A New Idea in a Deep Learning Paradigm

Total Page:16

File Type:pdf, Size:1020Kb

A New Idea in a Deep Learning Paradigm Biomed. Eng.-Biomed. Tech. 2018; aop Behrouz Alizadeh Savareh, Hassan Emami, Mohamadreza Hajiabadi*, Seyed Majid Azimi and Mahyar Ghafoori Wavelet-enhanced convolutional neural network: a new idea in a deep learning paradigm https://doi.org/10.1515/bmt-2017-0178 Keywords: brain tumor; convolutional neural network; Received October 13, 2017; accepted February 19, 2018 segmentation; wavelet transform. Abstract Purpose: Manual brain tumor segmentation is a chal- lenging task that requires the use of machine learning Introduction techniques. One of the machine learning techniques that has been given much attention is the convolutional Brain tumor is one of the main causes of death in all age neural network (CNN). The performance of the CNN can groups. According to reports by the National Brain Tumor be enhanced by combining other data analysis tools such Foundation (NBTF) and American Brain Tumor Associa- as wavelet transform. tions (ABTA), research in developed countries indicates Materials and methods: In this study, one of the famous that the number of people with this disorder has drasti- implementations of CNN, a fully convolutional network cally increased during the past decade [1–6]. (FCN), was used in brain tumor segmentation and its One of the routine tests in brain tumor diagnosis is architecture was enhanced by wavelet transform. In this the use of magnetic resonance (MR) imaging [7] which is combination, a wavelet transform was used as a com- capable of creating the optimal contrast of soft tissues plementary and enhancing tool for CNN in brain tumor [8]. Because of its high resolution and non-ionizing segmentation. nature, it is widely used in brain studies [9–14]. There Results: Comparing the performance of basic FCN archi- are many challenges in the manual segmentation of tecture against the wavelet-enhanced form revealed a brain tumors [12, 15–18], as one of the important steps in remarkable superiority of enhanced architecture in brain the processing of brain MR images [19], including differ- tumor segmentation tasks. ences in the size, shape, texture and intensity of tumors Conclusion: Using mathematical functions and enhanc- in the MR images. In fact, these challenges increase the ing tools such as wavelet transform and other math- manual segmentation error and lead to disagreement ematical functions can improve the performance of CNN among experts [20]. Besides that, the large number of in any image processing task such as segmentation and brain scans increases the time required for the analysis classification. of the MR images [21]. All of the mentioned problems turn brain tumor segmentation into a complex and time- consuming process and cause misdiagnosis or delay in decision-making [22, 23]. The presence of these prob- *Corresponding author: Mohamadreza Hajiabadi, Brain and Spinal lems illustrates the necessity of using machine learning Cord Injury Research Center, Neuroscience Institute, and Iranian techniques for automatic brain tumor segmentation [20, International Neuroscience Institute, Shariati Hospital, Tehran 24, 25]. University of Medical Sciences, Tehran, Iran, In recent years, the use of deep learning techniques E-mail: [email protected] has increased in the image processing as well as in the Behrouz Alizadeh Savareh: Student Research Committee, School of Allied Medical Sciences, Shahid Beheshti University of Medical medical image processing applications [26–29]. Among Sciences, Tehran, Iran techniques introduced for automatic brain tumor segmen- Hassan Emami: Faculty of Allied Medical Sciences, Shahid Beheshti tation [2, 26, 27, 30–39], the portion of deep learning-based University of Medical Sciences, Tehran, Iran techniques has rapidly increased [40] and several exam- Seyed Majid Azimi: Chair of Remote Sensing Technology, Technical ples of these techniques’ application have been recently University of Munich, Munich, Germany Mahyar Ghafoori: Department of Radiology, Hazrat Rasoul Akram proposed for brain tumor segmentation [30–33, 40–53]. Hospital, School of Medicine, Iran University of Medical Sciences, As a matter of fact, the best technique for exploiting the Tehran, Iran benefits of multidimensional spatial data such as image, Brought to you by | University of Sydney Authenticated Download Date | 5/30/18 9:08 AM 2 B. Alizadeh Savareh et al.: Wavelet-enhanced convolutional neural network sound and time series is a convolutional neural network Method (CNN) [34]. The CNN performance can be enhanced if it is combined with other data analysis tools. One of the most Idea description useful tools in signal and image analysis is the wavelet transform which is considered as a good candidate for the The deep learning hypothesis is based on the fact that, in order to CNN enhancement. In the following sections, the idea of achieve a high level of representation, a hierarchy of initial and mid- combining the CNN and wavelet transform is explained dle representations is required [71–74]. The CNN structure is based on the multilayered perceptron and then the application of this combination in brain (MLP) [75–77], and its function is similar to the time delayed neural tumor segmentation is investigated. networks which share the intra-network weights in order to reduce the computations [78]. Employing operations like convolution, sam- pling and linear correction unit, the CNN is able to directly extract features from raw data [79]. In fact, the use of the convolutional operation gives CNN spatial flexibility and the use of the sampling Related works results in higher levels of representation. The learning process occurs in the CNN using intermediate representations (known as the feature Evolution of brain tumor segmentation techniques map) [80], exactly the same as the hierarchical learning in biological brains [81]. The feature maps pass through layers, so the hierarchy of represents a move toward achieving an automatic and learning occurs and the information becomes more meaningful by accurate segmentation where three levels of algorithms going through the layers [82, 83]. This unique ability has led the CNN were developed to achieve these goals [1, 2, 10, 14, 36–39, to succeed in most of the image processing applications [35]. 54–58]. Along with the CNN properties in the hierarchical learning, a In the first generation, heuristic ideas were employed wavelet transform has interesting features that make it a candidate to enhance the CNN. The main functionality of the wavelet transform by algorithms such as the threshold level [59], area growth in image processing is the ability to decompose images into different [60] and edge detections [10]. Simplicity of the implemen- scales with different levels of details [84–86]. During the decomposi- tation was the main feature of these algorithms; however, tion, the separation of the information at different levels is repeated the big challenge was posed when they were faced with on the remainder part of the previous layer [79]. Therefore, it can be situations different from the training setting. deduced that CNN and wavelet transform have different approaches Techniques in the second generation were based toward image details in that CNN creates a high-level representation by upward combinations of low-level representations such as pixels, on the probabilistic and optimization methods such as lines and object elements, whereas wavelet transform decomposes artificial neural networks [61], Bayesian models [62], the image into its elements at different levels [75]. The difference fuzzy clustering [63] and support vector machines [64]. between the viewpoints of these two data analysis tools is the basis In addition, techniques like Gaussian mixture models, for an idea according to which wavelet transform can be considered linear and non-linear dynamic systems, conditional as an enhancing tool for the learning algorithm of CNN. In fact, according to the very idea, the compressed forms of the input image, random fields, maximum entropy (MaxEnt) models, as the result of various levels of wavelet decomposition, can be logistic regression, kernel regression and extreme learn- injected into the different layers of the CNN architecture and enhance ing machines were in this generation too. This group its performance. of techniques was effective in solving simple or well- constrained problems [65–68], but their low modeling capacity caused some problems while dealing with The application of this idea in brain tumor segmentation complex real-world situations [69]. There are techniques in the third generation which In this section, the application of the introduced idea in brain tumor seek to achieve the desired result using the higher levels segmentation is investigated and its details are described in the form of the implementation. of knowledge such as tacit knowledge, rules and models extracted directly or indirectly from data. Data: The Brain Tumor Segmentation (BRATS) dataset provided by The significant examples of this generation’s tech- the Medical Image Computing and Computer Assisted Intervention niques include Atlas-based segmentation [70] and Society was used in this study. There were 220 sample MR images of deep learning-based methods [40] which fascinatingly patients with a high-grade glioma, and 54 samples of patients with modeled the human brain information processing system. a low-grade glioma with 155 axial scans stored in three-dimensional Although various versions of deep learning techniques (3D) (mha) format for each patient. Each scan included
Recommended publications
  • Stamping out Cholerar- 8
    I 4 e THE WASHINGTON EEEALD SUNDAY JANUARY 3 190 I These and TTATTS HIS FRIEND OPEN LETTER TO CHRISTIAN words as good and bad POT kindred terms are merely comparative OUT CHOLERAR- SCIENTISTS- and have been lavontcd by man to meet GROWTH OF UNIVERSITIESEnr- STAMPING Stranger In Strange Land Knows the a necessity arising in bis dealings with Proper Greetings This communication is suggested not finite tnlngs We cannot conceive of a intelligence without desire and New York Jan 2Wlerd sounds came only by ¬ human I in Manila Proves Great Hardship- the recent contribution of Al purpose Nor given desire and purpose Statistics of Twentyfive Institutions Show ecent Outbreak a from pile the ollment a of traveling bags at fred Fariow to The Washington Herald would be Tbirtyfeorth street of the Wal can we imagine that all means to Americans in the Philippines entrance entitled Emmanuel Movement and equally adapted to the satisfaction of the Few Cases of Decreased Attendance dorfAstoria The door guard turned sev- ¬ Christian Science bet by the interest one or the furtherance of the other A eral times thinking some one Registration in-¬ 35S largest Special 0 Ths WL liesIL oath stamped out and the Met is at be beard Christian Science has held for me for a condition of life wherein no choice would at most ot the higher of students has the graduate Manila P L Nov sk The recent present at Otoagnpe Sub eighty miles whistling but failed to see anything un-¬ number of years I know comparatively be necessary if possible is inconceivable stitutions of learning
    [Show full text]
  • View of the Major Systems in Operation
    INFORMATION TO USERS This was produced from a copy of a document sent to us for microfilming. While the most advanced technological means to photograph and reproduce this document have been used, the quality is heavily dependent upon the quality of the material submitted. The following explanation of techniques is provided to help you understand markings or notations which may appear on this reproduction. 1.The sign or “target” for pages apparently lacking from the document photographed is “Missing Page(s)”. If it was possible to obtain the missing page(s) or section, they are spliced into the film along with adj«:ent pages. This may have necessitated cutting through an image and duplicating adjacent pages to assure you of complete continuity. 2. When an image on the film is obliterated with a round black mark it is an indication that the film inspector noticed either blurred copy because of movement during exposure, or duplicate copy. Unless we meant to delete copyrighted materials that should not have been filmed, you will find a good image of the page in the adjacent frame. If copyrighted materials were deleted you will find a target note listing the pages in the adjacent frame. 3. When a map, drawing or chart, etc., is part of the material being photo­ graphed the photographer has foi lowed a definite method in “sectioning” the material. It is customary to begin filming at the upper left hand corner of a large sheet and to continue from left to right in equal sections with small overlaps. If necessary, sectioning is continued again—beginning below the first row and continuing on until complete.
    [Show full text]
  • Red Bank Register One
    AIX tb« NEWS of SECTION BED BANK and Surrounding Town* Told VeartoMly and Without BIM RED BANK REGISTER ONE VOLUME LXIII, NO. 14. RED BANK, N. J., THURSDAY, SEPTEMBER 26, 1940. PAGES 1 TO 16. Red Bank Woman Metcalf Donates Takes Lease Option Sea Bright Seeks Local Market To On Jones' Stations A Proclamation LaBoyteauxs Hold Honored By State $2,500 Gold Cup An option to lease three of the Wil- WPA Project To Inaugurate Cash By the Mayor of Red Bank. liam Jones service stations at Red Setting Aside Sunday, Sep- Insurance Women For Race Meet Bank fur ten years has been record- Build Bulkhead And Carry System tember 29th, as a Day of Prayer Luncheon For Friends ed at Freehold by the Standard Oil to be known as "Great Britain company of New Jersey. The sta- Sunday." Mitt Dorothy M. Schlict- Other Events Listed tions are located at Maple avenue Residents of North Schneider's Market to Whereas, the governors of and Bergen place, East Front street many of our 48 states and the 250 Atlantic, Holmdel Neighbors ing Educational Director for October 19 Meet •nd Spring street and Bridge avenue Beach Appeal to Meet Present Day Con- mayors of many of our leading and Rector place. These three sta- cities are joining in proclaiming of State-Wide Group on Haakell Estate tions are handling Standard oil Mayor and Council ditions Starting Monday Sunday, September 29th, as a Gather At Harvest Home Festival products. Day of Prayer to be known as Mr. Jones' fourth station on the "Gjcat Britain Sunday"; and The Insurance Women of New Jer- With a new gold cup valued at A WPA project will be sought by j Beginning next Monday, October northwest corner of Maple avenue the mayor and council of Sea Whereas, the people of Great More than 250 Atlantis and Holm- sey, an organization of women deal- $2,500, and generous purses, the 15th and Bergen place Is not involved In 11, Charles G.
    [Show full text]
  • Public Notice >> Licensing and Management System Admin >>
    REPORT NO. PN-2-200720-01 | PUBLISH DATE: 07/20/2020 Federal Communications Commission 445 12th Street SW PUBLIC NOTICE Washington, D.C. 20554 News media info. (202) 418-0500 ACTIONS File Number Purpose Service Call Sign Facility ID Station Type Channel/Freq. City, State Applicant or Licensee Status Date Status 0000107750 Renewal of FM WAWI 81646 Main 89.7 LAWRENCEBURG, AMERICAN FAMILY 07/16/2020 Granted License TN ASSOCIATION 0000107387 Renewal of FX W250BD 141367 97.9 LOUISVILLE, KY EDUCATIONAL 07/16/2020 Granted License MEDIA FOUNDATION 0000109653 Renewal of FX W270BK 138380 101.9 NASHVILLE, TN WYCQ, INC. 07/16/2020 Granted License 0000107099 Renewal of FM WFWR 90120 Main 91.5 ATTICA, IN FOUNTAIN WARREN 07/16/2020 Granted License COMMUNITY RADIO CORP 0000110354 Renewal of FM WBSH 3648 Main 91.1 HAGERSTOWN, IN BALL STATE 07/16/2020 Granted License UNIVERSITY 0000110769 Renewal of FX W218CR 141101 91.5 CENTRAL CITY, KY WAY MEDIA, INC. 07/16/2020 Granted License 0000109620 Renewal of FL WJJD-LP 123669 101.3 KOKOMO, IN KOKOMO SEVENTH- 07/16/2020 Granted License DAY ADVENTIST BROADCASTING COMPANY 0000107683 Renewal of FM WQSG 89248 Main 90.7 LAFAYETTE, IN AMERICAN FAMILY 07/16/2020 Granted License ASSOCIATION Page 1 of 169 REPORT NO. PN-2-200720-01 | PUBLISH DATE: 07/20/2020 Federal Communications Commission 445 12th Street SW PUBLIC NOTICE Washington, D.C. 20554 News media info. (202) 418-0500 ACTIONS File Number Purpose Service Call Sign Facility ID Station Type Channel/Freq. City, State Applicant or Licensee Status Date Status 0000108212 Renewal of AM WNQM 73349 Main 1300.0 NASHVILLE, TN WNQM.
    [Show full text]
  • Las Vegas Daily Optic, 02-01-1897 R
    University of New Mexico UNM Digital Repository Las Vegas Daily Optic, 1896-1907 New Mexico Historical Newspapers 2-1-1897 Las Vegas Daily Optic, 02-01-1897 R. A. Kistler Follow this and additional works at: https://digitalrepository.unm.edu/lvdo_news Recommended Citation Kistler, R. A.. "Las Vegas Daily Optic, 02-01-1897." (1897). https://digitalrepository.unm.edu/lvdo_news/113 This Newspaper is brought to you for free and open access by the New Mexico Historical Newspapers at UNM Digital Repository. It has been accepted for inclusion in Las Vegas Daily Optic, 1896-1907 by an authorized administrator of UNM Digital Repository. For more information, please contact [email protected]. LEST AVAILABLE pOPY Make your Desires Knows Say you sawj. lo our - -- -1-5- Want Column. Las- egas Oaiily OFTIGo , THE OPTIC. VOL XVIII. EAST LAS VEGAS, NEW MEXICO, MONDAY EVENING, FEBRUARY 1 1897. NO. 76 MOORED TO ICE PIERS. THE TREATY MATTER BANKINGTROUBLES ,IIighest (o-- all In Leavening Strength. Latest U. S. Gov't Report ' A CruUtr Sustains DaMage by Striking a. Schoener Ledge, National Bank, it Was Considered in Senate at Eldon, la., and A- Chistir, Penn., February 1 Th Robbery LAS VEGAS, NEW MEXICO. Executive Session in Wash- cruiser Brooklyn" is still lying ttempt to Blow Up a Bank-i- ington City To-da- y Marous hook, moored to ioe piers, and Pennsylvania. will not be moved until there is abac JOSHUA S. RATNOLDS, President no lutely from huge cakes v Vice-Preside- ACCIDENT A CRUISER danger BANK SHORTAGE uWSE. W. ZOLLARS, B. TO, TELLER'S A.
    [Show full text]
  • Music Supervisor, Was
    ^^^^^^^^^^^^^^^^^^^^jgg Homes Sold Here ..- • '• " • •'• i •;:.-:.'>-fe;i> pi ^^^ w^&^§^f ;.•• Aa an example offon»ei»ftt* Holyt C^ininuQdoTi vdll be Cele- lowing fcomes In Crahford: A Boy Scout troops of the;.Cran^ :neefaltud'.plaoenwnt being done brated, with;' the (Rev. WiHiim H. one-family at 701 Spri«field ave- , avenue, was awar Contribute 'Nttt<w«ek'wUlbe *T&w«r tfottfSau*r;. Miss Elizabeth L. Durrell, the fo^wing'day confirmation of torji.andKenilworth districts will 1 nue to Geza Demeter for Charles entertain their- parents and; fellow Junior .genetal athievemej Contribute p&jfcHc Health Nurse W«*k," epos* school mu^; J^J^**. KtKatbryib iJ Vpp, fafa placement ^/r«peivjfedL'.:'-r -' -/Niefeanck,.pastc"r, officiating^ at the at &e graduation United State* EmjuoywientBerviotjyweB , StoAebridge; a one-family ai 103scouts with a play depicting a to thej iibib the NaHonal and' Stale school and attendance mine; Hti • BJr.Friemanako cite* the place- 11 a. m. service at Calvary Lutti- to the Hdfeert T, FrienanFri , LLabob rXbSfr Preston avenue to Phlbp Green- at the Boy Scout Camp, to be fltt f Ihbll'H^th Alice" I. Doran. aodal faysiene ment of a plant manager In the era! tiosplial BephMentatlve of tbe local eran Churdfi this'filunday. Sun- span for; Sidney Nunn J a ofre-fam- sentedatSt Michael's School ^ Cancer in cooperation with the nurse ' and lecturer <rf.4lie State New Srunswicfc.Biwa by tile local lt kT' Cancer Fund ,dte»lthe placing <rf«Hirt of offleeaiaa. day SAwl classes Will be held et lly at 6I« Orange avenue to George on TWday,- April 12.
    [Show full text]
  • 530 CIAO BRAMPTON on ETHNIC AM 530 N43 35 20 W079 52 54 09-Feb
    frequency callsign city format identification slogan latitude longitude last change in listing kHz d m s d m s (yy-mmm) 530 CIAO BRAMPTON ON ETHNIC AM 530 N43 35 20 W079 52 54 09-Feb 540 CBKO COAL HARBOUR BC VARIETY CBC RADIO ONE N50 36 4 W127 34 23 09-May 540 CBXQ # UCLUELET BC VARIETY CBC RADIO ONE N48 56 44 W125 33 7 16-Oct 540 CBYW WELLS BC VARIETY CBC RADIO ONE N53 6 25 W121 32 46 09-May 540 CBT GRAND FALLS NL VARIETY CBC RADIO ONE N48 57 3 W055 37 34 00-Jul 540 CBMM # SENNETERRE QC VARIETY CBC RADIO ONE N48 22 42 W077 13 28 18-Feb 540 CBK REGINA SK VARIETY CBC RADIO ONE N51 40 48 W105 26 49 00-Jul 540 WASG DAPHNE AL BLK GSPL/RELIGION N30 44 44 W088 5 40 17-Sep 540 KRXA CARMEL VALLEY CA SPANISH RELIGION EL SEMBRADOR RADIO N36 39 36 W121 32 29 14-Aug 540 KVIP REDDING CA RELIGION SRN VERY INSPIRING N40 37 25 W122 16 49 09-Dec 540 WFLF PINE HILLS FL TALK FOX NEWSRADIO 93.1 N28 22 52 W081 47 31 18-Oct 540 WDAK COLUMBUS GA NEWS/TALK FOX NEWSRADIO 540 N32 25 58 W084 57 2 13-Dec 540 KWMT FORT DODGE IA C&W FOX TRUE COUNTRY N42 29 45 W094 12 27 13-Dec 540 KMLB MONROE LA NEWS/TALK/SPORTS ABC NEWSTALK 105.7&540 N32 32 36 W092 10 45 19-Jan 540 WGOP POCOMOKE CITY MD EZL/OLDIES N38 3 11 W075 34 11 18-Oct 540 WXYG SAUK RAPIDS MN CLASSIC ROCK THE GOAT N45 36 18 W094 8 21 17-May 540 KNMX LAS VEGAS NM SPANISH VARIETY NBC K NEW MEXICO N35 34 25 W105 10 17 13-Nov 540 WBWD ISLIP NY SOUTH ASIAN BOLLY 540 N40 45 4 W073 12 52 18-Dec 540 WRGC SYLVA NC VARIETY NBC THE RIVER N35 23 35 W083 11 38 18-Jun 540 WETC # WENDELL-ZEBULON NC RELIGION EWTN DEVINE MERCY R.
    [Show full text]
  • Tybk&Mfii^ from Drferffa 4Simmiteifi Innoeenttf ^ UN Qfucialmm^
    4 J, 3* ) ! Rochester, J|." V. CQURIER-JOURNAI, MlpAY* ^UGpST 22,1952 — <>* tybk&Mfii^ From UN QfUcialMm^ Schools Group 4 Expand Spai Baclfs Attack Drferffa SimMiteifi Innoeenttf ^ ^^ashlngton, bfas-— WQ — «3eaita iSj starvation. K we Wtft "The 'experts','' Dr. de 0&£trd ETty REV. CfCTHB^^WSKMAN; OJM. '^ ipesMnsnired campaigns to interested In healthy and well- said, "have argued tbat.wert spread birth control among Or- fed populations, it seems to met there fewer people in titis wnrJ6at On Dr.Conant . - , (Copc0^iiaeg,»'^i[»Cl»\V»iC!.„Ne!wa. Service) • • _ ' |»P peopples are likely to ere- the way-Jte to'imlifrve produce -^country there would be »o to3iin< Maafla--(Noi<—- Mae children spared from a vertible "slaughter of the fmoemsw* «M b.at« rather than goodwill tidn and- not dlmlinish if, which ger, for there would he eHoispi «Jh|o»»o-(RNS)---.A,' resohftiesji ordered by communist Hsalc coEnmandeiu Ipve keen baptised here at the Bed Cross.bar*ffe&ij : facilities toymixQTmndi&m;g»S'fjieiidshi p between East and is precisely what happens svhea food to go aroendM$Pi»'4SSy, eerafnroeiiding - the Rev* Etfwarjl racks, at -Camp Miu-j>h\ 1 ? r %e*:$ver. toffier throngs. #t;-$wWest ? . _, the proportion of younr peo- claim, is Nature ! wfee> vvay oi ffi&xmst of Stand Rapids, tylcfo, bacjTht e whestorn y thbegae entirn soraae Phlllp-aplne inbgotlies SAVEI> FROM WIK' SIAUCHTER •'•^tMzsvas the warning sounded pies Is reduced." attempting to balance food sup­ fear an address r"~ — nation -was shocked anad liorj^fleft hejee by a world famous au- ply and demand by cutting poapu* b* wliiefi he cSe- **• on Itarnlng that Huk jwinirMguul.
    [Show full text]
  • Annual Report 2018 / 2018 Report Annual Annual Report
    ANNUAL REPORT 2018 / ANNUAL REPORT / NEW MEDIA INVESTMENT GROUP INC. 2018 NEW MEDIA OVERVIEW 5+ MILLION New Media A leading source of local SMALL & MEDIUM BUSINESSES IN OUR MARKETS news and premier SMB solutions provider for its small to mid-sized communities PAID PRINT 1.6M CIRCULATION OPERATE IN 580+ REACH OVER 22 MARKETS ACROSS MILLION PEOPLE 600+ 146 37 STATES ON A WEEKLY BASIS TOTAL COMMUNITY DAILY PUBLICATIONS NEWSPAPERS SMB SOLUTIONS PROVIDER SERVES 199K+ SMALL & MEDIUM 54M+ VISITORS BUSINESSES & PAGE 365M VIEWS 1,160+ IN-MARKET SALES PAID DIGITAL REPRESENTATIVES All figures are as of December 30, 2018 145K CIRCULATION COMMUNITY FOCUSED SOLUTIONS COMMUNITY FOCUSED SUCCESSFUL EXECUTION OF NEW MEDIA INVESTMENT GROUP // 01 OUR STRATEGY Diversify revenue Diversified away from Traditional Print revenue, which was base to create 56% of total revenue in FY 2013 to now only 41% of total organic revenue and revenue in FY 2018(1) cash flow growth UpCurve revenue was $95.8 million for FY 2018, a 72% Compound Annual Growth Rate (CAGR) since FY 2013 GateHouse Live and Promotions combined revenue of $45.7 million in FY 2018, in increase of 58% to the prior year 01. ORGANIC GROWTH 02. ACQUISITIONS Out of favor and Completed Purchase price Average unlevered fragmented industry $1.1 billion in has averaged 4.1x yield of 23%(4) and has created attrac- acquisitions the Seller’s LTM average levered tive pricing for assets since spin-out(2) As Adjusted yield of 28%(5) EBITDA(3) Return a meaningful portion of free cash flow to shareholders $6.46 $6.08 2018 dividends of $1.49 per common share $5.70 $0.38 $5.33 $0.38 $4.96 $0.37 $4.59 $0.37 $4.22 $0.37 $3.87 $0.37 $3.52 $0.35 $3.17 $0.35 $2.82 $0.35 $2.49 $0.35 $2.16 $0.33 $1.83 $0.33 $1.50 $0.33 $1.17 $0.33 $0.84 $0.33 $0.54 $0.33 $0.27 $0.30 $0.27 $0.27 Q2 Q3 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 03.
    [Show full text]
  • Dog Racing, Legal Bets Otownbuysspeedway
    COMPLETE COVERAGE ,„ „ growing territory haying 25,206 THE HOME NEWSPAPER population. Uad« In general news, .^^B^'WTfcwVr.n, For*, sports, fcaturei and editorials. Ajenel, Keaabey, Port Readinrt Colon!., IseUn and Hopelawn. XVI, No. 10 WOODBRIDGE, N. J., RRIDAY, MAY 11, 1934 PRICE THREE CENTS FROM OURSUIT TO RECOVER CHARGES RACKET FINANCING COSTS, Why All The Secrecy? DOG RACING, LEGAL BETS FRONT PLANOFJcELROY AN EDITORIAL Town Attorney Prepares This paper has succeeded in proving to the local public that WINDOW 1 OTOWNBUYSSPEEDWAY Court Action For the Town Committee is spending the taxpayers monies, in secret meetings. This "old Spaiiith custom" it not to he tolerated and some TAKES RESPONSIBILITY Nw ^tate Peraii.- fcrf. Wo don't^'/nincl being con. $25,00 Return civic body is sure to spring up, with sufficient stamina to stop the ,1,-mncd by contemporary news- practice. 1 Mutuel Wagering At papers but we'd much prefer to nc What authority has Commitlceman Spencer lo place an order |,nvc it d° '" decent English. WAS PAID LAST YEAR Municipal Tracks .,, far, the only criticism comes forjprinting ballott, without the sanction of an open meeting We i,om sources equally deficient Expense Was Incurred Illeg- were told that one hhlf of the primary-ballot order wu to come to PRICE IS SET AT $95,000 ,, diction, and ethics—-a combi- us. Not wishing to embarraai ihe Committeemen, unneccsinrily, we ,,.,lioTi tha' grates on u». The gally Is Claim; To made inquiry of the Town CUrk who informed ut that he to under- • ,,iorc important papers in ,the Improvements Are Planned .
    [Show full text]
  • Inside This Issue
    News Serving DXers since 1933 Volume 83, No. 20 ● September 19, 2016 ●(ISSN 0737‐1639) Inside this issue . 2 … AM Switch 14 … Geomagnetic Indices 29 … Space Weather Report 6 … Musings of the Members 15 … International DX Digest 30 … Int’l DX Achievements 7 … Domestic DX Digest East 18 … Pro Sports Nets (NFL) 30 … Index to Volume 83 10 … Domestic DX Digest West 26 … DX Toolbox 31 … FCC Silent Station List 14 … Confirmed DXer 27 … August Rockwork DXPed 32 … Club Info Page From the Publisher: And this issue wraps up column every week that DX News is not the 83rd volume of DX News. Thanks to all of our published, plus many other features! editors and contributors. It is really a pleasure for me to work with everyone who puts in so much Volume 84 DX News Schedule work every issue to make DX News the first‐class No D’dline Print No D’dline Print DX hobby publication that it is. 1 Sept. 23 Oct. 3 11 Feb. 10 Feb. 20 And what for Volume 84? We are back to 2 Oct. 7 Oct. 17 12 Feb. 24 Mar. 6 biweekly issues now that the DX season is in full 3 Oct. 21 Oct. 31 13 Mar. 17 Mar. 27 swing, and we will be biweekly now without 4 Nov. 4 Nov. 14 14 Apr. 7 Apr. 17 interruption until March. That’s a lot of pages to 5 Nov. 18 Nov. 28 15 Apr. 28 May 8 fill – with your DX, of course, but what else would 6 Dec.
    [Show full text]
  • The Oxford Democrat: Vol. 55, No. 25
    Inherited Dlirwi. * UMU. T*o ftrl of aatura la nor# pragaanl U at Law. With awful nwilnf linn tba tact of the Counsellor llb«rl UOC* Of tllMftM Ifodarn actanra, wt.ieb taallumlnatM |4<klrl4, •omanr Urk ri.r » f i,« • otiM ONMr a !.• »» k t <m tba oiuiiiuu* w«,n!« of IA« r«vi§ m v-... i- • • cf 1i. 1 IIIM «. • WKL.Hr. iktll bo rlalu*d vpoa tba rhiMnu t,|« naiotba third and f«urth feneration " J at Law Fifty per tank of raaea (ftuaiunpIlM, »1 Councilor ranaar ant airnfula, rua la fanibea J/ through labarttaa< e (nasally la bared* r«rK llarf la a aartal decree, but, fortu- !• rn>m Ruin* nately. Iiae batty fiber Iwred.'ary »»t i**« . diaeaara. tend a to Wear Itaalf out, tha •Wm*M beoomlag eitiaet A dialin- u tni •.<a c. W»UtKH, (vnhMl ittrvljraap' organ f1 or taiiura of lb* bud/ la eiempt from fc. llnlM Trmn*rr1|>l. coal for the round thirty• OXFORD HOUSE TALK. tba rbaito* of tola* tha of at Iaiw AMONG It to Save 8«»ed? trip— * aubjort »l Coun cilor THE FARMERS. Doo« Pi*y required har*ditarr diaeae* I'robablr ai»ra A Two-Foot-Oauif© Track. two milee—ia $00 The h*av. Attorney win it p«y for th* firmer to hi* pound* chronic diaenaee, which i*rii.eaeatly ImImf. * u nrar Cmi«mK«llMi Aw tkta >l«p*r»n***t ah«w«l«t (•veil, own aee«i» U tb# th# lta'ala«ki< ire? r««t to the milr) modify tha ttrucluro aad fuacttoaa of Cir—pim-tfwf on urlrniunl Inp <ja««tlon irraJ** ('.MX) U* a>l>lrra*««l to A.
    [Show full text]