The document summarizes Office Depot's fourth quarter 2008 earnings conference call. It reported a GAAP loss of $1.54 billion or $5.64 per share due to impairment charges. Excluding charges, the loss was $199 million or $0.73 per share. Total sales declined 15% to $3.3 billion due to economic challenges. It is taking actions like store closures to improve profitability in 2009.
This document summarizes Office Depot's first quarter 2009 earnings conference call. It reports that total company sales were $3.2 billion, down 19% year-over-year, and the company had a GAAP loss of $55 million but earnings of $27 million after adjusting for charges. The call also provides details on performance in North America retail, business solutions, and international segments. It outlines steps being taken under the strategic business review to improve profitability and cash flow, such as store closures. Liquidity remains strong with $806 million available and an expectation of minimal debt levels for the year.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
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Ameriprise Financial reported second quarter 2008 results, with net income increasing 7% year-over-year to $210 million. Earnings per share increased 15% to $0.93. Excluding realized losses and prior year separation costs, earnings per share increased 3% to $1.01. Total revenues declined 8% to $2.0 billion due to market depreciation. The company maintained a strong capital position and increased its quarterly dividend by 13%.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
FMC Technologies reported strong financial results in 2005, with total revenues reaching $3.2 billion, a 30% increase from 2001-2005. The company's subsea systems sales grew rapidly over this period, with annual growth rates of 30% or more. Energy production systems was FMC's largest segment in 2005, accounting for 57% of total revenues and $1.9 billion in sales. Overall, FMC Technologies experienced healthy growth across its business segments and was recognized for outstanding performance in the oil and gas industry.
This document provides details on Celanese Corporation's second quarter 2006 earnings conference call, including an agenda with the CEO and CFO as speakers. It also provides financial highlights for Q2 2006 such as an 11% increase in net sales and an 18% rise in operating EBITDA. Celanese issues guidance for full year 2006 of adjusted EPS between $2.50-$2.80.
Lear Corporation provided an update on its second-quarter 2005 financial results and full-year 2005 guidance. Key points include:
- Second-quarter net sales increased slightly but earnings declined significantly year-over-year due to lower production volumes, commodity cost pressures, and restructuring charges.
- Full-year 2005 guidance was lowered due to worse-than-expected industry production declines, higher restructuring costs, and unfavorable foreign exchange rates.
- Capital expenditures are expected to remain elevated in 2005 to support a record new product launch schedule before trending lower, while free cash flow will be negatively impacted by restructuring activities and timing of customer payments.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
This document summarizes Office Depot's first quarter 2009 earnings conference call. It reports that total company sales were $3.2 billion, down 19% year-over-year, and the company had a GAAP loss of $55 million but earnings of $27 million after adjusting for charges. The call also provides details on performance in North America retail, business solutions, and international segments. It outlines steps being taken under the strategic business review to improve profitability and cash flow, such as store closures. Liquidity remains strong with $806 million available and an expectation of minimal debt levels for the year.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
3
Ameriprise Financial reported second quarter 2008 results, with net income increasing 7% year-over-year to $210 million. Earnings per share increased 15% to $0.93. Excluding realized losses and prior year separation costs, earnings per share increased 3% to $1.01. Total revenues declined 8% to $2.0 billion due to market depreciation. The company maintained a strong capital position and increased its quarterly dividend by 13%.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
FMC Technologies reported strong financial results in 2005, with total revenues reaching $3.2 billion, a 30% increase from 2001-2005. The company's subsea systems sales grew rapidly over this period, with annual growth rates of 30% or more. Energy production systems was FMC's largest segment in 2005, accounting for 57% of total revenues and $1.9 billion in sales. Overall, FMC Technologies experienced healthy growth across its business segments and was recognized for outstanding performance in the oil and gas industry.
This document provides details on Celanese Corporation's second quarter 2006 earnings conference call, including an agenda with the CEO and CFO as speakers. It also provides financial highlights for Q2 2006 such as an 11% increase in net sales and an 18% rise in operating EBITDA. Celanese issues guidance for full year 2006 of adjusted EPS between $2.50-$2.80.
Lear Corporation provided an update on its second-quarter 2005 financial results and full-year 2005 guidance. Key points include:
- Second-quarter net sales increased slightly but earnings declined significantly year-over-year due to lower production volumes, commodity cost pressures, and restructuring charges.
- Full-year 2005 guidance was lowered due to worse-than-expected industry production declines, higher restructuring costs, and unfavorable foreign exchange rates.
- Capital expenditures are expected to remain elevated in 2005 to support a record new product launch schedule before trending lower, while free cash flow will be negatively impacted by restructuring activities and timing of customer payments.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
Second Quarter Reconciliation of Non-GAAP Financial Measures & Earnings Outlookfinance4
Anthem, Inc. held an earnings call on July 31, 2003 to discuss financial results for the second quarter of 2003. They provided reconciliations between GAAP and non-GAAP measures such as adjusted net income. For the full year 2003, they projected adjusted net income per share of $5.10 to $5.15. Additional projections included operating revenue approaching $16.5 billion, membership growth of 7-8%, and operating cash flow of at least $1 billion. They also provided earnings outlooks by operating segment.
- Ameriprise Financial reported financial results for Q1 2008 with net income of $191 million, up 16% from $165 million in Q1 2007. Earnings per share increased 21% to $0.82.
- Revenues increased 3% to $2.1 billion due to 10% growth in management fees, partially offset by lower investment income. Expenses rose 10% due to higher benefits costs from variable annuities.
- The company repurchased $270 million of stock in Q1 2008 and authorized an additional $1.5 billion repurchase program over the next two years. Challenging markets negatively impacted results but the company maintained a strong balance sheet.
cardinal health Q3 2007 Earnings Presentationfinance2
This document contains Cardinal Health's third quarter earnings report for fiscal year 2007. It provides an overview of the company's financial results including an 8% increase in revenue and a 10% increase in non-GAAP earnings per share. The report also discusses performance by business segment and outlines the company's financial targets for the full fiscal year, projecting earnings per share between $3.25-$3.40. Key priorities highlighted include driving top-line growth, improving efficiency, and returning capital to shareholders.
Masco reported its second quarter 2012 earnings. Sales increased 3% excluding currency effects, driven by new construction activity in North America. Plumbing Products sales grew 2% in North America excluding currency, but margins declined due to international sales mix and currency impacts. Decorative Architectural Products sales increased due to successful new product introductions. Installation Services and Cabinets showed profit improvements but face ongoing challenges. Masco remains focused on strategic initiatives to strengthen its businesses and balance sheet.
- AES Corporation reported financial results for the first quarter of 2005 with revenues of $2.6 billion, a 17% increase from the first quarter of 2004. Income before taxes was $350 million, up 74% from the prior year.
- Key drivers of financial performance included revenue growth from new projects and higher prices/demand across several business segments, as well as favorable currency effects. However, gross margin declined slightly due to higher fuel costs.
- Cash flow from operations was $520 million for the quarter. The company distributed $195 million in subsidiary dividends to the parent company during the period.
Fidelity National Information Services reported strong financial results for 2007, with revenue increasing 15.1% to a record $4.8 billion and adjusted earnings per share growing 16.2% to $2.44. The company's Transaction Processing Services and Lender Processing Services divisions both experienced double-digit revenue growth. International revenues increased over 40% driven by expansions in Europe, Asia, and Brazil. Successful implementations of new systems and platforms contributed to organic revenue growth of 11%, exceeding projections.
Time Warner reported financial results for Q4 2008 and full year 2008. Revenue was $12.3 billion for Q4, up 1% for the full year. Adjusted operating income before depreciation and amortization was $3.2 billion for Q4, up 1% for the full year. Free cash flow for 2008 was $6 billion, up 20% from 2007. For 2009, Time Warner expects adjusted EPS excluding Time Warner Cable to be around flat compared to $0.66 in 2008.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
The document provides an earnings review for The Bank of New York Mellon Corporation for the first quarter of 2009. It summarizes key financial highlights including a 14% decline in operating revenue compared to the first quarter of 2008. Earnings were impacted by $295 million in securities write-downs. Expense reductions of 10% helped offset declining revenues. Capital ratios improved with the Tier 1 capital ratio reaching 13.8%. Assets under management declined 5% from the prior quarter to $881 billion due to market depreciation, while assets under custody/administration fell 3% to $19.5 trillion.
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
bank of new york mellon corp 4q 08 earningsfinance18
The Bank of New York Mellon Corporation reported its financial results for the fourth quarter of 2008 with various highlights and metrics compared to the same quarter in 2007. Some key highlights include a 42% increase in net interest revenue, a $0.65 per share non-cash securities write-down, and continued progress exceeding merger-related expense and revenue synergy targets. Metrics such as return on tangible common equity and pre-tax operating margin both increased on a non-GAAP adjusted basis compared to fourth quarter of 2007.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
cardinal health Q2 2007 Earnings Presentationfinance2
This document provides a summary of Cardinal Health's second quarter earnings for fiscal year 2007. It includes highlights such as revenue increasing 13% year-over-year to $21.8 billion and operating earnings growing 12% to $512 million. Each of the company's business segments saw revenue and operating earnings increases compared to the prior year quarter. The document also outlines Cardinal Health's financial targets for fiscal year 2007, including revenue growth of 8-10% and EPS growth of 12-15%.
United Stationers provides reconciliations of non-GAAP financial measures to GAAP measures for the three months and full year ended December 31, 2007 and 2006. For both periods, adjustments were made to gross profit, operating expenses, operating income, and net income per share for non-recurring items like restructuring charges and product marketing programs. The adjustments resulted in higher adjusted operating income and earnings per share compared to reported GAAP figures. For the full year, adjusted earnings per share grew 18% compared to the prior year.
- HP reported Q4 FY08 revenue of $33.6 billion, up 19% year-over-year. Non-GAAP diluted EPS was $1.03, up 20% from $0.86 in Q4 FY07.
- For FY08, revenue was $118.4 billion, up 13% year-over-year. Non-GAAP diluted EPS was $3.62, up 24% from $2.93 in FY07.
- Revenue growth was driven by strong performance in the Americas and EMEA regions. The Personal Systems Group saw revenue of $11.2 billion, up 10% year-over-year.
Bank of America reported first quarter 2005 results with key highlights including a 21% increase in diluted EPS compared to fourth quarter 2004. Revenue was up 2% from the previous quarter driven by strength in trading and mortgage banking offsetting seasonal declines in consumer business. Credit quality continued to improve across both consumer and commercial portfolios although credit card losses rose due to portfolio growth and minimum payment changes. Overall, the results demonstrated continued momentum in the company's consumer and commercial businesses.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
The document outlines the corporate governance guidelines of Office Depot, Inc. It discusses [1] the composition of the board, including the election of chair and lead director, size of the board, and selection of board candidates; [2] requirements for board membership including independence, retirement age, and term limits; and [3] processes for board meetings, including agenda setting, executive sessions, and interaction with management and advisors. The guidelines are intended to assist the board in exercising its responsibilities under relevant laws and regulations.
1) Southern Company is one of the largest energy companies in the world, focused on producing and supplying electricity through both regulated and competitive businesses.
2) The company achieved record earnings in 1999 of $1.3 billion but saw its stock price decline, which it attributes partly to investor focus on internet companies.
3) Southern Company aims to grow its competitive energy business, which currently contributes around 35% of earnings, to 50% by 2003 through expanding generation capacity and long-term contracts in key markets like the Southeastern US.
This document is PACCAR Inc's quarterly report (Form 10-Q) filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including income statements, balance sheets, and cash flow statements for the quarter and year-to-date.
2) Notes to the financial statements providing additional details on accounting policies, inventory valuation, and new accounting standards.
3) Certification by management of the accuracy of the financial statements and disclosure of any material changes to internal controls.
The report provides investors with PACCAR's consolidated financial position and operating results for the quarter in compliance with SEC regulations.
Second Quarter Reconciliation of Non-GAAP Financial Measures & Earnings Outlookfinance4
Anthem, Inc. held an earnings call on July 31, 2003 to discuss financial results for the second quarter of 2003. They provided reconciliations between GAAP and non-GAAP measures such as adjusted net income. For the full year 2003, they projected adjusted net income per share of $5.10 to $5.15. Additional projections included operating revenue approaching $16.5 billion, membership growth of 7-8%, and operating cash flow of at least $1 billion. They also provided earnings outlooks by operating segment.
- Ameriprise Financial reported financial results for Q1 2008 with net income of $191 million, up 16% from $165 million in Q1 2007. Earnings per share increased 21% to $0.82.
- Revenues increased 3% to $2.1 billion due to 10% growth in management fees, partially offset by lower investment income. Expenses rose 10% due to higher benefits costs from variable annuities.
- The company repurchased $270 million of stock in Q1 2008 and authorized an additional $1.5 billion repurchase program over the next two years. Challenging markets negatively impacted results but the company maintained a strong balance sheet.
cardinal health Q3 2007 Earnings Presentationfinance2
This document contains Cardinal Health's third quarter earnings report for fiscal year 2007. It provides an overview of the company's financial results including an 8% increase in revenue and a 10% increase in non-GAAP earnings per share. The report also discusses performance by business segment and outlines the company's financial targets for the full fiscal year, projecting earnings per share between $3.25-$3.40. Key priorities highlighted include driving top-line growth, improving efficiency, and returning capital to shareholders.
Masco reported its second quarter 2012 earnings. Sales increased 3% excluding currency effects, driven by new construction activity in North America. Plumbing Products sales grew 2% in North America excluding currency, but margins declined due to international sales mix and currency impacts. Decorative Architectural Products sales increased due to successful new product introductions. Installation Services and Cabinets showed profit improvements but face ongoing challenges. Masco remains focused on strategic initiatives to strengthen its businesses and balance sheet.
- AES Corporation reported financial results for the first quarter of 2005 with revenues of $2.6 billion, a 17% increase from the first quarter of 2004. Income before taxes was $350 million, up 74% from the prior year.
- Key drivers of financial performance included revenue growth from new projects and higher prices/demand across several business segments, as well as favorable currency effects. However, gross margin declined slightly due to higher fuel costs.
- Cash flow from operations was $520 million for the quarter. The company distributed $195 million in subsidiary dividends to the parent company during the period.
Fidelity National Information Services reported strong financial results for 2007, with revenue increasing 15.1% to a record $4.8 billion and adjusted earnings per share growing 16.2% to $2.44. The company's Transaction Processing Services and Lender Processing Services divisions both experienced double-digit revenue growth. International revenues increased over 40% driven by expansions in Europe, Asia, and Brazil. Successful implementations of new systems and platforms contributed to organic revenue growth of 11%, exceeding projections.
Time Warner reported financial results for Q4 2008 and full year 2008. Revenue was $12.3 billion for Q4, up 1% for the full year. Adjusted operating income before depreciation and amortization was $3.2 billion for Q4, up 1% for the full year. Free cash flow for 2008 was $6 billion, up 20% from 2007. For 2009, Time Warner expects adjusted EPS excluding Time Warner Cable to be around flat compared to $0.66 in 2008.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
The document provides an earnings review for The Bank of New York Mellon Corporation for the first quarter of 2009. It summarizes key financial highlights including a 14% decline in operating revenue compared to the first quarter of 2008. Earnings were impacted by $295 million in securities write-downs. Expense reductions of 10% helped offset declining revenues. Capital ratios improved with the Tier 1 capital ratio reaching 13.8%. Assets under management declined 5% from the prior quarter to $881 billion due to market depreciation, while assets under custody/administration fell 3% to $19.5 trillion.
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
bank of new york mellon corp 4q 08 earningsfinance18
The Bank of New York Mellon Corporation reported its financial results for the fourth quarter of 2008 with various highlights and metrics compared to the same quarter in 2007. Some key highlights include a 42% increase in net interest revenue, a $0.65 per share non-cash securities write-down, and continued progress exceeding merger-related expense and revenue synergy targets. Metrics such as return on tangible common equity and pre-tax operating margin both increased on a non-GAAP adjusted basis compared to fourth quarter of 2007.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
cardinal health Q2 2007 Earnings Presentationfinance2
This document provides a summary of Cardinal Health's second quarter earnings for fiscal year 2007. It includes highlights such as revenue increasing 13% year-over-year to $21.8 billion and operating earnings growing 12% to $512 million. Each of the company's business segments saw revenue and operating earnings increases compared to the prior year quarter. The document also outlines Cardinal Health's financial targets for fiscal year 2007, including revenue growth of 8-10% and EPS growth of 12-15%.
United Stationers provides reconciliations of non-GAAP financial measures to GAAP measures for the three months and full year ended December 31, 2007 and 2006. For both periods, adjustments were made to gross profit, operating expenses, operating income, and net income per share for non-recurring items like restructuring charges and product marketing programs. The adjustments resulted in higher adjusted operating income and earnings per share compared to reported GAAP figures. For the full year, adjusted earnings per share grew 18% compared to the prior year.
- HP reported Q4 FY08 revenue of $33.6 billion, up 19% year-over-year. Non-GAAP diluted EPS was $1.03, up 20% from $0.86 in Q4 FY07.
- For FY08, revenue was $118.4 billion, up 13% year-over-year. Non-GAAP diluted EPS was $3.62, up 24% from $2.93 in FY07.
- Revenue growth was driven by strong performance in the Americas and EMEA regions. The Personal Systems Group saw revenue of $11.2 billion, up 10% year-over-year.
Bank of America reported first quarter 2005 results with key highlights including a 21% increase in diluted EPS compared to fourth quarter 2004. Revenue was up 2% from the previous quarter driven by strength in trading and mortgage banking offsetting seasonal declines in consumer business. Credit quality continued to improve across both consumer and commercial portfolios although credit card losses rose due to portfolio growth and minimum payment changes. Overall, the results demonstrated continued momentum in the company's consumer and commercial businesses.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
The document outlines the corporate governance guidelines of Office Depot, Inc. It discusses [1] the composition of the board, including the election of chair and lead director, size of the board, and selection of board candidates; [2] requirements for board membership including independence, retirement age, and term limits; and [3] processes for board meetings, including agenda setting, executive sessions, and interaction with management and advisors. The guidelines are intended to assist the board in exercising its responsibilities under relevant laws and regulations.
1) Southern Company is one of the largest energy companies in the world, focused on producing and supplying electricity through both regulated and competitive businesses.
2) The company achieved record earnings in 1999 of $1.3 billion but saw its stock price decline, which it attributes partly to investor focus on internet companies.
3) Southern Company aims to grow its competitive energy business, which currently contributes around 35% of earnings, to 50% by 2003 through expanding generation capacity and long-term contracts in key markets like the Southeastern US.
This document is PACCAR Inc's quarterly report (Form 10-Q) filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including income statements, balance sheets, and cash flow statements for the quarter and year-to-date.
2) Notes to the financial statements providing additional details on accounting policies, inventory valuation, and new accounting standards.
3) Certification by management of the accuracy of the financial statements and disclosure of any material changes to internal controls.
The report provides investors with PACCAR's consolidated financial position and operating results for the quarter in compliance with SEC regulations.
Southern Company reported third quarter 2004 earnings of $644.5 million, meeting expectations. Earnings for the first nine months of 2004 were $1.33 billion, compared to $1.27 billion in the same period in 2003 excluding a one-time gain. Mild weather and increased industrial sales offset some of the financial impact of Hurricane Ivan, which left 1.6 million customers without power but was restored within a week for 94% of customers. Southern Company served about 70,000 more customers as of September 30 than the previous year and expects continued long-term customer growth of 1.5% annually. Capital expenditures are projected to be $7 billion from 2004 to 2006 focused on regulated infrastructure including environmental and transmission/distribution
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, including $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers included strong commercial aircraft production and aftermarket demand as well as positions on new defense platforms.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, which includes $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers include strong demand for commercial aircraft and aftermarket services as well as defense programs.
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
- Q1 2008 sales were down 3.4% and operating income was down 56.5% due to housing market challenges.
- For 2008, Home Depot expects total sales to decline 4-5%, negative comps in the mid-to-high single digits, and operating margin decline of 170-210 basis points.
- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
- Emerson reported strong financial results for the second quarter of 2008, with sales up 12% and earnings per share up 23% compared to the previous year. Underlying sales growth was 6% led by international growth.
- Operating profit margin improved 100 basis points to 16.4% due to cost containment programs and a $30M commodity hedging benefit. Cash flow also increased significantly.
- The Process Management segment saw sales growth of 19% driven by strong underlying growth of 16% internationally, while the Industrial Automation segment grew sales 11%.
- Emerson's balance sheet remains strong, allowing flexibility for investments and shareholder returns.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
Goodrich Corporation reported fourth quarter and full year 2006 results on February 1, 2007. Some key highlights include:
- Fourth quarter 2006 sales grew 10% year-over-year with growth in all segments and major market channels. Segment operating margin increased from 11.2% to 12.5%.
- Net income per diluted share was $0.78, reflecting 39% growth over fourth quarter 2005.
- For the full year 2006, sales grew 9% year-over-year. Segment operating income increased 22% and margin increased 1.5% to 13.0%. Net income increased 83%.
- The company cautions that any forward-looking statements are subject to risks and uncertainties that could cause
cardinal health Q3 2008 Earnings Presentationfinance2
The document summarizes Cardinal Health's Q3 FY2008 earnings call. It includes opening remarks from the CEO and CFO. The CFO provides an overview of Q3 financial results including revenue growth of 5% and EPS growth of 13%. Segment results are also summarized, with Healthcare Supply Chain Services facing challenges from repricings and controlled substance regulations while Medical Products and Technologies saw growth from acquisitions. Clinical Technologies and Services saw continued strong performance. Full year guidance targets the mid-point of $3.75-3.85 EPS, excluding a small dilution from a recent acquisition.
This document summarizes a presentation given by Jay Craig, Senior Vice President and Controller of ArvinMeritor, at the JPMorgan Harbour Auto Conference on August 6, 2007. The presentation discusses ArvinMeritor's financial results for the third quarter of fiscal year 2007, including earnings of $0.25 per share before special items. It also provides guidance for full year 2007 EPS of $0.75 to $0.80 before special items. The presentation addresses questions about free cash flow and the sale of the Emissions Technologies business unit.
This document summarizes a presentation given by Jay Craig, Senior Vice President and Controller of ArvinMeritor, at the JPMorgan Harbour Auto Conference on August 6, 2007. The presentation discusses ArvinMeritor's financial results for the third quarter of fiscal year 2007, including earnings of $0.25 per share before special items. It also provides guidance for full year 2007 EPS of $0.75 to $0.80 before special items. The presentation addresses questions about free cash flow and the sale of the Emissions Technologies business unit.
- Revenue increased 14% to $1.49 billion due to growth across all business segments.
- Earnings per diluted share were $0.98, up 20% from $0.82 in the prior year, driven by improved performance across business segments.
- Fleet Management Solutions saw the largest earnings growth of 20% due to higher used vehicle sales, improved fuel margins, and lower costs.
The document provides an overview of the company's third quarter 2005 earnings conference call, including highlights such as earnings per share increasing 20% compared to the prior year, business segment results with revenue and earnings increases across all segments, and debt to equity ratios remaining below long-term targets while supporting continued growth.
- AutoZone reported first quarter fiscal year 2009 results, with net sales up 2% to $1.478 billion and diluted EPS up 10% to $2.23. Operating profit was flat at $239 million and operating margin decreased slightly.
- The company opened 30 new stores and replaced 2 stores in the US, ending the quarter with 4,122 domestic stores. Commercial programs grew 2% and commercial sales increased 1.8% to $170.6 million.
- Inventory increased 6% to $2.192 billion while inventory turns decreased to 1.5x. Working capital was negative $66 million and debt increased 5% to $2.268 billion.
GE reported preliminary unaudited results for its 2008 fourth quarter. Revenues were $183 billion, in line with expectations. Continuing earnings per share were $1.78, also meeting expectations. Industrial cash flow from operating activities was $16.7 billion, slightly higher than expected. The results demonstrate that GE executed on its plan and prepared for a difficult 2009. GE is focused on intensifying management processes, increasing cash focus, repositioning its Financial Services business, and lowering costs through $1.5 billion in restructuring and other charges.
Emerson reported strong financial results for 4Q 2008, with sales up 11% to $6.7B and EPS up 13% to $0.88. Operating profit margin improved 70 bps to 17.5% due to cost containment programs. Cash flow from operations was $1.3B. For fiscal year 2008, underlying sales grew 7% with emerging markets representing 30% of sales. Process Management sales increased 13% with strong growth globally. Industrial Automation sales rose 14% on strength across power generation and materials joining. Network Power sales increased 19% through acquisitions and growth in power systems. Climate Technologies sales grew 8% led by growth in Europe.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the production program was on budget.
This document summarizes Mary Lehmann's presentation at the 2009 Barclays Capital Industrial Select Conference on February 11, 2009. It provides an overview of ArvinMeritor's globally diverse business portfolio, highlights from the first quarter including sales and earnings results, cost reduction measures, and vehicle production and sales outlooks for commercial vehicle systems and light vehicle systems. Segment results, cash flow, working capital trends and the status of factoring and securitization programs are also reviewed.
Mary Lehmann, Senior Vice President of Strategic Initiatives and Treasurer of ArvinMeritor, presented at the 2009 Barclays Capital Industrial Select Conference on February 11, 2009. In her presentation, she discussed ArvinMeritor's globally diverse business portfolio, highlighted the company's first quarter financial results which showed a year-over-year decline in sales and earnings, and provided an overview of the company's ongoing restructuring efforts to reduce costs.
The document provides financial information and reconciliation of non-GAAP measures for The Pepsi Bottling Group's fourth quarter 2008 earnings conference call. It summarizes items affecting comparability for 2008 and 2009, including impairment charges, restructuring charges, and the impact of foreign exchange rates. It also provides the company's operating free cash flow for 2008 and guidance for comparable net revenues, costs, operating income, earnings per share, and operating free cash flow for 2009.
- The company reported second quarter earnings per share of $0.98, up from $0.97 in the second quarter of 2004. Revenue increased 10% compared to the second quarter of 2004.
- Fleet Management Solutions revenue increased 9% and earnings increased 8% compared to the second quarter of 2004, driven by improved used vehicle sales and rental results.
- The company reaffirmed its full year 2005 earnings forecast of $3.42-$3.52 per share, which includes a $0.12 state tax benefit.
This document outlines Computer Sciences Corporation's equity grant policy, including the types of equity grants awarded, grant dates, approval process, and reporting requirements. It states that CSC issues equity grants to directors and employees to attract, retain, and motivate them. Equity grants include stock options, restricted stock, and restricted stock units. Grant dates depend on whether the recipient is a director, new hire, promotion, or current employee. Senior executive grants require higher levels of approval than non-senior grants. The company must stay within an approved annual equity grant budget.
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
This document restates the articles of incorporation of Computer Sciences Corporation. It outlines the corporation's name, principal office location, nature of business, capital stock structure including 750 million shares of common stock and 1 million shares of preferred stock. It provides the board of directors authority to establish terms for preferred stock series and outlines shareholder rights and restrictions.
This document outlines a supplemental code of ethics specifically for a company's Chairman and Chief Executive Officer, Vice President and Chief Financial Officer, and Vice President and Chief Accounting Officer. The code builds upon the company's existing code of ethics and standards of conduct applicable to all directors, officers, and employees. It requires these executives to act with honesty and integrity, avoid conflicts of interest, ensure full financial disclosure, comply with all applicable laws and regulations, and promptly report any unethical or illegal conduct. Violations will be reported to the board of directors who will determine appropriate accountability actions.
This document outlines the Code of Ethics and Standards of Conduct for Computer Sciences Corporation (CSC). It discusses CSC's commitment to ethics, integrity and social responsibility. It also summarizes the principles of avoiding conflicts of interest, protecting company and customer property, providing accurate records and reports, maintaining a professional work environment, and procedures for reporting violations. Adherence to the Code is required by all CSC directors, employees and representatives.
This document outlines the corporate governance guidelines for Computer Sciences Corporation. It addresses the role of the board of directors in overseeing management and acting in good faith. It also covers the composition of the board, including the size, selection process, and independence of directors. The document provides qualifications for directors, including limits on other board service and procedures for changes in job responsibilities. It describes board committees, conduct of meetings, access to management and advisors, performance evaluations, director compensation, orientation, education, and succession planning.
This document provides an investor highlights report for Computer Sciences Corporation (CSC) for the first quarter of fiscal year 1997. It summarizes that CSC reported a 20% increase in net income and 20.5% increase in revenue compared to the same quarter the previous year. It also announces three acquisitions that further expanded CSC's industry-specific consulting services. CSC operates in strong markets for information technology services and sees continued growth opportunities.
CSC reported $1.36 billion in revenue for the second quarter of FY1997, a 20.1% increase over the previous year. CSC earned $49.3 million excluding a one-time $48.9 million charge related to an acquisition. For the first six months of FY1997, CSC reported $2.66 billion in revenue and $94.6 million in net income excluding the charge. CSC operates in commercial and government IT markets, with growing demand for outsourcing and consulting services.
Computer Sciences Corporation reported a 15.5% increase in earnings per share for the first quarter of fiscal year 1998. Revenue rose 14.2% to $1.488 billion, with growth in commercial, European, and other international sectors. While US federal revenue declined slightly due to contract completions, the company expects this sector to improve over the fiscal year as new contracts are implemented. Overall, CSC's business continues to demonstrate strong growth trends across its consulting, systems integration, and outsourcing services.
Computer Sciences Corporation reported financial results for the second quarter of fiscal year 1998, ended September 26, 1997. Revenue increased 16.5% to $1.58 billion compared to the previous year. Net income grew 18.8% to $58.6 million. The company provides management consulting, systems integration, and outsourcing services worldwide to industry and government clients. New contracts were announced during the quarter, and the company expects continued revenue growth for the remainder of the fiscal year.
The document is a quarterly report from Computer Sciences Corporation (CSC) providing key financial information and highlights for investors. It summarizes that CSC's revenue increased 17.1% in the third quarter of fiscal year 1998 compared to the previous year. Net income also rose 20.5% over the same period. The report further outlines CSC's business segments and global operations, as well as new contracts and growth in key market sectors during the quarter.
Computer Sciences Corporation (CSC) reported higher revenue and earnings for the first quarter of fiscal year 1999 compared to the same period the previous year. Revenue increased 17.8% to $1.75 billion while net income rose 22.2% to $64.3 million. The company also announced $2.8 billion in new contract awards during the quarter and saw growth across all of its major service categories. CSC's chairman attributed the strong results to continued expansion in key markets like financial services and healthcare as well as new strategic partnerships.
Computer Sciences Corporation (CSC) reported a 21.6% increase in earnings per share for the second quarter of fiscal year 1999 compared to the previous year. Revenue increased 17% to $1.85 billion driven by strong growth in Europe and the federal sector. For the first half of the fiscal year, net income rose 23.6% and revenues increased 17.4% over the previous year. CSC also acquired a majority stake in a French consulting firm, increasing its presence in that country.
Computer Sciences Corporation reported a 22.7% increase in earnings per share for the third quarter of fiscal year 1999 compared to the previous year. Net income increased 25.9% while revenues rose 15.9%. Growth was driven by strong performance in European operations, consulting, financial services, and lower interest costs. For the first nine months of the fiscal year, net income increased 24.5% while revenues were up 16.9% year-over-year.
Computer Sciences Corporation (CSC) reported higher earnings and revenue for the second quarter of fiscal year 2000 compared to the same period last year. Earnings per share rose 22.2% and net income increased 22.7% due to strong global commercial growth and improved operating performance. CSC continues to see significant demand for outsourcing and other services and rapid growth in requests for e-business solutions.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2000, ending December 31, 1999. Revenue was up 14.9% to $2.4 billion compared to the previous year. Earnings per share, excluding special items, were 66 cents, a 20% increase over the previous year. CSC received $3.5 billion in new business awards during the quarter and $9.6 billion year-to-date. Research analysts from various firms cover CSC stock, which trades on the New York Stock Exchange.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2001, ended June 30, 2000. Revenues increased 11.8% to $2.46 billion due to strong growth in the U.S. federal government, Asia-Pacific, and commercial outsourcing sectors. Net income grew 13.5% to $96 million and earnings per share increased to 56 cents. CSC also secured $3.3 billion in new business awards during the quarter and remains on track to achieve its target of $1 billion in e-business revenue for the fiscal year.
Computer Sciences Corporation (CSC) reported strong financial results for the second quarter of fiscal year 2001, with revenues increasing 12% to $2.5 billion and net income growing 17.1% to $109 million. For the first six months of the fiscal year, revenues were up 11.9% to $5 billion and net income increased 15.4% to $205 million. The company secured $7.7 billion in new contracts for the first half, fueling anticipated growth in the second half of the year.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2001, ended December 29, 2000. Revenues increased 12.9% to $2.7 billion due to growth in the federal government vertical market and commercial outsourcing. Earnings before special items increased 9.6% to $122.9 million. Major new business awards totaled $1.8 billion for the quarter. For the nine-month period, revenues increased 12.2% to $7.6 billion and earnings before special items increased 13.1% to $327.9 million, though results were impacted by currency effects and restructuring costs. CSC also discussed several new contracts and engagements.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2002, ended June 29, 2001. Revenue grew 10.2% to $2.7 billion due to strong growth in global outsourcing. Net income was $47.7 million. Commercial revenue grew 17% internationally due to outsourcing contracts in the UK and Scandinavia. Federal government revenue rose 3.9% despite some contract completions, with growth in civil agencies and GSA work. CSC will focus on larger outsourcing engagements and adjusting to reduced consulting demand, while progressing on improving recent outsourcing contracts.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
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.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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?
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
2. Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides
protection from liability in private lawsuits for “forward-looking” statements made
by public companies under certain circumstances, provided that the public
company discloses with specificity the risk factors that may impact its future
results. We want to take advantage of the “safe harbor” provisions of the Act.
Certain statements made during this presentation are ‘forward-looking’ statements
under the Act. Except for historical financial and business performance
information, statements made during this presentation should be considered
‘forward-looking’ as referred to in the Act. Much of the information that looks
towards future performance of our company is based on various factors and
important assumptions about future events that may or may not actually come
true. As a result, our operations and financial results in the future could differ
materially and substantially from those we have discussed in the forward-looking
statements made during this presentation. Certain risks and uncertainties are
detailed from time to time in our filings with the United States Securities and
Exchange Commission (“SEC”). You are strongly urged to review all such filings
for a more detailed discussion of such risks and uncertainties. During portions of
today’s presentation, we may refer to results which are not GAAP numbers. A
reconciliation of non-GAAP numbers to GAAP results is available on our web site
at www.investor.officedepot.com.
2
3. Fourth Quarter 2008 Summary
• Results continued to be negatively impacted by the economy and the
global liquidity crisis
• Total Company sales of $3.3 billion, a decline of approximately 15%
versus fourth quarter of 2007
• GAAP loss of $1.54 billion or $5.64 per share on a diluted basis
Adjusted for Charges(1), loss of $199 million or $0.73 per share on a
•
diluted basis. Charges include:
– Goodwill and trade name impairment non-cash charges of $1.27 billion or
$4.54 per share; and
– Strategic business review pre-tax charges of $167 million or $0.37 per share
• Other pre-tax charges related to business downturn totaled $125 million
in the fourth quarter
Company had Cash Flow Before Financing Activities(1)(2) of $4 million in
•
the fourth quarter
Non-GAAP numbers. A reconciliation of GAAP to non-GAAP numbers can be found on the Office Depot web site www.officedepot.com.
1
3
²Cash Flow Before Financing Activities equals total change in cash less cash flow from financing activities.
4. Consolidated Financials – Fourth Quarter 2008
in millions, except ratios,
Q4 2008 Q4 2007
returns and per share data
% %
Amount Sales Amount Sales
Sales $ 3,271 -- $ 3,867 --
Operating Expenses(1) $ 1,062 32.5% $ 1,020 26.3%
EBIT(1) $ (210) -6.4% $ 6 0.2%
Net Earnings (Loss)(1) $ (199) -6.1% $ 27 0.7%
Net Earnings (Loss) - GAAP $ (1,539) -47.1% $ 19 0.5%
Diluted Shares 272.9 -- 273.3 --
EPS - GAAP $ (5.64) -- $ 0.07 --
EPS(1) $ (0.73) -- $ 0.10 --
1Non-GAAP numbers. A reconciliation of GAAP to non-GAAP numbers can be found on the Office Depot web site 4
at www.officedepot.com.
5. Full Year 2008 Summary
• Total company sales decreased 7% to $14.5 billion versus 2007
• GAAP loss of $1.48 billion or $5.42 per share on a diluted basis
versus earnings of $396 million or $1.43 per share on a diluted
basis in 2007
Adjusted for Charges(1), loss of $113 million or $0.41 per share on a
•
diluted basis versus earnings of $424 million or $1.54 per share on
a diluted basis in 2007
EBIT(1) loss of $51 million and EBIT margin of -0.3%
•
1Non-GAAP numbers. A reconciliation of GAAP to non-GAAP numbers can be found on the Office Depot web site 5
at www.officedepot.com.
6. North American Retail – Results
in millions, except ratios and statistics Q4 2008 Q4 2007
Sales $ 1,387 $ 1,668
Comparable Sales -18% -7%
Division Operating Profit (Loss) $ (119) $ 23
Division Operating Margin -8.6% 1.4%
6
7. North American Retail – Results & Variance Analysis
• Sales down 17%; comparable store sales
18% lower in the fourth quarter of 2008 Operating
Profit (Loss)
– AOV lower as customers reduced
(in millions)
spending on discretionary items
• Operating loss of $119 million versus $23 Q4 2007 $ 23
million profit one year ago includes:
Product margin improvement 25
– $78 million non-cash store
impairment charge, and $12 million
Store impairment charge (78)
additional reserves for previous store
closures and private label credit card
receivables (66)
Flow through from sales volume
decline
• Other key components of the operating
Additional reserves (12)
profit change include:
– Higher product margins than year Increased property costs (11)
ago
Q4 2008 $ (119)
– Flow through from sales volume
decline
– Increased property costs
7
8. N. A. Retail – Taking Care of Business Update
• Increasing high-margin services critical
to micro-business customers
– Including Design, Print & Ship and Tech
Depot Services
• Continuing product assortment line
reviews
– Better values and more exciting offering
for customer, more profitable for ODP
North American
• Continuing to manage inventory tightly
Retail
– Reduced end of period inventory by 28%
in fourth quarter versus prior year; largely
technology and furniture
– Maintained high “in stock” levels
• Reducing new store openings
– Approximately 15 new store openings
planned for 2009
– Closing 118 stores in 2009
8
9. North American Business Solutions – Results
in millions, except ratios and statistics Q4 2008 Q4 2007
Sales $ 920 $ 1,065
Division Operating Profit (Loss) $ (28) $ 1
Division Operating Margin -3.1% 0.1%
9
10. N.A. Business Solutions – Results & Variance Analysis
• Sales down 14% in the fourth
Operating
quarter of 2008
Profit (Loss)
– Severe spending cuts by our (in millions)
customers
– Further deterioration in sales to
Q4 2007 $ 1
small- to medium-sized customers
– Sales decline in large, national
(20)
Flow through from sales volume
account customers
decline
• Operating loss of $28 million
Negative items, including reserves (6)
versus earnings of $1 million one
year ago
(3)
Weaker mix and increased
• Factors driving the operating profit promotions
change included:
Q4 2008 $ (28)
– Flow through from sales volume
decline
– Negative items, including bad debt
reserves
– Weaker sales and product mix, and
increased promotions
10
11. N.A. Business Solutions – Taking Care of Business Update
• Continue to aggressively pursue small- to
medium-sized business (SMB)
– Providing the right tools to sales force
• Improving the telephone account management
(TAM) program
– Key performance indicators making a difference
North American
• New catalog / direct marketing team refining
Business catalog circulation
Solutions
– Goal is to increase the customer file
– Revising pricing and promotional strategy
• Making customer-focused enhancements to
website
• Reorganized Contract sales force
– Aligning with the current economic environment
11
12. International – Results
In millions, except ratios and statistics Q4 2008 Q4 2007
Sales $ 963 $ 1,135
Change in Local Currency Sales -4% 2%
Division Operating Profit $ 10 $ 60
Division Operating Margin 1.0% 5.3%
12
13. International – Results & Variance Analysis
• Sales down 15% in the fourth Operating
quarter of 2008 Profit
(in millions)
– Local currency sales down 4%
– U.K. and Euro Zone in recession
Q4 2007 $ 60
• Operating profit was $10 million
versus $60 million one year ago (23)
Flow through from sales
• Factors driving the operating volume decline
profit change included: Intangible asset write offs (11)
– Flow through from sales decline
(10)
Higher costs and increased
– Intangible asset write offs in
competition
Europe and Asia
Foreign exchange impact (6)
– Higher costs and increased
competition
Q4 2008 $ 10
– Impact of foreign exchange
rates, notably Pound Sterling
and Euro versus U.S. dollar
13
14. International – Taking Care of Business Update
• Introducing new products, services and
solutions
– Tech Depot rolled out to the U.K. and
Netherlands and rolling out pilot test of Tech
Services in France
• Focused on improving gross margin
– Harmonizing SKU assortment to simplify
inventory management and reduce costs
International – Increasing direct import of private brand
products
• Committed to reducing operating costs while
improving customer service
– U.K. providing record service level metrics
• Expanding into new markets with low capital
– Using strategic alliances, franchise
arrangements and partnerships
14
15. Strategic Business Review Update
• North American Retail closed six underperforming stores as part of
the strategic review in the fourth quarter 2008 and expects to close
an additional 118 stores in 2009, including two stores not included in
the strategic review
• Closed one North American distribution facility in the fourth quarter
and plan to close an additional five in the first quarter 2009
• Taking restructuring charges related to the rationalization of some of
our International businesses, a software write down and other North
America initiatives
• These actions should benefit 2009 EBIT and cash flow by
approximately $130 million and $105 million, respectively
15
16. Charges
Projected(¹)
Q4 FY
in millions
2008 2007 2008 2007 FY 2009
Goodwill & Trade Name Impairment $ 1,270 $ - $ 1,270 $ - $ -
N.A. Retail & Supply Chain Initiatives 101 - 101 - 100
Other Initiative & Headcount Reductions 22 - 22 - 66
Asset Write Downs 42 42 - -
-
2005 Initiatives 2 15 34 40 20
$ 1,437 $ 15 $ 1,469 $ 40 $ 186
Total Charges
Cash Flow Impact
Cash $ 36 $ 12 $ 59 $ 20 $ 178
Non-Cash $ 1,401 $ 3 $ 1,410 $ 20 $ 8
¹Future amounts may be impacted by changes as plans are implemented and changes in currency exchange rates. 16
17. Charges Impact on Earnings Summary
in millions, except per share data
Charges(1) Non-GAAP(2)
Q4 2008 GAAP
Gross Profit $ 829 $ 16 $ 845
Operating Expenses $ 2,483 $ (1,421) $ 1,062
Operating Loss $ (1,654) $ 1,437 $ (217)
EBIT(2) $ (1,647) $ 1,437 $ (210)
Net Loss $ (1,539) $ 1,340 $ (199)
Diluted Loss Per Share $ (5.64) $ 4.91 $ (0.73)
• Non-GAAP loss of $199 million includes $125 million of additional pre-tax non-cash items.
1Charges include goodwill and trade name impairment, and actions taken as part of the strategic business review.
17
²Non-GAAP numbers. A reconciliation of GAAP to non-GAAP numbers can be found on the Office Depot web site at www.officedepot.com.
18. Cash Flow Highlights
in millions Q4 2008* YTD 2008
Net Loss $ (1,539) $ (1,479)
Goodwill & Trade Name Impairment $ 1,270 $ 1,270
Other Asset Impairment $ 202 $ 222
Depreciation & Amortization $ 62 $ 254
Other Operating and Non-Cash Items $ 35 $ 201
Capital Expenditures $ (52) $ (330)
Free Cash Flow(1)(2) $ (22) $ 138
Acquisitions $ (1) $ (103)
Other Investing Activities & FX Impact on Cash $ 27 $ 84
Cash Flow Before Financing Activities(1)(3) $ 4 $ 119
*Quarterly amounts have been conformed to full year presentation.
Non-GAAP numbers. A reconciliation of GAAP to non-GAAP numbers can be found on the Office Depot web site at www.officedepot.com.
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²Free Cash Flow equals net cash provided by operating activities less capital expenditures.
³Cash Flow Before Financing Activities equals total change in cash less cash flow from financing activities.
19. Liquidity Update
• In addition to asset-based lending facility (ABL), actively pursuing
internal sources of liquidity in 2009, including:
– Sale leaseback arrangements in the U.S. and Europe which could total up
to $200 million
– Sale of certain accounts receivable in Europe which could total up to $100
million
– A $105 million cash benefit from the strategic business actions we
announced in December
– Dividends from affiliate and tax refund could total $50 million
• If we assume extremely challenging business conditions in the fourth
quarter continue, the $400+ million of additional liquidity should provide
an adequate cash cushion without drawing further on the ABL in 2009
• As of the end of December 2008, Office Depot had $868 million in total
available liquidity, including:
– $712 million of ABL availability
– $156 million of cash on hand
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20. Balance Sheet Highlights
in millions, except ratios and returns 2008 2007
Cash and Cash Equivalents $ 156 $ 223
NAR Inventory Per Store (end of period) $ 0.689 $ 0.960
Inventories $ 1,332 $ 1,718
Working Capital(1) $ 533 $ 727
Working Capital as a % of Sales(2) 4.3% 3.5%
Net Debt (end of period) $ 725 $ 593
Working Capital = (current assets – cash and short-term investments) – (current liabilities – current maturities of long-term debt)
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Working Capital as % of Sales = ((WC Q4 current year + WC Q4 prior year) / 2) / Trailing four quarter sales
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21. Summary and Outlook
• Disappointed with fourth quarter results but cash flow was positive
• Given the uncertain environment, liquidity is paramount
• Taking conservative approach to our capital structure
– Over $400 million of liquidity enhancing initiatives planned in 2009
– Asset-based lending facility available if economic crisis continues into 2010
• Committed to managing the Company through challenging times
– Providing innovative products and solutions to our valued customers
– Managing our costs
– Controlling our cash flow
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