PUBLIC RELEASE DATE:

17-Dec-2014

Contact: Joe Miksch jmiksch@pitt.edu 412-624-4356 University of Pittsburgh

PITTSBURGH--A stream runs through it. A much nicer, healthier stream.

Pittsburgh's Frick Park is home to Nine Mile Run, a stream that had been known as "Stink Creek." From 2003 to 2006, the City of Pittsburgh and the U.S. Army Corps of Engineers poured $7.7 million into restoring 2.2 miles of the stream and tributaries into waterways approximating what they were prior to urban development.

The project remains one of the largest urban-stream restorations undertaken in the United States.

What can this restoration teach us as we continue to deal with streams affected by urbanization?

The University of Pittsburgh's Dan Bain, assistant professor of hydrology and metal biogeochemistry in the Department of Geology and Planetary Science within the Kenneth P. Dietrich School of Arts and Sciences, says the project has made a difference and sets an example for other cities to follow. The evidence is tallied in Bain's paper, "Characterizing a Major Urban Stream Restoration Project: Nine Mile Run," published this month in the Journal of the American Water Resources Association.

Nine Mile Run, which is part of a watershed that drains 6.5 square miles of Wilkinsburg, Edgewood, Swissvale, Forest Hills, Squirrel Hill, and Point Breeze, had been truly abused by urbanization and industrialization. Toxins leached into the creek from a slag heap left over from the steelmaking process, sewer lines discharged into the water, and so much of the waterway had been buried in culverts or diverted from its natural path that Nine Mile Run had become toxic.

The three-year restoration project involved rerouting the creek to a natural pathway, reestablishing flora, creating areas to catch floodwater, and building natural "slash piles" and "snags" from cut-down trees to create bird and animal habitats. It also involved infrastructure interventions: adding rain barrels to individual's homes, preventing some storm water from overwhelming the stream, and fixing parts of the underlying sewers.

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National model of restoration: Nine Mile Run

MANCHESTER In 1969, it was time for a makeover of the interior of the Cathedral of St. Joseph in Manchester.

The liberalizing spirit of Vatican II was in the air, and then-Bishop Ernest J. Primeau decided that more than just church liturgy was going to change in his century-old cathedral building.

Out went the reredos, the elaborate, marble backdrop that featured heavenly directed spires and cubbyholes for statues of angels.

Paint brushes silenced intricate moldings and a starry night sky painted on the ceiling. The interior color scheme changed to tones of beige, light beige, and wooden pews.

All that is now changing.

For the last three months, an interior restoration has been underway at the home church of the Diocese of Manchester.

A wooden reredos has been salvaged from a shuttered South Boston church and installed where the original had stood. Stations of the Cross from the same church now hang on the cathedral walls.

And painters have added an ocean-blue color to the ceiling, rich shades of rose and gold to moldings, and a faux-marble pattern to church columns.

This is a tremendous gift for us. These are priceless, these are works of art, said the Rev. Msgr. Anthony Frontiero, rector of the Cathedral.

Work has been going on at the Cathedral for about three months. On Mondays, about a half-dozen workers under the direction of Marko Golumbovic lay drop cloths, plug in power tools, turn on rock n roll radio and start their work.

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A faithful restoration of a Manchester cathedral

The Heritage Lottery Fund (HLF) has announced funding worth 4.8million to different projects around the country.

Among the beneficiaries is a scheme to restore Moat Brae House in Dumfries, where Peter Pan creator JM Barrie played out pirate and castaway adventures in its 'Neverland' gardens.

In Barrie's words on the creation of his most famous story, his 'escapades in a certain Dumfries garden which is enchanted land to me, were certainly the genesis of that nefarious work'.

With the help of a 1.78million grant from HLF, an ambitious project will transform the house and its gardens into Scotland's first centre for children's literature and storytelling promoting creativity, imagination and play.

Actress Joanna Lumley, patron of the Peter Pan Moat Brae Trust, welcomed the funding boost, saying: "This grant will make a sensational difference to Moat Brae and the plans for the future of the Peter Pan Moat Brae Trust.

"It means that we can now move swiftly towards our goals of restoring the house and garden in readiness for its role in the literary life of children in Scotland.

"Our aims are to nurture the memories of past writers and to encourage the emergence of new young talent: to respect our extraordinary literary inheritance and to enable children's imaginations to fly, like Peter Pan. What a thrilling piece of good news. "

The funding will also pay for the restoration of Campbeltown Picture House, one of the first purpose-built cinemas in Scotland.

A grant of 1.1million has been earmarked to repair its Glasgow School Art Nouveau design and add new contemporary facilities, including a second auditorium and a new caf bar.

From its origins in the silent movie days in 1913 through to the modern day and digital technologies the Picture House has provided an invaluable service to Campbeltown and Kintyre cinemagoers.

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Peter Pan creator's childhood home gets lottery cash boost

Washington D.C., Dec. 12, 2014

The Securities and Exchange Commission today announced securities fraud charges against the owner of a home restoration business in upstate New York who sold unsecured notes to investors to finance his real estate operations.

The SEC alleges that David Fleet misrepresented or failed to disclose a number of key facts to investors in Cornerstone Homes Inc., which was in the business of buying and restoring distressed single family homes to sell or rent to low-income customers. For example, investors were told that the company did not use bank financing during time periods when Fleet was heavily reliant on mortgaging to banks virtually all of the homes that Cornerstone was purchasing with investor money.

The SEC further alleges that as the business began to deteriorate during a downturn in the real estate market, Fleet failed to inform his investors as he decided to secretly invest Cornerstones funds in the stock options market in an effort to keep the companys finances afloat. Fleet lost between $3 million and $4 million of the approximately $6 million that he invested. Ironically, this allegedly occurred soon after Fleet sent newsletters to investors, many of them senior citizens, warning that investing in the stock market was risky and they would be better off investing their money in Cornerstone. Fleet continued to raise money from investors without telling them that he was using their investments in his company to unsuccessfully invest in the stock market. Cornerstone eventually filed for bankruptcy.

Fleet concealed the true state of finances at Cornerstone Homes and essentially tricked investors into funding his efforts to save his company by investing in the stock market that he had otherwise told them was too risky, said Andrew M. Calamari, Director of the SECs New York Regional Office.

The SECs complaint, which was filed in U.S. District Court for the Western District of New York, alleges that Fleet violated the registration and antifraud provisions of the federal securities laws. The complaint seeks financial remedies and a permanent injunction against Fleet, who resides in Beaver Dams, N.Y.

The SECs investigation was conducted by Neal Jacobson and Patricia Schrage of the New York Regional Office, and they will lead the litigation. The case is supervised by Alistaire Bambach. The SEC appreciates the assistance of the Office of the United States Trustee for Region 2.

Link:
SEC Files Securities Fraud Charges Against Owner of Home Restoration Business in Upstate New York

The plan is to keep growing at a 20 percent rate, with another 15 to 20 stores expected to open in 2015most of them at locations other retailers have shuttered.

"There's still a lot of empty boxes out there and there will be for a long time," At Home CEO Lewis Bird III said in an interview this week. "We're the only retailer looking for a big box format."

Read MoreRadioShack lives another day: Didn't breach covenant

While At Home isn't usually the only bidder for abandoned locations, supply has outweighed demand in recent years. A confluence of factors including the financial crisis and resulting recession, along with tough online competition, has forced many retailers to close stores that make little or no profit.

Bird acknowledges that struggling retailers have created an opportunity since the financial crisis. "It would have been harder 10 years ago," he said. These days, retailers simply get in touch with At Home when they plan to close stores, making the hunt even easier, he said.

Of course, it's not all about capitalizing on the failure of other retailers. At Home has built five out of 26 of the new stores added in the last two years, Bird said.

But it appears that abandoned locations are often too good to pass up. In 2013, for instance, Target closed eight stores and At Home took six of the locations, Bird said.

Bird pointed out that there are usually other bidders for the spaces he seeks, but they aren't his rivals. "There are churches and charter schools, but not retailers," he said.

Read MoreRadioshack default 'very likely,' say pros

Low property costs allow At Home to keep prices down, which has supported sales growth. In addition to expansion, the company continues to generate positive same-store sales, Bird said.

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This company loves to move in where Sears fails

1976 Apollo Motor Home Restoration Project and Mobile Office
1976 Apollo Motor Home Restoration Project with a Dodge 440 Engine. Building up as my mobile office.

By: William Anderson

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1976 Apollo Motor Home Restoration Project and Mobile Office - Video

Home furnishings retailer Restoration Hardware Holdings Inc.(RH: Quote), Wednesday reported a surge in profit for the third quarter, as revenues jumped 22 percent and margins improved, with both earnings and revenues topping Wall Street estimates.

Moving ahead, the company lifted its full year outlook. Following the news, Restoration Hardware's stock gained 6 percent in after-hours trade.

Corte Madera, California-based Restoration Hardware's third-quarter profit rose to $19.4 million or $0.47 per share from $9.5 million or $0.23 per share last year.

Excluding one-time items, adjusted earnings for the quarter rose to $20.3 million or $0.49 per share from $13.0 million or $0.32 per share a year ago. On average, 18 analysts polled by Thomson Reuters expected earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the third quarter climbed 22 percent to $484.7 million from $395.8 million a year ago. Analysts had a consensus revenue estimate of $481.91 million for the quarter.

Comparable brand revenues, which includes direct increased 22 percent on top of a 38 percent increase last year.

Gross margins improved to 37.2 percent from 35.6 percent last year, while operating margins advanced to 7.6 percent from 6.1 percent last year.

Looking forward to the fourth quarter, the company expects adjusted earnings of $0.99 to $1.01 per share and revenues of $575 million to $585 million. Analysts currently expect earnings of $1.00 per share on revenues of $582.84 million for the quarter.

For the fiscal year 2015, the company now expects adjusted earnings of $2.33 to $2.35 per share and revenues of $1.86 billion to $1.87 billion. Analysts currently expect earnings of $2.33 per share on revenues of $1.86 billion for 2015.

Previously, the company expected adjusted earnings of $2.29 to $2.33 per share and revenues of $1.85 billion to $1.87 billion.

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Restoration Hardware Profit Rises, Lifts FY Outlook; Shares Up 6%

NEW YORK (TheStreet) -- Shares of Restoration Hardware (RH) were gaining 3.1% to $89 after-hours Wednesday after the home furnishing retailer beat analysts' expectations for earnings and revenue in the fiscal third quarter.

Restoration Hardware reported earnings of 49 cents a share for the fiscal third quarter, beating analysts' estimates of 48 cents a share by 1 cent. Revenue grew 22.5% year over year to $484.7 million for the quarter, above analysts' estimates of $481.91 million.

Looking to the fiscal fourth quarter, Restoration Hardware expects earnings of 99 cents to $1.01 a share and revenue of $575 million to $585 million. Analysts expect earnings of $1 a share and revenue of $582.84 million for the fourth quarter.

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Restoration Hardware (RH) Stock Gains After-Hours After Earnings Beat

NEW YORK (TheStreet) -- Shares of Restoration Hardware Holding Inc. (RH) are higher by 12.79% to $97.20 at the start of trading on Thursday morning, as the stock gains from the company's 2014 third quarter financial results, which came in higher than analysts had forecast.

For the most recent quarter the home furnishings company said its adjusted net income was $20.3 million, or 49 cents per diluted share, compared to $13 million, or 32 cents per diluted share for the 2013 third quarter.

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Net revenues for the 2014 third quarter increased by 22% to $484.7 million, while analysts had forecast revenue of $481.91 million for the quarter.

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Access the tool that DOMINATES the Russell 2000 and the S&P 500.

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Restoration Hardware (RH) Stock Surging Today on Earnings Beat

Impressive third-quarter fiscal 2014 performance provided much impetus to the shares of Restoration Hardware Holdings, Inc. ( RH ) that jumped roughly 7% during aftermarket trading hours yesterday. This Zacks Rank #2 (Buy) stock delivered earnings of 49 cents a share that beat the Zacks Consensus Estimate by a couple of cents, while rising 53% year over year on the back of higher revenue.

This home furnishing retailer generated net revenue of $484.7 million that surged 22% year over year and also came ahead of the Zacks Consensus Estimate of $482 million.

Restoration Hardware's comparable brand revenue, including direct revenues, went up 22% year over year. Further, the company's direct revenues came in at $241.2 million, advancing 31%.

Operating income increased 54% to $36.7 million from the year-ago period, whereas operating margin expanded 150 basis points to 7.6%.

Store Update

At the end of the third quarter, Restoration Hardware operated 68 retail outlets, including 59 Galleries, 6 Full-Line Design Galleries and 3 Baby & Child Galleries. The company also operates 18 outlet stores all over the U.S. and Canada.

Balance Sheet

Restoration Hardware, which competes with Mattress Firm Holding Corp. ( MFRM ), ended the quarter with cash and cash equivalents of $157.1 million, merchandise inventories of $610.5 million, convertible senior notes (net) of $281 million and total shareholders' equity of $638.4 million.

Going forward, capex is expected to hover around $115-$125 million for fiscal 2014. The company plans to continue focusing on transforming its retail outlets, adopting multi-channel platforms and expanding its product portfolio.

Outlook

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Restoration Hardware Q3 Earnings Beat Estimates, Shares Up - Analyst Blog