This document is Toll Brothers' second quarter report for fiscal year 2007. It reports a decline in net income and revenues compared to the second quarter of fiscal year 2006. Net income was $36.7 million compared to $174.9 million the previous year. Revenues also declined. The company signed fewer contracts and saw higher cancellation rates than the previous year. However, the company remains well capitalized with over $550 million in cash and available credit. Market conditions remain difficult overall but some regions like New York City are stronger. The company believes the long term value of its land holdings will be realized in the future.
- FY 2007 first quarter net income was $54.3 million, down 66% from $163.9 million in FY 2006 due to write-downs and impairments totaling $105.9 million. Excluding write-downs, earnings were down 27%. Revenues were down 19% to $1.09 billion.
- Housing market demand varied greatly between markets. Some areas like New York City remained strong while others like Chicago and parts of Florida had not yet stabilized. The cancellation rate was lower than last quarter but still above historical averages.
- The company had $4.15 billion in backlog, down 30% from last year, and 67,500 lots under control, down 26%
This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.
This annual report summarizes Lowe's financial performance in fiscal year 2007 and discusses the challenges faced by the home improvement retail industry that year. Specifically:
- Lowe's net sales grew 2.9% to $48.3 billion in fiscal 2007, but pre-tax earnings fell 9.7% and earnings per share fell 5.9-6.5% due to a difficult sales environment in the housing market.
- Despite challenges, Lowe's gained 80 basis points of total unit market share in calendar 2007.
- The CEO acknowledges the unprecedented softening of the housing market negatively impacted home improvement spending. Lowe's focused on gaining strategic advantages to capture more market share.
- Looking to 2008,
The document provides earnings information for Raytheon Company for the fourth quarter and full year 2006. It summarizes key financial metrics including strong bookings, record backlog, increased sales and earnings per share, and record operating cash flow. It also provides Raytheon's financial outlook for 2007 with projections for sales, earnings per share, operating cash flow, and return on invested capital.
This document is the annual report from Marshall & Ilsley Corporation (M&I) for the year 2003. It discusses M&I's financial highlights for 2003 including record net income of $544 million, a 10.2% increase in earnings per share from 2002. It outlines M&I's successes across its business lines, continued expansion into new markets, and strategic focus on becoming a national financial services provider beyond its traditional Midwest footprint. The report is signed by James B. Wigdale, Chairman of M&I, and Dennis J. Kuester, President and CEO, who thank employees and leadership for helping achieve strong results in 2003.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
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.
- FY 2007 first quarter net income was $54.3 million, down 66% from $163.9 million in FY 2006 due to write-downs and impairments totaling $105.9 million. Excluding write-downs, earnings were down 27%. Revenues were down 19% to $1.09 billion.
- Housing market demand varied greatly between markets. Some areas like New York City remained strong while others like Chicago and parts of Florida had not yet stabilized. The cancellation rate was lower than last quarter but still above historical averages.
- The company had $4.15 billion in backlog, down 30% from last year, and 67,500 lots under control, down 26%
This document is a letter to stockholders from Toll Brothers, a luxury home builder, addressing the company's performance in the first quarter of fiscal year 2008. It summarizes that housing market conditions remained weak with declining sales. The company reported a net loss for the quarter due to write-downs, though earnings excluding write-downs were positive. Backlog and gross contracts signed declined significantly year-over-year as the company continued adjusting to soft market conditions.
This annual report summarizes Lowe's financial performance in fiscal year 2007 and discusses the challenges faced by the home improvement retail industry that year. Specifically:
- Lowe's net sales grew 2.9% to $48.3 billion in fiscal 2007, but pre-tax earnings fell 9.7% and earnings per share fell 5.9-6.5% due to a difficult sales environment in the housing market.
- Despite challenges, Lowe's gained 80 basis points of total unit market share in calendar 2007.
- The CEO acknowledges the unprecedented softening of the housing market negatively impacted home improvement spending. Lowe's focused on gaining strategic advantages to capture more market share.
- Looking to 2008,
The document provides earnings information for Raytheon Company for the fourth quarter and full year 2006. It summarizes key financial metrics including strong bookings, record backlog, increased sales and earnings per share, and record operating cash flow. It also provides Raytheon's financial outlook for 2007 with projections for sales, earnings per share, operating cash flow, and return on invested capital.
This document is the annual report from Marshall & Ilsley Corporation (M&I) for the year 2003. It discusses M&I's financial highlights for 2003 including record net income of $544 million, a 10.2% increase in earnings per share from 2002. It outlines M&I's successes across its business lines, continued expansion into new markets, and strategic focus on becoming a national financial services provider beyond its traditional Midwest footprint. The report is signed by James B. Wigdale, Chairman of M&I, and Dennis J. Kuester, President and CEO, who thank employees and leadership for helping achieve strong results in 2003.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
We sold our power generation subsidiary, Texas Genco, for $3.65 billion and received approval from the Public Utility Commission of Texas to recover a portion of our stranded costs. This allowed us to significantly reduce our debt and interest costs. Our core electric, gas, and pipeline businesses also reported higher operating incomes in 2004 from growth in customers and improved operational efficiencies. We are committed to providing shareholders a well-managed company focused on paying dividends and increasing shareholder value.
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.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
S.Y. Bancorp reported first quarter 2009 earnings of $4.7 million, down slightly from $5 million in the first quarter of 2008. Total assets grew 7% to $1.631 billion due to a 7% increase in loans. However, net interest margin declined to 3.80% from 3.95% due to falling interest rates and new trust preferred securities. While credit quality remained strong with non-performing loans at 0.43% of total loans, the company increased its loan loss provision to $1.625 million in anticipation of potential future issues given economic uncertainty.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
This annual report summarizes Ameriprise Financial's performance in 2006. Some key points:
- Revenues grew 11% to $8.1 billion and earnings grew 25% to $866 million.
- Total client assets grew 9% to $466 billion and life insurance in force grew 9% to $174 billion.
- The company continued to invest in its brand, advisor force, products, and technology to capitalize on serving the growing mass affluent and affluent market, especially retiring baby boomers who will need financial advice and solutions.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
This document provides an overview and summary of HSBC's North American operations from 2008. It discusses:
1) HSBC's positioning in the US and Canada as a top 10 bank holding company with over $500 billion in assets and approximately 48,000 employees across the two countries.
2) Financial performance in the first half of 2008, which saw a pre-tax loss of $3 billion for the US and Canada combined.
3) Steps taken by HSBC Finance Corporation to reduce risks in consumer finance by selling off portfolios, tightening underwriting, and reducing branch networks and loan balances across various business lines in response to rising delinquencies.
Restructuring Completed At American Capital And European Capital June 28 2010Monster12
The document summarizes a debt restructuring completed by American Capital and European Capital in June 2010. It involved paying down $1 billion in cash, and issuing $1.3 billion in new secured debt maturing in December 2013. The restructuring reduced total debt from $4.026 billion to $2.996 billion, and increased shareholders' equity from $2.526 billion to $2.814 billion. This improved the debt to equity ratio from 1.6x to 1.1x. The new debt structure provides flexibility to make new investments with proceeds from asset sales and capital raisings.
Bank of America Corp (BAC) is a large-cap blend stock in the financial sector. BAC has global assets of $2.2 trillion and is the second largest U.S. financial holding company. The S&P recommendation for BAC was recently changed to a HOLD rating from a SELL, and the 12-month target price was raised to $13.00 from $8.00 based on BAC settling mortgage claims with Fannie Mae for $3.6 billion.
This document analyzes the total costs of different mortgage plans for a homebuyer. It compares an FHA fixed loan, conventional loans with 5%, 10%, and 20% down, outlining details like loan amount, interest rate, monthly payment, and total costs over time. The analysis finds that a conventional 20% down loan would result in the lowest long-term costs and allow the homeowner to reach financial independence or "Freedom Point" the soonest.
This document is Valero Energy Corporation's 2005 Summary Annual Report. It discusses Valero's 25-year history of growth and success, including becoming the largest refiner in North America through strategic acquisitions. In 2005, Valero achieved record earnings of $3.6 billion and strong total shareholder returns. The report attributes Valero's success to its strategy of investing in refineries capable of processing heavy sour crude oil, and to its caring corporate culture that prioritizes employees and communities.
In Q2 2011, the industrial market in San Diego County saw a slight decrease in net absorption. Total leasing activity decreased from the previous quarter but is expected to result in positive net absorption as tenants occupy space. The overall vacancy rate remained steady at 11.4% while asking rental rates for R&D space increased and industrial rates remained flat. New construction remains limited with only 238,340 square feet currently under development.
International Paper reported solid financial results for the first quarter of 2009 despite weak economic conditions. They achieved $96 million in synergies from the Industrial Packaging integration and $30 million from reduced overhead expenses. Operations performed excellently with 1.1 million tons of production without order downtime. The company also benefited from $124 million in lower input and freight costs compared to the previous quarter.
The document summarizes The Home Depot's 2004 annual report. It discusses that in 2004, The Home Depot had record sales of $73.1 billion and saw increases in net earnings, earnings per share, total assets, and store count. Key accomplishments included comparable store sales growth of 5.4%, operating margin reaching 10.8%, and returning $4 billion to shareholders through stock buybacks and dividends. The company focused on enhancing its core business through merchandising resets and new products, extending into new store formats, and investing in its employees.
This document discusses strategies for accelerated debt payoff. It analyzes different payment plans for paying off a $8,000 credit card balance with 16% interest over time. Plan A shows minimum monthly payments would take over 15 years to pay off. Plan B maintains the first month's minimum payment each month, paying it off in under 4 years. Plan C adds $260 per month to the minimum, paying it off in 18 months. Plan D saves the extra $260 per month and uses the savings to pay it off, taking 19 months. While paying extra each month is faster, saving the extra each month maintains the consumer's financial control until the debt is fully eliminated. Overall, the document advocates evaluating individual debt situations but emphasizes
Raytheon reported Q4 earnings. Key highlights included bookings of $5.5 billion, sales growth of 12% to $5.7 billion, and earnings per share of $0.54. Segment results were positive, with most experiencing sales growth in the high single digit to low double digit range compared to Q4 2003. For 2005, Raytheon expects bookings of $22.5-$23.5 billion, sales of $21.5-$22 billion, and GAAP EPS of $1.80-$1.90. Free cash flow is projected at $1.2-$1.4 billion.
Bank of America Corp. stock is rated a "Buy" based on an analysis of earnings strength, relative valuation, and recent price movement. Earnings strength is rated "Neutral" as EPS has increased over the past five quarters but without acceleration. Relative valuation is "Positive" as the company's operating earnings yield ranks above 73% of covered companies. Recent price movement is "Positive" with the 1-year price up 108.4%.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total gross accounts receivable by breaking down accounts receivable, net into its components of accounts receivable, net, retained interest in receivables sold, net, and accounts receivable sold for June 30, 2006 and June 30, 2005. The note explains that retained interest in receivables sold represents the company's residual interest in receivables sold as part of a securitization program collateral and aims to provide readers with a more meaningful measure of total accounts receivable used in the company's operations.
This presentation summarizes the Global Alliance to Eliminate Lymphatic Filariasis. It includes slides on the endemicity and clinical manifestations of LF, the economic burden it causes, its transmission and elimination strategy through mass drug administration and morbidity management, the partnership of the Global Alliance, progress made in treatment numbers, and opportunities for integration with other health programs. The presentation provides an overview of LF and the work of the Global Alliance to eliminate this disease.
This document outlines the Executive Compensation Committee Charter for Toll Brothers, Inc. The Committee is responsible for: (1) overseeing compensation plans and programs for executive officers and ensuring compliance with regulations; (2) annually reviewing and setting the compensation of the CEO and other executive officers, including salary, bonuses, and long-term incentives; and (3) administering the company's stock plans and producing an annual executive compensation report. The Committee must have at least two independent members appointed by the Board of Directors and has authority to retain outside consultants and legal advisors to assist in its responsibilities.
This document provides an overview of Toll Brothers, a luxury home builder, including its financial performance and operations. It discusses Toll Brothers' presence across the US, with regional revenues and statistics listed for the North, Mid-Atlantic, South, and West. Additional details include Toll Brothers' focus on luxury homes and communities, integrated land and building programs, brand name and reputation, and strong financial performance.
Toll Brothers is the leading luxury home builder in the US. It has been publicly traded since 1986 and serves various home buyer demographics across 21 states. The document provides condensed financial statements for Toll Brothers, including revenues of $597.9 million and income before taxes of $78.97 million for the three months ended January 31, 2004, compared to $570.3 million and $71.92 million respectively for the same period in 2003. Toll Brothers operates its own subsidiaries for architecture, engineering, financing and other services related to home building.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
S.Y. Bancorp reported first quarter 2009 earnings of $4.7 million, down slightly from $5 million in the first quarter of 2008. Total assets grew 7% to $1.631 billion due to a 7% increase in loans. However, net interest margin declined to 3.80% from 3.95% due to falling interest rates and new trust preferred securities. While credit quality remained strong with non-performing loans at 0.43% of total loans, the company increased its loan loss provision to $1.625 million in anticipation of potential future issues given economic uncertainty.
Bank of America Securities Annual Investment Conferencefinance14
This document provides forward-looking statements and discusses risk factors that could cause actual results to differ from projections. It includes references to adjusted operating earnings that exclude certain factors. The appendix includes a reconciliation of adjusted operating earnings to GAAP earnings. Exelon Corporation had 2007 operating earnings of $2.9 billion and EPS of $4.32, with assets of $46.8 billion and debt of $14.8 billion. It has a diverse portfolio of nuclear, fossil, hydro, and renewable generation assets across multiple regions.
This annual report summarizes Ameriprise Financial's performance in 2006. Some key points:
- Revenues grew 11% to $8.1 billion and earnings grew 25% to $866 million.
- Total client assets grew 9% to $466 billion and life insurance in force grew 9% to $174 billion.
- The company continued to invest in its brand, advisor force, products, and technology to capitalize on serving the growing mass affluent and affluent market, especially retiring baby boomers who will need financial advice and solutions.
VF Corporation reported financial results for 2000 that were mixed compared to 1999. Net sales reached a record $5.7 billion but operating income and net income declined from the previous year. Earnings per share were reduced by restructuring charges and a change in accounting policy. Throughout 2000, VF took actions to strengthen its brands and position the company for improved financial performance in 2001, including acquiring new brands, exiting unprofitable businesses, consolidating operations, and continuing its share repurchase program.
This document provides an overview and summary of HSBC's North American operations from 2008. It discusses:
1) HSBC's positioning in the US and Canada as a top 10 bank holding company with over $500 billion in assets and approximately 48,000 employees across the two countries.
2) Financial performance in the first half of 2008, which saw a pre-tax loss of $3 billion for the US and Canada combined.
3) Steps taken by HSBC Finance Corporation to reduce risks in consumer finance by selling off portfolios, tightening underwriting, and reducing branch networks and loan balances across various business lines in response to rising delinquencies.
Restructuring Completed At American Capital And European Capital June 28 2010Monster12
The document summarizes a debt restructuring completed by American Capital and European Capital in June 2010. It involved paying down $1 billion in cash, and issuing $1.3 billion in new secured debt maturing in December 2013. The restructuring reduced total debt from $4.026 billion to $2.996 billion, and increased shareholders' equity from $2.526 billion to $2.814 billion. This improved the debt to equity ratio from 1.6x to 1.1x. The new debt structure provides flexibility to make new investments with proceeds from asset sales and capital raisings.
Bank of America Corp (BAC) is a large-cap blend stock in the financial sector. BAC has global assets of $2.2 trillion and is the second largest U.S. financial holding company. The S&P recommendation for BAC was recently changed to a HOLD rating from a SELL, and the 12-month target price was raised to $13.00 from $8.00 based on BAC settling mortgage claims with Fannie Mae for $3.6 billion.
This document analyzes the total costs of different mortgage plans for a homebuyer. It compares an FHA fixed loan, conventional loans with 5%, 10%, and 20% down, outlining details like loan amount, interest rate, monthly payment, and total costs over time. The analysis finds that a conventional 20% down loan would result in the lowest long-term costs and allow the homeowner to reach financial independence or "Freedom Point" the soonest.
This document is Valero Energy Corporation's 2005 Summary Annual Report. It discusses Valero's 25-year history of growth and success, including becoming the largest refiner in North America through strategic acquisitions. In 2005, Valero achieved record earnings of $3.6 billion and strong total shareholder returns. The report attributes Valero's success to its strategy of investing in refineries capable of processing heavy sour crude oil, and to its caring corporate culture that prioritizes employees and communities.
In Q2 2011, the industrial market in San Diego County saw a slight decrease in net absorption. Total leasing activity decreased from the previous quarter but is expected to result in positive net absorption as tenants occupy space. The overall vacancy rate remained steady at 11.4% while asking rental rates for R&D space increased and industrial rates remained flat. New construction remains limited with only 238,340 square feet currently under development.
International Paper reported solid financial results for the first quarter of 2009 despite weak economic conditions. They achieved $96 million in synergies from the Industrial Packaging integration and $30 million from reduced overhead expenses. Operations performed excellently with 1.1 million tons of production without order downtime. The company also benefited from $124 million in lower input and freight costs compared to the previous quarter.
The document summarizes The Home Depot's 2004 annual report. It discusses that in 2004, The Home Depot had record sales of $73.1 billion and saw increases in net earnings, earnings per share, total assets, and store count. Key accomplishments included comparable store sales growth of 5.4%, operating margin reaching 10.8%, and returning $4 billion to shareholders through stock buybacks and dividends. The company focused on enhancing its core business through merchandising resets and new products, extending into new store formats, and investing in its employees.
This document discusses strategies for accelerated debt payoff. It analyzes different payment plans for paying off a $8,000 credit card balance with 16% interest over time. Plan A shows minimum monthly payments would take over 15 years to pay off. Plan B maintains the first month's minimum payment each month, paying it off in under 4 years. Plan C adds $260 per month to the minimum, paying it off in 18 months. Plan D saves the extra $260 per month and uses the savings to pay it off, taking 19 months. While paying extra each month is faster, saving the extra each month maintains the consumer's financial control until the debt is fully eliminated. Overall, the document advocates evaluating individual debt situations but emphasizes
Raytheon reported Q4 earnings. Key highlights included bookings of $5.5 billion, sales growth of 12% to $5.7 billion, and earnings per share of $0.54. Segment results were positive, with most experiencing sales growth in the high single digit to low double digit range compared to Q4 2003. For 2005, Raytheon expects bookings of $22.5-$23.5 billion, sales of $21.5-$22 billion, and GAAP EPS of $1.80-$1.90. Free cash flow is projected at $1.2-$1.4 billion.
Bank of America Corp. stock is rated a "Buy" based on an analysis of earnings strength, relative valuation, and recent price movement. Earnings strength is rated "Neutral" as EPS has increased over the past five quarters but without acceleration. Relative valuation is "Positive" as the company's operating earnings yield ranks above 73% of covered companies. Recent price movement is "Positive" with the 1-year price up 108.4%.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total gross accounts receivable by breaking down accounts receivable, net into its components of accounts receivable, net, retained interest in receivables sold, net, and accounts receivable sold for June 30, 2006 and June 30, 2005. The note explains that retained interest in receivables sold represents the company's residual interest in receivables sold as part of a securitization program collateral and aims to provide readers with a more meaningful measure of total accounts receivable used in the company's operations.
This presentation summarizes the Global Alliance to Eliminate Lymphatic Filariasis. It includes slides on the endemicity and clinical manifestations of LF, the economic burden it causes, its transmission and elimination strategy through mass drug administration and morbidity management, the partnership of the Global Alliance, progress made in treatment numbers, and opportunities for integration with other health programs. The presentation provides an overview of LF and the work of the Global Alliance to eliminate this disease.
This document outlines the Executive Compensation Committee Charter for Toll Brothers, Inc. The Committee is responsible for: (1) overseeing compensation plans and programs for executive officers and ensuring compliance with regulations; (2) annually reviewing and setting the compensation of the CEO and other executive officers, including salary, bonuses, and long-term incentives; and (3) administering the company's stock plans and producing an annual executive compensation report. The Committee must have at least two independent members appointed by the Board of Directors and has authority to retain outside consultants and legal advisors to assist in its responsibilities.
This document provides an overview of Toll Brothers, a luxury home builder, including its financial performance and operations. It discusses Toll Brothers' presence across the US, with regional revenues and statistics listed for the North, Mid-Atlantic, South, and West. Additional details include Toll Brothers' focus on luxury homes and communities, integrated land and building programs, brand name and reputation, and strong financial performance.
Toll Brothers is the leading luxury home builder in the US. It has been publicly traded since 1986 and serves various home buyer demographics across 21 states. The document provides condensed financial statements for Toll Brothers, including revenues of $597.9 million and income before taxes of $78.97 million for the three months ended January 31, 2004, compared to $570.3 million and $71.92 million respectively for the same period in 2003. Toll Brothers operates its own subsidiaries for architecture, engineering, financing and other services related to home building.
Toll Brothers, Inc. reported record financial results for the second quarter of fiscal year 2001, with net income up 64% to $45.8 million, revenues increasing 32% to $514.5 million, and new home contracts and backlog reaching their highest levels. The company noted continued strong demand for luxury homes driven by favorable demographics, and outlined plans to capitalize on growth opportunities through land acquisitions and expanding its operations.
This document provides an overview of Toll Brothers, a luxury home builder, including its revenues, contracts, home sites, and backlog by region. It details Toll Brothers' focus on luxury homes and communities, integrated land and building program, and strong financial performance. Some key facts are that it has a national presence in over 50 affluent markets, averages $672,000 for delivered home prices, and has investment-grade credit ratings.
United Stationers Inc. provided a reconciliation of non-GAAP financial measures for adjusted cash flow for 2005 and 2004. They adjusted net cash provided by operating activities to exclude the change in accounts receivable sold, showing $111,873 for 2005 and $78,542 for 2004. They also adjusted net cash used in financing activities to include the change in accounts receivable sold, showing $44,553 provided for 2005 and $63,532 used for 2004. This was done to consider accounts receivable sold as a financing mechanism rather than an operating cash flow.
United Stationers Inc. provides a reconciliation of non-GAAP financial measures, specifically adjusted debt and adjusted debt-to-total capitalization ratios. At June 30, 2004, adjusted debt was $154 million compared to $288 million at June 30, 2003, a decrease of $134 million. The adjusted debt-to-total capitalization ratio was 18.2% at June 30, 2004 compared to 32.5% at June 30, 2003, a decrease of 14.3 percentage points. The adjustments add accounts receivable sold, which the company considers a financing mechanism, back to debt to provide an additional liquidity measure.
This document summarizes DCP Midstream's gas volume and margins by contract type for various quarters in 2007 and 2008. It shows gas volumes and margins for percentage of proceeds (POP) contracts, keepwhole contracts, fee-based gas and natural gas liquid transportation contracts, natural gas liquid and propane marketing, and other categories. Total margins, expenses, volumes processed, and price indices are also provided.
Toll Brothers reported record earnings, revenues, contracts, and backlog for the second quarter of 2002. Earnings per share increased 19% compared to the second quarter of 2001. Strong demand, limited lot supplies, and growing buyer demand are expected to continue driving the company's prosperity in the coming years. Toll Brothers is well positioned with nearly 40,000 home sites under control and a strong capital base to benefit from growing luxury home demand through the decade.
Toll Brothers had a record first quarter in fiscal year 2000, with earnings of $22.4 million, up 28% from the previous year. Revenues were $344.6 million, a 26% increase, driven by delivering 799 homes generating $334.2 million in revenues. New contracts signed were $391.6 million, up 27% from the previous year, and backlog reached a record high of $1.122 billion, up 31% from the previous year. Toll Brothers attributes the strong results to favorable demographics of move-up buyers and empty nesters, price increases implemented in 1999, and strategic expansion into new markets and product lines such as active adult communities.
United Stationers Inc. provides a reconciliation of its non-GAAP financial measures for December 31, 2002 and March 31, 2003. At these dates, the company had total available financing between $451 million and $595 million, consisting of funded debt, accounts receivable sold through securitization programs, and available credit facilities. However, restrictive covenants in the company's debt agreements limited the total available financing to between $150 million and $175 million. The pro forma adjustments assume completion of a debt refinancing and redemption of senior subordinated notes.
United Stationers Inc. provides a reconciliation of net capital spending as a non-GAAP financial measure for the three months and years ended December 31, 2003 and 2002, as well as a forecast for 2004. Net capital spending includes capital expenditures, proceeds from asset sales, net cash used in investing activities, and capitalized software. The company notes that its accounting policy is to include capitalized software as an asset, while GAAP requires it be included as operating cash flow, so internally it measures investing cash flow including capitalized software.
Toll Brothers reported record third quarter earnings and revenues. Earnings were up 24% over the previous year's third quarter and revenues were up 15%. The company has continued raising home prices as demand remains strong. Toll Brothers expanded into New Hampshire, its 20th state, and sees continued growth opportunities in master planned communities with amenities like golf courses. The strong housing market and Toll Brothers' $1.47 billion backlog position the company for another record year in fiscal 2001.
The document outlines the corporate governance guidelines of Toll Brothers, Inc. as established by its Board of Directors. It discusses director qualification standards, responsibilities, access to management and independent advisors, compensation, orientation and continuing education. It also covers management succession planning, annual board performance evaluations, and notes the guidelines were adopted in 2002 and amended in 2003.
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Demand for luxury homes remained strong throughout 2004 and Toll Brothers expects continued growth, projecting approximately 30% net income growth in FY2005 and 20% revenue and net income growth in FY2006.
- Studies project continued strong demand for new homes over the next 10 years, ranging from 1.85 to 2.17 million units annually, while constraints on land supply are expected to result in shortages, particularly in affluent markets. Toll Brothers
Randomness evaluation framework of cryptographic algorithmsijcisjournal
Nowadays, computer systems are developing very rapidly and become more and more complex, which
leads to the necessity to provide security for them. This paper is intended to present software for testing
and evaluating cryptographic algorithms. When evaluating block and stream ciphers one of the most basic
property expected from them is to pass statistical randomness testing, demonstrating in this way their
suitability to be random number generators. The primary goal of this paper is to propose a new framework
to evaluate the randomness of cryptographic algorithms: based only on a .dll file which offers access to the
encryption function, the decryption function and the key schedule function of the cipher that has to be tested
(block cipher or stream cipher), the application evaluates the randomness and provides an interpretation of
the results. For this, all nine tests used for evaluation of AES candidate block ciphers and three NIST
statistical tests are applied to the algorithm being tested. In this paper, we have evaluated Tiny Encryption
Algorithm (block cipher), Camellia (block cipher) and LEX (stream cipher) to determine if they pass
statistical randomness testing.
United Stationers Inc. provides a reconciliation of non-GAAP financial measures, specifically debt to total capitalization. As of September 30, 2007, United Stationers' adjusted debt was $390.7 million, which includes long-term debt of $150.7 million and accounts receivable sold of $240 million. Their total capitalization was $997.5 million. This resulted in an adjusted debt to total capitalization ratio of 39.2%, which is an increase of 8.8% from the prior year.
The passage discusses the benefits of exercise for both physical and mental health. It notes that regular exercise can reduce the risk of diseases like heart disease and diabetes, and help manage weight. Exercise is also praised for improving mood and reducing stress and anxiety by releasing endorphins that make us feel happier.
This annual report summarizes Kohl's financial performance in fiscal year 2007. Net sales increased 5.6% to $16.5 billion though net income decreased 2.2% to $1.08 billion. Key highlights include record sales for the 16th consecutive year, operating margin of 11%, and the addition of 112 new stores. Challenges in the retail environment impacted earnings relative to expectations. The report discusses Kohl's continued financial discipline and strategies to increase market share through new store openings and expansion in existing markets.
Sovereign Bancorp reported earnings for the first quarter of 2007. Net income was $48.1 million, down from $141 million in the first quarter of 2006. Expenses related to cost cutting initiatives and balance sheet restructuring totaled $52.3 million after-tax. Credit quality remained within expected levels despite additional charges related to the correspondent home equity portfolio. Core loan growth was strong during the quarter while non-interest expenses declined due to expense reduction efforts.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
The document is a news release announcing U.S. Bancorp's financial results for the second quarter of 2007. It reported net income of $1,156 million, down slightly from the same period last year. Key highlights included strong growth in fee-based revenue from payment services and wealth management, though this was offset by lower net interest income and higher credit costs. Expenses also increased as the company continued investing in business initiatives. Credit quality remained solid as nonperforming assets declined from the previous quarter.
U.S. Bancorp reported net income of $1,130 million for the first quarter of 2007, down slightly from $1,153 million in the first quarter of 2006. Diluted earnings per share were $0.63, equal to the prior year. The net interest margin declined to 3.51% from 3.80% a year ago due to competitive pressures and changes in the yield curve. Noninterest income grew 5.1% driven by fee businesses, but this growth was offset by increased credit costs and the impact of items in the year-ago period. Overall results were solid given the challenging environment, and credit quality remained strong.
Sovereign Bancorp reported net income of $148 million or $0.29 per diluted share for the second quarter of 2007. This compared to a net loss of $59.1 million or $0.15 per diluted share for the same period in 2006. Non-interest income increased from $142 million to $190 million year-over-year due to higher banking fees. Credit quality remained stable with net charge-offs of 0.18% of loans and non-performing loans down slightly to 0.42% of total loans. The CEO commented that expense reduction initiatives were largely complete and the focus would now shift to improving customer experience and optimizing deposits and loans.
The document summarizes the company's financial results for fiscal year 2006. Key points include:
- Net income increased 20% to $170 million due to higher contributions from nonutility businesses and rate increases.
- Earnings per share increased 16% to $2.00, despite warmer than normal weather reducing utility revenues.
- Gross profit increased $98.9 million primarily from higher natural gas marketing margins and increased pipeline volumes.
- Higher O&M and interest expenses partially offset revenue gains. Overall the company delivered results within its guidance range for the year.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
The document provides a summary of Fannie Mae's 2004 Annual Report on SEC Form 10-K, which was restated. Some key points:
- The restatement resulted in a $6.3 billion total reduction in retained earnings through June 30, 2004 due to accounting errors.
- Net income in 2002 decreased $705 million due to the restatement but increased $176 million in 2003.
- Stockholders' equity increased $4.1 billion through June 30, 2004 despite a decrease in retained earnings.
- The estimated fair value of net assets increased $11.7 billion from 2003 to 2004, driven partly by a $5 billion preferred stock offering.
U.S. Bancorp reported record net income for the second quarter of 2006 of $1,201 million, up 7.1% from the second quarter of 2005. Noninterest income grew 13.9% due to increased fees, while expenses declined 4.1% due to lower intangible costs. However, net interest income fell 3.6% and net interest margin declined to 3.68% from competitive pressures and a shift to lower-yielding assets. Credit quality remained strong with lower provisions and nonperforming assets.
Cat Financial reported record revenues of $2.998 billion for 2007, up 9% from 2006. Profits were also up, with profit after tax reaching a record $494 million, a 4% increase over 2006. New retail financing reached a record $14.07 billion, up 16% from 2006. However, past dues over 30 days rose to 2.36% due to weakness in the US housing market, though write-offs remained low by historical standards. The company delivered strong results despite challenges in credit markets and housing.
Caterpillar Financial Services Corporation (Cat Financial) reported record quarterly revenues of $747 million, up 11% from the same quarter in 2006. Quarterly profit after tax was also a record at $123 million, increasing 16% over 2006. New retail financing reached a record of $3.65 billion, growing 14% compared to the previous year. For the six months ending June 30, 2007, revenues were up 10% to $1.46 billion while profit after tax increased 11% to $248 million, with new retail financing expanding 10% to $6.397 billion.
Black & Decker reported second quarter 2007 earnings of $1.75 per share, meeting expectations. Sales were flat at $1.7 billion compared to the previous year. Free cash flow for the first half of 2007 was $300 million, an increase of $120 million over the prior year. The company expects challenges in the US housing market and commodity inflation to continue impacting earnings comparisons and forecasts third quarter EPS of $1.40-$1.45.
Black & Decker reported second quarter 2007 earnings of $1.75 per share, meeting expectations. Sales were flat at $1.7 billion compared to the second quarter of 2006, impacted by a 2% gain from foreign currency translation. Free cash flow for the first half of 2007 was $300 million, an increase of $162 million from the same period in 2006. The company expects third quarter earnings in the range of $1.40 to $1.45 per share and full year earnings of $6.35 to $6.50 per share.
Huntington Bancshares reported a net loss of $2.4 billion for Q1 2009 due to a non-cash $2.6 billion goodwill impairment charge that had no impact on capital ratios. Excluding this charge, core net income was $6.9 million. Deposit growth was strong at 9% and problem loans are expected to remain elevated. Actions to improve liquidity and capital included debt repayments, balance sheet reductions, and dividend cuts. The tangible common equity ratio increased 61 basis points to 4.65%.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
AIG Second Quarter 2008 Conference Call Presentationfinance2
American International Group (AIG) reported its second quarter 2008 results, which were significantly impacted by continued disruption in the credit and housing markets. AIG's total capital increased from the prior quarter to $112.2 billion as of June 30, 2008. However, AIG experienced a net loss of $5.4 billion for the quarter, driven by $4 billion in net realized capital losses. AIG's life insurance, aircraft leasing, and asset management businesses showed continued strong sales and operating results, though earnings were pressured by losses in mortgage guaranty, consumer finance, and capital markets units related to the ongoing housing and credit crisis.
Cat Financial reported record first quarter revenues of $713 million, up 9% from the previous year, with profits of $125 million, a 6% increase. The revenue growth was driven by higher interest rates on existing loans and growth in the loan portfolio. New retail financing increased 5% to $2.74 billion due to growth in Europe and other segments, while past dues increased but remained within expectations. The results demonstrate the strength of Caterpillar's financial services in supporting diverse industries.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
- Scania's operating margin and net margin increased in the first nine months of 2008 compared to the same period in 2007. Net sales rose 11% while order bookings declined 29% due to lower demand in Europe.
- Earnings per share increased and the forecast for higher full-year 2008 earnings remains unchanged. However, due to lower order bookings and higher inventories, Scania will adjust production rates.
- Service revenue continued to show strong growth of 8%, while trucks deliveries increased 4% and various restructuring efforts are expected to generate annual cost savings of SEK 300 million from 2009.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
This document is Scania's annual report for 2008. It discusses Scania's vision to be a leading company in its industry by creating value for customers, employees, shareholders, and society. The report outlines Scania's mission to supply high-quality vehicles and services for transporting goods and passengers in a sustainable way. It provides an overview of Scania's operations in trucks, buses, coaches, engines, and financial services. The financial reports indicate that Scania delivered 66,516 trucks, 7,277 buses and coaches, and 6,671 engines in 2008.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards or note any violations. On June 6, 2007, our Chief Executive Officer submitted this unqualified certification, indicating the company was in full compliance with NYSE standards as of that date.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The document outlines the Corporate Governance and Nominating Committee Charter for Perini Corporation. The purpose of the committee is to identify and evaluate potential board candidates and lead corporate governance efforts. The committee must consist of at least two independent directors appointed by the board. It has authority to retain outside advisors and meet at least twice per year. Regarding nominations, the committee evaluates candidates, recommends nominees, and assesses board independence. For corporate governance, the committee develops guidelines, reviews committee performance, and recommends criteria for director tenure.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
2nd_Qtr_Report_2007
1. Dear Stockholders: The Henley Versailles : : The Highlands at Chapman’s Corner : : Wrightstown, PA
Horsham, Pennsylvania 19044-2323
2nd Quarter Report
FY 2007’s second-quarter net income was $36.7 million, in New York City, as well as Jersey City and Hoboken,
or $0.22 per share diluted, compared to FY 2006’s are strong. Southern Connecticut and Dutchess
250 Gibraltar Road
second-quarter record of $174.9 million, or $1.06 per County, New York, are also good. Raleigh, Austin, and
share diluted. In FY 2007, second-quarter net income Dallas are holding up well, as are parts of Northern
was reduced by after-tax write-downs of $72.9 million, California, primarily around Silicon Valley.
or $0.44 per share diluted. In FY 2006, second-quarter
We believe that there is demand for the right product at
after-tax write-downs totaled $7.3 million, or $0.04 per
the right price in the right location. In suburban
share diluted. Excluding write-downs, FY 2007’s
Chicago, which has been an otherwise weak market, in
second-quarter earnings were $0.66 per share diluted
late May we opened two communities in Glenview,
compared to $1.10 in FY 2006’s second quarter.
south of the city, and took 32 non-binding deposits and
FY 2007’s six-month net income was $91.0 million, or 23 back-ups at our two communities in one weekend.
$0.55 per share diluted, compared to FY 2006’s same
We are seeking a balance between our short-term goal
period record results of $338.8 million, or $2.04 per
of selling homes in a tough market and maximizing the
share diluted. In FY 2007, six-month net income was
value of our communities. Many of our communities
reduced by after-tax write-downs and a first-quarter
are on sites in locations that are difficult to replace and
goodwill impairment totaling $137.4 million, or $0.84
in markets where approvals are increasingly difficult to
per share diluted. In FY 2006, six-month after-tax
achieve. We believe that many of these communities
write-downs totaled $8.0 million, or $0.05 per share
have substantial embedded value, realizable in the
diluted. Excluding write-downs and the goodwill
future, that should not be sacrificed in the current
impairment charge, FY 2007’s six-month earnings were
soft market.
$1.39 per share diluted compared to $2.09 in FY 2006’s
first six months. We continue to operate conservatively in the current
difficult climate. We ended the quarter with over
FY 2007’s second-quarter total revenues were $1.17
$550 million in cash and more than $1.1 billion
billion compared to the second-quarter record of $1.44
available under our bank credit facility. In the past year
billion in revenues in FY 2006. FY 2007’s six-month
we have trimmed our lot position by 28% from our
total revenues were $2.27 billion compared to the
high of 91,200 lots to our current 65,800 lots. We have
six-month record of $2.78 billion in FY 2006. FY 2007’s
reduced our net debt to capital ratio(1) to 32% today
second-quarter-end backlog was $4.15 billion
from 37% at FY 2006’s second-quarter end. We believe
compared to the second-quarter record of $6.07 billion
our prudent approach to managing our balance sheet
in FY 2006.
should position us well in this down market and
We signed 2,031 contracts (before cancellations) in FY provide us with sufficient capital to take advantage of
2007’s second quarter, a 14% decline from the 2,372 opportunities that may arise in the future.
signed in FY 2006’s second quarter. Net of
We thank our customers, suppliers, and investors for
cancellations, second-quarter contracts totaled $1.17
their continued support and patience. We thank our
billion (1,647 units), a decline of 25% compared to FY
associates for their commitment and dedication to our
2006’s second-quarter total of $1.56 billion (2,167 units).
home buyers and to our stockholders.
FY 2007’s second-quarter cancellation rate of 18.9%
(384 total cancellations) was lower than the first-quarter
FY 2007 cancellation rate of 29.8% (436 total
cancellations) and the 36.9% (585 total cancellations)
cancellation rate in the fourth quarter of FY 2006.
ROBERT I. TOLL BRUCE E. TOLL
However, the cancellation rate was still well above our Chairman of the Board and Vice Chairman
historical average of approximately 7%. FY 2007’s Chief Executive Officer of the Board
six-month net contracts were $1.92 billion compared to
FY 2006’s six-month total of $2.70 billion.
Twenty months into this housing downturn, we
ZVI BARZILAY
continue to face difficult conditions in most of our
President and Chief Operating Officer
markets. There are signs of strength, however, in
certain territories. Manhattan, Brooklyn, and Queens May 24, 2007
Second Quarter Report
(1)
Net debt to capital is calculated as total debt minus mortgage warehouse loans minus cash
For the Three Months Ended April 30, 2007
divided by total debt minus mortgage warehouse loans minus cash plus stockholders’ equity.
2. Corporate Profile Consolidated Condensed Statements of Income
Toll Brothers, Inc. is the nation’s leading builder of luxury homes. The Company began business in 1967 and became a
Six Months Three Months
(Amounts in thousands, except per share and housing data)
public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The
Ended April 30 Ended April 30
(Unaudited)
Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in Arizona, California,
Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada,
2007 2006 2007 2006
Revenues
New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia, and West Virginia.
Home sales $2,178,395 $2,679,187 $1,124,259 $1,400,478
Toll Brothers builds luxury single-family detached and attached home communities; master planned luxury residential,
Percentage of completion 81,522 97,524 48,437 39,955
resort-style golf communities; and urban low-, mid-, and high-rise communities, principally on land it develops and
Land sales 5,371 6,778 1,981 2,100
improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf
2,265,288 2,783,489 1,174,677 1,442,533
course development and management, home security, and landscape subsidiaries. The Company also operates its own
lumber distribution, and house component assembly and manufacturing operations.
Costs of Revenues
Toll Brothers, a Fortune 500 company, is the only publicly traded national home building company to have won all three Home sales 1,788,169 1,860,634 941,766 976,543
of the industry’s highest honors: America’s Best Builder, the National Housing Quality Award, and Builder of the Year.
Percentage of completion 63,260 78,524 37,363 31,178
Consolidated Condensed Balance Sheets Land sales 2,764 5,939 1,727 2,103
Interest 49,137 58,629 26,494 29,875
(Amounts in thousands)
The Vaquero : : Windgate Ranch : : Scottsdale, AZ 1,903,330 2,003,726 1,007,350 1,039,699
April 30, Oct. 31,
Selling, general and administrative 264,577 281,224 130,367 142,046
2007 2006
Five-Year Performance Overview
Assets (Unaudited) Goodwill impairment 8,973 - - -
Cash and cash equivalents $ 553,126 $ 632,524 Income from operations 88,408 498,539 36,960 260,788
Inventory 6,137,473 6,095,702 1749 Other
Property, construction, and office equipment, net 93,137 99,089 Equity earnings from unconsolidated entities 11,527 29,393 4,735 12,824
Receivables, prepaid expenses, and other assets 135,531 160,446 Interest and other 46,758 22,293 17,798 10,966
Contracts receivable 74,667 170,111 Income before income taxes 146,693 550,225 59,493 284,578
4046.666748
404
1166
Mortgage loans receivable 145,705 130,326 Income taxes 55,687 211,438 22,803 109,641
1442.500000
1442.500 2204.499756
2204.499
Customer deposits held in escrow 50,234 49,676 Net income $ 91,006 $ 338,787 $ 36,690 $ 174,937
Investments in and advances to unconsolidated entities 234,306 245,667
Earnings per Share
$ 7,424,179 $7,583,541
Basic $ 0.59 $ 2.19 $ 0.24 $ 1.13
2023.333374
202
583
961.666667
961.6666 1469.666504
1469.666
Liabilities and Stockholders’ Equity Diluted $ 0.55 $ 2.04 $ 0.22 $ 1.06
Liabilities Weighted-average number of shares
Loans payable $ 715,066 $ 736,934 Basic 154,464 154,919 154,716 154,763
Senior notes 1,141,736 1,141,167 Diluted 164,171 166,377 164,294 165,727
0.000000
0.00
0
480.833333
480.833 734.833252
734.8332
Senior subordinated notes 350,000 350,000
Housing Data 2007 2006 2007 2006
Mortgage company warehouse loan 133,014 119,705
Number of homes closed 3,245 3,942 1,686 2,063
Customer deposits 326,206 360,147
Revenues from home sales (in millions) $ 2,259.9 $ 2,776.8 $ 1,172.7 $ 1,440.5
Accounts payable 272,722 292,171
0.000000
0.00000 Number of homes contracted 2,674 3,711 1,647 2,167
0.000000
0.00000
Accrued expenses 750,403 825,288
Value of contracts signed (in millions) $ 1,917.7 $ 2,704.1 $ 1,169.0 $ 1,564.2
Income taxes payable 180,838 334,500
At April 30,
Total liabilities 3,869,985 4,159,912
Value of backlog — net (in millions) $ 4,146.8 $ 6,070.3 $ 4,146.8 $ 6,070.3
Number of homes in backlog 5,746 8,739 5,746 8,739
Minority Interest 7,763 7,703
Statement on Forward-Looking Information
Number of lots controlled 65,818 91,207 65,818 91,207
Certain information included herein and in other Company reports, SEC filings, verbal or written statements, and presentations is forward-looking within the meaning of the Private
Stockholders’ Equity Securities Litigation Reform Act of 1995, including, but not limited to, information related to anticipated operating results, financial resources, changes in revenues, changes in
Common stock 1,563 1,563 profitability, changes in margins, changes in accounting treatment, interest expense, land-related write-downs, effects of home buyer cancellations, growth and expansion, anticipated
Toll Brothers, Inc. Corporate Office
income to be realized from our investments in unconsolidated entities, the ability to acquire land, the ability to gain governmental approvals and to open new communities, the ability
Additional paid-in capital 233,130 220,783 to sell homes and properties, the ability to deliver homes from backlog, the expected average delivered price of homes, the ability to secure materials and subcontractors, the ability
250 Gibraltar Road, Horsham, PA 19044 : : 215-938-8000 : : TollBrothers.com : : NYSE:TOL
Retained earnings 3,354,280 3,263,274 to produce the liquidity and capital necessary to expand and take advantage of opportunities in the future, and stock market valuations. Such forward-looking information involves
important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports,
Treasury stock, at cost (42,542) (69,694) SEC filings, verbal or written statements, and presentations. These risks and uncertainties include local, regional, and national economic conditions, the demand for homes, domestic
Investor Relations
Total stockholders’ equity 3,546,431 3,415,926 and international political events, uncertainties created by terrorist attacks, the effects of governmental regulation, the competitive environment in which the Company operates,
fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, adverse market conditions that could result in substantial inventory
$ 7,424,179 $7,583,541 Frederick N. Cooper, Senior Vice President - Finance : : 215-938-8312 : : fcooper@tollbrothersinc.com
write-downs, the availability of capital, uncertainties and fluctuations in capital and securities markets, changes in tax laws and their interpretation, legal proceedings, the availability
Joseph R. Sicree, Senior Vice President - Chief Accounting Officer : : 215-938-8045 : : jsicree@tollbrothersinc.com
of adequate insurance at reasonable cost, the ability of customers to finance the purchase of homes, the availability and cost of labor and materials, and weather conditions.
For more information, visit our website at TollBrothers.com.
TOL-8427