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Parent company of Chittenden Bank reports earnings of $25 million or $0.07 per share

first_imgPeople’s United Bank,People’s United Financial, Inc (Nasdaq: PBCT) today announced net income of $24.9 million, or $0.07 per share, for the fourth quarter of 2009, compared to $26.8 million, or $0.08 per share, for the third quarter of 2009, and $33.7 million, or $0.10 per share, for the fourth quarter of 2008.  Fourth quarter 2009 earnings reflect a 3.19 percent net interest margin, unchanged from the third quarter of 2009, despite continued pressure associated with the historically low interest rate environment and the company’s asset sensitive balance sheet, and a modest increase in non-interest expenses.  For the year ended December 31, 2009, net income totaled $101.2 million, or $0.30 per share, compared to $137.8 million, or $0.42 per share, for 2008. People’s is the parent company of Chittenden Bank.Included in fourth quarter 2009 results are system conversion and merger-related expenses totaling $4.5 million (included in non-interest expense).  After taxes, these expenses reduced 2009 fourth quarter net income by $3.1 million, or $0.01 per share.  Excluding the effect of these expenses, net income would have been $28.0 million, or $0.08 per share, for the fourth quarter of 2009.The Board of Directors of People’s United Financial declared a $0.1525 per share quarterly dividend, payable February 15, 2010 to shareholders of record on February 1, 2010.  Based on the closing stock price on January 20, 2010, the dividend yield on People’s United Financial common stock is 3.7 percent.”Our pending acquisition of Financial Federal reflects our strategic focus on expansion through opportunistic acquisitions,” stated Philip R. Sherringham, President and Chief Executive Officer.  “At the same time, we remain committed to organic growth throughout our franchise.  Our performance during 2009 reflects continued growth in our core loan portfolios as well as deposits in spite of a clearly very challenging economic environment.  Year-over-year core commercial and home equity lending portfolios increased five percent and deposits grew eight percent.  In addition, the pillars of our financial position strong asset quality and prudent management of our excess capital have served us well in these challenging times.”Sherringham added, “We feel our asset quality has held up very well on both a relative and absolute basis through the recent recessionary cycle and continue to believe that most of the bad news is substantially behind us.  The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet remains funded almost entirely by deposits and stockholders’ equity, continue to set us apart from most in the industry.””On an operating basis, excluding system conversion and merger-related costs, earnings were $28 million, or 8 cents per share this quarter,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer.  “Significant drivers of the company’s performance this quarter were a stable net interest margin, modest loan growth across our strategic lending businesses, and lower net loan charge-offs.  In spite of a 19 basis point reduction in our cost of deposits, the net interest margin was unchanged from the third quarter due to the combined effects of a 15 basis point decline in the yield on average earning assets and a 6 percent annualized increase in average deposits.”Commenting on asset quality, Burner stated, “Non-performing loans decreased $7 million this quarter, a further sign of what we believe is stabilization across the loan portfolio.  Our continued modest level of net loan charge-offs in this current economic environment remains a testament to our disciplined underwriting standards.”Fourth quarter net loan charge-offs totaled $13.6 million compared to $16.0 million in the third quarter of 2009.  Net loan charge-offs as a percent of average loans on an annualized basis were 0.38 percent in the fourth quarter of 2009 compared to 0.44 percent in this year’s third quarter.  For the full year, net loan charge-offs as a percent of average loans were 0.29 percent compared to 0.10 percent in 2008.  The level of the allowance for loan losses is unchanged from September 30, 2009.At December 31, 2009, non-performing loans totaled $168.8 million and the ratio of non-performing loans to total loans was 1.19 percent, compared to $175.7 million and 1.23 percent, respectively, at September 30, 2009.  Non-performing assets totaled $205.6 million at December 31, 2009, a $12.9 million increase from September 30, 2009.  Non-performing assets equaled 1.44 percent of total loans, REO and repossessed assets at December 31, 2009 compared to 1.35 percent at September 30, 2009.  At December 31, 2009, the allowance for loan losses as a percentage of total loans was 1.21 percent and as a percentage of non-performing loans was 102 percent, compared to 1.21 percent and 98 percent, respectively, at September 30, 2009.For the fourth quarter of 2009, return on average tangible assets was 0.51 percent and return on average tangible stockholders’ equity was 2.8 percent, compared to 0.55 percent and 3.0 percent, respectively, for the third quarter of 2009.  At December 31, 2009, People’s United Financial’s tangible equity ratio stood at 18.2 percent.Conference CallOn January 22, 2010, at 11 a.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement. The call may be heard through www.peoples.com(link is external) by selecting “Investor Relations” in the “About People’s” section on the home page, and then selecting “Conference Calls” in the “News and Events” section. Additional materials relating to the call may also be accessed at People’s United Bank’s web site. The call will be archived on the web site and available for approximately 90 days.Selected Financial TermsIn addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, and tangible book value per share.  Management believes these non-GAAP financial measures provide information useful to investors in understanding People’s United Financial’s underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts.  Further, the efficiency ratio is used by management in its assessment of financial performance specifically as it relates to non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of People’s United Financial’s capital position.The efficiency ratio, which represents an approximate measure of the cost required by People’s United Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of acquisition-related intangibles and fair value adjustments, losses on real estate assets and nonrecurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of assets, other than residential mortgage loans, and nonrecurring income) (the denominator).  People’s United Financial generally considers an item of income or expense to be nonrecurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangibles) (the denominator).  Tangible book value per share is calculated by dividing tangible stockholders’ equity by common shares outstanding (total common shares issued, less common shares classified as treasury shares and unallocated ESOP common shares).Source: BRIDGEPORT, Conn., Jan. 21, 2010 /PRNewswire-FirstCall/ —last_img read more

Kortney Challenge 2-Mile Run/Walk Scheduled for Aug. 11

first_imgOCEANPORT – The Kort­ney Rose Foundation (KRF) will hosts its 8th annual Kortney’s Challenge Two Mile Fun Run/ Walk on Sunday, Aug. 11, at Monmouth Park Racetrack. The event will be held rain or shine.The foundation’s signature family event, sponsored by Les Friedland Associates, LTD. and Monmouth Park, raises funds for research and treatment of pediatric brain tumors, the leading cause of cancer-related deaths in children 20 and under.Kortney’s Challenge is a fun day for the whole family. In addition to the race, there are free kids’ activities, including crafts, pony rides, face painting, bouncer and more. All children will receive a medal, and all participants receive a free goody bag full of donated items. Prizes will be awarded to the top three girl- and boy-finishers (age 12 and younger) and the top three men and women (age 13 and older).Race-day registration and T-shirt and bag pick up begin at 8:30 a.m. There will be a Dance Plus Performance Team Exhibi­tion at 9 a.m. The race starts at 10 a.m.After the race, participants can join in for a day at the races in a KRF-designated picnic area in conjunction with the Ocean­port Police­men’s Benevolent Associ­ation. Kids under 12 are free, and picnic tickets for participants of Kortney’s Chal­lenge are only $20 for food, beverage, race program and a full day of horse races. Sup­porters 12 and older who not participating in the race can purchase tickets for $25.Additional information, tickets and links to preregistration are available at www.thekortneyrosefoundation.org. Also avail­able for download are entry forms for mail-in registration and pledge forms. Runners who pre-register will save $5 and be guaranteed a T-shirt.In addition to raising money for the foundation’s mission, all of the miles walked by participants in Kortney’s Challenge will be donated to The Inter­national Brain Tumor Alliance’s (IBTA) Walk Around the World for Brain Tumors, a London-based alliance supporting brain tumor advocacy groups www.ibta.org.“Every year we’ve welcomed more families to this rewarding event at a superb venue,” said Kristen Gillette, Kortney’s mom and the KRF president. “With the number of new cases of pediatric brain tumors in 2013 estimated at 12.8 per day, support from our extended community is more crucial than ever.”Kortney Rose Gillette was a vivacious 9-year-old girl with a winning smile and unparalleled zest for life. She loved playing with friends and animals and enjoyed school at Wolf Hill Elementary School in Ocean­port. This didn’t change even after her diagnosis of a terminal brainstem glioma. On April 27, 2006, four months after her diagnosis, Kortney lost her brave battle with this pediatric brain cancer.To celebrate Kortney’s love of life, the inaugural “Kortney’s Challenge was held in Septem­ber 2006. More than 500 people participated and helped to raise money that was used to build Kortney’s Playground at Wolf Hill Elementary School where Kortney was a third grader. In 2007, The Kortney Rose Foun­dation (KRF) was incorporated as a 501(c)(3)to raise money for pediatric brain cancer research and awareness. The foundation has donated more than $600,000 in the past six years, to the pediatric brain tumor research program at the No. 1 children’s hospital in the nation, the Chil­dren’s Hospital of Philadel­phia (CHOP). Dona­tions from KRF are used in CHOP’s world class Childhood Brain Tumor Tissue Consort­ium which collects bio specimens reflecting the molecular diversity of all pediatric brain tumors and in the Large-Scale Genomics Pro­ject that hunts down the genes behind brain tumors with the goals of using this gene knowledge to guide therapy, devise new tests and treatments.The Two River Times™ is a sponsor of the The Kortney Rose Foundation’s 8th annual Kortney’s Challenge Two Mile Fun Run/Walk.last_img read more

Intensive Senate Grilling Awaits CBL Governors, TEMT Today

first_imgCBL Acting Governor, Nathaniel Patray-Date may be announced to commence Ja’neh’s impeachment trialThe Executive Governor of the Central Bank of Liberia, Nathaniel Patray, Deputy Governors and other members of the Technical Economic Management Team are scheduled to make a full appearance today before plenary of the Liberian Senate.The TEMT, headed by Minister of Finance and Development Planning Samuel Tweah, appeared before the Senate last Tuesday to brief that body on the state of the economy, but the absence of the CBL executive governor and his deputy governors prompted the need to reschedule the entire team to appear.During that opening marathon hearing that included the Minister of Commerce Wilson Tarpeh, Liberia Revenue Authority Commissioner General Thomas Doe Nah and Economic Advisor Charles Bright, senators’ emphasis was more on the monetary aspect of the economy, especially the alleged missing L$16 billion Liberian dollars, authorization for its printing, and the government’s infusion of US$25 million stimulus package intended to stabilize the depreciation of the local currency.Minister Tweah, during last week’s hearing, maintained his earlier statements that LD$16 billion did not go missing, but clarified that investigation is likely to prove that indeed money was missing but significantly lower than what is currently debated.The CBL boss, Nathaniel Patray, at the height of the missing billions saga, called a press briefing that was void of questions and answers and said that the Bank “was in receipt of” its printing agency all monetary transactions negotiated and that the so-called missing money was in the vault of the CBL.Meanwhile, sources within the leadership of the Senate have told the Daily Observer that issues centering on the date for commencement of the impeachment trial for Supreme Court Justice Kabineh Ja’neh may be agreed on and announced during today’s sitting.If the impeachment trial starts before the end of the month, there are speculations by legal analysts that the trial may go on into December, or immediately after the return of lawmakers to the Capitol in January.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Another suspect arraigned with murder of America Street money-changer

first_imgKacey Heliger of Lot 42 Shell Road Kitty was on Thursday remanded to prison when he appeared before Chief Magistrate Ann McLennan charged with the murder of money- changer Sean Nurse, who was gunned down along America Street in February last.The 25-year-old Heliger was not required to plead to the indictable charge, which stated that on February 4, 2018, while in the vicinity of America Street and Avenue of the Republic, and being armed with a firearm, he murdered money-changerkacey HeylegerSean Nurse, also called ‘Fabulous’.Police Prosecutor Gordon Mansfield told the court that investigations into this matter have been completed and the file is completed.Two other men, Kerwin DaSantos and George Hope, both 22 years old, have also been charged with this murder.The well-known money-changer, of Lot 33 Shopping Plaza, South Ruimveldt, Georgetown, was sitting in a chair at the corner of Avenue of the Republic and America Street when he was approached by a man armed with a handgun.The man demanded that Nurse hand over a bag containing an undisclosed sum of local and foreign currencies. Nurse resisted, and in retaliation, the bandit pulled the trigger, shooting him once to his head. Nurse collapsed, and died almost immediately.The Police retrieved a spent 9mm shell at the scene, and questioned several persons, who gave a description of the shooter. At the time of the shooting incident, the suspect was reportedly clad in a red hoodie and a pair of brown trousers.Heliger will make his next court appearance on May 21.last_img read more

Newcastle saviour Cisse defied medics to play, admits Pardew

first_imgAlan Pardew admitted Papiss Cisse should not have been playing after he grabbed a late brace to earn Newcastle a 2-2 draw against Hull and potentially save his manager’s job.Cisse had been out injured since March, but with the Toon Army trailing the Tigers 2-0 in a hostile atmosphere at St James’ Park, Pardew threw on the 29-year-old and watched as the striker scored twice.And the Magpies boss said following the game: “He really shouldn’t be on the pitch, which is a real tribute to my staff to get him in condition because he’s only trained for four days.“At this level that’s remarkable. We’re really pleased to have him back. My medical staff didn’t agree that he should be included today.“But when you are experienced – myself and [assistant manager] John [Carver] looked at each other on Thursday, I think it was, and your eye tells you sometimes that the player is fresh, he’s bright.“Of course he’s not ready for 90 minutes, but he knows how to carry the jersey.”Coming into the game there were fierce protests against Pardew and owner Mike Ashley expected, though for the majority of the match the Newcastle fans did their best to get behind the team.And the Toon Army boss was grateful there was not as much of a poisonous atmosphere as had been predicted by many.“I want to say thank you to all the fans today who sat neutral because there was meant to be a huge protest,” Pardew added.“I know there was a lot of negativity but most of our fans respected the performance and I thank them for that. I thought they were magnificent. In today’s society with Facebook and Twitter you get some real radical people and it makes it very difficult for people like us trying to create an atmosphere in the stadium.“It’s difficult for my media staff and it’s difficult for me. We don’t quite know what to say and there’s been some reporting which, quite frankly, has been outrageous. But we accepted all of that and after the performance at Southampton you have to.“I said to the players, ‘there’s no point whingeing about it because we didn’t deliver’. For this football club that performance wasn’t right and I was never going to walk out on this football club on the back of that performance.“I’m very proud to be the manager here. I don’t have an arrogance and ego about me that I think I can just sit out and I’m waiting for whatever. I love managing the football team, I respect it and I try to do a respectful job.“I’m very pleased for the players today because they were the stars, they were brilliant. What a performance.“When you really analyse that performance it was two wonder goals from Hull and we still wouldn’t lay down.”last_img read more

NHL All-Star Game 2019: Your guide to all the hockey fun in San Jose

first_imgCLICK HERE if you are having trouble viewing these photos on a mobile device.The greatest hockey players in the world are heading to the Shark Tank, set to compete in the NHL All-Star Game on Jan. 26 at San Jose’s SAP Center. But All-Star Weekend is about more than just the game — although the allure of the game, with its high-octane athletes and pop star entertainment, is undeniable. But there are other activities going on as well, from the 2019 NHL Fan Fair, which runs Jan. 24-27, to the …last_img

A’s name Sean Manaea to start over Mike Fiers in wild-card game

first_imgSurgery to his throwing shoulder first derailed Manaea’s breakout 2018 season — replete with budding potential decorated by a no-hitter against the Boston … OAKLAND — At times, Sean Manaea wasn’t sure when he’d don green and gold again, how long he’d have to wait to take the mound again.But, this month, Manaea’s gone from a tentative rotation return to the team’s chosen starter with the A’s entire season and postseason on the line.Yes, Manaea will start Wednesday’s wild card game.last_img

Celebrating African growth and unity

first_imgThe Africa Institute of South Africa hostedthe Africa Day celebrations at the NationalCultural History Museum in Pretoria on25 May 2011. Lindiwe Ngcobo of the IMC spoke aboutthe importance of positioning Brand Africainternationally in order to attract investors. Traditional dancers from Nigeriaentertained audiences with theirbest moves(Images: Nosimilo Ramela)MEDIA CONTACTS• Makgwathane MothapoAfrica Institute of South Africa+27 12 304 9729Nosimilo RamelaSouth Africa celebrated Africa Day on 25 May 2011 with a vibrant line-up at the National Cultural History Museum in Pretoria. Focus areas of this year’s festivities included progress on the continent over the past 48 years and empowering the nation’s youngsters for a more sustainable future.The event was hosted by the Africa Institute of South Africa in partnership with the International Marketing Council (IMC) of South Africa, the Department of Science and Technology, Ditsong Museums of South Africa, the Institute for Economic Research on Innovation, Tshwane University of Technology and the National Research Foundation.The theme for this year’s event was Accelerating Youth Empowerment for Sustainable Development. Speakers at the proceedings emphasised the need for African countries to share skills and empower their young people to see greater development on the continent.The IMC’s Lindiwe Ngcobo said: “Education is a strong reputation-driver: not just for South Africa, but for Africa as a continent.”With South Africa now part of the Brics economic bloc, the spotlight is on Africa to represent itself on a global scale, she added. “Our commitment to youth development will form part of how we are judged by other nations as potentials for investment.”Ngcobo said it was important for the continent to shape its image and to set an agenda that will drive its reputation and competitiveness.“We need to showcase not only South Africa as a dream destination for tourism, culture, trade and investment, but also highlight the pertinence of positioning Brand Africa to the rest of the world.”Tapping into Africa’s potentialAfrica Day is held every year to commemorate the formation of the Organisation of African Unity in 1963. The organisation, now known as the African Union, was founded by leaders of 30 of the 32 independent African states who signed a founding charter in Ethiopia’s capital city of Addis Ababa.Nicasius Achu, a researcher at the Africa Institute of South Africa, said his organisation decided to host the event to showcase different African cultures.“We don’t know our potential as African countries. We should expose ourselves to our different countries and find out what resources we have and how we can help each other, and encourage inter-country trade.”He said Africa Day should be a day for Africans to reflect and think about how they can enhance and develop the continent. “It’s a day for us to consider how we can make Africa more attractive, how we can promote our continent to the world.”Cultural kaleidoscopeThe 25 May event was packed with vibrant art, music, dance, craft and literature emanating from different countries on the continent.The Ethiopian embassy handed out samples of the country’s best foods, teas and coffee, while the Nigerian embassy also had a food-tasting session with its top delicacies on offer.Botswana’s Galefele Thedi said she believes Africa Day should be a day when Africans celebrate all their unique cultures being united under one continent.Uniting and growing the continent“We should use this day to show solidarity as the African continent,” said Khaled Aberra, first secretary for the embassy of Eritrea. “We should use this opportunity to enhance our relationships so we can form stronger bonds and try to face the challenges some of our neighbours are struggling with.”Dr Mohamed Badr Eldin Moslafa Zayed from the Egyptian embassy added: “We need to believe in ourselves as an African continent. We should trade with each other more and get to know each other more and unite as the people of Africa.”South Africa’s Pumla Ntsele said for her, Africa Day is a day to celebrate being African. “Coming from a major city like Johannesburg, I celebrate the growth of the continent. Johannesburg is one of the major African cities leading African development.”In closing, CEO of the Ditsong Museums Makgolo Makgolo encouraged everyone to take time to learn more about Africa and the different countries’ history and cultures.“There is no better place for the celebration of Africa Day than here at the National Cultural History Museum. If you want to know about people, go to a museum,” he said.last_img read more

Finding Health and Good Habits with Geocaching

first_imgEarlier this month we received an email from a geocacher named Karen. In her email, she described how geocaching has completely turned her and her husband’s lives around with more exercise, lower blood pressure and a slimmer waist line. Then, her husband, Mike, sent an email to elaborate on their story. We love reading stories like this and can’t help but share it with Karen and Mike’s permission and an ear-to-ear smile across our faces.After retiring, Karen and Mike found themselves with a few bad habits: eating more and being less active than in previous years. That is, until a local outing for retired and active police officers. This is where it all began to change for Mike and Karen. “…Officer Sean Sullivan was present at this one. At the end of our dinner, he showed me a key ring of “path-tags”. They, of course, looked cool and he told me he has collected them “Geocaching”. I didn’t know what he was talking about. He explained the whole process to me that evening, and I was intrigued,” said Mike.Mike and Alex on the hunt.Later, Mike dug out his older GPS device he had used for boating. Admittedly, he hadn’t learned to use it properly, but spent a few days reading the manual and getting the basics down. From there, Mike and Karen created a Geocaching account as NHBucket and set out for their very first geocache. “We ventured out and found my first cache (Rhoades Cemetary Pt 2, Alexandria, NH)….in thigh-high deep snow. I was hooked, right then and there,” Mike wrote.Since they earned their first smiley, Karen says, “We have gone geocaching in New Hampshire in Andover, Franklin, Tilton, Laconia, Lochmere, and Belmont. We took a vacation last week in Maine and spent every day geocaching.” During that vacation in Maine, the couple found 47 geocaches. And they’ve begun to see the benefits, too. “Mike and I are both benefiting from geocaching because it makes exercising fun. Before we know it, we have walked 6 – 10 miles a day. Mike is also seeing his diabetes come under control with his numbers dropping,” said Karen. Mike added, “In the couple months since, I’ve lost 20 pounds, I eat less, have reduced my [blood pressure] & [blood sugar] levels overall, and just plain feel better about myself.”Mike and Karen have shared the geocaching love with others, as well. “I’ve taken my wife, my 16-year-old son, and my 8-year-old grandson out geocaching. I’ve also introduced my brother Chris, and his wife, Carla to geocaching…Now, she (Car-Crazy) is hooked with the GC Bug worse than me. AND, she “hooked” her father (Yogi1940),” said Mike.Thanks Mike and Karen for sharing your story with your fellow geocachers. If you have any inspirational stories about how geocaching has changed yours or someone you know’s life for the better, share it in comments below. Happy geocaching!Share with your Friends:More SharePrint RelatedWrite a Comment – Nominees for the February Geocacher of the MonthMarch 19, 2014In “Community”Featured Geocacher of the Month Award WinnersAugust 25, 2011In “Community”Geocaching Connects Son to Father Lost in World War IINovember 10, 2011In “Geocaching.com Souvenirs”last_img read more

Is Samsung Building Amazon’s Tablet?

first_imgRelated Posts sarah perez Top Reasons to Go With Managed WordPress Hosting Tags:#Amazon#web According to Peter Rojas, former co-founer of Engadget and now co-founder of gdgt, the highly anticipated Amazon Android tablet may be coming from Samsung. Citing only “sources within the industry,” Rojas claims he’s “99% certain” that Amazon is having Samsung build its tablet computer for them and it’s expected to arrive no later than this summer.He also speculates about the possibility of the tablet running Android 3.0 Honeycomb (or not), as well as what type of content Amazon plans to sell on it. (Hint: more than apps!)How Credible the Rumor?Rojas has covered mobile devices and gadgets for a long time, not only at Engadget, which he helped start, but also at Gizmodo. Now his consumer-focused social networking, reviews and support site around gadgets, gdgt, keeps him directly plugged into industry moves and trends.In other words, this is no small-time blogger with a small-time scoop – it’s a rumor whose source is reputable and knowledgable. All that being said, it’s still just a rumor.Amazon Tablet: Honeycomb? Disruptive? Cheap?According to Rojas’ insider info and great big dollop of speculation, the Samsung/Amazon Android tablet should be out sometime soon, probably no later than summer 2011. And, he says, it will likely have something that substantially differentiates it from its competition.The most recently launched Android tablets, notably Motorola’s Xoom and Samsung’s Galaxy Tab, have not performed as well as those companies would have liked thus far. This is due to not only the high cost of tablets tied to mobile carrier contracts, but the raw nature of the unpolished version of Google’s tablet-optimized mobile operating system (OS), also known as Honeycomb.With this in mind, it’s not surprising to hear Rojas speculate that Amazon’s tablet may not run Honeycomb as has been expected, but, like its top competitor, the Barnes & Noble’s Nook Color, it may use Android as the base for its tablet. It’s also entirely possible that Amazon will build “a totally customized experience that tightly integrates Amazon services,” Rojas said. By doing so, Amazon could reduce the initial cost of the tablet because it would serve as a vehicle that drove sales for the online retailer over time. Why Tech Companies Need Simpler Terms of Servic… 8 Best WordPress Hosting Solutions on the Market That idea isn’t so different from how gaming console systems are generally subsidized today – the profit comes from selling games, not the console hardware. Similarly, on Amazon, the profit would come from not only the apps sold through Amazon’s new Appstore for Android, whose pricing has been the center of controversy as of late, but also music and video, and even physical goods, too.It’s not difficult to connect the dots between Amazon’s recent launches – the above-mentioned app store, the new web-baed streaming music and media service called Cloud Drive and the recent changes to Amazon’s online video service, Amazon Prime – and figure out that Amazon is up to something. Still, it’s good to see it confirmed, even if through anonymous sources like this.But the biggest question about the forthcoming tablet, and the one that remains unanswered, is the pricing. Rojas says that if Amazon’s smart, it will be aggressive here, not only beating the iPad, but matching or besting the Nook’s pricing, too. For a truly competitive 7-inch tablet, the price to beat is $250, says Rojas.$250, you say? Heck, for that price, we’ll take two! What about you? A Web Developer’s New Best Friend is the AI Wai…last_img read more

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