“New IPOs continue to fuel a strong pipeline this quarter as capital is readily available,” said Jackie Kelley, EY Global IPO Leader.  ”PE and VC’s are driving IPOs as they seize the opportunity to realize value for investors, confidence continues to build as the VIX® is now at the lowest level since the start of 2007, and with M&A hot again, companies have more options to exit. Dual tracking has become popular again.”

The Q2 Review:

It was another hot quarter for healthcare and technology-with both rising to the top as the most active industries due to favorable market conditions for VC/PE exits. In the first half of 2014, almost three out of four healthcare and technology IPOs were either PE-or VC backed- that is 45 out of 63 healthcare IPOs and 24 out of 32 technology IPOs. Rounding out the top five sectors are the oil & gas, financial services and retail industries. In terms of proceeds, technology and oil & gas raised the most capital among all industries.

Drivers:
Technology companies over the last five years have been streamlining operations, developing cash positive business models and throwing off cash. Debt markets have been friendly and innovation around the cloud and mobile is driving a lot of activity. The healthcare and life sciences industries have exploded recently with companies looking to become more specialized narrowing their areas of focus-a trend expected to continue for the foreseeable future. In financial services, smaller regional financial institutions and insurance companies found opportunities to raise capital. Oil and gas IPOs continue to be driven by limited partnerships.

A further breakdown of the 87 IPOs currently in the pipeline by sector shows that:

• 34 are in Health Care, raising $1.9 billion
• 18 are in Financial Services, raising $0.7 billion
• 8 are in Technology, raising $0.8 billion
• 4 are in Oil & Gas, raising $2.1 billion
• 4 are in Professional Services, raising $1.1 billion
• 4 are in Utilities, raising $1.3 billion

Cross-border is back:
US exchanges continue to be the most attractive in the world and have dominated the market with 91 IPOs and$23.1b in proceeds. The proceeds were twice more than the second busiest exchange of London. Valuation was less favorable compared to the first quarter as investors exhibited signs of caution on whether or not the uptrend in the equity markets is sustainable. Only three US domiciled companies listed outside of the US for the first half of 2014 including: Margaritaville in Jamaica; Acucela Inc. in Japan, and e-TeleQuote in the UK.

“This quarter saw a comeback of cross border listings reaching their highest level since 2007,” continued Kelley. “Ten Greater Chinese firms listed on US exchanges, raising more than $3.5b compared to only one in the first quarter.  Eight of the 11, or 73%, of companies listing on US exchanges are technology or internet-based companies.”

Just recently, the China Securities Regulatory Commission announced it would limit IPOs in China to around 100 in the second half of the year, which could encourage even more of the 700 Chinese firms in the IPO pipeline to consider a cross border listing.

Other countries listing on US exchanges in 1H 2014 include:
UK 5 deals US$2.7b
Israel 3 deals US$0.2b
Canada 3 deals US$0.4b

VC and PE-Backed IPOs
PE and VC account for 60% of US IPOs with 54 deals and $18.3 billion in proceeds. The two top PE-backed IPOs were Ally Financial and IMS Healthcare. VC-backed IPO volume dropped in the second quarter compared to Q1. However, proceeds of $4.8b surpassed both Q1 and the second quarter of 2013.

Forty-one of the IPOs in today’s 87-company pipeline are PE/VC-backed, which is more typical of historical trends. The market will continue to see PE/VC exits in the foreseeable future.

Year-over-year pipeline comparison chart:

*Q2 2014 figures are as of June 17, 2014. Number of IPOs that went public is projection for the quarter

“We’re expecting the IPO market to remain hot as new IPOs continue to fuel the pipeline,” concluded Kelley. “As the Fed has focused on keeping rates low and the tapering strategy will remain unchanged, barring any impact from geo-political shock, we expect this to be a banner year reaching levels we have not seen since 2004.”

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Officials with the Tulare County Parks & Grounds division reported at Tuesday’s board of supervisors meeting that since the water reduction measures were implemented in December 2013 more than 125 acre feet, or 40 million gallons, has been saved.

“Tulare County will continue to lead the way when it comes to water conservation measures,” said Phil Cox, chairman of the board of supervisors. “A gallon saved by the county is a gallon that could be used by our agriculture community, which is the lifeblood of our economy.”

Tulare County Parks & Grounds Manager Neil Pilegard said irrigation at county parks and grounds – totaling 450 acres – has been reduced by 50 percent.

“We ask the public to bear with us as the grounds at our favorite parks go brown,” Pilegard said. “We would also encourage residents to reduce their irrigation as well as we fight to conserve water.”

Pilegard said that while county parks are going brown, it will grow back during better water years because the grass is the Bermuda variety, which grows back easily.

In addition, the county will seek grant opportunities to renovate outdated and inefficient irrigation systems and continue to implement water saving landscapes at various sites.

Pilegard said signs will also be installed at county parks to educate the public about the water saving measures being implemented.

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Tulare County Parks & Recreation Manager Neil Pilegard said the Kings River has been closed effective immediately due to drought caused, low water levels.

“We encourage people to find alternate activities away from the Kings River and apologize for any inconvenience,” Pilegard said. “Closing the river is an important public safety measure, as hundreds of people usually use this river each weekend for recreational purposes.”

The river will remain closed until water flow increases to 400 cubic feet per second (cfs) at the weir located a half mile west of Highway 99. When the flow rate reaches 400 cfs, motorized watercraft will be under a 5 miles per hour speed restriction until the water flow increases to 800 cfs, at which time speed limits will be increased to 30 miles per hour.

Tulare County works with the Kings River Watermaster to determine the water levels and flow rate. At this point, it is not known when the water flow will reach 400 cfs. There is no expected time table for any water release from the U.S. Army Corps of Engineers from Pine Flat Dam, which feeds water into the Kings River.

The river is extremely dry. For example, there is currently no water in the Kings River at the Highway 99 bridge near the Riverland Resort.

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The survey highlights the very real impact the winter price surge had on household finances and quality of life.  Of the 76% of Americans responsible for paying their utility bills and who had higher bills this winter over half (56%) said their day-to-day lives were impacted with these higher bills this winter.  For example, those impacted said they were forced to set thermostats lower than was comfortable (32%) and forced to cut back on leisure activities (28%).  Nearly one fifth (19%) also reported that higher electricity costs limited their ability to buy necessities, such as groceries, food and healthcare – suggesting lower-income households may have been forced to decide between heating their home and eating a meal.

“Americans are rightfully concerned about higher electricity prices.  If EPA continues to push forward with unrealistic standards for coal-based power plants, consumers’ fears will become locked-in for the foreseeable future,” Hal Quinn, NMA president and CEO, said.  “The leap in electricity bills consumers saw this winter is as much the result of EPA’s policies as it is the cold weather.”

According to NMA data, EPA’s far-reaching regulations will result in over 20 percent of the country’s coal-powered electricity – the nation’s largest component of electricity generation — being removed from the energy grid by 2020 if not sooner, which puts greater price pressure on natural gas and alternative fuels to fill the gap.

“Unfortunately less diversity of our power resources will endanger utilities’ ability to provide a reliable supply of energy at the lowest cost to consumers,” Quinn said.

According to the survey, 70 percent of Americans are at least somewhat concerned that new EPA regulations to eliminate coal-powered electricity from the nation’s energy mix, if approved, will also lead to electricity black-outs and brown-outs this summer.

Federal Energy Regulatory Commission acting Chair Cheryl LaFleur said at the agency’s April 1, 2014 technical conference on the winter’s effects on regional transmission organizations’ markets and operations that on some days this past winter, the energy grid was “pushed to the edge,” jeopardizing the ability to  provide uninterrupted electricity to Americans in all regions of the country.

“This winter served as a warning about the importance of maintaining a diverse energy mix to fulfill the high demands we place on the nation’s power supply,” Quinn said. “The EPA’s power plants regulations have moved too far, too fast.   We hope this survey demonstrates to policymakers that American families want and need the dependable, affordable electricity that EPA proposals currently threaten to remove.”

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There is a similar feeling when it comes to the precipitation. Around three-quarters of those in the Midwest (77%) and East (73%) say the rain or snow in their area (and it was mostly snow!) was more than normal. In the South, half (49%) say the rain or snow was more than normal, one-third (34%) believe it was about the same as normal and 15% say it was less than normal. In the drought stricken West, more than three in five (62%) say the rain or snow was less than normal this winter.

Is it climate change?
When those who said that the temperature and/or precipitation are asked if the differences this winter were due to global climate change, half say yes – but one-quarter (24%) say the difference was definitely caused by global climate change and one-quarter (26%) say maybe it was caused by it. Almost two in five Americans (38%) say no, it wasn’t and 13% are not sure. There is a generational difference, as Millennials are more likely than Matures to say that the changes are definitely due to global climate change (28% vs. 18%) and maybe due to it (31% vs. 22%). Matures, on the other hand, are more likely than Millennials to say that the changes are not due to global climate change (47% vs. 31%). Also, while the past winter may have been rough in much of the country, almost seven in ten Americans (69%) do not believe that the severity of this past winter is proof that global climate change is not happening.

Looking at overall feelings on global climate change, nearly half of Americans (45%) believe it exists and that humans are the main cause. Three in ten U.S. adults (30%) believe global climate change exists but that its causes are mainly not related to humans, while 13% do not believe it exists and 12% are unsure. There is a strong political division on this, as two-thirds of Democrats (65%) believe global warming exists and humans are the main cause while 20% say it exists, but the causes aren’t related to humans and 5% do not believe it exists. Among Republicans almost half (45%) believe it exists, but the causes of global climate change are not related to humans, 23% do not believe it exists and 22% say global climate change exists and humans are the main cause.

Blame the weatherman?
One group to feel sorry for this past winter had to be the meteorologists. They were the ones who had to talk about the polar vortex and the latest snow storm or, in the West, another week without any rain. Americans are divided on their attitudes towards this group of professionals. Over half (54%) think meteorologists are just guessing a lot of the time while 46% disagree with this. Almost three in five Gen Xers (58%) and Baby Boomers (58%) agree that meteorologists are just guessing a lot of the time, compared to half of Matures (50%) and Millennials (49%).

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To help curtail this waste, The City of Fresno, along with other members of the Central Valley Water Awareness Committee, join the U.S. Environmental Protection Agency (EPA) WaterSense in declaring March 17 – 23 as “Fix a Leak Week.”

The national “Fix a Leak Week” campaign is an opportunity to encourage Fresno residents and businesses to improve their water efficiency by checking and fixing leaks. Gov. Jerry Brown has declared a drought emergency for California, and the City of Fresno joins the governor in urging a reduction of water use by 20%. The “Fix a Leak Week” is an ideal way for area residents and businesses to step-up conservation efforts and reduce water use.

“Educating the community on the critical importance of water conservation has long been a priority of Central Valley Water Awareness agencies,” said Nora Laikam, water conservation supervisor for the City of Fresno Water. “We are encouraged by the public’s increased awareness on the need to save water. This national initiative, ‘Fix a Leak Week’ comes at an opportune time, given the ongoing statewide concerns over the water shortage.”

In an effort to help find and repair leaks, water customers are encourage to request a free water leak audit. During the audit, a City of Fresno water conservation specialist will help to check for water leaks and other water inefficiencies both inside and outside of the home or business.

To lead by example, the City of Fresno is studying and improving its own water usage. Each City department continues to analyze its own water use with the goal of water reduction. To help water customers, the City has many free programs in place to conserve water and educate the public on the detection and repair of leaks.  Below are some simple ways to save water:

• Fix leaky faucets and replace leaky showerheads immediately
• Apply for a rebate to replace old toilets with WaterSense low flow toilets and/or adjust toilet floats.
• Do not let water run into the gutters from over-watering.
• Follow the City’s watering schedule, but do not water landscapes unless needed.
• Always have an automatic shut-off nozzle on garden hoses.
• Teach children to turn off the water when brushing their teeth.

Contact the Conservation Program if you want to schedule a Free water leak audit or water-wise landscape consultation, call (559) 621-5480.

The City of Fresno has joined efforts with other water agencies to recognize, educate and promote the EPA WaterSense “Fix a Leak Week” through utilities across the nation.

For more information on water conservation or “Fix a Leak Week,” call (559) 621-5480 or visitwww.fresno.gov/water and http://www.epa.gov/watersense/our_water/fix_a_leak.html .

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The first action session is The Very Last Drop: Managing Water and Food Production on March 27, 2014, hosted at Harris Ranch Conference Center (Coalinga, Calif.).

The purpose of “The Very Last Drop: Managing Water & Food Production” is to connect state and San Joaquin Valley leaders to discuss and prioritize immediate regional actions to respond to a historic drought — and to use the drought as a crucible for a new agribusiness economy. The objective is to leave the host venue with a to-do list and responsible parties.

“As we all know, water and food are arguably the most indispensable pillars of the state’s economy,” said Stuart Van Horn, vice chancellor, WHCCD, who is coordinating the program.

“Communities can’t function without them. There needs to be integrated, linked actions and alliances with greater coordination and accelerated implementation. The series is designed to stimulate those alliances.”

Featured speakers include Victor Davis Hanson, Martin and Illie, senior fellow, Hoover Institution; Marvin Meyers, chief executive officer, Meyers Farms; Sandra Schubert, undersecretary, California Department of Food and Agriculture.

Remarks will be delivered by: Dorene D’Adamo, member, State Water Resources Control Board; Daniel Dooley, VP, director of agriculture/natural resources, UC Office of the President; Frank Gornick, chancellor, West Hills Community College District; Jim Mayer, president and CEO, California Forward, Mark Nechodom, director, California Department of Conservation.

There is a long list of distinguished panelists at http://www.essentialelementsseries.com.

For more information and to participate, visit the website or contact Dr. Stuart Van Horn at stuartvanhorn@whccd.edu or (559) 934-2131.

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“Customer safety is a top priority for SoCalGas and we want to provide information to help our customers be ready for an emergency,” said Jimmie Cho, SoCalGas vice president of gas operations. “After a natural disaster or major incident such as the 1994 Northridge earthquake or the recent wildfires, public safety services will likely be busy handling emergencies. We encourage customers to be prepared at all times.”

SoCalGas offers these safety tips:
Before an emergency

• Know where your gas meter is located and keep a 12″ or larger adjustable wrench with your emergency supplies, near your building exit or next to your gas meter shut-off valve. Do not store the wrench on the gas meter or other gas piping. Even in the case of an earthquake or other emergency, turn off your gas meter if you smell gas, hear gas leaking or see other signs of a leak —and ONLY if it is safe to do so.
• To help prevent your water heater from moving or toppling in an earthquake, strap it firmly to the wall studs in two places —the upper and lower one-third of the tank— with heavy bolts and metal strapping. Be sure to place the lower strap at least four inches above the thermostat controls. Kits are often available at your local hardware store and we recommend having a licensed, qualified professional install it for you.
• Call SoCalGas or a licensed, qualified professional to replace any semi-rigid aluminum or copper gas tubing appliance connectors with an approved flexible connector.
• Check safety devices, such as smoke and carbon monoxide detectors, to ensure that they are functioning properly.
• Call SoCalGas or a licensed, qualified professional to inspect your furnace and other gas appliances for safe operation and to make any needed repairs. Make sure flexible connectors are not subject to damage or passing through floors, walls or ceilings.

After an emergency:

• DO NOT turn off gas to the meter unless you smell gas, hear the sound of gas escaping or see other signs of a leak —and ONLY if it is safe to do so. If you turn off gas to the meter, leave it off. Do not turn it back on yourself. Interior gas piping and appliances must be inspected for possible damage before service can be safely restored. Call SoCalGas to turn the gas back on, to relight the pilots and service your appliances. Note that certain repairs may have to be performed by your plumber or heating contractor. However, only SoCalGas field employees are allowed to turn on the gas to the meter.
• For safety, a shut-off valve should be installed at every gas appliance, and may be required by state and/or local codes. If a leak occurs at a specific appliance, the valve will permit you to turn off the gas at the appliance rather than shutting off all gas service at the meter. Some valves require a wrench to turn them.
• Check your water heater and furnace vents. If the venting system becomes separated during an earthquake or other event, it could leak hazardous fumes into your home. Do not operate your appliance unless it is properly vented.  Signs of an improperly vented appliance may include moisture on the inside of windows or an unusual odor when the appliance is in operation.
• DO NOT ignite a flame or use any electrical appliances, light switches or other devices that can cause a spark until you’re sure there are no gas leaks.
• Use flashlights —NOT lanterns, matches or candles— to examine buildings, as flammable gases may be inside.

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Zoldoske, who was honored at the 2013 Irrigation Show and Education Conference in Austin, Texas Nov. 7, is the fourth person from Fresno State to receive the award that honors a person outside of the commercial irrigation industry who has made outstanding contributions toward the acceptance of sound irrigation practices or policies.

“Dr.  Zoldoske joins a long list of distinguished previous winners from across the country and from other major agricultural universities,” said Dr. Charles Boyer, dean of the Jordan College of Agricultural Sciences and Technology.

“The award not only honors him, but confirms the longstanding leadership and commitment by Fresno State faculty and staff in irrigation technology and policy and improving water use efficiency in irrigation.”

Based in Virginia, the Irrigation Association, is the leading membership organization for irrigation equipment and system manufacturers, dealers, distributors, designers, consultants, contractors and end users. Originally founded in 1949, it includes more than 2,000 corporate and individual members and is dedicated to promoting efficient irrigation.

The Person of the Year Award was established in 1952. Winston Strong, professor of Plant Science and Mechanized Agriculture was recognized in 1974 for pioneering work in sprinkler testing. Former CIT directors Kenneth Solomon and Edward Norum were honored in 1990 and 2004 respectively.

Fresno State has been involved in irrigation testing and research for more than 60 years and Zoldoske has been involved for more than half of that time. He started his irrigation career as a graduate student research assistant before beginning work as a full time research technician in 1983. He was named CIT director in 1994.

Established at Fresno State in 2001 to improve water use efficiency, the Center for Irrigation Technology is internationally recognized as an independent testing laboratory, applied research facility and educational resource for water and irrigation technology.

As director, Zoldoske works with the public and private sector to respond to a wide range of challenges including water use efficiency, water quality, economic development, regional planning and policy.

Zoldoske also serves as vice-chair of the California Department of Water Resources Strategic Planning Caucus for New Water Technology, an effort that will become part of the state’s 2013 Water Plan Update.

He is a past president of the Irrigation Association (2004-05); a member of the “Smart” Water Application Technologies Executive Committee; an honorary member of the American Society of Irrigation Consultants; a Fellow with the California Council for Science and Technology; and served as president of the American Society of Agronomy.

Internationally, Zoldoske served as the project leader in establishing the Zimbabwe Irrigation Technology Centre and has represented the United States in the development of international standards.

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Increased output from Iraq and Libya of 360,000 b/d was almost completely offset by reductions totaling 340,000 b/d, of which the biggest single cut was from Saudi Arabia.

“To keep its production at current levels, OPEC—mostly through the Saudis—have had quite a challenge,” said John Kingston, Platts global director of news. “Libya production is up and down, but mostly down, and Iraq’s season of maintenance has now been followed by disruptions in the country, leading oil services company Baker Hughes to suspend operations and declare force majeure on its activities throughout the country. This does not bode well for the organization being able to maintain production levels. Those 10 million barrels per day of Saudi output from earlier this year may be needed.”

Libya began October with production around 650,000 b/d to 700,000 b/d, on the heels of an agreement with striking workers in late September that allowed output to resume at the Elephant and Sharara fields in the west of the country.  But subsequent rounds of disruptions, including a protest at the port of Mellitah and another stoppage at Sharara, again pushed back output, with volumes for the month averaging 540,000 b/d.

Iraqi output recovered to around 3 million b/d in October from 2.8 million b/d in September, when work to install a metering and manifold system in Basrah had resulted in a plunge of 350,000 b/d from estimated August output of 3.15 million b/d. Continuing maintenance work at the key southern terminal will keepIraq’s crude exports at levels lower than capacity for the remainder of this year and into 2014, sources said earlier this month. The impact on exports through yearend will be about 250,000 b/d, the sources said.

Saudi Arabia, whose direct burn of crude in power stations climbs during the summer months when air-conditioning demand soars, reduced output by 250,000 b/d to 9.75 million b/d.

The October total leaves OPEC output below 30 million b/d for the second consecutive month and brings it closer to the oil producer club’s forecast of demand for its crude – 29.9 million b/d this year and 29.6 million b/d in 2014. In its latest monthly oil market report, released earlier Tuesday, OPEC said it expected the call on its crude to drop from 30.41 million b/d in the fourth quarter of this year — a downward revision of 310,000 b/d from the previous forecast — to 29.16 million b/d in the first three months of 2014.

OPEC will review oil output policy at ministerial talks on December 4 in Vienna. There have been no indications to date that the group plans to make any adjustments to its current informal output management system, which relies largely on Saudi Arabia to make adjustments by tweaking its own volumes up and down.

The group’s 30-million-b/d ceiling has been in place since January 2012 but does not include production quotas for individual countries.

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