expected, a sequential decline in a single quarter -- particularly when deliveries are soaring on a year-over-year basis -- isn't a reason for investors to be too concerned.

But if quarterly deliveries can't resume growth sequentially in the coming quarters, investors and management -- may have to lower their expectations. Investing Best Accounts. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement. Retired: What Now? Personal Finance. The Ascent. About Us.

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Basics of Stock Market For Beginners Lecture 1 By CA Rachana Phadke Ranade

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How to get started investing in the stock market, our beginners' guide explains what and where to buy, and how much risk to take. Beginners have more investing options than ever: Robo-advisors, index funds and investment apps are just a few investments that are ideal for beginners. Want to invest like a pro? Learn the basics of investing from us and we'll have you on the road to investing in no time.