News Corporation reported third quarter operating income of $889 million, up 9% year-over-year. Revenues increased 17% to $6 billion. Cable network programming and filmed entertainment saw double-digit operating income growth. Television operating income declined due to higher programming costs. BSkyB contributions increased while DIRECTV losses widened.
news corp 1st Qtr - FY09 - September 30, 2008 - US Dollarsfinance9
News Corporation reported operating income of $953 million for the quarter ended September 30, 2008, a 9% decline from the previous year, due to decreases in several segments including filmed entertainment, television, and book publishing. However, cable network programming and Sky Italia saw double-digit percentage profit increases. Chairman Rupert Murdoch stated he was pleased with the performance of cable networks and Sky Italia and was confident the company could manage through difficult economic times due to its diversified assets and strong balance sheet.
news corp 1st Qtr - FY08 - September 30, 2007 - US Dollarsfinance9
News Corporation reported operating income of $1.05 billion for the quarter ended September 30, 2007, up 23% from the previous year. Revenues increased 19% to $7.1 billion. Several segments saw double-digit operating income growth including filmed entertainment, up 51% due to box office success, and cable network programming, up 16% due to growth at Fox News Channel. Operating income declined at newspapers due to increased depreciation from new printing operations in the UK.
- News Corporation reported third quarter operating income of $1.0 billion, up 14% from the previous year, due to growth at its television, cable, and magazine segments.
- Net income more than doubled to $820 million, driven by higher operating income and increased equity earnings from affiliates like DIRECTV.
- The company also announced a doubling of its stock repurchase program to $6 billion, having already repurchased $2.5 billion.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
News Corporation reported operating income of $920 million for the quarter ended December 31, 2005, a 4% decrease from the previous year. Revenues increased to $6.7 billion. Income from continuing operations increased to $694 million. Several segments saw double-digit earnings growth including Cable Network Programming, Television, and Book Publishing, but this was offset by a $99 million redundancy provision in Newspapers and lower results from Filmed Entertainment compared to a record quarter last year.
- News Corporation reported a 19% increase in operating income for the quarter ended September 30, 2005 to $909 million, driven by double-digit revenue growth of 10% to $5.7 billion.
- Several segments saw double-digit operating income growth including Filmed Entertainment (up 26%), Cable Network Programming (up 19%), and Magazines and Inserts (up 19%). SKY Italia also significantly improved results.
- Chairman Rupert Murdoch commented that the company delivered strong gains across most segments and has invested in new media businesses experiencing explosive growth, positioning News Corporation well for continued strong returns.
news corp 2nd Qtr - FY05 - December 31, 2004 - US Dollars finance9
News Corporation reported operating income of $954 million for the quarter ended December 31, 2004, an increase of 24% from the previous year. Revenues increased 18% to $6.6 billion. Net income increased 80% to $386 million. Key contributors to growth were strong home entertainment sales and cable network advertising revenue increases. The Filmed Entertainment and Cable Network Programming segments saw double-digit operating income increases.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
news corp 1st Qtr - FY09 - September 30, 2008 - US Dollarsfinance9
News Corporation reported operating income of $953 million for the quarter ended September 30, 2008, a 9% decline from the previous year, due to decreases in several segments including filmed entertainment, television, and book publishing. However, cable network programming and Sky Italia saw double-digit percentage profit increases. Chairman Rupert Murdoch stated he was pleased with the performance of cable networks and Sky Italia and was confident the company could manage through difficult economic times due to its diversified assets and strong balance sheet.
news corp 1st Qtr - FY08 - September 30, 2007 - US Dollarsfinance9
News Corporation reported operating income of $1.05 billion for the quarter ended September 30, 2007, up 23% from the previous year. Revenues increased 19% to $7.1 billion. Several segments saw double-digit operating income growth including filmed entertainment, up 51% due to box office success, and cable network programming, up 16% due to growth at Fox News Channel. Operating income declined at newspapers due to increased depreciation from new printing operations in the UK.
- News Corporation reported third quarter operating income of $1.0 billion, up 14% from the previous year, due to growth at its television, cable, and magazine segments.
- Net income more than doubled to $820 million, driven by higher operating income and increased equity earnings from affiliates like DIRECTV.
- The company also announced a doubling of its stock repurchase program to $6 billion, having already repurchased $2.5 billion.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
News Corporation reported operating income of $920 million for the quarter ended December 31, 2005, a 4% decrease from the previous year. Revenues increased to $6.7 billion. Income from continuing operations increased to $694 million. Several segments saw double-digit earnings growth including Cable Network Programming, Television, and Book Publishing, but this was offset by a $99 million redundancy provision in Newspapers and lower results from Filmed Entertainment compared to a record quarter last year.
- News Corporation reported a 19% increase in operating income for the quarter ended September 30, 2005 to $909 million, driven by double-digit revenue growth of 10% to $5.7 billion.
- Several segments saw double-digit operating income growth including Filmed Entertainment (up 26%), Cable Network Programming (up 19%), and Magazines and Inserts (up 19%). SKY Italia also significantly improved results.
- Chairman Rupert Murdoch commented that the company delivered strong gains across most segments and has invested in new media businesses experiencing explosive growth, positioning News Corporation well for continued strong returns.
news corp 2nd Qtr - FY05 - December 31, 2004 - US Dollars finance9
News Corporation reported operating income of $954 million for the quarter ended December 31, 2004, an increase of 24% from the previous year. Revenues increased 18% to $6.6 billion. Net income increased 80% to $386 million. Key contributors to growth were strong home entertainment sales and cable network advertising revenue increases. The Filmed Entertainment and Cable Network Programming segments saw double-digit operating income increases.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
news corp 1st Qtr - FY07 - September 30, 2006 - US Dollarsfinance9
News Corporation reported operating income of $851 million for the quarter ended September 30, 2006, down 6% from the previous year. Cable network programming operating income grew 26% due to growth at regional sports networks and FX. Television operating income increased 20% from higher advertising revenues at FOX Network and television stations. Filmed entertainment operating income was $239 million, down from record results the prior year.
news corp 3rd Qtr - FY07 - March 31, 2007 - US Dollars finance9
News Corporation reported record operating income of $1.2 billion for the third quarter of 2007, up 23% from the previous year. Several segments contributed to growth, including filmed entertainment with a record $410 million in operating income, up 82% due to strong box office and home entertainment sales. Cable network programming operating income grew 34% on higher affiliate revenues. Direct broadcast satellite television operating income in Italy grew 32% on subscriber additions. Overall revenues increased 21% to $7.5 billion while net income grew 6% to $871 million.
news corp 4th Qtr - FY05 - June 30, 2005 - US Dollars finance9
News Corporation reported record financial results for the fiscal year ended June 30, 2005, with revenues increasing 15% to $23.9 billion and operating income growing 22% to $3.6 billion. Operating income increased across all segments, led by double-digit growth at Filmed Entertainment, Cable Network Programming, Magazines and Inserts, and Newspapers. The company also completed several strategic acquisitions and investments over the fiscal year and ended with over $6 billion in cash.
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
Viacom reported strong third quarter 2005 results with revenues up 10% to $5.9 billion and operating income up 5% to $1.4 billion. Advertising revenues grew 9% overall led by gains of 17% at cable networks and 7% at television. Diluted earnings per share increased 12% to $0.47. Nearly all segments saw revenue growth including cable networks up 15%, entertainment up 54%, and radio and outdoor also higher. Operating income increased at cable networks, radio, outdoor, entertainment and parks/publishing. The company remains on track to meet full year guidance of mid-single digit growth in revenues and operating income and high-single digit growth in earnings per share.
Viacom reported financial results for the second quarter of 2005, with revenues increasing 10% to $5.9 billion led by growth across business segments. Operating income rose 4% to $1.4 billion, paced by increases at Cable Networks and Outdoor. Net earnings from continuing operations increased 6% to $762 million. The company is on track to deliver mid-single digit growth in revenues and operating income, and high-single digit growth in earnings per share for 2005.
news corp 2nd Qtr - FY08 - December 31, 2007 - US Dollarsfinance9
News Corporation reported record second quarter operating income of $1.4 billion, a 24% increase over the previous year, driven by growth across most business segments. Net income increased to $832 million. Cable Network Programming operating income rose 23% on gains at Fox News Channel, regional sports networks, and international channels. Television operating income more than doubled due to higher ratings and pricing at Fox Broadcasting. [END SUMMARY]
news corp 4th Qtr - FY07 - June 30, 2007 - US Dollarsfinance9
News Corporation reported record full year operating income of $4.45 billion, up 15% over the previous fiscal year. Operating income growth was led by record results at the company's Filmed Entertainment, Cable Network Programming, Direct Broadcast Satellite, and Magazines and Inserts segments. For the fourth quarter, operating income grew 18% to $1.2 billion on 9% revenue growth. Segment highlights included a 26% increase in operating income at Cable Network Programming, an 85% rise at Direct Broadcast Satellite Television (SKY Italia), and a 25% gain at Magazines and Inserts.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
CBS Corporation reported financial results for the first quarter of 2006 with increases in key financial metrics. Revenues increased 4% to $3.6 billion led by growth in the Television and Outdoor segments. Operating income rose 1% to $511 million and earnings per share increased 7% to $0.30. Free cash flow was up 12% to $585 million. The company is on track to meet guidance for low single-digit revenue growth and mid single-digit increases in operating income and earnings per share.
Viacom reported full year 2003 revenues of $26.6 billion, an 8% increase over 2002 led by advertising revenue growth. However, operating income and net earnings were impacted by a non-cash charge to reduce the goodwill of its majority-owned subsidiary Blockbuster. Viacom plans to divest its ownership in Blockbuster to allow each company to focus on its core businesses. For 2004, Viacom reiterates its outlook for 5-7% revenue growth and 12-14% operating income growth, excluding the Blockbuster charge.
Viacom reported first quarter 2005 results, with revenues up 5% to $5.6 billion led by 19% growth in cable networks. Operating income climbed 7% to $1.1 billion led by 20% growth in cable networks and outdoor and 10% in entertainment. Diluted earnings per share from continuing operations was $0.36, up from $0.35 in the prior year after excluding a tax benefit. The company is on track to deliver mid single-digit growth in revenues and operating income and high single-digit growth in earnings per share for 2005.
Viacom reported record first quarter 2001 results, with revenues increasing 90% to $5.75 billion and EBITDA up 145% to $1.15 billion. Key segments like Cable Networks, Television, and Infinity saw significant revenue and EBITDA gains compared to the previous year. On a pro forma basis, revenues rose 6% to $5.77 billion while EBITDA grew 15% to $1.15 billion. The company expects continued strong growth over the rest of 2001, forecasting 20% annual EBITDA growth.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
Viacom reported record results for the first quarter of 2004, with double-digit increases in revenues, operating income, and net earnings compared to the same period last year. Revenues increased 12% to a record $6.8 billion, advertising revenues grew 21% to $3.2 billion, and operating income rose 20% to a record $1.2 billion. Net earnings increased 60% to $711 million, though excluding a one-time tax benefit would result in a 29% increase. The strong results were driven by growth across all business segments, particularly a 21% increase in revenues for cable networks and 18% increase for television.
- Viacom reported record second quarter 2001 results, with EBITDA increasing nearly fourfold to $1.36 billion compared to $273 million in the second quarter of 2000.
- Pro forma EBITDA rose 12% to $1.36 billion on revenues of $5.71 billion, compared to EBITDA of $1.21 billion on revenues of $5.67 billion in the second quarter of 2000.
- Pro forma free cash flow per share for the second quarter of 2001 climbed 33% to $0.52 per diluted share, or $936 million, versus $0.39 per diluted share, or $706 million, in the second quarter of 2000.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
coca cola Reconciliation of Q2 and YTD 2008 Non-GAAP Financial Measuresfinance9
This document provides both GAAP and non-GAAP financial measures for The Coca-Cola Company for the three months ended June 27, 2008 and June 29, 2007. Management believes non-GAAP measures allow for additional meaningful comparisons between periods by excluding certain items that impact comparability. The tables show reconciliations between reported GAAP measures and non-GAAP measures which exclude items like asset impairments and equity investee gains or losses. Management uses non-GAAP measures to make financial, operating and planning decisions.
The document is a notice for American Electric Power Company's 2008 annual shareholder meeting. It provides information such as the date, time, and location of the meeting, the items of business to be addressed, who is eligible to vote and attend, how to access proxy materials online or request paper copies, how to vote, and contact information. The meeting will be held on April 22, 2008 in Roanoke, Virginia to elect directors, ratify the appointment of an accounting firm, and consider any other matters brought before the meeting. Shareholders as of February 27, 2008 can vote by internet, phone, or mail based on the instructions provided.
news corp 1st Qtr - FY07 - September 30, 2006 - US Dollarsfinance9
News Corporation reported operating income of $851 million for the quarter ended September 30, 2006, down 6% from the previous year. Cable network programming operating income grew 26% due to growth at regional sports networks and FX. Television operating income increased 20% from higher advertising revenues at FOX Network and television stations. Filmed entertainment operating income was $239 million, down from record results the prior year.
news corp 3rd Qtr - FY07 - March 31, 2007 - US Dollars finance9
News Corporation reported record operating income of $1.2 billion for the third quarter of 2007, up 23% from the previous year. Several segments contributed to growth, including filmed entertainment with a record $410 million in operating income, up 82% due to strong box office and home entertainment sales. Cable network programming operating income grew 34% on higher affiliate revenues. Direct broadcast satellite television operating income in Italy grew 32% on subscriber additions. Overall revenues increased 21% to $7.5 billion while net income grew 6% to $871 million.
news corp 4th Qtr - FY05 - June 30, 2005 - US Dollars finance9
News Corporation reported record financial results for the fiscal year ended June 30, 2005, with revenues increasing 15% to $23.9 billion and operating income growing 22% to $3.6 billion. Operating income increased across all segments, led by double-digit growth at Filmed Entertainment, Cable Network Programming, Magazines and Inserts, and Newspapers. The company also completed several strategic acquisitions and investments over the fiscal year and ended with over $6 billion in cash.
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
Viacom reported strong third quarter 2005 results with revenues up 10% to $5.9 billion and operating income up 5% to $1.4 billion. Advertising revenues grew 9% overall led by gains of 17% at cable networks and 7% at television. Diluted earnings per share increased 12% to $0.47. Nearly all segments saw revenue growth including cable networks up 15%, entertainment up 54%, and radio and outdoor also higher. Operating income increased at cable networks, radio, outdoor, entertainment and parks/publishing. The company remains on track to meet full year guidance of mid-single digit growth in revenues and operating income and high-single digit growth in earnings per share.
Viacom reported financial results for the second quarter of 2005, with revenues increasing 10% to $5.9 billion led by growth across business segments. Operating income rose 4% to $1.4 billion, paced by increases at Cable Networks and Outdoor. Net earnings from continuing operations increased 6% to $762 million. The company is on track to deliver mid-single digit growth in revenues and operating income, and high-single digit growth in earnings per share for 2005.
news corp 2nd Qtr - FY08 - December 31, 2007 - US Dollarsfinance9
News Corporation reported record second quarter operating income of $1.4 billion, a 24% increase over the previous year, driven by growth across most business segments. Net income increased to $832 million. Cable Network Programming operating income rose 23% on gains at Fox News Channel, regional sports networks, and international channels. Television operating income more than doubled due to higher ratings and pricing at Fox Broadcasting. [END SUMMARY]
news corp 4th Qtr - FY07 - June 30, 2007 - US Dollarsfinance9
News Corporation reported record full year operating income of $4.45 billion, up 15% over the previous fiscal year. Operating income growth was led by record results at the company's Filmed Entertainment, Cable Network Programming, Direct Broadcast Satellite, and Magazines and Inserts segments. For the fourth quarter, operating income grew 18% to $1.2 billion on 9% revenue growth. Segment highlights included a 26% increase in operating income at Cable Network Programming, an 85% rise at Direct Broadcast Satellite Television (SKY Italia), and a 25% gain at Magazines and Inserts.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
CBS Corporation reported financial results for the first quarter of 2006 with increases in key financial metrics. Revenues increased 4% to $3.6 billion led by growth in the Television and Outdoor segments. Operating income rose 1% to $511 million and earnings per share increased 7% to $0.30. Free cash flow was up 12% to $585 million. The company is on track to meet guidance for low single-digit revenue growth and mid single-digit increases in operating income and earnings per share.
Viacom reported full year 2003 revenues of $26.6 billion, an 8% increase over 2002 led by advertising revenue growth. However, operating income and net earnings were impacted by a non-cash charge to reduce the goodwill of its majority-owned subsidiary Blockbuster. Viacom plans to divest its ownership in Blockbuster to allow each company to focus on its core businesses. For 2004, Viacom reiterates its outlook for 5-7% revenue growth and 12-14% operating income growth, excluding the Blockbuster charge.
Viacom reported first quarter 2005 results, with revenues up 5% to $5.6 billion led by 19% growth in cable networks. Operating income climbed 7% to $1.1 billion led by 20% growth in cable networks and outdoor and 10% in entertainment. Diluted earnings per share from continuing operations was $0.36, up from $0.35 in the prior year after excluding a tax benefit. The company is on track to deliver mid single-digit growth in revenues and operating income and high single-digit growth in earnings per share for 2005.
Viacom reported record first quarter 2001 results, with revenues increasing 90% to $5.75 billion and EBITDA up 145% to $1.15 billion. Key segments like Cable Networks, Television, and Infinity saw significant revenue and EBITDA gains compared to the previous year. On a pro forma basis, revenues rose 6% to $5.77 billion while EBITDA grew 15% to $1.15 billion. The company expects continued strong growth over the rest of 2001, forecasting 20% annual EBITDA growth.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
Viacom reported record results for the first quarter of 2004, with double-digit increases in revenues, operating income, and net earnings compared to the same period last year. Revenues increased 12% to a record $6.8 billion, advertising revenues grew 21% to $3.2 billion, and operating income rose 20% to a record $1.2 billion. Net earnings increased 60% to $711 million, though excluding a one-time tax benefit would result in a 29% increase. The strong results were driven by growth across all business segments, particularly a 21% increase in revenues for cable networks and 18% increase for television.
- Viacom reported record second quarter 2001 results, with EBITDA increasing nearly fourfold to $1.36 billion compared to $273 million in the second quarter of 2000.
- Pro forma EBITDA rose 12% to $1.36 billion on revenues of $5.71 billion, compared to EBITDA of $1.21 billion on revenues of $5.67 billion in the second quarter of 2000.
- Pro forma free cash flow per share for the second quarter of 2001 climbed 33% to $0.52 per diluted share, or $936 million, versus $0.39 per diluted share, or $706 million, in the second quarter of 2000.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
coca cola Reconciliation of Q2 and YTD 2008 Non-GAAP Financial Measuresfinance9
This document provides both GAAP and non-GAAP financial measures for The Coca-Cola Company for the three months ended June 27, 2008 and June 29, 2007. Management believes non-GAAP measures allow for additional meaningful comparisons between periods by excluding certain items that impact comparability. The tables show reconciliations between reported GAAP measures and non-GAAP measures which exclude items like asset impairments and equity investee gains or losses. Management uses non-GAAP measures to make financial, operating and planning decisions.
The document is a notice for American Electric Power Company's 2008 annual shareholder meeting. It provides information such as the date, time, and location of the meeting, the items of business to be addressed, who is eligible to vote and attend, how to access proxy materials online or request paper copies, how to vote, and contact information. The meeting will be held on April 22, 2008 in Roanoke, Virginia to elect directors, ratify the appointment of an accounting firm, and consider any other matters brought before the meeting. Shareholders as of February 27, 2008 can vote by internet, phone, or mail based on the instructions provided.
This document discusses how digital agencies can use social media to prospect for new business and drive leads. It provides tips for using platforms like LinkedIn, Facebook, and Twitter to find potential clients, establish thought leadership, and prepare for sales calls. Specific advice includes listening for leads on social media, researching potential clients online beforehand, and connecting with them on social platforms to take the "cold" out of cold calls. The document also describes doing a case study example of how these tactics could uncover opportunities with a new marketing director.
Rezultati Career Days ankete za najpoželjnijeg poslodavca 2015Career Days Serbia
Career Days svake godine sprovodi anketu kojom pokušava da utvrdi kako mladi (18-30) percipiraju firme i da li ih percipiraju kao poželjnog poslodavca, koji kriterijumi pri potrazi za poslom su im bitni isl. Rezultat istraživanja je top 10 najpoželjnijih poslodavaca za tu godinu.
웹 사이트 벤치마킹은 웹 기획의 기본스킬입니다. 그리고 웹 사이트 벤치마킹은 웹 기획자에게 웹 사이트의 트렌드를 읽을수 있는 눈을 키워줄 뿐만아니라 경쟁 사이트 혹은 유명 사이트의 벤치마킹을 통하여 웹의 문제점과 개선방안에 실질적인 도움을 받을 수 있습니다.
웹 사이트 벤치마킹은 웹의 콘셉이나 우수한 서비스를 발견하는 것이 전부가 아니라 사용자의 사고, 사이트 이용패턴, 이용경험까지 벤치마킹해야합니다
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.
SunTrust at BancAnalysts Association of Boston Conferencefinance20
This document provides an overview of SunTrust Bank's presentation at the BancAnalysts Association of Boston Conference on November 7, 2008. It begins with cautionary statements about forward-looking statements and non-GAAP measures. The main points of the presentation are that SunTrust has a stable base of operations that provides a foundation for future growth, and it is pursuing strategic initiatives to improve efficiency and generate revenue growth. SunTrust also has a solid capital structure and balance sheet, with strengthened capital ratios, an attractive dividend, and diversified sources of funding and liquidity.
This document lists the main characters and actors of the television show 90210. It provides the character names played by each actor, including Brandon Walsh played by Jeffrey Surprenant, Brenda Walsh played by Lauren Surprenant, Kelly Taylor played by Lindsey Surprenant, and other core characters like Donna Martin, Clare Arnold, Andrea Zuckerman, Valerie Malone, Steven Sanders, Dylan McKay, Nat Bussichio, and David Silver along with their respective actors.
public serviceenterprise group investor factsheet 08finance20
Public Service Enterprise Group (PSEG) is one of the largest electric companies in the US operating through three principal subsidiaries: PSEG Power is a major electric generation supplier in the Northeast and Mid-Atlantic markets; PSE&G is a regulated utility engaged in electricity and gas transmission and distribution in New Jersey; and PSEG Energy Holdings focuses on electric industry operating segments and energy industry investments. PSEG is well positioned to benefit from investments in critical infrastructure as policymakers focus on reducing environmental impacts. PSEG has paid dividends every year since 1907, maintaining one of the longest records of dividend payments among public companies.
A União Europeia está enfrentando desafios sem precedentes devido à pandemia de COVID-19 e à invasão russa da Ucrânia. Isso destacou a necessidade de autonomia estratégica da UE em áreas como energia, defesa e tecnologia digital para garantir sua segurança e prosperidade a longo prazo. A Comissão Europeia propôs novas iniciativas para fortalecer a resiliência econômica e geopolítica do bloco.
Learn some simple beginner tips to starting to use Twitter .effectively. Twitter is a free social messaging utility for staying connected in real-time.
- News Corporation reported a 22% increase in operating income and a 54% increase in net profit before other items for the third quarter of fiscal year 2004 compared to the same period the previous year.
- Nearly all of the Company's operating segments experienced double-digit earnings growth, including cable network programming, newspapers, television, and book publishing.
- The Company completed the sale of the Los Angeles Dodgers franchise and real estate assets during the quarter for $421 million.
Viacom reported first quarter 2002 results, with revenues of $5.67 billion and EBITDA of $1.09 billion, led by growth in its Cable Networks and Video segments. Free cash flow increased 9% to $380 million. The company expects higher advertising revenues and double-digit growth in EBITDA and EPS for full year 2002 compared to 2001. Cable Networks EBITDA rose 12% on higher affiliate fees and DBS revenues, while Video EBITDA increased 9% due to higher margin DVD rentals.
News Corporation reported operating income of $760 million for the second quarter of fiscal year 2004, an increase of 4% over the previous year. Revenues increased 19% to $5.6 billion due to double-digit growth in cable network programming, newspaper, and book publishing segments. Net profit increased 51% to $361 million compared to the same period last year. The company saw strong performance across most business segments, with particular growth in cable networks, newspapers in the UK and Australia, and book sales. The acquisition of an interest in Hughes Electronics, including DirecTV, was also completed during the quarter.
News Corporation reported a 31% increase in operating income to $719 million for the quarter ended September 30, 2003 compared to $548 million for the same quarter the previous year. Revenue increased 22% to $4.6 billion. Net profit increased $260 million to $422 million. The increases were driven by strong performance in filmed entertainment, cable network programming, newspapers and magazines. The company also added nearly 300,000 subscribers for its new SKY Italia direct broadcast satellite television segment.
Clear Channel Communications reported financial results for the second quarter of 2005, with total revenue decreasing 1% to $2.46 billion compared to the same period in 2004. Net income was $220.7 million, down from $253.8 million the previous year. Radio broadcasting revenue declined 7% due to reducing commercial minutes, though average rates increased. Outdoor advertising revenue rose 7% domestically and 4% internationally. Live entertainment revenue was flat as fewer domestic music events offset increases in other areas. The company also announced plans to restructure its France operations and increase its existing share repurchase program to $1 billion.
news corp 1st Qtr - FY05 - September 30, 2004 - US Dollars finance9
The document summarizes News Corporation's earnings for the quarter ended September 30, 2004. Key points include:
- Revenue increased 12% to $5.2 billion and operating income increased 12% to $805 million, driven by growth across multiple segments.
- Net profit increased 27% to $536 million, up from $422 million in the prior year.
- Several segments saw double-digit operating income growth, including Cable Network Programming, Television, Newspapers, and Magazines and Inserts.
- Time Warner reported third quarter 2008 results, with revenues flat at $11.7 billion compared to 2007. Adjusted operating income before depreciation and amortization rose 9% to $3.5 billion.
- CEO Jeff Bewkes said the results show the resilience of their businesses despite economic challenges, and their balance sheet remains strong. They have continued progress on structural objectives like separating Time Warner Cable.
- By segment, Cable revenues grew 8% and adjusted operating income rose 9%. Networks revenues grew 7% and adjusted operating income rose 21%. Publishing revenues declined 7% and adjusted operating income fell 19%.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Viacom reported record full year 2001 results with a 16% increase in revenues, 28% gain in EBITDA, and 80% increase in free cash flow. For the fourth quarter, pro forma EBITDA increased 15% in Cable Networks and 15% in Video. Viacom expects double-digit pro forma EBITDA growth for full year 2002 if economic conditions remain the same.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
Viacom reported its full year and fourth quarter 2004 results. For the full year, revenues increased 8% to $22.5 billion led by an 11% increase in advertising revenues. However, the company reported an operating loss due to a non-cash impairment charge of $18 billion to reduce the carrying value of radio and outdoor assets. Excluding this charge, operating income rose 14% and earnings per share grew 21%. For the fourth quarter, revenues rose 6% while the operating loss widened due to the impairment charge; excluding this, operating income rose 10% and earnings per share increased 27%.
Viacom reported its third quarter 2001 results, with pro forma revenues of $5.7 billion and pro forma EBITDA of $1.3 billion. Four of its six operating segments saw revenue increases, led by 19% growth in cable networks and video. Pro forma free cash flow totaled $883 million, equal to 66% of EBITDA. While results were impacted by lower revenues and higher costs from 9/11 events, the company remains on track for a record year with free cash flow approaching $3 billion. Segment results were mixed, with cable networks, video and publishing seeing revenue and EBITDA gains, while television, infinity and entertainment declined from prior year.
Similar to news corp 3rd Qtr - FY05 - March 31, 2005 - US Dollars (13)
enterprise gp holdings Organizational and Ownership Structure Chart finance9
- Dan L. Duncan, EPCO, Inc, Dan Duncan LLC and other affiliates own 77.44% of the ownership units of Enterprise GP Holdings L.P. as of April 30, 2008.
- The remaining 22.55% of ownership units are held by public investors.
- Enterprise GP Holdings L.P. owns the general partner interests and limited partner interests in Enterprise Products Partners L.P., Energy Transfer Equity L.P., and other related companies.
enterprise gp holdings Standards of Business Conductfinance9
The document outlines the Standards of Business Conduct for Enterprise GP Holdings L.P., EPE Holdings, LLC, and their divisions and subsidiaries. It establishes ethical guidelines for employees and contractors regarding conflicts of interest, use of company resources, gifts, political activities, and other interactions. Representatives must avoid situations that could compromise their objectivity or the company's interests, and report any violations of the Standards. Adherence to the policies is required to maintain employment or contracts.
enterprise gp holdings Audit, Conflicts & Governance Committeefinance9
The document establishes an Audit, Conflicts and Governance Committee for EPE Holdings, LLC to assist with Board oversight of financial reporting, compliance, auditor independence, and related-party transactions. The Committee is responsible for appointing and overseeing the independent auditor, reviewing financial statements and disclosures, overseeing compliance and legal matters, and assessing risk. However, the Committee's role is oversight and it relies on management and the auditor for accurate financial reporting and audits.
enterprise gp holdings Code of Conduct & Related Policiesfinance9
This document outlines a code of conduct for EPCO, Inc. employees. It describes 10 sections: [1] Introduction and purpose, [2] General business principles, [3] Legal and ethical obligations, [4] Company compliance policies, [5] Procedures for obtaining guidance, [6] Reporting compliance violations, [7] Discipline and consequences, [8] Individual responsibility and duty, [9] Waivers of the code, and [10] Employee certification. The code is intended to govern employees' business activities and represent the code of ethics required by the Sarbanes-Oxley Act.
02/11/09 HCA Announces Offering of $300 Million Senior Secured Second Lien Notesfinance9
HCA announced plans to offer $300 million in senior secured second lien notes due in 2017. Proceeds from the offering will be used to repay existing debt, including amounts owed under HCA's credit facilities. The notes have not been registered with the SEC and cannot be offered in the US without registration or an exemption. The announcement contains forward-looking statements about HCA's plans and expectations that are subject to risks and uncertainties.
The document is the 2000 annual report of HCA - The Healthcare Company. It summarizes that in 2000, HCA achieved strong financial and operating performance including over 6% revenue growth, improved margins, and investments of over $1.5 billion in facilities. The company also repurchased $874 million of its common stock. This performance was driven by a focus on patient, physician, and employee satisfaction as well as initiatives to standardize processes while decentralizing decision-making power. Going forward, HCA aims to further develop shared services and a focus on patient safety to strengthen its position.
- HCA is one of the largest healthcare services companies in the US, operating 184 hospitals across 23 states, England, and Switzerland as of 2001.
- In 2001, HCA invested $1.4 billion in capital expenditures, with plans to invest $1.6 billion in 2002 and $1.8 billion in 2003 primarily to expand capacity, improve access, and upgrade infrastructure like emergency departments.
- Population growth in Sunbelt regions where many HCA hospitals operate is driving increased demand for healthcare services, along with new technologies and an aging population requiring more care.
The document is HCA's 2002 annual report. It summarizes that 2002 was a successful year for HCA financially and in resolving investigations by the federal government. HCA reinvested $1.7 billion in its existing facilities and acquired additional hospitals. It also initiated several long-term programs to develop its workforce, such as scholarships through HCA Cares and military training through Army PaYS, to address the national nursing shortage. The CEO and COO were pleased with progress in 2002, their first full year in their roles, and committed to continued investment in facilities, technology, and employees.
HCA's 2003 annual report discusses developments that positioned the company for future growth. Key points include:
1) HCA invested over $1.8 billion to update its existing facilities with new technology and increase capacity.
2) The acquisition of Health Midwest expanded HCA's presence in the Kansas City market.
3) HCA invested $130 million to improve its revenue management and supply chain operations by consolidating them into regional centers.
4) New patient safety technologies like barcoded medication administration were deployed across HCA hospitals.
The document is HCA's 2004 annual report to shareholders. It discusses HCA's financial highlights for 2004 including revenues of $23.5 billion and net income of $1.246 billion. It also discusses challenges faced in 2004 such as reductions in Medicare payments and hurricanes. The letter to shareholders discusses how HCA deployed $3.05 billion in cash flows to invest in capital projects, increase dividends, and repurchase shares. Challenges discussed for 2005 include rising costs of medical devices and caring for the uninsured population.
- Hurricane Katrina caused catastrophic flooding in New Orleans, including at HCA's Tulane University Hospital.
- On Tuesday morning, the hospital's CEO realized flooding was rising over a foot per hour and they had only a few hours before losing power. They had to evacuate seven ventilator patients immediately.
- Through heroic efforts by the hospital staff and support from HCA and other organizations, the ventilator patients and others were evacuated from the roof via helicopter by early Tuesday morning, despite immense challenges including no boat or helicopter pad. This marked the beginning of a massive evacuation effort to rescue over 1,200 patients, staff, and family members from the hospital.
The document is a series of maps showing the rise in obesity rates among US adults from 1985 to 2006 based on data from the CDC's Behavioral Risk Factor Surveillance System. The maps show obesity, defined as a BMI of 30 or higher, increasing from below 10% in most states in 1985 to over 30% in many states by 2006, indicating a significant nationwide rise in obesity over the past few decades.
HCA Presents at Bank of America 2008 Credit Conference 20-Nov-2008finance9
HCA Healthcare's management provided forward-looking statements during their presentation that are protected under safe harbor provisions. They cautioned that current plans and financial projections may differ from forward-looking statements due to known and unknown risks and uncertainties. The presentation also included certain non-GAAP financial measures that are reconciled to the most directly comparable GAAP measures.
The document is Tyson Foods' 2007 sustainability report, which provides information on the company's economic, social, and environmental performance. It discusses Tyson's commitment to sustainability in areas such as ethics and governance, employee relations, food safety, animal welfare, and community involvement. The report also outlines Tyson's strategies and goals for optimizing operations, expanding internationally, and developing innovative food solutions.
Tyson Foods is the world's largest processor and marketer of chicken, beef, and pork. In fiscal year 2008, Tyson Foods had sales of $26.9 billion and employed over 107,000 team members. Tyson Foods operates vertically integrated poultry and meat production facilities across the United States and internationally, producing over 40 million chickens, 141,860 cattle, and 393,360 hogs per week on average. The company sells its protein products through various distribution channels, including retail consumer products, food service, and international markets.
Tyson Foods had a challenging year financially in 2008 due to high input costs for chicken raising, but was able to remain profitable due to strong performances in pork and beef. The company continued pursuing its strategy of building a multinational business through acquisitions in Brazil, India, and China that will position it for long-term international growth as the global middle class expands. Tyson is also working to develop innovative new products and markets for non-prime meat products through initiatives in renewable fuels, pet foods, nutraceuticals, and biotechnology.
The document is a notice and proxy statement for the 2008 Annual Meeting of Shareholders of General Dynamics Corporation. It notifies shareholders that the meeting will be held on May 7, 2008 to elect directors, conduct an advisory vote on selecting KPMG LLP as the independent auditor, and consider two shareholder proposals. It provides instructions for shareholders on attending the meeting, voting procedures, revoking proxies, and vote requirements.
This document is General Dynamics' annual report for 2007. It discusses the company's strong financial performance in 2007, with record sales, earnings, cash flow, orders, and backlog. Specifically, net sales increased 13% to $27.24 billion. Earnings from continuing operations grew 21% to $2.08 billion. Cash from continuing operations was $2.95 billion, up 37%. The annual report provides an overview of each of General Dynamics' business segments and their performance in 2007, noting growth across Aerospace, Combat Systems, and Marine Systems.
general dynamics Restated Certificate of Incorporation finance9
This document is a Restated Certificate of Incorporation for General Dynamics Corporation. It was adopted by the Board of Directors on October 6, 2004 and filed with the Secretary of State of Delaware on that same date. The document restates the original Certificate of Incorporation from 1952 and does not further amend or supplement it. It then lists 22 purposes of the corporation related to manufacturing, research, transportation, mining, real estate, purchasing other businesses, intellectual property, issuing financial instruments, and acting as a selling agent.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
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.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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?
Ending stagnation: How to boost prosperity across Scotland
news corp 3rd Qtr - FY05 - March 31, 2005 - US Dollars
1. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
NEWS CORPORATION REPORTS THIRD QUARTER
OPERATING INCOME OF $889 MILLION; GROWTH OF
9% OVER THIRD QUARTER A YEAR AGO
REVENUES INCREASE 17% TO $6.0 BILLION
QUARTER HIGHLIGHTS
• Cable Network Programming operating income up 55% on advertising revenue
growth at Fox News, higher affiliate and advertising revenues at FX and lower
programming costs at the Regional Sports Networks.
• Continued robust home entertainment sales of film and television titles drive Filmed
Entertainment operating income up 15%.
• Television segment operating income down 15% as STAR’s growing profitability was
offset primarily by higher programming costs at the FOX network. Network ratings
during the quarter grew 11% versus prior year.
• SKY Italia operating results continue to improve with a growing subscriber base that
now exceeds 3.2 million.
• Print segments report earnings contributions in line with a year ago in aggregate as
both advertising growth and the inclusion of Queensland Press’ results within
Australian newspapers were primarily offset by increased depreciation costs in the
UK and pricing declines at Magazines and Inserts’ free standing inserts division.
• Completed acquisition of the 17.9% interest in Fox Entertainment Group, Inc. that the
Company did not own.
NEW YORK, NY, May 4, 2005 – News Corporation (NYSE: NWS, NWSA; ASX: NWS,
NWSLV) today reported third quarter consolidated revenues of $6.0 billion, a 17%
increase over the $5.2 billion in the prior year, and consolidated operating income of
$889 million, up 9% over the $815 million a year ago. The year-on-year operating
income growth was driven by double-digit percentage increases at the Filmed
Entertainment and Cable Network Programming segments.
Net income for the third quarter was $400 million, ($0.13 diluted earnings per share on a
combined basis1), a decrease of $34 million from the $434 million ($0.15 diluted
earnings per share on a combined basis1) reported in the third quarter a year ago.
Higher consolidated operating income and an improvement in equity earnings of
affiliates were more than offset by a $77 million loss recognized on the restructuring of
the Company’s investment in Regional Programming Partners which is included in
Other, net.
(1)
See supplemental financial data on page 15 for detail on earnings per share.
2. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said:
“Our third quarter results were led by the strong performances of our filmed
entertainment and cable network programming segments and was achieved
despite a weaker performance at television. While the television segment was
down year-on-year, reflecting higher programming costs and the soft advertising
marketplace in the US, our stations generated record market share and the
broadcast network, on the heels of its victory during the February sweeps, is
poised to win the broadcast season ratings race for the first time in its history.
SKY Italia, buoyed by revenue expansion of 20% in local currency, continued on
its path to profitability – which we expect to deliver for the first time in the fourth
quarter - as subscriber churn remained at low levels. And we are also pleased
with the operating progress being demonstrated by DIRECTV, with net new
subscriber additions of 505,000 during the quarter and an encouraging reduction
in churn. The financial and operational momentum we have maintained across
our broad asset base gives us confidence in our ability to achieve the fiscal year
targets we have set.”
Consolidated Operating Income 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
US $ Millions
Filmed Entertainment $ 251 $ 218 $ 949 $ 810
Television 221 260 608 599
Cable Network Programming 172 111 565 368
Direct Broadcast Satellite Television (21) (24) (247) (251)
Magazines and Inserts 79 84 216 205
Newspapers 186 176 488 448
Book Publishing 30 36 152 152
(a)
Other (29) (46) (122) (74)
Total Consolidated Operating Income $ 889 $ 815 $ 2,609 $ 2,257
(a)
The nine months ended March 31, 2005 include $49 million of costs associated with our reincorporation
in the United States.
REVIEW OF OPERATING RESULTS
FILMED ENTERTAINMENT
The Filmed Entertainment segment reported record third quarter operating income of
$251 million, up 15% versus the $218 million reported in the same period a year ago.
The current quarter results primarily reflect strong worldwide theatrical revenues and
increased contributions from film and television home entertainment releases.
Third quarter film results were largely driven by the worldwide home entertainment
release of Alien vs. Predator, the domestic home entertainment performance of
Napoleon Dynamite and continued international home entertainment contributions from
I, Robot. In addition, the current quarter included the initial results and related releasing
Page 2
3. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
costs from several strong theatrical releases, most notably Robots and Hide & Seek, as
well as the continued success of Sideways. The third quarter a year ago included the
worldwide home entertainment performance of The League of Extraordinary Gentlemen
and the worldwide theatrical performance of Cheaper By The Dozen.
Twentieth Century Fox Television (TCFTV) also reported increased contributions versus
the third quarter a year ago primarily reflecting sustained momentum in home
entertainment sales, most notably from Family Guy and 24. Several TCFTV shows have
increased their ratings year on year and continue to perform well including 24 and Reba.
TELEVISION
The Television segment reported third quarter operating income of $221 million, a
decrease of $39 million versus the same period a year ago, primarily reflecting higher
contributions from STAR and Fox Television Stations which were more than offset by a
decline at the FOX Broadcasting Company (FBC).
Fox Television Stations’ (FTS) third quarter operating income was up 6% over prior year,
despite softness in the overall advertising market and the negative impact of local people
meters, as FTS achieved record market share primarily due to FBC’s airing of Super
Bowl XXXIX and the Daytona 500 as well as from primetime ratings strength led by
American Idol. Current-year growth also reflects a decrease in entertainment
programming costs as a result of lower costing syndicated programming which more
than offset the expansion of local news in several FTS markets.
At the FOX Broadcasting Company, third quarter operating results decreased compared
to a year ago as increased advertising revenues from higher pricing for the primetime
entertainment schedule as well as additional revenues from airing Super Bowl XXXIX
were more than offset by increased programming costs. The higher programming costs
were a result of the Super Bowl broadcast as well as increased license fees on returning
programs and several new series cancellations. Ratings during the quarter grew 11%
and included FBC’s first place finish during the February sweeps, led by the growth of
returning series American Idol and 24 as well as strong ratings from the new hit series
House.
STAR’s third quarter operating income increased more than 60%, as advertising and
subscription revenue gains drove total revenue up 10%. Higher revenues primarily
reflect the continued strength of STAR Plus, as well as contributions from several new
channels in India, including STAR One, another Hindi entertainment channel.
CABLE NETWORK PROGRAMMING
Cable Network Programming reported third quarter operating income of $172 million, an
increase of $61 million over last year’s result. The 55% growth reflects continued
advertising and affiliate strength at Fox News Channel and FX, the lack of NHL
programming costs at the Regional Sports Networks due to the cancellation of the
season and the absence of losses from the Los Angeles Dodgers which was sold during
fiscal 2004.
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4. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
Fox News Channel (FNC) reported operating income growth of 45% compared to the
third quarter a year ago fueled primarily by double-digit advertising revenue growth
which was partially offset by higher costs associated with covering international breaking
news stories. Viewership during the quarter was up 15% in primetime and 5% on a 24-
hour basis and for the fourth consecutive quarter FNC had more total viewers than CNN,
MSNBC, Headline News and CNBC combined.
At our other cable channels (including the Regional Sports Networks (RSNs), the FX
Channel (FX) and SPEED Channel) operating profit improved 44% during the quarter
driven by double-digit revenue growth at FX and SPEED Channel and lower sports costs
at the RSNs as a result of the NHL lockout. The revenue gains at FX were driven
primarily by higher advertising from ratings growth and increased pricing, as well as
higher affiliate revenues from increased rates and additional subscribers. These
revenue gains were partially offset by higher programming costs primarily from additional
airings of original hit series Nip/Tuck and Rescue Me as well as the addition of new
syndicated series. Following the quarter, The Shield’s fourth season delivered the
highest premiere of any cable series, season-to-date on either basic or pay–TV, with
household ratings up 37% over prior year.
DIRECT BROADCAST SATELLITE TELEVISION
SKY Italia reported a third quarter operating loss of $21 million versus $24 million a year
ago on local currency revenue growth of 20%. The improvement versus the prior year
primarily reflects strong subscriber additions over the past year with more than 136,000
net new subscribers added during the third quarter alone. SKY Italia’s subscriber base
exceeded 3.2 million at quarter end. The revenue growth was mostly offset by increased
programming spending during the quarter primarily due to the broadcast of additional
soccer matches and movie titles as well as the addition of ten new entertainment and
news channels on the basic programming tier.
MAGAZINES AND INSERTS
The Magazines and Inserts segment reported third quarter operating income of $79
million versus $84 million in the third quarter a year ago. Increased contributions from
the InStore division on higher advertising revenues were more than offset by declines at
the Free Standing Inserts division primarily from lower rates.
NEWSPAPERS
The Newspaper segment reported third quarter operating income of $186 million, a 6%
increase versus the same period a year ago primarily reflecting advertising revenue
growth in Australia and the inclusion of results from the Queensland Press Group which
was fully consolidated for this quarter.
The Australian newspaper group reported a 67% increase in operating income in local
currency terms, primarily driven by a robust advertising market and the inclusion of
results from the Queensland Press Group. Advertising revenue growth was spread
Page 4
5. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
across display advertising, with sustained strength in the national and retail sectors, as
well as classified advertising, where the employment market continued its robust growth.
The U.K. newspaper group reported an operating income decline of 26% in local
currency terms as circulation revenue gains were more than offset by significantly
increased depreciation costs associated with the development of new printing
operations. Circulation revenue growth was led by increased sales from moving fully to
a compact version of The Times as well as an increased cover price at The News of the
World.
BOOK PUBLISHING
HarperCollins reported operating income of $30 million during the quarter versus $36
million reported in the same period a year ago which included strong sales of
Zondervan’s The Purpose Driven Life. Current quarter results included strong sales of
Lemony Snicket’s A Series of Unfortunate Events, Winning by Jack Welch and Witness
by Amber Frey. During the third quarter, HarperCollins had 38 books on The New York
Times bestseller list including five titles that reached number one.
OTHER ITEMS
On March 21, 2005 the Company completed its previously announced acquisition of the
17.9% interest in Fox Entertainment Group, Inc. (FEG) that the Company did not own.
Under the terms of the exchange offer and subsequent merger of FEG into the
Company’s wholly owned subsidiary, holders of Fox Class A Common Stock received
2.04 shares of the Company’s Class A Shares.
Following the quarter, the Company, along with Cablevision Systems Corporation,
completed its previously announced agreement to restructure its ownership of six
regional sports networks held in the jointly owned Regional Programming Partners
venture. As a result of this transaction, the Company now owns 100% of Fox Sports
Ohio, Fox Sports Florida, Fox Sports Net and National Advertising Partners and no
longer has an ownership interest in Madison Square Garden and its properties, Fox
Sports Chicago and Fox Sports New England. During the March quarter, the Company
recognized a loss of approximately $77 million on this transaction which is included in
Other, net.
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6. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
REVIEW OF ASSOCIATED ENTITIES RESULTS
Third quarter net earnings from associated entities were $91 million versus earnings of
$71 million in the same period a year ago. The improvement was primarily due to
increased contributions from BSkyB partly offset by higher losses at The DIRECTV
Group.
The Company’s share of associated entities’ earnings (losses) is as follows:
3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
% Owned
US $ Millions US $ Millions
(a)
36.3%
BSkyB $ 107 $ 90 $ 249 $ 199
(b)
The DIRECTV Group, Inc. 33.9% (40) (27) (217) (27)
Sky Brasil 49.7% (2) (6) 23 (20)
Innova 30.0% 6 4 17 (10)
FOXTEL 25.0% (3) (8) (17) (15)
(c)
Other Associates Various 23 18 99 (39)
Total associated entities’
earnings (losses) $ 91 $ 71 $ 154 $ 88
Further details on the associated entities follow.
(a)
Due to BSkyB's stock repurchase program, News' ownership in BSkyB increased from 35.8% as of
December 31, 2004 to 36.3% as of March 31, 2005.
(b)
The Company acquired a 34% interest in The DIRECTV Group on December 22, 2003.
(c)
Primarily comprising Gemstar-TV Guide International, Fox Cable Networks associates, Independent
Newspapers Limited, and Queensland Press (through November 12, 2004).
Page 6
7. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
BSkyB (in STG and UK GAAP) (1) 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
Millions Millions (except subscribers)
931 £ 2,697
Revenues £ 1,015 £ £ 2,960
126 351
Operating income 192 489
113 243
Net income £ 119 £ £ 273 £
News’ reportable 36.3% share (in US$
90 199
and US GAAP) $ 107 $ $ 249 $
Net debt £ 414 £ 662
Ending Subscribers 11,565,000 11,151,000
DTH Subscribers 7,704,000 7,274,000
The DIRECTV Group, Inc. (1) 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004*
Millions Millions (except subscribers)
$ 2,493 $ 2,493
Revenues $ 3,148 $ 9,372
(96) (96)
Operating loss (54) (2,049)
$ (639) $ (639)
Net loss $ (41) $ (1,338)
(27) (27)
News' reportable 33.9% share $ (40) $ $ (217) $
Net (cash) debt $ (259) $ 1,438
Ending Subscribers 14,445,000 12,631,000
*The Company acquired a 34% interest in The DIRECTV Group on December 22, 2003.
Page 7
8. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
Sky Brasil (in US$) 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
Millions Millions (except subscribers)
Revenues (in local currency) R$ 201 R$ 166 R$ 587 R$ 486
Revenues $ $ $
$ 76 57 210 167
Operating income 6 4 14 4
Net income (loss) $ (4) $ (12) $ 45 $ (40)
News' reportable 49.7% share (in US$) $ (2) $ (6) $ 23 $ (20)
Net debt (excluding capitalized leases) $ 204 $ 208
Ending Subscribers 868,000 787,000
Innova (in US$) (1) 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
Millions Millions (except subscribers)
Revenues (in local currency) Ps 1,303 Ps 1,141 Ps 3,744 Ps 3,204
Revenues $ $ $
$ 114 97 320 272
Operating income 30 21 80 49
Net income (loss) $ 17 $ 13 $ 55 $ (32)
News' reportable 30.0% share (in US$) $ 6 $ 4 $ 17 $ (10)
Net debt (excluding capitalized leases) $ 200 $ 348
Ending Subscribers 1,108,000 886,000
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9. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
FOXTEL (in A$ and Australian GAAP) 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
Millions Millions (except subscribers)
219* 638*
Revenues A$ 280 A$ A$ 769 A$
(59) (117)
Operating loss (17) (117)
(43) (83)
Net loss A$ (15) A$ A$ (94) A$
News' reportable 25% share (in US$
(8) (15)
and US GAAP) $ (3) $ $ (17) $
Net Debt (including capitalized leases) A$ 498 A$ 207
Ending Subscribers (including wholesale) 1,162,000 1,074,000
Ending Subscribers (excluding wholesale) 998,000 867,000
* Amounts have been reclassified to conform to the current fiscal year presentation.
1
Please refer to respective companies’ earnings releases for detailed information.
Foreign Exchange Rates
Average foreign exchange rates used in the year-to-date profit results are as follows:
9 Months Ended
March 31,
2005 2004
Australian Dollar/U.S. Dollar 0.74 0.71
U.K. Pounds Sterling/U.S. Dollar 1.86 1.72
Euro/U.S. Dollar 1.27 1.19
To receive a copy of this press release through the Internet, access News Corp’s corporate
Web site located at http://www.newscorp.com
Audio from News Corp’s conference call with analysts on the third quarter results can be heard
live on the Internet at 5:00 PM. Eastern Daylight Time today. To listen to the call, visit
http://www.newscorp.com
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10. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
Cautionary Statement Concerning Forward-Looking Statements
This document contains certain “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on management’s views and
assumptions regarding future events and business performance as of the time the statements are made.
Actual results may differ materially from these expectations due to changes in global economic, business,
competitive market and regulatory factors. More detailed information about these and other factors that
could affect future results is contained in our filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made only as of the date of this document
and we do not have any obligation to publicly update any “forward-looking statements” to reflect
subsequent events or circumstances, except as required by law.
CONTACTS:
Reed Nolte, Investor Relations Andrew Butcher, Press Inquiries
212-852-7092 212-852-7070
Page 10
11. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
CONSOLIDATED STATEMENTS OF OPERATIONS 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
US $ Millions (except per share amounts)
Revenues 5,164 15,332
$ 6,043 $ $ 17,751 $
Expenses:
Operating expenses 3,384 10,268
4,060 11,925
Selling, general, and administrative 816 2,379
918 2,715
Depreciation and amortization 149 428
176 453
Other operating charge - -
- 49
Operating income 815 2,257
889 2,609
Other income (expense):
Interest expense, net (136) (400)
(143) (405)
Equity earnings of affiliates 71 88
91 154
Other, net 14 34
(62) 15
Income before income tax expense and minority
764 1,979
interest in subsidiaries 775 2,373
Income tax expense (282) (725)
(317) (773)
Minority interest in subsidiaries, net of tax (48) (150)
(58) (189)
Net income 434 1,104
$ 400 $ $ 1,411 $
Basic earnings per share:
Class A $0.14 $0.16 $0.51 $0.43
Class B $0.12 $0.13 $0.43 $0.36
Diluted earnings per share:
Class A $0.14 $0.16 $0.50 $0.42
Class B $0.12 $0.13 $0.42 $0.35
Page 11
12. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
CONSOLIDATED BALANCE SHEETS March 31, June 30,
2005 2004
Assets US $ Millions
Current assets:
Cash and cash equivalents 4,051
$ 5,993 $
Cash on deposit 287
-
Receivables, net 4,214
5,016
Inventories, net 1,530
1,745
Deferred income taxes 521
355
Other 396
307
Total current assets 10,999
13,416
Non-current assets:
Receivables 766
740
Investments 10,914
11,169
Inventories, net 2,669
2,366
Property, plant, and equipment, net 3,796
4,440
Intangible assets 10,998
11,383
Goodwill 7,153
11,159
Other non-current assets 1,048
910
Total non-current assets 37,344
42,167
Total assets 48,343
$ 55,583 $
Liabilities and Shareholders' Equity
Current liabilities:
Borrowings 1,084
$ 918 $
Accounts payable, accrued expenses and other current liabilities 3,963
4,331
Participations, residuals and royalties payable 890
1,114
Program rights payable 654
815
Deferred revenue 467
556
Total current liabilities 7,058
7,734
Non-current liabilities:
Borrowings 9,080
10,013
Other liabilities 3,878
3,813
Deferred income taxes 3,620
4,051
Minority interest in subsidiaries 3,832
198
Commitments and contingencies
Shareholders' Equity:
19
Class A common stock, $0.01 par value 22
11
Class B common stock, $0.01 par value 10
23,636
Additional paid-in capital 30,564
(2,791)
Accumulated deficit and accumulated other comprehensive loss (822)
20,875
Total shareholders' equity 29,774
48,343
Total liabilities and shareholders' equity $ 55,583 $
Page 12
13. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
CONSOLIDATED STATEMENTS OF CASH FLOWS
9 Months Ended March 31,
2005 2004
US $ Millions
Operating activities:
Net income 1,104
$ 1,411 $
Adjustments to reconcile net income to cash provided by operating
activities:
Depreciation and amortization 428
453
Amortization of cable distribution investments 94
86
Equity earnings of affiliates, net (88)
(154)
Cash distributions received from investees 31
78
Other, net (34)
(15)
Minority interest in subsidiaries, net of tax 150
189
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets (370)
(612)
Inventories, net (420)
20
Accounts payable and other liabilities 1,104
857
Net cash provided by operating activities 1,999
2,313
Investing activities:
Property, plant, and equipment (213)
(710)
Acquisitions, net of cash acquired (151)
(141)
Investments in associated entities (3,213)
(142)
Other investments (64)
(30)
Proceeds from sale of non-current assets 549
643
Net cash used in investing activities (3,092)
(380)
Financing activities:
Issuance of debt 440
1,776
Repayment of borrowings and exchangeable securities (616)
(2,095)
Cash on deposit 163
275
Issuance of shares 545
65
Dividends paid (106)
(124)
Net cash (used in) provided by financing activities 426
(103)
Net increase (decrease) in cash and cash equivalents (667)
1,830
Cash and cash equivalents, beginning of period 4,477
4,051
Exchange movement on opening cash balance 59
112
Cash and cash equivalents, end of period 3,869
$ 5,993 $
Page 13
14. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
SEGMENT INFORMATION 3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
US $ Millions US $ Millions
Revenues
Filmed Entertainment $ 1,477 $ 1,184 $ 4,726 $ 3,809
Television 1,414 1,182 3,982 3,748
Cable Network Programming 633 580 1,857 1,741
Direct Broadcast Satellite Television 624 494 1,620 1,179
Magazines and Inserts 283 278 774 729
Newspapers 1,062 914 2,937 2,511
Book Publishing 300 321 1,041 1,009
Other 250 211 814 606
$ 6,043 $ 5,164 $ 17,751 $ 15,332
Operating Income
Filmed Entertainment $ 251 $ 218 $ 949 $ 810
Television 221 260 608 599
Cable Network Programming 172 111 565 368
Direct Broadcast Satellite Television (21) (24) (247) (251)
Magazines and Inserts 79 84 216 205
Newspapers 186 176 488 448
Book Publishing 30 36 152 152
(a)
Other (29) (46) (122) (74)
$ 889 $ 815 $ 2,609 $ 2,257
(a)
The nine months ended March 31, 2005 include $49 million of costs associated with our reincorporation in the United
States.
Page 14
15. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
NOTE 1 - SUPPLEMENTAL FINANCIAL DATA
Earnings per share is presented on a combined basis as the Company will not be
required to present the two class method beginning in Fiscal 2008. Currently under US
GAAP earnings per share is computed individually for the Class A and Class B shares.
Class A non-voting shares carry rights to a greater dividend than Class B voting shares
through fiscal 2007. As such, net income available to the Company’s common
stockholders is allocated between our two classes of common stock. The allocation
between classes was based upon the two-class method. Earnings per share by class
and by total weighted average shares outstanding (Class A and Class B combined) is as
follows:
3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
US $ Millions US $ Millions
Basic earnings per share:
$0.14 $0.16 $0.51 $0.43
Class A
$0.12 $0.13 $0.43 $0.36
Class B
$0.14 $0.15 $0.48 $0.40
Total
Diluted earnings per share:
$0.14 $0.16 $0.50 $0.42
Class A
$0.12 $0.13 $0.42 $0.35
Class B
$0.13 $0.15 $0.47 $0.40
Total
Weighted average shares outstanding
(diluted):
1,966 1,951 1,969 1,767
Class A
1,045 983 1,014 983
Class B
3,011 2,934 2,983 2,750
Total
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16. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
NOTE 2 - OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
Operating income before depreciation and amortization, defined as operating income
plus depreciation and amortization and the amortization of cable distribution
investments, eliminates the variable effect across all business segments of non-cash
depreciation and amortization. Since operating income before depreciation and
amortization is a non-GAAP measure it should be considered in addition to, not as a
substitute for, operating income, net income, cash flow and other measures of financial
performance reported in accordance with GAAP. Operating income before depreciation
and amortization does not reflect cash available to fund requirements, and the items
excluded from operating income before depreciation and amortization, such as
depreciation and amortization, are significant components in assessing the Company’s
financial performance. Management believes that operating income before depreciation
and amortization is an appropriate measure for evaluating the operating performance of
the Company’s business segments. Operating income before depreciation and
amortization, which is the information reported to and used by the Company’s chief
decision maker for the purpose of making decisions about the allocation of resources to
segments and assessing their performance, provides management, investors and equity
analysts a measure to analyze operating performance of each business segment and
enterprise value against historical and competitors’ data.
The following table reconciles operating income before depreciation and amortization to
the presentation of operating income.
3 Months Ended 9 Months Ended
March 31, March 31,
2005 2004 2005 2004
US $ Millions US $ Millions
Operating income $ 889 $ 815 $ 2,609 $ 2,257
Depreciation and amortization 176 149 453 428
Amortization of cable distribution investments 28 31 86 94
Operating income before depreciation and
amortization $ 1,093 $ 995 $ 3,148 $ 2,779
Page 16
17. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
For the Three Months Ended March 31, 2005
(US $ Millions)
Operating income
(loss) before
Depreciation Amortization of
and cable distribution depreciation and
Operating
income (loss) amortization investments amortization
Filmed Entertainment $ 251 $ 14 $ - 265
Television 221 20 - 241
Cable Network Programming 172 10 28 210
Direct Broadcast Satellite
Television (21) 42 - 21
Magazines and Inserts 79 1 - 80
Newspapers 186 70 - 256
Book Publishing 30 1 - 31
Other (29) 18 - (11)
Consolidated Total $ 889 $ 176 $ 28 $ 1,093
For the Three Months Ended March 31, 2004
(US $ Millions)
Operating income
Depreciation Amortization of (loss) before
Operating and cable distribution depreciation and
amortization
income (loss) amortization investments
Filmed Entertainment $ 218 $ 14 $ - $ 232
Television 260 21 - 281
Cable Network Programming 111 10 31 152
Direct Broadcast Satellite
Television (24) 43 - 19
Magazines and Inserts 84 2 - 86
Newspapers 176 41 - 217
Book Publishing 36 2 - 38
Other (46) 16 - (30)
Consolidated Total $ 815 $ 149 $ 31 $ 995
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18. News Corporation
EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2005
For the Nine Months Ended March 31, 2005
(US $ Millions)
Operating income
Depreciation Amortization of (loss) before
Operating and cable distribution depreciation and
income (loss) amortization investments amortization
Filmed Entertainment $ 949 $ 39 $ - $ 988
Television 608 61 - 669
Cable Network Programming 565 30 86 681
Direct Broadcast Satellite
Television (247) 114 - (133)
Magazines and Inserts 216 4 - 220
Newspapers 488 151 - 639
Book Publishing 152 4 - 156
Other (122) 50 - (72)
Consolidated Total $ 2,609 $ 453 $ 86 $ 3,148
For the Nine Months Ended March 31, 2004
(US $ Millions)
Operating income
(loss) before
Depreciation Amortization of
and cable distribution depreciation and
Operating
income (loss) amortization investments amortization
Filmed Entertainment $ 810 $ 41 $ - $ 851
Television 599 69 - 668
Cable Network Programming 368 31 94 493
Direct Broadcast Satellite
Television (251) 128 - (123)
Magazines and Inserts 205 5 - 210
Newspapers 448 110 - 558
Book Publishing 152 4 - 156
Other (74) 40 - (34)
Consolidated Total $ 2,257 $ 428 $ 94 $ 2,779
Page 18