Seasonality. (c) Shrinkage.
Seasonality. The predictable annual change in seasons for a specific region that influences the demand for vacation travel to the region.
Seasonality. (iii) Shrinkage, which initially shall be the amount equal to that percentage of actual shrink in excess of the percentage accrued by the Borrowers.
Seasonality. The Company's business is subject to seasonal fluctuations, the effects of weather and economic conditions. Earnings have been highest in its fourth fiscal quarter due primarily to increased customer traffic during the holiday shopping season. The fourth fiscal quarter typically accounts for approximately 40% of annual net income. The length of the holiday shopping period between Thanksgiving and Christmas and the number of weeks in the fourth quarter also impacts the fourth quarter earnings relationship from year to year. NEW RESTAURANT CONCEPTS During 1995, the Company began developing three new restaurant concepts. The first is a casual dining concept under the name Umberto's of New Hyde Park, featuring pizza and other Italian-style foods. The Company has an 80% interest in this restaurant business. Umberto's currently operates five restaurants on Long Island, New York, with three additional units planned for 1998 openings and five food court units in regional shopping malls in Chicago, Las Vegas, White Plains and Long Island, New York. The Company is also developing with joint venture partners a family-style steakhouse concept and an upscale, table-service Italian restaurant, and is analyzing the market potential of a new concept that would offer healthy, South-of-the-Border cuisine. PROPERTIES All Sbarro restaurants are operated in leased premises. As of December 28, 1997, the Company leased 641 restaurants, of which 34 were subleased to franchisees under terms which cover all obligations of the Company under the lease. The remaining franchisees directly lease their restaurant space. Most of the Company's restaurant leases provide for the payment of base rents plus real estate taxes, utilities, insurance, common area charges and certain other expenses, as well as contingent rents generally ranging from 8% to 10% of net restaurant sales in excess of stipulated amounts. Leases to which the Company was a party at December 28, 1997 have initial terms expiring as follows: Years Initial Lease Number of Company- Number of Franchised Terms Expire Owned Restaurants Restaurants ------------ ----------------- ----------- 1998 26 4 1999 - 2003 336 25 2004 - 2008 239 5 2009 - 2012 6 0 Since May 1986, the Company's headquarters have been located in a two-story 20,000 square foot office building located in Commack, New York, which is leased for a period of fifteen years at a current annual base rent of $337,000. The Company pays real estate taxes, utilities, insuran...
Seasonality. (b)......shrinkage;
Seasonality. (c) Shrinkage (to the extent not already reflected in the calculation of Eligible Inventory).
Seasonality. (iii) Shrinkage (based upon the actual amounts reflected in the Borrowers' stock ledger).
Seasonality. The sugarcane production and processing segment is seasonal with one sugarcane crop being harvested each year. Little significant seasonality exists for products or services in the other segments of the Company. WORKING CAPITAL In general, the working capital practices followed by the Company are typical of industries in which it operates. During some periods the accumulation of inventories in the sugar operations prior to expected shipments reflects the seasonal nature of this industry and may require periodic short-term borrowing. CUSTOMERS Major customers exist for each of the Company's industry segments. TSC has a contract with Everglades Sugar Refinery, Inc. to purchase the entire raw sugar production. This contract runs through the 1997/1998 crop year and is automatically renewed each crop thereafter. Either party can decline to renew by giving notice to the other party no later than October 1 of the fourth year prior to the termination date. No other single customer accounts for 10% or more of the Company's consolidated revenues. RESEARCH AND DEVELOPMENT The Company maintains a nursery and research facility in Capps, Florida, which grows seedlings for use in reforestation of its lands. Experiments in forestry genetics, including research on the production of faster growing, more disease-resistant pine species, are also conducted at this facility. The Company also participates through cooperation with the University of Florida in their Genetics Co-op program. This experimentation work is in genetics, plantation and fertilization. The amounts spent during the last three fiscal years on Company-sponsored research and development activities were not material. EMPLOYEES The Company had approximately 5,000 employees at December 31, 1995. Approximately 70% of the Company's employees are covered by collective bargaining agreements with 9 different unions. These agreements generally have terms of between one and four years and have varying expiration dates. The Company considers its relations with its employees to be good. Upon consummation of the sale of the pulp and paper mill and container plants and the sale of the communications segment, the Company expects to have approximately 1,700 employees. Set forth below are the names, ages (at March 15, 1996), positions and offices held, and a brief account of the business experience during the past five years of each executive officer. NAME AGE POSITION WITH COMPANY - -------------------------------------------...
Seasonality. We experience seasonality in our business, reflecting a combination of seasonal fluctuations in customer purchases, promotional events, and traditional retail seasonality patterns. For example, we generally experience less user traffic and purchase orders during national holidays in China, particularly during the Chinese New Year holiday season in the first quarter of each year. Furthermore, sales in the traditional retail industry are significantly higher in the fourth quarter of each calendar year than in the preceding three quarters. E-commerce companies in China hold special promotional campaigns on November 11 each year that tend to boost sales in the fourth quarter relative to other quarters, and we hold a special promotional campaign in the second quarter of each year, on June 18, to celebrate the anniversary of the founding of our e-commerce business. Overall, the impact of seasonality on our business has been relatively mild due to our rapid growth but we have seen an upward trend and such a trend may continue in the future. Due to our limited operating history, the seasonal trends that we have experienced in the past may not apply to, or be indicative of, our future operating results. Intellectual Property We regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success, and we rely on copyright, trademark and patent law and confidentiality, invention assignment and non-compete agreements with our employees and others to protect our proprietary rights. As of December 31, 2020, we owned approximately 2,300 computer software copyrights in China relating to various aspects of our operations and maintained approximately 15,000 trademark registrations inside China and approximately 2,500 trademark registrations outside China. We had approximately 7,000 trademark applications inside China and approximately 1,900 outside China. As of December 31, 2020, we had approximately 3,600 patents granted in China, approximately 250 patents granted outside China, approximately 9,000 patent applications pending in China and approximately 520 patent applications pending outside China. As of December 31, 2020, we had registered approximately 8,400 domain names. Our registered domain names include xx.xxx, xxxxxxx.xxx, xxx.xx and xxxxxxxx.xxx, among others.
Seasonality. The pool will generally be available for use from the months of through . The Pool is not guaranteed to maintain a certain temperature due to weather or any other natural causes. INHERENT RISK. The Tenant acknowledges that the use of a pool and activities around the pool involves the potential risk of serious danger and bodily injury. The Tenant further acknowledges that these risks may be the result of the actions or inactions of the Tenant, their minor children, guests, or anyone else using or around the pool.
