The document discusses Duke Energy Corporation's forecasted ongoing earnings before interest and taxes (EBIT) for 2005 and beyond. It provides reconciliations of non-GAAP financial measures such as ongoing segment EBIT to the most comparable GAAP measures. For 2005, it reconciles forecasted ongoing basic earnings per share targets used for employee incentives to basic EPS under GAAP. It also reconciles cash flow items discussed in an earnings call to cash flow measures under GAAP.
Duke Energy DEC_3Q04_Earnings_Reg_G_Reconfinance21
Duke Energy Corporation reported financial results for the nine months ended September 30, 2004. Special items during this period resulted in a positive earnings per share impact of $0.08. These included gains from asset sales in the first quarter and settlements in the second quarter. The third quarter included a tax benefit and asset impairments. Excluding these special items and the impact of share count changes, ongoing EPS was $1.15 compared to reported EPS of $1.22. Segment EBIT was reported for various business units. Special item adjustments were made to reconcile reported segment EBIT to ongoing EBIT for the third quarter of 2004 and the year-to-date period.
The document provides financial information on special items that impacted earnings per share (EPS) for Duke Energy in the second quarter of 2004 and 2003, as well as the first quarter of 2004 and 2003. Some of the notable special items include an $130 million pre-tax Enron settlement that increased EPS by $0.09 in Q2 2004, and $229 million pre-tax gains on asset sales that increased EPS by $0.16 in Q2 2003. For the first half of 2004, special items have resulted in a $0.04 increase in EPS compared to a $0.01 decrease for the first half of 2003.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2005 compared to the same periods in 2004. Key points:
- Operating revenues and operating profit increased in the third quarter of 2005 but decreased for the first three quarters compared to the prior year.
- Net income decreased significantly for the third quarter but increased for the first three quarters of 2005 versus 2004.
- Earnings per share decreased substantially for the third quarter but increased for the first three quarters compared to the previous year.
The Tribune Company reported its fourth quarter and full year 2004 results. For the fourth quarter, operating revenues increased 1% to $1.48 billion while operating expenses rose 4.3% to $1.12 billion, decreasing operating profit by 7.9%. Net income declined 35.9% to $216.8 million due to lower non-operating gains. For the full year, operating revenues grew 2.4% to $6.1 billion but operating expenses increased 3.5%, reducing operating profit growth to 0.6%. Net income fell 26.5% to $849.4 million due to decreased non-operating gains.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2006 compared to the same periods in 2005. Some key highlights:
- Operating revenues and operating profit declined in the third quarter of 2006 compared to 2005, while operating expenses increased slightly.
- Non-operating items contributed significantly to net income in the third quarter of 2006, driven largely by gains from partnerships restructurings and asset sales.
- Income from continuing operations increased substantially, while income from discontinued operations (tv station sales) declined.
- Earnings per share increased for the third quarter and first three quarters of 2006 compared to 2005 periods.
Micron Technology, Inc. filed a Form 10-Q with the SEC for the quarterly period ended November 29, 2001. The filing includes Micron's consolidated statements of operations, balance sheets, and cash flows for the quarter, which show a net loss of $265.9 million compared to net income of $352.2 million in the prior year period. Revenues declined significantly to $423.9 million from $1,571.6 million. Micron also wrote down the value of inventory by $172.8 million and incurred restructuring charges of $10.7 million during the quarter. The 10-Q provides supplemental disclosures on receivables, inventory, property and equipment, and accounts payable
This document summarizes Tribune Company's fourth quarter and full year 2005 results. Key details include:
- Operating revenues decreased 4.7% in the fourth quarter and 2.3% for the full year compared to the previous year.
- Operating expenses increased 2.7% in the fourth quarter due to restructuring charges but decreased 1.3% for the full year.
- Net income decreased 38.0% in the fourth quarter and 3.8% for the full year from the previous year.
- Tribune Company reported lower operating revenues and profits for Q2 2006 compared to Q2 2005. Net income decreased 62.4% due to an expected loss from the sale of two television stations.
- Publishing revenues were down slightly but expenses increased, lowering operating cash flow and profit. Broadcasting revenues decreased for television but were flat overall.
- Income from continuing operations fell 29.1% while discontinued operations recorded a loss due to writing down assets of stations being sold. Earnings per share decreased across both continuing and discontinued operations.
Duke Energy DEC_3Q04_Earnings_Reg_G_Reconfinance21
Duke Energy Corporation reported financial results for the nine months ended September 30, 2004. Special items during this period resulted in a positive earnings per share impact of $0.08. These included gains from asset sales in the first quarter and settlements in the second quarter. The third quarter included a tax benefit and asset impairments. Excluding these special items and the impact of share count changes, ongoing EPS was $1.15 compared to reported EPS of $1.22. Segment EBIT was reported for various business units. Special item adjustments were made to reconcile reported segment EBIT to ongoing EBIT for the third quarter of 2004 and the year-to-date period.
The document provides financial information on special items that impacted earnings per share (EPS) for Duke Energy in the second quarter of 2004 and 2003, as well as the first quarter of 2004 and 2003. Some of the notable special items include an $130 million pre-tax Enron settlement that increased EPS by $0.09 in Q2 2004, and $229 million pre-tax gains on asset sales that increased EPS by $0.16 in Q2 2003. For the first half of 2004, special items have resulted in a $0.04 increase in EPS compared to a $0.01 decrease for the first half of 2003.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2005 compared to the same periods in 2004. Key points:
- Operating revenues and operating profit increased in the third quarter of 2005 but decreased for the first three quarters compared to the prior year.
- Net income decreased significantly for the third quarter but increased for the first three quarters of 2005 versus 2004.
- Earnings per share decreased substantially for the third quarter but increased for the first three quarters compared to the previous year.
The Tribune Company reported its fourth quarter and full year 2004 results. For the fourth quarter, operating revenues increased 1% to $1.48 billion while operating expenses rose 4.3% to $1.12 billion, decreasing operating profit by 7.9%. Net income declined 35.9% to $216.8 million due to lower non-operating gains. For the full year, operating revenues grew 2.4% to $6.1 billion but operating expenses increased 3.5%, reducing operating profit growth to 0.6%. Net income fell 26.5% to $849.4 million due to decreased non-operating gains.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2006 compared to the same periods in 2005. Some key highlights:
- Operating revenues and operating profit declined in the third quarter of 2006 compared to 2005, while operating expenses increased slightly.
- Non-operating items contributed significantly to net income in the third quarter of 2006, driven largely by gains from partnerships restructurings and asset sales.
- Income from continuing operations increased substantially, while income from discontinued operations (tv station sales) declined.
- Earnings per share increased for the third quarter and first three quarters of 2006 compared to 2005 periods.
Micron Technology, Inc. filed a Form 10-Q with the SEC for the quarterly period ended November 29, 2001. The filing includes Micron's consolidated statements of operations, balance sheets, and cash flows for the quarter, which show a net loss of $265.9 million compared to net income of $352.2 million in the prior year period. Revenues declined significantly to $423.9 million from $1,571.6 million. Micron also wrote down the value of inventory by $172.8 million and incurred restructuring charges of $10.7 million during the quarter. The 10-Q provides supplemental disclosures on receivables, inventory, property and equipment, and accounts payable
This document summarizes Tribune Company's fourth quarter and full year 2005 results. Key details include:
- Operating revenues decreased 4.7% in the fourth quarter and 2.3% for the full year compared to the previous year.
- Operating expenses increased 2.7% in the fourth quarter due to restructuring charges but decreased 1.3% for the full year.
- Net income decreased 38.0% in the fourth quarter and 3.8% for the full year from the previous year.
- Tribune Company reported lower operating revenues and profits for Q2 2006 compared to Q2 2005. Net income decreased 62.4% due to an expected loss from the sale of two television stations.
- Publishing revenues were down slightly but expenses increased, lowering operating cash flow and profit. Broadcasting revenues decreased for television but were flat overall.
- Income from continuing operations fell 29.1% while discontinued operations recorded a loss due to writing down assets of stations being sold. Earnings per share decreased across both continuing and discontinued operations.
This document provides a reconciliation of non-GAAP financial measures for Unum Group for various periods. It includes:
1) A reconciliation of after-tax operating income excluding various one-time charges to net income for the third quarters of 2006 and 2005.
2) An adjustment of operating income by segment for the third quarter of 2006 to exclude regulatory reassessment charges and broker compensation settlements.
3) Information on premium income, benefits and reserves, and adjusted benefit ratios for US Brokerage Group Income Protection.
4) Outlook ranges for after-tax operating income and net income for 2006, excluding various one-time charges.
The document summarizes Tribune Company's financial results for the second quarter and first half of 2004 compared to the same periods in 2003. Key highlights include:
- Operating revenues increased 3.2% in the second quarter and 3.2% in the first half. However, operating profit declined due to higher operating expenses.
- Publishing operating cash flow declined 22.1% in the quarter and 13.4% in the first half due to a 12.8% rise in cash operating expenses.
- Broadcasting/Entertainment operating cash flow rose 7.2% in the quarter and 7.5% in the first half, led by a 7.3% and 8.3% increase in television.
Duke Energy provided a reconciliation of reported earnings per share for Q2 and year-to-date 2003 and 2004. Various factors that impacted earnings are listed, including higher/lower sales, expenses, asset sales, commodity prices, and settlements. Excluding certain one-time items, ongoing earnings per share were $0.30 for Q2 2003 and $0.72 for 2003 total, compared to $0.42 for Q2 2004 and $0.76 for 2004 total.
Tribune Company reported financial results for the fourth quarter of 2006 with increases in operating revenues and income from continuing operations compared to the same period in 2005. Operating revenues grew 5.4% to $1.47 billion driven by increases in publishing and broadcasting revenues. Income from continuing operations increased 76.9% to $232.1 million due to higher operating profit and non-operating gains, partially offset by higher interest expense. Net income attributable to common shares grew 80.6% to $239.1 million. Earnings per share increased significantly for both basic and diluted amounts.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
FMC Technologies reported strong financial results in 2005, with total revenues reaching $3.2 billion, a 30% increase from 2001-2005. The company's subsea systems sales grew rapidly over this period, with annual growth rates of 30% or more. Energy production systems was FMC's largest segment in 2005, accounting for 57% of total revenues and $1.9 billion in sales. Overall, FMC Technologies experienced healthy growth across its business segments and was recognized for outstanding performance in the oil and gas industry.
Ryder System, Inc. and Subsidiaries reported financial results for the fourth quarter and full year 2005. Revenue for the quarter increased 13.3% to $1.54 billion compared to the same period in 2004. For the full year, revenue rose 11.5% to $5.74 billion. Net earnings for the quarter were $58.8 million compared to $62.6 million in 2004, while full year net earnings increased to $226.9 million from $215.6 million in the prior year. The company saw growth across its business segments, with the largest increases in supply chain solutions and fuel revenue.
Torchmark Corporation reported financial results for the first quarter of 2009. Net income was $0.91 per share, down from $1.29 per share in the prior year quarter due to realized losses on investments. However, net operating income, which excludes some non-operating items, was $1.49 per share, up 4% from $1.43 per share in the prior year. Life insurance premiums increased 2% while health insurance premiums excluding Medicare Part D decreased 11%. The investment portfolio contained $9.6 billion in fixed maturities at amortized cost and $2.2 billion in net unrealized losses.
Ryder System reported financial results for the first quarter of 2005 compared to the same period in 2004. Revenue increased 8.5% to $1.315 billion driven by growth in most business segments. Net earnings grew 18.4% to $41.5 million while earnings per share increased 20% to $0.64. The company saw increased revenue and earnings across most segments, with the largest growth in fuel revenue and the Fleet Management Solutions segment.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- For the first half of 2008, Tribune reported a net loss of $2.7 billion compared to net income of $13 million in the first half of 2007, again largely due to the $3.8 billion intangible asset write-down.
- Aetna reported total revenue of $5.4 billion for Q1 2005, up 12.6% from $4.8 billion in Q1 2004. Net income increased 16.2% to $424 million.
- Health care premium revenue increased 13.7% to $4.1 billion, driven by growth in commercial and Medicare membership. However, medical costs ratios improved as prior period estimates were favorable.
- Operating margins increased both pre-tax and after-tax due to higher premium revenue and lower than estimated medical costs. Overall operating expenses decreased as a percentage of revenue.
- Total medical membership grew 7.3% to 14.4 million members, with strong growth across all product lines
The Tribune Company reported financial results for the third quarter and first three quarters of 2004. For the third quarter, operating revenues increased 2.0% but operating profit decreased 18.0% due to higher operating expenses. Net income attributable to common shares decreased 32.1% due to lower operating profit and higher non-operating losses. For the first three quarters, operating revenues increased 2.8% but operating profit decreased 11.5% and net income attributable to common shares decreased 37.8% due to factors similar to those impacting the third quarter results.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
Ryder System, Inc. reported financial results for the third quarter and first nine months of 2005. Revenue increased 14.1% to $1.49 billion for the quarter and 10.8% to $4.2 billion for the nine month period. Net earnings grew 16.7% to $63.3 million for the quarter and 9.9% to $168.1 million for the nine months. Earnings per share increased 17.6% to $0.98 for the quarter on higher revenue and earnings across business segments. The Fleet Management Solutions segment saw the largest revenue growth at 10.0% for the quarter due to increased fuel sales and rental revenues.
Tribune Company reported first quarter results for 2005. Operating revenues decreased 1.2% compared to the same period last year. Operating profit decreased 7.8% due to higher operating expenses and non-operating losses. Net income increased 18.4% due to lower income tax expenses from resolving certain tax issues. Earnings per share increased 22.2% for basic and 25.7% for diluted.
FMC Technologies had a successful year in 2004 with revenue increasing 20% and earnings per share up 63%. The company's energy businesses performed well by capitalizing on growth in oil and gas activity, with the subsea systems business increasing sales to over $1 billion. However, some challenges included losses on an offshore contract in Algeria and lower sales and profits in the food processing equipment business due to hurricanes damaging the Florida citrus crop. Overall the company increased its order backlog 26% while reducing debt, positioning it well for continued growth.
Duke Energy provided a reconciliation of its reported 2003 and 2004 earnings per share from ongoing (recurring) earnings. For 2003, reported EPS was $(2.23) for Q4 and $(1.48) for the full year, while ongoing EPS was $0.22 for Q4 and $1.28 for the full year. The reconciliation lists adjustments between reported and ongoing EPS for various business segments and items such as impairments, settlements, and tax adjustments. For 2004, reported EPS was $0.38 for Q4 and $1.59 for the full year, compared to ongoing EPS of $0.24 for Q4 and $1.38 for the full year.
Duke Energy provided a reconciliation of reported earnings per share for the third quarter and year-to-date 2003 and 2004. Several one-time gains and losses were identified for both years, including asset sales, impairments, settlements and tax adjustments. Excluding these one-time items, ongoing earnings per share were $0.35 for the third quarter of 2003 and $1.07 year-to-date, compared to $0.38 for the third quarter of 2004 and $1.15 year-to-date. The reconciliation identified various factors across Duke Energy's business segments that impacted reported results.
Duke Energy reconciliation_consolidated_epsfinance21
Duke Energy provided a reconciliation of its consolidated earnings per share for the second quarter and year-to-date in 2003 compared to 2002. Various factors contributed to changes in earnings across its business segments, including higher expenses, gains or losses on sales of assets, changes in foreign currency exchange rates, and one-time accounting adjustments. The overall impact was a decrease in EPS for the quarter but an increase year-to-date, with reported EPS of $0.46 for the quarter and $0.71 year-to-date in 2003.
Duke Energy reported higher third quarter 2004 earnings compared to third quarter 2003. Earnings per share increased to $0.41 per share from $0.05 per share in the prior year. Excluding special items, ongoing earnings per share were $0.38 compared to $0.35 in 2003. All business units are positioned to meet or exceed 2004 financial goals. Debt reduction for the year will exceed the $4 billion target, including $840 million retired through Australian asset sales.
Duke Energy provided a reconciliation of reported earnings per share for Q3 2002 and full year 2002 with ongoing earnings per share, excluding certain one-time items. For 2003, it provided a reconciliation of reported EPS for Q3 and full year 2003 with ongoing EPS, excluding various one-time gains and losses. The reconciling items included plant write-offs, severance costs, asset sales gains and losses, goodwill impairments, and other one-time charges across its business segments.
This document provides a reconciliation of non-GAAP financial measures for Unum Group for various periods. It includes:
1) A reconciliation of after-tax operating income excluding various one-time charges to net income for the third quarters of 2006 and 2005.
2) An adjustment of operating income by segment for the third quarter of 2006 to exclude regulatory reassessment charges and broker compensation settlements.
3) Information on premium income, benefits and reserves, and adjusted benefit ratios for US Brokerage Group Income Protection.
4) Outlook ranges for after-tax operating income and net income for 2006, excluding various one-time charges.
The document summarizes Tribune Company's financial results for the second quarter and first half of 2004 compared to the same periods in 2003. Key highlights include:
- Operating revenues increased 3.2% in the second quarter and 3.2% in the first half. However, operating profit declined due to higher operating expenses.
- Publishing operating cash flow declined 22.1% in the quarter and 13.4% in the first half due to a 12.8% rise in cash operating expenses.
- Broadcasting/Entertainment operating cash flow rose 7.2% in the quarter and 7.5% in the first half, led by a 7.3% and 8.3% increase in television.
Duke Energy provided a reconciliation of reported earnings per share for Q2 and year-to-date 2003 and 2004. Various factors that impacted earnings are listed, including higher/lower sales, expenses, asset sales, commodity prices, and settlements. Excluding certain one-time items, ongoing earnings per share were $0.30 for Q2 2003 and $0.72 for 2003 total, compared to $0.42 for Q2 2004 and $0.76 for 2004 total.
Tribune Company reported financial results for the fourth quarter of 2006 with increases in operating revenues and income from continuing operations compared to the same period in 2005. Operating revenues grew 5.4% to $1.47 billion driven by increases in publishing and broadcasting revenues. Income from continuing operations increased 76.9% to $232.1 million due to higher operating profit and non-operating gains, partially offset by higher interest expense. Net income attributable to common shares grew 80.6% to $239.1 million. Earnings per share increased significantly for both basic and diluted amounts.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
FMC Technologies reported strong financial results in 2005, with total revenues reaching $3.2 billion, a 30% increase from 2001-2005. The company's subsea systems sales grew rapidly over this period, with annual growth rates of 30% or more. Energy production systems was FMC's largest segment in 2005, accounting for 57% of total revenues and $1.9 billion in sales. Overall, FMC Technologies experienced healthy growth across its business segments and was recognized for outstanding performance in the oil and gas industry.
Ryder System, Inc. and Subsidiaries reported financial results for the fourth quarter and full year 2005. Revenue for the quarter increased 13.3% to $1.54 billion compared to the same period in 2004. For the full year, revenue rose 11.5% to $5.74 billion. Net earnings for the quarter were $58.8 million compared to $62.6 million in 2004, while full year net earnings increased to $226.9 million from $215.6 million in the prior year. The company saw growth across its business segments, with the largest increases in supply chain solutions and fuel revenue.
Torchmark Corporation reported financial results for the first quarter of 2009. Net income was $0.91 per share, down from $1.29 per share in the prior year quarter due to realized losses on investments. However, net operating income, which excludes some non-operating items, was $1.49 per share, up 4% from $1.43 per share in the prior year. Life insurance premiums increased 2% while health insurance premiums excluding Medicare Part D decreased 11%. The investment portfolio contained $9.6 billion in fixed maturities at amortized cost and $2.2 billion in net unrealized losses.
Ryder System reported financial results for the first quarter of 2005 compared to the same period in 2004. Revenue increased 8.5% to $1.315 billion driven by growth in most business segments. Net earnings grew 18.4% to $41.5 million while earnings per share increased 20% to $0.64. The company saw increased revenue and earnings across most segments, with the largest growth in fuel revenue and the Fleet Management Solutions segment.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- For the first half of 2008, Tribune reported a net loss of $2.7 billion compared to net income of $13 million in the first half of 2007, again largely due to the $3.8 billion intangible asset write-down.
- Aetna reported total revenue of $5.4 billion for Q1 2005, up 12.6% from $4.8 billion in Q1 2004. Net income increased 16.2% to $424 million.
- Health care premium revenue increased 13.7% to $4.1 billion, driven by growth in commercial and Medicare membership. However, medical costs ratios improved as prior period estimates were favorable.
- Operating margins increased both pre-tax and after-tax due to higher premium revenue and lower than estimated medical costs. Overall operating expenses decreased as a percentage of revenue.
- Total medical membership grew 7.3% to 14.4 million members, with strong growth across all product lines
The Tribune Company reported financial results for the third quarter and first three quarters of 2004. For the third quarter, operating revenues increased 2.0% but operating profit decreased 18.0% due to higher operating expenses. Net income attributable to common shares decreased 32.1% due to lower operating profit and higher non-operating losses. For the first three quarters, operating revenues increased 2.8% but operating profit decreased 11.5% and net income attributable to common shares decreased 37.8% due to factors similar to those impacting the third quarter results.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
Ryder System, Inc. reported financial results for the third quarter and first nine months of 2005. Revenue increased 14.1% to $1.49 billion for the quarter and 10.8% to $4.2 billion for the nine month period. Net earnings grew 16.7% to $63.3 million for the quarter and 9.9% to $168.1 million for the nine months. Earnings per share increased 17.6% to $0.98 for the quarter on higher revenue and earnings across business segments. The Fleet Management Solutions segment saw the largest revenue growth at 10.0% for the quarter due to increased fuel sales and rental revenues.
Tribune Company reported first quarter results for 2005. Operating revenues decreased 1.2% compared to the same period last year. Operating profit decreased 7.8% due to higher operating expenses and non-operating losses. Net income increased 18.4% due to lower income tax expenses from resolving certain tax issues. Earnings per share increased 22.2% for basic and 25.7% for diluted.
FMC Technologies had a successful year in 2004 with revenue increasing 20% and earnings per share up 63%. The company's energy businesses performed well by capitalizing on growth in oil and gas activity, with the subsea systems business increasing sales to over $1 billion. However, some challenges included losses on an offshore contract in Algeria and lower sales and profits in the food processing equipment business due to hurricanes damaging the Florida citrus crop. Overall the company increased its order backlog 26% while reducing debt, positioning it well for continued growth.
Duke Energy provided a reconciliation of its reported 2003 and 2004 earnings per share from ongoing (recurring) earnings. For 2003, reported EPS was $(2.23) for Q4 and $(1.48) for the full year, while ongoing EPS was $0.22 for Q4 and $1.28 for the full year. The reconciliation lists adjustments between reported and ongoing EPS for various business segments and items such as impairments, settlements, and tax adjustments. For 2004, reported EPS was $0.38 for Q4 and $1.59 for the full year, compared to ongoing EPS of $0.24 for Q4 and $1.38 for the full year.
Duke Energy provided a reconciliation of reported earnings per share for the third quarter and year-to-date 2003 and 2004. Several one-time gains and losses were identified for both years, including asset sales, impairments, settlements and tax adjustments. Excluding these one-time items, ongoing earnings per share were $0.35 for the third quarter of 2003 and $1.07 year-to-date, compared to $0.38 for the third quarter of 2004 and $1.15 year-to-date. The reconciliation identified various factors across Duke Energy's business segments that impacted reported results.
Duke Energy reconciliation_consolidated_epsfinance21
Duke Energy provided a reconciliation of its consolidated earnings per share for the second quarter and year-to-date in 2003 compared to 2002. Various factors contributed to changes in earnings across its business segments, including higher expenses, gains or losses on sales of assets, changes in foreign currency exchange rates, and one-time accounting adjustments. The overall impact was a decrease in EPS for the quarter but an increase year-to-date, with reported EPS of $0.46 for the quarter and $0.71 year-to-date in 2003.
Duke Energy reported higher third quarter 2004 earnings compared to third quarter 2003. Earnings per share increased to $0.41 per share from $0.05 per share in the prior year. Excluding special items, ongoing earnings per share were $0.38 compared to $0.35 in 2003. All business units are positioned to meet or exceed 2004 financial goals. Debt reduction for the year will exceed the $4 billion target, including $840 million retired through Australian asset sales.
Duke Energy provided a reconciliation of reported earnings per share for Q3 2002 and full year 2002 with ongoing earnings per share, excluding certain one-time items. For 2003, it provided a reconciliation of reported EPS for Q3 and full year 2003 with ongoing EPS, excluding various one-time gains and losses. The reconciling items included plant write-offs, severance costs, asset sales gains and losses, goodwill impairments, and other one-time charges across its business segments.
This document reconciles GAAP reported earnings per share (EPS) to adjusted EPS for the years 1999-2007 for an unnamed company. It shows that the company had losses from discontinued operations in some years that reduced GAAP EPS. It also lists various one-time charges and gains that were excluded from adjusted EPS, such as restructuring charges, goodwill amortization, and gains or losses on asset sales. The adjusted EPS numbers reflect the ongoing operating performance of the continuing business by excluding these one-time items.
This document reconciles GAAP reported earnings per share (EPS) to adjusted EPS for the years 1999-2007 for an unnamed company. It provides line item details of adjustments made to GAAP EPS, including discontinued operations, restructuring charges, goodwill amortization, and various gains and losses. The cumulative effect is an adjusted EPS number that excludes these one-time or non-recurring items to provide a more consistent view of the company's ongoing operating performance.
Duke Energy reported financial results for the full year and fourth quarter of 2003. Key highlights include:
1) Regulated utilities and field services showed strong operational and financial performance, while merchant operations produced a loss.
2) Duke Energy exceeded its targets for non-strategic asset sales of over $2 billion and debt reduction of $2.2 billion.
3) Special pre-tax charges of $3.4 billion were taken in the fourth quarter to reduce exposure to merchant generation and international businesses.
4) Annual dividend was maintained at $1.10 per share and debt reduction between $3.5-4 billion is expected in 2004 to strengthen the company's financial position.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
This document provides a reconciliation of Duke Energy Corporation's reported earnings per share for the fourth quarter and full year 2002 compared to ongoing earnings per share. It then provides line items accounting for reconciling items that resulted in reported earnings per share of $(2.23) for 2003 fourth quarter and $(1.48) for full year 2003, compared to ongoing earnings per share of $0.32 and $1.88 in 2002, respectively. Major reconciling items for 2003 include impairments and charges related to Duke Energy North America's plants and power contracts, as well as discontinued operations.
DTE Energy Company reported its historical operating net income for 2004 and preliminary results for the first two quarters of 2005. Some key highlights include:
- For full year 2004, DTE Energy reported total operating net income of $427 million, up from $134 million in the first quarter.
- In the second quarter of 2005, operating net income was $161 million, down from $215 million in the same period of 2004.
- Electric utility operations contributed steadily to profits in 2004 but were down in the second quarter of 2005 due to lower rates and weather.
- Gas utility profits fluctuated in 2004 and lost $2 million in the second quarter of 2005 due to higher gas costs and regulatory orders
DTE Energy Company reported its historical operating net income for 2004 and preliminary results for the first two quarters of 2005. Some key highlights include:
- For full year 2004, DTE Energy reported total operating net income of $427 million, up from $134 million in the first quarter.
- In the second quarter of 2005, operating net income was $161 million, down from $215 million in the same period of 2004.
- Electric utility operations contributed steadily to profits in 2004 but were down in the second quarter of 2005 due to lower rates and weather.
- Gas utility profits fluctuated in 2004 and lost $2 million in the second quarter of 2005 due to higher gas costs and regulatory orders
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
The document summarizes Tribune Company's financial results for the first quarter of 2003 compared to 2002. Some key points:
- Operating revenues increased 5% to $1.29 billion driven by a 13% increase in television revenues. Operating profit before restructuring charges rose 10% to $276 million.
- Net income was $141 million compared to a net loss of $102 million in 2002. Earnings per share increased significantly.
- Publishing operating profit rose 21% to $198 million due to cost reductions. Broadcasting profit increased 25% to $90 million from higher television revenues and profits.
- Corporate losses narrowed to $11 million from restructuring charges in the prior year. The company had
The document provides earnings guidance and reconciliation for Ameren for 2007. It excludes certain one-time costs from storms, regulatory decisions, and FERC orders. Ameren estimates 2007 non-GAAP EPS of $1.36-$1.18 and GAAP EPS of $2.46-$1.18. Segment guidance estimates Missouri Regulated at $310M, Illinois Regulated at $90M, and Non-Rate-Regulated Generation at $280M, for a non-GAAP net income guidance range of $650-$705M.
This document provides a consolidated report for FirstEnergy Corp for the first quarter of 2008. Some key highlights include:
- Normalized non-GAAP earnings were $0.88 per share, unchanged from the first quarter of 2007. GAAP earnings were $0.91 per share compared to $0.92 per share in the prior year.
- Electric distribution deliveries increased 1% overall, increasing earnings by $0.02 per share. Generation revenues increased $0.23 per share due to higher wholesale and retail prices.
- Fuel and purchased power expenses reduced earnings by $0.19 per share due to higher fuel costs and market prices.
- 2008 earnings guidance remains at $4.15
This document is FirstEnergy Corp.'s consolidated report for the first quarter of 2008. It provides highlights of financial results including non-GAAP earnings of $0.88 per share, unchanged from the prior year. Increased electric distribution deliveries and generation revenues were offset by higher fuel and purchased power costs. The report also reaffirms earnings guidance for 2008.
- Tribune Company reported a 3.4% increase in operating revenues but a 2.5% decrease in operating profit for the third quarter of 2003 compared to the same period in 2002.
- Net income decreased 23.0% to $182.3 million due primarily to lower non-operating gains.
- For the first three quarters of 2003, operating revenues rose 4.3% while operating profit before restructuring charges increased 4.7% compared to the same period in 2002. However, net income increased significantly due to the absence of a large accounting charge in 2002.
This document is Micron Technology's Form 10-Q quarterly report filed with the SEC for the quarter ended February 28, 2002. It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements. The financial statements show that for the quarter ended February 28, 2002, Micron had a net loss of $30.4 million compared to a net loss of $88.3 million for the same quarter last year. Revenues were $645.9 million compared to $1,065.7 million in the prior year.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
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Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
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.
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.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
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“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
1. Duke Energy Corporation
Non-GAAP Reconciliation Schedules
Year-end 2004 Earnings Release
2005 and Beyond Ongoing Segment EBIT and Related Growth Percentages
The Company’s slides for the Year-end 2004 Earnings Review include a discussion of
forecasted ongoing EBIT for 2005 for certain segments and, for certain segments, a
discussion of a forecasted ongoing segment EBIT growth rate, which is based on
historical and forecasted ongoing segment EBIT. Ongoing segment EBIT, and related
growth rates, are non-GAAP financial measures as they represent reported segment EBIT
adjusted for “special items,” which represent certain charges which management believes
will not be recurring on a regular basis. When used for future periods, ongoing segment
EBIT may also include any amounts that may be reported as discontinued operations.
The most directly comparable GAAP measure for ongoing segment EBIT is reported
segment EBIT, which represents EBIT from continuing operations, including any
“special items.” Due to the forward-looking nature of forecasted ongoing segment EBIT,
and related growth rates, for future periods, information to reconcile these non-GAAP
financial measures to the most directly comparable GAAP financial measures is not
available at this time as the Company is unable to project any “special items” or any
amounts that may be reported as discontinued operations for any future periods.
2005 Duke Energy Compensation Target and Minimum
The Company's slides for the Year-end 2004 Earnings Review include a discussion of the
$1.60 and $1.45 per ongoing basic share compensation target and minimum amounts,
respectively, for 2005. This earnings-per-share measure used for employee incentive
bonuses should track ongoing basic earnings per share, which is a non-GAAP financial
measures as it excludes the per-share effects any quot;special items,quot; which represent certain
charges which management believes will not be recurring on a regular basis. The most
directly comparable GAAP measure is basic earnings per share for 2005. Due to the
forward-looking nature of this non-GAAP financial measure, information to reconcile
such non-GAAP financial measures to the most directly comparable GAAP financial
measure is not available at this time as the Company is unable to project any quot;special
itemsquot; for 2005.
2. Duke Energy Corporation
Twelve Months Ended December 31, 2004
Ongoing Basic Earnings per Share
(amounts in millions, except EPS)
Pre-tax Amount Tax Effect Basic EPS Impact
Special Items:
First Quarter 2004
- Gain on sale of Australian assets $256 ($18) $0.26
- Net loss on sale of DENA assets, primarily anticipated
sale of southeast U.S. plants (359) 134 (0.25)
- Gains on sale of other assets, including Caribbean
Nitrogen Co. 14 (5) 0.01
- Charge related to planned sale of Cantarell investment (13) 5 (0.01)
subtotal first quarter 2004 0.01
Second Quarter 2004
- Enron settlement (net of minority interest of $5 million) 130 (46) 0.09
- True up on net gain on sale of International Energy
Assets 38 (9) 0.03
- California and western U.S. energy markets settlement (105) 37 (0.07)
- Net losses on asset sales (net of minority interests of
$6 million) (8) 3 0.00
Interest on related litigation reserve (12) 4 (0.01)
subtotal second quarter 2004 0.04
Third Quarter 2004
- Tax benefit from restructuring 0 48 0.05
- Asset impairments, losses on asset sales and write
down of equity investment at DEFS (net of minority
interest of $26 million) (42) 16 (0.03)
- Net gains on asset sales 4 (2) 0.00
- Tax true up on sale of Australian assets 0 5 0.01
subtotal third quarter 2004 0.03
Fourth Quarter 2004
- Adjustment to captive insurance reserve 64 (22) 0.04
- Net gain on sales of equity investments 10 (3) 0.01
- Loss on asset exchanges (7) 2 0.00
- Early contract termination charges (20) 7 (0.01)
- Net gains on asset sales (net of minority interest of $20
million) 148 (51) 0.10
subtotal fourth quarter 2004 0.14
Impact of changes in shares outstanding (0.01)
Total Basic EPS impact of special items year-to-date 0.21
Year-to-date Basic EPS, as reported 1.59
Year-to-date Basic EPS, ongoing $1.38
3. Duke Energy Corporation
Twelve Months Ended December 31, 2003
Ongoing Basic Earnings per Share
(amounts in millions, except EPS)
Pre-tax Amount Tax Effect Basic EPS Impact
Special Items:
First Quarter 2003
- Cumulative effect of change in accounting principle ($256) $94 ($0.18)
- Net gains on asset sales 16 (5) 0.01
subtotal first quarter 2003 (0.17)
Second Quarter 2003
- Net gains on asset sales (net of minority interest
expense of $8 million) 229 (83) 0.16
subtotal second quarter 2003 0.16
Third Quarter 2003
- Tax benefit on 2002 goodwill impairment of International
Energy European gas trading 0 52 $0.06
- Net loss on asset sales (71) 28 (0.05)
- DENA goodwill write-off (254) 90 (0.18)
- Severance cost associated with work force reduction (105) 37 (0.08)
- Settlement with the S. C. Public Service Commission (46) 18 (0.03)
- Settlement with the Commodity Futures Trading
Commission (net of minority interest of $11 million) (17) 0 (0.02)
subtotal third quarter 2003 (0.30)
Fourth Quarter 2003
- DENA plant impairments and DETM charges (net of
minority interest of $51 million) (2,826) 1,046 (1.97)
- DENA redesignation of hedging contracts to mark-to-
market (262) 97 (0.18)
- Charges and impairments for Australia and Europe (292) 69 (0.25)
- Severance cost associated with work force reduction (48) 18 (0.03)
- Tax adjustments -- 23 0.03
- DEI reserves and charges for environmental
settlements in Brazil (26) 10 (0.02)
- Write-off of risk management system (51) 19 (0.04)
- Net gains on asset sales (net of minority interest of $1
million) 15 (6) 0.01
subtotal fourth quarter 2003 (2.45)
Total Basic EPS impact of special items year-to-date (2.76)
Year-to-date Basic EPS, as reported (1.48)
Year-to-date Basic EPS, ongoing $1.28
4. DUKE ENERGY
REPORTED TO ONGOING SEGMENT AND OTHER EBIT RECONCILIATION
December 2004 Quarter and Year-to-date
(Dollars in Millions)
Special Items
Gains
Gains (Losses) on Impairment Early Enron/ Adjustment to
(Losses) Sales of and Other Contract California Captive Reported
Ongoing on Sales Equity Related Termination Settlements, Loss on Asset Insurance Segment
Earnings of Assets Investments Charges Charges net Exchanges Reserves Total EBIT
EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
December 2004 Quarter-to-Date
EBIT BY BUSINESS SEGMENT
Franchised Electric $ 252 $ - $ - $ - $ - $ - $ - $ - $ - $ 252
Gas Transmission 321 4 11 - - - - - 15 336
Field Services 128 - - - - - - - - 128
Duke Energy North America (50) 146 A - 1 (20) B - - - 127 77
International Energy 64 (3) - - - - - - (3) 61
Crescent 50 - - - - - - - - 50
Other (80) - (1) - - - (4) C 64 B 59 (21)
December 2004 Year-to-Date
Franchised Electric $ 1,464 $ 3 $ - $ - $ - $ - $ - $ - $ 3 $ 1,467
Gas Transmission 1,278 16 16 - - - - - 32 1,310
Field Services 404 1 D (16) E (10) F - 1 B - - (24) 380
Duke Energy North America (288) (228) G - (2) (20) B 3 B,H - - (247) (535)
International Energy 236 (2) 1 (13) B - - - - (14) 222
Crescent 240 - - - - - - - - 240
Other (164) 4 2 - - 21 B (4) C 64 B 87 (77)
A - Including minority interest benefit of $20 million.
B - Recorded in operation and maintenance expense.
C - Recorded in other income and expenses, net.
D - Net of minority interest of $1 million.
E - Including minority interest benefit of $7 million.
F - Net of minority interest of $12 million.
G - $(222) million recorded in gains (losses) on sales of other assets, net (including minority interest benefit of $26 million) and $(6) million recorded in operation and maintenance expense.
H - Net of minority interest of $5 million.
Prepared By: Corporate Reporting
2/1/20056:30 PM
5. DUKE ENERGY
REPORTED TO ONGOING SEGMENT EBIT RECONCILIATION
December 2003 Quarter and Year-to-date
(Dollars in Millions)
Special Items
Severance and Settlement
DENA Related Costs with the
DENA Plant Redesignation Associated Settlement Commodity
Gains (Losses) Impairments of Hedging Environmental with Work with the S.C. Futures
Ongoing on Sales of and DETM DENA Goodwill Contracts to Settlements in Force Public Service Trading Reported
Earnings Assets Charges Write-off Mark-to-Market Brazil Reduction Commission Commission Total Segment EBIT
EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
December 2003 Quarter-to-Date
Franchised Electric $ 226 $ 3 $ - $ - $ - $ - $ (32) $ - $ - $ (29) $ 197
Gas Transmission 303 16 D - - - - (11) - - 5 308
Field Services 58 (3) A - - - - (4) - - (7) 51
Duke Energy North America (77) 6 (2,826) B,G - (262) H - (5) - - (3,087) (3,164)
International Energy 68 (2) - - - (26) - - - (28) 40
Crescent 72 - - - - - - - - - 72
December 2003 Year-to-Date
Franchised Electric $ 1,505 $ 6 $ - $ - $ - $ - $ (78) $ (30) $ - $ (102) $ 1,403
Gas Transmission 1,253 93 E - - - - (29) - - 64 1,317
Field Services 183 8 A,F - - - - (4) - - 4 187
Duke Energy North America (72) 100 (2,826) B,G (254) (262) H - (10) - (17) C (3,269) (3,341)
International Energy 244 - - - - (26) (3) - - (29) 215
Crescent 134 - - - - - - - - - 134
A - Including minority interest benefit of $1 million.
B - Net of minority interest of $51 million.
C - Net of minority interest of $11 million.
D - $13 million recorded in gains (losses) on sales and impairments of equity investments and $3 million recorded in gains (losses) on sales of other assets, net.
E - $89 million recorded in gains (losses) on sales and impairments of equity investments and $4 million recorded in gains (losses) on sales of other assets, net.
F - $11 million recorded in gains (losses) on sales and impairments of equity investments and $(3) million, net of minority interest benefit of $1 million, recorded in gains (losses) on sales of other assets
G - $(2,641) million recorded in impairments and other related charges, $(76) million recorded in gains (losses) on sales of other assets, net (net of minority interest of $51 million) , and $(109) million recorded in operation and maintenance expense.
H - Recorded in impairment and other related charges.
Prepared By: Corporate Reporting
2/1/2005 6:30 PM
6. Duke Energy Corporation Consolidated
Cash Flow Reconciliation Required by SEC Regulation G
($ in Millions)
2005
Duke Energy
Excerpts from Duke Energy Corporation Earnings Call (February 2, 2005)
Primary Sources of Cash per Presentation:
Net income (based on $1.60 ongoing basic per share target) (a) $ 1,525
Depreciation and amortization (a) 2,125
NBV of ongoing Crescent sales (a) 475
Cash tax carryforwards (a) 450
Other sources/(uses), net (a) (150)
Total Sources $ 4,425
Primary Uses of Cash per Presentation:
Capital expenditures (b) (2,575)
Clean air expenditures (a) (300)
Dividends (c) (1,050)
Total Uses (3,925)
Net Cash $ 500
Reconciliations to amounts per U.S. GAAP reporting:
Operating cash flow components from above [summation of (a)] $ 4,125
Reconciling items to GAAP operating cash flow (1) (375)
Net cash provided by operating activities per GAAP Consolidated Statement of Cash Flows $ 3,750
Investing cash flow components from above [summation of (b)] $ (2,575)
Reconciling items to GAAP investing cash flow (2) 600
Net cash used in investing activities per GAAP Consolidated Statement of Cash Flows $ (1,975)
Financing cash flow components from above [summation of (c)] $ (1,050)
Reconciling items to GAAP financing cash flow (3) (1,400)
Net cash used by financing activities per GAAP Consolidated Statement of Cash Flows $ (2,450)
Notes:
(1) Amount primarily consists of non-operating cash flow items, such as proceeds from the sales of commercial and multi-family
real estate and net distributions to/contributions from minority interests. In addition, amount reflects capital expenditures
for residential real estate.
(2) Amount primarily consists of proceeds from the sales of commercial and multi-family real estate and capital expenditures
for residential real estate.
(3) Amount primarily consists of estimated net debt repayments and net distributions to/contributions from minority interests.
7. Duke Energy Corporation
Fourth Quarter 2004 Earnings and 2005 Outlook
GAAP Reconciliation - Anticipated Cash Proceeds and Tax Benefits from Sale of Grays Harbor
(in millions)
Cash Proceeds $ 21
Tax benefits 95
Total $ 116
8. Duke Energy
Reconciliation of Debt Pay Down to Balance Sheet
(in millions)
12/31/2003 12/31/2004 Difference
Long-term debt $20,622 $16,932 ($3,690)
Current maturities of LTD and preferred stock 1,200 1,832 632
Notes payable and commercial paper 130 68 (62)
Total Debt and Trust Preferred Securities 21,952 18,832 (3,120)
Changes due to foreign currency (300)
Other cash changes (89)
Sub-Total (389)
Redeem Australia Debt (890)
Redeem WEI Preferred Securities (176)
Total Change ($4,575)
Total Debt Paydown per Slides ($4,600)