CIT Group Inc. reported strong first quarter results with diluted EPS of $0.98, up 29% from the prior year. Managed assets grew $8.7 billion to $58.8 billion. Credit quality remained strong with lower charge-offs and delinquencies. Based on the strong performance, CIT raised its EPS growth target for 2005 to 20%.
CIT Group Inc. announced positive second quarter results with earnings per share up 26% and return on tangible equity of 16.3%. New business volume increased 47% from the prior year. CIT raised its EPS growth target to over 20% and will exceed its return on tangible equity target of 16%. Additionally, the board approved a $500 million share repurchase program.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT reported diluted EPS of $0.95 for the quarter, up 32% from the previous year. Managed assets grew by $3.7 billion or 8% from the previous year. Credit quality trends remained favorable and the return on average tangible equity improved to 15.2%. New business volume increased 32% from the prior year and managed assets grew by 7.5% driven by financing and leasing portfolio growth.
CIT Group Inc. reported strong fourth quarter and full year 2005 results, with diluted EPS up 27% and 27% respectively from the prior year. Key highlights included record new business volume up 37% over prior year, stable margins, strong credit metrics, and a positive outlook for 2006 with EPS guidance of $4.75-$4.85. Managed assets reached $62.9 billion, up from $53.5 billion the prior year. Credit quality remained stable with net charge-offs of 0.91% and non-performing assets at 1.18% of finance receivables.
CIT Group reported first quarter results for 2006 with the following highlights:
- EPS increased 14% to $1.12 compared to the prior year, excluding one-time gains.
- New business volume was up 53% and managed assets grew 11% due to balanced growth across segments.
- Segment results were strong across Commercial Finance and Specialty Finance groups, with increased net income and managed asset growth in most segments.
- Credit quality remained excellent with lower net charge-offs and delinquencies compared to the prior year.
CIT Group Inc. announced its third quarter results, with earnings per share up 23% from the prior year. Net income increased to $219.5 million for the quarter, compared to $183.9 million last year. Return on tangible common equity rose to 17% for the quarter. New business volume grew 34% over the prior year, driven by increases across most business lines. Credit quality improved, with net charge-offs down and delinquencies and non-performing assets remaining low. The company exceeded its financial targets for the quarter while continuing investments in future growth.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
Morgan Stanley reported $928 million in net income for Q2 2005, down 24% from Q2 2004. Revenue was $6 billion, down 9% from the prior year. Business highlights included record results in prime brokerage and $3.8 billion in net new retail assets. While most business segments saw lower earnings, advisory revenues increased 10% and the company maintained its leading position in global M&A.
CIT Group Inc. announced positive second quarter results with earnings per share up 26% and return on tangible equity of 16.3%. New business volume increased 47% from the prior year. CIT raised its EPS growth target to over 20% and will exceed its return on tangible equity target of 16%. Additionally, the board approved a $500 million share repurchase program.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT reported diluted EPS of $0.95 for the quarter, up 32% from the previous year. Managed assets grew by $3.7 billion or 8% from the previous year. Credit quality trends remained favorable and the return on average tangible equity improved to 15.2%. New business volume increased 32% from the prior year and managed assets grew by 7.5% driven by financing and leasing portfolio growth.
CIT Group Inc. reported strong fourth quarter and full year 2005 results, with diluted EPS up 27% and 27% respectively from the prior year. Key highlights included record new business volume up 37% over prior year, stable margins, strong credit metrics, and a positive outlook for 2006 with EPS guidance of $4.75-$4.85. Managed assets reached $62.9 billion, up from $53.5 billion the prior year. Credit quality remained stable with net charge-offs of 0.91% and non-performing assets at 1.18% of finance receivables.
CIT Group reported first quarter results for 2006 with the following highlights:
- EPS increased 14% to $1.12 compared to the prior year, excluding one-time gains.
- New business volume was up 53% and managed assets grew 11% due to balanced growth across segments.
- Segment results were strong across Commercial Finance and Specialty Finance groups, with increased net income and managed asset growth in most segments.
- Credit quality remained excellent with lower net charge-offs and delinquencies compared to the prior year.
CIT Group Inc. announced its third quarter results, with earnings per share up 23% from the prior year. Net income increased to $219.5 million for the quarter, compared to $183.9 million last year. Return on tangible common equity rose to 17% for the quarter. New business volume grew 34% over the prior year, driven by increases across most business lines. Credit quality improved, with net charge-offs down and delinquencies and non-performing assets remaining low. The company exceeded its financial targets for the quarter while continuing investments in future growth.
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
Morgan Stanley reported $928 million in net income for Q2 2005, down 24% from Q2 2004. Revenue was $6 billion, down 9% from the prior year. Business highlights included record results in prime brokerage and $3.8 billion in net new retail assets. While most business segments saw lower earnings, advisory revenues increased 10% and the company maintained its leading position in global M&A.
- CIT reported third quarter results with diluted EPS of $1.44, up from $1.02 the prior year, on record new business volume of $11 billion, up 40% from last year.
- Earnings improved due to increased loan and lease origination volume, asset growth, and higher other revenue including syndication fees, partially offset by lower margins and higher expenses.
- Excluding noteworthy one-time items, total net revenue was up 19% from last year and EPS was up 17% from the prior year.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. The loss was due to a $465.5 million charge related to home lending receivables. Excluding home lending, commercial businesses performed well with strong asset growth, revenues, and stable credit quality. CIT advanced its home lending liquidation strategy by selling $875 million in non-performing loans and raising $10 billion in asset-backed financing. Commercial businesses continued to perform well, with solid origination volumes, revenues, and stable credit quality across segments.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
- Merrill Lynch reported second quarter net earnings of $1.1 billion, up 10% from the second quarter of 2003. Earnings per share were $1.06.
- Global Private Client and Merrill Lynch Investment Managers saw increased earnings, while Global Markets and Investment Banking saw lower earnings.
- For the first half of the year, net earnings were $2.3 billion, up 44% from the first half of 2003, driven by revenue growth of 13% and improved profit margins.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing debt, growing deposits, and limiting asset growth. Credit reserves were increased due to weakening economic conditions and higher non-performing assets, while operating expenses were reduced.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group reported financial results for the third quarter of 2005 with improvements across key metrics. Earnings per share were up 23% from the prior year due to higher margins, new business volume growth of 34%, and lower net charge-offs. Return on tangible common equity rose to 17%. However, results included gains and losses from various portfolio activities and hurricane provisions. Overall, the company exceeded targets and expects continued momentum.
- CIT reported record quarterly and annual results for Q4 2006 and full year 2006, with EPS growth of 16% and 15% respectively excluding noteworthy items.
- Key drivers were strong loan and lease origination volume of $11.6 billion in Q4 2006, up 20% from prior year, leading to higher other revenue from gains on receivable sales and syndications.
- Credit quality remained solid across segments despite some increases in consumer metrics, and full year net charge-offs declined.
- Expenses increased due to investments in sales force and origination platforms, but efficiency ratio improved slightly.
- As a result, CIT increased 2007 EPS guidance to $5.40
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
Morgan Stanley reported third quarter results, with net income of $144 million, down 83% from the previous year. Net revenue was $6.9 billion, the highest since 2000, driven by record revenues in institutional securities. Income from continuing operations was up 36% to $1.166 billion year-over-year. The results were impacted by $1 billion in discontinued operations charges and $178 million in compensation charges related to management changes.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. This was due to a $465.5 million lower of cost or market charge related to home lending. Excluding home lending, most commercial businesses performed well with strong asset growth, stable credit quality, and moderating expenses. However, net finance revenue declined in some segments due to higher funding costs and lower syndication fees. Overall, managed assets grew 17% year-over-year driven by origination volume and acquisitions.
- CIT reported third quarter results with diluted EPS of $1.44, up from $1.02 the prior year, on record new business volume of $11 billion, up 40% from last year.
- Earnings improved due to increased loan and lease origination volume, asset growth, and higher other revenue including syndication fees, partially offset by lower margins and higher expenses.
- Excluding noteworthy one-time items, total net revenue was up 19% from last year and EPS was up 17% from the prior year.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. The loss was due to a $465.5 million charge related to home lending receivables. Excluding home lending, commercial businesses performed well with strong asset growth, revenues, and stable credit quality. CIT advanced its home lending liquidation strategy by selling $875 million in non-performing loans and raising $10 billion in asset-backed financing. Commercial businesses continued to perform well, with solid origination volumes, revenues, and stable credit quality across segments.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
- Merrill Lynch reported second quarter net earnings of $1.1 billion, up 10% from the second quarter of 2003. Earnings per share were $1.06.
- Global Private Client and Merrill Lynch Investment Managers saw increased earnings, while Global Markets and Investment Banking saw lower earnings.
- For the first half of the year, net earnings were $2.3 billion, up 44% from the first half of 2003, driven by revenue growth of 13% and improved profit margins.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing debt, growing deposits, and limiting asset growth. Credit reserves were increased due to weakening economic conditions and higher non-performing assets, while operating expenses were reduced.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group reported financial results for the third quarter of 2005 with improvements across key metrics. Earnings per share were up 23% from the prior year due to higher margins, new business volume growth of 34%, and lower net charge-offs. Return on tangible common equity rose to 17%. However, results included gains and losses from various portfolio activities and hurricane provisions. Overall, the company exceeded targets and expects continued momentum.
- CIT reported record quarterly and annual results for Q4 2006 and full year 2006, with EPS growth of 16% and 15% respectively excluding noteworthy items.
- Key drivers were strong loan and lease origination volume of $11.6 billion in Q4 2006, up 20% from prior year, leading to higher other revenue from gains on receivable sales and syndications.
- Credit quality remained solid across segments despite some increases in consumer metrics, and full year net charge-offs declined.
- Expenses increased due to investments in sales force and origination platforms, but efficiency ratio improved slightly.
- As a result, CIT increased 2007 EPS guidance to $5.40
- CIT Group reported second quarter results with diluted EPS of $1.16, up 14% year-over-year excluding one-time gains. Revenue grew 11% to a record $10 billion in new business volume. Managed assets increased 17% to $68 billion.
- Earnings grew due to strong origination volume and asset growth, increased other revenue, and low net charge-offs, partially offset by higher funding costs and expenses related to growth initiatives.
- All five operating groups experienced double-digit increases in sales force productivity and new business originations, positioning CIT well for the second half of the year.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
Morgan Stanley reported third quarter results, with net income of $144 million, down 83% from the previous year. Net revenue was $6.9 billion, the highest since 2000, driven by record revenues in institutional securities. Income from continuing operations was up 36% to $1.166 billion year-over-year. The results were impacted by $1 billion in discontinued operations charges and $178 million in compensation charges related to management changes.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. This was due to a $465.5 million lower of cost or market charge related to home lending. Excluding home lending, most commercial businesses performed well with strong asset growth, stable credit quality, and moderating expenses. However, net finance revenue declined in some segments due to higher funding costs and lower syndication fees. Overall, managed assets grew 17% year-over-year driven by origination volume and acquisitions.
Morgan Stanley reported record first quarter results for 2006, with net revenues of $8.5 billion, up 24% from the previous year. Net income was $1.6 billion, a 17% increase, while diluted earnings per share were $1.54. All of Morgan Stanley's major business segments achieved record or near-record results, including Institutional Securities which saw a 36% rise in net revenues. The company directed additional resources to areas seeing major growth like emerging markets and leveraged finance. Morgan Stanley also continued international expansion and reorganized some business divisions to drive better performance.
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
CIT Group reported second quarter earnings of $48.1 million, down from $352.1 million in the prior year quarter. They completed the sale of their home lending business, recording a $2.1 billion loss. Credit reserves were increased and capital ratios remained strong despite challenging market conditions. Progress was made on strategic capital and liquidity initiatives including raising $1.6 billion in capital and reducing commercial finance assets by $3 billion through asset sales. While earnings declined, the company strengthened its balance sheet by selling assets and raising capital.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, compared to income of $208.5 million in Q3 2007, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing funding facilities, issuing deposits, and limiting asset growth. Credit costs increased as charge-offs rose and reserves were built up due to weakening economic conditions.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
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.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Vadhavan Port Development _ What to Expect In and Beyond (1).pdfjohnson100mee
The Vadhavan Port Development is poised to be one of the most significant infrastructure projects in India's maritime history. This deep-sea port, located in Maharashtra, promises to transform the region's economic landscape, bolster India's trade capabilities, and generate a plethora of employment opportunities. In this blog, we will delve into the various facets of the Vadhavan Port Development: what to expect in and beyond its completion, and how it stands to influence the future of India's maritime and economic sectors.
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.
1. CIT ANNOUNCES STRONG FIRST QUARTER DILUTED EPS OF $0.98
• Diluted EPS up 29% from prior year (excluding 2004 debt redemption gain)
• Return on tangible equity exceeds 15%
• Managed assets up $8.7 billion, new business volume up 9% from prior year
• Expense reduction of $17 million from prior quarter
• Credit quality remains strong
• EPS growth target raised to 20%
NEW YORK, April 20, 2005 – CIT Group Inc. (NYSE: CIT) today reported net income of
$210.4 million for the first quarter, an increase from $189.3 million last year. Diluted earnings per share
were $0.98 for the quarter, up from $0.88 last year. Return on average tangible equity (“ROTE”) for the
quarter was 15.3% compared to 15.1% last year. The prior year earnings included a $25.5 million after
tax gain on early debt redemption. Excluding this gain, the prior year diluted EPS and return on average
tangible equity were $0.76 and 13.1%.
The current quarter results were marked by lower charge-offs, strong non-spread revenues and a
lower effective tax rate.
Commenting on the Company’s performance, Jeffrey M. Peek, Chairman and Chief Executive
Officer, said: “We’re off to a solid start in 2005 as evidenced by the significant progress made against
our key performance metrics. Revenue growth was broad based, credit quality continued to improve, and
new business volume and asset growth were up, despite the seasonality of the first quarter.
“Our sales and business development initiatives accelerated and we continued to execute on the
fundamentals of our business. By actively managing our portfolio, we realized tax savings that allowed
us to retain a greater portion of income earned. Further, we increased the dividend payout for our
shareholders and continue to generate sufficient capital to support business growth. Finally, we added
depth and talent to our leadership team.
“In all, I am pleased to report that our discipline and experience continues to deliver results in
today’s extremely liquid market. As a result of the strength in the business and the structural reduction in
our tax rate, our earnings per share growth target has increased to 20% for 2005.”
1
2. Financial Highlights:
Portfolio and Managed Assets
• Managed assets were $58.8 billion at March 31, 2005, up 10.0% and 17.4% from last quarter and
last year. The increase for the quarter is highlighted by the acquisition of Education Lending
Group (“EDLG”), with over $4 billion in receivables, the acquisition of over $850 million of
factoring receivables and continued growth in the home lending program. Partially offsetting the
increases were the continued liquidation of non-strategic assets and securitized receivable runoff
of approximately $600 million. Excluding EDLG, managed assets increased 1.7% for the quarter
and 8.5% over last year.
• Liquidating portfolios declined $321 million during the quarter to $287 million primarily
reflecting the sale of manufactured housing assets; venture capital investments declined $79
million to $102 million on the sale of investments.
• Total financing and leasing portfolio assets grew to $51.1 billion at March 31, 2005, up 13.1%
and 24.5% (3.3% and 13.7% excluding EDLG) from last quarter and last year.
• Origination volume for the quarter, excluding factoring volume, increased 9.3% (to $5.7 billion)
from the prior year. Volume for the quarter remained strong due to aerospace deliveries in
Capital Finance, as well as home lending in Specialty Finance and asset-based lending in the
Business Credit unit. Education lending volume was $171 million for the period of ownership,
approximately half the quarter.
Net Finance and Risk-Adjusted Margin
• Net finance margin was 3.54% as a percentage of average earning assets (3.67% excluding
EDLG) compared to 3.94% last year. Portfolio mix shift, enhanced liquidity, modest pressure
from rising short-term interest rates and market pricing contributed to the decline. In addition,
interest margin declined 12 basis points ($13.1 million) due to a one-time reduction in interest
previously accrued in a Specialty Finance vendor program. This amount related to third-party
servicing errors that began in 2003.
• Operating lease margins, at 5.83% of average operating leases, were up from 5.51% last year,
reflecting improved Capital Finance margins in both aerospace and rail.
• Risk-adjusted margin (net finance margin after provision for credit losses) was 3.13% (3.24%
excluding EDLG), up 12 basis points from the prior year quarter, benefiting from lower charge-
offs.
• This quarter, we reclassified aerospace and rail maintenance costs from operating expense to
lease margin to align our public reporting with our internal business analysis. The impact was a
reduction to margin of $11.7 million (0.11%) and $7.3 million (0.08%) for 2005 and 2004. Prior
period balances were restated to conform to current presentation.
Credit Quality
• Net charge-offs for the quarter were 0.52% of average finance receivables (0.55% excluding
EDLG) compared to 1.26% last year and 0.52% last quarter, with the year-over-year
improvement most notable in the Equipment Finance segment. In addition, the prior-year period
included $26.0 million (0.28%) in charge-offs relating to the telecommunications and liquidating
2
3. portfolios. There were no telecommunications charge-offs during the current quarter or the fourth
quarter of 2004. Recoveries for the current and prior year quarters were 0.17% and 0.13%
compared to 0.30% last quarter.
• Total 60+ day owned delinquencies were $723 million or 1.76% of finance receivables ($611
million, 1.66% excluding EDLG) at March 31, 2005, compared to $608 million (1.73%) last
quarter and $609 million (1.89%) last year. The improvement over last year is most notable in
Equipment Finance and the Business Credit unit, offset in part by higher delinquency in the
factoring operation.
• Non-performing assets (non-accrual loans plus repossessed assets) were $528 million or 1.28% of
finance receivables ($528 million or 1.43% excluding EDLG), compared to $540 million (1.54%)
last quarter and $667 million (2.07%) last year.
• The reserve for credit losses was $620.4 million (1.51% of finance receivables), compared to
$617.2 million (1.76%) at December 31, 2004, and $636.7 million (1.98%) at March 31, 2004.
The decline in the percentage during the quarter reflects the impact of the EDLG acquisition.
Other Revenue
• Other revenue totaled $239.4 million for the 2005 quarter ($238.6 million excluding EDLG), up
from $230.4 million for the prior year.
• Fees and other income totaled $150.2 million up from $126.7 million last year on strength in
Specialty Finance - commercial and in the Business Credit unit, partially offset by lower
servicing fees and lower income from securitization retained interests, reflecting the lower level
of securitized assets.
• Securitization gains declined to $11.8 million, 3.5% of pretax income for the 2005 quarter, from
$21.4 million, 6.9% in the prior year. Securitization gains as a percentage of volume securitized
declined from the prior year due to tighter spreads on assets sold.
Salaries and General Operating Expenses
• Total operating expenses were $261.0 million ($254.0 excluding EDLG), versus $271.6 million
last quarter and $240.0 million a year ago. The decrease from last quarter reflects lower legal and
professional fees as well as reduced travel and entertainment and other expenses. The increase
from last year reflected higher incentive-based compensation due to improved volumes, fees and
profitability, and higher salaries due to recent acquisitions.
• The efficiency ratio was 40.8% (40.1% excluding EDLG) compared to 42.3% last quarter,
excluding prior period losses relating to the accelerated liquidations of manufactured housing and
venture capital assets, and 40.4% last year.
• Employee headcount totaled approximately 6,130 versus 5,860 at December 31, 2004, and 5,795
at March 31, 2004. The increase from December was largely due to the EDLG acquisition.
Effective Tax Rate
• The 2005 earnings benefited from a reduction in the effective tax rate to 36.8% from 39.0%. The
reduction was due to increased profitability in our lower-taxed international operations and the
relocation of certain aerospace assets to Ireland, as the American Jobs Creation Act of 2004
provides favorable treatment for certain long-lived assets held offshore.
3
4. Capitalization and Leverage
• The ratio of tangible equity to managed assets at March 31, 2005 was 9.59%, compared to
10.72% at December 31, 2004, and 10.69% last year, reflecting acquisitions during the quarter.
• On April 18, 2005, our Board of Directors approved an expanded common stock repurchase
program for an additional 5 million shares. Shares will be repurchased in connection with our
employee stock purchase plans and general corporate purposes.
Profitability
• Return on average tangible equity was 15.3% and return on average equity was 13.6% for the
2005 quarter, compared to 15.1% and 13.8% for the prior year period (13.1% and 11.9%
excluding the benefit of the 2004 gain on debt redemption.)
• Return on average earning assets was 1.91% for the quarter compared to 2.05% last year (1.78%
excluding the benefit of the 2004 gain on debt redemption.)
• Return on average managed assets was 1.62% for the quarter compared to 1.64% last year (1.42%
excluding the 2004 gain on debt redemption.)
Specialty Finance Group
Specialty Finance - commercial
• Owned assets declined $250 million during the quarter, reflecting the sale of over $300 million in
manufactured housing assets. Managed assets increased 6% over the prior year, driven by 2004
acquisitions.
• Net income improved over the prior year quarter, as strong international, small business lending
and small / mid-ticket leasing profitability was mitigated by lower major vendor earnings.
Specialty Finance – consumer
• Excluding EDLG, managed assets grew 6.5% and 37.5% from last quarter and last year,
reflecting home lending growth.
• Home lending earnings doubled from the prior year reflecting the higher earning assets base and
reduced charge-offs.
• Educational lending was essentially break-even after costs of funding for the 45-day period of
ownership.
Commercial Finance Group
Commercial Finance - Business Credit (asset based lending) and Commercial Services (factoring)
• Assets increased in both units during the quarter. The Commercial Services growth of $980.8
million included the previously-mentioned factoring acquisition.
• Profitability improvement from the prior year was driven by Business Credit, reflecting higher
risk-adjusted margins and non-spread revenue. Factoring commission rates were down compared
to last year.
4
5. Equipment Finance
• New business volume was flat with the prior year and down from a strong prior quarter, which is
typical of business seasonality in this segment. Managed assets were essentially flat with year-end
excluding the transfer of the approximately $400 million sports and gaming portfolio to Business
Credit.
• Equipment Finance profitability improved from the prior year, reflecting strong improvement in
charge-offs.
Capital Finance
• Earnings improved from the prior year, benefiting from stronger operating lease margins in both
aerospace and rail and lower charge-offs. Aircraft utilization remains high with one commercial
aircraft off lease at March 31, 2005.
• Three new aircraft deliveries were funded during the quarter. Total remaining deliveries for 2005
are 15, of which 12 have been placed. Owned assets, while down $43 million from year-end on
syndication activity, increased 5.3% from the prior year.
Forward-Looking Information
Management updated its financial targets for 2005:
• EPS growth increased to 20% from the mid-teens
• ROTE increased to 16% from 15%
• Operating efficiency improved to 39% from 40% due to accounting reclassification of air and rail
maintenance expenses
• Risk-adjusted margin revised to 3.0% - 3.2% from 3.4% - 3.6% to reflect the impact of the EDLG
acquisition, the expense reclassification described above, and other factors
• Asset growth (including assets associated with the EDLG acquisition) increased to 16% - 18%
from 8% - 10%
5
6. Conference Call and Webcast:
We will discuss this quarter’s results, as well as ongoing strategy, on a conference call today at
11:00 am (EDT). Interested parties may access the conference call live today by dialing 877-558-5219
for U.S. and Canadian callers or 706-634-5438 for international callers, and reference “CIT earnings
call,” or at the following website: http://ir.cit.com. An audio replay of the call will be available beginning
shortly after the conclusion of the call until 11:59 pm (EDT) April 27, 2005, by dialing 800-642-1687 for
U.S. and Canadian callers or 706-645-9291 for international callers with the pass-code 3102269, or at the
following website: http://ir.cit.com.
About CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides
clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60
billion in assets under management and possesses the financial resources, industry expertise and product
knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company,
and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment
and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its
principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in
locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more
information, visit www.cit.com.
Forward-Looking Statements:
This release contains “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements (including statements regarding future
financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond
CIT’s control, which may cause actual results, performance, or achievements to differ materially from
anticipated results, performance, or achievements. All statements contained in this release that are not
clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,”
“estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements.
Economic, business, funding market, competitive and/or regulatory factors, among others, affecting CIT’s
businesses are examples of factors that could cause actual results to differ materially from those described
in the forward-looking statements. More detailed information about these factors are described in CIT’s
filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the
year ended December 31, 2004. CIT is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements, whether as a result of new information,
future events or otherwise. This release includes certain non-GAAP financial measures as defined under
SEC rules. As required by SEC rules, we have provided a reconciliation of those measures to the most
directly comparable GAAP measures, which is available with this release and on our website at
http://ir.cit.com.
###
For Information: Valerie L. Gerard – Senior Vice President - Investor Relations
(973) 422-3284
or
Chris Hardwick – Vice President – Director, External Communications
(973) 597-2095
6
7. CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED INCOME STATEMENTS
(dollars in millions, except per share data)
Quarters Ended
March 31, December 31, March 31,
2005 2004 2004
Finance income $ 1,022.0 $ 998.0 $ 896.9
Interest expense 394.2 346.7 298.0
Net finance income 627.8 651.3 598.9
Depreciation on operating lease equipment 237.6 243.5 235.8
Net finance margin 390.2 407.8 363.1
Provision for credit losses 45.3 2.7 85.6
Net finance margin after provision for credit losses 344.9 405.1 277.5
Other revenue 239.4 214.2 230.4
Gain (loss) on venture capital investments 10.8 (11.4) 0.7
Operating margin 595.1 607.9 508.6
Salaries and general operating expenses 261.0 271.6 240.0
Gain on redemption of debt - - 41.8
Income before provision for income taxes 334.1 336.3 310.4
Provision for income taxes (122.8) (131.6) (121.1)
Minority interest, after tax (0.9) (0.9) -
Net income $ 210.4 $ 203.8 $ 189.3
Earnings per share
Basic earnings per share $ 1.00 $ 0.97 $ 0.89
Diluted earnings per share $ 0.98 $ 0.95 $ 0.88
Number of shares - basic (thousands) 210,656 210,208 211,839
Number of shares - diluted (thousands) 215,090 214,860 215,809
Certain prior period balances have been reclassified to conform to current period presentation; equipment maintenance
related costs totaling $10.5 million and $7.3 million for the quarters ended December 31, 2004 and March 31, 2004,
have been reclassified to finance income and depreciation from operating expenses.
Other Revenue
Fees and other income $ 150.2 $ 115.6 $ 126.7
Factoring commissions 54.8 59.0 55.0
Gains on sales of leasing equipment 22.6 23.7 27.3
Gains on securitizations 11.8 15.9 21.4
Total other revenue $ 239.4 $ 214.2 $ 230.4
Fees and other income include: servicing fees, structuring and advisory fees, syndication fees and gains from other asset
and receivable sales.
7
8. CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
March 31, December 31,
2005 2004
ASSETS
Financing and leasing assets:
Finance receivables $ 41,182.5 $ 35,048.2
Reserve for credit losses (620.4) (617.2)
Net finance receivables 40,562.1 34,431.0
Operating lease equipment, net 8,313.1 8,290.9
Finance receivables held for sale 1,481.3 1,640.8
Cash and cash equivalents 1,638.1 2,210.2
Retained interests in securitizations and other investments 1,123.2 1,228.2
Goodwill and intangible assets, net 906.4 596.5
Other assets 2,756.8 2,713.7
Total Assets $ 56,781.0 $ 51,111.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt:
Commercial paper $ 3,963.0 $ 4,210.9
Variable-rate senior unsecured notes 11,473.1 11,545.0
Fixed-rate senior unsecured notes 22,197.0 21,715.1
Non-recourse, secured borrowings - education lending 4,638.9 -
Preferred capital securities 253.3 253.8
Total debt 42,525.3 37,724.8
Credit balances of factoring clients 4,269.8 3,847.3
Accrued liabilities and payables 3,619.1 3,443.7
Total Liabilities 50,414.2 45,015.8
Minority interest 48.8 40.4
Stockholders' Equity:
Common stock 2.1 2.1
Paid-in capital 10,654.5 10,674.3
Accumulated deficit (4,316.5) (4,499.1)
Accumulated other comprehensive income (loss) 31.2 (58.4)
Less: Treasury stock, at cost (53.3) (63.8)
Total Stockholders' Equity 6,318.0 6,055.1
Total Liabilities and Stockholders' Equity $ 56,781.0 $ 51,111.3
Other Assets
Investments in and receivables from non-consolidated subsidiaries $ 729.0 $ 719.5
Accrued interest and receivables from derivative counterparties 408.2 390.0
Deposits on commercial aerospace flight equipment 327.3 333.1
Direct and private fund equity investments 101.8 181.0
Prepaid expenses 97.2 105.3
Repossessed assets and off-lease equipment 84.4 98.9
Furniture and fixtures, miscellaneous receivables and other assets 1,008.9 885.9
$ 2,756.8 $ 2,713.7
8
9. CIT GROUP INC. AND SUBSIDIARIES
OWNED AND MANAGED ASSET COMPOSITION
(dollars in millions)
March 31, December 31, March 31,
2005 2004 2004
Specialty Finance Group
Specialty Finance - commercial Segment
Finance receivables $ 8,838.0 $ 8,805.7 $ 7,926.8
Operating lease equipment, net 1,030.9 1,078.7 919.1
Finance receivables held for sale 1,053.6 1,288.4 737.1
Owned assets 10,922.5 11,172.8 9,583.0
Finance receivables securitized and managed by CIT 3,870.2 4,165.5 4,362.6
Managed assets 14,792.7 15,338.3 13,945.6
Specialty Finance - consumer Segment
Finance receivables - home lending 5,423.5 4,896.8 3,140.4
Finance receivables - education lending 4,322.9 - -
Finance receivables - other 255.8 236.0 174.7
Finance receivables held for sale 335.9 241.7 150.0
Owned assets 10,338.1 5,374.5 3,465.1
Home lending finance receivables securitized and managed by CIT 1,131.5 1,228.7 1,651.9
Managed assets 11,469.6 6,603.2 5,117.0
Commercial Finance Group
Commercial Finance Segment
Commercial Services
Finance receivables 7,184.9 6,204.1 6,450.0
Business Credit
Finance receivables(1) 6,221.3 5,576.3 5,202.7
Owned assets 13,406.2 11,780.4 11,652.7
Equipment Finance Segment
Finance receivables(1) 6,105.1 6,373.1 6,367.0
Operating lease equipment, net 428.1 440.6 385.6
Finance receivables held for sale 91.8 110.7 119.1
Owned assets 6,625.0 6,924.4 6,871.7
Finance receivables securitized and managed by CIT 2,714.9 2,915.5 3,052.5
Managed assets 9,339.9 9,839.9 9,924.2
Capital Finance Segment
Finance receivables 2,831.0 2,956.2 2,925.8
Operating lease equipment, net 6,854.1 6,771.6 6,271.5
Owned assets 9,685.1 9,727.8 9,197.3
Other - Equity Investments 101.8 181.0 251.8
Total
Finance receivables $ 41,182.5 $ 35,048.2 $ 32,187.4
Operating lease equipment, net 8,313.1 8,290.9 7,576.2
Finance receivables held for sale 1,481.3 1,640.8 1,006.2
Financing and leasing assets excl. equity investments 50,976.9 44,979.9 40,769.8
Equity investments (included in other assets) 101.8 181.0 251.8
Owned assets 51,078.7 45,160.9 41,021.6
Finance receivables securitized and managed by CIT 7,716.6 8,309.7 9,067.0
Managed assets $ 58,795.3 $ 53,470.6 $ 50,088.6
(1) During the March 2005 quarter, approximately $400 million in sports and gaming assets were transferred from Equipment Finance to Business Credit.
Prior periods have not been restated.
9
10. CIT GROUP INC. AND SUBSIDIARIES
SEGMENT DATA
(dollars in millions)
Quarters Ended
March 31, December 31, March 31,
2005 2004 2004
Specialty Finance Group
Specialty Finance - commercial
Operating margin $ 213.0 $ 202.2 $ 195.7
Net income 74.9 64.5 68.8
Return on AEA 2.70% 2.26% 2.82%
Return on risk-adjusted capital 21.7% 18.7% 21.6%
New business volume $ 2,337.5 $ 2,529.2 $ 2,518.0
Specialty Finance - consumer
Operating margin $ 44.9 $ 36.8 $ 30.4
Net income 16.5 12.5 8.0
Return on AEA 0.85% 1.01% 1.10%
Return on risk-adjusted capital 12.9% 13.3% 11.5%
New business volume $ 1,362.5 $ 1,637.2 $ 1,057.9
Total Specialty Finance Group
Operating margin $ 257.9 $ 239.0 $ 226.1
Net income 91.4 77.0 76.8
Return on AEA 1.94% 1.89% 2.43%
Return on risk-adjusted capital 19.2% 17.5% 19.7%
New business volume $ 3,700.0 $ 4,166.4 $ 3,575.9
Commercial Finance Group
Commercial Finance (Commercial Services /
Business Credit)
Operating margin $ 167.0 $ 175.5 $ 153.6
Net income 73.6 78.7 66.6
Return on AEA 3.40% 3.74% 3.33%
Return on risk-adjusted capital 24.0% 25.1% 22.8%
New business volume $ 774.6 $ 658.1 $ 667.3
Equipment Finance
Operating margin $ 56.7 $ 65.9 $ 48.3
Net income 20.3 25.2 15.6
Return on AEA 1.23% 1.45% 0.91%
Return on risk-adjusted capital 8.7% 10.2% 6.3%
New business volume $ 988.0 $ 1,496.0 $ 922.1
Capital Finance
Operating margin $ 71.2 $ 69.0 $ 55.7
Net income 33.0 29.2 25.1
Return on AEA 1.35% 1.23% 1.11%
Return on risk-adjusted capital 9.6% 8.7% 7.8%
New business volume $ 334.1 $ 783.8 $ 162.6
Total Commercial Finance Group
Operating margin $ 294.9 $ 310.4 $ 257.6
Net income 126.9 133.1 107.3
Return on AEA 2.03% 2.14% 1.79%
Return on risk-adjusted capital 14.4% 14.9% 12.5%
New business volume $ 2,096.7 $ 2,937.9 $ 1,752.0
Corporate and Other
Operating margin $ 42.3 $ 58.5 $ 24.9
Net (loss) income (7.9) (6.3) 5.2
Return on AEA (0.08)% (0.07)% 0.04 %
Consolidated
Operating margin $ 595.1 $ 607.9 $ 508.6
Net income 210.4 203.8 189.3
Return on AEA 1.91% 1.97% 2.05%
Return on average tangible stockholders' equity 15.3% 15.2% 15.1%
New business volume $ 5,796.7 $ 7,104.3 $ 5,327.9
10
11. CIT GROUP INC. AND SUBSIDIARIES
CREDIT METRICS
(dollars in millions)
Quarters Ended
March 31, 2005 December 31, 2004 March 31, 2004
$ % $ % $ %
Net Credit Losses - Owned as a Percentage of Average Finance Receivables
Specialty Finance - commercial $ 19.4 0.87% $ 26.8 1.19% $ 28.5 1.43%
Specialty Finance - consumer 11.0 0.59% 10.6 0.90% 10.2 1.47%
Total Specialty Finance Group 30.4 0.74% 37.4 1.09% 38.7 1.44%
Commercial Finance (Commercial Services / Business Credit)(1) 11.4 0.37% 6.0 0.19% 26.4 0.91%
Equipment Finance(1) 6.9 0.46% 3.6 0.23% 26.3 1.67%
Capital Finance 0.4 0.06% (1.0) (0.14)% 7.9 1.16%
Total Commercial Finance Group 18.7 0.35% 8.6 0.16% 60.6 1.17%
Total $ 49.1 0.52% $ 46.0 0.52% $ 99.3 1.26%
Net Credit Losses - Managed as a Percentage of Average Managed Finance
Receivables
Specialty Finance - commercial $ 29.7 0.92% $ 37.0 1.14% $ 40.0 1.29%
Specialty Finance - consumer 16.5 0.76% 15.5 1.03% 14.7 1.29%
Total Specialty Finance Group 46.2 0.86% 52.5 1.11% 54.7 1.29%
Commercial Finance (Commercial Services / Business Credit) 11.4 0.37% 6.0 0.19% 26.4 0.91%
Equipment Finance 12.4 0.57% 11.2 0.48% 41.6 1.78%
Capital Finance 0.4 0.06% (1.0) (0.14)% 7.9 1.16%
Total Commercial Finance Group 24.2 0.41% 16.2 0.26% 75.9 1.28%
Total $ 70.4 0.62% $ 68.7 0.63% $ 130.6 1.29%
March 31, 2005 December 31, 2004 March 31, 2004
$ % $ % $ %
Finance Receivables Past Due 60 days or more - Owned as a Percentage of
Finance Receivables
Specialty Finance - commercial $ 278.5 3.15% $ 283.3 3.22% $ 247.2 3.12%
Specialty Finance - consumer 239.8 2.40% 116.4 2.27% 97.6 2.94%
Total Specialty Finance Group 518.3 2.75% 399.7 2.87% 344.8 3.07%
Commercial Finance (Commercial Services / Business Credit) 124.5 0.93% 124.7 1.06% 125.4 1.08%
Equipment Finance 52.9 0.87% 50.1 0.79% 113.8 1.79%
Capital Finance 27.4 0.97% 33.5 1.13% 25.4 0.87%
Total Commercial Finance Group 204.8 0.92% 208.3 0.99% 264.6 1.26%
Total $ 723.1 1.76% $ 608.0 1.73% $ 609.4 1.89%
Non-performing Assets - Owned as a Percentage of Finance Receivables
Specialty Finance - commercial $ 172.2 1.95% $ 165.9 1.88% $ 163.4 2.06%
Specialty Finance - consumer 125.0 1.25% 119.3 2.32% 104.8 3.16%
Total Specialty Finance Group 297.2 1.58% 285.2 2.05% 268.2 2.39%
Commercial Finance (Commercial Services / Business Credit) 110.0 0.82% 112.1 0.95% 143.3 1.23%
Equipment Finance 102.2 1.67% 131.2 2.06% 213.9 3.36%
Capital Finance 18.9 0.67% 11.1 0.38% 42.0 1.44%
Total Commercial Finance Group 231.1 1.03% 254.4 1.21% 399.2 1.91%
Total $ 528.3 1.28% $ 539.6 1.54% $ 667.4 2.07%
Finance Receivables Past Due 60 days or more - Managed as a Percentage of
Managed Financial Assets
Specialty Finance - commercial $ 371.0 2.70% $ 402.1 2.82% $ 371.8 2.85%
Specialty Finance - consumer 343.7 3.00% 227.8 3.45% 206.1 4.03%
Total Specialty Finance Group 714.7 2.83% 629.9 3.02% 577.9 3.19%
Commercial Finance (Commercial Services / Business Credit) 124.5 0.93% 124.7 1.06% 125.4 1.08%
Equipment Finance 81.6 0.92% 90.3 0.96% 199.1 2.09%
Capital Finance 27.4 0.97% 33.5 1.13% 25.4 0.87%
Total Commercial Finance Group 233.5 0.93% 248.5 1.03% 349.9 1.45%
Total $ 948.2 1.88% $ 878.4 1.95% $ 927.8 2.20%
(1) During the March 2005 quarter, approximately $400 million in sports and gaming assets were transferred from Equipment Finance to Business Credit. Prior period data
have not been restated.
11
12. CIT GROUP INC. AND SUBSIDIARIES
RATIOS AND OTHER DATA
(dollars in millions, except per share data)
Quarters Ended
March 31, December 31, March 31,
Profitability 2005 2004 2004
Net finance margin as a percentage of AEA(1) 3.54% 3.94% 3.94%
Net finance margin after provision as a percentage of AEA(1) 3.13% 3.92% 3.01%
Salaries and general operating expenses as a percentage of AMA 2.01% 2.20% 2.08%
Efficiency ratio(1) 40.8% 44.5% 40.4%
Return on average stockholders' equity 13.6% 13.7% 13.8%
Return on average tangible stockholders' equity 15.3% 15.2% 15.1%
Return on AMA 1.62% 1.65% 1.64%
See quot;Non-GAAP Disclosuresquot; for additional information regarding profitability ratio and metric comparisons.
Securitization Volume
Specialty Finance - Commercial $ 675.1 $ 1,256.6 $ 963.3
Equipment Finance 253.9 310.5 273.1
Total $ 929.0 $ 1,567.1 $ 1,236.4
Average Assets
Average Finance Receivables (AFR) $ 37,766.1 $ 35,438.2 $ 31,415.1
Average Earning Assets (AEA) 44,084.6 41,358.6 36,865.1
Average Managed Assets (AMA) 51,954.7 49,466.5 46,104.0
Average Operating Leases (AOL) 8,264.1 8,099.9 7,590.0
Average Stockholders' Equity 6,170.3 5,969.6 5,506.5
Average Tangible Stockholders' Equity 5,498.5 5,374.4 5,019.9
Note: These averages are based on an ending 4 month average.
March 31, December 31, March 31,
2005 2004 2004
Capital and Leverage
Tangible stockholders' equity to managed assets 9.59% 10.72% 10.69%
Debt (net of overnight deposits) to tangible stockholders' equity 7.32x 6.28x 6.15x
Tangible book value per share $25.54 $26.03 $24.07
Reserve for Credit Losses
Reserve for credit losses as a percentage of finance receivables 1.51% 1.76% 1.98%
Reserve for credit losses as a percentage of finance receivables past due 60 days or more 85.8% 101.5% 104.5%
Reserve for credit losses as a percentage of non-performing assets 117.4% 114.4% 95.4%
(1) Prior period ratios have been restated to reflect the movement of certain asset costs from general operating expenses to the margin. Net finance margin as a
percentage of AEA declined by 11 basis points (bp) and 8 bp for the quarters ended December 31 and March 31, 2004, respectively. Net finance margin after
provision as a percentage of AEA declined by 10 bp and 8 bp for the quarters ended December 31 and March 31, 2004, and the efficiency ratio improved by 9
bp and 7 bp, respectively. The amount reclassed for the quarters ended March 31, 2005, December 31, 2004 and March 31,2004 was $11.7 million, $10.5
million and $7.3 million, respectively.
12
13. CIT GROUP INC. AND SUBSIDIARIES
Aerospace Portfolio Data
(dollars in millions unless specified)
Total Aerospace Portfolio: March 31, December 31, March 31,
Financing and leasing assets 2005 2004 2004
Commercial $ 5,186.5 $ 5,125.6 $ 4,700.9
Regional $ 292.0 $ 302.6 $ 291.7
Number of planes:
Commercial 208 212 209
Regional 121 121 119
March 31, 2005 December 31, 2004 March 31, 2004
Commercial Aerospace Portfolio:
By Region: Net Investment Number Net Investment Number Net Investment Number
Europe $ 2,150.5 70 $ 2,160.0 72 $ 1,994.8 66
North America 1,114.6 62 1,057.7 66 1,001.7 72
Asia Pacific 1,257.1 48 1,242.4 46 1,040.8 40
Latin America 598.7 24 611.3 25 606.5 28
Africa / Middle East 65.6 4 54.2 3 57.1 3
Total $ 5,186.5 208 $ 5,125.6 212 $ 4,700.9 209
By Manufacturer:
Boeing $ 2,572.5 128 $ 2,558.8 133 $ 2,577.0 140
Airbus 2,559.2 71 2,536.9 70 2,104.8 57
Other 54.8 9 29.9 9 19.1 12
Total $ 5,186.5 208 $ 5,125.6 212 $ 4,700.9 209
By Body Type (1):
Narrow body $ 3,956.5 164 $ 3,894.9 168 $ 3,416.5 159
Intermediate 828.2 18 842.7 18 866.5 18
Wide body 347.0 17 358.1 17 398.8 20
Other 54.8 9 29.9 9 19.1 12
Total $ 5,186.5 208 $ 5,125.6 212 $ 4,700.9 209
By Product:
Operating lease $ 4,394.2 162 $ 4,324.6 167 $ 3,991.6 159
Leverage lease (other) 337.2 12 336.6 12 235.0 12
Leverage lease (tax optimized) 218.0 9 221.0 9 218.9 9
Capital lease 132.7 6 137.4 6 148.4 7
Loan 104.4 19 106.0 18 107.0 22
Total $ 5,186.5 208 $ 5,125.6 212 $ 4,700.9 209
Number of accounts 94 92 85
Weighted average age of fleet (years) 7 6 7
Largest customer net investment $ 284.5 $ 286.4 $ 266.6
New Aircraft Delivery Order Book (dollars in billions)
For the Years Ending December 31,
2004 (Remaining 2004) $ 0.7 17
2005 (Remaining 2005) $ 0.8 15 $ 0.9 18 0.9 18
2006 0.9 19 1.0 20 1.0 20
2007 0.3 7 0.3 5 0.3 5
Total $ 2.0 41 $ 2.2 43 $ 2.9 60
(1) Narrow body are single aisle design and consist primarily of Boeing 737 and 757 series and Airbus A320 series aircraft. Intermediate body are smaller twin aisle design and consist
primarily of Boeing 767 series and Airbus A330 series aircraft. Wide body are large twin aisle design and consist primarily of Boeing 747 and 777 series and McDonnell Douglas DC10
series aircraft.
13
14. CIT GROUP INC. AND SUBSIDIARIES
Non-GAAP Disclosures
(dollars in millions)
March 31, December 31, March 31,
2005 2004 2004
(1)
Managed assets :
Finance receivables $ 41,182.5 $ 35,048.2 $ 32,187.4
Operating lease equipment, net 8,313.1 8,290.9 7,576.2
Finance receivables held for sale 1,481.3 1,640.8 1,006.2
Equity and venture capital investments (included in other assets) 101.8 181.0 251.8
Total financing and leasing portfolio assets 51,078.7 45,160.9 41,021.6
Securitized assets 7,716.6 8,309.7 9,067.0
Managed assets $ 58,795.3 $ 53,470.6 $ 50,088.6
Earning assets (2):
Total financing and leasing portfolio assets $ 51,078.7 $ 45,160.9 $ 41,021.6
Credit balances of factoring clients (4,269.8) (3,847.3) (3,619.4)
Earning assets $ 46,808.9 $ 41,313.6 $ 37,402.2
Tangible equity (3):
Total equity $ 6,318.0 $ 6,055.1 $ 5,492.7
Other comprehensive (income) loss relating to derivative financial instruments (20.3) 27.1 102.9
Unrealized gain on securitization investments (7.7) (8.5) (11.3)
Goodwill and intangible assets (906.4) (596.5) (485.5)
Tangible common equity 5,383.6 5,477.2 5,098.8
Preferred capital securities 253.3 253.8 255.1
Tangible equity $ 5,636.9 $ 5,731.0 $ 5,353.9
Debt, net of overnight deposits (4):
Total debt $ 42,525.3 $ 37,724.8 $ 34,075.8
Overnight deposits (1,006.3) (1,507.3) (884.0)
Preferred capital securities (253.3) (253.8) (255.1)
Debt, net of overnight deposits $ 41,265.7 $ 35,963.7 $ 32,936.7
(5)
Earnings per share, excluding certain items
GAAP earnings per share $ 0.98 $ 0.95 $ 0.88
Loss on accelerated liquidations - manufactured housing - 0.04 -
(Gain)/loss on accelerated liquidations - venture capital investments (0.03) 0.04 -
Reduction of specific credit loss reserves - (0.12) -
Gain on debt redemption - - (0.12)
Adjusted earnings per share $ 0.95 $ 0.91 $ 0.76
Non-GAAP financial measures disclosed by management are meant to provide additional information and insight relative to trends in the business to
investors and, in certain cases, to present financial information as measured by rating agencies and other users of financial information. These measures
are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other
companies.
1) Managed assets are utilized in certain credit and expense ratios. Securitized assets are included in managed assets because CIT retains certain credit
risk and the servicing related to assets that are funded through securitizations.
2) Earning assets are utilized in certain revenue and earnings ratios. Earning assets are net of credit balances of factoring clients. This net amount,
which corresponds to amounts funded, is a basis for revenues earned.
3)Tangible equity is utilized in leverage ratios, and is consistent with certain rating agency measurements. Other comprehensive losses and unrealized
gains on securitization investments (both included in the separate component of equity) are excluded from the calculation, as these amounts are not
necessarily indicative of amounts which will be realized.
4) Debt, net of overnight deposits is utilized in certain leverage ratios. Overnight deposits are excluded from these calculations, as these amounts are
retained by the Company to repay debt. Overnight deposits are reflected in both debt and cash and cash equivalents.
5) The diluted EPS related to the items listed are shown separately, as the items are not indicative of our on-going operations.
14