1) Kellogg reported strong financial results in 2003, with net sales increasing 6% to $8.8 billion and earnings per share growing 10% despite rising costs.
2) The company invested substantially in brand building, innovation, and cost savings projects to strengthen the business for future growth.
3) Kellogg also strengthened its organizational capabilities with leadership changes and initiatives to develop talent, improve culture, and promote diversity and safety.
Based on the analysis of the key financial metrics of the four companies, SPRITZER BHD, GUINNESS ANCHOR BHD, FRASER & NEAVE BHD and YEO HIAP SENG BHD, Guinness Anchor BHD is the best company for investors. Specifically, GAB has the lowest average WACC at 2.62%, is debt-free with no debt to equity ratio, has a low average operating cycle of 65.54 days and positive average cash cycle of 27.31 days, indicating efficient use of working capital. Overall, GAB consistently ranked first or second across the different metrics considered and provides the best risk-return profile for investors.
Kellogg Company delivered strong performance in 2005, meeting or exceeding its long-term targets for revenue, operating profit, earnings per share, and total shareholder return. Net sales increased 6% to over $10 billion due to brand building campaigns and new product innovations. Operating profit grew 5% despite higher input costs across the industry. Earnings per share increased 10% for the fourth consecutive year of double-digit growth. Cash flow was $769 million including $400 million in benefit plan contributions. For the fifth year, Kellogg outperformed the S&P Packaged Foods Index in total shareholder return.
Valero Energy Corporation reported record financial results for 2003 compared to 2002. Operating revenues in 2003 were $37.9 billion compared to $29 billion in 2002. Net income in 2003 was $622 million compared to $92 million in 2002. Earnings per share in 2003 were $5.09 compared to $0.83 in 2002. The chairman attributed the record results to strong refining margins and discounts on sour crude oil, as well as contributions from acquisitions and expansion projects. The chairman expects even stronger performance in 2004 due to projections of higher refining margins, wider discounts on sour crude, and increased throughput from assets acquired in 2003.
This document is Smithfield Foods' 2008 Annual Report. It discusses the company's global operations, financial highlights for fiscal year 2008, a message from the CEO addressing challenges in the hog markets and gains in packaged meats, and community outreach programs. Key points include increased sales but lower net income compared to 2007 due to unfavorable hog market conditions, expansion of international operations, and a strategic focus on value-added packaged meats products.
The document summarizes Murphy Oil Corporation's 2012 Analyst Day presentations in El Dorado, Arkansas on May 8, 2012. The agenda included financial overview by Kevin Fitzgerald, exploration and production overview by Roger Jenkins and Sam Algar, downstream overview by Tom McKinlay, and wrap up. In the financial overview, Kevin Fitzgerald discussed Murphy's strong financial position, liquidity sources, historically low debt levels, and projected cash flows and capital expenditures through 2015. The exploration and production presentation by Roger Jenkins and Sam Algar focused on Murphy's strategy to maintain an oil-weighted resource base through impactful exploration and reducing development cycle times. They discussed progress and plans for ongoing oil projects in North America and Malaysia as well as shifting capital from
NCR Corporation's 2006 annual report summarizes the company's financial performance and strategic initiatives. Key points include:
- Revenue increased 2% to $6.14 billion while income from operations more than tripled to $473 million since 2003.
- The company met its goal of a 10% operating margin, before pension expense, in 2006, one year ahead of schedule.
- In January 2007, NCR announced plans to separate into two independent publicly-traded companies, with Teradata becoming its own entity.
March 2012 NAL Energy Corporate PresentationNALenergy
NAL Energy Corporation is an oil and gas company with a market capitalization of $1.1 billion and monthly dividend of $0.05 per share. It has several series of convertible debentures outstanding. The company's strategic direction focuses on long term sustainability through dividend payments, adding scalable liquids opportunities, cost efficiency, and disciplined acquisitions. NAL provides a corporate presentation outlining its operational and financial strategies, including growing its liquids volumes, maintaining financial flexibility, and providing 2012 guidance and reserve information.
1) Kellogg reported strong financial results in 2003, with net sales increasing 6% to $8.8 billion and earnings per share growing 10% despite rising costs.
2) The company invested substantially in brand building, innovation, and cost savings projects to strengthen the business for future growth.
3) Kellogg also strengthened its organizational capabilities with leadership changes and initiatives to develop talent, improve culture, and promote diversity and safety.
Based on the analysis of the key financial metrics of the four companies, SPRITZER BHD, GUINNESS ANCHOR BHD, FRASER & NEAVE BHD and YEO HIAP SENG BHD, Guinness Anchor BHD is the best company for investors. Specifically, GAB has the lowest average WACC at 2.62%, is debt-free with no debt to equity ratio, has a low average operating cycle of 65.54 days and positive average cash cycle of 27.31 days, indicating efficient use of working capital. Overall, GAB consistently ranked first or second across the different metrics considered and provides the best risk-return profile for investors.
Kellogg Company delivered strong performance in 2005, meeting or exceeding its long-term targets for revenue, operating profit, earnings per share, and total shareholder return. Net sales increased 6% to over $10 billion due to brand building campaigns and new product innovations. Operating profit grew 5% despite higher input costs across the industry. Earnings per share increased 10% for the fourth consecutive year of double-digit growth. Cash flow was $769 million including $400 million in benefit plan contributions. For the fifth year, Kellogg outperformed the S&P Packaged Foods Index in total shareholder return.
Valero Energy Corporation reported record financial results for 2003 compared to 2002. Operating revenues in 2003 were $37.9 billion compared to $29 billion in 2002. Net income in 2003 was $622 million compared to $92 million in 2002. Earnings per share in 2003 were $5.09 compared to $0.83 in 2002. The chairman attributed the record results to strong refining margins and discounts on sour crude oil, as well as contributions from acquisitions and expansion projects. The chairman expects even stronger performance in 2004 due to projections of higher refining margins, wider discounts on sour crude, and increased throughput from assets acquired in 2003.
This document is Smithfield Foods' 2008 Annual Report. It discusses the company's global operations, financial highlights for fiscal year 2008, a message from the CEO addressing challenges in the hog markets and gains in packaged meats, and community outreach programs. Key points include increased sales but lower net income compared to 2007 due to unfavorable hog market conditions, expansion of international operations, and a strategic focus on value-added packaged meats products.
The document summarizes Murphy Oil Corporation's 2012 Analyst Day presentations in El Dorado, Arkansas on May 8, 2012. The agenda included financial overview by Kevin Fitzgerald, exploration and production overview by Roger Jenkins and Sam Algar, downstream overview by Tom McKinlay, and wrap up. In the financial overview, Kevin Fitzgerald discussed Murphy's strong financial position, liquidity sources, historically low debt levels, and projected cash flows and capital expenditures through 2015. The exploration and production presentation by Roger Jenkins and Sam Algar focused on Murphy's strategy to maintain an oil-weighted resource base through impactful exploration and reducing development cycle times. They discussed progress and plans for ongoing oil projects in North America and Malaysia as well as shifting capital from
NCR Corporation's 2006 annual report summarizes the company's financial performance and strategic initiatives. Key points include:
- Revenue increased 2% to $6.14 billion while income from operations more than tripled to $473 million since 2003.
- The company met its goal of a 10% operating margin, before pension expense, in 2006, one year ahead of schedule.
- In January 2007, NCR announced plans to separate into two independent publicly-traded companies, with Teradata becoming its own entity.
March 2012 NAL Energy Corporate PresentationNALenergy
NAL Energy Corporation is an oil and gas company with a market capitalization of $1.1 billion and monthly dividend of $0.05 per share. It has several series of convertible debentures outstanding. The company's strategic direction focuses on long term sustainability through dividend payments, adding scalable liquids opportunities, cost efficiency, and disciplined acquisitions. NAL provides a corporate presentation outlining its operational and financial strategies, including growing its liquids volumes, maintaining financial flexibility, and providing 2012 guidance and reserve information.
The document is Smithfield Foods' annual report for fiscal year 2007. It summarizes the company's financial performance, including sales of $11.9 billion and income from continuing operations of $188.4 million. It discusses Smithfield's strategy of acquiring other meat companies to expand its operations in the US and Europe, including the acquisitions of Sara Lee's European meats business and ConAgra's branded meats business. It also describes Smithfield's focus on increasing sales of higher-margin convenience meat products and penetrating regional US packaged meats markets.
2012 Reenergize the Americas 2A: Jesse ThompsonReenergize
The shale boom is having a significant positive impact on the Texas economy in several ways:
1) Oil and gas revenues are increasing state tax collections from severance and sales taxes.
2) Economic activity and jobs in the oil, gas, and chemical industries are growing significantly in Texas regions like the Eagle Ford.
3) As the US increases oil and gas production, it is becoming more energy independent and even a net exporter of some fuels.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
NAL Energy Corporation is an oil and gas producer focused on light oil with assets in western Canada. Some key points:
- Market cap of $1.2 billion with monthly dividend of $0.07/share and current yield of 10.4%
- Produces over 28,000 boe/day from assets in Alberta, southeast Saskatchewan, and British Columbia. Reserves of 104 MMBoe with 50% liquids.
- Focused on oil drilling for its 2011 $240 million capital program to maintain production of around 28,500 boe/day for the year. Hedges over 50% of oil volumes.
- Operates across different oil resource plays like the Cardium, V
This document provides an overview of Hess Corporation's 2008 Annual Meeting of Stockholders. It includes forward-looking statements and disclosures regarding proved and unproved reserves. The Chairman discusses the company's strategy of growing through exploration and production while generating cash flow from marketing and refining. Financial highlights show net income grew from $1.2 billion in 2005 to $1.8 billion in 2007. Capital expenditures totaled $3.9 billion in 2007. Significant new developments are expected to drive production growth between 2008 and 2010.
Bank of America 2008 Health Care Conference finance4
This document summarizes John Spina's presentation at the 2008 Bank of America Health Care Conference. The presentation outlines Walgreen's strategy to expand its footprint through new retail stores and adjacent healthcare services to drive earnings growth. Walgreen aims to become a leader in retail pharmacy and healthcare with goals of 10,000 points of care by 2012, 8% annual square footage growth, and 15% earnings growth. The presentation highlights Walgreen's strengths as an efficient operator in a favorable industry with multiple platforms for continued expansion.
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
Celanese Corporation reported strong third quarter results, with net sales increasing 10% to $1.685 billion compared to the prior year. Operating profit more than doubled to $200 million, driven by increased volumes, higher margins, and lower charges. The company adjusted its full year earnings per share outlook to a range of $2.70 to $2.80 per share, towards the top end of its previous guidance. All business segments saw increased sales and profits compared to the third quarter of 2005.
Beach Petroleum is an Australian oil and gas company with a diversified portfolio of assets. The document summarizes Beach's company profile, five year performance, key projects, and growth opportunities and outlook. It describes Beach's balanced portfolio of long-life reserves across Australia, recent strong financial performance, and key revenue generating projects like the BMG offshore oil and gas field and Cooper Basin oil projects. The summary outlines Beach's strategies to build its gas portfolio, pursue high reward exploration opportunities in Australia and internationally, and assess geothermal energy potential.
Corporate Overview United Hunter Oil and GasMic Stockwell
Vesta Capital Corporation owns a 65% working interest in the Huasna oil field in California, which has significant potential. The field previously produced oil and has a resource of over 500 million barrels of oil initially in place according to a conservative estimate. Vesta aims to restart production at Huasna by the fourth quarter of 2010 and sees potential to increase the recoverable resource above current estimates by developing additional parts of the large field. The company is led by an experienced management team with decades of financial and operational experience in the oil and gas industry.
Toll Brothers reported record results for the second quarter of fiscal year 2005, with net income rising 135% over the second quarter of 2004. Revenues rose 52% to $1.25 billion, contracts rose 38% to $2.20 billion, and backlog rose 57% to a record $5.87 billion. The company expects net income to grow approximately 70% in fiscal year 2005 over 2004 and approximately 20% in fiscal year 2006 over 2005. Toll Brothers is increasing its land holdings and home sites to support continued growth.
Imperial reported an 18% increase in revenue and a 12% increase in operating profit for the first six months of fiscal year 2013. While most divisions performed well, logistics divisions faced challenging conditions in South Africa and Europe. The automotive retail and aftermarket parts divisions achieved strong growth. Overall, the results represent a good performance despite difficult market conditions in some areas.
Campbell Soup Company reported strong financial results in 2006. Net sales increased to $7.34 billion from $7.07 billion in 2005. Earnings from continuing operations grew to $755 million in 2006 from $644 million in 2005. The company is focused on driving sustainable quality growth through five key strategies, including expanding their iconic brands within the categories of Simple Meals and Baked Snacks. In 2006, the company increased sales of brands like Campbell's soup, Goldfish crackers, and Pepperidge Farm cookies. The annual report discusses Campbell Soup Company's financial performance in 2006 and strategic plans for further growing their business in the coming years.
Jack Thurston talk at EU budget and CAP conference: Prague, 11 December 2008jackthur
This document discusses EU farm subsidies and their distribution. Some key points:
- The EU spends €55 billion per year on farm subsidies.
- Between 2006-2008, the total value of EU farm subsidy payments increased from €33 billion to €55 billion to €66 billion. The number of payments and recipients also increased over this period.
- In the Czech Republic in 2007, the biggest 10% of farms received 76% of the subsidy money, showing a concentrated distribution.
- The top 10 recipients of subsidies in the Czech Republic in 2007 are listed, with amounts ranging from €1.1 million to €3.1 million.
Celanese Corporation reported strong fourth quarter and full year 2005 results, with net sales up 19% and 22% respectively. Adjusted earnings per share for the fourth quarter were $0.60, exceeding guidance, and $2.24 for the full year. Adjusted EBITDA rose 40% for the quarter and 44% for the full year due to higher pricing, productivity improvements, and acquisitions offsetting increased costs. For 2006, the company reaffirmed adjusted EPS guidance of $2.50 to $2.90.
Smithfield Foods reported record financial performance in fiscal year 2004 with revenues exceeding $9 billion, up 30% from the previous year. Net income increased sharply to $227.1 million compared to $11.9 million in 2003, driven by higher hog and beef prices. The acquisition of Farmland Foods, which added $1.6 billion in annual sales, significantly improved earnings in both hog production and pork processing. Looking ahead, the company expects fiscal 2005 results to be positively impacted by strong consumer demand and higher hog prices.
Holly Corporation is an independent petroleum refiner and marketer that operates two refineries. In 2006, Holly achieved record financial results including net income of $266 million and revenues of over $4 billion. Holly completed several expansion and upgrade projects at its refineries during 2006 to increase production capacity and ability to process heavy crude oils. Holly plans additional expansion projects at both refineries through 2008 to further increase production capacity and profitability.
Celanese Corporation reported strong financial results for the second quarter and first half of 2006, with net sales increasing 11% compared to the previous year. Operating profit rose 7% for the quarter and 17% for the first half, driven by continued strong demand across business segments. Adjusted earnings per share increased 34% for the quarter and 18% for the first half. All business segments saw higher sales and improved operating performance compared to the previous year.
Short Version Making Money In A Lt Bear Marketmjdeschaine
1) The document discusses strategies for earning returns in a long-term bear market, using the 1966-1982 period as an example. It shows that focusing only on stocks that pay dividends can significantly boost returns compared to the S&P 500 as a whole.
2) Enhancing the strategy by selecting high-yield, dividend-growing stocks and timing reinvestment can potentially add further gains, with annual returns estimated at 16.1% for the 1966-1982 period.
3) Applying a similar strategy since 2000, the document claims annual returns of 9.5% compared to -2.9% for the S&P 500 over the same time.
This annual report summarizes Campbell Soup Company's financial highlights and business performance for fiscal year 2007. Key points include:
- Net sales increased 7% to $7.9 billion and adjusted earnings per share increased 13% to $1.95.
- The company achieved strong sales growth in U.S. soup, beverages, and Pepperidge Farm baked snacks. International operations also improved.
- Campbell is focusing on winning in the marketplace through products aligned with wellness trends like lower sodium soups and juices. It is also focusing on winning in the workplace by improving employee engagement.
- The company delivered superior shareholder returns and is well positioned for continued growth by expanding in key categories and new markets globally.
This annual report summarizes Lowe's performance in 2002. Some key points:
- Sales increased 19.8% to $26.5 billion and comparable store sales increased 5.6%. 123 new stores were opened.
- Gross margin reached a record high of 30.3% due to merchandising and sourcing strategies as well as inventory and process improvements in stores.
- Net earnings increased 43.8% to $1.47 billion.
- The company plans to continue growing by opening more stores, expanding installed sales and special order businesses, and gaining market share in more product categories.
Ingram Micro is the largest global wholesale provider of technology products and services, operating in 36 countries with $30.7 billion in annual sales. In 2000, Ingram Micro focused on improving gross margins and reducing costs, leading to a 77% increase in operating profits despite challenges in sales growth. The company aims to continue enhancing its global distribution network and customer services to maintain its leadership position in the technology supply chain industry.
The document is Smithfield Foods' annual report for fiscal year 2007. It summarizes the company's financial performance, including sales of $11.9 billion and income from continuing operations of $188.4 million. It discusses Smithfield's strategy of acquiring other meat companies to expand its operations in the US and Europe, including the acquisitions of Sara Lee's European meats business and ConAgra's branded meats business. It also describes Smithfield's focus on increasing sales of higher-margin convenience meat products and penetrating regional US packaged meats markets.
2012 Reenergize the Americas 2A: Jesse ThompsonReenergize
The shale boom is having a significant positive impact on the Texas economy in several ways:
1) Oil and gas revenues are increasing state tax collections from severance and sales taxes.
2) Economic activity and jobs in the oil, gas, and chemical industries are growing significantly in Texas regions like the Eagle Ford.
3) As the US increases oil and gas production, it is becoming more energy independent and even a net exporter of some fuels.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
NAL Energy Corporation is an oil and gas producer focused on light oil with assets in western Canada. Some key points:
- Market cap of $1.2 billion with monthly dividend of $0.07/share and current yield of 10.4%
- Produces over 28,000 boe/day from assets in Alberta, southeast Saskatchewan, and British Columbia. Reserves of 104 MMBoe with 50% liquids.
- Focused on oil drilling for its 2011 $240 million capital program to maintain production of around 28,500 boe/day for the year. Hedges over 50% of oil volumes.
- Operates across different oil resource plays like the Cardium, V
This document provides an overview of Hess Corporation's 2008 Annual Meeting of Stockholders. It includes forward-looking statements and disclosures regarding proved and unproved reserves. The Chairman discusses the company's strategy of growing through exploration and production while generating cash flow from marketing and refining. Financial highlights show net income grew from $1.2 billion in 2005 to $1.8 billion in 2007. Capital expenditures totaled $3.9 billion in 2007. Significant new developments are expected to drive production growth between 2008 and 2010.
Bank of America 2008 Health Care Conference finance4
This document summarizes John Spina's presentation at the 2008 Bank of America Health Care Conference. The presentation outlines Walgreen's strategy to expand its footprint through new retail stores and adjacent healthcare services to drive earnings growth. Walgreen aims to become a leader in retail pharmacy and healthcare with goals of 10,000 points of care by 2012, 8% annual square footage growth, and 15% earnings growth. The presentation highlights Walgreen's strengths as an efficient operator in a favorable industry with multiple platforms for continued expansion.
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
Celanese Corporation reported strong third quarter results, with net sales increasing 10% to $1.685 billion compared to the prior year. Operating profit more than doubled to $200 million, driven by increased volumes, higher margins, and lower charges. The company adjusted its full year earnings per share outlook to a range of $2.70 to $2.80 per share, towards the top end of its previous guidance. All business segments saw increased sales and profits compared to the third quarter of 2005.
Beach Petroleum is an Australian oil and gas company with a diversified portfolio of assets. The document summarizes Beach's company profile, five year performance, key projects, and growth opportunities and outlook. It describes Beach's balanced portfolio of long-life reserves across Australia, recent strong financial performance, and key revenue generating projects like the BMG offshore oil and gas field and Cooper Basin oil projects. The summary outlines Beach's strategies to build its gas portfolio, pursue high reward exploration opportunities in Australia and internationally, and assess geothermal energy potential.
Corporate Overview United Hunter Oil and GasMic Stockwell
Vesta Capital Corporation owns a 65% working interest in the Huasna oil field in California, which has significant potential. The field previously produced oil and has a resource of over 500 million barrels of oil initially in place according to a conservative estimate. Vesta aims to restart production at Huasna by the fourth quarter of 2010 and sees potential to increase the recoverable resource above current estimates by developing additional parts of the large field. The company is led by an experienced management team with decades of financial and operational experience in the oil and gas industry.
Toll Brothers reported record results for the second quarter of fiscal year 2005, with net income rising 135% over the second quarter of 2004. Revenues rose 52% to $1.25 billion, contracts rose 38% to $2.20 billion, and backlog rose 57% to a record $5.87 billion. The company expects net income to grow approximately 70% in fiscal year 2005 over 2004 and approximately 20% in fiscal year 2006 over 2005. Toll Brothers is increasing its land holdings and home sites to support continued growth.
Imperial reported an 18% increase in revenue and a 12% increase in operating profit for the first six months of fiscal year 2013. While most divisions performed well, logistics divisions faced challenging conditions in South Africa and Europe. The automotive retail and aftermarket parts divisions achieved strong growth. Overall, the results represent a good performance despite difficult market conditions in some areas.
Campbell Soup Company reported strong financial results in 2006. Net sales increased to $7.34 billion from $7.07 billion in 2005. Earnings from continuing operations grew to $755 million in 2006 from $644 million in 2005. The company is focused on driving sustainable quality growth through five key strategies, including expanding their iconic brands within the categories of Simple Meals and Baked Snacks. In 2006, the company increased sales of brands like Campbell's soup, Goldfish crackers, and Pepperidge Farm cookies. The annual report discusses Campbell Soup Company's financial performance in 2006 and strategic plans for further growing their business in the coming years.
Jack Thurston talk at EU budget and CAP conference: Prague, 11 December 2008jackthur
This document discusses EU farm subsidies and their distribution. Some key points:
- The EU spends €55 billion per year on farm subsidies.
- Between 2006-2008, the total value of EU farm subsidy payments increased from €33 billion to €55 billion to €66 billion. The number of payments and recipients also increased over this period.
- In the Czech Republic in 2007, the biggest 10% of farms received 76% of the subsidy money, showing a concentrated distribution.
- The top 10 recipients of subsidies in the Czech Republic in 2007 are listed, with amounts ranging from €1.1 million to €3.1 million.
Celanese Corporation reported strong fourth quarter and full year 2005 results, with net sales up 19% and 22% respectively. Adjusted earnings per share for the fourth quarter were $0.60, exceeding guidance, and $2.24 for the full year. Adjusted EBITDA rose 40% for the quarter and 44% for the full year due to higher pricing, productivity improvements, and acquisitions offsetting increased costs. For 2006, the company reaffirmed adjusted EPS guidance of $2.50 to $2.90.
Smithfield Foods reported record financial performance in fiscal year 2004 with revenues exceeding $9 billion, up 30% from the previous year. Net income increased sharply to $227.1 million compared to $11.9 million in 2003, driven by higher hog and beef prices. The acquisition of Farmland Foods, which added $1.6 billion in annual sales, significantly improved earnings in both hog production and pork processing. Looking ahead, the company expects fiscal 2005 results to be positively impacted by strong consumer demand and higher hog prices.
Holly Corporation is an independent petroleum refiner and marketer that operates two refineries. In 2006, Holly achieved record financial results including net income of $266 million and revenues of over $4 billion. Holly completed several expansion and upgrade projects at its refineries during 2006 to increase production capacity and ability to process heavy crude oils. Holly plans additional expansion projects at both refineries through 2008 to further increase production capacity and profitability.
Celanese Corporation reported strong financial results for the second quarter and first half of 2006, with net sales increasing 11% compared to the previous year. Operating profit rose 7% for the quarter and 17% for the first half, driven by continued strong demand across business segments. Adjusted earnings per share increased 34% for the quarter and 18% for the first half. All business segments saw higher sales and improved operating performance compared to the previous year.
Short Version Making Money In A Lt Bear Marketmjdeschaine
1) The document discusses strategies for earning returns in a long-term bear market, using the 1966-1982 period as an example. It shows that focusing only on stocks that pay dividends can significantly boost returns compared to the S&P 500 as a whole.
2) Enhancing the strategy by selecting high-yield, dividend-growing stocks and timing reinvestment can potentially add further gains, with annual returns estimated at 16.1% for the 1966-1982 period.
3) Applying a similar strategy since 2000, the document claims annual returns of 9.5% compared to -2.9% for the S&P 500 over the same time.
This annual report summarizes Campbell Soup Company's financial highlights and business performance for fiscal year 2007. Key points include:
- Net sales increased 7% to $7.9 billion and adjusted earnings per share increased 13% to $1.95.
- The company achieved strong sales growth in U.S. soup, beverages, and Pepperidge Farm baked snacks. International operations also improved.
- Campbell is focusing on winning in the marketplace through products aligned with wellness trends like lower sodium soups and juices. It is also focusing on winning in the workplace by improving employee engagement.
- The company delivered superior shareholder returns and is well positioned for continued growth by expanding in key categories and new markets globally.
This annual report summarizes Lowe's performance in 2002. Some key points:
- Sales increased 19.8% to $26.5 billion and comparable store sales increased 5.6%. 123 new stores were opened.
- Gross margin reached a record high of 30.3% due to merchandising and sourcing strategies as well as inventory and process improvements in stores.
- Net earnings increased 43.8% to $1.47 billion.
- The company plans to continue growing by opening more stores, expanding installed sales and special order businesses, and gaining market share in more product categories.
Ingram Micro is the largest global wholesale provider of technology products and services, operating in 36 countries with $30.7 billion in annual sales. In 2000, Ingram Micro focused on improving gross margins and reducing costs, leading to a 77% increase in operating profits despite challenges in sales growth. The company aims to continue enhancing its global distribution network and customer services to maintain its leadership position in the technology supply chain industry.
Masco Corporation's 2007 annual report discusses the company's financial results for 2007. Key points include:
- Net sales declined 7% to $11.8 billion in 2007 compared to $12.7 billion in 2006.
- Income from continuing operations was $397 million or $1.06 per share, down from $478 million or $1.20 per share in 2006.
- The company returned over $1 billion to shareholders through share repurchases and dividends.
- Cash flow from operations was approximately $980 million.
The monthly newsletter for Mid-America Association of Real Estate Investors. A Real Estate Investing Trade Association based in the Kansas City Metro Area. Find us online at www.MAREInet.com.
The document recommends purchasing $400 million of 11.375% Senior Subordinated Notes issued by Michaels Stores, Inc. due to its belief that Michaels will weather the economic downturn better than most retailers and that the yield adequately compensates for the risks. Michaels is the largest arts and crafts retailer in North America with a history of growth and margin improvement. While near-term earnings may decline, the company is expected to maintain its market position, grow stores, generate cash flow, and reduce debt.
PETsMART reported strong financial results for 2003, with net sales growing 11.2% and earnings per share increasing to $0.95 from $0.63 in 2002. The company's pet services business continued expanding rapidly, with revenue growing 25.4% for the year. PETsMART opened 60 new stores in 2003 and plans to open 90 new stores in 2004, growing its annual square footage by about 12%. The company also remodeled existing stores and expanded its pet services like grooming and training to further differentiate the PETsMART brand.
PETsMART reported strong financial results for 2003, with net sales growing 11.2% and earnings per share increasing to $0.95 from $0.63 in 2002. The company's pet services business continued expanding rapidly, with revenue growing 25.4% for the year. PETsMART opened 60 new stores in 2003 and plans to open 90 new stores in 2004, growing its annual square footage by about 12%. The company also remodeled existing stores and expanded its pet services like grooming and training to further differentiate the PETsMART brand.
This document contains definitions of key terms used in Yum! Brands reports and documents. It defines terms like capital spending, same-store sales growth, system sales, operating profit and others. It also includes charts showing historical and forecasted data for metrics like new restaurant openings, sales growth, margins and profits for various divisions including China, YRI, and the United States.
This document contains definitions of key terms used in Yum! Brands reports and documents. It defines terms like capital spending, same-store sales growth, system sales growth, operating profit and others. It also includes charts showing historical and forecasted data for metrics like new restaurant openings, sales growth, margins and profits for various Yum! Brands divisions and regions.
Constellation Brands had strong financial performance in fiscal year 2003. Net sales increased 5% to $2.7 billion and net income grew 22% to $192 million. Earnings per share also increased 16% to $2.07. The company has a broad portfolio of over 200 wine, beer, and spirits brands that makes it unique among global beverage alcohol companies. Its acquisition of BRL Hardy in 2003 is expected to further accelerate sales and earnings growth going forward.
The document discusses Ingram Micro, the world's largest technology distributor. It provides an overview of Ingram Micro's financial performance in 1999, including revenue of $28.1 billion, a 27% increase from 1998. It discusses challenges faced in 1999 from intense pricing competition and rising costs. The CEO discusses strategies to leverage Ingram Micro's global scale and infrastructure to expand outsourcing partnerships and e-commerce operations.
Foot Locker, Inc. reported strong financial results for 2003, with total sales increasing 6.0% to $4.779 billion and operating profit margin expanding to 7.2% from 6.0%. The company saw significant growth from its international operations, particularly in Europe, and its direct-to-customer business. For 2004, Foot Locker plans to open approximately 110 new stores while remodeling over 200 existing stores, focusing on continued expansion in international markets like Europe as well as growing its e-commerce business. The company ended 2003 in a strong financial position with $112 million in cash, positioning it to take advantage of future investment and expansion opportunities.
The document provides an overview and investment thesis for an LBO of Joseph A. Banks, a men's clothing retailer. Key points include: Joseph A. Banks has shown strong top-line growth and cash flows. The management team was overhauled in 2000 and has posted consistent comp sales growth. Risks include consumer demand changes and real estate challenges, but these are mitigated by the company's track record. The valuation compares Joseph A. Banks to competitors, finding it currently undervalued. Financial projections in a downside and base case show potential returns of 11-24% IRR with a 5-year exit.
MGM MIRAGE focused on solidifying its reputation for quality in 2003. It added new amenities and attractions across its properties, producing record revenues of $3.9 billion, up 3% from 2002, while net income was $244 million. MGM MIRAGE also looked to expand internationally, pursuing opportunities in the UK and Asia in anticipation of gaming reforms, and continued to enhance communities through employee programs and philanthropic efforts.
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2. HOW WE GROW
Our strategy for profi table growth is maintaining our unwavering commitment
to “bringing the best to everyone we touch” while continually expanding into
new regions, new distribution channels and new brands. This is our story.
TODAY, OUR PRODUCTS ARE SOLD
IN MORE THAN 140 COUNTRIES AND TERRITORIES.
WE HAVE 29 BRANDS.
AND WE ACHIEVED NEARLY $8,000,000,000 IN GLOBAL SALES.
800
2008
700
8
Reductions
600
7
Additions
6 500
5 400 2007
4
300
Reductions
3
200
2 Additions
100
1
2006
0 0
1953 1972 1985 1991 2008 Skin Care Makeup Fragrance Hair Care Total
Estee Lauder 1953-2008 Profit Growth (in billions) Estee Lauder 2006-2008 Net Profit by Product (in millions)
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3. TABLE OF CONTENTS
Letter To The Stockholder Page 5
Year in Review 2009 Pages 6-7
Statement of Earnings Pages 9
Board of Director Pages10-11
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4. Estee Lauder: 1962 by Adam Smith
BEST
BRINGING THE
TO EVERYONE We Touch.
COMPANIES
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5. ESTEE LAUDER LETTER TO THE STOCKHOLDERS 5
Dear Fellow Stockholders:
Every year for the past 62 years, The Estée Lauder Companies
has continued to grow. I am proud to report that thanks to
the efforts of our 32,000 dedicated employees, we continued
that trend with excellent financial results in the 2008
fiscal year.
I am often asked how the Company will maintain its growth
record as we look forward to the next era, especially in times
as challenging as the present. I believe the answer can be
found in our unparalleled multi-national, multi-channel and
multi-brand strategy.
As Chairman of the Company, I am extremely gratified by the
progress we have made. We have grown from just three brands
in the 1960s to a dynamic portfolio of 29 cherished brands
today that help women and men look and feel their best.
Until 1961, our products were available on only one continent. LEONARD A. LAUDER: CHAIRMAN
Today, we sell our stellar brands in more than 140 countries and territories. As our consumers ven-
tured out to try other shopping venues, we also expanded our distribution to match their lifestyles.
Our Company’s strength lies in its innovation, ability to stay fresh and relevant, and unwavering
commitment to “Bringing the Best to Everyone We Touch.”
I applaud the efforts of our Chief Executive Officer, William Lauder, and his outstanding leader-
ship team, to amplify our progress in the years ahead. They are working to ensure that
we continue to exceed consumers’ expectations, that outstanding quality remains the hallmark
of our products and services, and that all of our talented people work together to focus our
resources on achieving new levels of success.
While the challenges of operating a business on a global scale are great, I am confident that
our opportunities are even greater, and that we are well positioned to make the most of those
opportunities. As always, your support of our Company, our brands and our leadership is
greatly appreciated.
Sincerely,
Leonard A. Lauder
Chairman
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6. ESTEE LAUDER YEAR IN REVIEW 6
FRAGRANCE
2008
Accounts for 18 percent of total net sales
• Fragrance sales grew in every region, led by solid
gains in Europe, the Middle East & Africa and Asia/
Pacific, as well as a modest increase in the Ameri-
cas, resulting in the category growing 9.4 percent
to more than $1.4 billion.
• Contributing to the fragrance sales growth were hit
products such as Sean John Unforgivable Woman,
Dreaming Tommy Hilfiger, DKNY Be Delicious,
Donna Karan Cashmere Mist and Estée Lauder
Pure White Linen Light Breeze.
YEAR IN REVIEW
MAKEUP
Accounts for 38 percent of total net sales
• A $3 billion category in fiscal 2008, makeup grew
10.6 percent, driven by solid double-digit sales
gains in international markets.
• Makeup artist brands M.A.C and Bobbi Brown
accounted for nearly two-thirds of the incremental
sales.
• Incremental sales from the launches of Estée
Lauder Signature Hydra Lustre Lipstick and
Supermoisture Makeup from Clinique contributed
to the sales performance.
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7. ESTEE LAUDER YEAR IN REVIEW 7
SKIN CARE
Accounts for 38 percent of total net sales
• Skin care sales reached $3 billion in fiscal 2008,
and delivered our best rate of sales growth at
15.2 percent.
• Sales growth was strongest in the Asia/Pacific
region, thanks to new skin care and whitening
products and higher sales in Greater China.
• New products that contributed to growth
included Idealist Pore Minimizing Skin
Refinisher and Cyber White EX by Estée Lauder
and Acne Solutions
• Clear Skin System and Redness Solutions
from Clinique. La Mer posted double-digit gains,
partly due to the success of The Eye Concentrate.
HAIR CARE
Accounts for 6 percent of total net sales
• The 13.3 percent rise in hair care product sales
primarily reflected the inclusion of the Ojon
wildcrafted beauty brand, and higher sales from
Aveda and Bumble and bumble.
• Aveda’s net sales benefited from the launches of
Smooth Infusion and Aveda Men Pure-Formance
products, while Bumble and bumble’s sales were
up primarily due to new points of distribution.
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8. QUALITY
Remains the
HALLMARK
Of Our Products and Services.
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9. ESTEE LAUDER STATEMENT OF EARNINGS 9
CONSOLIDATED STATEMENTS OF EARNINGS
YEAR ENDED JUNE 30th 2008 2007 2006
Net Sales $7,910.8 $7,037.5 $6,463.8
Cost of sales 1,996.8 1,774.8 1,686.6
Gross Profit 5,914.0 5,262.7 4,777.2
Operating expenses:
Selling, general and administrative 5,102.9 4,511.7 4,065.5
Special charges related
to cost savings initiative 0.4 1.1 92.1
Operating Income 5,103.3 4,512.8 4,157.6
Interest expense, net 810.7 749.9 619.6
Earnings before Income Taxes, Minority Interest 66.8 38.9 23.8
Minority Interest and Discontinued Operations 743.9 711.0 595.8
Provision for income taxes 259.9 255.2 259.7
Minority interest, net of tax (10.2) (7.1) (11.6)
Net Earnings from Continuing Operations 473.8 448.7 324.5
Discontinued operations, net of tax — 0.5 (80.3)
Net Earnings
Basic net earnings per common share: $473.8 $449.2 $244.2
Net earnings from continuing operations $2.44 $2.20 $1.51
Discontinued operations, net of tax — .00 (.37)
Net earnings
Diluted net earnings per common share $2.44 $2.20 $1.14
Net earnings from continuing operations $2.40 $2.16 $1.49
Discontinued operations, net of tax — .00 (.37)
Net earnings
Weighted average common shares outstanding:
Basic $2.40 $2.16 $1.12
Diluted 193.9 204.3 215.0
Cash dividends declared per share 197.1 207.8 217.4
(In millions, except per share data)
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10. ESTEE LAUDER BOARD OF DIRECTORS 10
LEONARD A. LAUDE CHARLENE BARSHEFSKY ROSE MARIE BRAVO, CBE
Chairman Senior International Partner Former Vice Chairman
The Estée Lauder Wilmer Cutler Pickering Burberry Group Plc.
Companies Inc. Hale and Dorr LLP
ESTÉE LAUDER
PAUL J. FRIBOURG MELLODY HOBSON IRVINE O. HOCKADAY, JR.
Chairman President Retired President and
Chief Executive Officer Ariel Investments, LLC Chief Executive Officer
Continental Grain Company Hallmark Cards, Inc.
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11. ESTEE LAUDER BOARD OF DIRECTORS 11
AERIN LAUDER RONALD S. LAUDER WILLIAM P. LAUDER
Senior Vice President Chairman Chief Executive Officer
Creative Director Clinique Laboratories, LLC The Estée Lauder
Estée Lauder Companies Inc.
BOARD OF DIRECTORS
RICHARD D. PARSONS LYNN FORESER-DEOTHSCHILD BARRY S. STERNLICHT
Chairman Chief Executive President
Time Warner EL Rothschild LLC Chief Executive Officer
Starwood Capital Group
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12. COMPANIES
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
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