1) Clear Channel Communications reported record first quarter 2004 results with revenues of $2.0 billion, an 11% increase over the first quarter of 2003. Net income grew 64% to $116.5 million.
2) Radio broadcasting revenue increased 5% to $832.9 million and outdoor advertising revenue increased 16% to $521.6 million. Live entertainment revenue grew 17% to $514.0 million.
3) The company utilized cash flow to reduce debt by $779.9 million during the quarter and repurchased $100 million of stock under its new share buyback program.
TRW Automotive reported third quarter 2004 financial results with sales of $2.7 billion, an 8% increase over the prior year. Net earnings were $13 million compared to a net loss of $34 million in the prior year. For the first nine months of 2004, sales were $8.8 billion and net earnings were $91 million. TRW revised its full-year 2004 guidance to reflect third quarter results and an expected $115 million fourth quarter charge related to purchasing a subordinated note, with projected sales of $11.8 billion and diluted EPS between $0.08-$0.13.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
This document is a SEC filing by UnitedHealth Group reporting their financial results for the fourth quarter and full year of 2004. Some key highlights include:
- Fourth quarter revenues of $10.51 billion, up 40% year-over-year. Full year revenues of $37.22 billion, up 29%.
- Fourth quarter earnings from operations of $1.19 billion, up 47% year-over-year. Full year earnings from operations of $4.10 billion, up 40%.
- Fourth quarter earnings per share of $1.09, up 31% year-over-year. Full year earnings per share of $3.94, up 33%.
- Cash flows from operations for the
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 44% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 3%. The company repurchased $1.3 billion of shares since announcing its intent to return $1.6 billion to shareholders. Clear Channel will host a conference call to discuss the results.
- News Corporation reported a 22% increase in operating income and a 54% increase in net profit before other items for the third quarter of fiscal year 2004 compared to the same period the previous year.
- Nearly all of the Company's operating segments experienced double-digit earnings growth, including cable network programming, newspapers, television, and book publishing.
- The Company completed the sale of the Los Angeles Dodgers franchise and real estate assets during the quarter for $421 million.
Clear Channel Communications reported financial results for the third quarter of 2005. Revenue increased 1% to $2.7 billion compared to the third quarter of 2004. Net income decreased 21% to $205 million. Radio broadcasting revenue declined 4% due to a reduction in commercial minutes for sale. Outdoor advertising revenue increased 11% due to growth in both domestic and international markets. Live entertainment revenue increased 1% due to acquisitions in Europe offsetting declines in domestic markets. The company plans to spin off its entertainment business and conduct an IPO of its outdoor business by the end of the year.
Clear Channel Communications reported financial results for the third quarter of 2005. Revenue increased 1% to $2.7 billion compared to the third quarter of 2004. Net income declined 21% to $205 million. Outdoor advertising revenue increased 11% driven by growth internationally and in the US. Radio revenue declined 4% due to fewer advertising minutes for sale. Live Entertainment revenue grew 1% with growth in Europe offset by declines in North America. The company continued progress on plans to spin-off its entertainment business and conduct an IPO of its outdoor business by the end of 2005.
Morgan Stanley reported strong financial results for both the fourth quarter and full year 2004. Net income for the full year was $4.5 billion, an 18% increase from 2003. Return on equity was 16.8% for the year. In the fourth quarter, net income was $1.2 billion, up 18% from the same period last year. Institutional Securities saw record results in fixed income and significant increases in advisory and equities. Investment Management assets under management reached $424 billion, up 19% from 2003. Credit Services pre-tax income was a record $1.272 billion, up 16% from 2003. The company also announced an 8% increase in its quarterly dividend to $0.27 per
CBS Corporation reported financial results for the first quarter of 2006 with increases in key financial metrics. Revenues increased 4% to $3.6 billion led by growth in the Television and Outdoor segments. Operating income rose 1% to $511 million and earnings per share increased 7% to $0.30. Free cash flow was up 12% to $585 million. The company is on track to meet guidance for low single-digit revenue growth and mid single-digit increases in operating income and earnings per share.
TRW Automotive reported third quarter 2004 financial results with sales of $2.7 billion, an 8% increase over the prior year. Net earnings were $13 million compared to a net loss of $34 million in the prior year. For the first nine months of 2004, sales were $8.8 billion and net earnings were $91 million. TRW revised its full-year 2004 guidance to reflect third quarter results and an expected $115 million fourth quarter charge related to purchasing a subordinated note, with projected sales of $11.8 billion and diluted EPS between $0.08-$0.13.
United Health Group [PDF Document] Form 8-K Related to Earnings Releasefinance3
This document is a SEC filing by UnitedHealth Group reporting their financial results for the fourth quarter and full year of 2004. Some key highlights include:
- Fourth quarter revenues of $10.51 billion, up 40% year-over-year. Full year revenues of $37.22 billion, up 29%.
- Fourth quarter earnings from operations of $1.19 billion, up 47% year-over-year. Full year earnings from operations of $4.10 billion, up 40%.
- Fourth quarter earnings per share of $1.09, up 31% year-over-year. Full year earnings per share of $3.94, up 33%.
- Cash flows from operations for the
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 44% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 3%. The company repurchased $1.3 billion of shares since announcing its intent to return $1.6 billion to shareholders. Clear Channel will host a conference call to discuss the results.
- News Corporation reported a 22% increase in operating income and a 54% increase in net profit before other items for the third quarter of fiscal year 2004 compared to the same period the previous year.
- Nearly all of the Company's operating segments experienced double-digit earnings growth, including cable network programming, newspapers, television, and book publishing.
- The Company completed the sale of the Los Angeles Dodgers franchise and real estate assets during the quarter for $421 million.
Clear Channel Communications reported financial results for the third quarter of 2005. Revenue increased 1% to $2.7 billion compared to the third quarter of 2004. Net income decreased 21% to $205 million. Radio broadcasting revenue declined 4% due to a reduction in commercial minutes for sale. Outdoor advertising revenue increased 11% due to growth in both domestic and international markets. Live entertainment revenue increased 1% due to acquisitions in Europe offsetting declines in domestic markets. The company plans to spin off its entertainment business and conduct an IPO of its outdoor business by the end of the year.
Clear Channel Communications reported financial results for the third quarter of 2005. Revenue increased 1% to $2.7 billion compared to the third quarter of 2004. Net income declined 21% to $205 million. Outdoor advertising revenue increased 11% driven by growth internationally and in the US. Radio revenue declined 4% due to fewer advertising minutes for sale. Live Entertainment revenue grew 1% with growth in Europe offset by declines in North America. The company continued progress on plans to spin-off its entertainment business and conduct an IPO of its outdoor business by the end of 2005.
Morgan Stanley reported strong financial results for both the fourth quarter and full year 2004. Net income for the full year was $4.5 billion, an 18% increase from 2003. Return on equity was 16.8% for the year. In the fourth quarter, net income was $1.2 billion, up 18% from the same period last year. Institutional Securities saw record results in fixed income and significant increases in advisory and equities. Investment Management assets under management reached $424 billion, up 19% from 2003. Credit Services pre-tax income was a record $1.272 billion, up 16% from 2003. The company also announced an 8% increase in its quarterly dividend to $0.27 per
CBS Corporation reported financial results for the first quarter of 2006 with increases in key financial metrics. Revenues increased 4% to $3.6 billion led by growth in the Television and Outdoor segments. Operating income rose 1% to $511 million and earnings per share increased 7% to $0.30. Free cash flow was up 12% to $585 million. The company is on track to meet guidance for low single-digit revenue growth and mid single-digit increases in operating income and earnings per share.
Altria Group reported its third quarter 2006 results, with diluted EPS down 1.4% to $1.36. Excluding certain items, diluted EPS rose 1.5% to $1.39. Domestic tobacco operations saw a 5.7% increase in operating income driven by lower promotional costs. International tobacco saw a 3.8% decline in operating income due to challenges in Spain and Japan. For full-year 2006, Altria projected diluted EPS between $5.48-$5.53.
UnumProvident Corporation reported a net loss for Q3 2006 due to an increase in reserves for claims reopened under regulatory settlements. Excluding these additional reserves and realized investment gains/losses, income was up 17% from Q3 2005. Both the Unum Limited and Colonial segments achieved record earnings. The U.S. Brokerage segment's group income protection line showed improved trends excluding additional reserves, while other lines like group life grew earnings. UnumProvident also announced a successful securitization of long-term income protection claim reserves that enhanced its capital position.
News Corporation reported a 31% increase in operating income to $719 million for the quarter ended September 30, 2003 compared to $548 million for the same quarter the previous year. Revenue increased 22% to $4.6 billion. Net profit increased $260 million to $422 million. The increases were driven by strong performance in filmed entertainment, cable network programming, newspapers and magazines. The company also added nearly 300,000 subscribers for its new SKY Italia direct broadcast satellite television segment.
- TIM Participações S.A. announced its consolidated results for the third quarter of 2004, which included the merger of Tele Nordeste Celular Participações S.A. into Tele Celular Sul Participações S.A., which changed its name to TIM Participações S.A.
- Key highlights included a 144.7% increase in net additions, 29.4% growth in customer base over 3Q03, 97.4% growth in VAS revenues YoY, and 28.2% growth in total gross revenues YoY.
- EBITDA margin on total net revenues remained stable at 35.6% YoY and net income grew 36.8% YoY.
Clear Channel Communications reported a 7% increase in revenue to $1.8 billion for the third quarter of 2006 compared to the third quarter of 2005. Income before discontinued operations increased 8% to $185.9 million. Diluted earnings per share increased 19% to $0.38. OIBDAN, or operating income before depreciation and amortization, increased 10% to $595.4 million. Radio revenues increased 5% and outdoor advertising revenues increased 8%.
If you owe additional Maryland tax and are seeking an automatic six-month fil...taxman taxman
This document is a Maryland tax form and instructions for requesting an extension to file a personal income tax return. It provides details on who needs to file the extension form, how to determine if a payment is due, filing deadlines, where to file, and potential penalties for late filing or payment. Key information includes that an extension is up to 6 months, taxpayers still owe interest if filing is extended but tax is not paid by the deadline, and payment can be made electronically or by credit card.
Clear Channel Communications reported financial results for the third quarter of 2006 with revenues increasing 7% to $1.8 billion compared to the third quarter of 2005. Income before discontinued operations rose 8% to $185.9 million. The company's OIBDAN increased 10% to $595.4 million. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 8%. The CEO commented that the company has healthy fundamentals and is capitalizing on its diverse portfolio of out-of-home media properties.
Unum Group reported financial results for the third quarter of 2007, with net income of $187.0 million compared to a net loss of $63.7 million in the third quarter of 2006. All three of its business segments - Unum US, Unum UK, and Colonial - showed improved operating performance. Additionally, Unum completed a securitization of its closed block individual income protection business and authorized a $700 million share repurchase.
UnumProvident Corporation reported financial results for the first quarter of 2005. Net income was $152.2 million compared to a net loss of $562.3 million in the first quarter of 2004. Income from continuing operations was $154.3 million in the first quarter of 2005, compared to $115.6 million in the first quarter of 2004. The CEO noted that while operating results improved over the prior year, they did not meet expectations due to adverse experience in the US group income protection claims operations from implementing changes in response to regulatory agreements. The Income Protection segment reported operating income of $79.7 million in the first quarter of 2005, compared to $74.3 million in the first quarter of 2004.
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
NIKE reported financial results for the first quarter of fiscal year 2010. Revenue decreased 12% to $4.8 billion due to unfavorable currency exchange rates. Excluding currency changes, revenue was down 7%. Net income was flat at $513 million and diluted earnings per share increased 1% to $1.04. Worldwide futures orders for the next season were down 6%, or down 4% excluding currency changes. Inventories were down 7% from the prior year period. Despite revenue declines, NIKE maintained profitability through lower selling and administrative expenses.
TIM Participações S.A. announced its consolidated results for the third quarter of 2006. Some key highlights include:
- TIM added 1.7 million new subscribers in 3Q06, capturing 42.5% of net market additions and increasing its market share to 25.1%.
- Total subscriber base reached 24.1 million at the end of 3Q06, up 31.3% year-over-year and meeting full year estimates.
- Service revenue grew 38.4% year-over-year to R$2.4 billion in 3Q06, with 20.7% growth excluding the impact of regulatory changes.
- EBITDA was R$676.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
Embraer delivered a record 91 aircraft in the 4th quarter of 2009, surpassing its delivery guidance for the full year. Revenue for 2009 met guidance and was $5.47 billion. EBIT margin was 6.1% for 2009, impacted by a $103 million provision related to a customer bankruptcy, but would have been 8% otherwise. Cash generation was strong in the 4th quarter, resulting in $382.6 million in free cash flow for the quarter and ending 2009 with a net cash position of $503.3 million.
Aon reported financial results for the 4th quarter and full year of 2008. 4th quarter revenue was $1.9 billion, with organic growth in commissions and fees of 2%. EPS from continuing operations was $0.43. For the quarter, adjusted pretax margin increased 150 basis points to 19.9% in brokerage and 180 basis points to 19% in consulting. Full year 2008 revenue increased 4% to $7.6 billion with organic growth of 2%, and net income increased 71% to $1.5 billion compared to the prior year.
Fastenal Company reported financial results for the second quarter of 2009. Net sales decreased 21.4% compared to the second quarter of 2008
due to weak industrial production and non-residential construction. Net earnings decreased 42.8% and earnings per share decreased from $0.51
to $0.29. For the first six months of 2009, net sales decreased 17.6% and net earnings decreased 36.1% compared to the first six months of
2008. The company remains focused on managing costs and cash flow during the economic downturn.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
Fifth Third Bancorp reported a 9% increase in earnings per share for the first quarter of 2003 compared to the same period in 2002. Net income increased 7% while returns on assets and equity declined slightly. Loan and deposit growth remained strong, driven by commercial lending and transaction account growth. Net interest income increased 9% despite margin compression, while non-interest income rose 18% led by payment processing, deposit services, and investment advisory revenues.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarter ended August 31, 2004. It includes financial statements such as the consolidated statements of income and balance sheets, as well as notes to the financial statements and sections on legal proceedings, controls and procedures, and certifications. The financial statements show that for the quarter ended August 31, 2004, KB Home reported revenues of $1.75 billion, net income of $117.9 million, and basic earnings per share of $3.03.
Clear Channel Communications, Inc. entered into a $1,750,000,000 credit agreement with an uncommitted increase option to $2,500,000,000 with Bank of America, N.A. as Administrative Agent and other lenders. The credit agreement provides for both domestic and offshore facilities, with the domestic facility including committed loans, bid loans, letters of credit and swing line loans. The offshore facility includes loans to various offshore borrowers. The credit agreement has customary representations, covenants, and events of default for facilities of this type.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ended August 31, 2005. The report includes consolidated financial statements for the nine months and three months ended August 31, 2005 and 2004, including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements describing the company's reporting segments, stock-based compensation accounting policies, and subsequent events.
Altria Group reported its third quarter 2006 results, with diluted EPS down 1.4% to $1.36. Excluding certain items, diluted EPS rose 1.5% to $1.39. Domestic tobacco operations saw a 5.7% increase in operating income driven by lower promotional costs. International tobacco saw a 3.8% decline in operating income due to challenges in Spain and Japan. For full-year 2006, Altria projected diluted EPS between $5.48-$5.53.
UnumProvident Corporation reported a net loss for Q3 2006 due to an increase in reserves for claims reopened under regulatory settlements. Excluding these additional reserves and realized investment gains/losses, income was up 17% from Q3 2005. Both the Unum Limited and Colonial segments achieved record earnings. The U.S. Brokerage segment's group income protection line showed improved trends excluding additional reserves, while other lines like group life grew earnings. UnumProvident also announced a successful securitization of long-term income protection claim reserves that enhanced its capital position.
News Corporation reported a 31% increase in operating income to $719 million for the quarter ended September 30, 2003 compared to $548 million for the same quarter the previous year. Revenue increased 22% to $4.6 billion. Net profit increased $260 million to $422 million. The increases were driven by strong performance in filmed entertainment, cable network programming, newspapers and magazines. The company also added nearly 300,000 subscribers for its new SKY Italia direct broadcast satellite television segment.
- TIM Participações S.A. announced its consolidated results for the third quarter of 2004, which included the merger of Tele Nordeste Celular Participações S.A. into Tele Celular Sul Participações S.A., which changed its name to TIM Participações S.A.
- Key highlights included a 144.7% increase in net additions, 29.4% growth in customer base over 3Q03, 97.4% growth in VAS revenues YoY, and 28.2% growth in total gross revenues YoY.
- EBITDA margin on total net revenues remained stable at 35.6% YoY and net income grew 36.8% YoY.
Clear Channel Communications reported a 7% increase in revenue to $1.8 billion for the third quarter of 2006 compared to the third quarter of 2005. Income before discontinued operations increased 8% to $185.9 million. Diluted earnings per share increased 19% to $0.38. OIBDAN, or operating income before depreciation and amortization, increased 10% to $595.4 million. Radio revenues increased 5% and outdoor advertising revenues increased 8%.
If you owe additional Maryland tax and are seeking an automatic six-month fil...taxman taxman
This document is a Maryland tax form and instructions for requesting an extension to file a personal income tax return. It provides details on who needs to file the extension form, how to determine if a payment is due, filing deadlines, where to file, and potential penalties for late filing or payment. Key information includes that an extension is up to 6 months, taxpayers still owe interest if filing is extended but tax is not paid by the deadline, and payment can be made electronically or by credit card.
Clear Channel Communications reported financial results for the third quarter of 2006 with revenues increasing 7% to $1.8 billion compared to the third quarter of 2005. Income before discontinued operations rose 8% to $185.9 million. The company's OIBDAN increased 10% to $595.4 million. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 8%. The CEO commented that the company has healthy fundamentals and is capitalizing on its diverse portfolio of out-of-home media properties.
Unum Group reported financial results for the third quarter of 2007, with net income of $187.0 million compared to a net loss of $63.7 million in the third quarter of 2006. All three of its business segments - Unum US, Unum UK, and Colonial - showed improved operating performance. Additionally, Unum completed a securitization of its closed block individual income protection business and authorized a $700 million share repurchase.
UnumProvident Corporation reported financial results for the first quarter of 2005. Net income was $152.2 million compared to a net loss of $562.3 million in the first quarter of 2004. Income from continuing operations was $154.3 million in the first quarter of 2005, compared to $115.6 million in the first quarter of 2004. The CEO noted that while operating results improved over the prior year, they did not meet expectations due to adverse experience in the US group income protection claims operations from implementing changes in response to regulatory agreements. The Income Protection segment reported operating income of $79.7 million in the first quarter of 2005, compared to $74.3 million in the first quarter of 2004.
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
NIKE reported financial results for the first quarter of fiscal year 2010. Revenue decreased 12% to $4.8 billion due to unfavorable currency exchange rates. Excluding currency changes, revenue was down 7%. Net income was flat at $513 million and diluted earnings per share increased 1% to $1.04. Worldwide futures orders for the next season were down 6%, or down 4% excluding currency changes. Inventories were down 7% from the prior year period. Despite revenue declines, NIKE maintained profitability through lower selling and administrative expenses.
TIM Participações S.A. announced its consolidated results for the third quarter of 2006. Some key highlights include:
- TIM added 1.7 million new subscribers in 3Q06, capturing 42.5% of net market additions and increasing its market share to 25.1%.
- Total subscriber base reached 24.1 million at the end of 3Q06, up 31.3% year-over-year and meeting full year estimates.
- Service revenue grew 38.4% year-over-year to R$2.4 billion in 3Q06, with 20.7% growth excluding the impact of regulatory changes.
- EBITDA was R$676.
Fifth Third Bancorp reported an 11% increase in fourth quarter earnings per share compared to the same period the previous year. Net income for the quarter totaled $460.5 million, a 9% rise over fourth quarter 2002. Loan balances grew significantly by $6.4 billion for the full year, driven by strong consumer lending and commercial loan growth. Deposit growth was also robust, with demand deposits and interest checking increasing by 18% and 9% respectively compared to fourth quarter 2002.
Goodrich Corporation announced a 87% increase in fourth quarter 2005 net income per share compared to fourth quarter 2004. Fourth quarter 2005 sales increased 11% year-over-year to $1.398 billion. For full year 2005, net income was $264 million, or $2.13 per share, on sales of $5.397 billion. Goodrich reiterated its 2006 outlook of sales between $5.6-5.7 billion and earnings per share of $2.20-2.40, representing 12-22% growth over 2005.
Embraer delivered a record 91 aircraft in the 4th quarter of 2009, surpassing its delivery guidance for the full year. Revenue for 2009 met guidance and was $5.47 billion. EBIT margin was 6.1% for 2009, impacted by a $103 million provision related to a customer bankruptcy, but would have been 8% otherwise. Cash generation was strong in the 4th quarter, resulting in $382.6 million in free cash flow for the quarter and ending 2009 with a net cash position of $503.3 million.
Aon reported financial results for the 4th quarter and full year of 2008. 4th quarter revenue was $1.9 billion, with organic growth in commissions and fees of 2%. EPS from continuing operations was $0.43. For the quarter, adjusted pretax margin increased 150 basis points to 19.9% in brokerage and 180 basis points to 19% in consulting. Full year 2008 revenue increased 4% to $7.6 billion with organic growth of 2%, and net income increased 71% to $1.5 billion compared to the prior year.
Fastenal Company reported financial results for the second quarter of 2009. Net sales decreased 21.4% compared to the second quarter of 2008
due to weak industrial production and non-residential construction. Net earnings decreased 42.8% and earnings per share decreased from $0.51
to $0.29. For the first six months of 2009, net sales decreased 17.6% and net earnings decreased 36.1% compared to the first six months of
2008. The company remains focused on managing costs and cash flow during the economic downturn.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
Fifth Third Bancorp reported a 9% increase in earnings per share for the first quarter of 2003 compared to the same period in 2002. Net income increased 7% while returns on assets and equity declined slightly. Loan and deposit growth remained strong, driven by commercial lending and transaction account growth. Net interest income increased 9% despite margin compression, while non-interest income rose 18% led by payment processing, deposit services, and investment advisory revenues.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarter ended August 31, 2004. It includes financial statements such as the consolidated statements of income and balance sheets, as well as notes to the financial statements and sections on legal proceedings, controls and procedures, and certifications. The financial statements show that for the quarter ended August 31, 2004, KB Home reported revenues of $1.75 billion, net income of $117.9 million, and basic earnings per share of $3.03.
Clear Channel Communications, Inc. entered into a $1,750,000,000 credit agreement with an uncommitted increase option to $2,500,000,000 with Bank of America, N.A. as Administrative Agent and other lenders. The credit agreement provides for both domestic and offshore facilities, with the domestic facility including committed loans, bid loans, letters of credit and swing line loans. The offshore facility includes loans to various offshore borrowers. The credit agreement has customary representations, covenants, and events of default for facilities of this type.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ended August 31, 2005. The report includes consolidated financial statements for the nine months and three months ended August 31, 2005 and 2004, including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements describing the company's reporting segments, stock-based compensation accounting policies, and subsequent events.
VF Corporation posted record sales and earnings in 2005 and is strongly positioned for another outstanding year in 2006. The company achieved growth across most of its businesses, including its Mass Market, Specialty, Latin America, Mexico and Canada jeanswear divisions. One area of challenge was the Lee® brand in the U.S. The company is taking steps to restore growth to its North American jeans business through innovative new products and leveraging the strength of flagship brands in new categories and markets.
1) KB Home had a very successful fiscal year in 2002, with revenues exceeding $5 billion for the first time in the company's history. Net orders and unit deliveries were up while earnings per share increased 30% over the previous year.
2) KB Home has transformed its business model over the past decade to focus on building homes only after securing buyers. This has brought greater stability and predictability compared to speculative building of the past.
3) Steady growth in new US households is expected to continue driving demand for new homes for decades. Large home builders like KB Home are well positioned due to economies of scale, purchasing power, and financial strength.
KB Home reported record financial results for fiscal year 2006, with revenues reaching $11 billion, up 17% from the prior year, and new home deliveries reaching 39,013 units. However, net income was down 41% to $482 million due to lower operating margins and write-downs on land holdings. The CEO expressed confidence in KB Home's long-term success and outlined plans to focus on the company's core strengths through its KBnxt operating model, right-size costs, reduce inventory and land investments, and generate free cash flow. The CEO also discussed restoring investor trust after issues with past stock option practices.
- Clear Channel Communications, Inc. proposed to sell $250 million of 4.5% Notes Due 2010 through an underwriting agreement with UBS Securities LLC.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from Akin Gump Strauss Hauer & Feld LLP and the eighteenth supplemental indenture between Clear Channel Communications and The Bank of New York.
- The proceeds from the public offering of the notes were to be used for general corporate purposes.
TRW Automotive reported financial results for Q4 and full year 2003. In Q4, sales increased 11.5% to $3 billion and operating income rose to $139 million. For the full year, pro forma sales increased 9% to $11.3 billion while operating income declined to $579 million. TRW provided guidance for 2004 of revenue between $11.4-11.6 billion and earnings per share of $1.55-1.70 excluding debt repayment charges.
TRW Automotive reported first-quarter 2004 financial results, with sales of $2.9 billion and net earnings of $2 million. However, earnings excluding $47 million in debt repayment charges were $49 million. During the quarter, TRW reduced total debt by $494 million. For the full year, TRW expects sales between $11.4-11.6 billion and earnings per share of $1.08-1.23, or $1.55-1.70 excluding debt charges.
Clear Channel Communications reported financial results for the third quarter of 2004. Revenue increased 4% compared to the same period last year to $2.6 billion. Net income was $261.2 million, an increase of 10% excluding on-time gains and losses from the prior year. The company continued repurchasing shares during the quarter and believes this is the best use of free cash flow. Operating income is expected to increase in the mid-single digits for the full year 2004, while earnings per share are forecasted to increase in the mid to high teens.
Clear Channel Communications reported financial results for the third quarter of 2004. Revenue increased 4% compared to the same period last year to $2.6 billion. Net income was $261.2 million, an increase of 10% excluding one-time gains last year. Radio broadcasting revenue was flat, outdoor advertising revenue increased 11%, and live entertainment revenue increased 4%. The company continued its share repurchase program, repurchasing $1.6 billion worth of shares to date, and expects operating income and earnings per share to increase in the mid-single digits and mid to high teens, respectively, for the full year.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
TRW Automotive Holdings Corp. reported fourth quarter 2004 financial results in line with guidance, with sales of $3.2 billion and a net loss of $62 million. For full-year 2004, sales were $12 billion and net earnings were $29 million. The results included significant expenses from debt refinancing transactions. Excluding these expenses, fourth quarter earnings were $34 million and full-year earnings were $173 million. The company provided an outlook for 2005 of $12.3-12.7 billion in sales and $1.50-1.75 earnings per share.
Clear Channel Communications reported financial results for Q4 and full year 2005. Q4 revenue declined 1% to $1.76B while full year revenue was flat at $6.61B. Net income for Q4 was $461.6M compared to a net loss of $4.67B in Q4 2004. For the full year, net income was $935.7M compared to a net loss of $4.04B in 2004. In Q4 2005, Clear Channel completed an IPO for 10% of its outdoor advertising segment and spun off its live entertainment segment. Radio revenues declined 6% for the year due to implementing a strategy reducing commercial minutes. Outdoor revenues increased 9% with strong growth internationally
Clear Channel Communications reported financial results for the first quarter of 2007. Revenue increased 8% to $1.6 billion compared to the first quarter of 2006. Net income increased 6% to $102.2 million. The company continues to pursue the sale of its television group for $1.2 billion and the sale of 161 radio stations for $331 million. Proceeds from the sales will be used to offset capital gains using tax loss carry forwards. The company is also seeking to sell additional radio stations.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
UnumProvident Corporation reported net income of $137.5 million for Q4 2005, slightly lower than the $134.5 million in Q4 2004. Income excluding realized investment gains was $136 million in Q4 2005 versus $117.7 million in Q4 2004. The US Brokerage segment saw improved results except for the group income protection line. Overall, most business lines performed well but earnings growth is expected to be slower in 2006 due to underperformance in the group income protection line. The company remains confident in its long-term outlook.
TRW Automotive reported financial results for the second quarter of 2004 with sales of $3.2 billion, a 6% increase over the prior year. Net earnings were $75 million compared to a net loss of $20 million in the prior year. The company increased its full-year 2004 guidance and now expects sales between $11.6-11.8 billion and earnings per share between $1.22-1.32 due to strong first half performance.
- Clear Channel reported a 4% decrease in revenue and a 59% decrease in net income for Q1 2005 compared to Q1 2004. Revenue declines were seen across radio broadcasting, live entertainment and other divisions.
- Radio broadcasting revenue declined 7% due to a reduction in commercial minutes despite rate increases. Outdoor advertising revenue grew 11% led by increases in bulletins, malls, airports and international revenues.
- Live entertainment revenue fell 17% due to fewer arena shows compared to Q1 2004. Expenses declined across divisions except for outdoor advertising.
- The company repurchased $672 million in stock year-to-date and has $488.5 million remaining in its repurchase program.
Motorola reported financial results for the first quarter of 2004 with sales of $8.6 billion, up 42% from the previous year, and net earnings of $609 million, up 257% over the previous year. The company ended the quarter with a net cash position of $902 million, the first time in over 35 years. Motorola provided guidance for the second quarter of 2004 of sales between $8.2-8.6 billion and earnings per share of $0.14-0.18, excluding potential impacts from the proposed IPO of its semiconductor business.
Clear Channel Communications announced a strategic realignment plan involving its businesses to enhance shareholder value. The plan includes an IPO of 10% of Clear Channel Outdoor, a spin-off of 100% of Clear Channel Entertainment, a $3.00 per share special dividend, and a 50% increase in the recurring quarterly dividend. The transactions are expected to highlight the value of each business and allow them to pursue growth opportunities independently while returning significant capital to shareholders. Completion of the plan is subject to various approvals and conditions.
UnumProvident Corporation reported financial results for the third quarter of 2005. Net income was $52.6 million, down from $167.6 million in the third quarter of 2004, due to realized investment losses and a $75 million charge related to an insurance settlement. Excluding these items, income was $135.7 million. Several segments saw lower earnings compared to last year, while the Unum Limited and Colonial segments reported increased profits. The company also provided an overview of business segment results and sales figures.
Motorola reported strong financial results for the second quarter of 2004, with sales increasing 41% compared to the second quarter of 2003. However, Motorola reported a net loss due to a large non-cash tax expense related to the IPO of Freescale Semiconductor. Excluding this tax expense, pre-tax earnings increased significantly. All of Motorola's business segments saw sales increases, with the Personal Communications segment experiencing the largest growth. Motorola provided guidance for the third quarter of 2004 with sales expected to increase 25-30% and earnings per share of $0.15 to $0.19.
Merrill Lynch reported record results for full year 2004, with net earnings of $4.4 billion, up 16% from 2003. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - contributed to this performance by generating higher revenues and pre-tax earnings compared to 2003. In the fourth quarter of 2004 specifically, net revenues increased 21% to $5.9 billion compared to the same period in 2003. Merrill Lynch's chairman and CEO stated that the company is well positioned for continued shareholder rewards in the future.
United Health Group [PDF Document] Earnings Releasefinance3
UnitedHealth Group reported record third quarter results, with net earnings of $1.04 per share, up 35% from the prior year. Revenues increased 36% to over $9.8 billion. Strong customer growth was seen across all business segments. Operating margins expanded to 11.1% and operating cash flows increased 49% to over $950 million. The company also updated full-year 2004 earnings guidance to $3.92 per share, up from the previous projection, and provided preliminary 2005 earnings guidance of $4.70-$4.75 per share.
- The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2004 compared to the prior year. Earnings per share for the year increased 72% to $1.12, driven by operating income growth across all segments.
- For the quarter, EPS increased 25% to $0.25, helped by income growth at Media Networks, Parks and Resorts, and Consumer Products, partially offset by a decrease at Studio Entertainment.
- All business segments saw increased revenues and operating income for the year, with the exception of Studio Entertainment which saw a revenue decline but operating income growth. Cash flow from operations reached record levels for the company.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
WRA worked on energy, water, and public lands issues in 2003. In energy, they promoted renewable energy standards and efficiency measures. They also worked to reduce emissions from coal plants and prevent new coal plant construction. In water, they advocated for urban water conservation and efficiency and protected rivers and habitats. In lands, they focused on responsible oil and gas development, protecting roadless areas, managing motorized recreation, and grazing reform.
The annual report summarizes the organization's activities and accomplishments in 2006. Some key points:
- The organization celebrated a major victory that protected water rights and flows for Colorado's Gunnison River.
- The organization opened a new office in Nevada and added staff in multiple states to advance its mission of protecting land, air, and water resources in the Interior West.
- Notable programs and advocacy efforts achieved successes in renewable energy development, limiting new coal-fired power plants, protecting public lands from oil/gas development, and responsible management of motorized recreation on public lands.
Western Resource Advocates' (WRA) 2007 annual report summarizes the organization's work over the past year to protect land, air, water, and ecosystems in the Western United States. The report highlights WRA's efforts to promote clean energy alternatives to coal power, encourage responsible motorized recreation on public lands, influence oil and gas development policies, and implement water conservation strategies in urban areas. Through advocacy, litigation, and partnerships with other groups, WRA achieved victories such as blocking new coal plants, protecting roads and lands from off-road vehicle damage, passing legislation to safeguard wildlife from drilling impacts, and influencing several municipalities to adopt water conservation measures. The report outlines WRA's goals and strategies across its key program
C.H. Robinson achieved strong success in 2007 despite economic challenges. The company grew gross profits 14.9% to $1.2 billion through its diverse business lines and relationships with customers and carriers. Its non-asset based model allowed it to efficiently manage costs. The company continued investing in its business by expanding its office network and adding employees. C.H. Robinson is well positioned for future growth given ongoing trends driving demand for third party logistics.
This document is C.H. Robinson Worldwide's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2007. It provides an overview of the company's business operations, including that it is a non-asset based third party logistics provider offering freight transportation and logistics services through a network of 218 offices worldwide. The report describes C.H. Robinson's main business lines of multimodal transportation services, fresh produce sourcing, and information services. It provides details on the types of transportation it arranges and its relationships with over 48,000 transportation providers.
This document is C.H. Robinson Worldwide's definitive proxy statement filed with the SEC on April 1, 2008 to provide shareholders information on matters to be voted on at the company's upcoming annual meeting on May 15, 2008. The proxy statement summarizes the purposes of the meeting as electing three directors, ratifying the selection of the independent auditors, and any other business properly brought before the meeting. It provides details on shareholder voting eligibility, the methods by which shareholders can vote including by mail, phone or internet, and the proposals to be voted on.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission. It summarizes KB Home's financial performance for the first quarter of fiscal year 2003, ending February 28, 2003. Key details include total revenues of $1.09 billion, net income of $52.8 million, basic earnings per share of $1.32, and cash dividends of $0.075 per share. The report includes financial statements and notes, as well as sections on management discussion/analysis, market risk, and controls/procedures.
There are three primary ways for individual investors to hold securities: direct registration system (DRS), physical paper certificates, and street-name registration through a brokerage account. Both DRS and street-name registration involve book-entry ownership with no physical certificate printed, while transactions are recorded electronically. Investors can choose to hold securities through different methods and change methods as desired, though brokers may charge fees. The DRS allows electronic transfer of book-entry shares between parties like brokers and issuers.
KBH was established as a public company in 1986 through an IPO of Kaufman and Broad Inc. (KBI). In 1989, the remaining portion of KBH was distributed to KBI shareholders, making KBH and KBI independent companies. KBI later merged with American International Group (AIG) in 1999. The document provides guidance on determining the tax basis for holdings in KBH and KBI/AIG following corporate restructurings and stock splits over the years. Questions regarding stock certificates or exchanges should be directed to AIG's transfer agent.
This document lists milestones from KB Home, a homebuilder, over the past 50+ years. Some key milestones include KB Home becoming the first national homebuilder on the New York Stock Exchange in 1969, building over 100,000 homes by 1977, establishing sustainability programs and receiving awards for energy efficient construction in the 2000s-2010s, and expanding nationwide through strategic acquisitions over the decades. The milestones show KB Home's growth from its founding to becoming one of the largest homebuilders in the United States.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended February 28, 2003. The 10-Q includes financial statements such as income statements, balance sheets, and cash flow statements for the quarter, as well as notes to the financial statements. It provides information on KB Home's revenues, expenses, assets, liabilities, cash flows, earnings per share, and reporting segments for its homebuilding and mortgage banking businesses.
This document is the Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended May 31, 2003. It includes the consolidated financial statements, notes to the financial statements, and management's discussion and analysis of the company's financial condition and results of operations for the quarter. Key details include total revenues of $2.5 billion for the six months ended May 31, 2003, net income of $134 million, and basic earnings per share of $3.36.
This document is the Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended May 31, 2003. The 10-Q provides KB Home's unaudited financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes. It summarizes KB Home's revenues, construction and land costs, expenses, operating income, interest income/expense, taxes, and earnings per share for the interim period.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. Key details include revenues of $3.98 billion for the nine months, net income of $232 million, basic EPS of $5.87, and total assets of $4.12 billion as of August 31, 2003.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. It discloses that for the quarter ended August 31, 2003, KB Home had total revenues of $1.44 billion, net income of $97.8 million, and basic earnings per share of $2.51.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements, notes to the financial statements, and other financial information. Specifically, it provides KB Home's consolidated statements of income and cash flows for the periods ended February 29, 2004 and February 28, 2003, and consolidated balance sheet as of February 29, 2004 and November 30, 2003. It also includes a discussion and analysis of the company's financial condition and results of operations for the periods.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements such as the consolidated statements of income and balance sheets, as well as notes to the financial statements and information on reportable segments. The filing provides shareholders and the public with financial information on KB Home's construction and mortgage banking operations for the quarterly period.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
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“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
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1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report: May 4, 2004
CLEAR CHANNEL COMMUNICATIONS, INC.
(Exact Name of Registrant as Specified in Its Charter)
TEXAS 1-9645 74-1787539
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 East Basse Road, San Antonio, Texas 78209
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (210) 822-2828
2. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The following exhibit is filed with this document:
99.1 Press Release issued by Clear Channel Communications, Inc., dated May, 4, 2004.
Item 12. Results of Operations and Financial Condition.
On May 4, 2004, Clear Channel Communications, Inc. issued a press release announcing its earnings for the quarter ended March 31,
2004. The information contained in Exhibit 99.1 is incorporated herein by reference.
The information in this Current Report is being furnished and shall not be deemed quot;filedquot; for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current
Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933,
as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
CLEAR CHANNEL COMMUNICATIONS, INC.
Date: May 4, 2004 By: /s/ HERBERT W. HILL JR.
----------------------------------------
Herbert W. Hill, Jr.
Sr. Vice President/Chief Accounting Officer
4. EXHIBIT 99.1
CLEAR CHANNEL REPORTS RECORD FIRST QUARTER 2004 RESULTS
SAN ANTONIO, TEXAS MAY 4, 2004...Clear Channel Communications, Inc. (NYSE: CCU) today reported record results for its
quarter ended March 31, 2004.
The Company reported revenues of $2.0 billion in the first quarter of 2004, an 11% increase over the $1.8 billion reported for the first
quarter of 2003. Clear Channel's net income and diluted earnings per share grew 64% and 58%, respectively, to $116.5 million and
$.19 per diluted share during the first quarter of 2004. This compares to $71.0 million and $.12 per diluted share for the same period in
2003.
The Company's 2004 net income includes $47.0 million and $11.6 million of pre-tax gains related to the sale of the Company's
remaining investment in Univision Communications and the sale of radio operating assets, respectively. These gains were offset by a
$31.4 million pre-tax loss on the early extinguishment of debt. Excluding these items, net income would have been $100.3 million or
$.16 per diluted share, a 33% increase over the first quarter of 2003 diluted earnings per share.
Lowry Mays, Chairman and Chief Executive Officer, commented, quot;We are off to a great start for the year and are pleased to report
record first quarter results. These impressive results reflect our success in providing the highest quality content and services to the
communities we serve and delivering value to our customers and results to our advertising partners. This focus, combined with
employing the best people, is the key to our financial performance and enables us to create value for shareholders over the long-term.quot;
Mark Mays, President and Chief Operating Officer, said, quot;Our results this quarter highlight the tremendous operating leverage of our
businesses in an improving revenue environment. We realized impressive revenue gains in each of our operating divisions, and were
successful in translating this performance into cash flow and earnings growth. In addition, during the quarter we initiated a $1.0 billion
share buyback program, providing us with another avenue to increase shareholder value. With the economy strengthening and the
advertising environment continuing to improve, we are ideally positioned to deliver impressive growth for the remainder of the year
and beyond.quot;
Mark Mays went on to say, quot;Lowry will not be able to join us on the conference call today because last Friday he woke up with
numbness on his left side and was admitted to the hospital for testing. The doctors found some swelling of his brain caused by
localized bleeding and a small blood clot. He underwent surgery Friday afternoon to relieve pressure caused by the swelling. The
surgery was successful and Lowry is in good spirits and mentally alert. He even started grilling me about the business shortly after he
came out of surgery. We and his team of doctors expect a complete recovery.quot;
REVENUE AND OPERATING EXPENSES
Radio Outdoor Live
(In thousands) Broadcasting Advertising Entertainment Other Eliminations Consolidated
------------ ----------- ------------- ----------- ------------ ------------
THREE MONTHS ENDED MARCH 31, 2004
Revenue $ 832,944 $ 521,593 $ 513,958 $ 132,361 $ (31,290) $ 1,969,566
Divisional operating expenses 512,328 412,738 491,848 114,094 (31,290) 1,499,718
THREE MONTHS ENDED MARCH 31, 2003
Revenue $ 795,034 $ 450,528 $ 437,882 $ 125,418 $ (29,419) $ 1,779,443
Divisional operating expenses 495,104 364,709 421,136 109,545 (29,419) 1,361,075
% GROWTH
Revenue 5% 16% 17% 6% 6% 11%
Divisional operating expenses 3% 13% 17% 4% 6% 10%
Included in the Company's first quarter 2004 revenue and operating expenses are approximately $54.1 million and $49.6 million,
respectively, of foreign exchange increases as compared to the same period of 2003.
1
5. RADIO BROADCASTING
The Company's radio broadcasting revenue increased 5% to $832.9 million during the first quarter of 2004 compared to the same
period of 2003. Revenue growth was lead by resurgent local advertising, growth in network revenue primarily from the Company's
syndicated radio programs and growth in traffic revenue. Revenue grew sequentially throughout the first quarter of 2004, with March
being the strongest month. During the first quarter of 2004, the majority of the Company's markets grew in-line with the overall
revenue growth in its radio segment. Strong local and national advertising categories during the first quarter included services,
automotive, entertainment and consumer products.
Operating expenses increased 3% to $512.3 million during the first quarter of 2004 compared to the same period of 2003. The increase
is primarily from an increase in programming and promotion costs, increased sales related expenses driven by commission and
accrued bonus expenses and an increase in general and administrative expenses associated with an increase in the cost of employee
healthcare benefits.
OUTDOOR ADVERTISING
The Company's outdoor advertising revenue increased 16% to $521.6 million during the first quarter of 2004 compared to the same
period of 2003. Growth was led by strong domestic bulletin and international street furniture and billboard revenues. Also contributing
to the increase was $10.4 million from the purchase and consolidation of the Company's outdoor advertising joint venture in Australia,
which it had accounted for as an equity method investment during the first quarter of 2003. Included in the revenue increase is
approximately $37.7 million from foreign exchange increases. Offsetting the revenue increase was a decline in revenue from the
Company's airport advertising inventory.
The growth in the Company's domestic bulletin revenue came from growth in average bulletin rates, while bulletin occupancy levels
were flat for the first quarter of 2004 compared to 2003. Revenue from the Company's domestic posters was essentially unchanged
during the first quarter of 2004 as compared to 2003, with average poster rates up and poster occupancy slightly down. Growth
occurred across the majority of the Company's domestic markets, with its top 25 markets outperforming its aggregate outdoor
advertising revenue growth. Strong markets included Miami, Minneapolis, Atlanta and Portland with automotive, entertainment,
business/consumer services and real estate advertising categories contributing to the growth.
The growth in the Company's international street furniture revenue was fueled by growth in average revenue per street furniture
display and the total number of displays was slightly up for the first quarter of 2004 as compared to 2003. Similar to street furniture,
the revenue growth in the Company's international billboards was led by an increase in average revenue per billboard with the total
number of international billboards consistent for the first quarter of 2004 as compared to 2003. Strong international markets included
the United Kingdom, Australia and Sweden.
Operating expenses increased 13% to $412.7 million during the first quarter of 2004 compared to the same period of 2003. The
increase includes approximately $34.1 million from foreign exchange increases. Additionally, the Company incurred more site lease
expenses primarily related to increased lease rates. The Company also saw an additional $8.8 million in operating expenses during the
first quarter of 2004 resulting from the purchase and consolidation of its outdoor advertising joint venture in Australia, which it had
accounted for as an equity method investment during the first quarter of 2003.
LIVE ENTERTAINMENT
The Company's live entertainment revenue increased 17% to $514.0 million during the first quarter of 2004 compared to the same
period of 2003. Increased concert ticket sales from additional shows and higher attendance at events such as Bette Midler and Britney
Spears drove the increase. The Company also saw increased touring revenue from events such as David Bowie. Revenue from
sponsorships was another
2
6. contributing factor to the growth. Also underlying the revenue increase was approximately $16.4 million from foreign exchange.
Operating expenses increased 17% to $491.8 million during the first quarter of 2004 compared to the same period of 2003. The
increase includes approximately $15.5 million from foreign exchange. The remaining increase primarily relates to variable costs
associated with the volume and mix of events in 2004 as compared to 2003.
SELECTED BALANCE SHEET INFORMATION
(In thousands) March 31, 2004 March 31, 2003
---------------- ----------------
Cash $ 194,046 $ 349,242
Total Current Assets $ 2,197,498 $ 2,213,964
Net Property, Plant and Equipment $ 4,168,268 $ 4,190,478
Total Assets $ 27,799,481 $ 27,760,993
Current Liabilities (excluding current portion of long-term debt) $ 2,019,119 $ 1,657,745
Long-Term Debt (including current portion of long-term debt) $ 6,285,119 $ 8,634,088
Shareholders' Equity $ 15,582,021 $ 14,327,896
CAPITAL EXPENDITURES
Capital expenditures for the first quarter of 2004 versus 2003 were:
(In thousands) March 31, 2004 March 31, 2003
-------------- --------------
Non-revenue producing $ 30,640 $ 29,749
Revenue producing 40,144 34,683
-------------- ------------
Total capital expenditures $ 70,784 $ 64,432
============== ============
The Company defines non-revenue producing capital expenditures as those expenditures that are required on a recurring basis.
Revenue producing is discretionary capital investment for new revenue streams, similar to an acquisition.
LIQUIDITY AND FINANCIAL POSITION
For the three months ended March 31, 2004, cash flow from operating activities was $530.8 million, cash flow provided from
investing activities was $435.7 million, and cash flow used in financing activities was $895.8 million for a net increase in cash of
$70.7 million. Cash flow from investing activities for the current quarter was positively impacted $599.4 million from the proceeds on
the sale of Univision.
At March 31, 2004, Clear Channel had long-term debt of:
(In millions) March 31, 2004
--------------
Bank Credit Facilities $ 467.1
Public Notes 5,621.3
Other Debt 196.7
-------------
Total $ 6,285.1
=============
Leverage, defined as debt*, net of cash, divided by the trailing 12-month pro forma EBITDA**, was 2.68x at March 31, 2004.
7. Randall Mays, Chief Financial Officer for the Company, said, quot;The first quarter of 2004 showed yet again the ability of our businesses
to generate significant free cash flow. During the quarter we further strengthened our balance sheet reducing total debt by $779.9
million and reducing leverage to 2.68x. We are utilizing a portion of our free cash flow to fund a share repurchase program. To date,
the Company has repurchased slightly less than $100.0 million in stock under the buyback program.quot;
On February 25, 2004, the Company redeemed E.454.4 million of its 6.5% senior notes due July 7, 2005, for E.477.7 million plus
accrued interest. After this redemption, E.195.6 million of the 6.5% senior notes remain outstanding.
As of March 31, 2004, 70% of the Company's debt bears interest at fixed rates and 30% of the Company's debt bears interest at
floating rates based upon LIBOR. The Company's weighted average cost of debt at March 31, 2004 was 5.03%.
As of May 4, 2004, Clear Channel has approximately $1.8 billion available on its bank credit facilities. The Company does not have
any public debt maturing during 2004. For future maturities or redemptions of debt, the Company intends to utilize the existing
capacity under its bank facilities and other available funds. Redemptions or repurchases will occur through open market purchases,
privately negotiated transactions, or other means.
BUSINESS OUTLOOK
The Company expects that operating income will increase in the low double digits on a percentage basis and earnings per share will
increase in the high teens to low twenties on a percentage basis for the full year of 2004.
CONFERENCE CALL
The Company will host a teleconference to discuss its results on May 4th at 9:00
a.m. Eastern Time. The conference call number is 800-946-0705 and the pass code is 264635. Please call ten minutes in advance to
ensure that you are connected prior to the presentation. The teleconference will also be available via a live audio cast on the
Company's website, located at www.clearchannel.com. A replay of the call will be available for 72 hours after the live conference call.
The replay number is 888-203-1112 and the pass code is 264635. The audio cast will also be archived on the Company's website and
will be available beginning 24 hours after the call for a period of one week.
* As defined by Clear Channel's credit facilities, debt is long-term debt of $6,285.1 million plus letters of credit of $133.4 million;
guarantees of third party debt of $34.6 million; net original issue discount/premium of $4.5 million; deferred purchase consideration of
$15.9 million included in other long-term liabilities; and less fair value of interest rate swaps of $48.0 million and purchase accounting
premiums of $16.0 million.
** As defined by Clear Channel's credit facilities, pro forma EBITDA is the trailing twelve-month EBITDA adjusted to include
EBITDA of any assets acquired in the trailing twelve-month period.
8. FINANCIAL HIGHLIGHTS
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
MARCH 31,
------------------------------
%
2004 2003 CHANGE
------------ ------------ ------------
REVENUE $ 1,969,566 $ 1,779,443 10.7%
Divisional operating expenses 1,499,718 1,361,075
Corporate expenses 49,364 42,779
Non-cash compensation expense 918 799
Depreciation and amortization 173,158 159,562
------------ ------------
OPERATING INCOME 246,408 215,228 14.5%
Interest expense 89,805 100,952
Gain (loss) on marketable securities 49,723 2,792
Equity in earnings (loss) of nonconsolidated affiliates 6,675 2,335
Other income (expense) - net (17,270) 2
------------ ------------
Income before income taxes 195,731 119,405
Income tax benefit (expense):
Current (145,985) 17,995
Deferred 66,714 (66,354)
------------ ------------
NET INCOME $ 116,460 $ 71,046 63.9%
============ ============
Net Income per share:
BASIC $ 0.19 $ 0.12 58.3%
============ ============
DILUTED $ 0.19 $ 0.12 58.3%
============ ============
Weighted Average Shares Outstanding - Diluted 619,628 616,517
9. SUPPLEMENTAL DISCLOSURE REGARDING NON-GAAP FINANCIAL INFORMATION
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (D&A) AND NON-CASH COMPENSATION
EXPENSE
The following tables set forth Clear Channel's Operating Income, D&A and Non-cash compensation expense for the three months
ended March 31, 2004 and 2003. The Company defines quot;Operating Income before D&A and Non-cash compensation expensequot; as net
income adjusted to exclude the following line items presented in its Statement of Operations: Income tax benefit (expense); Other
income (expense) - net; Equity in earnings of nonconsolidated affiliates; Gain (loss) on marketable securities; Interest expense; D&A;
and, Non-cash compensation expense.
The Company uses Operating Income before D&A and Non-cash compensation expense, among other things, to evaluate the
Company's operating performance. This measure is among the primary measures used by management for planning and forecasting of
future periods, as well as for measuring performance for compensation of executives and other members of management. This
measure is an important indicator of the Company's operational strength and performance of its business because it provides a link
between profitability and cash flows from operating activities. It is also a primary measure used by management in evaluating
companies as potential acquisition targets.
The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view
performance in a manner similar to the method used by the Company's management. It helps improve investors' ability to understand
the Company's operating performance and makes it easier to compare the Company's results with other companies that have different
capital structures or tax rates. In addition, this measure is also among the primary measures used externally by the Company's
investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to
other companies in its industry. Additionally, the Company's bank credit facilities use this measure for compliance with leverage
covenants.
Since Operating Income before D&A and Non-cash compensation expense is not a measure calculated in accordance with GAAP, it
should not be considered in isolation of, or as a substitute for, net income as an indicator of operating performance and may not be
comparable to similarly titled measures employed by other companies. Operating Income, D&A and Non-cash compensation expense
are all financial statement line items included on the Company's statement of earnings. Operating Income before D&A and Non-cash
compensation expense is not necessarily a measure of the Company's ability to fund its cash needs. As it excludes certain financial
information compared with operating income and net income
(loss), the most directly comparable GAAP financial measure, users of this financial information should consider the types of events
and transactions, which are excluded.
As required by the SEC, the Company provides reconciliations below of Operating Income before D&A and Non-cash compensation
expense for each segment to such segment's operating income, and Operating Income before D&A and Non-cash compensation
expense to net income, the most directly comparable amounts reported under GAAP.
10. Radio Outdoor Live
(In thousands) Broadcasting Advertising Entertainment Other Corporate Consolidated
------------ ------------ ------------- ------------ ------------ ------------
THREE MONTHS ENDED MARCH 31, 2004
Operating income (loss) $ 282,564 $ 9,105 $ 6,562 $ 3,541 $ (55,364) $ 246,408
Non-cash compensation expense 261 -- -- -- 657 918
Depreciation and amortization 37,791 99,750 15,548 14,726 5,343 173,158
------------ ------------ ------------ ------------ ------------ ------------
Operating Income before D&A and
Non-cash compensation expense $ 320,616 $ 108,855 $ 22,110 $ 18,267 $ (49,364) $ 420,484
============ ============ ============ ============ ============ ============
THREE MONTHS ENDED MARCH 31, 2003
Operating income (loss) $ 262,114 $ (3,147) $ 1,927 $ 3,376 $ (49,042) $ 215,228
Non-cash compensation expense 516 -- -- -- 283 799
Depreciation and amortization 37,300 88,966 14,819 12,497 5,980 159,562
------------ ------------ ------------ ------------ ------------ ------------
Operating Income before D&A and
Non-cash compensation expense $ 299,930 $ 85,819 $ 16,746 $ 15,873 $ (42,779) $ 375,589
============ ============ ============ ============ ============ ============
RECONCILIATION OF OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (D&A) AND NON-
CASH COMPENSATION EXPENSE TO NET INCOME
(In thousands) THREE MONTHS ENDED MARCH 31,
2004 2003
------------ ------------
Operating Income before D&A and Non-cash compensation expense $ 420,484 $ 375,589
Non-cash compensation expense 918 799
Depreciation & amortization 173,158 159,562
------------ ------------
Operating Income 246,408 215,228
Interest expense 89,805 100,952
Gain (loss) on marketable securities 49,723 2,792
Equity in earnings of nonconsolidated affiliates 6,675 2,335
Other income (expense) - net (17,270) 2
------------ ------------
Income before income taxes 195,731 119,405
Income tax (expense) benefit:
Current (145,985) 17,995
Deferred 66,714 (66,354)
------------ ------------
Net income $ 116,460 $ 71,046
============ ============
ABOUT CLEAR CHANNEL WORLDWIDE
Visit our website at http://www.clearchannel.com.
Clear Channel Worldwide, headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising and entertainment
industries with radio and television stations, outdoor advertising displays, and live entertainment productions and venues throughout
the United States and in 63 countries around the world.
For further information contact:
Investors - Randy Palmer, Senior Vice President of Investor Relations, (210) 832-3315 or Media - Lisa Dollinger, Senior Vice
President of Corporate Communications, (210) 832-3474 or visit our web-site at http://www.clearchannel.com.
THE NUMBERS CONTAINED WITHIN THIS RELEASE ARE UNAUDITED. CERTAIN STATEMENTS IN THIS RELEASE
CONSTITUTE quot;FORWARD-LOOKING STATEMENTSquot; WITHIN THE MEANING OF THE PRIVATE SECURITIES
11. LITIGATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN
RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS,
PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE
WORDS OR PHRASES quot;GUIDANCE,quot; quot;EXPECT,quot; quot;ANTICIPATE,quot; quot;ESTIMATESquot; AND quot;FORECASTquot; AND SIMILAR
WORDS OR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. IN ADDITION,
ANY STATEMENTS THAT REFER TO EXPECTATIONS OR OTHER CHARACTERIZATIONS OF FUTURE EVENTS OR
CIRCUMSTANCES ARE FORWARD-LOOKING STATEMENTS. VARIOUS RISKS THAT COULD CAUSE FUTURE
RESULTS TO DIFFER FROM THOSE EXPRESSED BY THE FORWARD-LOOKING STATEMENTS INCLUDED IN THIS
RELEASE INCLUDE, BUT ARE NOT LIMITED TO: CHANGES IN ECONOMIC CONDITIONS IN THE U.S. AND IN
OTHER COUNTRIES IN WHICH CLEAR CHANNEL CURRENTLY DOES BUSINESS (BOTH GENERAL AND RELATIVE
TO THE ADVERTISING AND ENTERTAINMENT INDUSTRIES); FLUCTUATIONS IN INTEREST RATES; CHANGES IN
INDUSTRY CONDITIONS; CHANGES IN OPERATING PERFORMANCE; SHIFTS IN POPULATION AND OTHER
DEMOGRAPHICS; CHANGES IN THE LEVEL OF COMPETITION FOR ADVERTISING DOLLARS; FLUCTUATIONS IN
OPERATING COSTS; TECHNOLOGICAL CHANGES AND INNOVATIONS; CHANGES IN LABOR CONDITIONS;
CHANGES IN GOVERNMENTAL REGULATIONS AND POLICIES AND ACTIONS OF REGULATORY BODIES;
FLUCTUATIONS IN EXCHANGE RATES AND CURRENCY VALUES; CHANGES IN TAX RATES; CHANGES IN CAPITAL
EXPENDITURE REQUIREMENTS AND ACCESS TO CAPITAL MARKETS. OTHER KEY RISKS ARE DESCRIBED IN THE
CLEAR CHANNEL COMMUNICATIONS' REPORTS FILED WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION. EXCEPT AS OTHERWISE STATED IN THIS NEWS ANNOUNCEMENT, CLEAR CHANNEL
COMMUNICATIONS DOES NOT UNDERTAKE ANY OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-
LOOKING STATEMENTS BECAUSE OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.