The WRAL Investigates team gave several items to an out-of-state cancer charity and found that they were sold in a thrift store with a small portion of the sale going to the cause.

The American Cancer Research Center and Foundation is based in Texas and distributes fliers in the Triangle, Pennsylvania and Florida, offering to pick up homeowners’ unwanted items and turn it into cash for a cause.

The foundation’s tax returns show it collects millions of dollars worth of goods each year. It then sells those goods to a thrift store and collects 9 percent of the retail price, meaning the foundation gets 90 cents on an item sold for $10.

Old clothes, toys and a small table were among several items the WRAL Investigates team donated to the foundation. Raleigh private eye Catherine Flowers helped track their path with the help of hidden GPS devices.

The GPS tracker showed the donation ended up at a Largo, Fla., thrift shop. Without a tracking device, it can be tough to follow charitable donations. The thrift store chain has stores in Pennsylvania and Florida, but doesnt have a website. Even finding a phone number was difficult.

]]> http://www.4-truckload.com/2012/05/wral-investigates-tracking-your-donated-goods/feed/ 0 http://www.4-truckload.com/2012/05/illinois-law-allows-sale-of-home-baked-goods-jams-jellies-at-farmers-markets/ http://www.4-truckload.com/2012/05/illinois-law-allows-sale-of-home-baked-goods-jams-jellies-at-farmers-markets/#comments Fri, 18 May 2012 01:12:17 +0000 Admin http://www.4-truckload.com/?p=2215 SUBMITTED PHOTO Vendors await customers at the Melting Pot Market in 2011. This year, vendors will be able to sell jams, jellies and baked goods because of a new state law.

(ARA) – A broken engagement can be a very painful and confusing experience. And in the fog of hurt feelings that accompany such a stressful moment, one question often arises: Should the engagement ring be returned?

With an estimated 15 to 20 percent of engagements broken off annually, its a question thats more common than you think.

The reason it comes up is that the laws surrounding broken engagements and engagement rings are not always clear, according to FindLaw.com, the nations leading website for free legal information. Laws regarding the return of engagement rings vary by state. Some states incorporate a fault-based approach, while other states do not. Some state laws look at an engagement ring as a gift, while others consider it a conditional gift dependent on a future event (a wedding) taking place.

Giving back an engagement ring is made even more complex by changing social and economic factors. More couples are living together before they get married, which often leads to the joint purchase of an engagement ring, as well as such assets as furniture and other household items. And because many engagement rings are purchased with a credit card or financed through the jewelry store, the giver could still be liable for paying off the purchase long after the engagement has been broken.

Engagement ring etiquette

According to The Knot, a wedding and relationships website, If the bride calls off the wedding and her ring was a gift from the groom, its appropriate for her to return it. If the groom calls it off, the bride may still want to return the ring because she doesnt want to be reminded of their failed engagement. If he was a real jerk though, we cant argue against taking it to a pawnshop.

If the ring is a family heirloom (grandmothers engagement ring), continues The Knot.com, it should be returned regardless of why the wedding was cancelled. If the couple bought it together, they need to decide what to do with it, as with any other joint purchase (perhaps they can take it to a pawnshop together and split the earnings).

Determining if its a gift

So was the engagement ring a gift or not? What happens if an engagement ring is given on Valentines Day or Christmas?

Some states use a no-fault, conditional gift approach to settling disagreements about whether an engagement ring should be returned. Others such as Montana classify the ring as an unconditional gift and award it to the receiver in the case of broken engagements.

What makes an engagement ring a gift? According to FindLaw.com, the law requires three elements for it, and most other items for that matter, to be considered a gift. Those elements are:

* The givers intent to give the item as a gift.

* The givers actual giving of the gift to the receiver.

* The receivers acceptance of the gift.

On the other hand, a conditional gift is one in which the giver provides the gift to the receiver with the expectation that a future event or action will take place. So, if the giver gives you the ring as he or she is proposing, and the receiver says, Yes, I will marry you, a condition has been established.

Heres the tricky part: Is it the engagement or marriage which is the condition? Courts have generally ruled that in the event of a broken engagement, marriage – not the engagement – is the condition that must be met.

Fault-based approach

Some courts treat the entire engagement process like a contract. Similar to a broken contract, a broken engagement means each party was unable to fulfill elements of the agreement, and each should be restored to their previous position. This would mean that the giver would be awarded the engagement ring in a broken engagement.

No-fault approach

Increasingly, more states are leaning toward a no-fault approach to broken engagements. In 1999, the Pennsylvania Supreme Court ruled the giver should always get the engagement ring back. Iowa, Kansas, New Jersey, New Mexico, New York and Wisconsin also have adopted this approach.

In a nutshell, under the no-fault approach, the courts dont care whos at fault for the broken engagement. If the engagement is broken, the giver gets the ring back, regardless of who broke off the engagement, or why. This is similar to the no-fault approach in divorce law, in which the courts attempt to avoid the bitter, nasty and private reasons that often go hand-in-hand with a break-up – reasons such as nothing in common, cant stand my future in-laws, pets dont get along, shes on Facebook all the time, or hes a slob.

To learn more about family law topics such as marriage and divorce, visit FindLaw.com.

MIAMI, May 08, 2012 (BUSINESS WIRE) –
Interval Leisure Group

/quotes/zigman/111763/quotes/nls/iilg IILG
-0.34%

(“ILG”) today announced results
for the three months ended March 31, 2012.

FIRST QUARTER 2012 HIGHLIGHTS

–
Earnings per share of $0.27 vs. $0.23 in the prior year.

–
ILG consolidated revenue increased by 8.3% year over year.

–
Membership and Exchange segment revenue increased 4.6%

–
Management and Rental segment revenue is up 25.7%. Excluding
pass-through revenue, Management and Rental segment revenue is up
39.3%.

–
Total active Interval Network members increased by 1.5%.

–
Average revenue per member increased by 4.4%.

–
Adjusted EBITDA increased by 7.8%.

–
Free cash flow was $34.5 million, an increase of $8.0 million or 30.3%.

“Interval Leisure Group started 2012 with success at every level. ILG’s
consolidated revenue increased by 8.3%, which was driven by an
improvement of 4.6% in Membership and Exchange and 25.7% in Management
and Rental. This incremental topline growth reflects a meaningful
contribution from Interval International’s new products and services,
strong results at Aston and Trading Places and the addition of Vacation
Resorts International, our most recent acquisition. Average revenue per
Interval Network member is at a five-year high, while Platinum
membership and Club Interval Gold products are being adopted by our
developer clients at an impressive rate,” said Craig M. Nash, Chairman,
President and Chief Executive Officer of Interval Leisure Group. “The
shared ownership industry is seeing signs of renewed optimism as new
capital returns to the market and the number of tours by prospective
buyers is increasing.”

Financial Summary & Operating Metrics (in millions, except per share
amounts and percentages)

Three Months Ended Quarter
March 31, Over Quarter
Change
Metrics 2012 2011
———————————————- —— ———- —————–
Revenue $126.7 $117.0 8.3%
Membership and Exchange revenue $100.9 $96.4 4.6%
Management and Rental revenue $25.8 $20.6 25.7%
Gross profit $83.9 $79.5 5.6%
Net income attributable to common stockholders $15.2 $13.2 15.4%
Diluted EPS $0.27 $0.23 17.4%
Adjusted EBITDA* $47.8 $44.4 7.8%
Balance sheet data March 31, 2012 December 31, 2011
———————————————- ——————- —————–
Cash and cash equivalents $179.9 $195.5
Debt $335.8 $340.1
Three Months Ended Quarter
March 31, Over Quarter
Change
Cash flow data 2012 2011
———————————————- —— ———- —————–
Net cash provided by operating activities $37.6 $29.4 27.9%
Free cash flow* $34.5 $26.5 30.3%
———————————————- —— ———- —————–

* "Adjusted EBITDA" and "Free cash flow" are non-GAAP measures as
defined by the Securities and Exchange Commission (the "SEC"). Please
see "Presentation of Financial Information," "Glossary of Terms" and
"Reconciliations of Non-GAAP Measures" below for an explanation of
non-GAAP measures used throughout this release.

DISCUSSION OF RESULTS

First Quarter 2012 Consolidated Operating Results

Consolidated revenue for the first quarter ended March 31, 2012 was
$126.7 million, an increase of 8.3% from $117.0 million for the first
quarter of 2011.

Net income for the three months ended March 31, 2012 was $15.2 million,
an increase of 15.4% from net income of $13.2 million for the same
period of 2011. The year over year increase in net income reflects a
$3.2 million increase in operating income resulting from higher gross
profit in the quarter, partly offset by unfavorable non-operating
foreign currency fluctuations of $1.3 million. First quarter 2012
diluted earnings per share was $0.27 compared to diluted earnings per
share of $0.23 for the same period of 2011.

Adjusted EBITDA (defined below) was $47.8 million for the quarter ended
March 31, 2012, compared to Adjusted EBITDA of $44.4 million for the
same period of 2011. Adjusted EBITDA for the quarter excludes the impact
of $3.1 million in non-cash compensation as well as other non-operating
expenses primarily consisting of a non-operating foreign currency
exchange net loss of $2.2 million.

Business Segment Results

Membership and Exchange

Membership and Exchange segment revenue for the three months ended March
31, 2012 was $100.9 million, an increase of 4.6% from the comparable
period in 2011.

For the first quarter of 2012, transaction revenue was $61.2 million, an
increase of 8.5%, and membership revenue of $32.6 million was consistent
with the same period in 2011.

Total active members at March 31, 2012 were approximately 1,845,000, an
increase of 1.5% from March 31, 2011. Average revenue per member for the
first quarter of 2012 was $52.32, an increase of 4.4% from the first
quarter of 2011. During the first quarter of 2012, Interval affiliated
25 vacation ownership resorts in domestic and international markets.

Membership and Exchange segment Adjusted EBITDA was $43.5 million in the
first quarter, an increase of 5.1% from the first quarter 2011.
Membership and Exchange segment Adjusted EBITDA reflects an improvement
in segment revenue and excludes $2.2 million of non-operating foreign
exchange net losses.

Management and Rental

Management and Rental segment revenue for the three months ended March
31, 2012, was $25.8 million, including $12.4 million of management fee
and rental revenue (defined below). Year-over-year, management fee and
rental revenue grew by 39.3%. The improvement was primarily driven by
management fee and rental revenue due to the acquisition of Vacation
Resorts International (VRI), increased revenue from Trading Places (TPI)
and improvement in revenue per available room ("RevPAR") at Aston. Aston
RevPAR for the quarter ended March 31, 2012 was $143.75 compared to
$126.25 for the same period in 2011, resulting from a 9.1% higher
average daily rate (ADR) and a 4.3% improvement in occupancy rates
during the quarter.

In the first quarter of 2012, Management and Rental segment Adjusted
EBITDA was $4.3 million, an increase of 46.1% from the prior year period.

Capital Resources and Liquidity

As of March 31, 2012, ILG's cash and cash equivalents totaled $179.9
million, compared to $195.5 million as of December 31, 2011. The
Company's total debt outstanding was $335.8 million, net of unamortized
bond discount, as of March 31, 2012. During the current quarter, the
Company made a $5.0 million voluntary prepayment of principal on its
term loan.

On or after September 1, 2012, we are able to redeem ILG's senior notes,
in whole or in part, at a redemption price equal to 100% of the
principal amount plus accrued and unpaid interest. Given the current
favorable interest rate environment, it is our intention to call and
refinance these senior notes. ILG is currently evaluating options with
respect to how and when to effectuate this transaction.

For the first quarter of 2012, ILG's capital expenditures totaled $3.1
million, or 2.5% of revenue, net cash provided by operating activities
was $37.6 million and free cash flow (defined below) was $34.5 million.
Total interest paid during the first quarter was $14.6 million.

PRESENTATION OF FINANCIAL INFORMATION

ILG management believes that the presentation of non-generally accepted
accounting principles (non-GAAP) financial measures, including, among
others, EBITDA, Adjusted EBITDA and free cash flow, serves to enhance
the understanding of ILG's performance. These non-GAAP financial
measures should be considered in addition to and not as substitutes for,
or superior to, measures of financial performance prepared in accordance
with generally accepted accounting principles (GAAP). In addition,
Adjusted EBITDA (with certain additional add-backs) is used to calculate
compliance with certain financial covenants in ILG's credit agreement.
Management believes that these non-GAAP measures improve the
transparency of our disclosures, provide meaningful presentations of our
results from our business operations excluding the impact of certain
items not related to our core business operations and improve the period
to period comparability of results from business operations. These
measures may also be useful in comparing our results to those of other
companies; however, our calculations may differ from the calculations of
these measures used by other companies. More information about the
non-GAAP financial measures, including reconciliations of GAAP results
to the non-GAAP measures, is available in the financial tables that
accompany this press release.

CONFERENCE CALL

ILG will host a conference call today at 4:30 p.m. Eastern Daylight Time
to discuss its results for the first quarter 2012, with access via the
Internet and telephone. Investors and analysts may participate in the
live conference call by dialing (866) 383-8003 (toll-free domestic) or
(617) 597-5330 (international); participant pass code: 69813700. Please
register at least 10 minutes before the conference call begins. A live
webcast of the conference call will be available on the Investor
Relations section of ILG's website at
www.iilg.com .
The replay can be accessed at (888) 286-8010 (toll-free domestic) or
(617) 801-6888 (international); pass code: 75838042. The webcast will be
archived on ILG's website for 90 days after the call.

ABOUT INTERVAL LEISURE GROUP

Interval Leisure Group (ILG) is a leading global provider of membership
and leisure services to the vacation industry. Headquartered in Miami,
Florida, ILG has more than 3,500 employees worldwide.

The company's primary business segment is Membership and Exchange, which
offers travel and leisure related products and services to about 2
million member families who are enrolled in various programs. Interval
International, the segment's principal business, has been a leader in
vacation ownership exchange since 1976. With offices in 15 countries, it
operates the Interval Network of approximately 2,700 resorts in more
than 75 nations. ILG delivers additional opportunities for vacation
ownership exchange through its Trading Places International (TPI) and
Preferred Residences networks.

ILG also has a Management and Rental business segment that includes
Aston Hotels & Resorts, Vacation Resorts International, and TPI. These
businesses provide hotel, condominium resort, timeshare resort, and
homeowners' association management, as well as rental services, to
travelers and owners at more than 200 vacation properties, resorts and
club locations throughout North America.

More information about the Company is available at
www.iilg.com .

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, relating to: our future financial performance, our business
prospects and strategy, anticipated financial position, liquidity and
capital needs and other similar matters. These forward-looking
statements are based on management's current expectations and
assumptions about future events, which are inherently subject to
uncertainties, risks and changes in circumstances that are difficult to
predict.

Actual results could differ materially from those contained in the
forward-looking statements included herein for a variety of reasons,
including, among others: adverse trends in economic conditions generally
or in the vacation ownership, vacation rental and travel industries;
adverse changes to, or interruptions in, relationships with third
parties; lack of available financing for, or insolvency or consolidation
of developers; decreased demand from prospective purchasers of vacation
interests; travel related health concerns; changes in our senior
management; regulatory changes; our ability to compete effectively and
successfully introduce new products and services; the effects of our
significant indebtedness and our compliance with the terms thereof;
adverse events or trends in key vacation destinations; business
interruptions in connection with our technology systems; ability of
managed homeowners associations to collect sufficient maintenance fees;
third parties not repaying advances or extensions of credit; loss of the
management contract for one of Aston's largest managed properties; and
our ability to expand successfully in international markets and manage
risks specific to international operations. Certain of these and other
risks and uncertainties are discussed in our filings with the SEC. Other
unknown or unpredictable factors that could also adversely affect our
business, financial condition and results of operations may arise from
time to time. In light of these risks and uncertainties, the
forward-looking statements discussed in this release may not prove to be
accurate. Accordingly, you should not place undue reliance on these
forward-looking statements, which only reflect the views of our
management as of the date of this press release. Except as required by
applicable law, ILG does not undertake to update these forward-looking
statements.

INTERVAL LEISURE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended
March 31,
---------------------------------
2012 2011
---------------- ----------------
Revenue $ 126,739 $ 116,983
Cost of sales 42,791 37,523
------- -------
Gross profit 83,948 79,460
Selling and marketing expense 13,773 13,832
General and administrative expense 25,426 24,315
Amortization expense of intangibles 7,043 6,813
Depreciation expense 3,306 3,290
------- -------
Operating income 34,400 31,210
Other income (expense):
Interest income 426 121
Interest expense (8,564) (8,966)
Other income (expense), net (2,473) (1,160)
------- - ------- -
Total other expense, net (10,611) (10,005)
------- - ------- -
Earnings before income taxes and noncontrolling interest 23,789 21,205
Income tax provision (8,560) (8,007)
------- - ------- -
Net income 15,229 13,198
Net loss attributable to noncontrolling interest (4) (3)
------- - ------- -
Net income attributable to common stockholders $ 15,225 $ 13,195
===== ======= ===== =======
Earnings per share attributable to common stockholders:
Basic $ 0.27 $ 0.23
Diluted $ 0.27 $ 0.23
Weighted average number of common stock outstanding:
Basic 56,089 57,188
Diluted 56,676 58,084
Dividends declared per share of common stock $ 0.10 $ -

INTERVAL LEISURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, 2012 December 31, 2011
------------------ ------------------
ASSETS
Cash and cash equivalents $ 179,885 $ 195,517
Deferred membership costs 12,484 12,461
Prepaid income taxes - 2,245
Other current assets 97,984 75,416
--------- --------
Total current assets 290,353 285,639
Goodwill and intangible assets, net 620,450 586,796
Deferred membership costs 13,736 13,331
Other non-current assets 99,465 90,556
--------- --------
TOTAL ASSETS $ 1,024,004 $ 976,322
======= ========= ======== ========
LIABILITIES AND EQUITY
LIABILITIES:
Accounts payable, trade $ 14,251 $ 11,905
Deferred revenue 110,572 91,214
Current portion of long-term debt 13,659 -
Other current liabilities 91,445 74,891
--------- --------
Total current liabilities 229,927 178,010
Long-term debt 322,131 340,113
Deferred revenue 120,208 119,772
Other long-term liabilities 88,710 89,323
Redeemable noncontrolling interest 424 419
TOTAL STOCKHOLDERS' EQUITY 262,604 248,685
--------- --------
TOTAL LIABILITIES AND EQUITY $ 1,024,004 $ 976,322
======= ========= ======== ========

INTERVAL LEISURE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended March 31,
---------------------------------
2012 2011
---------------- ----------------
Cash flows from operating activities:
Net income $ 15,229 $ 13,198
Adjustments to reconcile net income to net cash provided by
operating activities:
Amortization expense of intangibles 7,043 6,813
Amortization of debt issuance costs 424 472
Depreciation expense 3,306 3,290
Accretion of original issue discount 677 610
Non-cash compensation expense 3,077 3,046
Non-cash interest expense 109 12
Non-cash interest income (190) -
Deferred income taxes (526) 108
Excess tax benefits from stock-based awards (2,127) (1,218)
Gain on disposal of property and equipment (230) -
Changes in assets and liabilities 10,838 3,083
------- -------
Net cash provided by operating activities 37,630 29,414
Cash flows from investing activities:
Acquisition, net of cash acquired (39,963) -
Capital expenditures (3,107) (2,910)
Investment in financing receivables (9,480) -
1,318 -
Payments received on financing receivables
Proceeds from disposal of property and equipment 230 -
------- -------
Net cash used in investing activities (51,002) (2,910)
------- - ------- -
Cash flows from financing activities:
Principal payments on term loan (5,000) (5,000)
Other, net (1,067) (817)
------- - ------- -
Net cash used in financing activities (6,067) (5,817)
------- - ------- -
Effect of exchange rate changes on cash and cash equivalents 3,807 3,139
------- -------
Net increase (decrease) in cash and cash equivalents (15,632) 23,826
Cash and cash equivalents at beginning of period 195,517 180,502
------- -------
Cash and cash equivalents at end of period $ 179,885 $ 204,328
===== ======= ===== =======
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized $ 14,646 $ 14,823
Income taxes, net of refunds $ 1,165 $ 536
Other non-cash item:
Dividends declared and unpaid $ 5,849 $ -

OPERATING STATISTICS
Three Months Ended March 31,
---------------------------------------
2012 % Change 2011
-------------- ---------- -------------
Membership and Exchange
Total active members at end of period (000's) 1,845 1.5 % 1,818
Average revenue per member $ 52.32 4.4 % $ 50.13
Management and Rental
Available room nights (000's) 369 (1.9)% 376
RevPAR $ 143.75 13.9 % $ 126.25
ADDITIONAL DATA
Three Months Ended March 31,
---------------------------------------
2012 % Change 2011
-------------- ---------- -------------
(Dollars in thousands)
Membership and Exchange
Transaction revenue $ 61,151 8.5 % $ 56,377
Membership fee revenue 32,599 0.0 % 32,590
Ancillary member revenue 1,991 0.7 % 1,978
------- ---- ---- ------
Total member revenue 95,741 5.3 % 90,945
Other revenue 5,166 (5.8)% 5,483
------- ---- ---- ------
Total revenue $ 100,907 4.6 % $ 96,428
== ======= ==== ==== == ======
Management and Rental
Management fee and rental revenue $ 12,433 39.3 % $ 8,927
Pass-through revenue 13,399 15.2 % 11,628
------- ---- ---- ------
Total revenue $ 25,832 25.7 % $ 20,555
== ======= ==== ==== == ======
Management and Rental gross margin 31.6 % 14.5 % 27.6 %
Management and Rental gross margin without Pass-through Revenue 65.7 % 3.3 % 63.6 %

RECONCILIATIONS OF NON-GAAP MEASURES
Three Months Ended March 31,
-------------------------------------------------
2012 % Change 2011
--------------- --------------- -----------------
(Dollars in thousands)
Net cash provided by operating activities $ 37,630 27.9 % $ 29,414
Less: Capital expenditures (3,107) 6.8 % (2,910)
------ --- ------ --- ------ ----
Free cash flow $ 34,523 30.3 % $ 26,504
=== ====== ====== === ==== ======
Three Months Ended March 31,
---------------------------------------------------------------------------------------------------
2012 2011
------------------------------------------------- -------------------------------------------------
Membership Management Consolidated Membership Management Consolidated
and and and and
Exchange Rental Exchange Rental
------------ ------------ -------------- ------------ ------------ --------------
(Dollars in thousands)
Adjusted EBITDA $ 43,511 $ 4,315 $ 47,826 $ 41,405 $ 2,954 $ 44,359
Non-cash compensation expense (2,808) (269) (3,077) (2,760) (286) (3,046)
Other non-operating expense, net (2,324) (149) (2,473) (1,031) (129) (1,160)
------ --- ------ --- ------ ---- ------ --- ------ --- ------ ----
EBITDA 38,379 3,897 42,276 37,614 2,539 40,153
Amortization expense of intangibles (5,420) (1,623) (7,043) (5,424) (1,389) (6,813)
Depreciation expense (3,063) (243) (3,306) (3,027) (263) (3,290)
Less: Other non-operating expense, net 2,324 149 2,473 1,031 129 1,160
------ ------ ------ ------ ------ ------
Operating income $ 32,220 $ 2,180 34,400 $ 30,194 $ 1,016 31,210
=== ====== === ====== === ====== === ======
Interest income 426 121
Interest expense (8,564) (8,966)
Other non-operating expense, net (2,473) (1,160)
Income tax provision (8,560) (8,007)
------ ---- ------ ----
Net income 15,229 13,198
Net income attributable to noncontrolling interest (4) (3)
------ ---- ------ ----
Net income attributable to common stockholders $ 15,225 $ 13,195
==== ====== ==== ======

GLOSSARY OF TERMS

Ancillary Member Revenue - Other Interval Network member related
revenue including insurance and travel related services.

Available Room Nights - Number of nights available for rental by
Aston at managed vacation properties during the period, which excludes
all rooms under renovation.

Average Revenue per Member - Membership fee revenue, transaction
revenue and ancillary member revenue for the Interval Network for the
applicable period, divided by the monthly weighted average number of
Interval Network active members during the applicable period.

EBITDA - Net income excluding, if applicable: (1) interest income
and interest expense, (2) income taxes, (3) depreciation expense, and
(4) amortization expense of intangibles.

Adjusted EBITDA - EBITDA, excluding, if applicable: (1) non-cash
compensation expense, (2) goodwill and asset impairments and (3) other
non-operating income and expense. The Company's presentation of Adjusted
EBITDA may not be comparable to similarly-titled measures used by other
companies.

Free Cash Flow - Cash provided by operating activities less
capital expenditures.

Gross Lodging Revenue - Total room revenue collected from all
Aston-managed occupied rooms during the period.

Management Fee and Rental Revenue -- Represents revenue earned by
our Management and Rental segment exclusive of pass-through revenue.

Pass-through Revenue - Represents the compensation and other
employee-related costs directly associated with management of the
properties and homeowner associations that are included in both revenue
and cost of sales and that are passed on to the property owners and
homeowner associations without mark-up. Management believes presenting
gross margin without these expenses provides management and investors a
relevant period-over-period comparison.

RevPAR - Gross Lodging Revenue divided by Available Room Nights
during the period for Aston.

Total Active Members - Active members of the Interval Network as
of the end of the period. Active members are members in good standing
that have paid membership fees and any other applicable charges in full
as of the end of the period or are within the allowed grace period.

Transaction Revenue -- Interval Network transactional and service
fees paid primarily for exchanges, Getaways, and reservation servicing.

SOURCE: Interval Leisure Group

Interval Leisure Group
Investor Contact:
Jennifer Klein, Investor Relations, 305-925-7302
Jennifer.Klein@iilg.com
Or
Media Contact:
Christine Boesch, Corporate Communications, 305-925-7267
Chris.Boesch@intervalintl.com

Copyright Business Wire 2012

/quotes/zigman/111763/quotes/nls/iilg

Add to portfolio

IILG

Interval Leisure Group Inc.

US

: U.S.: Nasdaq

$
17.58

-0.06
-0.34%

Volume: 148,328
May 16, 2012 4:00p

P/E Ratio23.09
Dividend YieldN/A

Market Cap$997.12 million
Rev. per Employee$146,183

Financial Glossary

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My mother lost her mom when she was only seven; she had to learn how to be a mother, and contrary to most of her peers, she made a conscious decision to be a friend to her daughter. Mom is a quiet, reserved lady. She grew up in an era when women had few rights and they were expected to serve and obey their husbands. In spite of the social norms of her time, whenever my mother observed a man disrespecting a woman, even a little, she would take me aside and whisper — never let a man treat you like that. Her words are embedded in my soul. She gave me the self-confidence to walk away from all unhealthy relationships in my life.

Mom taught me about my body when I was a toddler, and about sex when I was seven — I had a box of Kotex in my closet by the time I was eight. She also created a space where she and I could discuss anything and everything, and believe me, I told her everything, even things that I know were hard for her to hear. I have been given the gift of a mother, who was courageous and vulnerable enough to become her daughters best friend, how could I do less for my daughter.

I raised Nicole as a single mother. Looking back, she and I overcame tremendous obstacles. We laughed a lot, cried a lot, often laughing and crying in the same moments. We argued daily and made lots of mistakes — but most of all we grew together and developed a deep, trusting friendship. Patterned after my mother and my relationship, we dared to defy the myth that mothers and daughters should not be friends. We broke down the façade and pretense that prevents the magical mother-daughter connection from blossoming into a loving, trusting, learning relationship — my definition of friendship.

My mother and my daughter Nicole expressed this sentiment in a writing project we are working on:

My Mother: I have heard and read that you cannot and should not be your childrens friend, you must be their parents. Why cant you be both? Why cant we be both parent and friend, setting boundaries and limits for their well-being and engage in real honest and open dialogues. I believe we cannot wait until our children are grown and suddenly decide we want to listen to them, be their friend, and grow with and from them. Growing together and growing close together is an ongoing process.

My Daughter, Nicole: Why cant mothers and daughters be friends? What law was ever written to say such a thing? As a single mother, my mom had two choices, well actually three. She could have taken on all the responsibility of our familys growth, left me blissfully ignorant, and then taken it out on me when things got too rough. (I have seen this occur even in two parent homes). Second, she could have pressured me to take on more responsibility for the family, which I would not have been prepared for and in turn would have resented her. Her third choice, the one she thankfully chose, was to be honest with me. This choice is possibly the hardest, because what boundaries should be set, if any, on this foreign idea of honesty with a daughter. My mother constantly kept me abreast of what was happening in her life, at work and even our financial situation. I was never in the dark. From this knowledge I was able to decide what responsibilities I should take on to help make our life and relationship work. I have learned from her mistakes and her triumphs. My mother is my best friend.

To see Nicole evolve into a compassionate, intelligent, confident woman, is the most beautiful gift a mother can be given. Nicole is fearless. She is not afraid to fail, nor is she afraid to soar high or go deep, in the pursuit of her dreams. I love who she has become and I am blessed that she is my best friend.

The mother-daughter relationship is a powerful energy connection. It is very complex, can be highly volatile, and is extremely delicate. It has the potential to create great beauty, love, and confidence. It also has the potential to do tremendous harm. In most mother-daughter relationships, it does both. Unfortunately most of our cultural conditioning has led us mothers to resist telling our daughters the truth about our past — the good, the bad and the ugly. This has often times resulted in our daughters feeling isolated, afraid, shameful and confused about the life decisions they make. They often feel alienated from us, frustrated with us, and even resentful. We mothers often feel unappreciated, disrespected and also resentful. Most importantly this relationship may be the greatest contributor to the questioning of self-worth for both mothers and daughters.

Mothers are powerful! We enable or block our daughters potential to contribute as mothers, daughters, sisters, wives, leaders and as individuals. Daughters are powerful, and if we are open and wise enough to learn from our daughters, our lives will be greatly enriched. I believe the ripple effect of the mother-daughter relationship has an incalculable impact on girls and women — and ultimately shapes how the world relates to women and girls. Through our actions and words we teach men and society how to treat us.

On the deepest and broadest level, I believe the mother-daughter relationship profoundly shapes our world. A womans self-worth and self-confidence determines her ability to participate and contribute to the development of our families, organizations and communities. Ultimately, I believe the mother-daughter relationship is at the heart of how the world community unfolds. She/we are that powerful!

We are in a new era where we have the opportunity to relinquish the unhealthy norms, attitudes and behaviors that have shackled women in most cultures in our world. It is time we evolve. We now have the conditions in society conducive for creating a brand new positive future. I believe mother-daughter relationships are at the heart of liberating women to help make our world a better and more nurturing place for all.

LONDON — They kept in touch, she said on Friday, by telephone, text message and e-mail. They met at lunches and dinners. They socialized at cocktail parties, birthday parties, summer outings, Christmas celebrations and, in one heady instance, on a yacht in Greece.

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Rebekah Brooks testified before the Leveson Inquiry.

So chummy were the relations between Britain’s political leaders and Rebekah Brooks, a former chief executive of Rupert Murdoch’s British newspaper subsidiary, that at one point Ms. Brooks found herself cheekily lecturing a future prime minister, David Cameron, about how to avoid humiliating himself by text message, she said.

“Occasionally he would sign them LOL — ‘lots of love,’ ” Ms. Brooks told the Leveson Inquiry on media ethics and practices, speaking of Mr. Cameron’s text messages to her when he was the leader of the opposition, “until I told him it meant ‘laugh out loud.’ Then he didn’t use that anymore.”

Ms. Brooks had been summoned to the inquiry to speak to its current focus: the relationship between politicians and the news media in Britain. The picture she painted was one of seemingly unfettered access for her and, implicitly, for her boss, Mr. Murdoch.

By her account, when political leaders were not arranging birthday parties for her or meeting her for cozy private dinners or sending her notes or attending her wedding, she was picking up the phone to chat with them — or sometimes to cajole or strong-arm them into seeing things her way.

But even as she described all that, Ms. Brooks repeatedly declared that they did not have to listen to her if they did not want to, and that the British news media did not exert any special influence over politicians. When Robert Jay, the counsel for the inquiry, put it to her that media executives and editors were “unelected forces” influencing policy by exercising power over governments, Ms. Brooks said she disagreed.

“Your power is your readership,” she said. “It’s not an individual power. It’s a readership power.” And, she said, “every day, the readers can unelect us” by deciding not to buy the paper.

Ms. Brooks, 43, has become a central figure in the phone hacking scandal that has swept through News Corporation, Mr. Murdoch’s company, and the upper echelons of Britain’s political and law enforcement elite. A Murdoch confidante and favorite, she worked as editor of The News of the World, the paper at the center of the scandal, and of The Sun, another Murdoch tabloid, before being appointed chief executive of News International, the British newspaper subsidiary, in 2009.

She resigned last summer, as the scandal took hold and the Murdochs closed The News of the World, and she is the subject of a criminal investigation into the matter. But at the time, even as some public figures were openly fulminating against News International, they were privately sending her messages of support, either directly or indirectly, she said.

These included “No. 10, No. 11, Home Office, Foreign Office,” Ms. Brooks said, referring to Nos. 10 and 11 Downing Street, home to the prime minister and the chancellor of the Exchequer. She also got a sympathetic message from Tony Blair, the former Labour prime minister, she said.

Shortly afterward, Ms. Brooks was arrested on suspicion of phone hacking and bribing public officials to get stories. Months after being released, she was arrested again, on suspicion of obstructing justice. She has not been formally charged and has consistently denied knowing that phone hacking and other malfeasance were occurring at The News of the World.

In contrast to Andy Coulson, the former News of the World editor and government spokesman, who remained guarded and terse throughout his testimony on Thursday, Ms. Brooks presented herself as eager to be helpful, at least on the surface. Sparring respectfully with Mr. Jay, the inquiry’s counsel, she was alternately serious, playful, indignant and lecturing. She remembered some conversations and events clearly; at other times, her recollection of episodes important to her questioners had somewhat conspicuously lapsed.

Because of the continuing criminal investigation, Ms. Brooks could not discuss phone hacking or other legal issues, but stuck to the broader questions on hand. At every step, she identified herself merely as a journalist doing her job.

Yes, she said, she did informally lobby the government about News Corporation’s bid to take over the 61 percent of British Sky Broadcasting, or BSkyB, the British satellite television broadcaster, that it did not already own. At a dinner at her house on Dec. 23, 2010, Ms. Brooks said, she raised the issue in a “not particularly forceful” way with one of the guests, Prime Minister Cameron. Another guest was her boss James Murdoch, Rupert Murdoch’s son and the architect of the BSkyB bid, which has since collapsed.

“For one three-minute conversation at the beginning of dinner, I got the opportunity to air our view,” she said. “I don’t think that is inappropriate.”

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Alan Cowell contributed reporting.

Ive never forgotten Davids words that day and I believe he was right — in the end, the only thing that really matters is relationships. Your relationship with God and your relationship with others is all that will define you in this life and in the life to come.

One time Jesus was asked by a lawyer, Which is the greatest commandment in the law? You could ask the lawyers question like this, Of all that God has told His people, what did He say was the most important?

Jesus response was simply, relationships. He said more fully, You shall love the Lord your God with all your heart and with all your soul and with all your mind. This is the great and first commandment. And a second is like it: You shall love your neighbor as yourself.

So Jesus says it is all about your relationship with God and your relationship with others. Immediately after saying that He said this, On these two commandments depend all the Law and the Prophets.

In other words, everything God has ever spoken to us about life depends on our relationship with God and our relationships with others. Or, like my fraternity pledge trainer told me when I was 18 years old, You can sum up life in one word — relationships.

God made you for relationships. In fact, when we are not in relationships we are not fulfilling Gods purpose for our lives. I believe everyone learns this in one way or another.

Many of you might have seen the movie, Into the Wild, the story of a young college graduate in pursuit of happiness. His pursuit of seeing some of the most glorious wonders of our world eventually lead him to this truth about relationships, but only when it was too late and he was all alone and dying in the Alaskan wilderness.

Some of Christopher McCandless last words were, Happiness is only real when shared.

God knew this from the very beginning. One of the most shocking verses in all the Scripture is Genesis 2:18. We read in Genesis the account of God creating the whole world and creating it good. After each day of creation, God considers the things that He has made and day after day we read the same three words, It was good.

In the beginning, everything was good; the world would only become corrupt when man sinned, the account of which we read in Genesis 3. But before Genesis 3, back in Genesis 2:18, we see these shocking words in a world without sin: It is not good that the man should be alone.

We were built, made, designed by God for relationships, for community, to know and to be known.

So here is the great question: Do you know, and are you known? I mean, really known: Have you really laid bare your soul with another person? God has called us to real relationships without any fear or shame.

Another really interesting verse in Genesis comes just a few verses later in chapter 3 right after Adam and Eve eat of the forbidden fruit and sin against God. After the sin, God comes looking for Adam and Eve and calls out to them, Where are you? In verse 10, Adam responds, I heard the sound of you in the garden, and I was afraid, because I was naked, and I hid myself.

Then in verse 11 comes one of the most interesting verses in all of Scripture. God responds, Who told you that you were naked? — implying that Adam and Eve had been living with each other in the garden for perhaps years (we dont really know) and in all of that time they were unaware of their own nakedness.

Suddenly sin enters into the world and for the first time ever humankind feels fear and shame, and the man and the woman feel compelled to cover and hide themselves, enclosing who they really were.

Sin is the great enemy of relationships because it brings about fear and shame. If you are afraid and if you are full of shame, you will never really have relationships. You will never know and be known, and therefore, you will never live out the life that you were designed for, you will never fulfill Gods great purpose for your life.

God made you and He made me for real, full, intimate relationships with one another, and until you are able to move past your fears and your shames, you will never find that kind of community that you were designed for.

Jason Dees is senior pastor at First Baptist Church of Covington. He can be reached at 770-786-9031 or www.firstbaptistcovington.com or www.facebook.com/jasondees.