This document provides financial highlights and other information for Alltel Corporation for the third quarter and first nine months of 2006 compared to the same periods in 2005. It includes revenues, operating income, net income, earnings per share, capital expenditures and other key financial metrics. Alltel saw increases in revenues, operating income and net income in both periods compared to the previous year. However, net income decreased for the third quarter due to special items. The document also provides reconciliation of GAAP results to non-GAAP results from current businesses, excluding certain one-time items.
This document summarizes Alltel Corporation's financial highlights and other information for the three months and twelve months ended December 31, 2006 and 2005. For the three months ended, revenues increased 14% to $2.1 billion while net income decreased 15% to $215.9 million. For the twelve months ended, revenues increased 20% to $7.9 billion while net income decreased 15% to $1.1 billion. Operating income increased 36% for the three months and 20% for the twelve months due to revenue growth and operating margin improvements.
This document provides financial highlights and consolidated statements for ALLTEL Corporation for the three and six month periods ending June 30, 2007 and 2006. Some key highlights include:
- Service revenues and total revenues increased 14% and 12% respectively for the three month period and year-to-date compared to the prior year.
- Operating income and net income from current businesses increased 18% and 25% respectively for the three month period compared to the prior year.
- Net income under GAAP decreased 54% and 41% for the three month and year-to-date periods due to one-time gains in the prior year.
- Total assets decreased 27% from the end of 2006 primarily due to the sale of business
Danaher Corporation announced record results for its second quarter and first six months of 2006. Net earnings for the second quarter were $315 million, a 40% increase over the previous year. Sales for the second quarter were $2.35 billion, up 21.5% compared to the previous year. The company's CEO stated that strong core revenue growth across all three reporting segments contributed to the positive results and reinforced confidence for the second half of the year.
- ALLTEL reported increases in key financial metrics for the first quarter of 2007 compared to the same period in 2006. Service revenues grew 14% and wireless operating income increased 21%.
- On a non-GAAP basis, which excludes certain items, operating income from current businesses grew 17% and net income increased 34% compared to the first quarter of 2006. Equity free cash flow grew 36%.
- Total assets decreased 27% compared to the end of 2006, largely due to the sale of ALLTEL's wireline business in 2006.
Danaher Corporation announced record results for the second quarter of 2008, with net earnings from continuing operations of $363 million, an 18% increase over the second quarter of 2007. Sales increased 25% to $3.28 billion. The company also saw a 22% increase in adjusted net earnings from continuing operations, which excludes certain charges related to an acquisition. For the first six months of 2008, net earnings from continuing operations were $640 million, up 14.5% compared to the same period in 2007. The company's CEO stated that despite economic conditions, the company's businesses are well positioned for the rest of 2008.
Danaher Corporation announced record first quarter results for 2006, with net earnings of $216 million, a 15% increase from 2005. Total sales increased 17.5% to $2.14 billion due to 12.5% growth from acquisitions and 7.5% core revenue growth. Operating cash flow was also up 8% from the previous record set in 2005. The company's CEO stated that the broad-based strength across businesses reinforces confidence in delivering positive results for the rest of 2006.
Danaher Corporation announced record third quarter results for 2008. Net earnings from continuing operations increased 11% to $372 million compared to $335 million in the third quarter of 2007. Sales increased 17.5% to $3.21 billion. For the first nine months of 2008, net earnings from continuing operations increased 13.2% to $1.01 billion compared to $894 million for the same period in 2007. Sales for the first nine months increased 20.5% to $9.51 billion. The company's president stated they delivered strong performance in the quarter and expect to continue outperforming during challenging economic times due to their portfolio of businesses and operational excellence initiatives.
Danaher Corporation reported financial results for the fourth quarter and full year of 2007. Net earnings for Q4 2007 were $320 million, or $0.97 per diluted share. For the full year 2007, net earnings were $1.37 billion, or $4.19 per diluted share. Sales for Q4 2007 were $3.14 billion, a 19.5% increase over Q4 2006. For the full year 2007, sales were $11.03 billion, a 16.5% increase over 2006. The company's president stated they were pleased with the record results and remain confident in their ability to deliver again in 2008 despite softness in some end markets.
This document summarizes Alltel Corporation's financial highlights and other information for the three months and twelve months ended December 31, 2006 and 2005. For the three months ended, revenues increased 14% to $2.1 billion while net income decreased 15% to $215.9 million. For the twelve months ended, revenues increased 20% to $7.9 billion while net income decreased 15% to $1.1 billion. Operating income increased 36% for the three months and 20% for the twelve months due to revenue growth and operating margin improvements.
This document provides financial highlights and consolidated statements for ALLTEL Corporation for the three and six month periods ending June 30, 2007 and 2006. Some key highlights include:
- Service revenues and total revenues increased 14% and 12% respectively for the three month period and year-to-date compared to the prior year.
- Operating income and net income from current businesses increased 18% and 25% respectively for the three month period compared to the prior year.
- Net income under GAAP decreased 54% and 41% for the three month and year-to-date periods due to one-time gains in the prior year.
- Total assets decreased 27% from the end of 2006 primarily due to the sale of business
Danaher Corporation announced record results for its second quarter and first six months of 2006. Net earnings for the second quarter were $315 million, a 40% increase over the previous year. Sales for the second quarter were $2.35 billion, up 21.5% compared to the previous year. The company's CEO stated that strong core revenue growth across all three reporting segments contributed to the positive results and reinforced confidence for the second half of the year.
- ALLTEL reported increases in key financial metrics for the first quarter of 2007 compared to the same period in 2006. Service revenues grew 14% and wireless operating income increased 21%.
- On a non-GAAP basis, which excludes certain items, operating income from current businesses grew 17% and net income increased 34% compared to the first quarter of 2006. Equity free cash flow grew 36%.
- Total assets decreased 27% compared to the end of 2006, largely due to the sale of ALLTEL's wireline business in 2006.
Danaher Corporation announced record results for the second quarter of 2008, with net earnings from continuing operations of $363 million, an 18% increase over the second quarter of 2007. Sales increased 25% to $3.28 billion. The company also saw a 22% increase in adjusted net earnings from continuing operations, which excludes certain charges related to an acquisition. For the first six months of 2008, net earnings from continuing operations were $640 million, up 14.5% compared to the same period in 2007. The company's CEO stated that despite economic conditions, the company's businesses are well positioned for the rest of 2008.
Danaher Corporation announced record first quarter results for 2006, with net earnings of $216 million, a 15% increase from 2005. Total sales increased 17.5% to $2.14 billion due to 12.5% growth from acquisitions and 7.5% core revenue growth. Operating cash flow was also up 8% from the previous record set in 2005. The company's CEO stated that the broad-based strength across businesses reinforces confidence in delivering positive results for the rest of 2006.
Danaher Corporation announced record third quarter results for 2008. Net earnings from continuing operations increased 11% to $372 million compared to $335 million in the third quarter of 2007. Sales increased 17.5% to $3.21 billion. For the first nine months of 2008, net earnings from continuing operations increased 13.2% to $1.01 billion compared to $894 million for the same period in 2007. Sales for the first nine months increased 20.5% to $9.51 billion. The company's president stated they delivered strong performance in the quarter and expect to continue outperforming during challenging economic times due to their portfolio of businesses and operational excellence initiatives.
Danaher Corporation reported financial results for the fourth quarter and full year of 2007. Net earnings for Q4 2007 were $320 million, or $0.97 per diluted share. For the full year 2007, net earnings were $1.37 billion, or $4.19 per diluted share. Sales for Q4 2007 were $3.14 billion, a 19.5% increase over Q4 2006. For the full year 2007, sales were $11.03 billion, a 16.5% increase over 2006. The company's president stated they were pleased with the record results and remain confident in their ability to deliver again in 2008 despite softness in some end markets.
- The document reports financial results for Clorox for the third quarter and first nine months of fiscal year 2006 compared to the same periods in fiscal year 2005. Net sales increased 7% in the third quarter and 6% year-to-date. Earnings from continuing operations were $110 million for the third quarter and $301 million year-to-date.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes Illinois Tool Works' statement of income, statement of financial position, and statement of cash flows for the quarter, as well as notes about stock-based compensation. Key details include that net income for the quarter was $373.8 million, total assets as of June 30, 2005 were $11.6 billion, and stock-based compensation expense recognized for the quarter was $9 million for restricted stock and $11.2 million on a pro forma basis.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
ConocoPhillips reported financial highlights for Q4 2007 and full year 2007. Revenues for Q4 2007 were $54.3 billion compared to $42.5 billion for Q4 2006. Net income for Q4 2007 was $4.4 billion compared to $3.2 billion for Q4 2006. Earnings per share for Q4 2007 were $2.75 diluted compared to $1.91 diluted for Q4 2006. Cash flows from operating activities for 2007 were $24.6 billion compared to $21.5 billion for 2006. Capital expenditures for 2007 were $11.8 billion compared to $15.6 billion for 2006.
Danaher Corporation announced record financial results for the third quarter and first nine months of 2006. Net earnings increased 17% for the quarter and 24% year-to-date compared to the same periods in 2005. Sales also increased substantially both for the quarter (24% higher) and year-to-date (21% higher). The CEO stated that core revenue growth remained strong and they expect to continue delivering positive results for the remainder of the year based on the strength of their businesses.
This document summarizes the financial performance of a company for the third quarter and first nine months of 2005 compared to the same periods in 2004. It shows that net sales increased slightly for the quarter but increased 5% year-to-date, while earnings from continuing operations increased for both periods. On a segment level, the Household Group - North America saw stable sales growth and increased earnings for the quarter and year-to-date. Total assets decreased slightly from the previous fiscal year end while long-term debt increased significantly.
The document provides financial information for Procter & Gamble for the fourth quarter and fiscal year 2006 compared to 2005, including:
- Net sales increased 5% in the fourth quarter and 6% for the fiscal year.
- Earnings from continuing operations were $142 million in the fourth quarter and $443 million for the fiscal year.
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
Monsanto reported strong financial results for the fourth quarter and fiscal year 2006. Net sales reached record levels for the year, driven by growth in the company's corn and Roundup herbicide businesses. While Monsanto reported a loss for the fourth quarter, it was an improvement over the prior year. For the full fiscal year 2006, the company reported significantly higher net income compared to 2005. Monsanto also generated over $1 billion in free cash flow for the year, reflecting higher profits and lower acquisition spending. Looking ahead, the company expects continued growth from its seeds and traits businesses to support further earnings expansion.
Danaher Corporation announced its second quarter 2007 results, with net earnings of $311 million compared to $314 million in the second quarter of 2006. Sales increased 13.5% to $2.67 billion. For the first six months of 2007, net earnings were $566 million on sales of $5.23 billion, increases of 5.5% and 16.5% respectively over the same period in 2006. The company stated that core revenue growth was 4.5% in the quarter despite difficult comparisons, and that performance through the first half gives them confidence in achieving positive results for the full year.
This document summarizes the financial performance of a company for the third quarter and fiscal year ending June 30, 2005 compared to the prior year. It shows that net sales increased 6% for the quarter and 5% for the year. Earnings from continuing operations were $156 million for the quarter and $517 million for the year. The company also had significant earnings from discontinued operations of $579 million for the year from the sale of a business unit.
Danaher Corporation announced record third quarter results for 2007. Net earnings from continuing operations increased 26% compared to the third quarter of 2006. Earnings per share from continuing operations were $1.03, up from $0.82 in the prior year. Sales increased 13.5% to $2.7 billion. For the first nine months of 2007, net earnings from continuing operations increased 13% and sales increased 15.5% compared to the same period in 2006. The company stated that most of its businesses saw continued strength and growth in the quarter.
Dover Corporation reported financial results for the third quarter of 2006 with the following highlights:
- Earnings from continuing operations increased 27% to $156.3 million compared to $123 million in the prior year.
- Revenue for the quarter increased 21% to $1.651.9 billion.
- Net earnings were $167.5 million including discontinued operations, compared to $122.7 million the previous year.
- The company expects a solid fourth quarter but with results moderating from the third quarter.
The document is the 2002 annual report for The Timken Company. It discusses how the company's ongoing transformation has positioned it for strong future growth and profitability. In 2002, the company delivered improved financial results including net income of $53.3 million, excluding restructuring charges. It also completed a major acquisition of The Torrington Company in early 2003, significantly increasing the company's size and expected to boost earnings per share by at least 10%. The acquisition supports the company's transformation into a global leader in tapered roller bearings, needle roller bearings, and alloy steels.
This document summarizes the financial performance and position of a company for the three months and fiscal year ended June 30, 2004 compared to the same periods in 2003. For the quarter, net sales increased 8% to $1.24 billion while net earnings grew 25% to $185 million. For the fiscal year, net sales rose 4% to $4.32 billion and net earnings increased 11% to $549 million. The company's current assets as of June 30, 2004 were $1.04 billion and total stockholders' equity was $1.54 billion.
Bank of America reported third quarter 2005 results with the following key points:
1) Diluted EPS was up 12% year-over-year but down 4% quarter-over-quarter due to higher credit costs and lower securities gains.
2) Revenue grew 16% year-over-year and 4% quarter-over-quarter driven by strong growth across all business segments.
3) Credit costs increased from very low levels in previous quarters as charge-offs moved off recent lows.
This document summarizes the financial performance of a company for the third quarter and first six months of 2005 compared to the same periods in 2004. It shows that net sales increased 6% for both periods while earnings from continuing operations decreased 38% and 24% respectively due to higher costs. The household products division grew sales and earnings both periods, while other divisions saw mixed results.
This document discusses procedures for information exchange regarding regulations in the United States. It outlines the process of "Notice and Comment" used in the U.S., where federal regulatory agencies issue a notice of a proposed regulation, accept public comments, and then issue a final rule addressing the comments. The U.S. Federal Register is a key source for following the "Notice and Comment" process, as it publishes notices, accepts comments, and issues final regulations. Electronic tools like RegAlert can also help track regulations across U.S. states.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
- ALLTEL CORPORATION reported consolidated financial results for the third quarter and first nine months of 2005.
- Revenues increased 20% for the third quarter and 13% for the first nine months compared to the same periods in 2004, driven primarily by growth in wireless revenues.
- Operating income increased 11% for the third quarter and 10% for the first nine months, with wireless and communications support services seeing the largest gains. However, wireline operating income declined.
- Net income increased 12% for the third quarter and 39% for the first nine months from the prior year periods.
This annual report summarizes Reliance Steel & Aluminum Co.'s financial performance for 2005. Some key highlights include:
- Record sales of $3.4 billion for 2005, up 14% from 2004.
- Record net income of $205.4 million for 2005, up 21% from 2004.
- Best-ever earnings per diluted share of $6.21 for 2005, up from $5.19 in 2004.
- The company announced plans to acquire Earle M. Jorgensen Company for $934 million to expand its geographic reach, product offerings, and customer base.
capital one Printer Friendly Version of the Financial Supplementfinance13
This document provides quarterly and annual financial and statistical data for Capital One Financial Corporation for 2008 and Q4 2007. Some key highlights include:
- For Q4 2008, Capital One reported a net loss of $1.42 billion compared to net income of $226.6 million in Q4 2007. Revenue declined 38% annually and the company reported an ROA of -3.45%.
- On a managed basis, which includes securitized assets, Q4 2008 net loss was $1.42 billion, revenue declined 25% annually, and ROA was -2.70%.
- Asset quality deteriorated with the net charge-off rate rising to 4.98% in Q4 2008
- The document reports financial results for Clorox for the third quarter and first nine months of fiscal year 2006 compared to the same periods in fiscal year 2005. Net sales increased 7% in the third quarter and 6% year-to-date. Earnings from continuing operations were $110 million for the third quarter and $301 million year-to-date.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes Illinois Tool Works' statement of income, statement of financial position, and statement of cash flows for the quarter, as well as notes about stock-based compensation. Key details include that net income for the quarter was $373.8 million, total assets as of June 30, 2005 were $11.6 billion, and stock-based compensation expense recognized for the quarter was $9 million for restricted stock and $11.2 million on a pro forma basis.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
ConocoPhillips reported financial highlights for Q4 2007 and full year 2007. Revenues for Q4 2007 were $54.3 billion compared to $42.5 billion for Q4 2006. Net income for Q4 2007 was $4.4 billion compared to $3.2 billion for Q4 2006. Earnings per share for Q4 2007 were $2.75 diluted compared to $1.91 diluted for Q4 2006. Cash flows from operating activities for 2007 were $24.6 billion compared to $21.5 billion for 2006. Capital expenditures for 2007 were $11.8 billion compared to $15.6 billion for 2006.
Danaher Corporation announced record financial results for the third quarter and first nine months of 2006. Net earnings increased 17% for the quarter and 24% year-to-date compared to the same periods in 2005. Sales also increased substantially both for the quarter (24% higher) and year-to-date (21% higher). The CEO stated that core revenue growth remained strong and they expect to continue delivering positive results for the remainder of the year based on the strength of their businesses.
This document summarizes the financial performance of a company for the third quarter and first nine months of 2005 compared to the same periods in 2004. It shows that net sales increased slightly for the quarter but increased 5% year-to-date, while earnings from continuing operations increased for both periods. On a segment level, the Household Group - North America saw stable sales growth and increased earnings for the quarter and year-to-date. Total assets decreased slightly from the previous fiscal year end while long-term debt increased significantly.
The document provides financial information for Procter & Gamble for the fourth quarter and fiscal year 2006 compared to 2005, including:
- Net sales increased 5% in the fourth quarter and 6% for the fiscal year.
- Earnings from continuing operations were $142 million in the fourth quarter and $443 million for the fiscal year.
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
Monsanto reported strong financial results for the fourth quarter and fiscal year 2006. Net sales reached record levels for the year, driven by growth in the company's corn and Roundup herbicide businesses. While Monsanto reported a loss for the fourth quarter, it was an improvement over the prior year. For the full fiscal year 2006, the company reported significantly higher net income compared to 2005. Monsanto also generated over $1 billion in free cash flow for the year, reflecting higher profits and lower acquisition spending. Looking ahead, the company expects continued growth from its seeds and traits businesses to support further earnings expansion.
Danaher Corporation announced its second quarter 2007 results, with net earnings of $311 million compared to $314 million in the second quarter of 2006. Sales increased 13.5% to $2.67 billion. For the first six months of 2007, net earnings were $566 million on sales of $5.23 billion, increases of 5.5% and 16.5% respectively over the same period in 2006. The company stated that core revenue growth was 4.5% in the quarter despite difficult comparisons, and that performance through the first half gives them confidence in achieving positive results for the full year.
This document summarizes the financial performance of a company for the third quarter and fiscal year ending June 30, 2005 compared to the prior year. It shows that net sales increased 6% for the quarter and 5% for the year. Earnings from continuing operations were $156 million for the quarter and $517 million for the year. The company also had significant earnings from discontinued operations of $579 million for the year from the sale of a business unit.
Danaher Corporation announced record third quarter results for 2007. Net earnings from continuing operations increased 26% compared to the third quarter of 2006. Earnings per share from continuing operations were $1.03, up from $0.82 in the prior year. Sales increased 13.5% to $2.7 billion. For the first nine months of 2007, net earnings from continuing operations increased 13% and sales increased 15.5% compared to the same period in 2006. The company stated that most of its businesses saw continued strength and growth in the quarter.
Dover Corporation reported financial results for the third quarter of 2006 with the following highlights:
- Earnings from continuing operations increased 27% to $156.3 million compared to $123 million in the prior year.
- Revenue for the quarter increased 21% to $1.651.9 billion.
- Net earnings were $167.5 million including discontinued operations, compared to $122.7 million the previous year.
- The company expects a solid fourth quarter but with results moderating from the third quarter.
The document is the 2002 annual report for The Timken Company. It discusses how the company's ongoing transformation has positioned it for strong future growth and profitability. In 2002, the company delivered improved financial results including net income of $53.3 million, excluding restructuring charges. It also completed a major acquisition of The Torrington Company in early 2003, significantly increasing the company's size and expected to boost earnings per share by at least 10%. The acquisition supports the company's transformation into a global leader in tapered roller bearings, needle roller bearings, and alloy steels.
This document summarizes the financial performance and position of a company for the three months and fiscal year ended June 30, 2004 compared to the same periods in 2003. For the quarter, net sales increased 8% to $1.24 billion while net earnings grew 25% to $185 million. For the fiscal year, net sales rose 4% to $4.32 billion and net earnings increased 11% to $549 million. The company's current assets as of June 30, 2004 were $1.04 billion and total stockholders' equity was $1.54 billion.
Bank of America reported third quarter 2005 results with the following key points:
1) Diluted EPS was up 12% year-over-year but down 4% quarter-over-quarter due to higher credit costs and lower securities gains.
2) Revenue grew 16% year-over-year and 4% quarter-over-quarter driven by strong growth across all business segments.
3) Credit costs increased from very low levels in previous quarters as charge-offs moved off recent lows.
This document summarizes the financial performance of a company for the third quarter and first six months of 2005 compared to the same periods in 2004. It shows that net sales increased 6% for both periods while earnings from continuing operations decreased 38% and 24% respectively due to higher costs. The household products division grew sales and earnings both periods, while other divisions saw mixed results.
This document discusses procedures for information exchange regarding regulations in the United States. It outlines the process of "Notice and Comment" used in the U.S., where federal regulatory agencies issue a notice of a proposed regulation, accept public comments, and then issue a final rule addressing the comments. The U.S. Federal Register is a key source for following the "Notice and Comment" process, as it publishes notices, accepts comments, and issues final regulations. Electronic tools like RegAlert can also help track regulations across U.S. states.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
- ALLTEL CORPORATION reported consolidated financial results for the third quarter and first nine months of 2005.
- Revenues increased 20% for the third quarter and 13% for the first nine months compared to the same periods in 2004, driven primarily by growth in wireless revenues.
- Operating income increased 11% for the third quarter and 10% for the first nine months, with wireless and communications support services seeing the largest gains. However, wireline operating income declined.
- Net income increased 12% for the third quarter and 39% for the first nine months from the prior year periods.
This annual report summarizes Reliance Steel & Aluminum Co.'s financial performance for 2005. Some key highlights include:
- Record sales of $3.4 billion for 2005, up 14% from 2004.
- Record net income of $205.4 million for 2005, up 21% from 2004.
- Best-ever earnings per diluted share of $6.21 for 2005, up from $5.19 in 2004.
- The company announced plans to acquire Earle M. Jorgensen Company for $934 million to expand its geographic reach, product offerings, and customer base.
capital one Printer Friendly Version of the Financial Supplementfinance13
This document provides quarterly and annual financial and statistical data for Capital One Financial Corporation for 2008 and Q4 2007. Some key highlights include:
- For Q4 2008, Capital One reported a net loss of $1.42 billion compared to net income of $226.6 million in Q4 2007. Revenue declined 38% annually and the company reported an ROA of -3.45%.
- On a managed basis, which includes securitized assets, Q4 2008 net loss was $1.42 billion, revenue declined 25% annually, and ROA was -2.70%.
- Asset quality deteriorated with the net charge-off rate rising to 4.98% in Q4 2008
- ALLTEL CORPORATION reported consolidated financial results for the three and six months ended June 30, 2006 and 2005.
- For the three months ended, total revenues and sales increased 18% to $2.673 billion, while operating income increased 13% to $591.85 million. Earnings per share decreased from $1.27 to $1.10.
- For the six months ended, total revenues and sales increased 19% to $5.213 billion, while operating income increased 13% to $1.121 billion. Earnings per share decreased from $2.31 to $1.86.
- The wireless segment saw the largest revenue and income growth rates for both the three and six
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2006 compared to the same periods in 2005. Some key highlights:
- Operating revenues and operating profit declined in the third quarter of 2006 compared to 2005, while operating expenses increased slightly.
- Non-operating items contributed significantly to net income in the third quarter of 2006, driven largely by gains from partnerships restructurings and asset sales.
- Income from continuing operations increased substantially, while income from discontinued operations (tv station sales) declined.
- Earnings per share increased for the third quarter and first three quarters of 2006 compared to 2005 periods.
The Clorox Company reported financial results for the third quarter and full fiscal year 2006. For the quarter, net sales were $1.319 billion and adjusted operating profit was $239 million, an 18.1% margin. For the full year, net sales were $4.644 billion and adjusted operating profit was $779 million, a 16.8% margin. Adjusted operating profit excludes restructuring costs, interest expense, and other non-operating items in order to provide a more useful measure of current business trends.
The Timken Company had a strong year in 2002, delivering improved financial results and positioning itself for future growth through a transformation strategy. A key part of the transformation was the acquisition of The Torrington Company, which closed in early 2003, increasing Timken's sales by 50% and expected to increase earnings per share by at least 10%. In 2002, Timken achieved earnings of $53 million excluding restructuring charges, up from $0.01 in 2001, and its share price increased over 20%. Timken continued to invest in innovation, expanding its product lines and technology centers around the world to better serve customers. The acquisition of Torrington and continued focus on innovation, cost reductions and customer service have established a solid foundation
The Tribune Company reported financial results for the first quarter of 2007. Operating revenues decreased 4.3% from the prior year to $1.2 billion due to declines in publishing and broadcasting revenues. Operating profit decreased 16.3% to $181 million due to lower revenues and a $76 million loss on derivatives and investments. Net loss was $15.6 million compared to net income of $102.8 million in the prior year, as discontinued operations had a $34.4 million loss from expected sales of newspapers. Advertising revenues declined for publishing, with national down 1.4% and classified down 16%.
This document summarizes the financial performance of a company for the third quarter and first six months of 2007 compared to the same periods in 2006. It shows that net sales increased 8% in the third quarter and 7% for the first six months. Earnings from continuing operations were $92 million in the third quarter and $203 million for the first six months. On a per share basis, diluted earnings from continuing operations were $0.65 per share for the third quarter and $1.41 per share for the first six months. The company's North America segment grew net sales 6% in the third quarter while the International segment grew 17%.
ALLTEL CORPORATION reported financial results for the first quarter of 2006 compared to the first quarter of 2005. Revenues increased 19% to $2.54 billion driven by a 30% increase in wireless revenues. Operating income increased 13% to $529 million and net income decreased 5% to $297 million. On a non-GAAP basis, excluding certain items, operating income increased 18% to $594 million and net income increased 21% to $320 million.
This document provides financial highlights and consolidated statements of income for Alltel Corporation for the three months and twelve months ended December 31, 2005 and 2004. It shows that revenues and sales increased 21% and 15% respectively for the periods. Operating income increased 4% and 9% respectively, while net income decreased 6% but increased 27% respectively. Segment income increased for wireless and communications support services but decreased slightly for wireline. Excluding items like restructuring charges and discontinued operations, operating income from current businesses increased 14% and 11% respectively and net income increased 11% and 13% respectively.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
The Tribune Company saw declines in operating revenues and income from continuing operations in the second quarter of 2007 compared to the same period in 2006. Operating revenues fell 6.8% and income from continuing operations dropped 78.2%. Expenses rose due to restructuring charges and plant closure costs. Non-operating losses also increased significantly due to losses on derivatives and investments. Net income declined 58.7% due to lower operating results and higher non-operating losses.
This document provides an overview and summary of key financial information for Big Lots for fiscal year 2003. It includes selected financial data such as net sales, costs of sales, gross profit, selling and administrative expenses, operating profit, interest expense/income, income before taxes, tax expense, net income, earnings per share, balance sheet information, and store count data for fiscal years 2004, 2003, 2002, 2001, and 2000. It also provides a cautionary statement about forward-looking statements and an overview of Big Lots' business operations and seasonal fluctuations.
- ALLTEL Corporation reported financial results for the three months and twelve months ended December 31, 2004.
- For the three months ended, revenues increased 6% to $2.14 billion. Wireless revenues grew 11% and operating income increased 6% to $501 million.
- For the full year, revenues rose 3% to $8.25 billion. Wireless revenues were up 7% and operating income grew 1% to $1.92 billion.
- ALLTEL Corporation reported financial results for the three months and twelve months ended December 31, 2004.
- For the three months ended, revenues increased 6% to $2.14 billion. Wireless revenues grew 11% and operating income increased 6% to $501 million.
- For the full year, revenues rose 3% to $8.25 billion. Wireless revenues were up 7% and operating income grew 1% to $1.92 billion.
- ALLTEL Corporation reported financial results for the three months and twelve months ended December 31, 2004.
- For the three months ended, revenues increased 6% to $2.14 billion. Wireless revenues grew 11% and operating income increased 6% to $501 million.
- For the full year, revenues rose 3% to $8.25 billion. Wireless revenues were up 7% and operating income grew 1% to $1.92 billion.
- ALLTEL Corporation reported financial results for the three months and twelve months ended December 31, 2004.
- For the three months ended, revenues increased 6% to $2.14 billion. Wireless revenues grew 11% and operating income increased 6% to $501 million.
- For the full year, revenues rose 3% to $8.25 billion. Wireless revenues were up 7% and operating income grew 1% to $1.92 billion.
The document provides consolidated financial highlights for Alltel Corporation for the three months and twelve months ended December 31, 2004 compared to the same periods in 2003. For the three months ended, total revenues increased 6% to $2.14 billion. Operating income increased 6% to $501.2 million. Net income increased 5% to $270.6 million. For the twelve months ended, total revenues increased 3% to $8.24 billion. Operating income increased 1% to $1.92 billion. However, net income decreased 21% to $1.04 billion due to higher income taxes and restructuring charges.
CMC is a global steel and metals company with over 14,000 employees worldwide. It manufactures, recycles, markets, and distributes steel and metal products through a network of over 200 locations globally. CMC operates steel minimills, fabrication plants, service centers, and recycling facilities. It aims to be vertically integrated and diversified in its product offerings and geographic reach.
The document provides an overview of CMC's business model which focuses on vertical integration, product diversification, and global geographic dispersion. It then discusses CMC's current market conditions and outlook across different geographic regions and product lines, including details on earnings expectations, capital investment projects, and quarterly financial statistics. The document also reviews factors influencing costs and selling prices for CMC's various steel manufacturing operations in North America.
The document provides an overview of CMC, a global steel and metals company. It discusses CMC's business model which focuses on vertical integration, product diversification, and global geographic dispersion. It also summarizes CMC's track record of conservative management and 30 consecutive years of profitability. Finally, it outlines CMC's five operating segments and overall strategy of achieving a global reach through regional focus and growth in key markets.
CMC is a global steel and metals company with over 14,000 employees worldwide. It manufactures, recycles, markets, and distributes steel and metal products through a network of over 200 locations globally. CMC operates steel minimills, fabrication plants, service centers, and recycling facilities. It aims to vertically integrate its operations from scrap processing to steel fabrication to provide a hedge against steel and metal price fluctuations.
The document provides an overview of CMC's business model, current market conditions, earnings results, and operational metrics for the third quarter of 2008. It discusses CMC's strategy of vertical integration, product diversification, and global geographic dispersion. It also reviews earnings, sales, margins, capital investments, and performance across CMC's different business segments.
The document provides an overview of CMC's business model, current market conditions, earnings results, and operational metrics for the third quarter of 2008. It discusses CMC's strategy of vertical integration, product diversification, and global geographic dispersion. It also reviews demand trends, input costs, earnings, investments, segment performance, and operational details.
This document provides an overview of Commercial Metals Company (CMC) and its quarterly performance. It discusses CMC's business model, including its vertical integration and product and geographic diversification. It also summarizes CMC's financial performance from 2003-2007, highlighting increasing sales, earnings, and shareholder returns over that period. Current market conditions and CMC's outlook are briefly addressed.
The document provides an overview of CMC's business model and current market conditions for the 4th quarter of 2008. It summarizes CMC's key business segments, product lines, capital projects, financial statistics, and discusses challenges in the global steel market including falling prices, reduced demand, and excess inventory. It analyzes factors such as raw material costs, sales prices, margins, and operating profits across CMC's divisions.
The document provides an overview of CMC's business model and current market conditions for the 4th quarter of 2008. It summarizes CMC's key business segments, current projects, liquidity position, financial statistics, and discusses challenges in the global steel market including falling prices, reduced demand, and excess inventory. It analyzes performance and outlook for CMC's Americas and international operations.
This document summarizes notes from the 4th Annual Global Steel CEO Forum held by Goldman Sachs on December 4, 2008. It discusses the current challenging market conditions for the steel industry due to the global liquidity crisis, including falling prices, production cutbacks, and declining demand. Updates are provided on conditions and outlook for different markets, including further price declines and inventory reductions in North America, continued cutbacks and oversupply in Europe and the Middle East, and China's efforts to stimulate domestic demand and infrastructure spending to boost its economy and steel demand. Breaking the negative cycle depends on the effectiveness of global government intervention programs and restoration of confidence.
The document discusses how Commercial Metals Company (CMC) is different from other steel companies. It notes that CMC focuses on long steel products, has diversified its business across five segments including steel mills, fabrication, recycling, and marketing, and has a track record of consistent profitability and financial strength over 26 years. The document aims to show investors that CMC's strategy and performance set it apart from other steel industry firms.
The document discusses how Commercial Metals Company (CMC) is different from other steel companies. It notes that CMC focuses on long steel products, has diversified its business across five segments including steel mills, fabrication, recycling, and marketing, and has a track record of consistent profitability and financial strength over 26 years. The document aims to show investors that CMC's strategy and performance set it apart from other steel industry firms.
The document discusses how Commercial Metals Company (CMC) is different from other steel companies. It notes that CMC focuses on long steel products, has diversified its business across five segments including steel mills, fabrication plants, recycling, and marketing/distribution, and has a track record of consistent profitability and financial strength over 26 years. The document aims to show shareholders that CMC's business strategy and performance set it apart from other steel industry firms.
This document is Commercial Metals Company's 2005 Annual Report. It summarizes the company's financial performance for fiscal year 2005, including record net earnings of $286 million on net sales of $6.6 billion, up from $132 million on $4.8 billion the previous year. It discusses positive results across the company's business segments, including Domestic Mills, Domestic Fabrication, Recycling, and Marketing & Distribution. The annual report also provides an overview of the company's operations, strategic focus on vertical integration, and capital expenditure plans.
This document is the 2005 annual report for Commercial Metals Company. It summarizes the company's financial performance for fiscal year 2005, which saw record net earnings of $286 million on net sales of $6.6 billion, up from $132 million on $4.8 billion the previous year. The company's domestic mills and fabrication segments significantly outperformed the prior year due to higher steel prices and strong end-user demand. While operations in Poland saw a decline from the prior year, performance improved in the fourth quarter. Overall, the company benefited from favorable market conditions across most of its businesses.
This document is Commercial Metals Company's 2005 Annual Report which summarizes the company's financial performance for fiscal year 2005. Some key points:
- The company achieved record net earnings of $286 million on record net sales of $6.6 billion in fiscal year 2005, up from $132 million in net earnings on $4.8 billion in net sales in fiscal year 2004.
- All of the company's business segments - Domestic Mills, Domestic Fabrication, Recycling, and Marketing & Distribution - experienced strong financial performance and profitability in 2005.
- The company continued its strategy of vertical integration and diversification which has helped it perform well in changing market conditions.
- For
This annual report summarizes Commercial Metals Company's financial performance in fiscal year 2006. Some key points:
- Record net earnings of $356 million on $7.6 billion in net sales, up from $286 million on $6.6 billion the prior year.
- All five business segments (domestic mills, CMCZ, domestic fabrication, recycling, and marketing/distribution) performed well due to favorable market conditions and the company's vertical integration strategy.
- Domestic mills set new records for sales, production, and shipments as metal spreads increased. The copper tube mill's operating profit increased significantly year-over-year.
This annual report summarizes Commercial Metals Company's financial performance in fiscal year 2006. Some key points:
- Record net earnings of $356 million on $7.6 billion in net sales, up from $286 million on $6.6 billion the prior year.
- All five business segments (domestic mills, CMCZ, domestic fabrication, recycling, and marketing/distribution) performed well due to favorable market conditions and the company's vertical integration strategy.
- Domestic mills set production and shipment records while benefiting from high metal spreads. CMCZ also improved significantly through organizational changes and new investments.
Commercial Metals Company reported record financial results for fiscal year 2006 with net sales of $7.6 billion, net earnings of $356 million, and diluted earnings per share of $2.89. All five of CMC's business segments performed well, with domestic steel mills, CMCZ (the Polish steel operation), and recycling being especially strong. Market conditions were favorable, especially for non-residential construction, and CMC executed well. The company also invested in new facilities, acquisitions, and branding initiatives. CMC has high confidence in its future due to the continued expected strength of its end markets and its vertically integrated business model.
Commercial Metals Company had a profitable year in 2007, approaching the record profits of 2006. The company made several strategic acquisitions, announced plans to build a new micro mill, and reorganized internally to take advantage of growth opportunities. All five of the company's business segments performed well. Safety remains a major focus.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. ALLTEL CORPORATION
CONSOLIDATED HIGHLIGHTS AND OTHER FINANCIAL INFORMATION
(In thousands, except per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
Increase Increase
September 30, September 30, (Decrease) September 30, September 30, (Decrease)
2006 2005 Amount % 2006 2005 Amount %
UNDER GAAP:
Revenues and sales $ 2,007,319 $ 1,792,979 $ 214,340 12 $ 5,795,784 $ 4,735,254 $ 1,060,530 22
Operating income $ 358,002 $ 338,695 $ 19,307 6 $ 993,787 $ 867,179 $ 126,608 15
Operating margin (A) 17.8% 18.9% (1.1%) (6) 17.1% 18.3% (1.2%) (7)
Net income $ 187,205 $ 361,165 $ (173,960) (48) $ 913,515 $ 1,076,230 $ (162,715) (15)
Earnings per share:
Basic $.49 $.99 $(.50) (51) $2.36 $3.29 $(.93) (28)
Diluted $.48 $.98 $(.50) (51) $2.35 $3.27 $(.92) (28)
Weighted average common shares:
Basic 384,637 363,638 20,999 6 386,714 326,752 59,962 18
Diluted 386,771 367,794 18,977 5 388,911 329,186 59,725 18
Capital expenditures (B) $ 284,357 $ 238,157 $ 46,200 19 $ 742,574 $ 716,685 $ 25,889 4
Total assets $ 19,330,223 $ 23,796,703 $ (4,466,480) (19)
FROM CURRENT BUSINESSES (NON-GAAP) (C):
Operating income $ 400,819 $ 395,308 $ 5,511 1 $ 1,137,627 $ 971,972 $ 165,655 17
Operating margin (A) 20.0% 22.0% (2.0%) (9) 19.6% 20.5% (.9%) (4)
Net income $ 230,200 $ 197,329 $ 32,871 17 $ 606,966 $ 472,549 $ 134,417 28
Earnings per share:
Basic $.60 $.55 $.05 9 $1.57 $1.45 $.12 8
Diluted $.60 $.54 $.06 11 $1.56 $1.44 $.12 8
Equity free cash flow (D) $ 213,788 $ 193,013 $ 20,775 11 $ 648,745 $ 394,286 $ 254,459 65
PRO FORMA FROM CURRENT BUSINESSES (NON-GAAP) (E):
Revenues and sales $ 2,007,319 $ 1,887,788 $ 119,531 6 $ 5,795,784 $ 5,341,281 $ 454,503 9
Operating income $ 400,819 $ 418,994 $ (18,175) (4) $ 1,137,627 $ 1,107,371 $ 30,256 3
(A) Operating margin is calculated by dividing operating income by revenues and sales.
(B) Includes capitalized software development costs.
(C) Current businesses excludes the effects of discontinued operations, amortization expense related to acquired, finite-lived intangible assets, special cash dividend received on
the Company's investment in Fidelity National Financial, Inc. common stock, gain (loss) on the exchange or disposal of assets, debt prepayment expenses, costs associated
with Hurricane Katrina, a change in accounting for operating leases and integration expenses and other charges.
(D) Equity free cash flow is calculated as the sum of net income from current businesses plus depreciation expense less capital expenditures which includes
capitalized software development costs as indicated in Note B.
(E) Pro forma from current businesses excludes the items listed in Note C above and includes the operating results of Western Wireless as if the acquisition of Western Wireless
occurred on January 1, 2005.
-more-
2. ALLTEL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME UNDER GAAP-Page 2
(In thousands, except per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30, September 30, September 30,
2006 2005 2006 2005
Revenues and sales:
Service revenues $ 1,795,443 $ 1,614,090 $ 5,178,719 $ 4,273,990
Product sales 211,876 178,889 617,065 461,264
Total revenues and sales 2,007,319 1,792,979 5,795,784 4,735,254
Costs and expenses:
Cost of services 610,102 524,388 1,726,863 1,405,448
Cost of products sold 293,754 250,261 849,802 660,148
Selling, general, administrative and other 438,325 399,095 1,298,530 1,088,887
Depreciation and amortization 307,136 266,214 916,012 699,266
Integration expenses and other charges - 14,326 10,790 14,326
Total costs and expenses 1,649,317 1,454,284 4,801,997 3,868,075
Operating income 358,002 338,695 993,787 867,179
Equity earnings in unconsolidated partnerships 17,281 10,434 45,612 36,391
Minority interest in consolidated partnerships (11,729) (20,573) (37,106) (57,838)
Other income, net 37,308 15,203 69,115 144,084
Interest expense (63,822) (78,993) (234,976) (232,866)
Gain (loss) on exchange or disposal of assets and other (50,501) 30,557 126,138 218,830
Income from continuing operations before income taxes 286,539 295,323 962,570 975,780
Income taxes 121,268 111,109 374,686 358,065
Income from continuing operations 165,271 184,214 587,884 617,715
Income from discontinued operations 21,934 176,951 325,631 458,515
Net income 187,205 361,165 913,515 1,076,230
Preferred dividends 21 24 63 72
Net income applicable to common shares $ 187,184 $ 361,141 $ 913,452 $ 1,076,158
Basic earnings per share:
Income from continuing operations $.43 $.51 $1.52 $1.89
Income from discontinued operations .06 .48 .84 1.40
Net income $.49 $.99 $2.36 $3.29
Diluted earnings per share:
Income from continuing operations $.43 $.50 $1.51 $1.88
Income from discontinued operations .05 .48 .84 1.39
Net income $.48 $.98 $2.35 $3.27
-more-
3. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)-Page 3
for the three months ended September 30, 2006 and 2005
(In thousands, except per share amounts)
THREE MONTHS ENDED THREE MONTHS ENDED
September 30, 2006 September 30, 2005
Results of Items Results of Results of Items Results of
Operations Excluded from Operations Operations Excluded from Operations
Under Current from Current Under Current from Current
GAAP Businesses Businesses GAAP Businesses Businesses
Revenues and sales:
Service revenues $ 1,795,443 $ - $ 1,795,443 $ 1,614,090 $ - $ 1,614,090
Product sales 211,876 - 211,876 178,889 - 178,889
Total revenues and sales 2,007,319 - 2,007,319 1,792,979 - 1,792,979
Costs and expenses:
Cost of services 610,102 - 610,102 524,388 (8,016) (G) 516,372
Cost of products sold 293,754 - 293,754 250,261 - 250,261
Selling, general, administrative and other 438,325 (3,626) (A) 434,699 399,095 (1,898) (G) 397,197
Depreciation and amortization 307,136 (39,191) (B) 267,945 266,214 (32,373) 233,841
(B)
Integration expenses and other charges - - - 14,326 (14,326) -
(H)
Total costs and expenses 1,649,317 (42,817) 1,606,500 1,454,284 (56,613) 1,397,671
Operating income 358,002 42,817 400,819 338,695 56,613 395,308
Equity earnings in unconsolidated partnerships 17,281 - 17,281 10,434 - 10,434
Minority interest in consolidated partnerships (11,729) - (11,729) (20,573) - (20,573)
Other income, net 37,308 - 37,308 15,203 (5,000) (G) 10,203
Interest expense (63,822) - (63,822) (78,993) - (78,993)
Gain (loss) on exchange or disposal of assets and other (50,501) 50,501 (C) - 30,557 (30,557) (I) -
Income from continuing operations before income taxes 286,539 93,318 379,857 295,323 21,056 316,379
Income taxes 121,268 28,389 (M) 149,657 111,109 7,941 (M) 119,050
Income from continuing operations 165,271 64,929 230,200 184,214 13,115 197,329
Income from discontinued operations 21,934 (21,934) (N) - 176,951 (176,951) (N) -
Net income 187,205 42,995 230,200 361,165 (163,836) 197,329
Preferred dividends 21 - 21 24 - 24
Net income applicable to common shares $ 187,184 $ 42,995 $ 230,179 $ 361,141 $ (163,836) $ 197,305
Basic earnings per share:
Income from continuing operations $ .43 $ .17 $.60 $.51 $ .04 $.55
Income from discontinued operations .06 (.06) - .48 (.48) -
Net income $.49 $.11 $.60 $.99 $(.44) $.55
Diluted earnings per share:
Income from continuing operations $ .43 $ .17 $.60 $.50 $ .04 $.54
Income from discontinued operations .05 (.05) - .48 (.48) -
Net income $.48 $.12 $.60 $.98 $(.44) $.54
See notes on pages 6 and 7 for a description of the line items marked (A) - (N).
-more-
4. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)-Page 4
for the nine months ended September 30, 2006 and 2005
(In thousands, except per share amounts)
NINE MONTHS ENDED NINE MONTHS ENDED
September 30, 2006 September 30, 2005
Results of Items Results of Results of Items Results of
Operations Excluded from Operations Operations Excluded from Operations
Under Current from Current Under Current from Current
GAAP Businesses Businesses GAAP Businesses Businesses
Revenues and sales:
Service revenues $ 5,178,719 $ - $ 5,178,719 $ 4,273,990 $ - $ 4,273,990
Product sales 617,065 - 617,065 461,264 - 461,264
Total revenues and sales 5,795,784 - 5,795,784 4,735,254 - 4,735,254
Costs and expenses:
Cost of services 1,726,863 2,235 (D) 1,729,098 1,405,448 (27,725) (G)(L) 1,377,723
Cost of products sold 849,802 - 849,802 660,148 - 660,148
Selling, general, administrative and other 1,298,530 (3,626) (A) 1,294,904 1,088,887 (1,898) (G) 1,086,989
Depreciation and amortization 916,012 (131,659) 784,353 699,266 (60,844) 638,422
(B) (B)
Integration expenses and other charges 10,790 (10,790) - 14,326 (14,326) -
(F) (H)
Total costs and expenses 4,801,997 (143,840) 4,658,157 3,868,075 (104,793) 3,763,282
Operating income 993,787 143,840 1,137,627 867,179 104,793 971,972
Equity earnings in unconsolidated partnerships 45,612 - 45,612 36,391 - 36,391
Minority interest in consolidated partnerships (37,106) - (37,106) (57,838) - (57,838)
Other income, net 69,115 - 69,115 144,084 (116,036) (G)(K) 28,048
Interest expense (234,976) - (234,976) (232,866) - (232,866)
Gain (loss) on exchange or disposal of assets and other 126,138 (126,138) (C)(E) - 218,830 (218,830) (I)(J) -
Income from continuing operations before income taxes 962,570 17,702 980,272 975,780 (230,073) 745,707
Income taxes 374,686 (1,380) (M) 373,306 358,065 (84,907) (M) 273,158
Income from continuing operations 587,884 19,082 606,966 617,715 (145,166) 472,549
Income from discontinued operations 325,631 (325,631) (N) - 458,515 (458,515) (N) -
Net income 913,515 (306,549) 606,966 1,076,230 (603,681) 472,549
Preferred dividends 63 - 63 72 - 72
Net income applicable to common shares $ 913,452 $ (306,549) $ 606,903 $ 1,076,158 $ (603,681) $ 472,477
Basic earnings per share:
Income from continuing operations $1.52 $ .05 $1.57 $1.89 $ (.44) $1.45
Income from discontinued operations .84 (.84) - 1.40 (1.40) -
Net income $2.36 $(.79) $1.57 $3.29 $(1.84) $1.45
Diluted earnings per share:
Income from continuing operations $1.51 $ .05 $1.56 $1.88 $ (.44) $1.44
Income from discontinued operations .84 (.84) - 1.39 (1.39) -
Net income $2.35 $(.79) $1.56 $3.27 $(1.83) $1.44
See notes on pages 6 and 7 for a description of the line items marked (A) - (N).
-more-
5. ALLTEL CORPORATION
SUPPLEMENTAL UNAUDITED PRO FORMA SELECTED FINANCIAL INFORMATION FROM CURRENT BUSINESSES-Page 5
(Dollars in thousands)
For the three months ended September 30, 2005
Operating
Results from
Current Western
Businesses Wireless Pro Forma
Revenues and sales:
Service revenues $ 1,614,090 $ 89,630 $ 1,703,720
Product sales 178,889 5,179 184,068
Total revenues and sales 1,792,979 94,809 1,887,788
Costs and expenses:
Cost of services 516,372 28,055 544,427
Cost of products sold 250,261 9,635 259,896
Selling, general, administrative and other 397,197 17,353 414,550
Depreciation and amortization 233,841 16,080 249,921
Total costs and expenses 1,397,671 71,123 1,468,794
Operating income $ 395,308 $ 23,686 $ 418,994
For the nine months ended September 30, 2005
Operating
Results from
Current Western
Businesses Wireless Pro Forma
Revenues and sales:
Service revenues $ 4,273,990 $ 570,214 $ 4,844,204
Product sales 461,264 35,813 497,077
Total revenues and sales 4,735,254 606,027 5,341,281
Costs and expenses:
Cost of services 1,377,723 167,288 1,545,011
Cost of products sold 660,148 63,021 723,169
Selling, general, administrative and other 1,086,989 132,510 1,219,499
Depreciation and amortization 638,422 107,809 746,231
Total costs and expenses 3,763,282 470,628 4,233,910
Operating income $ 971,972 $ 135,399 $ 1,107,371
Operating results from current businesses have been reconciled to operating results under GAAP on pages 3 and 4 of this earnings release.
-more-
6. ALLTEL CORPORATION
NOTES TO RECONCILIATIONS OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)-Page 6
As disclosed in the ALLTEL Corporation (quot;Alltelquot; or the quot;Companyquot;) Form 8-K filed on October 27, 2006, Alltel has presented in this earnings release results of operations from current businesses which
exclude the effects of discontinued operations, amortization expense related to acquired, finite-lived intangible assets, a special cash dividend received on the Company's investment in Fidelity National
Financial, Inc. (quot;Fidelity Nationalquot;) common stock, gain (loss) on exchange or disposal of assets, termination fees associated with the early retirement of long-term debt, costs associated with Hurricane Katrina,
a change in accounting for certain operating leases and integration expenses and other charges. Alltel’s purpose for excluding items from the current business measures is to focus on Alltel’s true earnings
capacity associated with providing wireless communications services. Management believes the items excluded from the current business measures are related to strategic activities or other events, specific to
the time and opportunity available, and, accordingly, should be excluded when evaluating the trends of the Company’s operations.
Alltel believes that presenting the current business measures assists investors in assessing the true business performance of the Company by clarifying for investors the effects that certain items such as asset
sales, integration expenses and other business consolidation costs arising from past acquisition and integration activities had on the Company’s GAAP consolidated results of operations. The Company uses
results from current businesses as management’s primary measure of the performance of its business operations. Alltel's management, including the chief operating decision-maker, uses the current business
measures consistently for all purposes, including internal reporting purposes, the evaluation of business objectives, opportunities and performance and the determination of management compensation.
(A) In connection with the spin-off and merger of the Company's wireline telecommunications business, holders of Alltel restricted shares received approximately 1.034 shares of Windstream Corporation
(quot;Windstreamquot;) restricted stock for each share of restricted Alltel common stock held at the time of the distribution. The Windstream restricted shares received by Alltel employees became fully vested on
August 3, 2006. Compensation expense resulting from the accelerated vesting of the Windstream restricted stock awards amounted to $3.6 million. (See Notes C and N below for additional information
regarding the spin-off and merger of Alltel’s wireline telecommunications business).
(B) Eliminates the effects of amortization expense related to acquired, finite-lived intangible assets.
(C) On July 17, 2006, in order to effect the spin-off of its wireline telecommunications business to its stockholders, Alltel contributed all of the assets of its wireline telecommunications business to ALLTEL Holding
Corp. (quot;Alltel Holdingquot; or quot;Spincoquot;), a wholly owned subsidiary of the Company, in exchange for: (i) the issuance to Alltel of Spinco common stock that was distributed on a pro rata basis to Alltel’s
stockholders as a tax-free stock dividend, (ii) the payment of a special dividend to Alltel in the amount of $2.3 billion and (iii) the distribution by Spinco to Alltel of $1.7 billion of Spinco debt securities. Also on
July 17, 2006, Alltel completed a debt exchange in which Alltel transferred to two investment banks the Spinco debt securities received in the spin-off transaction in exchange for certain Alltel debt securities,
consisting of $988.5 million of outstanding commercial paper borrowings and $685.1 million of 4.656 percent notes due May 17, 2007. In completing the debt exchange, Alltel incurred a pretax loss of $27.5
million.
On August 25, 2006, Alltel repurchased prior to maturity $1.0 billion of long-term debt, consisting of $664.3 million of 4.656 percent equity unit notes due 2007, $61.0 million of 6.65 percent unsecured notes
due 2008, $147.0 million of 7.60 percent unsecured notes due 2009 and $127.7 million of 8.00 percent notes due 2010 pursuant to cash tender offers announced by the Company on July 31, 2006. Concurrent
with the debt repurchase, Alltel also terminated the related pay variable/receive fixed, interest rate swap agreement that had been designated as a fair value hedge against the 6.65 percent unsecured notes due
2008. In connection with the early termination of the debt and interest rate swap agreement, Alltel incurred net pretax termination fees of $23.0 million.
(D) The Company recorded a $2.2 million reduction in its allowance for doubtful accounts to reflect lower than expected write-offs from service interruptions and customer displacement attributable to the effects of
Hurricane Katrina. The additional bad debt expense was originally recorded in the third quarter of 2005. (See Note G below.)
(E) During 2005, federal legislation was enacted which included provisions to dissolve and liquidate the assets of the Rural Telephone Bank (quot;RTBquot;). In connection with the dissolution and liquidation, during April
2006, the RTB redeemed all outstanding shares of its Class C stock. As a result, Alltel received liquidating cash distributions of $198.7 million in exchange for its $22.1 million investment in RTB Class C stock.
(F) The Company incurred $10.8 million of integration expenses related to its acquisition completed on August 1, 2005 of Western Wireless Corporation (quot;Western Wirelessquot;). These expenses consisted of $8.3
million of rebranding costs and $2.5 million of system conversion costs and other integration costs.
(G) Alltel incurred $9.9 million of incremental costs related to Hurricane Katrina consisting of increased long-distance and roaming expenses due to providing these services to affected customers at no charge,
system maintenance costs to restore network facilities and additional losses from bad debts. These incremental costs also included Company donations to support the hurricane relief efforts. These incremental
expenses were partially offset by $5.0 million of insurance proceeds received to date by Alltel.
-more-
7. ALLTEL CORPORATION
NOTES TO RECONCILIATIONS OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)-Page 7
(H) The Company incurred $2.4 million of integration expenses related to its acquisition of Western Wireless. These expenses primarily consisted of system conversion and relocation costs. In addition, the Company
incurred $11.9 million of integration expenses related to the exchange of certain wireless assets with Cingular Wireless LLC (quot;Cingularquot;) completed during the second and third quarters of 2005. These expenses
consisted of handset subsidies incurred to migrate the acquired customer base to CDMA handsets.
(I) Primarily due to certain minority partners' right-of-first-refusal, three of the wireless partnership interests to be exchanged between Alltel and Cingular, as discussed in Note J below, were not completed until July 29,
2005. As a result of completing the exchange transaction, Alltel recorded an additional pretax gain of $30.5 million.
(J) On April 15, 2005, Alltel and Cingular completed the exchange of certain wireless assets. In connection with this transaction, Alltel recorded a pretax gain of $127.5 million. On April 6, 2005, Alltel recorded a
pretax gain of $75.8 million from the sale of all of its shares of Fidelity National common stock. In addition, on April 8, 2005, Alltel retired all of its issued and outstanding 7.50 percent senior notes due March 1,
2006, representing an aggregate principal amount of $450.0 million. Concurrent with the debt retirement, Alltel also terminated the related pay variable/receive fixed, interest rate swap agreement that had been
designated as a fair value hedge against the $450.0 million senior notes. In connection with the early termination of the debt and interest rate swap agreement, Alltel incurred net pretax termination fees of
approximately $15.0 million.
(K) On March 9, 2005, Fidelity National declared a special $10 per share cash dividend to Fidelity National stockholders. The special cash dividend was received by Alltel on March 28, 2005.
(L) Effective January 1, 2005, Alltel changed its accounting for operating leases with scheduled rent increases. Certain of the Company's operating lease agreements for cell sites and for office and retail locations
include scheduled rent escalations during the initial lease term and/or during succeeding optional renewal periods. Previously, the Company had not recognized the scheduled increases in rent expense on a straight-
line basis in accordance with the provisions of Statement of Financial Accounting Standards (quot;SFASquot;) No. 13, quot;Accounting for Leasesquot; and Financial Accounting Standards Board (quot;FASBquot;) Technical Bulletin No.
85-3, quot;Accounting for Operating Leases with Scheduled Rent Increasesquot;. The effects of this change, which are included in corporate expenses, were not material to the Company's previously reported consolidated
results of operations, financial position or cash flows.
(M) Tax-related effect of the items discussed in Notes A - L above.
(N) Eliminates the effects of discontinued operations. On July 17, 2006, Alltel completed the spin-off of its wireline telecommunications business to its stockholders and the merger of that wireline business with Valor
Communications Group, Inc. (quot;Valorquot;). The spin-off included the majority of Alltel’s communications support services, including directory publishing, information technology outsourcing services, retail long-
distance and the wireline sales portion of communications products. The new wireline company formed in the merger of Alltel’s wireline operations and Valor is named Windstream. As a result, Alltel’s historical
results of operations have been adjusted to reflect the wireline business as discontinued operations in the accompanying unaudited consolidated financial statements.
As a condition of receiving approval from the Department of Justice (quot;DOJquot;) and the Federal Communications Commission (quot;FCCquot;) for its acquisition of Midwest Wireless Holdings of Mankato, Minnesota
(quot;Midwest Wirelessquot;), on September 7, 2006, Alltel agreed to divest certain wireless operations in four rural markets in Minnesota. Accordingly, the four markets to be divested in Minnesota have been classified as
discontinued operations in the accompanying unaudited consolidated financial statements.
In addition, as a condition of receiving approval for the Western Wireless acquisition from the DOJ and the FCC, Alltel agreed to divest certain wireless operations of Western Wireless in 16 markets in Arkansas,
Kansas and Nebraska. In December 2005, Alltel completed an exchange of wireless properties with United States Cellular Corporation that included a substantial portion of the divestiture requirements related to the
merger. In the first quarter of 2006, Alltel completed the required divestitures with the sale of the remaining property in Arkansas. During 2005, Alltel completed the sales of international operations in Georgia,
Ghana and Ireland acquired from Western Wireless. During the second quarter of 2006, Alltel completed the sales of the remaining international operations acquired from Western Wireless in Austria, Bolivia, Côte
d’Ivoire, Haiti, and Slovenia. As a result, the acquired international operations and interests of Western Wireless and the 16 markets to be divested in Arkansas, Kansas and Nebraska have been classified as
discontinued operations in the accompanying unaudited consolidated financial statements.
-more-
8. ALLTEL CORPORATION
SUPPLEMENTAL OPERATING INFORMATION-Page 8
(Dollars in thousands, except per customer amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
Increase Increase
September 30, September 30, (Decrease) September 30, September 30, (Decrease)
2006 2005 Amount % 2006 2005 Amount %
Controlled POPs 76,974,746 75,410,320 1,564,426 2
Customers 11,162,300 10,424,710 737,590 7
Penetration rate 14.5% 13.8% .7% 5
Average customers 11,133,165 9,956,726 1,176,439 12 10,933,578 9,229,636 1,703,942 18
Gross customer additions:
Internal 829,304 729,618 99,686 14 2,405,347 1,992,367 412,980 21
Acquired (23,904) 1,336,315 (1,360,219) (102) 88,191 1,602,806 (1,514,615) (94)
Total 805,400 2,065,933 (1,260,533) (61) 2,493,538 3,595,173 (1,101,635) (31)
Net customer additions:
Internal 101,059 20,887 80,172 384 411,785 195,417 216,368 111
Acquired (23,904) 1,336,315 (1,360,219) (102) 88,191 1,602,806 (1,514,615) (94)
Total 77,155 1,357,202 (1,280,047) (94) 499,976 1,798,223 (1,298,247) (72)
Customer acquisition costs:
Cost of products sold $ 173,544 $ 154,251 $ 19,293 13 $ 503,410 $ 397,268 $ 106,142 27
Selling and marketing expenses 256,005 232,060 23,945 10 774,093 616,411 157,682 26
Less product sales 150,186 138,624 11,562 8 441,792 360,049 81,743 23
Total $ 279,363 $ 247,687 $ 31,676 13 $ 835,711 $ 653,630 $ 182,081 28
Cost to acquire a new customer (A) $337 $339 $(2) (1) $347 $328 $19 6
Cash costs from current businesses:
Cost of services $ 610,102 $ 516,372 $ 93,730 18 $ 1,729,098 $ 1,377,723 $ 351,375 26
Cost of products sold 293,754 250,261 43,493 17 849,802 660,148 189,654 29
Selling, general, administrative and other 434,699 397,197 37,502 9 1,294,904 1,086,989 207,915 19
Less product sales 211,876 178,889 32,987 18 617,065 461,264 155,801 34
Total 1,126,679 984,941 141,738 14 3,256,739 2,663,596 593,143 22
Less customer acquisition costs 279,363 247,687 31,676 13 835,711 653,630 182,081 28
Total $ 847,316 $ 737,254 $ 110,062 15 $ 2,421,028 $ 2,009,966 $ 411,062 20
Cash costs from current businesses per unit per month,
excluding customer acquisition costs (B) $25.37 $24.68 $.69 3 $24.60 $24.20 $.40 2
Revenues:
Service revenues $ 1,795,443 $ 1,614,090 $ 181,353 11 $ 5,178,719 $ 4,273,990 $ 904,729 21
Less wholesale roaming revenues 171,459 170,221 1,238 1 486,052 373,514 112,538 30
Less wholesale transport revenues 32,245 7,609 24,636 324 50,439 22,043 28,396 129
Retail revenues $ 1,591,739 $ 1,436,260 $ 155,479 11 $ 4,642,228 $ 3,878,433 $ 763,795 20
Average revenue per customer per month (C) $53.76 $54.04 $(.28) (1) $52.63 $51.45 $1.18 2
Retail revenue per customer per month (D) $47.66 $48.08 $(.42) (1) $47.18 $46.69 $.49 1
Retail minutes of use per customer per month (E) 645 614 31 5 629 586 43 7
Postpay churn 1.67% 1.92% (.25%) (13) 1.60% 1.75% (.15%) (9)
Total churn 2.18% 2.37% (.19%) (8) 2.03% 2.17% (.14%) (6)
Service revenue operating margin (F)
From current businesses 22.3% 24.5% (2.2%) (9) 22.0% 22.7% (0.7%) (3)
Under GAAP 19.9% 21.0% (1.1%) (5) 19.2% 20.3% (1.1%) (5)
(A) Cost to acquire a new customer is calculated by dividing the sum of the GAAP reported cost of products sold and sales and marketing expenses (included within quot;Selling, general,
administrative and otherquot;) less product sales, as reported in the Consolidated Statements of Income, by the number of internal gross customer additions in the period. Customer
acquisition costs exclude amounts related to the Company's customer retention efforts.
(B) Cash costs from current businesses per unit per month, excluding customer acquisition costs, is calculated by dividing the sum of the current businesses reported cost of services, cost of products sold, selling, general,
administrative and other expenses less product sales, as reported in the Consolidated Statements of Income, less customer acquisition costs, by the number of average customers for the period.
Measured on a GAAP basis, cash costs per unit per month, excluding customer acquisition costs, were $25.48 and $24.62 for the three and nine months ended September 30, 2006, respectively,
and $25.01 and $24.55 for the same periods of 2005, respectively.
(C) Average revenue per customer per month is calculated by dividing service revenues by average customers for the period.
(D) Retail revenue per customer per month is calculated by dividing retail revenues (service revenues less wholesale revenues) by average customers for the period.
(E) Retail minutes of use per customer per month represents the average monthly minutes that Alltel's customers use on both the Company's network and while roaming on other carriers' networks.
(F) Service revenue operating margin is calculated by dividing operating income by service revenues.
Operating results from current businesses have been reconciled to operating results under GAAP on pages 3 and 4 of this earnings release.
-more-
9. ALLTEL CORPORATION
CONSOLIDATED BALANCE SHEETS UNDER GAAP-Page 9
(In thousands)
ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY
September 30, December 31, September 30, December 31,
2006 2005 2006 2005
CURRENT ASSETS: CURRENT LIABILITIES:
Cash and short-term investments $ 3,085,999 $ 982,407 Current maturities of long-term debt $ 222,602 $ 182,984
Accounts receivable (less allowance for Accounts payable 464,478 499,997
doubtful accounts of $63,973 and Advance payments and customer deposits 186,812 170,820
$70,607, respectively) 835,121 761,841 Accrued taxes 276,318 141,241
Inventories 156,153 195,183 Accrued dividends 66,114 147,841
Prepaid expenses and other 86,127 92,096 Accrued interest 56,140 98,307
Assets related to discontinued operations 71,509 565,365 Current deferred income taxes - 349,565
Other current liabilities 165,268 206,724
Total current assets 4,234,909 2,596,892 Liabilities related to discontinued operations 2,454 492,473
Investments 367,367 356,397 Total current liabilities 1,440,186 2,289,952
Goodwill 7,805,643 7,429,398
Other intangibles 1,858,805 1,861,354 Long-term debt 2,711,554 5,544,145
Deferred income taxes 1,114,505 1,142,311
Other liabilities 706,352 796,940
PROPERTY, PLANT AND EQUIPMENT: Liabilities related to discontinued operations - 1,224,316
Land 294,443 280,334
Buildings and improvements 906,088 901,116 Total liabilities 4,532,411 8,707,712
Operating plant and equipment 7,577,004 7,362,841
Information processing 1,025,244 1,126,458 SHAREHOLDERS' EQUITY:
Furniture and fixtures 165,567 143,618 Preferred stock 258 278
Under construction 417,652 344,341 Common stock 378,914 383,613
Additional paid-in capital 5,119,505 5,339,321
Total property, plant and equipment 10,385,998 10,158,708 Unrealized holding gain on investments 38,028 22,297
Less accumulated depreciation 5,435,965 5,055,999 Foreign currency translation adjustment - (2,841)
Retained earnings 7,820,921 7,272,769
Net property, plant and equipment 4,950,033 5,102,709
Total shareholders' equity 13,357,626 13,015,437
Other assets 113,466 248,151
Assets related to discontinued operations - 6,418,200
TOTAL LIABILITIES AND
TOTAL ASSETS $19,330,223 $24,013,101 SHAREHOLDERS' EQUITY $19,330,223 $24,013,101
-more-
10. ALLTEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS UNDER GAAP-Page 10
(In thousands)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30, September 30, September 30,
2006 2005 2006 2005
Net Cash Provided from Operations:
Net income $ 187,205 $ 361,165 $ 913,515 $ 1,076,230
Adjustments to reconcile net income to net cash provided from operations:
Income from discontinued operations (21,934) (176,951) (325,631) (458,515)
Depreciation and amortization expense 307,136 266,214 916,012 699,266
Provision for doubtful accounts 66,480 54,830 179,873 131,098
Non-cash portion of (gain) loss on exchange or disposal of assets and other 27,547 (30,557) (80,026) (232,742)
Non-cash portion of integration expenses and other charges - 10,000 - 10,000
Change in deferred income taxes (14,050) 15,003 7,217 19,052
Other, net (1,985) 392 (6,318) 9,493
Changes in operating assets and liabilities, net of the effects of
acquisitions and dispositions:
Accounts receivable (109,788) (107,710) (245,903) (217,567)
Inventories (31,417) 12,407 39,583 9,982
Accounts payable 32,845 53,006 (35,312) (6,333)
Other current liabilities (100,634) (118,246) (323,166) (44,727)
Other, net (1,332) 33,129 (55,015) 7,378
Net cash provided from operations 340,073 372,682 984,829 1,002,615
Cash Flows from Investing Activities:
Additions to property, plant and equipment (277,373) (227,120) (718,574) (681,310)
Additions to capitalized software development costs (6,984) (11,037) (24,000) (35,375)
Additions to investments (167) (75) (686) (950)
Purchases of property, net of cash acquired (130) (912,067) (676,548) (1,135,799)
Proceeds from the sale of assets - - - 36,162
Proceeds from the sale of investments 560 436 200,481 353,881
Proceeds from the return on investments 14,471 10,579 36,748 30,907
Other, net (1,429) 7,918 10,466 19,640
Net cash used in investing activities (271,052) (1,131,366) (1,172,113) (1,412,844)
Cash Flows from Financing Activities:
Dividends on common and preferred stock (149,943) (124,449) (447,095) (345,169)
Repayments of long-term debt (1,011,496) (2,202,811) (1,012,226) (2,655,621)
Distributions to minority investors (7,415) (17,799) (27,708) (44,808)
Repurchases of common stock (709,001) - (709,001) -
Excess tax benefits from stock option exercises 2,199 - 5,408 -
Long-term debt issued - 877,700 - 927,700
Conversion of convertible debt - - (59,848) -
Common stock issued 102,895 43,477 191,479 1,442,790
Net cash used in financing activities (1,772,761) (1,423,882) (2,058,991) (675,108)
Net cash provided from discontinued operations 2,263,278 232,037 4,355,746 675,906
Effect of exchange rate changes on cash and short-term investments - (1,492) (5,879) (1,492)
Increase (decrease) in cash and short-term investments 559,538 (1,952,021) 2,103,592 (410,923)
Cash and Short-term Investments:
Beginning of the period 2,526,461 2,018,346 982,407 477,248
End of the period $ 3,085,999 $ 66,325 $ 3,085,999 $ 66,325
-more-
11. ALLTEL CORPORATION
RECONCILIATIONS OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)-Page 11
(In thousands)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30, September 30, September 30,
2006 2005 2006 2005
Net cash provided from operations $ 340,073 $ 372,682 $ 984,829 $ 1,002,615
Adjustments to reconcile to net income under GAAP:
Income from discontinued operations 21,934 176,951 325,631 458,515
Depreciation and amortization expense (307,136) (266,214) (916,012) (699,266)
Provision for doubtful accounts (66,480) (54,830) (179,873) (131,098)
Non-cash portion of (loss) gain on exchange or disposal of assets and othe (27,547) 30,557 80,026 232,742
Non-cash portion of integration expenses and other charges - (10,000) - (10,000)
Change in deferred income taxes 14,050 (15,003) (7,217) (19,052)
Other non-cash changes, net 1,985 (392) 6,318 (9,493)
Changes in operating assets and liabilities, net of the
effects of acquisitions and dispositions 210,326 127,414 619,813 251,267
Net income under GAAP 187,205 361,165 913,515 1,076,230
Adjustments to reconcile to net income from current businesses:
Amortization expense related to acquired, finite-lived intangible assets, net of tax 23,941 20,021 80,444 37,582
Hurricane-related costs, net of insurance recoveries and tax - 3,002 - 3,002
Reversal of excess bad debt reserve related to Hurricane Katrina, net of tax - - (1,366) -
Integration expenses and other charges, net of tax - 8,773 6,589 8,773
Loss (gain) on exchange or disposal of assets and other, net of tax 38,775 (18,681) (68,798) (136,720)
Special dividend received on Fidelity National common stock,
net of tax - - - (69,812)
Compensation expense due to accelerated vesting of restricted stock, net of tax 2,213 - 2,213 -
Change in accounting for operating leases, net of tax - - - 12,009
Income from discontinued operations (21,934) (176,951) (325,631) (458,515)
Net income from current businesses 230,200 197,329 606,966 472,549
Adjustments to reconcile to equity free cash flow from current businesses:
Depreciation expense from current businesses 267,945 233,841 784,353 638,422
Capital expenditures (284,357) (238,157) (742,574) (716,685)
Equity free cash flow from current businesses $ 213,788 $ 193,013 $ 648,745 $ 394,286
-end-