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Tuesday, August 30, 2011
Friday, August 26, 2011
The Pantry Announces Leadership Transition
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| PTRY | 12.13 | +0.41 |
| | ||
Press Release Source: The Pantry, Inc. On Monday August 22, 2011, 8:00 am EDT
CARY, N.C.--(BUSINESS WIRE)-- The Pantry, Inc. (NASDAQ:PTRY - News), the leading independently operated convenience store chain in the southeastern U.S., announced today that Terrance M. Marks, Chief Executive Officer and Director of the Company, has informed the Board of Directors of his intention to resign. The Company’s Board of Directors has formed a committee to immediately begin the search for a new CEO.
Mr. Marks will continue in his role as CEO of the Company for up to sixty days and will work with Edwin J. Holman, Chairman of the Board of Directors of the Company, on the leadership transition. Pursuant to a plan previously adopted by the Company’s Board of Directors, upon Mr. Marks’ departure, Mr. Holman will be named and assume the position of interim CEO to serve until such time as a successor has been retained by the Company.
Mr. Marks commented, “I am very proud of our accomplishments over the last two years and I depart with great confidence in this team’s ability to continue making meaningful progress against the company’s strategic initiatives. My decision to leave was difficult, but ultimately driven by personal considerations. I was recently approached with, and accepted, an opportunity that will enable me to return to my home and family in Atlanta. I remain as enthusiastic as ever about The Pantry’s future and look forward to working with the board to assure a seamless transition.”
“The board of directors and I would like to thank Terry for his leadership and fully support the strategic initiatives he brought to the company. He will be leaving The Pantry well positioned for the future,” commented Mr. Holman.
About The Pantry
Headquartered in Cary, North Carolina, The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. As of August 21, 2011, the Company operated 1,655 stores in thirteen states under select banners, including Kangaroo Express®, its primary operating banner. The Pantry's stores offer a broad selection of merchandise, as well as fuel and other ancillary services designed to appeal to the convenience needs of its customers.
Safe Harbor Statement
Statements made by the Company in this press release relating to future plans, events, or financial condition or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of words such as “expect,” “plan,” “anticipate,” “outlook,” ”guidance,” “believe,” “target,” “forecast”, “will,” “may” or words of similar meaning. Forward-looking statements are likely to address matters such as the Company’s anticipated sales, expenses, margins, capital expenditures, profits, cash flows and liquidity, as well as our expectations relating to the costs and benefits of our merchandising and other strategic initiatives. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to find a suitable candidate for the position of CEO; the ability of the Company to retain a new CEO on mutually agreeable terms; the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores acquired; the Company's ability to enhance its operating performance through its in-store initiatives; fluctuations in domestic and global petroleum and fuel markets; realizing expected benefits from the Company's fuel supply agreements; changes in the competitive landscape of the convenience store industry, including fuel stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the Company's markets; the global financial crisis and uncertainty in global economic conditions; wholesale cost increases of, and tax increases on, tobacco products; the effect of regional weather conditions and climate change on customer traffic and spending; legal, technological, political and scientific developments regarding climate change; financial difficulties of suppliers, including the Company's principal suppliers of fuel and merchandise, and their ability to continue to supply its stores; the Company's financial leverage and debt covenants; environmental risks associated with selling petroleum products; and governmental laws and regulations, including those relating to the environment. These and other risk factors are discussed in the Company's Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release are based on the Company's estimates and plans as of August 22, 2011. While the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.
Contact:
The Pantry, Inc. Media Relations: Brandon Bryce, 919-459-6451 or Investor Relations: Mark Bierley, 919-774-6700
Hooters of America names new president and CEO
Atlanta-based Hooters of America names new president and CEO
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On Wednesday August 24, 2011, 11:18 am EDT
ATLANTA (AP) -- Atlanta-based Hooters of America LLC has announced that Terrance M. Marks will join the restaurant company as president and CEO.The company said in a statement that Marks was most recently president and CEO of The Pantry Inc., where he was responsible for more than 1,650 convenience stores in 13 states. Before that, he spent more than two decades at Coca-Cola Enterprises Inc. in various sales, operations, finance and general management roles.
Hooters of America is a franchisor and operator of more than 435 Hooters restaurants in 44 states and 28 foreign countries.
The company said that Marks will begin his new role with Hooters early this fall.
1 Reason Pantry's Earnings Aren't So Hot
Recs
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1 Reason Pantry's Earnings Aren't So Hot
It takes money to make money. Most investors know that, but with business media so focused on the “how much,” very few investors bother to ask, “How fast?”
When judging a company's prospects, how quickly it turns cash outflows into cash inflows can be just as important as how much profit it’s booking in the accounting fantasy world we call "earnings." This is one of the first metrics I check when I'm hunting for the market's best stocks. Today, we'll see how it applies to Pantry (Nasdaq: PTRY ) .
Let's break this downIn this series, we measure how swiftly a company turns cash into goods or services and back into cash. We'll use a quick, relatively foolproof tool known as the cash conversion cycle, or CCC for short.
Why does the CCC matter? The less time it takes a firm to convert outgoing cash into incoming cash, the more powerful and flexible its profit engine is. The less money tied up in inventory and accounts receivable, the more available to grow the company, pay investors, or both.
To calculate the cash conversion cycle, add days inventory outstanding to days sales outstanding, then subtract days payable outstanding. Like golf, the lower your score here, the better.
Here’s the CCC for Pantry, alongside the comparable figures from a few competitors and peers.
While I find peer comparisons useful, I’m most interested in comparing a company’s CCC to its prior performance. Here’s where I believe all investors need to become trend-watchers. Sure, there may be legitimate reasons for an increase in the CCC, but all things being equal, I want to see this number stay steady or move downward over time.
Considering the numbers on a quarterly basis, the CCC trend at Pantry looks OK. At 5.0 days, it is little changed from the average of the past eight quarters. Investors will want to keep an eye on this for the future to make sure it doesn't stray too far in the wrong direction. With both 12-month and quarterly CCC running worse than average, Pantry gets low marks in this cash-conversion checkup.
Though the CCC can take a little work to calculate, it’s definitely worth watching every quarter. You’ll be better informed about potential problems, and you'll improve your odds of finding the underappreciated home run stocks that provide the market's best returns.
To stay on top of the CCC for your favorite companies, just use the handy links below to add companies to your free watchlist.
When judging a company's prospects, how quickly it turns cash outflows into cash inflows can be just as important as how much profit it’s booking in the accounting fantasy world we call "earnings." This is one of the first metrics I check when I'm hunting for the market's best stocks. Today, we'll see how it applies to Pantry (Nasdaq: PTRY ) .
Let's break this downIn this series, we measure how swiftly a company turns cash into goods or services and back into cash. We'll use a quick, relatively foolproof tool known as the cash conversion cycle, or CCC for short.
Why does the CCC matter? The less time it takes a firm to convert outgoing cash into incoming cash, the more powerful and flexible its profit engine is. The less money tied up in inventory and accounts receivable, the more available to grow the company, pay investors, or both.
To calculate the cash conversion cycle, add days inventory outstanding to days sales outstanding, then subtract days payable outstanding. Like golf, the lower your score here, the better.
Here’s the CCC for Pantry, alongside the comparable figures from a few competitors and peers.
Company | TTM Revenue | TTM CCC |
|---|---|---|
| Pantry | $7,934 | 4 |
| Casey’s General Stores (Nasdaq: CASY ) | $5,140 | (2) |
| Murphy Oil (NYSE: MUR ) | $28,616 | (2) |
| Delek US Holdings (NYSE: DK ) | $4,857 | 16 |
Source: Capital IQ, a division of Standard & Poor's. Dollar amounts in millions. Data is current as of last fully reported fiscal quarter. TTM = trailing 12 months.
For younger, fast-growth companies, the CCC can give you valuable insight into the sustainability of that growth. A company that’s taking longer to make cash may need to tap financing to keep its momentum. For older, mature companies, the CCC can tell you how well the company is managed. Firms that begin to lose control of the CCC may be losing their clout with their suppliers (who might be demanding stricter payment terms) and customers (who might be demanding more generous terms). This can sometimes be an important signal of future distress -- one most investors are likely to miss.While I find peer comparisons useful, I’m most interested in comparing a company’s CCC to its prior performance. Here’s where I believe all investors need to become trend-watchers. Sure, there may be legitimate reasons for an increase in the CCC, but all things being equal, I want to see this number stay steady or move downward over time.
Source: Capital IQ, a division of Standard & Poor's. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months.
Because of the seasonality in some businesses, the CCC for the TTM period may not be strictly comparable to the fiscal-year periods shown in the chart. Even the steadiest-looking businesses on an annual basis will experience some quarterly fluctuations in the CCC. To get an understanding of the usual ebb and flow at Pantry, consult the quarterly period chart below.Source: Capital IQ, a division of Standard & Poor's. Dollar amounts in millions. FQ = fiscal quarter.
On a 12-month basis, the trend at Pantry looks OK. At 3.7 days, it is barely changed from the five-year average of 3.6 days. The biggest contributor to that degradation was DPO, which worsened 1.0 days when compared to the five-year average.Considering the numbers on a quarterly basis, the CCC trend at Pantry looks OK. At 5.0 days, it is little changed from the average of the past eight quarters. Investors will want to keep an eye on this for the future to make sure it doesn't stray too far in the wrong direction. With both 12-month and quarterly CCC running worse than average, Pantry gets low marks in this cash-conversion checkup.
Though the CCC can take a little work to calculate, it’s definitely worth watching every quarter. You’ll be better informed about potential problems, and you'll improve your odds of finding the underappreciated home run stocks that provide the market's best returns.
To stay on top of the CCC for your favorite companies, just use the handy links below to add companies to your free watchlist.
- Add Pantry to My Watchlist.
- Add Casey's General Stores to My Watchlist.
- Add Murphy Oil to My Watchlist.
- Add Delek US Holdings to My Watchlist.
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Warren Buffett to invest US$5bil in Bank of America
Warren Buffett to invest US$5bil in Bank of America
NEW YORK: Warren Buffett will invest US$5bil in Bank of America Corp (BoA), stepping in to shore up the largest US bank in the same way he helped prop up Goldman Sachs and General Electric during the financial crisis.
Buffett and BoA said he made an unsolicited call to the bank on Wednesday morning offering to make an investment. Buffett told CNBC the idea came to him while taking a bath and the deal was done in 24 hours.
The deal entails Buffett’s insurance company, Berkshire Hathaway Inc, buying US$5bil of preferred shares and receiving warrants to buy 700 million shares. The warrants helped lift Berkshire Hathaway’s paper profits on the deal to more than US$3bil, although the transaction has not yet closed.
The deal is expected to close on Sept 1 and includes provisions barring Buffett from raising his total BoA stake past 14.9%. Fully exercised, at the most recent share count the warrants represent a 6.5% stake.
Even though the bank has said it did not need to raise capital, investors widely believed it needed more money and to show it could raise funds easily. Employees were also relieved by the news. On at least one BoA trading floor, traders cheered when the news crossed the wires.
BoA has been plagued by fears that bad mortgage loans and legal liabilities from loans packaged into bonds by its Countrywide unit could drag it into tens of billions of dollars in fresh losses that would stretch its capital.
The deal proved again that Berkshire Hathaway has become something of a lender of last resort to the financial system, as when it invested in Goldman Sachs Group Inc and General Electric Co. Buffett’s role in aiding the economy and the financial system has become symbolically important, given the lack of policy options left for the US government and the Federal Reserve to stimulate demand.
“This proves to the market that, if the bank needs additional capital, which we don’t believe they do, but if they needed to calm the market by raising capital, they could do it within 30 minutes with a quick call to Uncle Warren,” said Sean Egan, managing principal of Egan-Jones Ratings.
The deal comes at a cost for BoA. The US$300mil of annual dividend payments it makes will cut into earnings per share and the deal will influence its outstanding share count. — Reuters
The Most Expensive Weather Disasters in America
by Greg Emerson
Friday, August 26, 2011
Friday, August 26, 2011
provided by
Hurricane Irene is heading up the East Coast, bringing violent wind and rain as America’s first major storm of hurricane season. Coastal residents are racing to prepare their homes and businesses for what could be a destructive and costly storm.
A look at the worst disasters of the past 30 years reveals 99 natural disasters whose damage costs surpassed $1 billion from 1980—2010, according to the National Climatic Data Center (NCDC), which tracks natural disasters, response efforts and associated costs. There have been nine additional natural disasters already in 2011 that have topped $1 billion in damages.
Here are the 10 most expensive natural disasters to hit America. The statistics came from a variety of U.S. government agencies, state emergency management agencies and insurance industry estimates. They have all been adjusted to 2007 dollars.
Most Expensive: Hurricane Katrina, 2005
Damages: $133.8 Billion
By far the most expensive natural disaster in U.S. history, Hurricane Katrina impacted American life in ways that are still being felt today. The hurricane first ran aground as a Category 1 storm near Miami, but strengthened to a "strong Category 3" as it moved west, hitting the Gulf Coast in several spots in Mississippi and Louisiana. The severe storm surge exceeded an estimated 25 feet in Louisiana, Mississippi and Alabama, and the failure of the levee system that resulted sent millions of people to higher ground. The storm took approximately 1,833 lives, and the economic costs of almost $134 billion put this disaster in a category of its own.
2nd Most Expensive: Drought/Heat Wave, 1988
Damages: $71.2 Billion
Eight years later, another drought and associated heatwave hit the central and eastern U.S., in the summer of 1988. In Pennsylvania, summer temperatures were the highest in 100 years, with 15 consecutive days of 90—degree weather in early July. The estimated 5,000—10,000 lives that were lost as a result — mostly older people who succumbed to heat stroke — are on the scale of the 1980 drought, but the economic costs for agriculture were much more severe. Estimates put losses for the heatwave at more than $71 billion.
3rd Most Expensive: Drought/Heat Wave, 1980
Damages: $55.4 Billion
It's hard to talk about the severity of the 1980 heatwave that struck the central and eastern U.S. in the summer of that year, as the estimated 10,000 deaths attributed to it (many from sand— and windstorms) go far beyond calculable costs. Numerous temperature records were set that that summer in Missouri, Tennessee and Texas, with Dallas experiencing 42 straight days of temperatures of more than 100 degrees Fahrenheit. Economic losses to agriculture and related industries came to more than $55 billion, making this the third most expensive weather disaster in recent U.S. history.
4th Most Expensive: Hurricane Andrew, 1992
Damages: $40 Billion
Our first Category 5 hurricane on the list, Hurricane Andrew slammed into Dade County, Fla., and then weakened to a Category 3 before making landfall a second time in Louisiana in August 1992. The massive winds destroyed more than 25,000 homes and damaged more than 100,000 more, causing about $40 billion in losses, as well as 61 deaths — 23 of which were attributed directly to the disaster, the rest coming from its after—effects.
5th Most Expensive: Midwest Flooding, 1993
Damages: $30.2 Billion
Heavy rains in the summer of 1993 caused severe flooding in the central states that claimed 48 human lives in addition to the more than $30 billion in economic costs. The damage was worst along the Mississippi river in Missouri, which experienced record flooding — levels hit 19.6 feet above flood stage in St. Louis. Record levels were also measured for the Missouri (reaching 17.5 feet above flood stage in Kansas City) and Kansas rivers (reaching 22 feet above flood stage). The flooding also left Des Moines without water for 12 days, the largest American city to go without water for so long.
6th Most Expensive: Hurricane Ike, 2008
Damages: $27 Billion
Texas was again the victim in 2008 when Hurricane Ike, a Category 2 hurricane, made landfall in Galveston in September after having passed over Cuba as a Category 3. The storm surge of up to 13 feet caused flooding that extended from Galveston to Louisiana and the other coastal states, and the damage done to offshore oil rigs, pipelines, and refineries caused significant fuel shortages that placed the damage from the storm at around $27 billion. What's more, 112 deaths were credited to the storm when the dozens of missing people after the event were accounted for; most of the victims were in Texas.
7th Most Expensive: Hurricane Rita, 2005
Damages: $17.1 Billion
Hurricane Rita — hit the southern coasts of Texas and Louisiana in September 2005. While in the Gulf of Mexico it reached Category 5, and while it slowed before hitting land, the powerful storm surge and high winds caused the same amount of monetary damage as Wilma. But the toll in human lives was significantly higher: 119 people died from the storm, and most were deemed indirect deaths related to evacuations rather than the storm itself (car accidents, crimes, fires, illness, etc.).
8th Most Expensive: Hurricane Wilma, 2005
Damages: $17.1 Billion
While the Gulf Coast was still reeling from massive Hurricane Rita (see next slide) and Hurricane Katrina (later slide), Hurricane Wilma hit southwest Florida as a Category 3 hurricane in October 2005, during the most active hurricane season since 1933. While out to sea it reached Category 5 strength and recorded the lowest pressure ever in the Atlantic basin, though it weakened a bit before making landfall. Still, it decimated parts of Mexico's Yucatan peninsula, flooded parts of Havana, Cuba, and eventually caused severe flooding in southern Florida that caused more than $17 billion in damages and claimed an estimated 35 lives.
9th Most Expensive: Hurricane Charley, 2004
Damages: $16.5 Billion
Just one month before Hurricane Ivan, Hurricane Charley — a more intense, Category 4 storm — hit the coast of Florida in August and caused more than $16 billion in damages. The destruction was mostly confined to Florida, where 25 of the state's 67 counties were declared federal disaster areas. The Carolinas also sustained some damage as Charley tracked up the East Coast, making its final landfall on Long Island as a tropical storm. The toll in human life reached 35.
10th Most Expensive: Hurricane Ivan, 2004
Damages: $15.4 Billion
In September 2004, a Category 3 hurricane hit the coast of Alabama, causing flooding and intense wind damage in Alabama, Florida and a number of southern states, as more than 100 tornadoes were reported inland. In addition to damages in the billions of dollars, Hurricane Ivan claimed at least 57 lives in the U.S., with 72 additional fatalities in the Caribbean, where the storm damaged 90% of the houses on Grenada and "nearly every building" on Grand Cayman, according to the NCDC report.
Hurricane Irene is heading up the East Coast, bringing violent wind and rain as America’s first major storm of hurricane season. Coastal residents are racing to prepare their homes and businesses for what could be a destructive and costly storm.
| More from MainStreet.com: • How to Prepare Your Money for Natural Disasters • 3 Signs Layoffs Are Coming to Your Company • The Worst Roads in America |
A look at the worst disasters of the past 30 years reveals 99 natural disasters whose damage costs surpassed $1 billion from 1980—2010, according to the National Climatic Data Center (NCDC), which tracks natural disasters, response efforts and associated costs. There have been nine additional natural disasters already in 2011 that have topped $1 billion in damages.
Here are the 10 most expensive natural disasters to hit America. The statistics came from a variety of U.S. government agencies, state emergency management agencies and insurance industry estimates. They have all been adjusted to 2007 dollars.
Most Expensive: Hurricane Katrina, 2005
 Photo: NOAA |
Damages: $133.8 Billion
By far the most expensive natural disaster in U.S. history, Hurricane Katrina impacted American life in ways that are still being felt today. The hurricane first ran aground as a Category 1 storm near Miami, but strengthened to a "strong Category 3" as it moved west, hitting the Gulf Coast in several spots in Mississippi and Louisiana. The severe storm surge exceeded an estimated 25 feet in Louisiana, Mississippi and Alabama, and the failure of the levee system that resulted sent millions of people to higher ground. The storm took approximately 1,833 lives, and the economic costs of almost $134 billion put this disaster in a category of its own.
2nd Most Expensive: Drought/Heat Wave, 1988
 Photo: USGS |
Damages: $71.2 Billion
Eight years later, another drought and associated heatwave hit the central and eastern U.S., in the summer of 1988. In Pennsylvania, summer temperatures were the highest in 100 years, with 15 consecutive days of 90—degree weather in early July. The estimated 5,000—10,000 lives that were lost as a result — mostly older people who succumbed to heat stroke — are on the scale of the 1980 drought, but the economic costs for agriculture were much more severe. Estimates put losses for the heatwave at more than $71 billion.
3rd Most Expensive: Drought/Heat Wave, 1980
 Photo: USGS |
Damages: $55.4 Billion
It's hard to talk about the severity of the 1980 heatwave that struck the central and eastern U.S. in the summer of that year, as the estimated 10,000 deaths attributed to it (many from sand— and windstorms) go far beyond calculable costs. Numerous temperature records were set that that summer in Missouri, Tennessee and Texas, with Dallas experiencing 42 straight days of temperatures of more than 100 degrees Fahrenheit. Economic losses to agriculture and related industries came to more than $55 billion, making this the third most expensive weather disaster in recent U.S. history.
4th Most Expensive: Hurricane Andrew, 1992
 Photo: NOAA |
Damages: $40 Billion
Our first Category 5 hurricane on the list, Hurricane Andrew slammed into Dade County, Fla., and then weakened to a Category 3 before making landfall a second time in Louisiana in August 1992. The massive winds destroyed more than 25,000 homes and damaged more than 100,000 more, causing about $40 billion in losses, as well as 61 deaths — 23 of which were attributed directly to the disaster, the rest coming from its after—effects.
5th Most Expensive: Midwest Flooding, 1993
 Photo: Missouri Highway and Transportation Department |
Damages: $30.2 Billion
Heavy rains in the summer of 1993 caused severe flooding in the central states that claimed 48 human lives in addition to the more than $30 billion in economic costs. The damage was worst along the Mississippi river in Missouri, which experienced record flooding — levels hit 19.6 feet above flood stage in St. Louis. Record levels were also measured for the Missouri (reaching 17.5 feet above flood stage in Kansas City) and Kansas rivers (reaching 22 feet above flood stage). The flooding also left Des Moines without water for 12 days, the largest American city to go without water for so long.
6th Most Expensive: Hurricane Ike, 2008
 Photo: NOAA |
Damages: $27 Billion
Texas was again the victim in 2008 when Hurricane Ike, a Category 2 hurricane, made landfall in Galveston in September after having passed over Cuba as a Category 3. The storm surge of up to 13 feet caused flooding that extended from Galveston to Louisiana and the other coastal states, and the damage done to offshore oil rigs, pipelines, and refineries caused significant fuel shortages that placed the damage from the storm at around $27 billion. What's more, 112 deaths were credited to the storm when the dozens of missing people after the event were accounted for; most of the victims were in Texas.
7th Most Expensive: Hurricane Rita, 2005
 Photo: NOAA |
Damages: $17.1 Billion
Hurricane Rita — hit the southern coasts of Texas and Louisiana in September 2005. While in the Gulf of Mexico it reached Category 5, and while it slowed before hitting land, the powerful storm surge and high winds caused the same amount of monetary damage as Wilma. But the toll in human lives was significantly higher: 119 people died from the storm, and most were deemed indirect deaths related to evacuations rather than the storm itself (car accidents, crimes, fires, illness, etc.).
8th Most Expensive: Hurricane Wilma, 2005
 Photo: NOAA |
Damages: $17.1 Billion
While the Gulf Coast was still reeling from massive Hurricane Rita (see next slide) and Hurricane Katrina (later slide), Hurricane Wilma hit southwest Florida as a Category 3 hurricane in October 2005, during the most active hurricane season since 1933. While out to sea it reached Category 5 strength and recorded the lowest pressure ever in the Atlantic basin, though it weakened a bit before making landfall. Still, it decimated parts of Mexico's Yucatan peninsula, flooded parts of Havana, Cuba, and eventually caused severe flooding in southern Florida that caused more than $17 billion in damages and claimed an estimated 35 lives.
9th Most Expensive: Hurricane Charley, 2004
 Photo: NOAA |
Damages: $16.5 Billion
Just one month before Hurricane Ivan, Hurricane Charley — a more intense, Category 4 storm — hit the coast of Florida in August and caused more than $16 billion in damages. The destruction was mostly confined to Florida, where 25 of the state's 67 counties were declared federal disaster areas. The Carolinas also sustained some damage as Charley tracked up the East Coast, making its final landfall on Long Island as a tropical storm. The toll in human life reached 35.
10th Most Expensive: Hurricane Ivan, 2004
 Photo: NOAA |
Damages: $15.4 Billion
In September 2004, a Category 3 hurricane hit the coast of Alabama, causing flooding and intense wind damage in Alabama, Florida and a number of southern states, as more than 100 tornadoes were reported inland. In addition to damages in the billions of dollars, Hurricane Ivan claimed at least 57 lives in the U.S., with 72 additional fatalities in the Caribbean, where the storm damaged 90% of the houses on Grenada and "nearly every building" on Grand Cayman, according to the NCDC report.
___ America
by Greg Emerson
Friday, August 26, 2011
Friday, August 26, 2011
provided by
Hurricane Irene is heading up the East Coast, bringing violent wind and rain as America’s first major storm of hurricane season. Coastal residents are racing to prepare their homes and businesses for what could be a destructive and costly storm.
A look at the worst disasters of the past 30 years reveals 99 natural disasters whose damage costs surpassed $1 billion from 1980—2010, according to the National Climatic Data Center (NCDC), which tracks natural disasters, response efforts and associated costs. There have been nine additional natural disasters already in 2011 that have topped $1 billion in damages.
Here are the 10 most expensive natural disasters to hit America. The statistics came from a variety of U.S. government agencies, state emergency management agencies and insurance industry estimates. They have all been adjusted to 2007 dollars.
Most Expensive: Hurricane Katrina, 2005
Damages: $133.8 Billion
By far the most expensive natural disaster in U.S. history, Hurricane Katrina impacted American life in ways that are still being felt today. The hurricane first ran aground as a Category 1 storm near Miami, but strengthened to a "strong Category 3" as it moved west, hitting the Gulf Coast in several spots in Mississippi and Louisiana. The severe storm surge exceeded an estimated 25 feet in Louisiana, Mississippi and Alabama, and the failure of the levee system that resulted sent millions of people to higher ground. The storm took approximately 1,833 lives, and the economic costs of almost $134 billion put this disaster in a category of its own.
2nd Most Expensive: Drought/Heat Wave, 1988
Damages: $71.2 Billion
Eight years later, another drought and associated heatwave hit the central and eastern U.S., in the summer of 1988. In Pennsylvania, summer temperatures were the highest in 100 years, with 15 consecutive days of 90—degree weather in early July. The estimated 5,000—10,000 lives that were lost as a result — mostly older people who succumbed to heat stroke — are on the scale of the 1980 drought, but the economic costs for agriculture were much more severe. Estimates put losses for the heatwave at more than $71 billion.
3rd Most Expensive: Drought/Heat Wave, 1980
Damages: $55.4 Billion
It's hard to talk about the severity of the 1980 heatwave that struck the central and eastern U.S. in the summer of that year, as the estimated 10,000 deaths attributed to it (many from sand— and windstorms) go far beyond calculable costs. Numerous temperature records were set that that summer in Missouri, Tennessee and Texas, with Dallas experiencing 42 straight days of temperatures of more than 100 degrees Fahrenheit. Economic losses to agriculture and related industries came to more than $55 billion, making this the third most expensive weather disaster in recent U.S. history.
4th Most Expensive: Hurricane Andrew, 1992
Damages: $40 Billion
Our first Category 5 hurricane on the list, Hurricane Andrew slammed into Dade County, Fla., and then weakened to a Category 3 before making landfall a second time in Louisiana in August 1992. The massive winds destroyed more than 25,000 homes and damaged more than 100,000 more, causing about $40 billion in losses, as well as 61 deaths — 23 of which were attributed directly to the disaster, the rest coming from its after—effects.
5th Most Expensive: Midwest Flooding, 1993
Damages: $30.2 Billion
Heavy rains in the summer of 1993 caused severe flooding in the central states that claimed 48 human lives in addition to the more than $30 billion in economic costs. The damage was worst along the Mississippi river in Missouri, which experienced record flooding — levels hit 19.6 feet above flood stage in St. Louis. Record levels were also measured for the Missouri (reaching 17.5 feet above flood stage in Kansas City) and Kansas rivers (reaching 22 feet above flood stage). The flooding also left Des Moines without water for 12 days, the largest American city to go without water for so long.
6th Most Expensive: Hurricane Ike, 2008
Damages: $27 Billion
Texas was again the victim in 2008 when Hurricane Ike, a Category 2 hurricane, made landfall in Galveston in September after having passed over Cuba as a Category 3. The storm surge of up to 13 feet caused flooding that extended from Galveston to Louisiana and the other coastal states, and the damage done to offshore oil rigs, pipelines, and refineries caused significant fuel shortages that placed the damage from the storm at around $27 billion. What's more, 112 deaths were credited to the storm when the dozens of missing people after the event were accounted for; most of the victims were in Texas.
7th Most Expensive: Hurricane Rita, 2005
Damages: $17.1 Billion
Hurricane Rita — hit the southern coasts of Texas and Louisiana in September 2005. While in the Gulf of Mexico it reached Category 5, and while it slowed before hitting land, the powerful storm surge and high winds caused the same amount of monetary damage as Wilma. But the toll in human lives was significantly higher: 119 people died from the storm, and most were deemed indirect deaths related to evacuations rather than the storm itself (car accidents, crimes, fires, illness, etc.).
8th Most Expensive: Hurricane Wilma, 2005
Damages: $17.1 Billion
While the Gulf Coast was still reeling from massive Hurricane Rita (see next slide) and Hurricane Katrina (later slide), Hurricane Wilma hit southwest Florida as a Category 3 hurricane in October 2005, during the most active hurricane season since 1933. While out to sea it reached Category 5 strength and recorded the lowest pressure ever in the Atlantic basin, though it weakened a bit before making landfall. Still, it decimated parts of Mexico's Yucatan peninsula, flooded parts of Havana, Cuba, and eventually caused severe flooding in southern Florida that caused more than $17 billion in damages and claimed an estimated 35 lives.
9th Most Expensive: Hurricane Charley, 2004
Damages: $16.5 Billion
Just one month before Hurricane Ivan, Hurricane Charley — a more intense, Category 4 storm — hit the coast of Florida in August and caused more than $16 billion in damages. The destruction was mostly confined to Florida, where 25 of the state's 67 counties were declared federal disaster areas. The Carolinas also sustained some damage as Charley tracked up the East Coast, making its final landfall on Long Island as a tropical storm. The toll in human life reached 35.
10th Most Expensive: Hurricane Ivan, 2004
Damages: $15.4 Billion
In September 2004, a Category 3 hurricane hit the coast of Alabama, causing flooding and intense wind damage in Alabama, Florida and a number of southern states, as more than 100 tornadoes were reported inland. In addition to damages in the billions of dollars, Hurricane Ivan claimed at least 57 lives in the U.S., with 72 additional fatalities in the Caribbean, where the storm damaged 90% of the houses on Grenada and "nearly every building" on Grand Cayman, according to the NCDC report.
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Hurricane Irene is heading up the East Coast, bringing violent wind and rain as America’s first major storm of hurricane season. Coastal residents are racing to prepare their homes and businesses for what could be a destructive and costly storm.
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A look at the worst disasters of the past 30 years reveals 99 natural disasters whose damage costs surpassed $1 billion from 1980—2010, according to the National Climatic Data Center (NCDC), which tracks natural disasters, response efforts and associated costs. There have been nine additional natural disasters already in 2011 that have topped $1 billion in damages.
Here are the 10 most expensive natural disasters to hit America. The statistics came from a variety of U.S. government agencies, state emergency management agencies and insurance industry estimates. They have all been adjusted to 2007 dollars.
Most Expensive: Hurricane Katrina, 2005
Photo: NOAA |
Damages: $133.8 Billion
By far the most expensive natural disaster in U.S. history, Hurricane Katrina impacted American life in ways that are still being felt today. The hurricane first ran aground as a Category 1 storm near Miami, but strengthened to a "strong Category 3" as it moved west, hitting the Gulf Coast in several spots in Mississippi and Louisiana. The severe storm surge exceeded an estimated 25 feet in Louisiana, Mississippi and Alabama, and the failure of the levee system that resulted sent millions of people to higher ground. The storm took approximately 1,833 lives, and the economic costs of almost $134 billion put this disaster in a category of its own.
2nd Most Expensive: Drought/Heat Wave, 1988
Photo: USGS |
Damages: $71.2 Billion
Eight years later, another drought and associated heatwave hit the central and eastern U.S., in the summer of 1988. In Pennsylvania, summer temperatures were the highest in 100 years, with 15 consecutive days of 90—degree weather in early July. The estimated 5,000—10,000 lives that were lost as a result — mostly older people who succumbed to heat stroke — are on the scale of the 1980 drought, but the economic costs for agriculture were much more severe. Estimates put losses for the heatwave at more than $71 billion.
3rd Most Expensive: Drought/Heat Wave, 1980
Photo: USGS |
Damages: $55.4 Billion
It's hard to talk about the severity of the 1980 heatwave that struck the central and eastern U.S. in the summer of that year, as the estimated 10,000 deaths attributed to it (many from sand— and windstorms) go far beyond calculable costs. Numerous temperature records were set that that summer in Missouri, Tennessee and Texas, with Dallas experiencing 42 straight days of temperatures of more than 100 degrees Fahrenheit. Economic losses to agriculture and related industries came to more than $55 billion, making this the third most expensive weather disaster in recent U.S. history.
4th Most Expensive: Hurricane Andrew, 1992
Photo: NOAA |
Damages: $40 Billion
Our first Category 5 hurricane on the list, Hurricane Andrew slammed into Dade County, Fla., and then weakened to a Category 3 before making landfall a second time in Louisiana in August 1992. The massive winds destroyed more than 25,000 homes and damaged more than 100,000 more, causing about $40 billion in losses, as well as 61 deaths — 23 of which were attributed directly to the disaster, the rest coming from its after—effects.
5th Most Expensive: Midwest Flooding, 1993
Photo: Missouri Highway and Transportation Department |
Damages: $30.2 Billion
Heavy rains in the summer of 1993 caused severe flooding in the central states that claimed 48 human lives in addition to the more than $30 billion in economic costs. The damage was worst along the Mississippi river in Missouri, which experienced record flooding — levels hit 19.6 feet above flood stage in St. Louis. Record levels were also measured for the Missouri (reaching 17.5 feet above flood stage in Kansas City) and Kansas rivers (reaching 22 feet above flood stage). The flooding also left Des Moines without water for 12 days, the largest American city to go without water for so long.
6th Most Expensive: Hurricane Ike, 2008
Photo: NOAA |
Damages: $27 Billion
Texas was again the victim in 2008 when Hurricane Ike, a Category 2 hurricane, made landfall in Galveston in September after having passed over Cuba as a Category 3. The storm surge of up to 13 feet caused flooding that extended from Galveston to Louisiana and the other coastal states, and the damage done to offshore oil rigs, pipelines, and refineries caused significant fuel shortages that placed the damage from the storm at around $27 billion. What's more, 112 deaths were credited to the storm when the dozens of missing people after the event were accounted for; most of the victims were in Texas.
7th Most Expensive: Hurricane Rita, 2005
Photo: NOAA |
Damages: $17.1 Billion
Hurricane Rita — hit the southern coasts of Texas and Louisiana in September 2005. While in the Gulf of Mexico it reached Category 5, and while it slowed before hitting land, the powerful storm surge and high winds caused the same amount of monetary damage as Wilma. But the toll in human lives was significantly higher: 119 people died from the storm, and most were deemed indirect deaths related to evacuations rather than the storm itself (car accidents, crimes, fires, illness, etc.).
8th Most Expensive: Hurricane Wilma, 2005
Photo: NOAA |
Damages: $17.1 Billion
While the Gulf Coast was still reeling from massive Hurricane Rita (see next slide) and Hurricane Katrina (later slide), Hurricane Wilma hit southwest Florida as a Category 3 hurricane in October 2005, during the most active hurricane season since 1933. While out to sea it reached Category 5 strength and recorded the lowest pressure ever in the Atlantic basin, though it weakened a bit before making landfall. Still, it decimated parts of Mexico's Yucatan peninsula, flooded parts of Havana, Cuba, and eventually caused severe flooding in southern Florida that caused more than $17 billion in damages and claimed an estimated 35 lives.
9th Most Expensive: Hurricane Charley, 2004
Photo: NOAA |
Damages: $16.5 Billion
Just one month before Hurricane Ivan, Hurricane Charley — a more intense, Category 4 storm — hit the coast of Florida in August and caused more than $16 billion in damages. The destruction was mostly confined to Florida, where 25 of the state's 67 counties were declared federal disaster areas. The Carolinas also sustained some damage as Charley tracked up the East Coast, making its final landfall on Long Island as a tropical storm. The toll in human life reached 35.
10th Most Expensive: Hurricane Ivan, 2004
Photo: NOAA |
Damages: $15.4 Billion
In September 2004, a Category 3 hurricane hit the coast of Alabama, causing flooding and intense wind damage in Alabama, Florida and a number of southern states, as more than 100 tornadoes were reported inland. In addition to damages in the billions of dollars, Hurricane Ivan claimed at least 57 lives in the U.S., with 72 additional fatalities in the Caribbean, where the storm damaged 90% of the houses on Grenada and "nearly every building" on Grand Cayman, according to the NCDC report.
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Tuesday, August 23, 2011
Pantry Retail Executive Moves of 2011: Retail's Revolving Door
Retail Executive Moves of 2011: Retail's Revolving Door
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