State Street Corporation reported first quarter 2009 earnings per share of $1.02 on total revenue of $2 billion, down from $1.35 EPS and $2.6 billion revenue in the first quarter of 2008. Expenses declined 26.5% from a year ago due to ongoing expense controls. Servicing fees declined 20% to $766 million and investment management fees fell 35% to $181 million due to declines in asset valuations, though both outperformed market declines. The company expects to achieve its targets for 2009 operating revenue decline, EPS decline, and return on equity.
- 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.
bank of new york mellon corp 3q 07 earningsfinance18
The Bank of New York Mellon reported its 3Q07 quarterly earnings. Key highlights include:
- GAAP income after-tax from continuing operations was $642 million, up 37% from 3Q06. GAAP EPS was $0.56.
- Non-GAAP income after-tax from continuing operations excluding merger/integration costs and non-operating items was $754 million, up 32% from 3Q06. Non-GAAP EPS was $0.66.
- Non-GAAP income after-tax from continuing operations excluding merger/integration costs, non-operating items, and intangible amortization was $838 million, up 43% from 3Q06. Non-
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.
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.
- Revenue and earnings per share increased in the second quarter of 2007 compared to the same period in 2006. Fleet Management Solutions and Supply Chain Solutions saw revenue growth while Dedicated Contract Carriage's revenue declined slightly.
- For the first half of 2007, revenue and comparable earnings per share increased compared to the first half of 2006. Fleet Management Solutions earnings grew while Supply Chain Solutions earnings declined slightly.
- Capital expenditures decreased in the first half of 2007 compared to the same period in 2006, while proceeds from asset sales increased, leading to a decrease in net capital expenditures. The debt to equity ratio has declined since 2000.
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were $1.22 versus $1.14 due to lower than expected rental revenue.
- Fleet Management Solutions revenue grew 11% due to acquisitions and contractual growth, though earnings were impacted by lower commercial rental results.
- Supply Chain Solutions earnings declined 27% due to international operations and a new U.S. start-up, while Dedicated Contract Carriage earnings grew 7% on improved performance.
- Year-to-date comparable earnings per share were $3.40 compared to $3.04 in the prior year, with segment earnings growth across most business
air products & chemicals fy 08 q2 earningsfinance26
- Air Products reported a 40% increase in quarterly EPS to $1.43 per share and a 38% increase in net income to $314 million for its fiscal second quarter.
- Revenues increased 13% to $2.6 billion due to higher volumes in Tonnage Gases and Electronics and Performance Materials as well as higher pricing in Merchant Gases.
- Based on strong first half performance, Air Products raised its full year EPS guidance to a range of $4.95 to $5.05 per share, representing 18-20% annual growth.
- The document provides a summary of the company's 4th quarter 2008 and full year 2008 financial results and forecasts for 2009.
- 4th quarter earnings per share were $0.19 compared to $1.24 in 4Q07 due to restructuring charges. Excluding charges, earnings were $1.09 compared to $1.18.
- For the full year, earnings per share were $3.52 compared to $4.24 in 2007. Excluding items, earnings were $4.49 compared to $4.21.
- 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.
bank of new york mellon corp 3q 07 earningsfinance18
The Bank of New York Mellon reported its 3Q07 quarterly earnings. Key highlights include:
- GAAP income after-tax from continuing operations was $642 million, up 37% from 3Q06. GAAP EPS was $0.56.
- Non-GAAP income after-tax from continuing operations excluding merger/integration costs and non-operating items was $754 million, up 32% from 3Q06. Non-GAAP EPS was $0.66.
- Non-GAAP income after-tax from continuing operations excluding merger/integration costs, non-operating items, and intangible amortization was $838 million, up 43% from 3Q06. Non-
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.
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.
- Revenue and earnings per share increased in the second quarter of 2007 compared to the same period in 2006. Fleet Management Solutions and Supply Chain Solutions saw revenue growth while Dedicated Contract Carriage's revenue declined slightly.
- For the first half of 2007, revenue and comparable earnings per share increased compared to the first half of 2006. Fleet Management Solutions earnings grew while Supply Chain Solutions earnings declined slightly.
- Capital expenditures decreased in the first half of 2007 compared to the same period in 2006, while proceeds from asset sales increased, leading to a decrease in net capital expenditures. The debt to equity ratio has declined since 2000.
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were $1.22 versus $1.14 due to lower than expected rental revenue.
- Fleet Management Solutions revenue grew 11% due to acquisitions and contractual growth, though earnings were impacted by lower commercial rental results.
- Supply Chain Solutions earnings declined 27% due to international operations and a new U.S. start-up, while Dedicated Contract Carriage earnings grew 7% on improved performance.
- Year-to-date comparable earnings per share were $3.40 compared to $3.04 in the prior year, with segment earnings growth across most business
air products & chemicals fy 08 q2 earningsfinance26
- Air Products reported a 40% increase in quarterly EPS to $1.43 per share and a 38% increase in net income to $314 million for its fiscal second quarter.
- Revenues increased 13% to $2.6 billion due to higher volumes in Tonnage Gases and Electronics and Performance Materials as well as higher pricing in Merchant Gases.
- Based on strong first half performance, Air Products raised its full year EPS guidance to a range of $4.95 to $5.05 per share, representing 18-20% annual growth.
- The document provides a summary of the company's 4th quarter 2008 and full year 2008 financial results and forecasts for 2009.
- 4th quarter earnings per share were $0.19 compared to $1.24 in 4Q07 due to restructuring charges. Excluding charges, earnings were $1.09 compared to $1.18.
- For the full year, earnings per share were $3.52 compared to $4.24 in 2007. Excluding items, earnings were $4.49 compared to $4.21.
- The document discusses the 1956 Suez Crisis which began when Israel, Britain, and France invaded Egypt after Egyptian President Nasser nationalized the Suez Canal.
- British Prime Minister Anthony Eden was concerned about Nasser's push for Egyptian independence and attempts to unite Arab states under Egyptian leadership.
- Nasser signed a secret deal with Czechoslovakia to obtain weapons, angering Western nations who had previously promised funding for the Aswan Dam project. Britain and the US withdrew funding after learning of the weapons deal.
- Eden worried Nasser would deny oil exports to Western Europe, so Britain and France conspired to attack Egypt but their plan failed and damaged their international reputation.
Online free bets are the easiest, cheapest and fastest way for sports bettors to get more winnings compared to traditional local bookmakers. This website offers generous free bets from established online bookmakers, allowing users to place bets from the comfort of their home without wasting time or effort searching for the best odds. Using free bets can revolutionize sports betting by increasing wins and making online betting simple.
Proyecto de calificación acreencias presentadas del 10 de enero al 25 de marz...VIDEOS DE URABÁ
Este documento presenta el proyecto de inventario de pasivos, graduación y calificación de acreencias de la Fundación Hospital Regional de Urabá de Apartadó en liquidación. Se informa a los acreedores que podrán consultar y objetar el proyecto del 3 al 9 de abril de 2014. Cualquier objeción deberá presentarse antes del 9 de abril adjuntando pruebas. Del 10 al 11 de abril se dará traslado a los acreedores de las objeciones recibidas.
Feliz Navidad 2013 for Stamford Green Primary School from Santo Domingo Savio.Javier Sellers
La Nochebuena se celebra el 24 de diciembre, cuando las familias se reúnen para cenar y cantar villancicos. El día de Navidad, el 25 de diciembre, las familias se reúnen para comer y dar el aguinaldo, y celebran el nacimiento de Jesús. Los días siguientes incluyen tradiciones como comer dulces típicos, ir a misa el 24 de noche, gastar bromas el Día de los Inocentes, comer 12 uvas de la suerte en Nochevieja, y recibir regalos de
The document analyzes the design elements of several music magazines, including use of images, headlines, columns, and colors. It then describes the design of the mock magazine created by the author, including a large cover title, interior contents page with subscriber options, and a double-page band feature with individual photos and an interview layout. Original photos were taken of a fictional band to portray them as fun and happy rather than serious. Consistent fonts and colors were used throughout for a cohesive house style.
SanDisk announced financial results for the first quarter of 2009, with total revenue declining 22% year-over-year to $659 million and a GAAP net loss of $208 million. However, key metrics like total megabytes sold and average retail card capacity increased compared to the previous year. The company also completed a restructuring of manufacturing joint ventures with Toshiba, improving its financial position with $277 million in cash proceeds and reduced equipment lease obligations. While results improved from the previous quarter, the company remained cautiously optimistic about continued recovery in the second quarter.
- Alcon reported a 4.8% increase in global sales for Q1 2009 excluding foreign exchange impacts, driven by organic growth. However, on a reported basis sales declined 2.8% due to currency fluctuations.
- Net earnings increased 5.3% to $452 million in Q1 2009 compared to Q1 2008. Diluted earnings per share grew 5.6% to $1.51.
- International sales grew 10.2% organically but declined 3.4% reported due to currency impacts. Strong growth in emerging markets and Japan drove international performance.
- US sales declined 2.1% due to generic competition and market conditions. Glaucoma products and intraocular lenses grew organically
El documento describe una experiencia de aprendizaje basado en la indagación científica llevada a cabo por estudiantes de quinto grado sobre tres árboles con diferentes características. Los estudiantes observaron los árboles, generaron hipótesis sobre las posibles causas de las diferencias y realizaron investigaciones que los llevaron a concluir que el exceso de riego estaba ahogando a dos de los árboles. Comunicaron sus hallazgos al encargado del mantenimiento para mejorar el sistema de riego.
Matthews International reported net income of $11.3 million for the first quarter of fiscal year 2009, representing earnings per share of $0.37. This included $6.6 million in unusual charges related to cost reduction initiatives and asset adjustments due to current market conditions. Sales increased 4.9% to $191.3 million due to an acquisition in May 2008. However, weak global economic conditions impacted operating profit which declined to $20.1 million including the unusual charges. The company maintained its guidance for fiscal year 2009 of earnings per share growth of 5-10% despite the challenging market environment.
Yahoo reported financial results for the second quarter of 2009. Revenues declined 13% year-over-year to $1.573 billion, exceeding the midpoint of guidance. Non-GAAP net income was $229 million, up 2% year-over-year. The CEO stated that Yahoo is focused on creating innovative products to increase user engagement and offer a compelling advertising proposition. For Q3 2009, Yahoo expects revenues of $1.45-1.55 billion and non-GAAP operating income of $330-370 million.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
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%.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
Google announced its financial results for the first quarter of 2009. While revenues were down slightly from the previous quarter, they grew 6% over the first quarter of 2008. Operating income was $1.88 billion, or 34% of revenues. Net income was $1.42 billion, with earnings per share of $4.49. The company continued to see strong growth in paid clicks and remains focused on long-term investments.
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
IPC Holdings, Ltd. reported net income of $8.3 million for Q1 2009, down from $86.8 million in Q1 2008. Net operating income was $43.8 million in Q1 2009 compared to $92.8 million in Q1 2008. The earnings decline was primarily due to higher net losses on investments, higher net losses and loss adjustment expenses, and increased general administrative expenses associated with strategic initiatives. Gross premiums written increased to $234.6 million in Q1 2009 from $197.9 million in Q1 2008 due to increases in pricing and renewals. However, net investment income and net income available to common shareholders decreased compared to Q1 2008.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each. Subsidiary distributions totaled $1.1 billion.
- Fourth quarter operating cash flow was $579 million and free cash flow was $314 million. Subsidiary distributions were $386 million.
- 2009 guidance forecasts operating cash flow of $2.1-2.3 billion, free cash flow of $1.4-1.6 billion, and subsidiary distributions of $1.1-1.3 billion.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each. Subsidiary distributions totaled $1.1 billion.
- Fourth quarter operating cash flow was $579 million and free cash flow was $314 million. Subsidiary distributions were $386 million.
- 2009 guidance forecasts operating cash flow of $2.1-2.3 billion, free cash flow of $1.4-1.6 billion, and subsidiary distributions of $1.1-1.3 billion.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each, in line with 2007 levels excluding contributions from a business sold in 2007.
- Gross margin increased 9% from 2007 driven by improved Latin American and European generation performance and favorable currency exchange rates.
- Diluted EPS was $1.80 including gains from asset sales, but adjusted EPS was $0.99, below guidance mainly due to currency and commodity impacts.
- As of 2008 year end, liquidity including parent and subsidiary cash totaled $3.2 billion
- The document discusses the 1956 Suez Crisis which began when Israel, Britain, and France invaded Egypt after Egyptian President Nasser nationalized the Suez Canal.
- British Prime Minister Anthony Eden was concerned about Nasser's push for Egyptian independence and attempts to unite Arab states under Egyptian leadership.
- Nasser signed a secret deal with Czechoslovakia to obtain weapons, angering Western nations who had previously promised funding for the Aswan Dam project. Britain and the US withdrew funding after learning of the weapons deal.
- Eden worried Nasser would deny oil exports to Western Europe, so Britain and France conspired to attack Egypt but their plan failed and damaged their international reputation.
Online free bets are the easiest, cheapest and fastest way for sports bettors to get more winnings compared to traditional local bookmakers. This website offers generous free bets from established online bookmakers, allowing users to place bets from the comfort of their home without wasting time or effort searching for the best odds. Using free bets can revolutionize sports betting by increasing wins and making online betting simple.
Proyecto de calificación acreencias presentadas del 10 de enero al 25 de marz...VIDEOS DE URABÁ
Este documento presenta el proyecto de inventario de pasivos, graduación y calificación de acreencias de la Fundación Hospital Regional de Urabá de Apartadó en liquidación. Se informa a los acreedores que podrán consultar y objetar el proyecto del 3 al 9 de abril de 2014. Cualquier objeción deberá presentarse antes del 9 de abril adjuntando pruebas. Del 10 al 11 de abril se dará traslado a los acreedores de las objeciones recibidas.
Feliz Navidad 2013 for Stamford Green Primary School from Santo Domingo Savio.Javier Sellers
La Nochebuena se celebra el 24 de diciembre, cuando las familias se reúnen para cenar y cantar villancicos. El día de Navidad, el 25 de diciembre, las familias se reúnen para comer y dar el aguinaldo, y celebran el nacimiento de Jesús. Los días siguientes incluyen tradiciones como comer dulces típicos, ir a misa el 24 de noche, gastar bromas el Día de los Inocentes, comer 12 uvas de la suerte en Nochevieja, y recibir regalos de
The document analyzes the design elements of several music magazines, including use of images, headlines, columns, and colors. It then describes the design of the mock magazine created by the author, including a large cover title, interior contents page with subscriber options, and a double-page band feature with individual photos and an interview layout. Original photos were taken of a fictional band to portray them as fun and happy rather than serious. Consistent fonts and colors were used throughout for a cohesive house style.
SanDisk announced financial results for the first quarter of 2009, with total revenue declining 22% year-over-year to $659 million and a GAAP net loss of $208 million. However, key metrics like total megabytes sold and average retail card capacity increased compared to the previous year. The company also completed a restructuring of manufacturing joint ventures with Toshiba, improving its financial position with $277 million in cash proceeds and reduced equipment lease obligations. While results improved from the previous quarter, the company remained cautiously optimistic about continued recovery in the second quarter.
- Alcon reported a 4.8% increase in global sales for Q1 2009 excluding foreign exchange impacts, driven by organic growth. However, on a reported basis sales declined 2.8% due to currency fluctuations.
- Net earnings increased 5.3% to $452 million in Q1 2009 compared to Q1 2008. Diluted earnings per share grew 5.6% to $1.51.
- International sales grew 10.2% organically but declined 3.4% reported due to currency impacts. Strong growth in emerging markets and Japan drove international performance.
- US sales declined 2.1% due to generic competition and market conditions. Glaucoma products and intraocular lenses grew organically
El documento describe una experiencia de aprendizaje basado en la indagación científica llevada a cabo por estudiantes de quinto grado sobre tres árboles con diferentes características. Los estudiantes observaron los árboles, generaron hipótesis sobre las posibles causas de las diferencias y realizaron investigaciones que los llevaron a concluir que el exceso de riego estaba ahogando a dos de los árboles. Comunicaron sus hallazgos al encargado del mantenimiento para mejorar el sistema de riego.
Matthews International reported net income of $11.3 million for the first quarter of fiscal year 2009, representing earnings per share of $0.37. This included $6.6 million in unusual charges related to cost reduction initiatives and asset adjustments due to current market conditions. Sales increased 4.9% to $191.3 million due to an acquisition in May 2008. However, weak global economic conditions impacted operating profit which declined to $20.1 million including the unusual charges. The company maintained its guidance for fiscal year 2009 of earnings per share growth of 5-10% despite the challenging market environment.
Yahoo reported financial results for the second quarter of 2009. Revenues declined 13% year-over-year to $1.573 billion, exceeding the midpoint of guidance. Non-GAAP net income was $229 million, up 2% year-over-year. The CEO stated that Yahoo is focused on creating innovative products to increase user engagement and offer a compelling advertising proposition. For Q3 2009, Yahoo expects revenues of $1.45-1.55 billion and non-GAAP operating income of $330-370 million.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
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%.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
Google announced its financial results for the first quarter of 2009. While revenues were down slightly from the previous quarter, they grew 6% over the first quarter of 2008. Operating income was $1.88 billion, or 34% of revenues. Net income was $1.42 billion, with earnings per share of $4.49. The company continued to see strong growth in paid clicks and remains focused on long-term investments.
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
Cathay General Bancorp reported net income of $10.2 million for Q1 2009, down significantly from $27.3 million in Q1 2008. Earnings per share were $0.12 compared to $0.55 the previous year. Non-interest income increased to $27.7 million due to gains on securities sales, but this was offset by a rise in provision for credit losses to $47 million and increased non-interest expenses. Total assets decreased slightly to $11.4 billion while deposits grew 6.3% to $7.3 billion, though loans fell 1.1% to $7.4 billion amid weak economic conditions.
IPC Holdings, Ltd. reported net income of $8.3 million for Q1 2009, down from $86.8 million in Q1 2008. Net operating income was $43.8 million in Q1 2009 compared to $92.8 million in Q1 2008. The earnings decline was primarily due to higher net losses on investments, higher net losses and loss adjustment expenses, and increased general administrative expenses associated with strategic initiatives. Gross premiums written increased to $234.6 million in Q1 2009 from $197.9 million in Q1 2008 due to increases in pricing and renewals. However, net investment income and net income available to common shareholders decreased compared to Q1 2008.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each. Subsidiary distributions totaled $1.1 billion.
- Fourth quarter operating cash flow was $579 million and free cash flow was $314 million. Subsidiary distributions were $386 million.
- 2009 guidance forecasts operating cash flow of $2.1-2.3 billion, free cash flow of $1.4-1.6 billion, and subsidiary distributions of $1.1-1.3 billion.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each. Subsidiary distributions totaled $1.1 billion.
- Fourth quarter operating cash flow was $579 million and free cash flow was $314 million. Subsidiary distributions were $386 million.
- 2009 guidance forecasts operating cash flow of $2.1-2.3 billion, free cash flow of $1.4-1.6 billion, and subsidiary distributions of $1.1-1.3 billion.
The document provides an overview and financial results for AES Corporation for the fourth quarter and full year of 2008. Some key points:
- Full year 2008 operating cash flow and free cash flow met guidance at $2.2 billion each, in line with 2007 levels excluding contributions from a business sold in 2007.
- Gross margin increased 9% from 2007 driven by improved Latin American and European generation performance and favorable currency exchange rates.
- Diluted EPS was $1.80 including gains from asset sales, but adjusted EPS was $0.99, below guidance mainly due to currency and commodity impacts.
- As of 2008 year end, liquidity including parent and subsidiary cash totaled $3.2 billion
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
Coca-Cola Enterprises reported third quarter 2008 results. Excluding items, comparable EPS was 46 cents. While North America saw volume growth, margins declined due to higher costs. Europe saw strong volume growth. For full-year 2008, CCE expects comparable EPS of $1.25-1.29, and operating income to decline about 10%, with a steeper drop in North America offset by growth in Europe.
- Yahoo reported financial results for Q1 2008 with revenues of $1.8 billion, operating income of $121 million, and operating income before depreciation, amortization, and stock-based compensation of $433 million.
- Net income was $542 million including a $401 million non-cash gain from Alibaba Group's IPO, and non-GAAP net income was $150 million.
- Cash flow from operating activities increased 81% to $786 million due to a $350 million payment from AT&T, and free cash flow increased 75% to $647 million.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
- Accenture reported financial results for Q4 FY2009, with revenues of $5.15B for Q4 and $21.58B for the full year.
- The company delivered record annual free cash flow of $2.92B and annual new bookings of $23.90B.
- Accenture increased its annual cash dividend by 50% to $0.75 per share and approved $4B in additional share repurchases.
Similar to Q1 2009 Earning Report of State Street Corp (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
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.
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
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 World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
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
Q1 2009 Earning Report of State Street Corp
1. State Street Corporation Reports First-Quarter Earnings Per Share of $1.02 on Total
Revenue of $2.0 Billion; Ongoing Expense Controls Drive Positive Operating Leverage;
INVESTOR NEWS
Progress Made On TCE Improvement Plan
BOSTON--(BUSINESS WIRE)--Apr. 21, 2009-- State Street Corporation today announced first-quarter 2009 Releases
earnings per common share of $1.02, a decline from earnings per share of $1.35 in last year’s first
quarter. Revenue of $2.002 billion in the first quarter of 2009 is down 22.3% from $2.577 billion in the 2008 Releases
year-ago first quarter. Total expenses in the first quarter of 2009 of $1.304 billion are down 26.5% from
$1.774 billion compared to the year-ago first quarter. For the first quarter of 2009, return on common
2007 Releases
shareholders’ equity was 15.7%, down from 18.7% in the first quarter of 2008.
2006 Releases
In addition to presenting State Street’s financial results in conformity with US generally accepted
2005 Releases
accounting principles (GAAP), management also presents results on an operating basis in order to
highlight comparable financial trends and other characteristics with respect to State Street’s ongoing
2004 Releases
business operations from period to period. A full reconciliation of operating-basis results to GAAP results
is included in the addendum at the end of this press release.
2003 Releases
“Operating-basis” results in the first quarter of 2009 exclude $(17) million in merger and integration costs
2002 Releases
associated with the 2007 acquisition of Investors Financial Services Corp. (“Investors Financial”), partly
offset by net interest revenue of $7 million related to State Street’s participation in the Federal Reserve
2001 Releases
Bank’s Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (“AMLF”).
“Operating-basis” results for the first quarter of 2008 excluded merger and integration costs of $(26)
million associated with the Investors Financial acquisition. “Operating-basis” results for the fourth
Investor Relations Home
quarter of 2008 exclude the net effects of pre-tax adjustments of $(723) million, or $(1.04) per common
share, including $(450) million related to a transaction with certain stable value funds managed by State
Street Global Advisors; restructuring charges of $(306) million, primarily associated with our reduction in
Frequently Asked Questions
force; and merger and integration costs of $(27) million associated with the Investors Financial
acquisition; partially offset by net interest revenue of $60 million related to the AMLF. “Operating-basis”
revenue for all periods is presented on a fully taxable-equivalent basis.
Operating-basis earnings per common share in the first quarter of 2009 are $1.04, down 25.2% from
$1.39 per share in the first quarter of 2008. Operating-basis revenue of $2.027 billion in the first quarter
of 2009 is down 22.0% from $2.600 billion in the first quarter a year ago. Operating-basis expenses of
$1.287 billion in the first quarter of 2009 are down 26.4% from $1.748 billion in the year-ago quarter.
These first quarter 2009 revenue and expense results represent 440 basis points of positive operating
leverage compared to the first quarter of 2008. For the first quarter of 2009, operating-basis return on
common shareholders’ equity is 15.9%, down from 19.4% for the first quarter of 2008.
The balance sheet is $142 billion at March 31, 2009, compared to $174 billion at December 31, 2008.
Excluding $30 billion in excess deposits held at central banks at March 31, 2009, compared with $52
billion at December 31, 2008, and $740 million of investment securities related to the AMLF, compared
to $6 billion at December 31, 2008, the normalized balance sheet was $111 billion at March 31, 2009,
compared to a normalized balance sheet of $116 billion at December 31, 2008. At March 31, 2008, the
balance sheet was $154 billion. Our regulatory capital ratios continue to be strong as of March 31, 2009,
with our tier-1 capital ratio at 19.13% and our tier-1 leverage ratio at 10.44%.
Reflecting the ongoing illiquidity in the financial markets, at March 31, 2009, the after-tax, unrealized
mark-to-market losses in the investment portfolio are $5.9 billion, down from $6.3 billion at December
31, 2008, and in the State Street-administered asset-backed commercial paper conduits are $3.6 billion,
flat with December 31, 2008. Since March 31, 2009, the unrealized after-tax losses in the investment
portfolio have improved $91 million to $5.8 billion as of Friday, April 17, 2009.
Ronald E. Logue, State Street's chairman and chief executive officer, said, quot;In one of the toughest
operating environments in decades, the strength in new business from prior quarters benefited our results.
This momentum combined with expense controls, comparing the first quarter of 2009 with the first
quarter of 2008, enabled us to achieve 440 basis points of operating leverage, demonstrating our ability to
reduce expenses in line with market-driven reductions in revenue. While our servicing fee and
management fee revenue declined 20% and 35% respectively from the year-ago quarter, both compared
with the more than 40% decline in the equity markets for the same periods. In servicing this quarter we
won $111 billion in assets, demonstrating continued strength in our core business and increased demand
for servicing driven by the stressed markets and heightened product complexity. At State Street Global
Advisors, we are seeing a continuing move to passive strategies and ETF strategies, as the $37 billion in
2. net new business in the first quarter demonstrates. We expect our continuing investment in solutions and
products for our customers to put us in a strong position when markets return to a more normalized state.”
Regarding capital, Logue commented, “Our regulatory capital ratios remain high, and we are making
progress on our TCE improvement plan. Our tangible common equity ratio at March 31, 2009, stands at
5.87% and our pro forma TCE ratio, assuming consolidation of the asset-backed commercial paper
conduits we administer, has improved 103 basis points from 1.19% at December 31, 2008, to 2.22%
when calculated as a percentage of total assets. Our TCE ratio calculated as a percentage of risk-weighted
assets is 8.15% at March 31, 2009, an increase from 7.29% at December 31, 2008 and on a pro forma
basis is 3.34% as of March 31, 2009, up from 2.18% at December 31. 2008. Assuming prospective
stability or improvement in fixed-income markets and operating results consistent with expectations, we
expect to achieve an estimated pro forma TCE ratio calculated as a percentage of total assets of about
4.57% by year-end 2009, approximately in line with our long-range target for TCE of 4.25% to 4.75%.
We expect the pro forma TCE ratio calculated as a percentage of risk-weighted assets to be about 6.57%
by December 31, 2009. Our unrealized losses improved at the end of the first quarter, compared with
December 31, and this improvement continues through April 17.”
Logue concluded, “We have taken steps to align our expenses to a weaker market environment, so we
believe we’re well positioned for an economic recovery. Given the continued unsettled economic
environment and more weakness in the first quarter than we expected, we now believe that in 2009 we
will achieve nearer the weaker end of the ranges we established at our Investor and Analyst Forum in
February: operating revenue to decline between 8% and 12%; operating earnings per share to decline
between 12% and 16%; and operating return on equity to be between 14% and 17%.”
FIRST QUARTER 2009 RESULTS VS. YEAR-AGO FIRST QUARTER
Servicing fees are only down 20% to $766 million from $960 million in last year’s first quarter. The
decrease is attributable primarily to a more than 40% decline in daily average asset valuations. Total
assets under custody are $11.337 trillion at March 31, 2009, down 24%, compared with $14.900 trillion at
March 31, 2008. Daily average values for the S&P 500 Index are down 40% from the first quarter of
2008; daily average values for the MSCI® EAFE IndexSM are down 47%.
Investment management fees, generated by State Street Global Advisors, are $181 million, down 35%
from $278 million in the year-ago quarter. The decline in management fees primarily reflects the greater
than 40% decrease in average month-end equity valuations and lower performance fees. Total assets
under management at March 31, 2009, are $1.395 trillion, down 29%, compared to $1.955 trillion at
March 31, 2008.
Trading services revenue, which includes foreign exchange trading revenue and brokerage and other fees,
is $245 million for the first quarter of 2009, down 33% from $366 million in a very strong first quarter a
year-ago. The 28% decrease in foreign exchange revenue is due to lower volumes, partially offset by
higher volatility. Brokerage and other fees decreased 47% due primarily to the impact of lower market
valuations on several securities held in the trading account.
Securities finance revenue is $181 million in the quarter, down 40% from $303 million in the year-ago
first quarter. This significant decline is due primarily to lower volumes, offset very modestly by a slight
improvement in spreads.
Processing fees and other is $49 million, down 9% from $54 million in the first quarter of 2008.
Net interest revenue on an operating basis is $589 million, a decrease of 9% from $648 million the year-
ago first quarter. The decline is due primarily to the decrease in customer deposit volumes and spreads,
partially offset by a decline in interest rates worldwide.
We recorded a provision for loan losses of $84 million during the first quarter due to deteriorating
economic conditions, in order to provide for expected losses related to the commercial mortgage loans
held on our balance sheet that were acquired in the fourth quarter of 2008.
Operating-basis expenses decreased to $1.287 billion, down 26% from $1.748 billion a year ago, due
primarily to a 31% reduction in salaries and benefits expense, as well as measures to reduce other
3. expenses by 45%.
The decrease in total expenses also includes lower transaction processing services, down 19% to $131
million from $162 million a year ago, due to lower volumes in the investment servicing business.
Expenses for information systems & communications increased to $161 million from $155 million and
occupancy increased 10% to $121 million from $110 million. Other expenses were down 45%, or $116
million to $143 million from $259 million due primarily to lower professional fees and lower securities
processing costs.
The effective tax rate in the first quarter of 2009 is 22.5%, down from 34.0% in 2008, and is expected to
be about 31.5% for full-year 2009. Consistent with our business strategy, our intent to reinvest the
earnings in certain of our non-US subsidiaries overseas allowed us to reduce taxes accrued with respect to
2009 earnings as well as certain taxes accrued in prior periods by $63 million.
FIRST-QUARTER 2009 RESULTS VS. FOURTH QUARTER 2008
Earnings per share of $1.02 in the first quarter of 2009 on revenue of $2.002 billion, compares with $0.54
per share in the fourth quarter of 2008 on revenue of $2.673 billion. Expenses in the first quarter of 2009
are $1.304 billion compared with $2.311 billion in the fourth quarter of 2008. Return on common
shareholders’ equity is 15.7% in the first quarter of 2009 compared to 8.4% in the fourth quarter of 2008.
References to fourth-quarter 2008 results are to the updated results announced on February 5, 2009.
On an operating basis earnings per common share in the first quarter of 2009 of $1.04 is down from $1.58
per share in the fourth quarter of 2008. On an operating basis, total revenue in the first quarter is $2.027
billion, down 23.2% versus $2.641 billion in the fourth quarter of 2008. On an operating basis, total
expenses for the first quarter of 2009 are $1.287 billion versus $1.528 billion in the fourth quarter of
2008. Operating-basis return on common shareholders’ equity of 15.9% in the first quarter compares with
24.3% in the fourth quarter.
Servicing fees are $766 million, down 9% from $842 million in the fourth quarter and includes the impact
of an 11% decline in daily average equity valuations. Management fees are $181 million, down 13% from
$209 million primarily due to a 15% decline in average month-end equity valuations. Trading services
revenue is $245 million, down 41% from $418 million primarily due to decreased volatility and lower
volumes in the foreign exchange markets and to a decline in our core brokerage business as well as the
impact of market values on the trading account. Securities finance revenue is $181 million, down 45%
from the prior quarter primarily due to lower spreads as the benefit of the Federal Reserve’s December
rate reductions dissipates as well as lower demand. Processing fees and other revenue declined to $49
million from $83 million due to lower revenue from structured products. Net interest revenue on an
operating basis is $589 million, down 27% from $811 million, due primarily to the decline in Libor rates
after year end and narrower spreads in both the investment portfolio and on customer deposits.
Salaries and employee benefits expense increased 5% to $731 million from $698 million due to the
impact of the significant reduction in 2008 incentive compensation recorded in the fourth quarter of 2008,
partially offset by the impact of the headcount reduction. Transaction processing expense is down 10%
from $145 million to $131 million due to lower volumes in the asset servicing (or securities processing)
business. Other expenses are down 64% from $398 million to $143 million due primarily to reduced
securities processing costs and a decline in professional fees.
ADDITIONAL INFORMATION
All per share amounts represent fully diluted earnings per common share.
This press release includes financial information presented on a GAAP-basis as well as on an operating
basis. Management measures and compares certain financial information on an operating basis, as it
believes that this presentation supports meaningful comparisons from period to period and the analysis of
comparable financial trends with respect to State Street’s normal ongoing business operations.
Management believes that operating-basis financial information, which reports revenue from non-taxable
sources on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of
the normal course of business, facilitates an investor’s understanding and analysis of State Street’s
underlying financial performance and trends in addition to financial information prepared in accordance
4. with GAAP. A full reconciliation of operating-basis results to GAAP results is included in the addendum
at the end of this press release.
Positive operating leverage is defined as the excess rate of growth of total revenue over the rate of growth
of total expenses, each separately determined on a GAAP or an operating basis.
INVESTOR CONFERENCE CALL
State Street will webcast an investor conference call today, Tuesday, April 21, 2009, at 9:00 a.m. EDT,
available at www.statestreet.com/stockholder. The conference call will also be available via telephone, at
+1 706/679-5594 or +1 888/391-4233 (Conference ID #92487352). Recorded replays of the conference
call will be available on the web site, and by telephone at +1 706/645-9291 or +1 800/642-1687
(Conference ID#92487352) , beginning approximately two hours after the call’s completion. The
telephone replay will be available for two weeks following the conference call. This press release,
presentation materials referred to on the conference call, and additional financial information are
available on State Street’s website, at www.statestreet.com/stockholder under “Investor Information--
Latest News, Annual Reports and Financial Trends—Financial Trends,” and “Investor Events and
Presentations.”
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional
investors including investment servicing, investment management and investment research and trading.
With $11.337 trillion in assets under custody and $1.395 trillion in assets under management at March 31,
2009, State Street operates in 27 countries and more than 100 geographic markets and employs 27,500
worldwide. For more information, visit State Street’s web site at www.statestreet.com or call 877/639-
7788 [NEWS STT] toll-free in the United States and Canada, or +1 678/999-4577 outside those countries.
FORWARD-LOOKING STATEMENTS
This news announcement contains forward-looking statements as defined by United States securities
laws, including statements about our goals and expectations regarding our business, financial condition,
results of operations and strategies, the financial and market outlook, governmental and regulatory
initiatives and developments, and the business environment. These statements are not guarantees of future
performance, are inherently uncertain, are based on current assumptions that are difficult to predict and
involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially
from what is expressed in those statements, and those statements should not be relied upon as
representing our expectations or beliefs as of any date subsequent to the date of this release.
Important factors that may affect future results and outcomes include:
global financial market disruptions and the current worldwide economic recession, and
monetary and other governmental actions designed to address such disruptions and recession in
the U.S. and internationally;
the possibility that changes in market conditions, regulatory activities, or asset performance
(including the financial condition of any insurer or guarantor, or the ratings, of any assets) or to
accounting rules may require any off-balance sheet activities, including the unconsolidated
asset-backed commercial paper conduits we administer, to be consolidated into our financial
statements, requiring the recognition of associated losses;
the financial strength of the counterparties with which we or our clients do business and with
which we have investment or financial exposure;
the liquidity of the U.S. and international securities markets, particularly the markets for fixed-
income securities, and the liquidity requirements of our customers;
the credit quality and credit agency ratings of the securities in our investment securities
portfolio, a deterioration or downgrade of which could lead to other-than-temporary
impairment of the respective securities and the recognition of an impairment loss;
the maintenance of credit agency ratings for our debt obligations as well as the level of
credibility of credit agency ratings;
the possibility of our customers incurring substantial losses in investment pools where we act
as agent, and the possibility of further general reductions in the valuation of assets;
our ability to attract deposits and other low-cost, short-term funding;
5. potential changes to the competitive environment, including changes due to the effects of
consolidation, extensive and changing government regulation and perceptions of State Street as
a suitable service provider or counterparty;
the level and volatility of interest rates and the performance and volatility of securities, credit,
currency and other markets in the U.S. and internationally;
our ability to measure the fair value of securities in our investment securities portfolio and in
the unconsolidated asset-backed commercial paper conduits we administer;
the results of litigation and similar disputes and, in particular, the effect of current or potential
litigation concerning SSgA’s active fixed-income strategies, and the enactment of legislation
and changes in regulation and enforcement that impact us and our customers, as well as the
effects of legal and regulatory proceedings;
adverse publicity or other reputational harm;
our ability to pursue acquisitions, strategic alliances and divestures, finance future business
acquisitions and obtain regulatory approvals and consents for acquisitions;
the performance and demand for the products and services we offer, including the level and
timing of withdrawals from our collective investment products;
our ability to continue to grow revenue, attract highly skilled people, control expenses and
attract the capital necessary to achieve our business goals and comply with regulatory
requirements;
our ability to control operating risks, information technology systems risks and outsourcing
risks, the possibility of errors in the quantitative models we use to manage our business and the
possibility that our controls will fail or be circumvented;
the potential for new products and services to impose additional costs on us and expose us to
increased operational risk, and our ability to protect our intellectual property rights;
our ability to obtain quality and timely services from third parties with which we contract;
changes in accounting standards and practices, including changes in the interpretation of
existing standards, that impact our consolidated financial statements; and
changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S.
tax authorities that impact the amount of taxes due.
Other important factors that could cause actual results to differ materially from those indicated by any
forward-looking statements are set forth in our 2008 Annual Report on Form 10-K and our subsequent
SEC filings. We encourage investors to read our 10-K, particularly the section on Risk Factors, and our
subsequent SEC filings for additional information with respect to any forward-looking statements and
prior to making any investment decision. The forward-looking statements contained in this press release
speak only as of the date hereof, April 21, 2009, and we do not undertake efforts to revise those forward-
looking statements to reflect events after this date.
STATE STREET CORPORATION
Earnings Press Release Addendum
March 31, 2009
Table of Contents
Page
1
Consolidated Financial Highlights
Selected Consolidated Financial Information
Quarters ended March 31, 2009 and 2008 2
Quarters ended March 31, 2009 and December 31, 2008 3
Operating basis, quarters ended March 31, 2009 and 2008 4
Operating basis, quarters ended March 31, 2009 and December 31, 2008 5
Operating-basis reconciliation - quarters ended March 31, 2009 and 2008 6
6. Operating-basis reconciliation - quarter ended December 31, 2008 7
8
Consolidated Statement of Condition
These financial schedules should be read in conjunction with State Street's quarterly earnings press
release dated April 21, 2009.
STATE STREET CORPORATION
Earnings Press Release Addendum
Consolidated Financial Highlights
March 31, 2009
Quarters Ended % Change
Q1 Q1
2009 2009
(Dollars in millions, except per share December March
March
vs. vs.
amounts 31, 31,
31,
Q4 Q1
or where otherwise noted) 2008 2008
2009
2008 2008
Total Revenue $ 2,673 $ 2,577 (25) % (22) %
$ 2,002
Provision for Loan Losses - -
84
Total Expenses:
Expenses from operations 1,528 1,748 (16) (26)
1,287
Provision for investment account
- 450 -
infusion
Restructuring charges - 306 -
Merger and integration costs 27 26
17
Net Income 256 530 86 (10)
476
Net Income Available to Common
234 530
445
Shareholders
Diluted Earnings Per Common Share $ .54 $ 1.35 89 (24)
$ 1.02
Average Diluted Common Shares
431,902 393,647
435,299
Outstanding (in thousands)
Cash Dividends Declared Per
$ .24 $ .23
$ .01
Common Share
Closing Price Per Share of Common
39.33 79.00
30.78
Stock (at quarter end)
Ratios:
Return on common equity % 8.4 % 18.7 %
15.7
Net interest margin, fully taxable-
2.00 2.20
2.01
equivalent basis
Tier 1 risk-based capital 20.3 12.4
19.1
Total risk-based capital 21.6 13.8
20.5
Tier 1 leverage 7.8 6.1
10.4
Tangible common equity to adjusted
4.6 3.3
5.9
tangible assets
At Quarter End:
Assets Under Custody (AUC) (in
$ 12.04 $ 14.90
$ 11.34
trillions)
Assets Under Management (AUM)
1.44 1.96
1.40
(in trillions)
7. STATE STREET CORPORATION
Earnings Press Release Addendum
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Quarters Ended March 31, 2009 and March 31, 2008
Quarters Ended
March 31,
March 31,
(Dollars in millions, except per share
2008 % Change
2009
amounts)
Fee Revenue:
Servicing fees $ 960 (20 )%
$ 766
Management fees 278 (35 )
181
Trading services 366 (33 )
245
Securities finance 303 (40 )
181
Processing fees and other 54 (9 )
49
Total fee revenue 1,961 (27 )
1,422
Net Interest Revenue:
Interest revenue 1,288 (43 )
738
Interest expense 663 (74 )
174
Net interest revenue (1) 625 (10 )
564
Gains (Losses) related to investment
(9 )
16
securities, net
Total revenue 2,577 (22.3 )
2,002
Provision for loan losses -
84
Expenses:
Salaries and employee benefits 1,062 (31 )
731
Information systems and communications 155 4
161
Transaction processing services 162 (19 )
131
Occupancy 110 10
121
Merger and integration costs 26 (35 )
17
Other 259 (45 )
143
Total expenses 1,774 (26.5 )
1,304
Income before income tax expense 803 (24 )
614
Income tax expense 273
138
$ 530 (10 )
Net income $ 476
Net income available to common
$ 530 (16 )
$ 445
shareholders
Earnings Per Common Share:
Basic (2) $ 1.36 (24 )
$ 1.03
Diluted 1.35 (24 )
1.02
Average Common Shares Outstanding
(in thousands):
Basic 387,942
432,179
Diluted 393,647
435,299
Selected consolidated financial information presented above was prepared in accordance with accounting
8. principles generally accepted in the United States.
(1)
Net interest revenue on a fully taxable-equivalent basis was $596 million and $648 million for the
quarters ended March 31, 2009 and 2008, respectively. These amounts include taxable-equivalent
adjustments of $32 million and $23 million for the quarters ended March 31, 2009 and 2008,
respectively.
(2)
Basic earnings per common share on distributed earnings were $.24 and $.23 for the quarters ended
March 31, 2009 and 2008, respectively, and on undistributed earnings were $.79 and $1.13 for the
quarters ended March 31, 2009 and 2008, respectively.
STATE STREET CORPORATION
Earnings Press Release Addendum
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Quarters Ended March 31, 2009 and December 31, 2008
Quarters Ended
December 31,
March 31,
(Dollars in millions, except per share
2008 % Change
2009
amounts)
Fee Revenue:
Servicing fees $ 842 (9 )%
$ 766
Management fees 209 (13 )
181
Trading services 418 (41 )
245
Securities finance 329 (45 )
181
Processing fees and other 83 (41 )
49
Total fee revenue 1,881 (24 )
1,422
Net Interest Revenue:
Interest revenue 1,427 (48 )
738
Interest expense 584 (70 )
174
Net interest revenue (1) 843 (33 )
564
Gains (Losses) related to investment
(51 )
16
securities, net
Total revenue 2,673 (25.1 )
2,002
Provision for loan losses -
84
Expenses:
Salaries and employee benefits 698 5
731
Information systems and communications 163 (1 )
161
Transaction processing services 145 (10 )
131
Occupancy 124 (2 )
121
Provision for investment account infusion - 450
Restructuring charges - 306
Merger and integration costs 27 (37 )
17
Other 398 (64 )
143
Total expenses 2,311 (43.6 )
1,304
Income before income tax expense 362 70
614
9. Income tax expense 106
138
$ 256 86
Net income $ 476
Net income available to common
$ 234 90
$ 445
shareholders
Earnings Per Common Share:
Basic (2) $ .54 91
$ 1.03
Diluted .54 89
1.02
Average Common Shares Outstanding
(in thousands):
Basic 431,042
432,179
Diluted 431,902
435,299
Selected consolidated financial Information presented above was prepared in accordance with accounting
principles generally accepted in the United States.
(1)
Net interest revenue on a fully taxable-equivalent basis was $596 million and $871 million for the
quarters ended March 31, 2009 and December 31, 2008, respectively. These amounts include taxable-
equivalent adjustments of $32 million and $28 million for the quarters ended March 31, 2009 and
December 31, 2008, respectively.
(2)
Basic earnings per common share on distributed earnings were $.24 for each of the quarters ended
March 31, 2009 and December 31, 2008, and on undistributed earnings were $.79 and $.30 for the
quarters ended March 31, 2009 and December 3, 2008, respectively.
STATE STREET CORPORATION
Earnings Press Release Addendum
SELECTED CONSOLIDATED OPERATING-BASIS FINANCIAL INFORMATION
Quarters Ended March 31, 2009 and March 31, 2008
Quarters Ended(1)
March 31,
March 31,
(Dollars in millions, except per share
2008 % Change
2009
amounts)
Fee Revenue:
Servicing fees $ 960 (20 )%
$ 766
Management fees 278 (35 )
181
Trading services 366 (33 )
245
Securities finance 303 (40 )
181
Processing fees and other 54 (9 )
49
Total fee revenue 1,961 (27 )
1,422
Net Interest Revenue:
Interest revenue, operating basis 1,311 (43 )
746
Interest expense 663 (76 )
157
Net interest revenue, operating basis 648 (9 )
589
Gains (Losses) related to investment
(9 )
16
securities, net
Total revenue, operating basis (2) 2,600 (22.0 )
2,027
Provision for loan losses -
84
Expenses:
Salaries and employee benefits 1,062 (31 )
731
10. Information systems and
155 4
161
communications
Transaction processing services 162 (19 )
131
Occupancy 110 10
121
Other 259 (45 )
143
Total expenses, operating basis (2) 1,748 (26.4 )
1,287
Income before income tax expense,
852 (23 )
656
operating basis
Income tax expense, operating basis 282
142
Tax-equivalent adjustment 23
32
$ 547 (12 )
Net income, operating basis $ 482
Net income available to common
$ 547 (18 )
$ 451
shareholders, operating basis
Diluted earnings per common share,
$ 1.39 (25 )
$ 1.04
operating basis
Average diluted common shares
393,647
435,299
outstanding (in thousands)
Return on common equity, operating
19.4 %
15.9 %
basis
(1)
Refer to the accompanying reconciliation of reported results to operating-basis results.
(2)
For the quarter ended March 31, 2009, positive operating leverage in the year-over-year comparison
was 440 basis points, based on a decline in total operating-basis revenue of 22.0% and a decline in total
operating-basis expenses of 26.4%.
STATE STREET CORPORATION
Earnings Press Release Addendum
SELECTED CONSOLIDATED OPERATING-BASIS FINANCIAL INFORMATION
Quarters Ended March 31, 2009 and December 31, 2008
Quarters Ended (1)
December 31,
March 31,
(Dollars in millions, except per share
2008 % Change
2009
amounts)
Fee Revenue:
Servicing fees $ 842 (9 )%
$ 766
Management fees 209 (13 )
181
Trading services 418 (41 )
245
Securities finance 329 (45 )
181
Processing fees and other 83 (41 )
49
Total fee revenue 1,881 (24 )
1,422
Net Interest Revenue:
Interest revenue, operating basis 1,133 (34 )
746
Interest expense 322 (51 )
157
Net interest revenue, operating basis 811 (27 )
589
Gains (Losses) related to investment
(51 )
16
securities, net
11. Total revenue, operating basis (2) 2,641 (23.2 )
2,027
Provision for loan losses -
84
Expenses:
Salaries and employee benefits 698 5
731
Information systems and
163 (1 )
161
communications
Transaction processing services 145 (10 )
131
Occupancy 124 (2 )
121
Other 398 (64 )
143
Total expenses, operating basis (2) 1,528 (15.8 )
1,287
Income before income tax expense,
1,113 (41 )
656
operating basis
Income tax expense 383
142
Tax-equivalent adjustment 28
32
$ 702 (31 )
Net income, operating basis $ 482
Net income available to common
$ 680 (34 )
$ 451
shareholders, operating basis
Diluted earnings per common share,
$ 1.58 (34.2 )
$ 1.04
operating basis
Average diluted common shares
431,902
435,299
outstanding (in thousands)
Return on common equity, operating
24.3 %
15.9 %
basis
(1)
Refer to the accompanying reconciliation of reported results to operating-basis results.
(2)
For the quarter ended March 31, 2009, negative operating leverage in the quarter-over-quarter
comparison was 740 basis points, based on a decline in total operating-basis revenue of 23.2% and a
decline in total operating-basis expenses of 15.8%.
STATE STREET CORPORATION
Earnings Press Release Addendum
RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS
Quarters Ended March 31, 2009 and March 31, 2008
(Dollars in
millions, except
Quarter Ended March 31, 2009 Quarter Ended March 31, 2008
per share
amounts)
Reported Operating Reported Operating
Results Adjustments Results Results Adjustments Results
Fee Revenue:
Servicing fees $ 960 $ 960
$ 766 $ 766
Management
278 278
181 181
fees
Trading
366 366
245 245
services
12. Securities
303 303
181 181
finance
Processing fees
54 54
49 49
and other
Total fee
1,961 1,961
1,422 1,422
revenue
Net Interest
Revenue:
(1) (5)
Interest revenue 1,288 $ 23 1,311
738 $8 746
(2)
Interest expense 663 - 663
174 (17 ) 157
Net interest
625 23 648
564 25 589
revenue
Gains (Losses)
related to
(9 ) - (9 )
16 - 16
investment
securities, net
2,577 23 2,600
Total revenue 2,002 25 2,027
Provision for
- - -
84 - 84
loan losses
Expenses:
Salaries and
employee 1,062 - 1,062
731 - 731
benefits
Information
systems and 155 - 155
161 - 161
communications
Transaction
processing 162 - 162
131 - 131
services
Occupancy 110 - 110
121 - 121
Merger and (3) (3)
26 (26 ) -
17 (17 ) -
integration costs
Other 259 - 259
143 - 143
Total expenses 1,774 (26 ) 1,748
1,304 (17 ) 1,287
Income before
803 49 852
614 42 656
income taxes
Income tax (4) (6)
273 9 282
138 4 142
expense
Tax-equivalent (5) (5)
- 23 23
- 32 32
adjustment
$ 530 $ 17 $ 547
Net income $ 476 $6 $ 482
Net income
available to
$ 530 $ 17 $ 547
$ 445 $6 $ 451
common
shareholders
Diluted
$ 1.35 $ .04 $ 1.39
earnings per $ 1.02 $ .02 $ 1.04
common share
Average
diluted
393,647 393,647 393,647
435,299 435,299 435,299
common
shares
13. outstanding (in
thousands)
Return on
% 18.7 % 0.7 % 19.4
15.7 % 0.2 % 15.9 %
common equity
Reported results reflect State Street's consolidated statement of income prepared in accordance with
accounting principles generally accepted in the United States.
(1)
Represents tax-equivalent adjustment of $32 million, which is not included in reported results, net of
$24 million of revenue related to the Boston Federal Reserve Bank's Asset-Backed Commercial Paper
Money Market Liquidity Facility (AMLF).
(2)
Represents interest expense related to the AMLF.
(3)
Represents merger and integration costs recorded in connection with the July 2007 acquisition of
Investors Financial, which are direct and incremental costs associated with the acquisition and do not
include ongoing expenses of the combined organization.
(4)
Represents $3 million of income tax expense related to the AMLF net of $7 million of income tax
benefit related to merger and integration costs.
(5)
Represents tax-equivalent adjustment, which is not included in reported results.
(6)
Represents income tax benefit related to merger and integration costs.
STATE STREET CORPORATION
Earnings Press Release Addendum
RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS
Quarter Ended December 31, 2008
(Dollars in millions, except per share
Quarter Ended December 31, 2008
amounts)
Reported Operating
Results Adjustments Results
Fee Revenue:
Servicing fees $ 842 $ 842
Management fees 209 209
Trading services 418 418
Securities finance 329 329
Processing fees and other 83 83
Total fee revenue 1,881 1,881
Net Interest Revenue:
(1)
Interest revenue 1,427 $ (294 ) 1,133
(2)
Interest expense 584 (262 ) 322
Net interest revenue 843 (32 ) 811
Gains (Losses) related to investment
(51 ) - (51 )
securities, net
2,673 (32 ) 2,641
Total revenue
Provision for loan losses - - -
Expenses:
Salaries and employee benefits 698 - 698
Information systems and communications 163 - 163
Transaction processing services 145 - 145
14. Occupancy 124 - 124
(3)
Provision for investment account infusion 450 (450 ) -
(4)
Restructuring charges 306 (306 ) -
(5)
Merger and integration costs 27 (27 ) -
Other 398 - 398
Total expenses 2,311 (783 ) 1,528
Income before income taxes 362 751 1,113
(6)
Income tax expense 106 277 383
(7)
Tax-equivalent adjustment - 28 28
$ 256 $ 446 $ 702
Net income
Net income available to common
$ 234 $ 446 $ 680
shareholders
$ .54 $ 1.04 $ 1.58
Diluted earnings per common share
Average diluted common shares
431,902 431,902 431,902
outstanding (in thousands)
8.4 % 15.9 % 24.3 %
Return on common equity
Reported results reflect State Street's consolidated statement of income prepared in accordance with
accounting principles generally accepted in the United States.
(1)
Represents tax-equivalent adjustment of $28 million, which is not included in reported results, net of
$322 million of revenue related to the AMLF.
(2)
Represents interest expense related to the AMLF.
(3)
Represents a charge associated with SSgA Stable Value Funds.
(4)
Represents restructuring charges associated with reduction in workforce and other cost initiatives.
(5)
Represents merger and integration costs recorded in connection with the July 2007 acquisition of
Investors Financial, which are direct and incremental costs associated with the acquisition and do not
include ongoing expenses of the combined organization.
(6)
Represents $24 million of income tax expense related to the AMLF, net of $180 million of income tax
benefit related to SSgA Stable Value Funds, $112 million of income tax benefit related to restructuring
charges, and $9 million of income tax benefit related to merger and integration costs.
(7)
Represents tax-equivalent adjustment, which is not included in reported results.
STATE STREET CORPORATION
Press Release Addendum
CONSOLIDATED STATEMENT OF CONDITION
December 31, March 31,
March 31,
(Dollars in millions, except per share amounts) 2008 2008
2009
Assets
Cash and due from banks $ 3,181 $ 6,349
$ 3,539
Interest-bearing deposits with banks 55,733 13,540
34,906
Securities purchased under resale agreements 1,635 19,958
1,291
Federal funds sold - 3,290
-
Trading account assets 815 857
4,872
Investment securities available for sale 54,163 68,009
54,295
Investment securities held to maturity purchased under
money
market liquidity facility 6,087 -
740
Investment securities held to maturity 15,767 4,295
15,439
Loans and leases (net of allowance of $94, $18 and 9,113 14,886
7,644
15. $18)
Premises and equipment 2,011 1,965
2,029
Accrued income receivable 1,738 2,090
1,498
Goodwill 4,527 4,533
4,493
Other intangible assets 1,851 1,953
1,809
Other assets 17,010 12,624
9,589
Total assets $ 173,631 $ 154,349
$ 142,144
Liabilities
Deposits:
Noninterest-bearing $ 32,785 $ 19,054
$ 13,247
Interest-bearing -- U.S. 4,558 15,070
12,691
Interest-bearing -- Non-U.S. 74,882 70,583
57,978
Total deposits 112,225 104,707
83,916
Securities sold under repurchase agreements 11,154 13,441
10,388
Federal funds purchased 1,082 1,225
1,402
Short-term borrowings under money market liquidity
6,042 -
740
facility
Other short-term borrowings 11,555 6,371
15,646
Accrued taxes and other liabilities 14,380 13,637
7,789
Long-term debt 4,419 4,162
8,405
Total liabilities 160,857 143,543
128,286
Shareholders' Equity
Preferred stock, no par: authorized 3,500,000; 20,000
shares
issued and outstanding 1,883 -
1,889
Common stock, $1 par: authorized 750,000,000
shares;
434,798,034, 431,976,032 and 398,366,326 shares
432 398
435
issued
Surplus 6,992 4,455
6,964
Retained earnings 9,135 8,185
9,575
Accumulated other comprehensive loss (5,650 ) (1,658 )
(4,987 )
Treasury stock (at cost 421,803, 418,354 and
(18 ) (574 )
(18 )
8,047,683 shares)
Total shareholders' equity 12,774 10,806
13,858
Total liabilities and shareholders' equity $ 173,631 $ 154,349
$ 142,144
Source: State Street Corporation
Edward J. Resch, 617-664-1110
or
Investors:
State Street Corporation
Kelley MacDonald, 617-664-3477
or
Media:
Hannah Grove, 617-664-3377