The Major Hickory Species in North America

Trees in the genus Carya (from Ancient Greek for nut) are commonly known as hickory. The worldwide hickory genus includes 17–19 species of deciduous trees with pinnately compound leaves and large nuts. North America has the overwhelming edge on the  number of native hickory species, with a dozen or so (11–12 in the United States, one in Mexico), while there are five or six species from China and Indochina. The hickory tree, along with the oaks, dominates the hardwood forests of eastern North America. Identifying the Common Hickories There are six species of Carya that make up the most common hickories found in North America. They come from three major groups called shagbark (which has shaggy bark), pignut (which rarely has shaggy bark), and the pecan group. The shaggy bark is a clear identifier to separate the shagbark group from the pignut group, though some older hickories have slightly scaly bark. Hickories have a nutritious nut meat that is covered by a very hard shell, which is in turn covered by a splitting husk shell (as opposed to a larger walnut that drops with a complete husk cover). This fruit is located at the twig tips in clusters of three to five. Search for them for under a tree to help in identification. They have branching flowering catkins  just below the emerging new leaf umbrella-like dome in spring. Not all are eaten by humans. The leaves of hickory are mostly alternately placed along the twig, in contrast to a similar-looking ash tree leaf that is in an opposite arrangement. The hickory leaf is always  pinnately  compound,  and the individual leaflets can be  finely serrated or toothed. Identification While Dormant Hickory twigs have tan,  five-sided or angled soft centers called piths,  which are a major identifier. The trees bark is variable along species lines and not helpful except for loose, flaky bark on the shagbark hickory group. The trees fruit is a nut, and splitting husks are often visible under a dormant tree. Most hickory species have stout twigs with large terminal buds. Growing North American Hickory Species These large, long-lived, slow-growing deciduous trees are known for being good shade trees and feature golden color in the fall. They are difficult to transplant because of their long taproot and might be hard to find in nurseries. Their bark is a range of gray colors, whether they have shaggy bark or not, and youll find them in USDA Zones 4–9, though the pecan is found in Zones 5–9. Fruit drops from late summer into autumn. Shagbark hickory tree. Roger Smith/Getty Images Shagbark hickory, Carya ovata, is as you would imagine, a tree with shaggy bark that peels away in big pieces. Their mature height is 60–80 feet tall, with a 30–50-foot width. Leaves are  8 to 14 inches long, with five to seven leaflets  These trees are tolerant of a wide range of conditions, such as drought, acidic or alkaline soil, but do need a well-drained, large location free from salty soil. The round nut has a four-sectioned husk. Shellbark Hickory bark: Carya laciniosa. DEA/C.SAPPA/Getty Images The shellbark hickory, Carya laciniosa, is a shaggy gray-bark species. This hickory grows up to 75–100 feet tall with a 50–75-foot width. Its not tolerant of alkaline soils or drought conditions, salt spray or salty soils and needs a big area of well-draining soil. Its best grown in moist soils. Leaves are in clusters of seven to nine leaflets. Oval nuts have a five- to six-sectioned husk and are the largest of the hickory species. Carya tomentosa, Mockernut hickory. Gary Ombler/Getty Images The mockernut hickory, Carya tomentosa, reaches 50–60 feet tall and 20–30 feet wide. Its tolerant of drought but not poor drainage and is best in slightly acidic soil, as its intolerant of alkaline soils and salt in the soil. Its leaves are alternate, compound leaves with seven to nine leaflets that are hairy on the underside and the stalk; the largest will be the terminal leaf.  Its nuts ripen in fall and have four sections. Pignut hickory tree. Stan Osolinski/Getty Images The pignut hickory, Carya glabra, is a dark-gray tree that extends to 50–60 feet in height with a spread of 25–35 feet. It does well in a variety of soils. It moderately tolerates salty soil and hangs in there through drought, but it doesnt do well in areas of poor drainage. As the tree ages, the bark may appear slightly shaggy. Its alternate, compound leaves are 8 to 12 inches long with five to seven leaflets, with the one on the end being the largest. The bitter nuts are pear-shaped and have four ridges on the husks, which do not easily come off of the nut. Carya Illinoensis (Pecan tree), tree with yellow leaves in park. Dorling Kindersley/Getty Images The pecan tree, Carya illinoinensis, contains the sweetest nuts of all the hickory trees and is one of the most important native North American nut trees, though it can be a messy tree to grow due to leaf and fruit drop. It grows 70–100 feet tall with a spread of 40–75 feet. Its tolerant of acidic soils and only moderately tolerant of alkaline soils. Itll handle some poor drainage all right but not drought, salt spray, or salty soil. The bark is brownish black, and leaves are 18–24 inches long, containing nine to 17 narrow, long leaflets with a hook shape near each tip. Nuts are cylindrical. Carya cordiformis (Butternut hickory), green-leaved tree.   James Young/Getty Images The bitternut hickory, Carya cordiformis, also commonly called the swamp hickory, loves moist conditions and hates drought and poor drainage, though it can be found in some drier landscapes in addition to its typical low, wet conditions. It needs a large area to grow and can reach 50–70 feet high and 40–50 feet wide when mature. It prefers acidic soil but can tolerate alkaline. It can handle some salt spray but not salty soil. Leaves contain seven to 11 long, narrow leaflets. It grows bitter nuts that, although not poisonous, to humans are more of the inedible variety due to their taste. The nuts are about an inch long and have four-sectioned, thin husks. To identify the tree in winter, look for its bright yellow buds.

KISMET Inc.

KISMET Inc. Executive summary Financial analysis of Kismet indicates that it was highly profitable during the first and second quarters. The profitability improved in the second quarter. Besides, the company had a strong liquidity and solvency indicating that it had sufficient assets to repay its debt. It has the character, capacity and condition for paying a loan from the people. Analysis of the cash flow statement also showed that it generated more cash than it used in the second quarter of the year. However, the company does not have adequate collateral to cover the entire $43,000 loan. The bank will incur a high risk if it advances the entire amount to the company. Alternatively, it can lend the company less than the amount requested or lend the same amount but on condition that the company guarantees that it will make adequate sales after the expansion. This may include signing pre-contract documents with customers. Problem statement Kismet wants to expand its operations and requires a loan of $43,000 as well as expanding its credit line from $5,000 to $10,000. The company has applied for the loan with its bank. The problem, in this case, is to analyze the financial performance and stability of the company, assessing its creditworthiness and evaluating options the bank has and recommending whether the bank should advance the loan or not. Ratio analyses and implications This analysis helps in determining the financial strength and performance of the business. It is important in determining the ability of the business to pay his debts. Relevant analyses include profitability, liquidity and solvency analysis. Analysis of liquidity Kismet’s current ratio for the three months ended July was 3.00 implying that its current assets were more than thrice the value of its current liabilities. This shows that it has adequate current assets to pay its current obligations. At the end of April, Kismet’s current ratio was 1.56. The increase in the current ratio in the second quarter shows that the liquidity of Kismet improved. Its cash ratio was 0.215 at the end of the second quarter and 0.152 at the end of eth first quarter. This suggests that its cash balance as at that date could pay 21.5% of the total short-term liabilities. The increase in the cash ratio indicates that the liquidity of Kismet improved in the second quarter. Kismet’s quick ratio was 0.244 and 0.176 in the second and first quarters respectively. It implies the Kismet’s quick assets (current assets excluding inventory) could repay only 24.4% of the total current liabilities. The increase indicates an increase in liquidity. The above liquidity analysis indicates that Kismet has a strong liquidity since its current assets are sufficient to clear up its current liabilities. This further implies that Kismet can pay its short-term obligations hence the bank should be worried about short-term lending funds to Kismet. The concern, however, is a significant amount of inventory which leads to a lower quick ratio. Profitability analysis Profitability analysis is important is it determines whether the firm’s operations are cost-effective. Profitable businesses generate adequate revenues thus enhancing their ability to repay debt. Kismet’s gross profit margin was 32.82% in the second quarter, up from 30.21% in the first quarter. This shows that it earned a gross profit of $0.3282 for every dollar of total revenue. The increase in gross margin suggests an improvement in Kismet’s profitability in the second quarter. Its operating profit margin increased from 8.61% in the first quarter to 15.67% in the second quarter. The net profit margin was 11.74% in the second quarter up from 6.45%. It suggests that it earned a net profit of $0.1174 per dollar of total revenue. The return on assets for Kismet was 52.12% in the second quarter and 15.99% in the first quarter. It shows that Kismet erased a net income of $0.5212 per dollar of total assets used during the second quarter. The increase in ROA shows that the profitability of Kismet improved in the second quarter. Kismet’s return on equity was 83.52% in the second quarter indicating that it earned a net profit after tax of $0.8352 per dollar of shareholders’ equity. The ratio increased from 52.99% in the first quarter to 83.52% in the second quarter. This suggests that the profitability of Kismet improved in the second quarter. Profitability ratios indicate that Kismet was profitable in both the first and second quarters. The high profitability is a positive contribution to its ability to honor its debt obligations. Besides, its profitability improved in the second quarter. Solvency/Leverage analysis This analysis helps in determining the financial stability of Kismet, including its ability to settle the long-term debt. The debt ratio for Kismet at the end of the second quarter was 0.314 indicating that Kismet financed the acquisition of 31.4% of its total assets through borrowing. This implies that it has a low leverage since the debt ratio is less than 50%. The debt ratio for the first quarter was 0.698. The decline in the debt ratio shows that the solvency of the company improved in the second quarter. The debt-equity ratio at the end of the second quarter was 0.458 indicating that Kismet had more equity than debt in its capital structure. The ratio shows that Kismet had a low leverage and strong solvency. In the first quarter, the debt-equity ratio was 2.313. The decline in the debt-equity ratio shows that the solvency of Kismet improved in the second quarter of the year. Kismet had an interest cover (times interest earned ratio) of 898 times. This shows that Kismet operating income (before interest and taxes) was 898 times the interest expense for the quarter. This shows that Kismet generated more than sufficient earnings to cover its interest expense. This indicates that the probability that Kismet will be unable to pay interest on its debt is very low. The interest cover increased from 602.28 times in the first quarter to 898.23 times in the second quarter indicating an improvement in the solvency of the company. The above analysis indicates that Kismet had a strong solvency. Its total debt is only 315 of the total assets. Besides, the balance sheet indicates that it does not have any long-term debt. It generates sufficient earnings to meet its interest expense. The string solvency implies that the financial risk involved in Kismet is low since the possibility of failing to honor its obligations is low. Thus, the bank should advance the required amount of debt to the company since it can pay interest on the debt as well as the principal. Statement of change and implication (sources and uses of cash) Analysis of the cash flow statement indicates that Kismet had a positive net change in cash at eth end of the second quarter. Its short-term financing sources included taxes payable and working capital loan. The total short-term sources of finance were $6,812. It also obtained cash from long-term sources such as retained earnings (sales- operating activities) and the sale of fixed assets. It sold a fixed asset $1,000 while its retained earnings were $67,293. The total cash inflows (sources of cash) were $75,105. Its uses of cash included the purchase of inventory worth $58,389 and payment of accounts payable of $15,479. During the second quarter, the company’s cash inflows (sources) were more than its cash outflows (uses). The analysis indicates that the company does not face any cash flow problems. It has adequate cash to finance its daily operations. Cash flow stability is important in the evaluation of the creditworthiness of the company since the uses cash interest on debt and not receivables. It is not enough for the company to make higher revenues, it must be efficient enough to convert those revenues into cash. 4 C’s of credit Character Kismet is owned by two shareholders, Stuart Trier and Aaron Anticic, each holding 50% of the business. Trier, 24, is the president of the company. He graduated with a bachelor of arts from the University of Western Ontario. He was enrolled in the administrative and commercial studies program at the University. He worked as an analyst at 3M Canada where his duty was to optimize service and inventory levels. He is self-motivated and energetic. Aaron, the Treasurer, is a graduate of Richard Ivey School of Business (University of Western Ontario) with a degree in business administration. He held a lecture position at the Richard Ivey School of Business and developed experience in small business management by managing his family’s restaurant during the summers. The company sells lower-priced tools to individuals and contractors. Its stores are located in Hamilton. It also operates a mobile tool show. The above analysis indicates that Kismet has an experienced management. Besides, the company is yet to acquire long-term debt. Capacity The financial statements indicate that it can borrow and repay the required amount of the loan. Its net income after tax for the second quarter was $67,292 while that for the first quarter was $11,274. The balance sheet shows that it has less debt. It had no long-term liabilities, and its total current liabilities was less than 50% of the total assets. Besides, its cash inflows were more than its cash outflows. Thus, it can repay $43,000 from the bank. Condition The company’s industry shows positive prospects and is expected to grow. The company’s additional investment is expected to increase its earnings. Interest rates are also stable and are not expected to change rapidly. Collateral The company’s fixed assets are inadequate to secure the entire amount of the loan. The net book value of the company’s fixed asset is only $6,000. If the bank lends the company the $43,000 required to purchase new fixed assets, only $6,000 of the amount will be secured. Alternative analysis Option 1 The first option the bank has is to Kismet the entire amount of the loan ($43,000) and allow the expansion of working capital loan (credit line) to $100,000. Pros: The advantage is that Kismet will get the required capital to finance its expansion. Expanded operations may lead to an increase in revenues and net income thus enhancing the return on investment. If the expansion is successful, Kismet will be able to repay the bank. Cons: Kismet will not provide collateral for the entire amount of the loan. The company’s fixed asset will only cover $6,000 of the $43,000 loan. Secondly, there is no guarantee that the bank will get back its money. Since most of the loan is not covered, the banks may lose the amount if the expansion is not successful. Option 2 The bank to refuse the loan application from kismet. The advantage is that the bank will not be at risk of losing the unsecured portion of the loan. However, it will be disadvantageous to Kismet since it will not be able to finance its expansion plans. Option 3 To give the loan on condition that the company’s sales increase. The bank may also wait for Kismet to find a large buyer for the expanded production. This will reduce the risk of loss to the bank. However, Kismet may not get the loan if the market conditions are not favorable. Recommendations As shown in the analysis, the company is financially stable. It is profitable, highly liquid and has a strong solvency. Evaluation of the 4Cs showed that company had a strong capital, collateral, and capacity to pay the debt. However, a loan of $43,000 will be higher than the company’s capacity. The bank should lend the company less than $43,000 or wait until the company secures buyers.

How Would You Advise Your Management Staff to Successfully Free Essays

ow How would you advise your management staff to successfully manage this large scale change of the organization? I would enlighten them that managing organizational change can be for the better or worst sometimes. Many organizations create a partnership to build a centralize complex to recognize the organization differences. When change is implemented a formal strategy need to be put in place, This will allow the organization to identify the impact of forthcoming changes and make organizational or functional changes to ensure service levels are not reduced. We will write a custom essay sample on How Would You Advise Your Management Staff to Successfully? or any similar topic only for you Order Now Change management entails thoughtful planning and sensitive implementation, and above all, consultation with, and involvement of, the people affected by the changes. If you force change on people normally problems arise. Change must be realistic, achievable and measurable. When first starting to prepare for this change Senior MGMT thought-out; what do we want to achieve with this change, why, and how will we know that the change has been achieved? Who is affected by this change, and how will they react to it? How much of this change can we achieve ourselves, and what parts of the change do we need help with? These aspects also relate strongly to the management of personal as well as organizational change. I think that it’s important for my staff to know the benefits of partnering with the other organization, with there funds and our resources we can build a stronger organization, which can aid, finance, and help our growing organization in a given industry that will grow rapidly without having to create another business entity. Senior MGMT of both organizations has discussed best practices and the issues that are the perceived potential benefits behind the merger openly and frankly. EX. ) If organization A’s strength is sales and they are absorbing organization B in part because of B’s distribution capabilities, make sure A’s distribution people know to listen to B’s distribution people and B’s sales force understands the opportunity to learn from A’s. My plans are to express to them that the changes will be better for the organization and make us more successful. So I will focus on trying to sell the benefits of the changes and then get staff to participate so they feel as if they are a part of the changes. When people contribute to changes that affect them they are more adapted to accept them. I would express that we have the full support of senior management so things will move rapidly. I plan to emphasize a team-oriented approach in providing the right mix of strategic guidance, hands-on leadership and deep industry domain expertise in helping the individuals and their teams to become market-leading organizations. 1. What are the organizational crisis issues that need to be addressed? One of the problems mention is that the staff in the different areas is using stove piped systems. That makes it harder for an organization to be efficient which is why the new partner is suggesting creating the new system. To eliminate the concerns of staff that the new partner doesn’t understand their business, they should be made part of the team that works on the requirements for the new system. That way they can make sure it will support the way we do business and meet their needs at the same time. Each function is important to the success of a merger. Consider the way a merger will affect the other organization and then use those lessons to minimize the same effects of our organization. Another problem is that employees are worried about whether there jobs are changing and weather they will have the skills need to work on the new system. If employees are fully involved with the new implementation then have the skills to work with the new systems will be a given, when the organizations partner training and workshops we be apart of the reconciling. Recognize the pros and cons of the organizations becoming partner: Pros: ? More resource for future growth ? Take advantage of economic of scale Cons: ? Might loss competitive advantages Might bear the risk of not successfully integrate A rational decision making model provides a structured and sequenced approach to decision making. Using such an approach can help to ensure discipline and consistency is built into your decision making process. The fact that the Bill Gates foundation wants to change the culture of the organization because of the $20 Million dollar donation can cause a lot of conflict and have the employees w ho have created and build the old organization think that what was built is not effective enough to keep the organizationB functioning. If senior management takes to long to make timely decisions then the organization can’t really move forward and manufacture like a top organization. When the problems are identified use the employees to create a new way of functioning, identify the most probable causes for the current system and improbable causes and use those results to work with the other organization to build your new effective system. Some potential problems that organization should be aware of when they must make decisions during a crisis is Cultural disconnect, Culture change management is not indulgent; it is a critical aspect of any transaction. However, simply acknowledging the issue or handing it off to specialists is not enough. Management must set a vision, align leadership around it, and hold substantive events to give employees a chance to participate. Detailed actions and well articulated expectations of behavior connect the culture plan to the organizations goals. Also, keeping information too close is a natural hesitancy that the organization should avoid; I know that current regulations put pressure on what management can tell the organization without going to public disclosure. However, absent real facts, the rumor mill will fill the void. Tell employees what you can. Also, tell them what you can’t tell them at the moment, why, and when you will be able to do so. What are some steps that the organization can take to avoid those problems or to minimize their negative impact? ? Choose the right conversion team; the organization will need employees who demonstrate excellent people skills and the ability to â€Å"finesse† any situation to the benefit of the organization. Make sure the transition team is appropriate for the area or department they talk to and can easily relate to people in various departments. ? Be in constant, honest communication with employees; All employees want accurate information from management, and they want to know the truth, even if it’s difficult. No matter what the news is, good or bad, your employees want to hear it, so always be totally open and honest about what is to come. If your employees feel out of the loop, they’ll assume the worst, and you can expect a negative effect on efficiency. Both partnering entities need to be consistently communicators with employees and ensure that whatever they’re communicating is 100% accurate. ? Give assurance about change; Help your employees to deal with change, even if that change seems minor to you it might be big to them . People fear change so Executives need to do everything they can to help minimize the anxiety that people naturally have. How to cite How Would You Advise Your Management Staff to Successfully?, Essay examples