This document provides non-GAAP reconciliations for Alltel Corporation for 4 quarters in 2006 and the full year 2005. It reconciles revenue, costs and expenses, operating income and net income from what was reported under GAAP to what would be considered results from current businesses, excluding certain specified items for each period. The items excluded relate to things like amortization, integration expenses, gains or losses on sales of assets, and income from discontinued operations. The purpose is to show results on an ongoing, comparable basis across periods.
This document provides non-GAAP reconciliations of Alltel Corporation's results of operations for the third quarter and nine months of 2006. It reconciles certain items excluded from the company's results of continuing operations to show its results from current businesses on a non-GAAP basis. For the nine months, excluded items increased income from continuing operations by $19 million and net income by $306 million. For the third quarter, excluded items increased income from continuing operations by $65 million and net income by $43 million.
The document provides a reconciliation of Alltel Corporation's results of operations under GAAP accounting standards versus results from current businesses on a non-GAAP basis for the six months and three months ended June 30, 2006. Key figures are provided for revenues, costs and expenses, operating income, earnings per share, and segment information from the company's wireless, wireline, and corporate operations. Certain items are excluded from the non-GAAP results of current businesses column, as described in notes to the reconciliation.
- ALLTEL CORPORATION provided reconciliations of its results of operations under GAAP to results from its current businesses on a non-GAAP basis for the six months and three months ended June 30, 2006.
- For the six month period, revenues from current businesses totaled $5.2 billion and net income from current businesses was $684.8 million.
- For the three month period, revenues from current businesses totaled $2.7 billion and operating income from current businesses was $647.6 million.
This document provides non-GAAP reconciliations of Alltel Corporation's results of operations for various periods under GAAP and from current businesses. It excludes items like amortization of intangible assets from acquisitions, gains or losses from asset sales or disposals, integration expenses, adjustments to tax liabilities, and discontinued operations. Notes further explain the adjustments and excluded items, such as amortization, integration costs, gains or losses on sales of assets or securities, compensation from accelerated vesting of restricted stock, and the spin-off of Alltel's wireline business.
The document provides a reconciliation of ALLTEL CORPORATION's results of operations under GAAP to results from current businesses (non-GAAP) for 2005 and the third and fourth quarters of 2005. Key points:
- Revenues and costs are broken out by segment (wireless, wireline, communications support) and reconciled to exclude items not part of current businesses.
- Operating income and net income are higher under results from current businesses than under GAAP due to exclusions of items like restructuring charges and gains/losses on asset sales.
This document provides a reconciliation of Alltel Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for three periods: the three months ended March 31, 2006, the twelve months ended December 31, 2005, and the three months ended December 31, 2005. For each period, it presents revenues, costs and expenses, operating income, and net income under GAAP and excluding certain items to show results from current businesses. Key results include revenues over $2.5 billion for the quarter ended March 31, 2006, net income of over $297 million for the same period, and basic earnings per share of $0.83 for the year ended December 31, 2005 from current businesses.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results that exclude certain items for the twelve months and three months ended December 31, 2004, September 30, 2004, and June 30, 2004. It shows revenues, costs, expenses, operating income, and net income for ALLTEL's wireless, wireline, communications support, and corporate operations segments and consolidates these into total results of operations under GAAP and excluding certain items. Key figures include total annual revenues of $8.2 billion, operating income of $1.97 billion, and net income of $1.04 billion for 2004 under non-GAAP results from current businesses.
This document provides non-GAAP reconciliations of Alltel Corporation's results of operations for the third quarter and nine months of 2006. It reconciles certain items excluded from the company's results of continuing operations to show its results from current businesses on a non-GAAP basis. For the nine months, excluded items increased income from continuing operations by $19 million and net income by $306 million. For the third quarter, excluded items increased income from continuing operations by $65 million and net income by $43 million.
The document provides a reconciliation of Alltel Corporation's results of operations under GAAP accounting standards versus results from current businesses on a non-GAAP basis for the six months and three months ended June 30, 2006. Key figures are provided for revenues, costs and expenses, operating income, earnings per share, and segment information from the company's wireless, wireline, and corporate operations. Certain items are excluded from the non-GAAP results of current businesses column, as described in notes to the reconciliation.
- ALLTEL CORPORATION provided reconciliations of its results of operations under GAAP to results from its current businesses on a non-GAAP basis for the six months and three months ended June 30, 2006.
- For the six month period, revenues from current businesses totaled $5.2 billion and net income from current businesses was $684.8 million.
- For the three month period, revenues from current businesses totaled $2.7 billion and operating income from current businesses was $647.6 million.
This document provides non-GAAP reconciliations of Alltel Corporation's results of operations for various periods under GAAP and from current businesses. It excludes items like amortization of intangible assets from acquisitions, gains or losses from asset sales or disposals, integration expenses, adjustments to tax liabilities, and discontinued operations. Notes further explain the adjustments and excluded items, such as amortization, integration costs, gains or losses on sales of assets or securities, compensation from accelerated vesting of restricted stock, and the spin-off of Alltel's wireline business.
The document provides a reconciliation of ALLTEL CORPORATION's results of operations under GAAP to results from current businesses (non-GAAP) for 2005 and the third and fourth quarters of 2005. Key points:
- Revenues and costs are broken out by segment (wireless, wireline, communications support) and reconciled to exclude items not part of current businesses.
- Operating income and net income are higher under results from current businesses than under GAAP due to exclusions of items like restructuring charges and gains/losses on asset sales.
This document provides a reconciliation of Alltel Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for three periods: the three months ended March 31, 2006, the twelve months ended December 31, 2005, and the three months ended December 31, 2005. For each period, it presents revenues, costs and expenses, operating income, and net income under GAAP and excluding certain items to show results from current businesses. Key results include revenues over $2.5 billion for the quarter ended March 31, 2006, net income of over $297 million for the same period, and basic earnings per share of $0.83 for the year ended December 31, 2005 from current businesses.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results that exclude certain items for the twelve months and three months ended December 31, 2004, September 30, 2004, and June 30, 2004. It shows revenues, costs, expenses, operating income, and net income for ALLTEL's wireless, wireline, communications support, and corporate operations segments and consolidates these into total results of operations under GAAP and excluding certain items. Key figures include total annual revenues of $8.2 billion, operating income of $1.97 billion, and net income of $1.04 billion for 2004 under non-GAAP results from current businesses.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP (Generally Accepted Accounting Principles) to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs, expenses, operating income, and earnings per share under both GAAP and excluding certain items to present results from current businesses only. Key figures include total revenues of $8.2 billion for the twelve months under both measures. Operating income was $1.97 billion excluding items versus $1.92 billion under GAAP.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was $270 million for Q4, $284 million for Q3, and $263 million for Q2, compared to GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was $270 million for Q4, $284 million for Q3, and $263 million for Q2, compared to GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was $270 million for Q4, $284 million for Q3, and $263 million for Q2, compared to GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of Alltel Corporation's results of operations under GAAP accounting standards versus results from current businesses, excluding certain items, for the twelve months and three months ended December 31, 2004. It shows revenues, costs, expenses and income for Alltel's wireless, wireline, communications support and corporate operations segments. Certain integration, restructuring and other charges were excluded from the non-GAAP results of current businesses. Income from discontinued operations was also excluded from the non-GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.046 billion under GAAP and $1.038 billion for current businesses after excluding $8.1 million in items.
- For the quarters, operating income ranged from $500-518 million, and net income ranged from $270-323 million under current businesses measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than 1%, with wireless and wireline being the main business segments.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results that exclude certain items for the twelve months and three months ended December 31, 2004, September 30, 2004, and June 30, 2004. It shows revenues, costs, expenses, operating income, earnings before taxes, net income, and earnings per share under both GAAP and non-GAAP measures. Key items excluded from the non-GAAP results are integration expenses, restructuring charges, and discontinued operations. Segment information is also provided for ALLTEL's wireless, wireline, communications support, and intercompany elimination divisions.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was essentially unchanged from GAAP results, with minor exclusions of certain integration expenses.
- Segment results are provided for Wireless, Wireline, Communications Support, and intercompany eliminations.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results from current businesses for the twelve months and three months ended December 31, 2004, September 30, 2004, and June 30, 2004. It excludes certain items from GAAP results to show operating results from current business segments only, including wireless, wireline, and communications support services. Revenues increased over the periods presented, as did operating income and net income from continuing operations on a non-GAAP basis.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.046 billion under GAAP and $1.038 billion for current businesses after excluding $8.1 million in items.
- For the quarters, operating income ranged from $500-518 million, and net income ranged from $270-323 million under current businesses measures.
This document provides financial information for Alltel Corporation for the twelve months and three months ended December 31, 2004. It reconciles results reported under GAAP to results from current businesses by excluding certain items. For the twelve month period, revenues were $8.2 billion and net income was $1 billion. Integration and restructuring expenses of $51 million were excluded from GAAP results. Wireless operations contributed $1 billion to operating income while wireline operations contributed $926 million.
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.
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This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP (Generally Accepted Accounting Principles) to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs, expenses, operating income, and earnings per share under both GAAP and excluding certain items to present results from current businesses only. Key figures include total revenues of $8.2 billion for the twelve months under both measures. Operating income was $1.97 billion excluding items versus $1.92 billion under GAAP.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
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This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was $270 million for Q4, $284 million for Q3, and $263 million for Q2, compared to GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was $270 million for Q4, $284 million for Q3, and $263 million for Q2, compared to GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
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- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of Alltel Corporation's results of operations under GAAP accounting standards versus results from current businesses, excluding certain items, for the twelve months and three months ended December 31, 2004. It shows revenues, costs, expenses and income for Alltel's wireless, wireline, communications support and corporate operations segments. Certain integration, restructuring and other charges were excluded from the non-GAAP results of current businesses. Income from discontinued operations was also excluded from the non-GAAP results.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
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This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than 1%, with wireless and wireline being the main business segments.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results that exclude certain items for the twelve months and three months ended December 31, 2004, September 30, 2004, and June 30, 2004. It shows revenues, costs, expenses, operating income, earnings before taxes, net income, and earnings per share under both GAAP and non-GAAP measures. Key items excluded from the non-GAAP results are integration expenses, restructuring charges, and discontinued operations. Segment information is also provided for ALLTEL's wireless, wireline, communications support, and intercompany elimination divisions.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current business results vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, current business net income was essentially unchanged from GAAP results, with minor exclusions of certain integration expenses.
- Segment results are provided for Wireless, Wireline, Communications Support, and intercompany eliminations.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
- For the full year, net income was $1.038 billion under current businesses vs. $1.046 billion under GAAP due to excluded integration, restructuring, and other charges.
- By quarter, results were also similar under the two measures, differing by less than $40 million each quarter.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results from current businesses for the twelve months and three months ended December 31, 2004, September 30, 2004, and June 30, 2004. It excludes certain items from GAAP results to show operating results from current business segments only, including wireless, wireline, and communications support services. Revenues increased over the periods presented, as did operating income and net income from continuing operations on a non-GAAP basis.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP accounting standards to results from its current businesses, excluding certain items, for the twelve months and three quarters ending in 2004. Key points:
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- For the quarters, operating income ranged from $500-518 million, and net income ranged from $270-323 million under current businesses measures.
This document provides financial information for Alltel Corporation for the twelve months and three months ended December 31, 2004. It reconciles results reported under GAAP to results from current businesses by excluding certain items. For the twelve month period, revenues were $8.2 billion and net income was $1 billion. Integration and restructuring expenses of $51 million were excluded from GAAP results. Wireless operations contributed $1 billion to operating income while wireline operations contributed $926 million.
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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.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Mutual Fund Taxation – How Mutual Funds Are Taxeddhvikdiva
Divadhvik explains Mutual Fund Taxation clearly: Equity funds held over a year are taxed at 10% for gains over ₹1 lakh, while short-term gains are taxed at 15%. Debt funds held over three years are taxed at 20% post-indexation. Short-term gains are taxed as per your income slab.
2. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the twelve months ended December 31, 2006
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $7,029,822 $ - $7,029,822
Product sales 854,195 - 854,195
Total revenues and sales 7,884,017 - 7,884,017
Costs and expenses:
Cost of services 2,340,491 2,235 2,342,726
(D)
Cost of products sold 1,176,867 - 1,176,867
Selling, general, administrative and other 1,755,379 (3,626) 1,751,753
(B)
Depreciation and amortization 1,239,965 (176,118) 1,063,847
(A)
Integration expenses and other charges 13,743 (13,743) -
(F)(O)
Total costs and expenses 6,526,445 (191,252) 6,335,193
Operating income 1,357,572 191,252 1,548,8240
Equity earnings in unconsolidated partnerships 60,120 - 60,120
Minority interest in consolidated partnerships (46,632) - (46,632)
Other income, net 83,963 - 83,963
Interest expense (282,467) - (282,467)
Gain (loss) on exchange or disposal of assets and other 126,138 (126,138) (C)(E) -
Income from continuing operations before income taxes 1,298,694 65,114 1,363,808
Income taxes 475,000 46,897 (P)(Q) 521,897
Income from continuing operations 823,694 18,217 841,911
305,696 (305,696) (R) -
Income from discontinued operations
Net income 1,129,390 (287,479) 841,911
Preferred dividends 84 - 84
Net income applicable to common shares $ 1,129,306 $ (287,479) $ 841,827
Basic earnings per share:
Income from continuing operations $2.15 $.05 $2.20
Income from discontinued operations .80 (.80) -
Net income $2.95 $(.75) $2.20
Diluted earnings per share:
Income from continuing operations $2.14 $.05 $2.19
Income from discontinued operations .79 (.79) -
Net income $2.93 $(.74) $2.19
See Notes to Reconcilations for a description of the items marked (A)-(S).
3. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended December 31, 2006
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,851,103 $ - $1,851,103
Product sales 237,130 - 237,130
Total revenues and sales 2,088,233 - 2,088,233
Costs and expenses:
Cost of services 613,628 - 613,628
Cost of products sold 327,065 - 327,065
Selling, general, administrative and other 456,849 - 456,849
Depreciation and amortization 323,953 (44,459) (A) 279,494
Integration expenses and other charges 2,953 (2,953) (O) -
Total costs and expenses 1,724,448 (47,412) 1,677,036
Operating income 363,785 47,412 411,1970
Equity earnings in unconsolidated partnerships 14,508 - 14,508
Minority interest in consolidated partnerships (9,526) - (9,526)
Other income, net 14,848 - 14,848
Interest expense (47,491) - (47,491)
Gain (loss) on exchange or disposal of assets and other - - -
Income from continuing operations before income taxes 336,124 47,412 383,536
Income taxes 100,314 48,277 (P)(Q) 148,591
Income from continuing operations 235,810 (865) 234,945
(19,935) 19,935 (R) -
Loss from discontinued operations
Net income 215,875 19,070 234,945
Preferred dividends 21 - 21
Net income applicable to common shares $ 215,854 $ 19,070 $ 234,924
Basic earnings per share:
Income from continuing operations $ .63 $.00 $.63
Loss from discontinued operations (.05) .05 -
Net income $.58 $.05 $.63
Diluted earnings per share:
Income from continuing operations $ .63 $.00 $.63
Loss from discontinued operations (.05) .05 -
Net income $.58 $.05 $.63
See Notes to Reconcilations for a description of the items marked (A)-(S).
4. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended September 30, 2006
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,795,443 $ - $1,795,443
Product sales 211,876 - 211,876
Total revenues and sales 2,007,319 - 2,007,319
Costs and expenses:
Cost of services 610,102 - 610,102
Cost of products sold 293,754 - 293,754
Selling, general, administrative and other 438,325 (3,626) (B) 434,699
Depreciation and amortization 307,136 (39,191) (A) 267,945
Integration expenses and other charges - - -
Total costs and expenses 1,649,317 (42,817) 1,606,500
Operating income 358,002 42,817 400,8190
Equity earnings in unconsolidated partnerships 17,281 - 17,281
Minority interest in consolidated partnerships (11,729) - (11,729)
Other income, net 37,308 - 37,308
Interest expense (63,822) - (63,822)
Gain (loss) on exchange or disposal of assets and other (50,501) 50,501 (C) -
Income from continuing operations before income taxes 286,539 93,318 379,857
Income taxes 121,268 28,389 (P) 149,657
Income from continuing operations 165,271 64,929 230,200
21,934 (21,934) (R) -
Income from discontinued operations
Net income 187,205 42,995 230,200
Preferred dividends 21 - 21
Net income applicable to common shares $ 187,184 $ 42,995 $ 230,179
Basic earnings per share:
Income from continuing operations $ .43 $.17 $.60
Income from discontinued operations .06 (.06) -
Net income $.49 $.11 $.60
Diluted earnings per share:
Income from continuing operations $ .43 $.17 $.60
Income from discontinued operations .05 (.05) -
Net income $.48 $.12 $.60
See Notes to Reconcilations for a description of the items marked (A)-(S).
5. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended June 30, 2006
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,734,128 $ - $1,734,128
Product sales 211,104 - 211,104
Total revenues and sales 1,945,232 - 1,945,232
Costs and expenses:
Cost of services 573,977 2,235 (D) 576,212
Cost of products sold 283,351 - 283,351
Selling, general, administrative and other 434,509 - 434,509
Depreciation and amortization 309,564 (46,976) (A) 262,588
Integration expenses and other charges - - -
Total costs and expenses 1,601,401 (44,741) 1,556,660
Operating income 343,831 44,741 388,5720
Equity earnings in unconsolidated partnerships 15,399 - 15,399
Minority interest in consolidated partnerships (11,482) - (11,482)
Other income, net 21,016 - 21,016
Interest expense (86,438) - (86,438)
Gain (loss) on exchange or disposal of assets and other 176,639 (176,639) (E) -
Income from continuing operations before income taxes 458,965 (131,898) 327,067
Income taxes 170,536 (51,662) (P) 118,874
Income from continuing operations 288,429 (80,236) 208,193
140,474 (140,474) (R) -
Income from discontinued operations
Net income 428,903 (220,710) 208,193
Preferred dividends 21 - 21
Net income applicable to common shares $ 428,882 $ (220,710) $ 208,172
Basic earnings per share:
Income from continuing operations $ .74 $(.20) $.54
Income from discontinued operations .36 (.36) -
Net income $1.10 $(.56) $.54
Diluted earnings per share:
Income from continuing operations $ .74 $(.21) $.53
Income from discontinued operations .36 (.36) -
Net income $1.10 $(.57) $.53
See Notes to Reconcilations for a description of the items marked (A)-(S).
6. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended March 31, 2006
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,649,148 $ - $1,649,148
Product sales 194,085 - 194,085
Total revenues and sales 1,843,233 - 1,843,233
Costs and expenses:
Cost of services 542,784 - 542,784
Cost of products sold 272,697 - 272,697
Selling, general, administrative and other 425,696 - 425,696
Depreciation and amortization 299,312 (45,492) (A) 253,820
Integration expenses and other charges 10,790 (10,790) (F) -
Total costs and expenses 1,551,279 (56,282) 1,494,997
Operating income 291,954 56,282 348,2360
Equity earnings in unconsolidated partnerships 12,932 - 12,932
Minority interest in consolidated partnerships (13,895) - (13,895)
Other income, net 10,791 - 10,791
Interest expense (84,716) - (84,716)
Gain (loss) on exchange or disposal of assets and other - - -
Income from continuing operations before income taxes 217,066 56,282 273,348
Income taxes 82,882 21,893 (P) 104,775
Income from continuing operations 134,184 34,389 168,573
163,223 (163,223) (R) -
Income from discontinued operations
Net income 297,407 (128,834) 168,573
Preferred dividends 21 - 21
Net income applicable to common shares $ 297,386 $ (128,834) $ 168,552
Basic earnings per share:
Income from continuing operations $.35 $ .09 $.44
Income from discontinued operations .42 (.42) -
Net income $.77 $(.33) $.44
Diluted earnings per share:
Income from continuing operations $.35 $ .08 $.43
Income from discontinued operations .42 (.42) -
Net income $.77 $(.34) $.43
See Notes to Reconcilations for a description of the items marked (A)-(S).
7. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the twelve months ended December 31, 2005
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $5,924,528 $ - $5,924,528
Product sales 648,000 - 648,000
Total revenues and sales 6,572,528 - 6,572,528
Costs and expenses:
Cost of services 1,959,891 (37,202) 1,922,689
(G)(I)(N)
Cost of products sold 941,787 - 941,787
Selling, general, administrative and other 1,518,818 (1,898) 1,516,920
(I)
Depreciation and amortization 994,796 (104,440) 890,356
(A)
Integration expenses and other charges 23,045 (23,045) -
(H)(J)
Total costs and expenses 5,438,337 (166,585) 5,271,752
Operating income 1,134,191 166,585 1,300,7760
Equity earnings in unconsolidated partnerships 43,383 - 43,383
Minority interest in consolidated partnerships (69,105) - (69,105)
Other income, net 147,230 (116,036) (I)(M) 31,194
Interest expense (314,552) - (314,552)
Gain (loss) on exchange or disposal of assets and other 218,830 (218,830) (K)(L) -
Income from continuing operations before income taxes 1,159,977 (168,281) 991,696
Income taxes 424,509 (60,444) (P) 364,065
Income from continuing operations 735,468 (107,837) 627,631
603,352 (603,352) (R) -
Income from discontinued operations
Income before cumulative effect of accounting change 1,338,820 (711,189) 627,631
Cumulative effect of accounting change (7,441) 7,441 (S) -
Net income 1,331,379 (703,748) 627,631
Preferred dividends 93 - 93
Net income applicable to common shares $ 1,331,286 $ (703,748) $ 627,538
Basic earnings per share:
Income from continuing operations $2.16 $ (.32) $1.84
Income from discontinued operations 1.77 (1.77) -
Cumulative effect of accounting change (.02) .02 -
Net income $3.91 $(2.07) $1.84
Diluted earnings per share:
Income from continuing operations $2.14 $ (.31) $1.83
Income from discontinued operations 1.75 (1.75) -
Cumulative effect of accounting change (.02) .02 -
Net income $3.87 $(2.04) $1.83
See Notes to Reconcilations for a description of the items marked (A)-(S).
8. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended December 31, 2005
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,650,538 $ - $1,650,538
Product sales 186,736 - 186,736
Total revenues and sales 1,837,274 - 1,837,274
Costs and expenses:
Cost of services 554,443 (9,477) (G) 544,966
Cost of products sold 281,639 - 281,639
Selling, general, administrative and other 429,931 - 429,931
Depreciation and amortization 295,530 (43,596) (A) 251,934
Integration expenses and other charges 8,719 (8,719) (H) -
Total costs and expenses 1,570,262 (61,792) 1,508,470
Operating income 267,012 61,792 328,8040
Equity earnings in unconsolidated partnerships 6,992 - 6,992
Minority interest in consolidated partnerships (11,267) - (11,267)
Other income, net 3,146 - 3,146
Interest expense (81,686) - (81,686)
Gain (loss) on exchange or disposal of assets and other - - -
Income from continuing operations before income taxes 184,197 61,792 245,989
Income taxes 66,444 24,463 (P) 90,907
Income from continuing operations 117,753 37,329 155,082
144,837 (144,837) (R) -
Income from discontinued operations
Income before cumulative effect of accounting change 262,590 (107,508) 155,082
Cumulative effect of accounting change (7,441) 7,441 (S) -
Net income 255,149 (100,067) 155,082
Preferred dividends 21 - 21
Net income applicable to common shares $ 255,128 $ (100,067) $ 155,061
Basic earnings per share:
Income from continuing operations $.31 $ .09 $.40
Income from discontinued operations .37 (.37) -
Cumulative effect of accounting change (.02) .02 -
Net income $.66 $(.26) $.40
Diluted earnings per share:
Income from continuing operations $.31 $ .09 $.40
Income from discontinued operations .37 (.37) -
Cumulative effect of accounting change (.02) .02 -
Net income $.66 $(.26) $.40
See Notes to Reconcilations for a description of the items marked (A)-(S).
9. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended September 30, 2005
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,614,090 $ - $1,614,090
Product sales 178,889 - 178,889
Total revenues and sales 1,792,979 - 1,792,979
Costs and expenses:
Cost of services 524,388 (8,016) 516,372
(I)
Cost of products sold 250,261 - 250,261
Selling, general, administrative and other 399,095 (1,898) 397,197
(I)
Depreciation and amortization 266,214 (32,373) 233,841
(A)
Integration expenses and other charges 14,326 (14,326) -
(J)
Total costs and expenses 1,454,284 (56,613) 1,397,671
Operating income 338,695 56,613 395,3080
Equity earnings in unconsolidated partnerships 10,434 - 10,434
Minority interest in consolidated partnerships (20,573) - (20,573)
Other income, net 15,203 (5,000) (I) 10,203
Interest expense (78,993) - (78,993)
Gain (loss) on exchange or disposal of assets and other 30,557 (30,557) (K) -
Income from continuing operations before income taxes 295,323 21,056 316,379
Income taxes 111,109 7,941 (P) 119,050
Income from continuing operations 184,214 13,115 197,329
176,951 (176,951) (R) -
Income from discontinued operations
Net income 361,165 (163,836) 197,329
Preferred dividends 24 - 24
Net income applicable to common shares $ 361,141 $ (163,836) $ 197,305
Basic earnings per share:
Income from continuing operations $.51 $ .04 $.55
Income from discontinued operations .48 (.48) -
Net income $.99 $(.44) $.55
Diluted earnings per share:
Income from continuing operations $.50 $ .04 $.54
Income from discontinued operations .48 (.48) -
Net income $.98 $(.44) $.54
See Notes to Reconcilations for a description of the items marked (A)-(S).
10. ALLTEL CORPORATION
RECONCILIATION OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
for the three months ended March 31, 2005
(In thousands, except per share amounts)
Results of Items Results of
Operations Excluded from Operations
Under Current from Current
GAAP Businesses Businesses
Revenues and sales:
Service revenues $1,280,740 $ - $1,280,740
Product sales 135,584 - 135,584
Total revenues and sales 1,416,324 - 1,416,324
Costs and expenses:
Cost of services 425,503 (19,709) (N) 405,794
Cost of products sold 202,304 - 202,304
Selling, general, administrative and other 339,012 - 339,012
Depreciation and amortization 212,061 (13,777) (A) 198,284
Integration expenses and other charges - - -
Total costs and expenses 1,178,880 (33,486) 1,145,394
Operating income 237,444 33,486 270,9300
Equity earnings in unconsolidated partnerships 10,743 - 10,743
Minority interest in consolidated partnerships (18,347) - (18,347)
Other income, net 120,888 (111,036) (M) 9,852
Interest expense (82,038) - (82,038)
Gain (loss) on exchange or disposal of assets and other - - -
Income from continuing operations before income taxes 268,690 (77,550) 191,140
Income taxes 95,104 (28,229) (P) 66,875
Income from continuing operations 173,586 (49,321) 124,265
139,418 (139,418) (R) -
Income from discontinued operations
Net income 313,004 (188,739) 124,265
Preferred dividends 24 - 24
Net income applicable to common shares $ 312,980 $ (188,739) $ 124,241
Basic earnings per share:
Income from continuing operations $ .58 $(.17) $.41
Income from discontinued operations .46 (.46) -
Net income $1.04 $(.63) $.41
Diluted earnings per share:
Income from continuing operations $ .57 $(.16) $.41
Income from discontinued operations .46 (.46) -
Net income $1.03 $(.62) $.41
See Notes to Reconcilations for a description of the items marked (A)-(S).
11. ALLTEL CORPORATION
NOTES TO RECONCILIATIONS OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
Results of operations from current businesses exclude the effects of discontinued operations, amortization expense related to finite-lived intangible assets recorded in connection with acquisitions, a special
cash dividend received on Alltel Corporation's (quot;Alltelquot; or quot;the Companyquot;) investment in Fidelity National Financial, Inc. (quot;Fidelity Nationalquot;) common stock, gain 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, reversal of certain income tax
contingency reserves and integration expenses and other charges.
(A) Eliminates the effects of amortization expense related to acquired, finite-lived intangible assets.
(B) 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 R below for additional information
regarding the spin-off and merger of Alltel’s wireline telecommunications business).
(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 I).
(E) During 2005, federal legislation was enacted which included provisions to dissolve and liquidate the assets of the Rural Telephone Bank (“RTB”). 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 (“Western Wireless”). 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 $9.5 million of incremental costs related to Hurricane Katrina consisting of increased system maintenance costs to restore network facilities and additional losses from bad debts. (See Note
I).
(H) The Company incurred $2.1 million of integration expenses related to its acquisition of Western Wireless. These expenses primarily consisted of system conversion costs. In addition, Alltel incurred $5.0
million of integration expenses related to the exchange of certain wireless assets with Cingular Wireless LLC (“Cingular”) completed during the second and third quarters of 2005. The Company also
incurred $1.6 million of integration expenses related to its acquisition of Public Service Cellular Inc. (“PS Cellular”) completed on February 28, 2005. The integration expenses related to the Cingular and
PS Cellular acquisitions consisted of handset subsidies incurred to migrate the acquired customer base to CDMA handsets. (See Note J).
(I) 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.
(J) 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 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.
(K) 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 L 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.
12. ALLTEL CORPORATION
NOTES TO RECONCILIATIONS OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (NON-GAAP)
(L) 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. 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.
(M) 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.
(N) 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 (“SFAS”) No. 13, “Accounting for Leases” and Financial Accounting Standards Board
(“FASB”) Technical Bulletin No. 85-3, “Accounting for Operating Leases with Scheduled Rent Increases”. 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.
(O) The Company incurred $2.9 million of integration expenses related to its recent purchase of Midwest Wireless Holdings of Mankato, Minnesota (“Midwest Wireless”) completed on October 3, 2006 and
the acquisitions of wireless properties in Illinois, Texas and Virginia completed during the second quarter of 2006. These expenses primarily consisted of branding, signage and computer system
conversion costs.
(P) Tax-related effects of the items discussed in the Notes A - O above.
(Q) On October 10, 2006, Alltel entered into a closing agreement with the Internal Revenue Service (“IRS”) to settle all of its tax liabilities for the tax years 1997 through 2001. On December 27, 2006, Alltel
also reached an agreement with the IRS to settle all tax liabilities for the tax years 2002 and 2003. In conjunction with the settlements, Alltel reassessed its remaining income tax liabilities including its
contingency reserves related to those tax years, and during the fourth quarter of 2006, Alltel recorded a $29.9 million reduction in its income tax expense and related income tax liabilities.
(R) Eliminates the effects of discontinued operations. Loss from discontinued operations in the fourth quarter of 2006 included an impairment charge of $30.5 million to reflect the fair value less cost to sell of
the four rural markets in Minnesota required to be divested.
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 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.
(S) Represents the cumulative effect of the change in accounting principle resulting from the Company's adoption of FASB Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligationsquot;
(“FIN 47”). The Company evaluated the effects of FIN 47 on its operations and determined that, for certain buildings containing asbestos, Alltel was legally obligated to remediate the asbestos if the
Company were to abandon, sell or otherwise dispose of the buildings. In addition, for the former wireline operations acquired in Kentucky and Nebraska not subject to SFAS No. 71, “Accounting for the
Effects of Certain Types of Regulationquot;, the Company was legally obligated to properly dispose of its chemically-treated telephone poles at the time they were removed from service. In accordance with
federal and state regulations, depreciation expense for the Company’s wireline operations that follow the accounting prescribed by SFAS No. 71 historically included an additional provision for cost of
removal, and accordingly, the adoption of FIN 47 had no impact to these operations. In connection with the spin-off, Alltel transferred to Windstream the conditional asset retirement obligation resulting
from the adoption of FIN 47.
13. ALLTEL Corporation
Reconciliations of Non-GAAP Financial Measures
Net Debt
as of December 31, 2006
(Dollars in millions) Alltel
Long-term debt, including current maturities $ 2,733.7
Cash and short-term investments (934.2)
$ 1,799.5
Net debt
Three Months Ended Twelve Months Ended
OIBDA From Current Businesses
for the three and twelve months ended December 31: 2006 2005 2006 2005
Operating income under GAAP $ 363.8 $ 267.0 $ 1,357.6 $ 1,134.2
Amortization expense of acquired, finite-lived intangible assets 44.5 43.6 176.1 104.4
Compensation expense due to accelerated vesting of restricted stock awards - - 3.6 -
Hurricane Katrina-related costs - 9.5 (2.2) 19.4
Change in accounting for operating leases - - - 19.7
Integration expenses and other charges 2.9 8.7 13.7 23.0
Operating income from current businesses 411.2 328.8 1,548.8 1,300.7
Depreciation expense 279.5 251.9 1,063.8 890.4
OIBDA from current businesses $ 690.7 $ 580.7 $ 2,612.6 $ 2,191.1
Three Months Ended Twelve Months Ended
OIBDA Service Revenue Margin From Current Businesses
for the three and twelve months ended December 31: 2006 2005 2006 2005
(A) $ 690.7 $ 580.7 $ 2,612.6 $ 2,191.1
OIBDA from current businesses (per above)
Service revenues (B) $ 1,851.1 $ 1,650.5 $ 7,029.8 $ 5,924.5
(A) / (B) 37.3% 35.2% 37.2% 37.0%
OIBDA service revenue margin from current businesses
Twelve Months Ended
Pro Forma Service Revenues and OIBDA From Current Businesses
for the twelve months ended December 31: 2006 2005
$ 7,029.8 $ 5,924.5
Service revenues (per above)
- 560.3
Add Western Wireless service revenues for the period 01/01/05 to 07/31/05)
Pro forma service revenues $ 7,029.8 $ 6,484.8
$ 2,612.6 $ 2,191.1
OIBDA from current businesses (per above)
Add Western Wireless operating income for the period 01/01/05 to 07/31/05) - 135.4
Add Western Wireless depreciation expense for the period 01/01/05 to 07/31/05) - 107.8
Pro forma OIBDA from current businesses $ 2,612.6 $ 2,434.3
Earnings Guidance - OIBDA from Current Businesses
for the second half of 2006 Operating Income
(Dollars in millions) Under GAAP Depreciation & Amortization OIBDA
Wireless operating income $ 695.0 - $ 765.0 $ 662.0 - $ 642.0 $ 1,357.0 - $ 1,407.0
Midwest Wireless 15.0 - 15.0 8.0 - 8.0 23.0 - 23.0
710.0 - 780.0 670.0 - 650.0 1,380.0 - 1,430.0
Adjustments to reconcile to current businesses:
Amortization expense related to acquired wireless intangible assets 85.0 - 85.0 (85.0) - (85.0) - -
Consolidated From Current Businesses $ 795.0 -$ 865.0 $ 585.0 - $ 565.0 $ 1,380.0 - $ 1,430.0
Earnings Guidance - OIBDA from Current Businesses
for the year ended December 31, 2007 Operating Income
(Dollars in millions) Under GAAP Depreciation & Amortization OIBDA
Consolidated operating income $ 1,465.0 - $ 1,615.0 $ 1,435.0 - $ 1,385.0 $ 2,900.0 - $ 3,000.0
Amortization expense related to acquired wireless intangible assets 170.0 - 170.0 (170.0) - (170.0) - - -
Consolidated From Current Businesses $ 1,635.0 - $ 1,785.0 $ 1,265.0 - $ 1,215.0 $ 2,900.0 - $ 3,000.0