Clear Channel Communications reported strong financial results for the second quarter of 2001. Net revenues increased 126% to $2.2 billion and EBITDA grew 63% to $611 million. After-tax cash flow rose 73% to $470 million. All business segments - Radio, Outdoor, and Entertainment - outperformed their respective industries and gained market share. The company provided guidance for Q3 of $2.17 billion in net revenue and $580 million in EBITDA.
Clear Channel reported first quarter 2002 revenues of $1.70 billion, a 4% increase over 2001. EBITDA was $370 million compared to $404 million in 2001. Free cash flow for the quarter was $191 million, a 2% increase over 2001. Radio revenues increased 3% to $783 million while radio EBITDA rose 3% to $304 million. Outdoor revenues declined 7.5% to $369 million and EBITDA fell 36% to $75 million. Entertainment revenues grew 18.6% to $476 million but EBITDA declined 10.6% to $15 million.
Clear Channel Communications reported financial results for the third quarter of 2002, with revenues increasing 2% to $2.34 billion and EBITDA rising 11% to $616 million. Free cash flow grew substantially, increasing 108% to $419 million. Radio revenues were up 11% and EBITDA increased 18%, while Outdoor revenues increased 12% but EBITDA declined 3%. Entertainment revenues declined 16% and EBITDA declined 18%. The company expects fourth quarter 2002 EBITDA to be in the range of $525-550 million, an increase of 10% for the full year compared to 2001.
Clear Channel Communications reported financial results for Q4 2006 and full year 2006. Revenue increased 11% to $1.94 billion in Q4 2006 and 7% to $7.07 billion for the full year. Income before discontinued operations grew 15% to $210.1 million in Q4 2006 and 688.8 million for the full year. OIBDAN increased 17% to $655.3 million in Q4 2006 and 11% to $2.28 billion for 2006. Radio revenues increased 6% to $3.7 billion for 2006 due to higher advertising rates. Outdoor revenues grew 9% to $2.9 billion for 2006 from increases in the Americas and International segments.
The Walt Disney Company reported financial results for its second quarter and first six months of fiscal year 2006. Key highlights include:
- EPS for the second quarter increased 19% and 16% for the six month period compared to the prior year.
- Segment operating income increased 7% for the quarter and 4% for the six month period driven by strong results at Media Networks.
- Free cash flow more than tripled for the six month period compared to the prior year, reaching $1.7 billion.
Clear Channel Communications reported financial results for the second quarter of 2002 with revenues of $2.17 billion, EBITDA of $627 million, and free cash flow of $365 million. Radio revenues increased 5% to $991 million and EBITDA increased 9% to $441 million. Outdoor revenues were $474 million and EBITDA was $145 million. Entertainment revenues declined 11% to $619 million and EBITDA declined 8% to $52 million. The company expects third quarter 2002 EBITDA to be between $570-585 million and full year EBITDA to be $2.05-$2.10 billion.
Clear Channel Communications reported increased revenues and earnings for both the fourth quarter and full year 2003. Fourth quarter revenues rose 4% to $2.29 billion and full year revenues grew 6% to $8.93 billion. Net earnings for the fourth quarter were $187 million and $1.15 billion for the full year, an increase of 58% over 2002. The company's strong performance was driven by growth across its radio, outdoor advertising, and entertainment divisions.
Clear Channel reported financial results for the first quarter of 2003, with revenues increasing 5% year-over-year to $1.78 billion. Net earnings were $71 million, a decrease from $90 million in the prior year. EBITDA increased slightly to $376 million. The company saw growth in its radio, outdoor, and other divisions, while entertainment revenues declined due to a lack of large tours. Clear Channel expects EBITDA to be slightly up or modestly down for the second quarter but grow in the mid to high single digits for the full year 2003.
- For fiscal year 2008, Disney reported EPS of $2.28, up slightly from $2.25 the prior year. Excluding certain items, EPS rose 18% to $2.27.
- Revenue increased 7% to $37.8 billion, with growth at Media Networks, Parks and Resorts, and Consumer Products.
- Segment operating income rose 8% to $8.5 billion, with double-digit increases at Media Networks and Parks and Resorts.
- However, Studio Entertainment operating income fell 9% on weaker home entertainment, and Broadcasting lost $150 million in the quarter.
Clear Channel reported first quarter 2002 revenues of $1.70 billion, a 4% increase over 2001. EBITDA was $370 million compared to $404 million in 2001. Free cash flow for the quarter was $191 million, a 2% increase over 2001. Radio revenues increased 3% to $783 million while radio EBITDA rose 3% to $304 million. Outdoor revenues declined 7.5% to $369 million and EBITDA fell 36% to $75 million. Entertainment revenues grew 18.6% to $476 million but EBITDA declined 10.6% to $15 million.
Clear Channel Communications reported financial results for the third quarter of 2002, with revenues increasing 2% to $2.34 billion and EBITDA rising 11% to $616 million. Free cash flow grew substantially, increasing 108% to $419 million. Radio revenues were up 11% and EBITDA increased 18%, while Outdoor revenues increased 12% but EBITDA declined 3%. Entertainment revenues declined 16% and EBITDA declined 18%. The company expects fourth quarter 2002 EBITDA to be in the range of $525-550 million, an increase of 10% for the full year compared to 2001.
Clear Channel Communications reported financial results for Q4 2006 and full year 2006. Revenue increased 11% to $1.94 billion in Q4 2006 and 7% to $7.07 billion for the full year. Income before discontinued operations grew 15% to $210.1 million in Q4 2006 and 688.8 million for the full year. OIBDAN increased 17% to $655.3 million in Q4 2006 and 11% to $2.28 billion for 2006. Radio revenues increased 6% to $3.7 billion for 2006 due to higher advertising rates. Outdoor revenues grew 9% to $2.9 billion for 2006 from increases in the Americas and International segments.
The Walt Disney Company reported financial results for its second quarter and first six months of fiscal year 2006. Key highlights include:
- EPS for the second quarter increased 19% and 16% for the six month period compared to the prior year.
- Segment operating income increased 7% for the quarter and 4% for the six month period driven by strong results at Media Networks.
- Free cash flow more than tripled for the six month period compared to the prior year, reaching $1.7 billion.
Clear Channel Communications reported financial results for the second quarter of 2002 with revenues of $2.17 billion, EBITDA of $627 million, and free cash flow of $365 million. Radio revenues increased 5% to $991 million and EBITDA increased 9% to $441 million. Outdoor revenues were $474 million and EBITDA was $145 million. Entertainment revenues declined 11% to $619 million and EBITDA declined 8% to $52 million. The company expects third quarter 2002 EBITDA to be between $570-585 million and full year EBITDA to be $2.05-$2.10 billion.
Clear Channel Communications reported increased revenues and earnings for both the fourth quarter and full year 2003. Fourth quarter revenues rose 4% to $2.29 billion and full year revenues grew 6% to $8.93 billion. Net earnings for the fourth quarter were $187 million and $1.15 billion for the full year, an increase of 58% over 2002. The company's strong performance was driven by growth across its radio, outdoor advertising, and entertainment divisions.
Clear Channel reported financial results for the first quarter of 2003, with revenues increasing 5% year-over-year to $1.78 billion. Net earnings were $71 million, a decrease from $90 million in the prior year. EBITDA increased slightly to $376 million. The company saw growth in its radio, outdoor, and other divisions, while entertainment revenues declined due to a lack of large tours. Clear Channel expects EBITDA to be slightly up or modestly down for the second quarter but grow in the mid to high single digits for the full year 2003.
- For fiscal year 2008, Disney reported EPS of $2.28, up slightly from $2.25 the prior year. Excluding certain items, EPS rose 18% to $2.27.
- Revenue increased 7% to $37.8 billion, with growth at Media Networks, Parks and Resorts, and Consumer Products.
- Segment operating income rose 8% to $8.5 billion, with double-digit increases at Media Networks and Parks and Resorts.
- However, Studio Entertainment operating income fell 9% on weaker home entertainment, and Broadcasting lost $150 million in the quarter.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
CBS Corporation reported its second quarter 2006 results, with the following key highlights:
- Net earnings from continuing operations were up 29% to $490 million compared to the same period last year, and earnings per share were up 36% to $0.64.
- Free cash flow increased 2% to $546.2 million.
- CBS Outdoor continued its strong growth with operating income up 32%.
- The company is on track to deliver low single-digit revenue growth and mid single-digit growth in operating income and earnings per share for 2006.
The Walt Disney Company reported record earnings for fiscal year 2006, with diluted earnings per share growing 34% over the prior year. All of Disney's operating segments experienced revenue and profit growth. For the full year, revenue increased 7% to $34.3 billion while segment operating income rose 26% and net income grew 33%. Disney's results reflected strong performance across its business segments, including Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
- News Corporation reported a 22% increase in operating income and a 54% increase in net profit before other items for the third quarter of fiscal year 2004 compared to the same period the previous year.
- Nearly all of the Company's operating segments experienced double-digit earnings growth, including cable network programming, newspapers, television, and book publishing.
- The Company completed the sale of the Los Angeles Dodgers franchise and real estate assets during the quarter for $421 million.
Press Release 4 Q99 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its fourth quarter and year-end 1999 results. Key highlights include:
1) Net customer additions of 574,000 in 1999, bringing the total customer base to 1.18 million.
2) Quarterly revenue increased 72.5% year-over-year to R$212.4 million due to an increase in customers and handset sales.
3) For the full year, revenue increased 44% to R$674.9 million while gross profit increased 1.4% to R$284.5 million.
4) The company realized a net loss in the fourth quarter but net income of R$9
News Corporation reported operating income of $760 million for the second quarter of fiscal year 2004, an increase of 4% over the previous year. Revenues increased 19% to $5.6 billion due to double-digit growth in cable network programming, newspaper, and book publishing segments. Net profit increased 51% to $361 million compared to the same period last year. The company saw strong performance across most business segments, with particular growth in cable networks, newspapers in the UK and Australia, and book sales. The acquisition of an interest in Hughes Electronics, including DirecTV, was also completed during the quarter.
Clear Channel Communications reported financial results for the second quarter of 2007, with revenue increasing 5% to $1.8 billion compared to the second quarter of 2006. Operating expenses grew 6% to $1.1 billion, and income before discontinued operations increased 21% to $208.7 million. By division, radio revenues grew 1% to $918 million while outdoor advertising revenues increased 12% to $837 million. The company also provided an outlook for the third quarter and full year 2007, with radio revenues pacing down 1.5% and 0.2% respectively, while outdoor revenues were pacing up 10.6% for Q3 and 7.2% for the full year.
Clear Channel Communications reported financial results for the second quarter of 2003. Revenue increased 6.6% to $2.32 billion compared to the second quarter of 2002. Net earnings were $251.3 million, or $0.41 per diluted share, up slightly from the previous year. Excluding one-time gains, earnings per share were flat year-over-year. Cash flow from operating activities for the first six months of 2003 was $943.7 million, and free cash flow increased 21.4% for the second quarter compared to the previous year. Radio revenue declined 2.1% on a reported basis due to weakness in local and national advertising, while outdoor advertising revenue grew due to acquisitions and currency
The Walt Disney Company reported higher first quarter earnings for fiscal year 2007 compared to the previous year. Earnings per share increased to $0.79 from $0.37 the prior year, driven by record results at Studio Entertainment and strong performance at Media Networks. Revenue grew 10% to $9.7 billion. Segment operating income increased 45% to nearly $2 billion. The results were positively impacted by gains totaling $1.1 billion from the sales of equity investments in E! Entertainment and Us Weekly. Excluding these items, earnings per share still increased 43% compared to the prior year.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
CC Media Holdings reported financial results for Q4 and full year 2008. Q4 revenue was $1.6 billion, down 14% year-over-year, and full year revenue was $6.7 billion, down 3%. Operating expenses grew 3% in Q4 and 5% for the full year. The company reported a large net loss of $4.99 billion in Q4 and $4.6 billion for the full year, primarily due to a $5.3 billion impairment charge. OIBDAN (operating income before depreciation and amortization) declined 50% in Q4 to $309 million and 21% for the full year to $1.8 billion. The company also announced
- Clear Channel reported a 7% increase in revenue to $2.5 billion for Q2 2004 compared to Q2 2003. Net income increased slightly to $253.8 million.
- Revenue increased across all divisions, with the largest growth in outdoor advertising which saw a 12% rise in revenue.
- The company repurchased $934 million of its common shares, increased its dividend by 25%, and secured a new $1.75 billion credit facility, leaving it well positioned financially.
- Clear Channel expects operating income to increase in the low double digits and earnings per share to rise in the high teens to low twenties for the full year 2004.
The Walt Disney Company reported sharply higher earnings for the first quarter of fiscal year 2004, ended December 31, 2003. Earnings per share increased to $0.33 from $0.05 in the prior year quarter, driven by growth across all business segments. Revenues increased 19% to $8.5 billion due to strong performance of home entertainment releases from Studios and higher affiliate fees and advertising at Media Networks. The company expects continued earnings growth of over 30% for fiscal year 2004.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
Press Release 1 Q01 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its first quarter 2001 results. It had a market share of 65.5% and EBITDA margin of 39.2%. Key highlights included the addition of 134,498 new clients, total clients reaching 1,556,619, and a reduction in bad debt expenses of 47.1% compared to the previous quarter. Consolidated net income was R$10.1 million, lower than the previous quarter due to lower revenue from reduced traffic volumes and handset sales.
Clear Channel Communications reported financial results for Q4 and full year 2005. Q4 revenue declined 1% to $1.76B while full year revenue was flat at $6.61B. Net income for Q4 was $461.6M compared to a net loss of $4.67B in Q4 2004. For the full year, net income was $935.7M compared to a net loss of $4.04B in 2004. In Q4 2005, Clear Channel completed an IPO for 10% of its outdoor advertising segment and spun off its live entertainment segment. Radio revenues declined 6% for the year due to implementing a strategy reducing commercial minutes. Outdoor revenues increased 9% with strong growth internationally
Clear Channel Communications reported financial results for the second quarter of 2005, with total revenue decreasing 1% to $2.46 billion compared to the same period in 2004. Net income was $220.7 million, down from $253.8 million the previous year. Radio broadcasting revenue declined 7% due to reducing commercial minutes, though average rates increased. Outdoor advertising revenue rose 7% domestically and 4% internationally. Live entertainment revenue was flat as fewer domestic music events offset increases in other areas. The company also announced plans to restructure its France operations and increase its existing share repurchase program to $1 billion.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
CBS Corporation reported its second quarter 2006 results, with the following key highlights:
- Net earnings from continuing operations were up 29% to $490 million compared to the same period last year, and earnings per share were up 36% to $0.64.
- Free cash flow increased 2% to $546.2 million.
- CBS Outdoor continued its strong growth with operating income up 32%.
- The company is on track to deliver low single-digit revenue growth and mid single-digit growth in operating income and earnings per share for 2006.
The Walt Disney Company reported record earnings for fiscal year 2006, with diluted earnings per share growing 34% over the prior year. All of Disney's operating segments experienced revenue and profit growth. For the full year, revenue increased 7% to $34.3 billion while segment operating income rose 26% and net income grew 33%. Disney's results reflected strong performance across its business segments, including Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
- News Corporation reported a 22% increase in operating income and a 54% increase in net profit before other items for the third quarter of fiscal year 2004 compared to the same period the previous year.
- Nearly all of the Company's operating segments experienced double-digit earnings growth, including cable network programming, newspapers, television, and book publishing.
- The Company completed the sale of the Los Angeles Dodgers franchise and real estate assets during the quarter for $421 million.
Press Release 4 Q99 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its fourth quarter and year-end 1999 results. Key highlights include:
1) Net customer additions of 574,000 in 1999, bringing the total customer base to 1.18 million.
2) Quarterly revenue increased 72.5% year-over-year to R$212.4 million due to an increase in customers and handset sales.
3) For the full year, revenue increased 44% to R$674.9 million while gross profit increased 1.4% to R$284.5 million.
4) The company realized a net loss in the fourth quarter but net income of R$9
News Corporation reported operating income of $760 million for the second quarter of fiscal year 2004, an increase of 4% over the previous year. Revenues increased 19% to $5.6 billion due to double-digit growth in cable network programming, newspaper, and book publishing segments. Net profit increased 51% to $361 million compared to the same period last year. The company saw strong performance across most business segments, with particular growth in cable networks, newspapers in the UK and Australia, and book sales. The acquisition of an interest in Hughes Electronics, including DirecTV, was also completed during the quarter.
Clear Channel Communications reported financial results for the second quarter of 2007, with revenue increasing 5% to $1.8 billion compared to the second quarter of 2006. Operating expenses grew 6% to $1.1 billion, and income before discontinued operations increased 21% to $208.7 million. By division, radio revenues grew 1% to $918 million while outdoor advertising revenues increased 12% to $837 million. The company also provided an outlook for the third quarter and full year 2007, with radio revenues pacing down 1.5% and 0.2% respectively, while outdoor revenues were pacing up 10.6% for Q3 and 7.2% for the full year.
Clear Channel Communications reported financial results for the second quarter of 2003. Revenue increased 6.6% to $2.32 billion compared to the second quarter of 2002. Net earnings were $251.3 million, or $0.41 per diluted share, up slightly from the previous year. Excluding one-time gains, earnings per share were flat year-over-year. Cash flow from operating activities for the first six months of 2003 was $943.7 million, and free cash flow increased 21.4% for the second quarter compared to the previous year. Radio revenue declined 2.1% on a reported basis due to weakness in local and national advertising, while outdoor advertising revenue grew due to acquisitions and currency
The Walt Disney Company reported higher first quarter earnings for fiscal year 2007 compared to the previous year. Earnings per share increased to $0.79 from $0.37 the prior year, driven by record results at Studio Entertainment and strong performance at Media Networks. Revenue grew 10% to $9.7 billion. Segment operating income increased 45% to nearly $2 billion. The results were positively impacted by gains totaling $1.1 billion from the sales of equity investments in E! Entertainment and Us Weekly. Excluding these items, earnings per share still increased 43% compared to the prior year.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
CC Media Holdings reported financial results for Q4 and full year 2008. Q4 revenue was $1.6 billion, down 14% year-over-year, and full year revenue was $6.7 billion, down 3%. Operating expenses grew 3% in Q4 and 5% for the full year. The company reported a large net loss of $4.99 billion in Q4 and $4.6 billion for the full year, primarily due to a $5.3 billion impairment charge. OIBDAN (operating income before depreciation and amortization) declined 50% in Q4 to $309 million and 21% for the full year to $1.8 billion. The company also announced
- Clear Channel reported a 7% increase in revenue to $2.5 billion for Q2 2004 compared to Q2 2003. Net income increased slightly to $253.8 million.
- Revenue increased across all divisions, with the largest growth in outdoor advertising which saw a 12% rise in revenue.
- The company repurchased $934 million of its common shares, increased its dividend by 25%, and secured a new $1.75 billion credit facility, leaving it well positioned financially.
- Clear Channel expects operating income to increase in the low double digits and earnings per share to rise in the high teens to low twenties for the full year 2004.
The Walt Disney Company reported sharply higher earnings for the first quarter of fiscal year 2004, ended December 31, 2003. Earnings per share increased to $0.33 from $0.05 in the prior year quarter, driven by growth across all business segments. Revenues increased 19% to $8.5 billion due to strong performance of home entertainment releases from Studios and higher affiliate fees and advertising at Media Networks. The company expects continued earnings growth of over 30% for fiscal year 2004.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
Press Release 1 Q01 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its first quarter 2001 results. It had a market share of 65.5% and EBITDA margin of 39.2%. Key highlights included the addition of 134,498 new clients, total clients reaching 1,556,619, and a reduction in bad debt expenses of 47.1% compared to the previous quarter. Consolidated net income was R$10.1 million, lower than the previous quarter due to lower revenue from reduced traffic volumes and handset sales.
Clear Channel Communications reported financial results for Q4 and full year 2005. Q4 revenue declined 1% to $1.76B while full year revenue was flat at $6.61B. Net income for Q4 was $461.6M compared to a net loss of $4.67B in Q4 2004. For the full year, net income was $935.7M compared to a net loss of $4.04B in 2004. In Q4 2005, Clear Channel completed an IPO for 10% of its outdoor advertising segment and spun off its live entertainment segment. Radio revenues declined 6% for the year due to implementing a strategy reducing commercial minutes. Outdoor revenues increased 9% with strong growth internationally
Clear Channel Communications reported financial results for the second quarter of 2005, with total revenue decreasing 1% to $2.46 billion compared to the same period in 2004. Net income was $220.7 million, down from $253.8 million the previous year. Radio broadcasting revenue declined 7% due to reducing commercial minutes, though average rates increased. Outdoor advertising revenue rose 7% domestically and 4% internationally. Live entertainment revenue was flat as fewer domestic music events offset increases in other areas. The company also announced plans to restructure its France operations and increase its existing share repurchase program to $1 billion.
Clear Channel Communications reported first quarter 2008 results, with revenues increasing 4% to $1.6 billion compared to the same period in 2007. Expenses also increased 8% to $1.1 billion, and income before discontinued operations increased 70% to $161.4 million. The company completed the sale of its television group for $1 billion and continued selling non-core radio stations, with 223 stations sold through March 31, 2008 and an additional 32 under definitive agreements. The proposed merger with a group led by Thomas H. Lee Partners and Bain Capital was delayed, with no estimated closing date given.
Clear Channel Communications reported a 7% increase in revenue to $1.9 billion for Q2 2006 compared to Q2 2005. Revenue grew across all segments led by 9% growth in outdoor advertising and 6% growth in radio. Income before discontinued operations decreased 7% to $197.5 million. However, OIBDAN increased 10% to $647.2 million. The company saw strong revenue growth in its top 25 radio markets and its Americas and international outdoor divisions. Capital expenditures totaled $91.6 million for Q2 2006, with $48.9 million spent on non-revenue producing assets.
Standard & Poor's lowered CC Media Holdings' corporate credit rating from B to CC due to Clear Channel Communications announcing tender offers to purchase some of its outstanding senior notes. Standard & Poor's also lowered the ratings on those senior notes but affirmed ratings on Clear Channel's other debt. It indicated it expects to raise the corporate credit rating back to B after the tender offers are completed. CC Media Holdings filed an 8-K report to disclose this credit rating change.
The document is Dillard's, Inc.'s 2006 annual report. It discusses Dillard's strong financial results in 2006, including record earnings per share. It attributes this success to changes made to improve its merchandise mix and appeal to customers seeking upscale, contemporary fashion. These changes included launching a new branding campaign called "Dillard's - The Style of Your Life" and focusing on presenting fashionable merchandise from recognized national brands. Going forward, Dillard's plans to open nine new stores in 2007 and continue strengthening customer relationships through an emphasis on fashion, quality, and value.
The Walt Disney Company reported record earnings for fiscal year 2007, with net income increasing
from $3.4 billion to $4.7 billion compared to the prior year. Earnings per share increased from $1.64
to $2.25. Segment operating income grew 23% led by strong growth at Media Networks and Studio
Entertainment. For the fourth quarter, EPS increased to $0.44 from $0.36 the prior year, with income
from continuing operations up 14% and segment operating income rising 14%.
The Walt Disney Company reported higher third quarter earnings for fiscal year 2007, with diluted EPS increasing 14% year-over-year. Higher earnings were driven by double-digit operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. For the nine-month period, EPS increased 44% over the prior year. Segment results were mixed, with operating income increases at Media Networks and Parks and Resorts, but a decrease at Studio Entertainment. Free cash flow for the nine months was flat at $2.8 billion year-over-year.
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
- Disney reported higher second quarter earnings per share of $0.44, up 19% from the prior year, and strong segment operating income growth across all business segments.
- For the six-month period, earnings per share increased to $1.24 from $0.74 the prior year, reflecting operating gains and asset sales.
- All business segments saw increases in operating income, led by the Media Networks segment from higher affiliate revenues at ESPN and growth at international Disney channels.
CC Media Holdings reported third quarter 2008 results. It was formed in 2007 by private equity firms to acquire Clear Channel Communications, which became its wholly owned subsidiary after the acquisition closed on July 30, 2008. CC Media Holdings reported $1.7 billion in third quarter revenue, a 4% decrease from the previous year. Operating expenses increased 5% to $1.2 billion due to factors including $30.6 million in non-cash compensation from equity awards that vested in the merger. The company reported a loss of $86.1 million before discontinued operations, compared to a $253.4 million profit in the previous year, with merger expenses contributing to the decline.
- Viacom reported record second quarter 2001 results, with EBITDA increasing nearly fourfold to $1.36 billion compared to $273 million in the second quarter of 2000.
- Pro forma EBITDA rose 12% to $1.36 billion on revenues of $5.71 billion, compared to EBITDA of $1.21 billion on revenues of $5.67 billion in the second quarter of 2000.
- Pro forma free cash flow per share for the second quarter of 2001 climbed 33% to $0.52 per diluted share, or $936 million, versus $0.39 per diluted share, or $706 million, in the second quarter of 2000.
The Walt Disney Company reported financial results for its first fiscal quarter ended December 29, 2007. Diluted earnings per share were $0.63 compared to $0.79 in the prior year quarter. Revenue increased 9% to $10.5 billion driven by growth across all business segments. Media Networks revenue grew 10% and segment operating income increased 28% due to increases at cable networks and broadcasting. Parks and Resorts revenue increased 11% and segment operating income grew 25% due to increases at domestic and international parks. The Company repurchased $1 billion of its shares in the quarter and had $292 million remaining under its repurchase authorization.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2005. For the fourth quarter, revenue declined 1% to $1.76 billion compared to the same period in 2004. For the full year, revenue remained flat at $6.61 billion compared to 2004. Notable events in 2005 included the successful IPO of Clear Channel Outdoor and spin-off of Live Nation. Clear Channel also returned over $1.4 billion to shareholders through share repurchases and dividends. Looking ahead, management is optimistic about growth opportunities across radio, outdoor, and television and intends to return an additional $1.6 billion to shareholders.
Clear Channel Communications reported financial results for the third quarter of 2003. Revenue increased 9% to $2.54 billion compared to 2002. Net earnings were $636.0 million, an increase from $212.5 million in 2002. EBITDA increased 7% to $657.8 million. Radio revenues were flat while outdoor advertising revenues increased 13% and entertainment revenues increased 19%. Free cash flow increased 14% to $475.6 million. The company stated it is well positioned for future growth.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
CBS Corporation reported strong financial results for the third quarter of 2006, with operating income up 4% to $646 million led by increases at the television and outdoor segments. Net earnings from continuing operations were up 26% to $324 million and earnings per share increased 27% to $0.42 per share. Free cash flow saw a significant increase of 65% to $432 million. While revenues were slightly down, solid profit increases in key business segments and lower interest expenses contributed to improved bottom line results.
Viacom reported record full year 2001 results with a 16% increase in revenues, 28% gain in EBITDA, and 80% increase in free cash flow. For the fourth quarter, pro forma EBITDA increased 15% in Cable Networks and 15% in Video. Viacom expects double-digit pro forma EBITDA growth for full year 2002 if economic conditions remain the same.
Viacom reported its third quarter 2001 results, with pro forma revenues of $5.7 billion and pro forma EBITDA of $1.3 billion. Four of its six operating segments saw revenue increases, led by 19% growth in cable networks and video. Pro forma free cash flow totaled $883 million, equal to 66% of EBITDA. While results were impacted by lower revenues and higher costs from 9/11 events, the company remains on track for a record year with free cash flow approaching $3 billion. Segment results were mixed, with cable networks, video and publishing seeing revenue and EBITDA gains, while television, infinity and entertainment declined from prior year.
Clear Channel Communications reported financial results for Q1 2008. Revenue increased 4% to $1.6 billion due to foreign exchange movements, while expenses rose 8% to $1.1 billion. Income before discontinued operations increased 70% to $161.4 million. The company sold its television group and 223 non-core radio stations. Radio revenues declined 4% to $769.6 million due to weakness in automotive, retail, and services advertising. Outdoor revenues rose 12% to $775.6 million due to international growth and new contracts, though expenses rose 18% due to site costs. The company provided Q2 and full year 2008 revenue pacing compared to prior years and expense outlooks by division.
This document summarizes Alltel Corporation's financial highlights and other information for the three months and twelve months ended December 31, 2006 and 2005. For the three months ended, revenues increased 14% to $2.1 billion while net income decreased 15% to $215.9 million. For the twelve months ended, revenues increased 20% to $7.9 billion while net income decreased 15% to $1.1 billion. Operating income increased 36% for the three months and 20% for the twelve months due to revenue growth and operating margin improvements.
Clear Channel Communications reported first quarter 2001 results with net revenues up 108% to $1.6 billion and EBITDA up 70% to $404 million compared to first quarter 2000. While most segments saw declines in revenue and operating cash flow due to difficult year-over-year comparisons, after-tax cash flow per share increased 2% to $0.52. The company withdrew full-year guidance due to uncertainty but forecasted a 1% increase in after-tax cash flow per share for the second quarter.
Clear Channel Communications reported financial results for the third quarter of 2006 with revenues increasing 7% to $1.8 billion compared to the third quarter of 2005. Income before discontinued operations rose 8% to $185.9 million. The company's OIBDAN increased 10% to $595.4 million. Radio broadcasting revenues were up 5% and outdoor advertising revenues increased 8%. The CEO commented that the company has healthy fundamentals and is capitalizing on its diverse portfolio of out-of-home media properties.
WRA worked on energy, water, and public lands issues in 2003. In energy, they promoted renewable energy standards and efficiency measures. They also worked to reduce emissions from coal plants and prevent new coal plant construction. In water, they advocated for urban water conservation and efficiency and protected rivers and habitats. In lands, they focused on responsible oil and gas development, protecting roadless areas, managing motorized recreation, and grazing reform.
The annual report summarizes the organization's activities and accomplishments in 2006. Some key points:
- The organization celebrated a major victory that protected water rights and flows for Colorado's Gunnison River.
- The organization opened a new office in Nevada and added staff in multiple states to advance its mission of protecting land, air, and water resources in the Interior West.
- Notable programs and advocacy efforts achieved successes in renewable energy development, limiting new coal-fired power plants, protecting public lands from oil/gas development, and responsible management of motorized recreation on public lands.
Western Resource Advocates' (WRA) 2007 annual report summarizes the organization's work over the past year to protect land, air, water, and ecosystems in the Western United States. The report highlights WRA's efforts to promote clean energy alternatives to coal power, encourage responsible motorized recreation on public lands, influence oil and gas development policies, and implement water conservation strategies in urban areas. Through advocacy, litigation, and partnerships with other groups, WRA achieved victories such as blocking new coal plants, protecting roads and lands from off-road vehicle damage, passing legislation to safeguard wildlife from drilling impacts, and influencing several municipalities to adopt water conservation measures. The report outlines WRA's goals and strategies across its key program
C.H. Robinson achieved strong success in 2007 despite economic challenges. The company grew gross profits 14.9% to $1.2 billion through its diverse business lines and relationships with customers and carriers. Its non-asset based model allowed it to efficiently manage costs. The company continued investing in its business by expanding its office network and adding employees. C.H. Robinson is well positioned for future growth given ongoing trends driving demand for third party logistics.
This document is C.H. Robinson Worldwide's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2007. It provides an overview of the company's business operations, including that it is a non-asset based third party logistics provider offering freight transportation and logistics services through a network of 218 offices worldwide. The report describes C.H. Robinson's main business lines of multimodal transportation services, fresh produce sourcing, and information services. It provides details on the types of transportation it arranges and its relationships with over 48,000 transportation providers.
This document is C.H. Robinson Worldwide's definitive proxy statement filed with the SEC on April 1, 2008 to provide shareholders information on matters to be voted on at the company's upcoming annual meeting on May 15, 2008. The proxy statement summarizes the purposes of the meeting as electing three directors, ratifying the selection of the independent auditors, and any other business properly brought before the meeting. It provides details on shareholder voting eligibility, the methods by which shareholders can vote including by mail, phone or internet, and the proposals to be voted on.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission. It summarizes KB Home's financial performance for the first quarter of fiscal year 2003, ending February 28, 2003. Key details include total revenues of $1.09 billion, net income of $52.8 million, basic earnings per share of $1.32, and cash dividends of $0.075 per share. The report includes financial statements and notes, as well as sections on management discussion/analysis, market risk, and controls/procedures.
There are three primary ways for individual investors to hold securities: direct registration system (DRS), physical paper certificates, and street-name registration through a brokerage account. Both DRS and street-name registration involve book-entry ownership with no physical certificate printed, while transactions are recorded electronically. Investors can choose to hold securities through different methods and change methods as desired, though brokers may charge fees. The DRS allows electronic transfer of book-entry shares between parties like brokers and issuers.
KBH was established as a public company in 1986 through an IPO of Kaufman and Broad Inc. (KBI). In 1989, the remaining portion of KBH was distributed to KBI shareholders, making KBH and KBI independent companies. KBI later merged with American International Group (AIG) in 1999. The document provides guidance on determining the tax basis for holdings in KBH and KBI/AIG following corporate restructurings and stock splits over the years. Questions regarding stock certificates or exchanges should be directed to AIG's transfer agent.
This document lists milestones from KB Home, a homebuilder, over the past 50+ years. Some key milestones include KB Home becoming the first national homebuilder on the New York Stock Exchange in 1969, building over 100,000 homes by 1977, establishing sustainability programs and receiving awards for energy efficient construction in the 2000s-2010s, and expanding nationwide through strategic acquisitions over the decades. The milestones show KB Home's growth from its founding to becoming one of the largest homebuilders in the United States.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended February 28, 2003. The 10-Q includes financial statements such as income statements, balance sheets, and cash flow statements for the quarter, as well as notes to the financial statements. It provides information on KB Home's revenues, expenses, assets, liabilities, cash flows, earnings per share, and reporting segments for its homebuilding and mortgage banking businesses.
This document is the Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended May 31, 2003. It includes the consolidated financial statements, notes to the financial statements, and management's discussion and analysis of the company's financial condition and results of operations for the quarter. Key details include total revenues of $2.5 billion for the six months ended May 31, 2003, net income of $134 million, and basic earnings per share of $3.36.
This document is the Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended May 31, 2003. The 10-Q provides KB Home's unaudited financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes. It summarizes KB Home's revenues, construction and land costs, expenses, operating income, interest income/expense, taxes, and earnings per share for the interim period.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. Key details include revenues of $3.98 billion for the nine months, net income of $232 million, basic EPS of $5.87, and total assets of $4.12 billion as of August 31, 2003.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. It discloses that for the quarter ended August 31, 2003, KB Home had total revenues of $1.44 billion, net income of $97.8 million, and basic earnings per share of $2.51.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements, notes to the financial statements, and other financial information. Specifically, it provides KB Home's consolidated statements of income and cash flows for the periods ended February 29, 2004 and February 28, 2003, and consolidated balance sheet as of February 29, 2004 and November 30, 2003. It also includes a discussion and analysis of the company's financial condition and results of operations for the periods.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements such as the consolidated statements of income and balance sheets, as well as notes to the financial statements and information on reportable segments. The filing provides shareholders and the public with financial information on KB Home's construction and mortgage banking operations for the quarterly period.
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Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
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1. Clear Channel Reports Second Quarter 2001
Results
1 Reported Net Revenues Increase 126% to $2.2 Billion
2 EBITDA of $611 Million, Up 63%
3 After Tax Cash Flow Increases 73%
San Antonio, Texas August 7, 2001 ….Clear Channel Communications, Inc. (NYSE:
CCU) today reported results for its second quarter ended June 30, 2001, posting net
revenues of $2.2 billion, an increase of 126% over the second quarter of 2000, and
EBITDA (defined as operating cash flow less corporate expenses) of $611 million, an
increase of 63% over the second quarter of 2000. Attributable EBITDA (defined as
EBITDA including nonconsolidated affiliates) for the quarter was $642 million, an increase
of 63% over the same period in 2000. After tax cash flow reported for the quarter was
$470 million, an increase of 73% over the second quarter of 2000. The Company’s after
tax cash flow per share, which is the benchmark that the Company uses to measure its
performance, was $0.75 compared to $0.73 for the second quarter of 2000, an increase
of 3%. After tax cash flow is defined as diluted net income before unusual and non-
recurring items plus non-cash items (including nonconsolidated affiliates). On a pro
forma basis, second quarter net revenues declined 1.5% to $2.20 billion from $2.23 billion
for the second quarter of 2000. EBITDA declined 13% to $615 million from $710 million
for the same period in 2000.
For the six months ending June 30, 2001, the Company posted net revenues of $3.81
billion, an increase of 118%, and EBITDA of $1.02 billion, an increase of 66% over the six
months ending June 30, 2000. After tax cash flow was $795 million or $1.26 per share,
an increase of 2% over last year’s $1.24 per share.
Commenting on the quarter, Lowry Mays, Chairman and Chief Executive Officer, stated,
“We are pleased with our results during, what continued to be, a difficult advertising
environment. Our results for the quarter were in line with our previous guidance and
reflect our commitment to our shareholders even during challenging economic times.
We continue to believe that we have developed an operating platform that will provide
strong results for years to come.”
Mark Mays, President and Chief Operating Officer of Clear Channel, said, “I am pleased
that each of our business segments outperformed their respective industries. Each of
our businesses gained market share and positioned themselves for continued strong
performance into the future. We continue to seek better, more innovative ways to serve
our customers that will enable Clear Channel to outperform the industries in which we
operate.”
Segment Operating Results
RADIO: For the second quarter of 2001, Clear Channel Radio increased revenues 96%
to $941 million and EBITDA to $405 million, an increase of 99%. During the second
quarter, Clear Channel Radio continued the already successful integration of AMFM, Inc.
Despite integrating the largest acquisition in the history of the radio industry, Clear
2. Channel Radio was able to perform 25% better than the industry as a whole. Excluding
Premiere Radio Networks, the Radio Segment showed a pro forma revenue decline of
6% versus the overall industry decline of 8%. Clear Channel Radio once again,
increased its market share during the quarter. The continued integration of AMFM,
coupled with strong ratings gains in a majority of its markets, positions the Radio division
to continue this positive performance trend for the foreseeable future.
OUTDOOR: Clear Channel Outdoor, the world leader in outdoor advertising, had a
number of important successes during the second quarter. Key outdoor advertising
contract wins across the globe solidified Clear Channel as the premier outdoor company
worldwide. In Asia, the Company won the world’s single largest street furniture contract
in Singapore, with estimated revenues over its fifteen-year term of $500 million.
Additionally, Clear Channel Outdoor won the contract to provide global outdoor
advertising for the Carrefour group, the second largest global retailer and largest
European retailer. During the second quarter, the Outdoor division posted an increase in
revenues of 4.5% on a reported basis, but showed a decline in pro forma revenues of
5.5% during the quarter. This was primarily attributable to tougher quarterly comparisons
and a less robust economic environment, especially in Europe, which represents a
significant portion of the Outdoor segment’s revenues.
ENTERTAINMENT: Clear Channel Entertainment was the fastest growing segment of the
Company posting pro forma revenue and cash flow growth of 12% and 11%,
respectively. Additionally, Clear Channel Entertainment was able to increase its first six
months music ticket sales by 12% versus a decline in the industry as reported by Pollstar
of approximately 12%, thus improving its market share. The continued integration and
synergy between Clear Channel Entertainment and Clear Channel Radio’s promotional
platform played a key role in that increase. The improvement in revenues, cash flow and
market share was achieved despite a reduction in the number of event nights during the
second quarter, but was buoyed by an increase in per show profitability at Company
owned venues.
Operating Results
(in $000s)
Below are the consolidated reported and pro forma results for the second quarter of 2001
versus 2000.
2nd Quarter
Net Revenue
Reported Pro forma (a)
2001 2000 % Change 2001 2000
% Change
Radio $940,831 $479,372 96.3% $940,831
$1,013,105 (7.1%)
Outdoor 461,451 441,421 4.5% 474,627
502,180 (5.5%)
Entertainment 697,255 - N/A 706,094
629,296 12.2%
Other 112,306 57,771 94.4% 108,066
3. 119,614 (9.7%)
Eliminations (32,582) (12,689) 156.8% (32,582)
(34,454) (5.4%)
Consolidated $2,179,261 $965,875 125.6% $2,197,036
$2,229,741 (1.5%)
2nd Quarter
EBITDA
Reported Pro forma (a)
2001 2000 % Change 2001
2000 % Change
Radio $404,525 $202,846 99.4% $404,525
$465,552 (13.1%)
Outdoor 167,242 182,336 (8.3%) 170,035
200,383 (15.1%)
Entertainment 55,920 - N/A 56,970
51,406 10.8%
Other 31,359 17,963 74.6% 31,189
48,789 (36.1%)
Corporate (47,611) (27,867) 70.9% (47,611)
(56,286) (15.4%)
Consolidated $611,435 $375,279 62.9% $615,108
$709,844 (13.3%)
(a) Includes all acquisitions in the prior period (2000) for the same time frame as actually owned in
the current period (2001). The 2001 pro forma includes an adjustment for foreign exchange to
present results in constant dollars. Divestitures are excluded from both 2000 and 2001.
4. 2000 Base Year Information
The following table provides full year 2000 pro forma revenues and EBITDA by business
segment. The pro forma includes acquisitions and excludes results from divestitures
made through June 30, 2001.
Fiscal Year 2000 - Pro Forma
(in $000s)
Net Revenue
1Q 2000 2Q 2000 3Q 2000 4Q 2000
FY 2000
Radio $824,896 $1,013,105 $924,970 $944,540
$3,707,511
Outdoor 406,781 502,180 461,032 503,797
1,873,790
Entertainment 452,098 629,296 792,614 471,813
2,345,821
Other 107,989 119,614 122,219 138,536
488,358
Eliminations (13,525) (34,454) (31,136) (32,518)
(111,633)
Pro Forma Consolidated $1,778,239 $2,229,741 $2,269,699 $2,026,168
$8,303,847
EBITDA
1Q 2000 2Q 2000 3Q 2000 4Q 2000
FY 2000
Radio $314,332 $465,552 $436,552 $446,799
$1,663,235
Outdoor 128,922 200,383 174,468 193,636
697,409
Entertainment 36,018 51,406 83,213 16,258
186,895
Other 33,613 48,789 38,596 50,516
171,514
Corporate Expense (53,263) (56,286) (62,158) (50,832)
(222,539)
Pro Forma Consolidated $459,622 $709,844 $670,671 $656,377
$2,496,514
Guidance
5. Included below is guidance for the third quarter of 2001. The guidance below may
constitute a “forward-looking statement.” Please see the disclosure at the end of this
release concerning “forward-looking statements.”
(In millions, except per share data)
Net revenue $2,170
EBITDA (1) $580
Attributable EBITDA (2) $600
Per Share Amounts Diluted:
Net loss $(0.37)
After tax cash flow (3) $0.73
(1) Operating cash flow less corporate expenses
(2) Operating cash flow less corporate expenses (including nonconsolidated affiliates)
(3) Diluted net income before unusual and non-recurring items plus non-cash items (including
nonconsolidated affiliates)
Conference Call
Our second quarter 2001 earnings conference call will be held today at 4:00 p.m. Central
Time. The dial-in number is 973-633-1010 and a pass code is not required. Please call
10 minutes prior to the beginning of the call to ensure that you are connected before the
start of the presentation. The teleconference will also be available via a live audio cast on
the Company’s website, located at http://www.clearchannel.com. A replay of the call will
be available for 72 hours after the conference call. The replay number is 973-341-3080,
pass code 2743907. The audio cast will also be archived on the Company’s website for
one week.
About Clear Channel Communications
Clear Channel Communications, Inc., headquartered in San Antonio, Texas, is a global
leader in the out-of-home advertising industry with radio and television stations, outdoor
advertising displays, and live entertainment venues in 63 countries around the world.
Including announced transactions, Clear Channel Radio operates approximately 1,213
radio stations in the United States and has equity interests in approximately 240 radio
stations internationally. Clear Channel Outdoor operates approximately 770,000 outdoor
advertising displays, including billboards, street furniture and transit panels across the
world. Clear Channel Entertainment is one of the world’s largest diversified promoters,
producers and presenters of live entertainment events and is a leading fully integrated
sports marketing and management company. Clear Channel also operates 19 television
stations in the United States and owns the largest media representation firm, Katz Media
Group.
For further information contact Randy Palmer, Vice President of Investor Relations, or
Sandra Franklin at (210) 822-2828 or visit our web-site at http://www.clearchannel.com.
6. Certain statements in this release constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. The words
or phrases “guidance,” “expect,” “anticipate,” “estimates” and “forecast” and similar words or
expressions are intended to identify such forward-looking statements. In addition, any statements
that refer to expectations or other characterizations of future events or circumstances are forward-
looking statements. Various risks that could cause future results to differ from those expressed by
the forward-looking statements included in this release include, but are not limited to: changes in
economic conditions in the U.S. and in other countries in which Clear Channel currently does
business (both general and relative to the advertising and entertainment industries); fluctuations in
interest rates; changes in industry conditions; changes in operating performance; shifts in
population and other demographics; changes in the level of competition for advertising dollars;
fluctuations in operating costs; technological changes and innovations; changes in labor conditions;
changes in governmental regulations and policies and actions of regulatory bodies; fluctuations in
exchange rates and currency values; changes in tax rates; changes in capital expenditure
requirements and access to capital markets. Other key risks are described in the Clear Channel
Communications’ reports filed with the U.S. Securities and Exchange Commission. Except as
otherwise stated in this news announcement, Clear Channel Communications does not undertake
any obligation to publicly update or revise any forward-looking statements because of new
information, future events or otherwise.
7. COMPARATIVE STATEMENTS OF OPERATIONS
Clear Channel Communications, Inc. and Subsidiaries
Unaudited
(In thousands of dollars, except per share data)
Three months ended Six months ended
June 30, June 30,
% %
2001 2000 Change 2001 2000 Change
Gross revenue $2,341,773 $1,078,642 117% $4,102,792 $1,950,017 110%
Net revenue $2,179,261 $965,875 126% $3,807,624 $1,748,414 118%
Operating expenses 1,520,215 562,729 2,699,283 1,082,690
Operating cash flow 659,046 403,146 63% 1,108,341 665,724 66%
Corporate expenses 47,611 27,867 92,682 52,445
EBITDA (1) 611,435 375,279 63% 1,015,659 613,279 66%
Non-cash compensation expense 8,456 - 12,350 -
Depreciation and amortization 644,850 228,687 1,258,601 448,741
Interest expense 137,539 69,911 293,939 125,460
Gain (loss) on sale of assets related to mergers (51,000) - (57,390) -
Gain (loss) on marketable securities 5,349 - 23,805 -
Equity in earnings of nonconsolidated affiliates 4,045 6,667 4,608 9,603
Other income (expense) - net (9,765) 1,226 (17,398) 1,624
Income (loss) before income taxes (230,781) 84,574 (595,606) 50,305
Income tax (expense) benefit (6,220) (53,339) 49,377 (58,472)
Net income (loss) ($237,001) $31,235 ($546,229) ($8,167)
Net Income (Loss) Per Common Share:
Basic ($0.40) $0.09 ($0.93) ($0.02)
Diluted ($0.40) $0.09 ($0.93) ($0.02)
After tax cash flow (2) $470,421 $271,808 73% $794,841 $464,033 71%
Attributable operating cash flow (3) $690,834 $422,178 64% $1,166,503 $697,730 67%
Attributable EBITDA (4) $642,455 $393,254 63% $1,072,001 $643,268 67%
After tax cash flow per common share (2) $0.75 $0.73 3% $1.26 $1.24 2%
Weighted Average Shares Outstanding - Diluted 629,152 374,627 628,410 374,844
(1) Defined as operating cash flow less corporate expenses.
(2) Defined as diluted net income before unusual and non-recurring items plus non-cash items (including nonconsolidated affiliates).
(3) Defined as operating cash flow (including nonconsolidated affiliates).
(4) Defined as operating cash flow less corporate expenses (including nonconsolidated affiliates).