Hexion Specialty Chemicals reported financial results for the fourth quarter and fiscal year 2007. Revenue increased 13% in the fourth quarter and 12% for the fiscal year. Operating income was $21 million for the quarter, impacted by $40 million of asset impairments and manufacturing issues, and $302 million for the fiscal year, up 22% excluding gains. Segment EBITDA increased 2% for the quarter to $125 million and 17% for the fiscal year to $611 million. Hexion remains on track to achieve $175 million in targeted synergies and had a strong liquidity position at year-end.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
This document summarizes Hexion's second quarter 2007 earnings conference call. The summary includes:
- Hexion delivered strong revenue and EBITDA growth compared to the prior year period due to global diversification offsetting weakness in North American markets.
- Synergies from acquisitions are on track to achieve $175 million target.
- Hexion entered into a definitive merger agreement with Huntsman Corporation on July 12, 2007 to create one of the world's largest chemical companies, pending regulatory and shareholder approval.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
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PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
Hexion reported financial results for Q4 2008 and fiscal year 2008. Q4 revenue declined 20% year-over-year to $1.18 billion due to weak market conditions and inventory destocking by customers amid the global recession. The company reported an operating loss of $876 million for Q4, which included $800 million in costs related to the terminated Huntsman merger. For the full year, revenues increased 5% to $6.09 billion but the company reported an operating loss of $893 million. Hexion is taking aggressive actions to reduce costs and enhance liquidity to address challenges in this difficult market environment.
The document is a statistical supplement from UnumProvident for the first quarter of 2005. It provides financial highlights and statistics for UnumProvident for the quarters and years ending March 31, 2005, March 31, 2004 and December 31, 2004 and 2003. Some key figures include total revenue of $2.6 billion for the quarter, net income of $152 million compared to a net loss of $562 million in the prior year quarter, and total assets of $50.8 billion and stockholders' equity of $7.1 billion as of March 31, 2005.
This document provides reconciliations between Duke Energy Corporation's ("Duke Energy") non-GAAP financial measures and the most directly comparable GAAP measures for various periods. It discusses Duke Energy's use of "ongoing" measures which exclude special items that management believes are not recurring, such as gains, losses and impairment charges. The document also references Duke Energy's expectation to achieve ongoing EPS targets and segment earnings growth rates through 2012.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
This document summarizes Hexion's second quarter 2007 earnings conference call. The summary includes:
- Hexion delivered strong revenue and EBITDA growth compared to the prior year period due to global diversification offsetting weakness in North American markets.
- Synergies from acquisitions are on track to achieve $175 million target.
- Hexion entered into a definitive merger agreement with Huntsman Corporation on July 12, 2007 to create one of the world's largest chemical companies, pending regulatory and shareholder approval.
el paso 02_274Q2006Earnings_FINAL_FINAL_bbfinance49
This document provides an investor update from El Paso Corporation for the fourth quarter and full year 2006. Key highlights include:
- The company reduced gross debt by $2.8 billion in 2006 and had $1 billion year-over-year swing in profits.
- Pipelines segment saw record earnings and a 22% increase in earnings from 2005. E&P segment replaced 108% of production primarily through drilling.
- For full year 2006, the company reported $1.75 billion in EBIT and $475 million in net income.
- The company used $2.5 billion in cash for debt reduction in 2006 and reduced net debt to $14.1 billion at the end of the year.
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PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
Hexion reported financial results for Q4 2008 and fiscal year 2008. Q4 revenue declined 20% year-over-year to $1.18 billion due to weak market conditions and inventory destocking by customers amid the global recession. The company reported an operating loss of $876 million for Q4, which included $800 million in costs related to the terminated Huntsman merger. For the full year, revenues increased 5% to $6.09 billion but the company reported an operating loss of $893 million. Hexion is taking aggressive actions to reduce costs and enhance liquidity to address challenges in this difficult market environment.
The document is a statistical supplement from UnumProvident for the first quarter of 2005. It provides financial highlights and statistics for UnumProvident for the quarters and years ending March 31, 2005, March 31, 2004 and December 31, 2004 and 2003. Some key figures include total revenue of $2.6 billion for the quarter, net income of $152 million compared to a net loss of $562 million in the prior year quarter, and total assets of $50.8 billion and stockholders' equity of $7.1 billion as of March 31, 2005.
This document provides reconciliations between Duke Energy Corporation's ("Duke Energy") non-GAAP financial measures and the most directly comparable GAAP measures for various periods. It discusses Duke Energy's use of "ongoing" measures which exclude special items that management believes are not recurring, such as gains, losses and impairment charges. The document also references Duke Energy's expectation to achieve ongoing EPS targets and segment earnings growth rates through 2012.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
- Unisys Corporation reported revenue of $1.388 billion in the second quarter of 2004, down slightly from $1.425 billion in the same period of 2003.
- Net income was $19.4 million in the second quarter of 2004, down from $52.5 million in the second quarter of 2003.
- For the first six months of 2004, revenue was $2.851 billion and net income was $48.3 million, lower than the comparable period in 2003.
Hexion presented at the Credit Suisse Chemical Conference on September 27, 2007. The presentation provided an overview of Hexion's strong first half 2007 results, which validated the company's strategy and showed ongoing top-line growth and increased operating income and EBITDA compared to the first half of 2006. The presentation also discussed Hexion's diversified business segments and global footprint, growth initiatives, experienced management team, and strong financial position and free cash flow.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key points include:
- Revenues increased 17% over the prior year to $1.438 billion, driven by price increases and acquisitions.
- Segment EBITDA increased 29% to $170 million compared to the prior year.
- Raw material costs increased but pricing initiatives helped offset this.
- $11 million in synergies were achieved in Q1 2007, putting Hexion on track to achieve $175 million in targeted synergies.
- The integration of the Orica acquisition is proceeding as planned.
This document is a SEC Form 10-Q filing for Unisys Corporation for the quarterly period ended June 30, 2007. It includes Unisys' consolidated balance sheets and consolidated statements of income for the periods. The balance sheet shows the company had total assets of $3.8 billion as of June 30, 2007, including $520.7 million of cash. Total liabilities were $1.9 billion and stockholders' equity was a deficit of $2.2 million. The income statement shows that for the quarter, revenue was $1.4 billion while costs and expenses totaled $1.1 billion, resulting in a net income.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ended September 30, 2004. The report includes Unisys' consolidated financial statements and notes. It summarizes that for the quarter, Unisys reported revenue of $1.45 billion, operating income of -$38 million, and net income of $25.2 million. Additionally, the report notes a $82 million pretax restructuring charge related to headcount reductions of approximately 1,400 employees and facility consolidation.
Unisys reported a first-quarter 2008 operating profit of $28.0 million, double their operating loss from the first quarter of 2007. Revenue declined 3% to $1.30 billion due to weakness in the US market. Services orders saw substantial double-digit growth. The company improved their gross and operating profit margins despite challenges in the US market from contracting delays and tighter IT spending. Unisys used $49 million in cash from operations in the quarter and ended with $490 million in cash.
Unisys reported fourth-quarter 2006 pre-tax income of $49.3 million, an 81% increase from $27.2 million in the fourth quarter of 2005. Revenue declined 1% to $1.55 billion. For the full year 2006, Unisys reported revenue of $5.76 billion, flat from 2005, and a net loss of $278.7 million compared to a $1.73 billion loss in 2005. Unisys expects its cost reduction program to yield annualized cost savings of over $340 million by the second half of 2007.
The document is Unisys Corporation's Form 10-Q filing for the quarterly period ended June 30, 2006. It includes:
- Consolidated balance sheets showing total assets of $5.1 billion including cash of $655.1 million and total liabilities and stockholders' equity of $5.1 billion.
- Consolidated statements of income showing a net loss of $194.6 million for the quarter and $222.5 million for the six months.
- Consolidated statements of cash flows showing cash provided by operating activities of $166 million for the six months.
This document provides an overview of Metavante Corporation's 40th anniversary in 2004. It discusses Metavante's focus on financial services and payment solutions. In 2004, Metavante made several strategic acquisitions to grow its business and move toward $1 billion in annual revenue. One key acquisition was Printing For Systems, Inc., a provider of identification cards and documents to the healthcare industry. This helped Metavante expand into healthcare eligibility and payment cards to reduce identity theft risks.
This document is an amendment to a previously filed Form 10-K annual report by The Shaw Group Inc. for the fiscal year ended August 31, 2006. The amendment was filed to restate certain items in the financial statements and management's discussion and analysis based on comments from the SEC. Specifically, the amendment expands the segment analysis, updates controls and procedures disclosure, and restates items 6, 7, 8 and 9A of the original filing to correct errors related to the presentation of an engineering project and certain other matters. The financial statements for 2004, 2005 and 2006 were restated as a result.
This document provides financial statements and segment results for Unisys Corporation for the three months and year ended December 31, 2005 and 2004. It shows that for the three months ended December 31, 2005, Unisys had revenue of $1.569.5 million and a net loss of $31.1 million. For the year ended December 31, 2005, Unisys had revenue of $5.758.7 million and a net loss of $1,731.9 million. The document also provides balance sheet and cash flow statement information for Unisys as of December 31, 2005 and 2004.
This document is Unisys Corporation's quarterly report filed with the SEC for the third quarter of 2003. It includes Unisys' consolidated balance sheet, income statement, and cash flow statement for the periods ended September 30, 2003 and 2002. Key details include total revenue of $1.45 billion for Q3 2003, net income of $56.2 million, and basic earnings per share of $0.17. For the nine months ended September 30, 2003, total revenue was $4.27 billion and net income was $147.2 million.
- Unisys Corporation reported consolidated financial results for the second quarter and first half of 2004, with total revenue of $1.38 billion and $2.85 billion respectively.
- Net income for the quarter was $19.4 million compared to $52.5 million for the same period in 2003. Net income for the first half was $48.3 million compared to $91 million the prior year.
- Services revenue was relatively flat at $1.16 billion for the quarter but increased to $2.32 billion for the first half, while technology revenue declined for both the quarter and six months.
Unisys Corporation reported financial results for the first quarter of 2004 and 2003. Revenue increased slightly from $1.4 billion to $1.46 billion year-over-year. Net income was $28.9 million compared to $38.5 million in the prior year. Earnings per share were $0.09 compared to $0.12. The company also provided supplemental non-GAAP information excluding pension expenses/income to enhance understanding of operational performance. Free cash flow was $16.1 million compared to negative $154.3 million in the prior year period.
The Shaw Group Inc. achieved record financial results in 2001, with earnings increasing 101% to $61.2 million and sales up 102% to $1.5 billion. The company's backlog also grew substantially to $4.5 billion, driven primarily by strong demand in the domestic power generation market. Key accomplishments in 2001 included successfully integrating the acquisition of Stone & Webster and establishing new pricing models that aim to deliver projects at the lowest total installed cost through risk-sharing with customers. Looking ahead, Shaw expects continued growth driven by ongoing power market build-up and opportunities in related industries like petrochemical and refining.
This document is Unisys Corporation's annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2001. It summarizes Unisys' business operations, principal products and services, customers, competition, research and development activities, and other details. Unisys has two business segments - Services and Technology. The Services segment provides consulting, outsourcing, and other services, while the Technology segment develops servers and related products. Major customers include companies in financial services, communications, and the US government.
- The Annual Meeting of Shareholders of Brunswick Corporation will be held on May 3, 2006 at the company's corporate offices to elect four directors, approve amendments to the 2003 Stock Incentive Plan, and ratify the selection of Ernst & Young as the independent registered public accounting firm.
- Shareholders are urged to vote by signing and returning the enclosed proxy card or by telephone or internet by May 2.
- The meeting will be held if a majority of shares are represented in person or by proxy.
This document summarizes Hexion's second quarter 2007 earnings conference call. The summary includes:
- Hexion delivered strong revenue and EBITDA growth compared to the prior year period driven by global diversification.
- Synergies from acquisitions are on track to achieve $175 million target.
- Hexion entered into a definitive merger agreement with Huntsman Corporation on July 12, 2007 to create one of the world's largest chemical companies, pending regulatory and shareholder approval.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
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PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
- Unisys Corporation reported revenue of $1.388 billion in the second quarter of 2004, down slightly from $1.425 billion in the same period of 2003.
- Net income was $19.4 million in the second quarter of 2004, down from $52.5 million in the second quarter of 2003.
- For the first six months of 2004, revenue was $2.851 billion and net income was $48.3 million, lower than the comparable period in 2003.
Hexion presented at the Credit Suisse Chemical Conference on September 27, 2007. The presentation provided an overview of Hexion's strong first half 2007 results, which validated the company's strategy and showed ongoing top-line growth and increased operating income and EBITDA compared to the first half of 2006. The presentation also discussed Hexion's diversified business segments and global footprint, growth initiatives, experienced management team, and strong financial position and free cash flow.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key points include:
- Revenues increased 17% over the prior year to $1.438 billion, driven by price increases and acquisitions.
- Segment EBITDA increased 29% to $170 million compared to the prior year.
- Raw material costs increased but pricing initiatives helped offset this.
- $11 million in synergies were achieved in Q1 2007, putting Hexion on track to achieve $175 million in targeted synergies.
- The integration of the Orica acquisition is proceeding as planned.
This document is a SEC Form 10-Q filing for Unisys Corporation for the quarterly period ended June 30, 2007. It includes Unisys' consolidated balance sheets and consolidated statements of income for the periods. The balance sheet shows the company had total assets of $3.8 billion as of June 30, 2007, including $520.7 million of cash. Total liabilities were $1.9 billion and stockholders' equity was a deficit of $2.2 million. The income statement shows that for the quarter, revenue was $1.4 billion while costs and expenses totaled $1.1 billion, resulting in a net income.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ended September 30, 2004. The report includes Unisys' consolidated financial statements and notes. It summarizes that for the quarter, Unisys reported revenue of $1.45 billion, operating income of -$38 million, and net income of $25.2 million. Additionally, the report notes a $82 million pretax restructuring charge related to headcount reductions of approximately 1,400 employees and facility consolidation.
Unisys reported a first-quarter 2008 operating profit of $28.0 million, double their operating loss from the first quarter of 2007. Revenue declined 3% to $1.30 billion due to weakness in the US market. Services orders saw substantial double-digit growth. The company improved their gross and operating profit margins despite challenges in the US market from contracting delays and tighter IT spending. Unisys used $49 million in cash from operations in the quarter and ended with $490 million in cash.
Unisys reported fourth-quarter 2006 pre-tax income of $49.3 million, an 81% increase from $27.2 million in the fourth quarter of 2005. Revenue declined 1% to $1.55 billion. For the full year 2006, Unisys reported revenue of $5.76 billion, flat from 2005, and a net loss of $278.7 million compared to a $1.73 billion loss in 2005. Unisys expects its cost reduction program to yield annualized cost savings of over $340 million by the second half of 2007.
The document is Unisys Corporation's Form 10-Q filing for the quarterly period ended June 30, 2006. It includes:
- Consolidated balance sheets showing total assets of $5.1 billion including cash of $655.1 million and total liabilities and stockholders' equity of $5.1 billion.
- Consolidated statements of income showing a net loss of $194.6 million for the quarter and $222.5 million for the six months.
- Consolidated statements of cash flows showing cash provided by operating activities of $166 million for the six months.
This document provides an overview of Metavante Corporation's 40th anniversary in 2004. It discusses Metavante's focus on financial services and payment solutions. In 2004, Metavante made several strategic acquisitions to grow its business and move toward $1 billion in annual revenue. One key acquisition was Printing For Systems, Inc., a provider of identification cards and documents to the healthcare industry. This helped Metavante expand into healthcare eligibility and payment cards to reduce identity theft risks.
This document is an amendment to a previously filed Form 10-K annual report by The Shaw Group Inc. for the fiscal year ended August 31, 2006. The amendment was filed to restate certain items in the financial statements and management's discussion and analysis based on comments from the SEC. Specifically, the amendment expands the segment analysis, updates controls and procedures disclosure, and restates items 6, 7, 8 and 9A of the original filing to correct errors related to the presentation of an engineering project and certain other matters. The financial statements for 2004, 2005 and 2006 were restated as a result.
This document provides financial statements and segment results for Unisys Corporation for the three months and year ended December 31, 2005 and 2004. It shows that for the three months ended December 31, 2005, Unisys had revenue of $1.569.5 million and a net loss of $31.1 million. For the year ended December 31, 2005, Unisys had revenue of $5.758.7 million and a net loss of $1,731.9 million. The document also provides balance sheet and cash flow statement information for Unisys as of December 31, 2005 and 2004.
This document is Unisys Corporation's quarterly report filed with the SEC for the third quarter of 2003. It includes Unisys' consolidated balance sheet, income statement, and cash flow statement for the periods ended September 30, 2003 and 2002. Key details include total revenue of $1.45 billion for Q3 2003, net income of $56.2 million, and basic earnings per share of $0.17. For the nine months ended September 30, 2003, total revenue was $4.27 billion and net income was $147.2 million.
- Unisys Corporation reported consolidated financial results for the second quarter and first half of 2004, with total revenue of $1.38 billion and $2.85 billion respectively.
- Net income for the quarter was $19.4 million compared to $52.5 million for the same period in 2003. Net income for the first half was $48.3 million compared to $91 million the prior year.
- Services revenue was relatively flat at $1.16 billion for the quarter but increased to $2.32 billion for the first half, while technology revenue declined for both the quarter and six months.
Unisys Corporation reported financial results for the first quarter of 2004 and 2003. Revenue increased slightly from $1.4 billion to $1.46 billion year-over-year. Net income was $28.9 million compared to $38.5 million in the prior year. Earnings per share were $0.09 compared to $0.12. The company also provided supplemental non-GAAP information excluding pension expenses/income to enhance understanding of operational performance. Free cash flow was $16.1 million compared to negative $154.3 million in the prior year period.
The Shaw Group Inc. achieved record financial results in 2001, with earnings increasing 101% to $61.2 million and sales up 102% to $1.5 billion. The company's backlog also grew substantially to $4.5 billion, driven primarily by strong demand in the domestic power generation market. Key accomplishments in 2001 included successfully integrating the acquisition of Stone & Webster and establishing new pricing models that aim to deliver projects at the lowest total installed cost through risk-sharing with customers. Looking ahead, Shaw expects continued growth driven by ongoing power market build-up and opportunities in related industries like petrochemical and refining.
This document is Unisys Corporation's annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2001. It summarizes Unisys' business operations, principal products and services, customers, competition, research and development activities, and other details. Unisys has two business segments - Services and Technology. The Services segment provides consulting, outsourcing, and other services, while the Technology segment develops servers and related products. Major customers include companies in financial services, communications, and the US government.
- The Annual Meeting of Shareholders of Brunswick Corporation will be held on May 3, 2006 at the company's corporate offices to elect four directors, approve amendments to the 2003 Stock Incentive Plan, and ratify the selection of Ernst & Young as the independent registered public accounting firm.
- Shareholders are urged to vote by signing and returning the enclosed proxy card or by telephone or internet by May 2.
- The meeting will be held if a majority of shares are represented in person or by proxy.
This document summarizes Hexion's second quarter 2007 earnings conference call. The summary includes:
- Hexion delivered strong revenue and EBITDA growth compared to the prior year period driven by global diversification.
- Synergies from acquisitions are on track to achieve $175 million target.
- Hexion entered into a definitive merger agreement with Huntsman Corporation on July 12, 2007 to create one of the world's largest chemical companies, pending regulatory and shareholder approval.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
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This document provides a summary of PSEG's 4th quarter and full-year 2008 earnings conference call. It discusses PSEG meeting its 2008 earnings guidance despite challenges. Key points include PSEG focusing on operational excellence, laying a foundation for the future through carbon abatement and infrastructure programs, and strengthening its financial position by reducing debt and recognizing reserves for tax risks. The document also provides guidance for 2009 operating earnings of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million compared to $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For Q4 2008, PSEG reported operating earnings of $250 million compared to $272 million in Q4 2007. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's Q4 operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in Q4 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group Investor library.corporatefinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise grouplibrary.corporate-ifinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's operating earnings were relatively flat quarter-over-quarter, while PSE&G's operating earnings declined slightly due to higher energy costs and lower margins, offset partially by O&M savings. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
public serviceenterprise group library.corporate-irfinance20
PSEG held an earnings conference call to discuss its fourth quarter and full-year 2008 results. For the fourth quarter, PSEG reported operating earnings of $250 million compared to $272 million in the prior year quarter. For the full year, operating earnings were $1,487 million compared to $1,385 million in 2007. PSEG Power's fourth quarter operating earnings were $207 million, matching the prior year, while PSE&G's were $76 million, down slightly from $77 million in 2007. PSEG provided 2009 operating earnings guidance of $3.00-$3.25 per share.
spectra energy 2Q_2007_SpectraEnergyEarningsfinance49
Spectra Energy reported second quarter 2007 earnings. While ongoing EPS was consistent with expectations, some business segments experienced challenges. US Transmission and Distribution results were solid, but Western Canada was affected by plant turnarounds and Field Services by weather. The company is optimistic about achieving 2007 financial goals and remains committed to delivering steady growth and attractive dividends.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the production program was on budget.
Hexion reported financial results for Q4 2008 and fiscal year 2008. Q4 revenue declined 20% to $1.18 billion due to weak market conditions and inventory destocking by customers. The operating loss was $876 million compared to an operating income of $21 million in the prior year, reflecting $800 million in costs related to the terminated Huntsman merger. Segment EBITDA declined 63% to $46 million. For the full year, revenue increased 5% to $6.09 billion while the operating loss was $893 million compared to operating income of $302 million in 2007. Hexion is pursuing additional cost reduction programs and actions to improve cash flow and liquidity.
The document summarizes Spectra Energy's first quarter 2007 earnings. Key points include:
- Ongoing earnings were up 10% from Q1 2006, though some segments were dampened by extreme weather and commodity prices.
- The company is on track to deliver 5-7% compound annual EPS growth through 2009 through $3 billion in expansion projects.
- Segments like US Transmission saw earnings growth from capital projects and cost reductions, while Field Services was down due to weather and commodity prices.
- The company reaffirmed its focus on steady growth and attractive dividends to deliver 8-10% total shareholder returns.
Celanese held a conference call to discuss its fourth quarter 2005 earnings. Key highlights included strong underlying business results driven by higher pricing and demand. The company also provided an outlook for 2006, forecasting adjusted EPS between $2.50-$2.90. Significant contributions continue to come from equity and cost investments, which paid $154 million in dividends for full-year 2005, up from $77 million in 2004. Capitalization was also discussed, with net debt of $3.047 billion as of December 31, 2005.
- Ameriprise Financial reported a 14% increase in net income for Q1 2007 to $165 million compared to Q1 2006. Adjusted earnings, which exclude non-recurring separation costs, increased 16% to $220 million.
- Revenues grew 6% to $2.1 billion, driven by 11% growth in management fees and 14% growth in distribution fees. However, net investment income declined 10% due to lower balances in annuity fixed accounts and certificates.
- Earnings growth was achieved through a strategic shift toward fee-based products and greater advisor productivity, though this was partially offset by declines in spread income from annuity and certificate businesses.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ending March 31, 2001. It includes Unisys' consolidated balance sheet, statement of income, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter, Unisys reported revenue of $1.6 billion, net income of $69.3 million, and ended the quarter with $326 million in cash and cash equivalents.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the SEC for the quarter ended June 30, 2001. The report includes Unisys' consolidated balance sheet, statement of income, statement of cash flows, and notes to the financial statements. It summarizes Unisys' financial performance and position, including reporting a net income of $12.1 million on revenue of $1.46 billion for the quarter.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the Securities and Exchange Commission for the quarter ending September 30, 2001. The report includes Unisys' consolidated balance sheet, statement of income, and statement of cash flows for the periods. It shows that for the quarter, Unisys reported revenue of $1.376 billion and net income of $20.9 million. For the nine months, revenue was $4.461 billion and net income was $102.3 million.
This document is a Form 10-Q quarterly report filed by Unisys Corporation with the Securities and Exchange Commission for the quarterly period ended March 31, 2002. The report includes Unisys' consolidated balance sheet, statement of income, and statement of cash flows for the periods ended March 31, 2002 and 2001. It also includes notes to the financial statements providing additional details on earnings per share calculations, adoption of new accounting standards, segment information, and other items.
This document is a SEC Form 10-Q filing for Unisys Corporation for the quarterly period ended June 30, 2002. It includes Unisys' consolidated balance sheet, statement of income, and statement of cash flows for the periods. The filing shows that for the six months ended June 30, 2002, Unisys reported revenue of $2.72 billion and net income of $74.9 million. Cash and cash equivalents decreased to $201.1 million as of June 30, 2002 from $325.9 million as of December 31, 2001.
This document is a quarterly report filed with the SEC by Unisys Corporation for the quarter ending September 30, 2002. It includes Unisys' consolidated balance sheet, income statement, and cash flow statement for the periods shown. The balance sheet shows the company had total assets of $5.48 billion against total liabilities and stockholders' equity of the same amount. The income statement indicates net income of $59 million for the quarter on revenues of $1.33 billion. Cash flow from operations was $70 million for the first nine months of the year. Notes to the financial statements provide additional details on earnings per share calculations and the impact of a new accounting standard for goodwill.
This document is the Unisys Corporation's annual report (Form 10-K) filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2002. It provides information on Unisys' business segments of Services and Technology, its principal products and services, markets, materials, intellectual property, seasonality, customers, backlog, and competition. Unisys is a global information technology company offering systems integration, outsourcing, infrastructure services, server technology, and consulting. Its major customers include governments and companies in financial services, communications and other industries.
This document is Unisys Corporation's quarterly report filed with the SEC for the quarter ending March 31, 2003. It includes the consolidated balance sheet, income statement, cash flow statement, and notes for the quarter. The balance sheet shows total assets of $5.1 billion including $433.1 million in cash. Total liabilities were $1.9 billion including long-term debt of $1.0 billion. Stockholders' equity was $901.6 million. The income statement shows revenue of $1.4 billion and net income of $38.5 million. Cash flow from operations was negative $64.9 million for the quarter.
Unisys Corporation filed a Form 10-Q with the SEC for the quarterly period ended June 30, 2003. The filing includes Unisys' consolidated balance sheet, income statement, and notes to the financial statements. For the quarter, Unisys reported revenue of $1.425 billion, net income of $52.5 million, and earnings per share of $0.16. Year-to-date, Unisys reported revenue of $2.824 billion, net income of $91 million, and earnings per share of $0.28. As of June 30, 2003, Unisys had total assets of $5.155 billion and total stockholders' equity of $1.002 billion
This document is a Form 10-K filed by Unisys Corporation with the Securities and Exchange Commission for the fiscal year ended December 31, 2003. It provides an overview of Unisys, including that it is a global information technology company with Services and Technology business segments. It describes Unisys' principal products and services in each segment, as well as information on customers, materials, patents, seasonality, backlog, and competition.
This document is Unisys Corporation's quarterly report filed with the SEC for the quarter ended March 31, 2004. It includes Unisys' consolidated balance sheets, statements of income, and statements of cash flows for the quarters ended March 31, 2004 and 2003. For the quarter ended March 31, 2004, Unisys reported revenue of $1.46 billion and net income of $28.9 million.
This SEC filing is Unisys Corporation's quarterly report on Form 10-Q for the quarter ended June 30, 2004. It includes Unisys' consolidated financial statements, including their balance sheet, income statement, and statement of cash flows for the quarter. It also provides notes to the financial statements and breaks down revenue and operating results by business segment. The filing provides investors with Unisys' financial performance and position for the quarter according to US GAAP and SEC regulations.
- Unisys Corporation reported consolidated financial results for the second quarter and first half of 2004 compared to the same periods in 2003.
- Total revenue was $1.388 billion for Q2 2004 compared to $1.425 billion for Q2 2003. Net income was $19.4 million for Q2 2004 compared to $52.5 million for Q2 2003.
- For the first half of 2004, total revenue was $2.851 billion compared to $2.824 billion for the first half of 2003. Net income was $48.3 million for the first half of 2004 compared to $91 million for the same period of 2003.
The document provides financial information for Unisys Corporation, including revenue, costs, expenses, operating income, net income, and earnings per share for quarters ending September 30, 2004 and 2003 and year-to-date periods ending September 30, 2004 and 2003. It also includes balance sheet information as of September 30, 2004 and December 31, 2003 and cash flow information for the nine month periods ending September 30, 2004 and 2003.
This document is a Form 10-K filed by Unisys Corporation with the Securities and Exchange Commission for the fiscal year ended December 31, 2004. It provides an overview of Unisys' business operations, organizational structure, products and services, facilities, legal proceedings, executive officers, and financial performance. Unisys has two business segments - Services and Technology. It provides a variety of IT services and solutions, as well as proprietary servers and technologies. Key details in the filing include a description of Unisys' major markets, suppliers, patents, backlog, competition, research and development expenses, environmental matters, international presence, and available information.
- Unisys Corporation reported revenue of $1.524 billion for Q4 2004, down from $1.637 billion in Q4 2003, and revenue of $5.821 billion for 2004, down from $5.911 billion in 2003.
- Net income was $34.9 million loss for Q4 2004 compared to net income of $111.5 million in Q4 2003, and net income was $38.6 million for 2004 compared to $258.7 million in 2003.
- Cash and cash equivalents increased to $660.5 million at the end of 2004 from $635.9 million at the end of 2003.
This document is a SEC Form 10-Q filing for Unisys Corporation for the quarterly period ending March 31, 2005. It includes Unisys' consolidated balance sheets, statements of income, and statements of cash flows for the periods. For the quarter, Unisys reported a net loss of $45.5 million on revenue of $1.37 billion, compared to net income of $28.9 million on revenue of $1.46 billion in the same period the previous year. Cash and cash equivalents decreased to $441.6 million at the end of the quarter from $660.5 million at the end of 2004.
- Unisys Corporation reported a net loss of $45.5 million for the first quarter of 2005 compared to net income of $28.9 million in the same period of 2004. Revenue decreased 6.6% to $1.37 billion.
- The services segment saw a revenue decrease of 5.1% to $1.11 billion while the technology segment's revenue decreased 13.1% to $259 million.
- Cash provided by operating activities was $26.8 million, down from $129.2 million in the prior year, due to a net loss, decreases in receivables and accounts payable, and an income tax payment.
This document is a SEC Form 10-Q filing for the quarterly period ended June 30, 2005 from Unisys Corporation. It includes Unisys' consolidated financial statements and notes. The financial statements show that for the quarter, Unisys had an operating loss of $56.6 million on $1.4 billion in revenue. For the six months ended June 30, they had an operating loss of $122.8 million on $2.8 billion in revenue. The notes provide details on how earnings per share were calculated and provide an analysis of performance by business segment.
- Unisys Corporation reported a net loss of $72.6 million for the first six months of 2005 compared to net income of $48.3 million for the same period in 2004.
- Revenue from services decreased to $2,343.7 million from $2,323.8 million the previous year, while technology revenue declined to $458.4 million from $527.2 million.
- Cash and cash equivalents decreased to $398.9 million at the end of June 2005 from $660.5 million at the end of December 2004.
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?
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
“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
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.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
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.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
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.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
1. Fourth Quarter and Fiscal Year 2007
Earnings Conference Call
March 11, 2008
2. Forward-Looking Statements
Certain information in this presentation may be considered forward-looking information within the
meaning of the Private Securities Litigation Reform Act of 1995. This information is based on the
Company's current expectations and actual results could vary materially depending on risks and
uncertainties that may affect the Company's operations, markets, services, prices and other
factors as discussed in filings with the Securities and Exchange Commission. These risks and
uncertainties include, but are not limited to, industry and economic conditions, competitive, legal,
governmental and technological factors. There is no assurance that the Company's expectations
will be realized. The Company assumes no obligation to update any forward-looking information
contained in this presentation should circumstances change, except as otherwise required by
securities and other applicable laws.
This presentation contains non-GAAP financial measures. A reconciliation to the nearest
U.S. GAAP financial measures is included at the end of the presentation.
2
3. Overview of Fourth Quarter and
Fiscal Year 2007 Results
Craig O. Morrison
Chairman, President & Chief Executive Officer
4. Fourth Quarter and Fiscal Year 2007
Summary Performance
Hexion Specialty Chemicals Fourth Quarter 2007 highlights:
Revenues increased 13% over prior year
Operating income of $21 million compared to $59 million. Q407 operating income
negatively impacted by $40 million of asset impairments, manufacturing interruptions and planned
turnarounds
A 30% increase in our raw material index created a negative $16 million lead/lag impact on EBITDA
Hexion posted Segment EBITDA (1) of $125 million, a 2% increase over prior year
Hexion Specialty Chemicals Fiscal Year 2007 highlights:
Revenues reached $5.8 billion, a 12% increase over prior year
Operating income increased to $302 million, a 22% increase over prior year results when
excluding gains from the sale of businesses
Segment EBITDA (1) of $611 million, a 17% increase over prior year
Year-end 2007 pro forma adjusted EBITDA of $707 million (1)
Hexion remains on track to achieve $175 million in targeted synergies
Arkema GmbH transaction closed in Nov. 2007, an Eastern German forest products business
Ongoing progress with the regulatory review process for Hexion’s pending merger with Huntsman
Corporation (2)
Hexion Continues to Execute its Strategic and Operational Plan
(1) Segment EBITDA and Adjusted EBITDA are non-GAAP financial measures. The closest GAAP financial measure is Net Income (Loss). A table that reconciles these two measures is at the end of this presentation. Management believes that
Adjusted EBITDA is meaningful to investors because the Company is required to have an Adjusted EBITDA to Fixed Charges ratio of greater than 2.0 to 1.0 to incur additional indebtedness under its indenture for the Second Priority Senior
Secured Notes. As of December 31, 2007, the Company was able to satisfy this covenant and incur additional indebtedness under its indentures. Year-ended December 31, 2007 Adjusted EBITDA includes $55 million of in-process Hexion
synergies and $38 million of acquisition adjustments.
(2) Transaction remains subject to various conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Act, review by foreign jurisdictions and other customary closing conditions.
4
5. Fourth Quarter and Fiscal Year 2007
Summary Financial Performance
Quarter Ended December 31 Year Ended
∆ ∆
($ in millions) 2007 2006 2007 2006
↑ 13% ↑ 12%
Revenue $ 1,480 $ 1,309 $ 5,810 $ 5,205
Q407 operating FY06 operating
income included income
Operating $40 million of
↓ 64%
increased 22%
↑ 6%
21 59 302 286
asset impairments,
excluding gain
Income planned on the sale of
turnarounds & assets
manufacturing
interruptions
Net loss (63) (55) nm (65) (109) nm
Segment
↑ 2% ↑ 17%
125 123 611 524
EBITDA (1)
Hexion Posted Strong Year-over-Year Revenue and Segment EBITDA Gains
(1) Segment EBITDA excludes in-process synergies and the pro forma effect of acquisitions.
5
6. Fourth Quarter 2007 Results Impacted by
Raw Material Headwinds
Negative lead/lag impact of $16 million in Q407
Hexion Composite Raw Material Index at December 2007 increased 30% compared
to Q307
Ongoing focus on pricing actions to compensate for the rapid rise in raw materials
Current prices remain volatile; closely monitoring market conditions for 2008
Hexion Composite Raw Material Index
1.6
1.5
1.4
1.3
1.2
1.1
1.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007
Source: CMAI data.
Key Raw Materials at or near Historical Highs as of Year-end 2007
6
7. Strong Revenue Growth in
Fourth Quarter & Fiscal Year 2007
Net Sales
Q407 vs. Q406 FY07 vs. FY06
Epoxy &
Phenolic
14% 13%
Resins
Forest &
25% 15%
Formaldehyde
Products
Coatings
(3%) 6%
& Inks
Performance
15% 9%
Products
Broad Product Portfolio Supports Ongoing Revenue Growth;
58% of Hexion’s Total Sales were from International Markets in FY07
7
8. Fourth Quarter and Fiscal Year 2007 EBITDA
Segment EBITDA
Q407 vs. Q406 FY07 vs. FY06
Epoxy &
(6%)
Phenolic 24%
Resins
Forest &
(9%) 6%
Formaldehyde
Products
Coatings 55% 6%
& Inks
Performance
26%
43%
Products
Diversified Portfolio is Key to 2007 Performance
8
9. Hexion Remains on Pace to Achieve
$175 Million in Synergies
Achieved
Summary
($ millions)
$120
Achieved $15 million in targeted synergies in
Q407
All Phase II actions expected to be taken in
$70
2008
Synergies continue to contribute toward
Hexion’s improvement in gross and operating
margins in FY07 compared to FY06
SG&A as a percentage of sales improved to
7.1% in FY07 vs. 7.4% in FY06
FY07
FY06
Targeted Synergy Focus Areas
Sourcing Manufacturing SG&A
SG&A
$37 mm
Sourcing
As of As of As of $72 mm
FY05 FY06 FY07
($ in millions)
Achieved Synergies $20 $70 $120
$66 mm
Unrealized Synergies $155 $105 $55
Manufacturing
9
10. Site Actions Designed to Strategically
Optimize Manufacturing Footprint
Site actions related to Hexion’s synergy
programs include:
Hernani, Spain (Phenolic Resins)
Santo Varao, Portugal (Inks)
(1)
Pleasant Prairie, Wisconsin (Inks)
(1)
Lynwood, California (Coatings)
Clayton, U.K. (Coatings)
Hamburg, Germany (Coatings)
Molndal, Sweden (Coatings)
LaVal, Quebec (Forest Products)
Virginia, Minnesota (Forest Products)
Vancouver, British Columbia (Forest Products)
High Point, North Carolina (Forest Products)
Productivity and Synergy Programs Continue
(1) Sites operational; actions included stopping production of heatset ink vehicles at Pleasant Prairie location and solvent-based coatings at our Lynwood California facility.
10
12. Epoxy and Phenolic Resins
Fourth Quarter 2007 Segment Highlights
Quarter Ended December 31
∆
2007 2006
($ in millions)
Ongoing revenue growth enhanced
by pricing and favorable product
↑ 14%
Revenue $616 $539 mix.
Segment Q407 planned turnarounds and
↓ (6)%
$62 $66
EBITDA manufacturing outages negatively
impacted Segment EBITDA
Q407 Sales Comparison YOY
Currency Acquisitions /
Volume Price/Mix Translation Divestitures Total
-- 7% 7% -- 14%
12
13. Epoxy and Phenolic Resins
Fiscal Year 2007 Segment Highlights
Year Ended December 31
∆
2007 2006
($ in millions)
Strong revenue growth reflects
pricing initiatives and favorable
↑ 13%
Revenue $2,424 $2,152 product mix
Ongoing EBITDA improvement
Segment
↑ 24%
$337 $271 despite inflationary raw material
EBITDA
environment
Segment EBITDA growth
supported by positive demand
from wind energy, aerospace and
international construction
FY07 Sales Comparison YOY
Currency Acquisitions/
Volume Price/Mix Translation Divestitures Total
(3)% 10% 6% -- 13%
13
14. Formaldehyde and Forest Products Resins
Fourth Quarter 2007 Segment Highlights
Quarter Ended December 31
∆
2007 2006
($ in millions)
Revenue growth reflects strong
pass-through capabilities as well as
↑ 25%
Revenue $448 $357 broad-based international growth
Methanol spiked dramatically in
Segment
↓ (9)%
$39 $43 Q407:
EBITDA
Sept. ’07: $0.95/gal.
Dec. ’07: $2.62/gal
North American downturn partially
offset by favorable international
Q407 Sales Comparison YOY
growth
Currency Acquisitions/
Volume Price/Mix Translation Divestitures Total
(3)% 6% 6% 16% 25%
14
15. Formaldehyde and Forest Products Resins
Fiscal Year 2007 Segment Highlights
Year Ended December 31
∆
2007 2006
($ in millions)
Strong international demand
drove year-over-year gains in
↑ 15%
Revenue $1,663 $1,440 revenue and Segment EBITDA
Contractual pass-through
Segment
↑ 6%
$165 $156 capabilities offset rapid rise in
EBITDA
raw materials in FY07
FY07 Sales Comparison YOY
Currency Acquisitions/
Volume Price/Mix Translation Divestitures Total
(7)% 9% 3% 10% 15%
15
16. Coatings and Inks
Fourth Quarter 2007 Segment Highlights
Quarter Ended December 31
∆
2007 2006
($ in millions)
Ongoing North American housing
pressures continued to negatively
↓ (3)%
Revenue $316 $326 impact coatings demand
Segment Focused cost control programs,
↑ 55%
$17 $11 coupled with site rationalizations
EBITDA
significantly improved cost structure
Q407 Sales Comparison YOY
Currency
Volume Price/Mix Translation Divestitures Total
(12)% 5% 7% (3)% (3)%
16
17. Coatings and Inks
Fiscal Year 2007 Segment Highlights
Year Ended December 31
∆
2007 2006
($ in millions)
Ongoing pricing actions helped
offset North American housing
↑ 6%
Revenue $1,330 $1,254 decline
Segment Site rationalizations will continue
↑ 6%
$86 $81
EBITDA to optimize cost structure
FY07 Sales Comparison YOY
Currency Acquisitions/
Volume Price/Mix Translation Divestitures Total
(9)% 4% 5% 6% 6%
17
18. Performance Products
Fourth Quarter 2007 Segment Highlights
Quarter Ended December 31
∆
2007 2006
($ in millions)
Strong regional demand for Oilfield
products continued in the U.S. and
↑ 15%
Revenue $ 100 $ 87 Mexico in Q407
New oilfield technology products
Segment
↑ 43%
$ 20 $ 14 have dramatically impacted revenue
EBITDA
and EBITDA results: Proptrac™,
XRT Ceramax™ and Prime Plus™
Q407 Sales Comparison YOY
Currency Acquisitions/
Volume Price/Mix Translation Divestitures Total
3% 11% 1% -- 15%
18
19. Performance Products
Fiscal Year 2007 Segment Highlights
Year Ended December 31
∆
2007 2006
($ in millions)
Oilfield and Asia Pacific growth
contributed to strong year-over-
↑
Revenue $ 393 $ 359 9% year revenue and Segment
EBITDA gains
Segment
↑ 26%
$ 77 $ 61
EBITDA
FY07 Sales Comparison YOY
Currency Acquisitions/
Volume Price/Mix Translation Divestitures Total
-- 8% 1% -- 9%
19
20. Balance Sheet Update
Hexion generated $174 million in cash from operations in 2007
In FY07, Hexion funded $130 million for the acquisitions of Orica and
Arkema GmbH
2007 capital expenditures totaled $123 million
Strong liquidity position: cash plus borrowing availability of $485
million at December 31, 2007
Ongoing focus on working capital improvements in 2008 and
maintaining a disciplined approach to capital spending
20
22. Summary:
Hexion Fourth Quarter and Fiscal Year 2007 Results
Hexion delivered strong financial results in FY07 with a 12% increase in
revenues and a 17% increase in Segment EBITDA
The company remains on track to achieve $175 million in targeted
synergies
Recently announced site closings will continue to improve overall cost
structure
December 31, 2007 pro forma adjusted EBITDA of $707 million
On March 5, 2008, Hexion announced post-merger senior leaders for the
company, contingent on the close of the acquisition of Huntsman (1)
Hexion Continues to Execute its Strategic and Operational Plan
(1) Transaction remains subject to various conditions, including expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Act, review by foreign jurisdictions and
other customary closing conditions.
22
24. Reconciliation of Non-GAAP Financial Measures
($ millions) Fiscal Year ended Dec. 31
Three months ended Dec. 31,
2006 2006
2007 2007
Segment EBITDA:
Epoxy and Phenolic Resins 62 66 337 271
Formaldehyde and Forest Product Resins 39 43 165 156
Coatings and Inks 17 11 86 81
Performance Products 20 14 77 61
Corporate and Other (13) (11) (54) (45)
Total 125 123 611 524
Reconciliation:
Items not included in Segment EBITDA
(1)
Transaction costs -- 1 (20)
Integration costs (10) (12) (38) (57)
Non-cash charges (37) (9) (54) (22)
Unusual items:
8
Gain on sale of business -- (1) 39
(1)
Purchase accounting effects/inventory step-up (1) -- (3)
-- (14)
Discontinued operations -- --
Business realignments (5) 6 (21) 2
Other (8) (2) (17) (10)
Total unusual items (14) 3 (31) 14
Total adjustments (61) (17) (124) (85)
Interest expense, net (73) (71) (310) (242)
Loss on extinguishment of debt -- (69) -- (121)
Income tax benefit (expense) (1) 27 (44) (14)
Depreciation and amortization (53) (48) (198) (171)
Net income (loss) (63) (55) (65) (109)
24
25. Fixed Charge Covenant Calculations
Year Ended
Dec. 31, 2007
Reconciliation of Net Loss to Adj. EBIT DA
Net loss (65)
$
Income taxes 44
Interest expense, net 310
Depreciation and amortization expense 198
EBITDA 487
Adjustments to EBIT DA
Acquisitions EBITDA (1) 38
Transaction costs 1
Integration costs (2) 38
Non-cash charges (3) 54
Unusual items:
Gain on divestiture of business (8)
Purchase accounting/inventory step-up 1
Business realignments 21
(4)
Other (5) 20
Total unusual items 34
In process Synergies 55
(6)
Adjusted EBITDA 707
$
(7)
Fixed Charges (8) 274
Ratio of Adj. EBITDA to Fixed Charges 2.58
25
26. Fixed Charge Covenant Calculations cont.
Footnotes
1) Represents the incremental EBITDA impact for the Orica Acquisition and the Arkema acquisition as if they had taken place at the
beginning of the period. Also includes the impact of in-process synergies related to the Coatings and Inks acquisitions.
2) Represents redundancy and incremental administrative costs from integration programs. Also includes costs related to implementation
of a single, company-wide management information and accounting system.
3) Includes non-cash charges for fixed asset impairments, stock based compensation, and unrealized foreign exchange and derivative
activity.
4) Represents plant rationalization, headcount reduction and other costs associated with business realignments.
5) Includes the impact of the announced divestiture of the European solvent coating resins business as if it had taken place at the
beginning of the period, management fees, costs to settle a lawsuit, realized foreign currency activity, and costs for unplanned plant
outages.
6) Represents estimated net unrealized synergy savings from the Hexion Formation.
7) The charges reflect pro forma interest expense at March 3, 2008 as if the Orica A&R acquisition, the Arkema acquisition, and the
amendment of our senior secured credit facilities had taken place at the beginning of the period.
8) Company is required to maintain an Adjusted EBITDA to Fixed Charges ratio of greater than 2.0 to 1.0 to incur additional indebtedness
under its indenture for the Second Priority Senior Secured Notes. As of December 31, 2007, the Company was able to satisfy this
covenant and incur additional indebtedness under this indenture.
26
27. Debt at December 31, 2007
($ in millions)
12/31/2007 12/31/2006
Senior Secured Credit Facilities:
Floating rate term loans due 2013 2,282 1,995
$
$
Revolving credit facilities due 2011 -- 23
Senior Secured Notes:
9.75% Second-priority senior secured notes due 2014 625 625
Floating rate second-priority senior secured notes due 2014 200 200
Debentures:
9.2% debentures due 2021 115 115
7.875% debentures 2023 247 247
Sinking fund debentures: 8.375% due 2016 78 78
Other Borrowings:
Australian Multi-Currency Term/Working Capital Facility due 2012 69 --
Industrial Revenue Bonds due 2009 34 34
Capital Leases 12 11
Other 58 64
Total debt 3,720 3,392
$
$
27