Spectra Energy reported second quarter 2007 net income of $196 million, down from $320 million in the second quarter of 2006. Ongoing net income, which excludes special items, was $192 million compared to $264 million in the prior year. Earnings were lower due to decreased results in the Western Canada Transmission & Processing and Field Services segments, which faced planned maintenance and power outages. However, the company remains on track to achieve its 2007 financial goals due to strong ongoing operations and continued progress on its $3 billion capital expansion program.
Duke Energy reported financial results for the second quarter of 2007, with ongoing diluted EPS of $0.25 compared to $0.24 in the second quarter of 2006. Higher results were seen at U.S. Franchised Electric and Gas and Commercial Power primarily due to favorable weather. These increases were offset by lower contributions from Crescent Resources due to a change in ownership structure. The company expects to exceed its annual EPS target of $1.15 for 2007.
spectra energy 2Q_2007_SpectraEnergyEarningsfinance49
Spectra Energy reported second quarter 2007 earnings. While ongoing EPS was consistent with expectations, some business segments experienced challenges. US Transmission and Distribution results were solid, but Western Canada was affected by plant turnarounds and Field Services by weather. The company is optimistic about achieving 2007 financial goals and remains committed to delivering steady growth and attractive dividends.
The document is Burlington Northern Santa Fe Corporation's second quarter 2007 investors' report. It summarizes that freight revenues increased 4% to $3.74 billion compared to second quarter 2006, but operating income decreased slightly to $841 million due to a $93 million rise in fuel expenses. Earnings per share were $1.20 compared to $1.27 in second quarter 2006. The report also provides details on financial results, operating statistics, and revenues by commodity for the quarter.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
This document summarizes Duke Energy's financial results for the fourth quarter and full year 2006. Some key points:
- 2006 ongoing EPS was $1.81, up from $1.73 in 2005, due to contributions from the Cinergy merger and tax benefits, offset by new shares issued.
- 4Q 2006 ongoing EPS was flat at $0.43 compared to 4Q 2005. Gains were offset by impacts of selling 50% of Crescent and lower Crescent earnings.
- Franchised Electric & Gas and Natural Gas Transmission saw higher earnings due to the Cinergy merger and tax benefits. Field Services, Commercial Power, and International Energy saw lower earnings.
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- Duke Energy reported ongoing diluted EPS of $0.48 for 3Q07, an increase from $0.29 in 3Q06. This was driven by improved results at FE&G, Commercial Power and International Energy segments.
- The U.S. Franchised Electric & Gas segment saw a $82M increase in EBIT due to favorable weather and wholesale contribution. Commercial Power saw a $64M increase due to timing of fuel collections and favorable weather. International Energy saw a $24M increase from margins in Peru.
- Crescent Resources saw a decline from $54M to $10M in EBIT due to lower developed lot and legacy land sales. Other expenses improved by $83M
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
Burlington Northern Santa Fe reported record quarterly earnings, revenues, and operating income in the third quarter of 2007. Freight revenues increased 4% to $3.95 billion due to strong yields and volume growth in agricultural products. Operating income grew 9% to $1 billion, also a record. While economic softness reduced consumer and industrial volumes, this was offset by higher revenues from agricultural, coal, and industrial shipments. The company expects near-term challenges from the economy, housing market, and fuel prices but remains optimistic about long-term growth prospects.
Duke Energy reported financial results for the second quarter of 2007, with ongoing diluted EPS of $0.25 compared to $0.24 in the second quarter of 2006. Higher results were seen at U.S. Franchised Electric and Gas and Commercial Power primarily due to favorable weather. These increases were offset by lower contributions from Crescent Resources due to a change in ownership structure. The company expects to exceed its annual EPS target of $1.15 for 2007.
spectra energy 2Q_2007_SpectraEnergyEarningsfinance49
Spectra Energy reported second quarter 2007 earnings. While ongoing EPS was consistent with expectations, some business segments experienced challenges. US Transmission and Distribution results were solid, but Western Canada was affected by plant turnarounds and Field Services by weather. The company is optimistic about achieving 2007 financial goals and remains committed to delivering steady growth and attractive dividends.
The document is Burlington Northern Santa Fe Corporation's second quarter 2007 investors' report. It summarizes that freight revenues increased 4% to $3.74 billion compared to second quarter 2006, but operating income decreased slightly to $841 million due to a $93 million rise in fuel expenses. Earnings per share were $1.20 compared to $1.27 in second quarter 2006. The report also provides details on financial results, operating statistics, and revenues by commodity for the quarter.
- Raytheon reported strong second quarter 2007 results with EPS from continuing operations up 30% and sales up 9%.
- They completed the sale of Raytheon Aircraft Company, resulting in $2.4 billion in after-tax proceeds.
- For the full year, Raytheon increased guidance for EPS, bookings, and return on invested capital.
- Segment results were positive with Integrated Defense Systems sales up 12% and operating income up 20% compared to the second quarter of 2006.
This document summarizes Duke Energy's financial results for the fourth quarter and full year 2006. Some key points:
- 2006 ongoing EPS was $1.81, up from $1.73 in 2005, due to contributions from the Cinergy merger and tax benefits, offset by new shares issued.
- 4Q 2006 ongoing EPS was flat at $0.43 compared to 4Q 2005. Gains were offset by impacts of selling 50% of Crescent and lower Crescent earnings.
- Franchised Electric & Gas and Natural Gas Transmission saw higher earnings due to the Cinergy merger and tax benefits. Field Services, Commercial Power, and International Energy saw lower earnings.
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- Duke Energy reported ongoing diluted EPS of $0.48 for 3Q07, an increase from $0.29 in 3Q06. This was driven by improved results at FE&G, Commercial Power and International Energy segments.
- The U.S. Franchised Electric & Gas segment saw a $82M increase in EBIT due to favorable weather and wholesale contribution. Commercial Power saw a $64M increase due to timing of fuel collections and favorable weather. International Energy saw a $24M increase from margins in Peru.
- Crescent Resources saw a decline from $54M to $10M in EBIT due to lower developed lot and legacy land sales. Other expenses improved by $83M
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
Burlington Northern Santa Fe reported record quarterly earnings, revenues, and operating income in the third quarter of 2007. Freight revenues increased 4% to $3.95 billion due to strong yields and volume growth in agricultural products. Operating income grew 9% to $1 billion, also a record. While economic softness reduced consumer and industrial volumes, this was offset by higher revenues from agricultural, coal, and industrial shipments. The company expects near-term challenges from the economy, housing market, and fuel prices but remains optimistic about long-term growth prospects.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2007. Net income for Q4 2007 was $668 million compared to $1.079 billion for the same period in 2006. For the full year, net income was $3.956 billion compared to $5.234 billion in 2006. Key events in 2007 included acquiring Western Oil Sands, completing an LNG facility in Equatorial Guinea, and beginning major refinery expansion projects. Production is expected to increase in 2008 from new oil projects coming online.
This document provides Burlington Northern Santa Fe Corporation's financial results for the 2nd quarter of 2008. It includes:
- Freight revenues increased 16% to $4.35 billion compared to $3.74 billion in 2Q2007, driven by improved yields and higher fuel surcharges.
- Operating income was $714 million compared to $841 million in 2Q2007, with a $474 million increase in fuel expenses and $175 million environmental charge.
- Net income was $350 million compared to $433 million in 2Q2007, with earnings per share of $1.00 compared to $1.20 previously.
- Capital expenditures for 2008 will increase to $2.
This document provides an economic and fiscal overview of the state of Gujarat in India. It includes tables comparing Gujarat's growth, per capita income, sectoral growth, credit deposit ratios, and other fiscal indicators to neighboring states and national averages. The document also outlines Gujarat's annual plan size and achievements, assumptions for the upcoming fiscal year, sources of plan financing including central and state sources, and issues pertaining to the state's finances.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
Alameda County Budget Workgroup May 16, 2011Keith Carson
The Alameda County Administrator's Office provided an update on the FY 2011-12 budget. The budget faces a $137.9 million shortfall due to declining revenues and one-time funds being exhausted. Reductions are planned across public assistance, health care, public protection and general government programs, totaling over 127 eliminated positions. The state and federal budgets also face large deficits, with the state gap estimated at $10.8 billion and further realignment of programs anticipated.
The document provides reconciliation of non-GAAP financial measures for The Pepsi Bottling Group for 2008. It summarizes items affecting comparability between years such as impairment charges, restructuring charges, and accounting standard changes. Tables show the impact of these items on operating income, net revenues, operating profit, and earnings per share for 2008 compared to 2005, 2007, and 2003. The document also provides 2009 guidance forecasts for revenue growth, operating income growth, earnings per share, and operating free cash flow.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
This document provides a quarterly financial report on ongoing EBITDA for Spectra Energy Corp for 4Q 2007. It shows:
- Total ongoing segment and other EBITDA was $794 million for 4Q 2007, up 24% from $642 million in 4Q 2006.
- The U.S. Transmission segment had the highest EBITDA at $285 million, followed by Field Services at $247 million.
- EBITDA increased across all segments compared to the prior year, except for the "Other" segment which decreased to -$46 million EBITDA.
Burlington Northern Santa Fe Corporation reported record quarterly earnings of $1.09 per diluted share for Q3 2005. Freight revenues increased 18% to a record $3.22 billion compared to Q3 2004. Operating income reached a quarterly record of $778 million. The operating ratio continued to decrease to 75.8%. Revenue growth was seen across all business groups, especially in consumer products and agricultural products.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2008. For Q4 2008, Marathon reported a net loss of $41 million compared to net income of $668 million in Q4 2007. For the full year 2008, Marathon reported net income of $3.528 billion compared to $3.956 billion in 2007. Marathon's upstream production grew 14% in Q4 2008 and 8% for the full year, driven by new production from fields in Norway and the Gulf of Mexico. Marathon also increased its oil and gas reserves by 110 million barrels of oil equivalent in 2008.
The document summarizes Minnesota's November 2010 forecast for fiscal years 2010-11 and 2012-13. It projects a $399 million surplus for FY 2010-11 due to expenditure savings, but a $6.2 billion shortfall for FY 2012-13 driven by a large gap between projected revenues and expenditures. Revenues are forecast to grow by 5% for FY 2012-13 while expenditures are projected to increase by 27.5% primarily due to one-time savings measures in FY 2010-11 that will not continue. The economic recovery is expected to be slower than anticipated with GDP growth of around 2.5-2.7% projected for the next few years.
- Sprint Nextel reported financial results for Q4 and full-year 2007, with consolidated revenues of $9.8 billion for Q4 and $40.1 billion for the year.
- A non-cash goodwill impairment charge of $29.7 billion was recorded in Q4, resulting in a net loss of $29.5 billion for the quarter.
- Wireless profitability declined in Q4 due to lower service revenues and higher expenses, though data revenues grew. Wireline profitability increased.
- The company is taking actions to increase financial flexibility, including borrowing funds and discontinuing dividend payments for the foreseeable future.
Progress Energy reported second quarter 2003 ongoing earnings of $0.67 per share compared to $0.84 per share in the second quarter of 2002. For the first half of 2003, ongoing earnings were $1.46 per share compared to $1.56 per share for the same period last year. The company reaffirmed its 2003 ongoing earnings guidance of $3.60 to $3.80 per share. Unfavorable weather, higher costs, and share dilution contributed to the decrease in earnings compared to last year. Progress Energy's utility businesses saw increased revenues from customer growth and usage that were offset by the factors above.
1) Burlington Northern Santa Fe reported record first quarter revenues of $3.54 billion, up 5% from the first quarter of 2006, despite flat freight volumes. Net income was $349 million or $0.96 per diluted share, compared to $410 million or $1.09 per diluted share in the prior year.
2) Operating expenses increased $281 million primarily due to an $81 million environmental and technology charge as well as higher fuel costs. Freight revenues increased in all major commodity groups due to rate increases and fuel surcharges.
3) Capital expenditures totaled $537 million for the quarter, with $311 million spent on track maintenance including rail, ties, and surfacing
Union Securities Research: Northern Graphite Corp. (TSXv: NGC)Graphite Graphite
- Northern Graphite produces spherical graphite from its Bissett Creek graphite project in Ontario, Canada.
- Tests confirmed the ability to purify Bissett Creek graphite into spherical graphite, which sells at a premium compared to flake graphite concentrate.
- This allows Northern Graphite to add a value-added purification plant and production of spherical graphite, but requires an additional $15 million in capital expenditures.
Public Service Enterprise Group (PSEG) operates power generation, transmission and distribution businesses. The document discusses opportunities for growth across PSEG's businesses in areas like renewable energy, carbon reduction initiatives, and New Jersey's Energy Master Plan. PSEG is well positioned for growth through its diverse portfolio of assets and investments aligned with trends in tightening capacity, environmental compliance, and energy policy debates. PSE&G in particular is positioned for steady growth through its base investment plan and additional opportunities in transmission expansion, renewable strategies, and advanced metering infrastructure.
Spectra Energy reported higher third quarter 2008 results compared to the prior year quarter, with net income up 26% and ongoing net income up 26%. All business segments performed strongly due to higher commodity prices and operating performance. The company completed its 2008 capital expansion plan, which will provide returns at the top end of the targeted range of approximately 12%. Spectra Energy expects to exceed its 2008 EPS target of $1.56.
This document is PetSmart's 2005 annual report which summarizes the company's financial and operational performance for the year. Key highlights include:
- Net sales increased 11.8% to $3.76 billion
- Comparable store sales grew 4.2%
- The company opened 100 new stores, ending with a total of 826 stores
- Services sales, including grooming, training, and Petshotels grew 24.2% to $298.9 million
- Net income increased 16% to $182.49 million
- The company aims to continue growing by opening an additional 90 stores in 2006 and ultimately reaching 1,400 stores total.
1. The document discusses the Schome Park project which explored using virtual worlds for education over multiple phases from 2007 to 2009.
2. It describes the number of students and staff involved in each phase, and challenges around recruitment, retention and complexity.
3. Quotes from participants discuss issues like bureaucracy causing friction, a lack of clear purpose in the virtual world, and difficulties integrating new members.
erie insurance group 2006-third-quarter-reportfinance49
- Erie Indemnity Company reported positive third quarter 2006 results, with net income increasing slightly and net operating income per share increasing 12.2% year-over-year.
- Direct written premiums for Erie's property/casualty subsidiaries decreased 4.2% due to rate reductions, however the policy retention ratio improved.
- The GAAP combined ratio for Erie's insurance underwriting operations improved significantly to 89.2% due to favorable development on prior year loss reserves.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2007. Net income for Q4 2007 was $668 million compared to $1.079 billion for the same period in 2006. For the full year, net income was $3.956 billion compared to $5.234 billion in 2006. Key events in 2007 included acquiring Western Oil Sands, completing an LNG facility in Equatorial Guinea, and beginning major refinery expansion projects. Production is expected to increase in 2008 from new oil projects coming online.
This document provides Burlington Northern Santa Fe Corporation's financial results for the 2nd quarter of 2008. It includes:
- Freight revenues increased 16% to $4.35 billion compared to $3.74 billion in 2Q2007, driven by improved yields and higher fuel surcharges.
- Operating income was $714 million compared to $841 million in 2Q2007, with a $474 million increase in fuel expenses and $175 million environmental charge.
- Net income was $350 million compared to $433 million in 2Q2007, with earnings per share of $1.00 compared to $1.20 previously.
- Capital expenditures for 2008 will increase to $2.
This document provides an economic and fiscal overview of the state of Gujarat in India. It includes tables comparing Gujarat's growth, per capita income, sectoral growth, credit deposit ratios, and other fiscal indicators to neighboring states and national averages. The document also outlines Gujarat's annual plan size and achievements, assumptions for the upcoming fiscal year, sources of plan financing including central and state sources, and issues pertaining to the state's finances.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
Alameda County Budget Workgroup May 16, 2011Keith Carson
The Alameda County Administrator's Office provided an update on the FY 2011-12 budget. The budget faces a $137.9 million shortfall due to declining revenues and one-time funds being exhausted. Reductions are planned across public assistance, health care, public protection and general government programs, totaling over 127 eliminated positions. The state and federal budgets also face large deficits, with the state gap estimated at $10.8 billion and further realignment of programs anticipated.
The document provides reconciliation of non-GAAP financial measures for The Pepsi Bottling Group for 2008. It summarizes items affecting comparability between years such as impairment charges, restructuring charges, and accounting standard changes. Tables show the impact of these items on operating income, net revenues, operating profit, and earnings per share for 2008 compared to 2005, 2007, and 2003. The document also provides 2009 guidance forecasts for revenue growth, operating income growth, earnings per share, and operating free cash flow.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
This document provides a quarterly financial report on ongoing EBITDA for Spectra Energy Corp for 4Q 2007. It shows:
- Total ongoing segment and other EBITDA was $794 million for 4Q 2007, up 24% from $642 million in 4Q 2006.
- The U.S. Transmission segment had the highest EBITDA at $285 million, followed by Field Services at $247 million.
- EBITDA increased across all segments compared to the prior year, except for the "Other" segment which decreased to -$46 million EBITDA.
Burlington Northern Santa Fe Corporation reported record quarterly earnings of $1.09 per diluted share for Q3 2005. Freight revenues increased 18% to a record $3.22 billion compared to Q3 2004. Operating income reached a quarterly record of $778 million. The operating ratio continued to decrease to 75.8%. Revenue growth was seen across all business groups, especially in consumer products and agricultural products.
This document summarizes Hexion Specialty Chemicals' third quarter 2007 earnings conference call.
- Hexion delivered strong third quarter results with 7% revenue growth and 20% increase in segment EBITDA compared to the prior year. Operating income increased 54% and net loss improved.
- Favorable product mix, decreased transaction costs, flattening raw material costs, and synergy achievement drove earnings growth. Hexion remains on track to achieve $175 million in targeted synergies.
- The pending merger with Huntsman Corporation received shareholder approval in October 2007 and is progressing as planned with closing expected in first quarter 2008. The merger will create one of the world's largest specialty chemical companies.
Marathon Oil Corporation reported financial results for the fourth quarter and full year of 2008. For Q4 2008, Marathon reported a net loss of $41 million compared to net income of $668 million in Q4 2007. For the full year 2008, Marathon reported net income of $3.528 billion compared to $3.956 billion in 2007. Marathon's upstream production grew 14% in Q4 2008 and 8% for the full year, driven by new production from fields in Norway and the Gulf of Mexico. Marathon also increased its oil and gas reserves by 110 million barrels of oil equivalent in 2008.
The document summarizes Minnesota's November 2010 forecast for fiscal years 2010-11 and 2012-13. It projects a $399 million surplus for FY 2010-11 due to expenditure savings, but a $6.2 billion shortfall for FY 2012-13 driven by a large gap between projected revenues and expenditures. Revenues are forecast to grow by 5% for FY 2012-13 while expenditures are projected to increase by 27.5% primarily due to one-time savings measures in FY 2010-11 that will not continue. The economic recovery is expected to be slower than anticipated with GDP growth of around 2.5-2.7% projected for the next few years.
- Sprint Nextel reported financial results for Q4 and full-year 2007, with consolidated revenues of $9.8 billion for Q4 and $40.1 billion for the year.
- A non-cash goodwill impairment charge of $29.7 billion was recorded in Q4, resulting in a net loss of $29.5 billion for the quarter.
- Wireless profitability declined in Q4 due to lower service revenues and higher expenses, though data revenues grew. Wireline profitability increased.
- The company is taking actions to increase financial flexibility, including borrowing funds and discontinuing dividend payments for the foreseeable future.
Progress Energy reported second quarter 2003 ongoing earnings of $0.67 per share compared to $0.84 per share in the second quarter of 2002. For the first half of 2003, ongoing earnings were $1.46 per share compared to $1.56 per share for the same period last year. The company reaffirmed its 2003 ongoing earnings guidance of $3.60 to $3.80 per share. Unfavorable weather, higher costs, and share dilution contributed to the decrease in earnings compared to last year. Progress Energy's utility businesses saw increased revenues from customer growth and usage that were offset by the factors above.
1) Burlington Northern Santa Fe reported record first quarter revenues of $3.54 billion, up 5% from the first quarter of 2006, despite flat freight volumes. Net income was $349 million or $0.96 per diluted share, compared to $410 million or $1.09 per diluted share in the prior year.
2) Operating expenses increased $281 million primarily due to an $81 million environmental and technology charge as well as higher fuel costs. Freight revenues increased in all major commodity groups due to rate increases and fuel surcharges.
3) Capital expenditures totaled $537 million for the quarter, with $311 million spent on track maintenance including rail, ties, and surfacing
Union Securities Research: Northern Graphite Corp. (TSXv: NGC)Graphite Graphite
- Northern Graphite produces spherical graphite from its Bissett Creek graphite project in Ontario, Canada.
- Tests confirmed the ability to purify Bissett Creek graphite into spherical graphite, which sells at a premium compared to flake graphite concentrate.
- This allows Northern Graphite to add a value-added purification plant and production of spherical graphite, but requires an additional $15 million in capital expenditures.
Public Service Enterprise Group (PSEG) operates power generation, transmission and distribution businesses. The document discusses opportunities for growth across PSEG's businesses in areas like renewable energy, carbon reduction initiatives, and New Jersey's Energy Master Plan. PSEG is well positioned for growth through its diverse portfolio of assets and investments aligned with trends in tightening capacity, environmental compliance, and energy policy debates. PSE&G in particular is positioned for steady growth through its base investment plan and additional opportunities in transmission expansion, renewable strategies, and advanced metering infrastructure.
Spectra Energy reported higher third quarter 2008 results compared to the prior year quarter, with net income up 26% and ongoing net income up 26%. All business segments performed strongly due to higher commodity prices and operating performance. The company completed its 2008 capital expansion plan, which will provide returns at the top end of the targeted range of approximately 12%. Spectra Energy expects to exceed its 2008 EPS target of $1.56.
This document is PetSmart's 2005 annual report which summarizes the company's financial and operational performance for the year. Key highlights include:
- Net sales increased 11.8% to $3.76 billion
- Comparable store sales grew 4.2%
- The company opened 100 new stores, ending with a total of 826 stores
- Services sales, including grooming, training, and Petshotels grew 24.2% to $298.9 million
- Net income increased 16% to $182.49 million
- The company aims to continue growing by opening an additional 90 stores in 2006 and ultimately reaching 1,400 stores total.
1. The document discusses the Schome Park project which explored using virtual worlds for education over multiple phases from 2007 to 2009.
2. It describes the number of students and staff involved in each phase, and challenges around recruitment, retention and complexity.
3. Quotes from participants discuss issues like bureaucracy causing friction, a lack of clear purpose in the virtual world, and difficulties integrating new members.
erie insurance group 2006-third-quarter-reportfinance49
- Erie Indemnity Company reported positive third quarter 2006 results, with net income increasing slightly and net operating income per share increasing 12.2% year-over-year.
- Direct written premiums for Erie's property/casualty subsidiaries decreased 4.2% due to rate reductions, however the policy retention ratio improved.
- The GAAP combined ratio for Erie's insurance underwriting operations improved significantly to 89.2% due to favorable development on prior year loss reserves.
The document discusses who pays for mobile devices used in schools, outlining three main models: the school pays fully; the school provides a subsidy with parents contributing; or devices are provided by parents (BYOD/BYOT). Traditionally, schools provided devices but allowed home devices to be used at school. More recently, 1:1 schemes involve schools or subsidies, while BYOD/BYOT means devices are parent-provided but used at school. The document gives examples of these different payment models for mobile devices in schools.
erie insurance group 2005-second-quarter-reportfinance49
This document is the second quarter 2005 shareholders' report for Erie Indemnity Company. Some key points:
- Net income increased 33.7% to $76.2 million compared to $57 million in the second quarter of 2004.
- Management fee revenue decreased slightly to $254.4 million.
- The statutory combined ratio for the property and casualty group improved to 87.9% from 93.2% in the second quarter of 2004.
- Average premiums per policy increased by 3.7% overall and the private passenger auto average increased by 2.4%.
Twining 2009 Ov Ws And Transformative Educational Research 09 07 23Peter Twining
The document discusses the Schome Initiative, an open virtual world project exploring innovative approaches to education. It provides context on disruptive innovation theory and examines Schome's implementation over three phases involving student and teacher participation. Key aspects included curriculum areas, student-led activities, and extensive participation tracked through wiki page views and forum posts. The document also evaluates different participant observer roles and includes positive student feedback on Schome breaking down barriers between teachers and students.
Spectra Energy reported third quarter 2007 results with ongoing net income of $240 million, up 32% from the prior year. Key highlights included strong performance from US Transmission and Distribution businesses, as well as progress on their $3 billion 2007-2009 capital investment program with $625-650 million expected to be completed by the end of 2007. Management remains confident in meeting 2007 financial goals and delivering steady growth and attractive dividends.
Spectra Energy reported strong financial results for the fourth quarter and full year of 2007. Fourth quarter net income was $291 million, up 14% from the prior year, and full year net income was $957 million. The company exceeded its earnings per share target for employees of $1.40 by earning $1.51 per share. All of the company's business segments experienced increased earnings compared to the previous year. Spectra Energy also invested $1 billion in growth projects that will fuel future revenue and earnings increases. Management is confident that the company's momentum will continue into 2008.
Duke Energy reported higher ongoing diluted EPS of $0.43 per share compared to $0.32 in the prior year's quarter. Revenues were lower at $4.04 billion compared to $5.27 billion due to the deconsolidation of DEFS, but this was partially offset by the addition of Cinergy's operations. Strong performances from Gas Transmission, Field Services and Crescent helped deliver solid results, and the company remains on track to achieve its 2006 EPS target.
Spectra Energy reported a 56% increase in first quarter 2008 net income compared to first quarter 2007. The company announced a $600 million share repurchase program and a proposed $0.02 per share quarterly dividend increase. All business segments performed strongly in the quarter with higher earnings driven by factors such as higher commodity prices and a stronger Canadian dollar.
1) Duke Energy reported second quarter earnings of $0.28 per share but ongoing earnings of $0.43 per share, which excludes special items.
2) Key accomplishments in the quarter included closing the merger with Cinergy, announcing the sale of the commercial marketing and trading business, and announcing plans to spin off the gas business.
3) Segments like U.S. franchised electric & gas and natural gas transmission saw earnings increases due to the Cinergy merger and improved conditions.
The document summarizes Spectra Energy's first quarter 2007 earnings. Key points include:
- Ongoing earnings were up 10% from Q1 2006, though some segments were dampened by extreme weather and commodity prices.
- The company is on track to deliver 5-7% compound annual EPS growth through 2009 through $3 billion in expansion projects.
- Segments like US Transmission saw earnings growth from capital projects and cost reductions, while Field Services was down due to weather and commodity prices.
- The company reaffirmed its focus on steady growth and attractive dividends to deliver 8-10% total shareholder returns.
Duke Energy reported first quarter 2006 results, with ongoing diluted EPS of 48 cents, up from 43 cents in the prior year. Reported diluted EPS was 37 cents compared to 88 cents last year. Results improved at Franchised Electric, Natural Gas Transmission, and International Energy segments due to factors like customer growth, currency impacts, and improved prices and volumes. Duke Energy is on track to achieve its 2006 target of $1.90 in ongoing diluted EPS and remains comfortable after merging with Cinergy that it can achieve this target for the combined company.
Duke Energy reported third quarter 2006 results, with ongoing diluted EPS of 48 cents, down from 56 cents in the prior year's quarter. Reported diluted EPS was 60 cents, up from 4 cents in 2005. The company remains on track to meet its 2006 ongoing EPS target after adjusting for the sale of its Commercial Marketing and Trading business. During the quarter, Duke Energy created a joint venture for its Crescent Resources business, yielding $1.4 billion in after-tax cash proceeds. Business unit results were mixed compared to the prior year, with the Franchised Electric & Gas unit up but other units such as Natural Gas Transmission down due to various factors including costs and weather.
1) AES reported higher revenues, operating cash flow, and free cash flow in Q4 2007 and full year 2007 compared to the same periods in 2006. Full year 2007 results met or exceeded guidance targets.
2) Key drivers of the improved financial performance were higher prices and volumes in Chile, increased sales in Brazil, and contributions from new projects. However, this was partially offset by weaker results in Argentina.
3) AES continued progress on its portfolio optimization plans through asset sales in Chile and debt refinancing. The company also secured new projects in the Philippines and South Africa totaling 1,762 MW.
- Duke Energy reported ongoing diluted EPS of $0.25 for the second quarter of 2007, up from $0.24 in the second quarter of 2006. Special items reduced EPS by $0.01 in 2007.
- Improved results from the FE&G, Commercial Power, and International segments contributed to the EPS growth, offset by lower results from Crescent Resources.
- Duke Energy expects to exceed its 2007 employee incentive target of $1.15 in ongoing diluted EPS for the full year.
Duke Energy reported first quarter 2007 diluted EPS of $0.28 compared to $0.37 in first quarter 2006. Ongoing diluted EPS increased to $0.30 in first quarter 2007 from $0.21 in first quarter 2006, driven by additions from the Cinergy merger and improvements at International Energy, partially offset by lower results at Crescent. Special items reduced EPS by $0.03 in first quarter 2007 and included costs associated with the Cinergy merger. Discontinued operations reduced EPS by $0.01 in first quarter 2007 and $0.16 in first quarter 2006.
This document summarizes Spectra Energy's fourth quarter 2007 earnings review. It discusses 2007 financial accomplishments including $1.53 EPS and $1 billion in expansion capex. Segment earnings for Q4 2007 and full year 2007 are presented for U.S. Transmission, Distribution, Western Canada Transmission & Processing and Field Services. Forecasts for 2008 EPS and segment EBIT are provided. The outlook discusses an $1.56 EPS target for 2008 and plans for continued capex spending and project development through 2010 and beyond.
The document summarizes Duke Energy's first quarter 2006 earnings review presentation. It discusses Duke Energy and Cinergy's first quarter results, including higher ongoing earnings compared to the previous year for most business segments. It also discusses the companies' commitments to investors around growing earnings, achieving full portfolio value, and transparent communication. Key highlights are Duke Energy's continued progress exiting the DENA business and confidence in Cinergy contributing $800 million in ongoing EBIT for the remaining year.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
- KBR announced third quarter 2007 results with net income of $63 million compared to $7 million in third quarter 2006. Income from continuing operations was $60 million compared to a $8 million loss in 2006.
- Revenue was $2.2 billion, flat compared to third quarter 2006. Operating income was $102 million compared to $66 million in 2006, helped by gains on asset sales and Iraq work.
- The company was awarded several new contracts totaling over $13 billion and backlog grew 25% over the quarter. Management was pleased with results and business reorganization.
- KBR announced third quarter 2007 results with net income of $63 million compared to $7 million in third quarter 2006. Income from continuing operations was $60 million compared to a $8 million loss in 2006.
- Revenue was $2.2 billion, flat compared to third quarter 2006. Operating income was $102 million compared to $66 million in 2006, helped by gains on asset sales and Iraq work.
- The company was awarded several new contracts totaling over $13 billion and backlog grew 25% over the quarter. Management was pleased with results and business reorganization.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
Energy East Corporation announced its second quarter 2007 financial results, with earnings per share of $0.12, down from $0.19 in the second quarter of 2006. The primary factors for the year-over-year decline were the impacts of an August 2006 rate order for NYSEG, increased storm costs, and merger costs associated with the proposed acquisition of Energy East by Iberdrola. However, electric and natural gas margins increased due to higher sales volumes and a rate settlement. Additionally, Energy East announced it had entered an agreement to be acquired by Iberdrola at $28.50 per share, pending regulatory approvals.
Energy East Corporation announced its second quarter 2007 financial results, with earnings per share of $0.12, down from $0.19 in the second quarter of 2006. The primary factors for the year-over-year decline were lower electric margins due to an August 2006 rate order in NYSEG, increased storm costs, and merger costs associated with the proposed acquisition by Iberdrola. However, electric and natural gas margins increased due to higher sales volumes and a rate settlement. Energy East also announced it had entered a merger agreement to be acquired by Iberdrola at $28.50 per share, pending regulatory approvals.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established processes for continuous improvement to drive organic growth and integrate acquisitions. The presentation discusses Jarden's strategy, brand strengths, growth approach, operating culture, and framework for ongoing process improvement.
This investor presentation provides an overview of Jarden Corporation. In 3 sentences: Jarden is a diversified global consumer products company with a portfolio of over 100 brands across multiple segments. It has established resilient business platforms and market-leading brands. Jarden's growth strategy focuses on organic growth through increased investment and acquisitions of core, tuck-in businesses that strategically fit with its international focus.
Alltrista Corporation is a leading provider of niche consumer products used for home food preservation. In 2001, Alltrista undertook strategic initiatives to focus on its core consumer products business, including the divestiture of non-core businesses. As a result, Alltrista reported a net loss of $85.4 million for 2001 due to special charges associated with divestitures and restructuring costs. However, the divestitures and restructuring positioned Alltrista to focus on growing its consumer products business through the planned acquisition of Tilia International, which would make Alltrista the market leader in home vacuum packaging systems.
Alltrista sold off non-core businesses in 2001 to focus on consumer products, especially those related to home food preservation. This included brands for canning and vacuum packaging. The divestitures removed financial burdens and generated tax refunds. Alltrista also closed an office to reduce costs. Going forward, the strategy is to leverage leadership in niche consumer product markets to drive growth, with an acquisition of Tilia planned to expand into vacuum packaging.
This document is Jarden Corporation's 2002 Annual Report. It provides an overview of the company's performance in 2002 including financial highlights and summaries of its main business segments: branded consumables, home vacuum packaging, plastic consumables, and other. It discusses the company's acquisition of Tilia and strategic direction to build a world-class consumer products company with leading market shares in niche branded consumable products.
This document is Jarden Corporation's 2002 Annual Report. It provides an overview of the company's performance in 2002 including financial highlights and summaries of its main business segments: branded consumables, home vacuum packaging, plastic consumables, and other. It discusses the company's acquisition of Tilia and strategic direction to build a world-class consumer products company with leading market shares in niche branded consumable products.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that 2004 will be another record year as the company continues executing its strategy of building a portfolio of market-leading consumer brands.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that this is just the beginning and that Jarden will continue executing its strategy to deliver strong growth.
The document summarizes Jarden Corporation's 2004 annual report. It discusses record financial results in 2004, including 5% organic sales growth and 18% EBITDA margins. It also highlights acquisitions of The United States Playing Card Company and American Household, Inc., owner of brands like Coleman and Sunbeam. The acquisition of American Household tripled Jarden's revenue base and provides opportunities for margin expansion and earnings growth.
The document is Jarden Corporation's 2004 annual report. It discusses Jarden's record financial results in 2004, including organic sales growth of 5% and EBITDA margins of 18% excluding non-cash charges. It also summarizes two acquisitions completed in 2004 - The United States Playing Card Company and American Household, Inc. - and how they will help Jarden expand its business and drive margin improvement towards a target of 15% over five years. The report highlights the company's focus on innovation through new product introductions and maintaining financial flexibility.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
Jarden Corporation reported record financial performance in 2006, with net sales increasing 21% to $3.85 billion and consolidated segment earnings growing 23% to $442 million. The annual report provides an overview of the company's three business segments - Branded Consumables, Consumer Solutions, and Outdoor Solutions - and their financial contributions. It also highlights new products, operational efficiencies, and initiatives around veterans hiring, outdoor recreation, and sustainability. Chairman Martin Franklin expressed confidence that the company is on track to double adjusted earnings per share within three to five years.
Chiquita Brands experienced a difficult year in 1999 due to severe banana price declines in Europe resulting from an overallocation of EU banana import licenses. Weak economies in Eastern Europe and Russia also negatively impacted pricing. Operating income declined compared to 1998. However, the company's Processed Foods business saw improved earnings. Chiquita completed a workforce reduction to streamline operations and generate annual savings. The EU banana import regime remains in noncompliance with international trade laws and continues to be challenged at the WTO.
Chiquita Brands International announced a proposed restructuring of $862 million in publicly-held debt discussed in the annual report. If successful, the restructuring would convert a significant portion of the debt into common equity, diluting existing shareholders. The restructuring process is still in the early stages and will continue past the customary May date for the annual shareholder meeting, which has been rescheduled for September 12, 2001. Shareholders will receive proxy materials in advance of the September meeting. The company's website and SEC filings provide information on the restructuring, operations, and other developments.
This document provides an update on Chiquita's progress against its three-year strategic plan to focus on its core banana business, drive better performance through cost reductions, and strengthen its balance sheet. Some key updates include selling non-core assets to focus on bananas, implementing cost saving programs with a target of $70 million in annual savings by 2005, reducing debt by over $100 million in 2002, and plans to invest cash flow into new growth opportunities once debt targets are met.
This document is Chiquita Brands International's 2003 annual report. It summarizes the company's financial performance and operational highlights for 2003. The key points are:
- Operating income doubled to $140 million compared to previous periods, due in part to asset sales. Debt was reduced by $122 million, achieving a $400 million target early.
- Productivity increased 12% on owned banana farms and a new fresh cut fruit business was successfully launched. Labor and food safety certifications were also earned.
- The company aims to leverage its brand and expand into higher-margin fruit businesses, targeting 30% of revenues from new businesses in 5 years. Transformation will include a focus on marketing and new talent.
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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spectra energy _2QEarningsRelease
1. Media: Molly Boyd
(713) 627-5923
(713) 627-4747 (24-hour media line)
Analysts: John Arensdorf
(713) 627-4600
Date: August 6, 2007
Spectra Energy Reports Second Quarter 2007 Results
• Second quarter reported net income of $196 million; ongoing net income
of $192 million
• Reported net income per diluted share (EPS) of $0.31; ongoing EPS of
$0.30
• Well positioned to achieve 2007 financial goals
• Significant progress made toward $3 billion 2007–2009 capital expansion
including 80 percent increase in year to date capital spend.
• Quarterly dividend of $0.22 paid
HOUSTON - Spectra Energy (NYSE:SE) today reported second quarter 2007 net
income of $196 million, or $0.31 diluted earnings per share, compared with net income
of $320 million in second quarter 2006.
Results include the positive effect of special items and discontinued operations of $4
million in second quarter 2007, and the positive effect of special items and discontinued
1
2. operations of $56 million in the prior year quarter. Excluding these factors in both
periods, ongoing net income was $192 million this quarter compared with $264 million in
the second quarter 2006. The prior year period benefited from a $30 million tax rate
reduction, which was not repeated in the second quarter 2007. The decline in earnings
from Field Services and Western Canada Transmission & Processing largely accounted
for the remaining variance.
The second quarter 2007 results reflect strong ongoing operations in our Distribution
business and continued solid U.S. Transmission results, offset by lower Earnings Before
Interest and Taxes (EBIT) in the Western Canada Transmission & Processing and Field
Services businesses. Western Canada was affected by two scheduled plant
maintenance turnarounds and Field Services experienced severe thunderstorms
resulting in power outages. The affected plants at both Western Canada and Field
Services were back on-line by the end of the second quarter.
Spectra Energy Transmission 2007 year-to-date capital spending increased more than
80 percent compared to the prior year period, reflecting significant progress made on
the $3 billion expansion program for the 2007-2009 period. A total of approximately
$650 million of capital projects are expected to be placed in service before the end of
the year, at which time they will start contributing to EBIT.
In July 2007, Spectra Energy completed its initial public offering of Spectra Energy
Partners, LP (SEP). Spectra Energy retained an 83 percent equity interest in SEP, and
received net cash of $345 million.
“Based on the results year-to-date, the progress of our capital expansion program, the
successful launch of our master limited partnership, and the strong commodity price
environment we are now seeing, the company is well positioned to achieve its 2007
financial goals,” said Fred Fowler, president and chief executive officer of Spectra
Energy. “We are committed to delivering results to shareholders with solid, steady
growth and an attractive dividend.”
2
3. Special items affecting Spectra Energy’s EPS for the quarter include:
(in millions, except per share amounts)
Pre-tax Tax Effect Net EPS
amount Income Impact
Impact
Second Quarter 2007
Separation costs $ (7) $ 2 $ (5) $(0.01)
DCP Midstream stand alone costs (3) 1 (2) -
Total $ (10) $ 3 $ (7) $(0.01)
Second Quarter 2006
Cinergy costs to achieve $ (9) $ 3 $ (6) N/A
Separation costs (2) 1 (1) N/A
Total $ (11) $ 4 $ (7) N/A*
* There were no shares of Spectra Energy outstanding in 2006, therefore EPS is not
applicable
Reconciliation of reported to ongoing net income (in millions)
Three months ended June 30,
2007 2006
Net Income as Reported $ 196 $ 320
Adjustments to Reported Net Income:
Special Items 7 7
Income from Discontinued (11) (63)
Operations*
Ongoing Net Income $ 192 $ 264
* Related to operations transferred back to Duke Energy prior to spin-off of Spectra
Energy from Duke Energy
Reconciliation of reported to ongoing diluted EPS
2nd Q 2007
Diluted EPS as reported $ 0.31
Special items 0.01
Discontinued operations (0.02)
Diluted EPS, ongoing $ 0.30
3
4. U.S. Transmission
The U.S. Transmission segment is comprised of more than 12,800 miles of
transmission pipelines and 115 billion cubic feet of storage capacity serving customers
in various regions of the Northeast and Southeast United States.
U.S. Transmission reported second quarter 2007 segment EBIT of $223 million,
compared with $230 million in second quarter 2006. The modest decrease is primarily a
result of lower gas processing volumes associated with pipeline operations in second
quarter 2007 compared with second quarter 2006. In addition, increased revenues from
the Maritimes & Northeast pipeline, and from expansion projects, were substantially
offset by higher operating costs.
U.S. Transmission advanced a number of growth projects this quarter including the
TIME II expansion, Northeast Gateway lateral, Egan storage expansion, and the Cape
Cod Extension. In addition, both Ramapo and Maritimes & Northeast Phase IV
received final permits.
Distribution
Spectra Energy’s Distribution segment, through its Union Gas subsidiary, provides
natural gas distribution service to commercial, industrial and residential customers in
Ontario, as well as storage and transportation services for other utilities and end market
participants in Ontario, Quebec, and the United States.
Distribution reported a strong second quarter 2007 segment EBIT of $54 million
compared with $39 million in second quarter of 2006, or a 38 percent increase. This
increase is primarily attributable to increased customer usage and distribution rates,
higher storage revenues and increased transmission volumes.
4
5. Storage revenues increased as a result of higher prices, and transmission
revenues benefited from the completion of Phase 1 of the Dawn-Trafalgar expansion
project, which was placed into service at the end of 2006.
Western Canada Transmission & Processing
The Western Canada Transmission & Processing business is focused on the gathering,
processing and transmission of natural gas, and the extraction, fractionation,
transportation, storage and marketing of natural gas liquids.
Western Canada Transmission & Processing reported second quarter 2007 segment
EBIT of $48 million, compared with $89 million in second quarter 2006. The lower
earnings were driven primarily by two scheduled plant maintenance turnarounds at the
Pine River and Empress processing plants. In addition, the Fort Nelson region realized
lower revenues due primarily to lower volumes associated with reduced producer
activity.
Field Services
Field Services consists of Spectra Energy’s 50 percent interest in DCP Midstream, a
gathering and processing, transportation, storage and marketing company.
Field Services reported second quarter 2007 segment EBIT of $123 million, compared
with $148 million in second quarter 2006. The 2007 earnings include $3 million in costs
related to the creation of stand-alone corporate functions. The remaining decrease
resulted primarily from reduced processing margins due to unplanned outages at plants,
mostly in southeastern New Mexico and in western Kansas, that were caused by severe
thunderstorms.
In addition, Field Services experienced higher operating costs in the second quarter,
including higher planned spending on asset integrity and other cost increases resulting
5
6. from industry price pressures. These earnings decreases were partially offset by
favorable NGL prices over the prior year quarter.
During the quarter, Field Services paid tax distributions and dividends of approximately
$111 million to Spectra Energy.
Other
“Other” is primarily comprised of corporate costs and captive insurance.
“Other” reported net costs of $26 million in the second quarter of 2007 which includes
$7 million of separation costs, compared with net costs of $35 million in the second
quarter of 2006, which includes $11 million of costs to achieve the Duke Energy/Cinergy
merger and the gas spin-off separation.
Interest Expense
Interest expense was $156 million for the quarter, compared with $148 million for the
second quarter 2006, increasing largely as a result of interest costs capitalized in the
prior period for capital projects of businesses transferred to Duke Energy.
Income Taxes
Second quarter 2007 income tax expense from continuing operations was $85 million,
compared with $73 million in the second quarter of 2006. For the 2007 quarter, Spectra
Energy’s effective tax rate was 32 percent, compared with the 2006 second quarter rate
of 22 percent. The unusually low tax rate in the prior period resulted from a state
income tax benefit of $30 million which resulted from the completion of Duke Energy’s
acquisition of Cinergy.
6
7. Additional Information
Additional information about second quarter 2007 earnings can be obtained at the
Spectra Energy Web site: www.spectraenergy.com
The analyst call is scheduled for 9 a.m. CDT today, Monday August 6, to discuss
Spectra Energy’s second quarter results. The conference call can be accessed via the
investors' section of Spectra Energy’s Web site (www.spectraenergy.com) or by dialing
(888) 252-3715 in the United States or (706) 634-8942 outside the United States. The
confirmation code is “Spectra Energy Analyst Call.”
Please call in five to 10 minutes prior to the scheduled start time. A replay of the
conference call will be available until midnight CDT, November 6, 2007, by dialing (800)
642-1687 with a Conference ID 6556421. The international replay number is (706) 645-
9291, Conference ID 6556421. A replay and transcript also will be available by
accessing the investors’ section of the company’s Web site.
Non-GAAP Financial Measures
The primary performance measure used by management to evaluate segment
performance is segment EBIT from continuing operations, which at the segment
level represents all profits from continuing operations (both operating and non-
operating), including any equity in earnings of unconsolidated affiliates, before
deducting interest and taxes, and is net of the minority interest expense related to those
profits. Management believes segment EBIT from continuing operations, which is the
GAAP measure used to report segment results, is a good indicator of each segment’s
operating performance as it represents the results of our ownership interests in
continuing operations without regard to financing methods or capital structures.
Spectra Energy’s management uses ongoing diluted EPS, which is a non-GAAP
financial measure as it represents diluted EPS from continuing operations, adjusted for
special items, as a measure to evaluate operations of the company. Special items
7
8. represent certain charges and credits which management believes will not be recurring
on a regular basis. Management believes that the presentation of ongoing diluted EPS
provides useful information to investors, as it allows them to more accurately compare
the company’s ongoing performance across periods. Ongoing diluted EPS is also used
as a basis for employee incentive bonuses.
The most directly comparable GAAP measure for ongoing diluted EPS is reported
diluted EPS from continuing operations, which includes the impact of special items. Due
to the forward-looking nature of ongoing diluted EPS for future periods, information to
reconcile such non-GAAP financial measures to the most directly comparable GAAP
financial measure is not available at this time as the company is unable to forecast any
special items for future periods.
Spectra Energy also uses ongoing segment and Other EBIT as a measure of historical
and anticipated future segment and other performance. When used for future periods,
ongoing segment and Other EBIT may also include any amounts that may be reported
as discontinued operations. Ongoing segment and Other EBIT are non-GAAP financial
measures as they represent reported segment and Other EBIT adjusted for special
items. Management believes that the presentation of ongoing segment and Other EBIT
provides useful information to investors, as it allows them to more accurately compare a
segment’s or Other’s ongoing performance across all periods. The most directly
comparable GAAP measure for ongoing segment or Other EBIT is reported segment or
Other EBIT, which represents EBIT from continuing operations, including any special
items. Due to the forward-looking nature of any forecasted ongoing segment or Other
EBIT and any related growth rates for future periods, information to reconcile these non-
GAAP financial measures to the most directly comparable GAAP financial measures is
not available at this time as the company is unable to forecast any special items or any
amounts that may be reported as discontinued operations for future periods.
8
9. Forward-looking statement
This release includes “forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements represent our intentions, plans, expectations, assumptions
and beliefs about future events. One can typically identify forward-looking statements by
the use of forward-looking words such as: may, will, could, project, believe, expect,
estimate, continue, potential, plan, forecast and other similar words. Such statements
are subject to risks, uncertainties and other factors, many of which are outside our
control and could cause actual results to differ materially from the results expressed or
implied by those forward-looking statements. Those factors include: the levels of supply
and demand for natural gas in our areas of operation; our ability to identify opportunities
for our business units and the timing and success of efforts to develop pipeline, storage,
gathering, processing and other infrastructure projects; our ability to successfully
complete and integrate future acquisitions; the extent of success in connecting natural
gas supplies to gathering, processing and transmission systems and in connecting to
expanding gas markets; the implementation of state, federal and foreign legislative and
regulatory initiatives that affect cost and investment recovery, have an effect on rate
structure, and affect the speed at and degree to which competition enters the natural
gas industries; the timing and extent of changes in commodity prices, interest rates and
foreign currency exchange rates; our ability to obtain financing on favorable terms,
which can be affected by various factors, including our credit ratings and general
economic conditions; and our ability to operate effectively as a stand-alone, publicly-
traded company. These factors, as well as additional factors that could affect our
forward-looking statements, are described under the headings “Risk Factors” and
“Forward-Looking Statements” in our 2006 Form 10-K, filed on April 2, 2007, and in our
other filings made with the Securities and Exchange Commission, which are available at
the SEC’s website at www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements might not occur or
might occur to a different extent or at a different time than we have described. We
9
10. undertake no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Spectra Energy Corp (NYSE: SE) is one of North America’s premier natural gas
infrastructure companies serving three key links in the natural gas value chain:
gathering and processing, transmission and storage and distribution. For close to a
century, Spectra Energy and its predecessor companies have developed critically
important pipelines and related energy infrastructure connecting natural gas supply
sources to premium markets. Based in Houston, Texas, the company operates in the
United States and Canada approximately 17,500 miles of transmission pipeline, 265
billion cubic feet of storage, natural gas gathering and processing, natural gas liquids
operations and local distribution assets. Spectra Energy Corp also has a 50 percent
ownership in DCP Midstream, one of the largest natural gas gatherers and processors
in the United States. Visit www.spectraenergy.com for more information.
###
10
11. Spectra Energy Corp
June 2007
Quarterly Highlights
(Unaudited)
(In million, except per share amounts and where noted)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
COMMON STOCK DATA
Earnings Per Share, from continuing operations
Basic and Diluted $ 0.29 N/A $ 0.66 N/A
Earnings Per Share, from discontinued operations
Basic and Diluted $ 0.02 N/A $ 0.02 N/A
Earnings Per Share - total
Basic and Diluted $ 0.31 N/A $ 0.68 N/A
Dividends Per Share $ 0.22 N/A $ 0.44 N/A
Weighted-Average Shares Outstanding
Basic 632 N/A 631 N/A
Diluted 635 N/A 635 N/A
INCOME
Operating Revenues $ 985 $ 981 $ 2,386 $ 2,466
Total Reportable Segment EBIT 448 506 968 1,085
Other EBIT (26) (35) (41) (84)
Interest Expense (156) (148) (311) (291)
Interest Income and Other (a) 4 7 9 12
Income Tax Expense from Continuing Operations (85) (73) (204) (221)
Income from Discontinued Operations 11 63 11 41
Net Income $ 196 $ 320 $ 432 $ 542
Earnings Available for Common Stockholders $ 196 $ 320 $ 432 $ 542
CAPITALIZATION
Common Equity 38%
Minority Interests 4%
Total Debt 58%
Total Debt $ 9,278
Book Value Per Share $ 9.72
Actual Shares Outstanding 632
CAPITAL AND INVESTMENT EXPENDITURES
U.S. Transmission $ 318 $ 101
Distribution 114 121
Western Canada Transmission & Processing 68 53
Other (b) 18 297
Total Capital and Investment Expenditures $ 518 $ 572
EBIT BY BUSINESS SEGMENT
U.S. Transmission $ 223 $ 230 $ 443 $ 465
Distribution 54 39 198 157
Western Canada Transmission & Processing 48 89 122 171
Field Services 123 148 205 292
Total Reportable Segment EBIT $ 448 $ 506 $ 968 $ 1,085
Other EBIT (26) (35) (41) (84)
Interest Expense (156) (148) (311) (291)
Interest Income and Other (a) 4 7 9 12
Consolidated Earnings from Continuing Operations Before Income Taxes $ 270 $ 330 $ 625 $ 722
(a) Other includes foreign currency transaction gains and losses and additional minority interest not allocated to the segment results.
(b) Other in 2006 includes capital expenditures of operations transferred to Duke Energy.
11
12. Spectra Energy Corp
June 2007
Quarterly Highlights
(Unaudited)
(In millions, except where noted)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
U.S. TRANSMISSION
Operating Revenues $ 370 $ 371 $ 747 $ 768
Operating Expenses
Operating, Maintenance and Other 97 96 202 237
Depreciation and Amortization 52 50 105 101
Gains on Sales of Other Assets, net - - 1 28
Other Income, net of expense 11 13 22 22
Minority Interest Expense 9 8 20 15
EBIT $ 223 $ 230 $ 443 $ 465
Proportional Throughput, Tbtu (a) 502 416 1,110 974
DISTRIBUTION
Operating Revenues $ 351 $ 316 $ 1,064 $ 1,085
Operating Expenses
Natural Gas Purchased 174 159 628 693
Operating, Maintenance and Other 83 81 161 163
Depreciation and Amortization 40 37 77 72
EBIT $ 54 $ 39 $ 198 $ 157
Number of customers 1,276 1,255
Heating Degree Days (Fahrenheit) 947 869 4,635 4,149
Pipeline Throughput, Tbtu 153 146 453 404
WESTERN CANADA TRANSMISSION & PROCESSING
Operating Revenues $ 262 $ 288 $ 573 $ 600
Operating Expenses
Natural Gas and Petroleum Products Purchased 64 66 173 173
Operating, Maintenance and Other 109 100 204 188
Depreciation and Amortization 34 33 66 68
Other Income, net of expense (3) 1 1 4
Minority Interest Expense 4 1 9 4
EBIT $ 48 $ 89 $ 122 $ 171
Pipeline Throughput, Tbtu 131 148 292 299
Volumes Processed, Tbtu 169 188 348 358
Empress Inlet Volumes, Tbtu 141 217 333 418
FIELD SERVICES
Operating Expenses $ - $ 1 $ - $ 3
Equity in Earnings of DCP Midstream, LLC 123 149 205 295
EBIT $ 123 $ 148 $ 205 $ 292
Natural Gas Gathered and Processed/Transported, Tbtu/day (b) 6.9 6.7 6.7 6.8
Natural Gas Liquids Production, MBbl/d (b, c) 362 365 354 361
Average Natural Gas Price per MMBtu (d) $ 7.55 $ 6.79 $ 7.16 $ 7.88
Average Natural Gas Liquids Price per Gallon $ 1.05 $ 0.98 $ 0.96 $ 0.93
OTHER
Operating Revenues $ 8 $ 25 $ 15 $ 32
Operating Expenses 34 59 60 112
Other Income, net of expense - (1) 4 (4)
EBIT $ (26) $ (35) $ (41) $ (84)
(a) Trillion British thermal units
(b) Includes 100% of DCP Midstream volumes.
(c) Thousand barrels per day
(d) Million British thermal units. Average price based on NYMEX Henry Hub.
12
13. Spectra Energy Corp
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per-share amounts)
Six Months Ended
Three Months Ended
June 30,
June 30,
2007 2006
2007 2006
$ 985 $ 981 $ 2,386 $ 2,466
Operating Revenues
683 661 1,665 1,789
Operating Expenses
- 1 1 29
Gains on Sales of Other Assets, net
302 321 722 706
Operating Income
139 168 245 329
Other Income and Expense
156 148 311 291
Interest Expense
15 11 31 22
Minority Interest Expense
270 330 625 722
Earnings From Continuing Operations Before Income Taxes
85 73 204 221
Income Tax Expense from Continuing Operations
185 257 421 501
Income From Continuing Operations
11 63 11 41
Income From Discontinued Operations, net of tax
$ 196 $ 320 $ 432 $ 542
Net Income
13
14. Spectra Energy Corp
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)
June 30, December 31,
2007 2006
ASSETS
$ 1,615 $ 1,625
Current Assets
5,898 5,346
Investments and Other Assets
13,176 12,394
Net Property, Plant and Equipment
1,075 980
Regulatory Assets and Deferred Debits
$ 21,764 $ 20,345
Total Assets
LIABILITIES AND STOCKHOLDERS' EQUITY
$ 2,785 $ 2,358
Current Liabilities
7,734 7,726
Long-term Debt
4,507 4,057
Deferred Credits and Other Liabilities
594 565
Minority Interests
6,144 5,639
Stockholders' Equity
$ 21,764 $ 20,345
Total Liabilities and Stockholders' Equity
14
15. Spectra Energy Corp
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Six Months Ended
June 30,
2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 432 $ 542
Adjustments to reconcile net income to net cash provided by
operating activities 257 (348)
Net cash provided by operating activities 689 194
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash provided by (used in) investing activities (504) 1,421
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by (used in) financing activities 45 (1,550)
Net increase in cash and cash equivalents 230 65
299 491
Cash and cash equivalents at beginning of period
$ 529 $ 556
Cash and cash equivalents at end of period
15
16. Spectra Energy Corp
Reported to Ongoing Earnings Reconciliation
June 2007 Quarter-to-date
(In millions, except per-share amounts)
Special Items (Note 1)
Reported Costs to Gain on Sales of Discontinued Total Ongoing
Earnings Achieve Assets Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
$ 223 $ - $ - $ - $ - $ 223
U.S. Transmission
54 - - - - 54
Distribution
48 - - - - 48
Western Canada Transmission & Processing
123 3 - - 3 126
Field Services A
448 3 - - 3 451
Total Reportable Segment EBIT
(26) 7 - - 7 (19)
Other B
Total Reportable Segment EBIT and Other EBIT $ 422 $ 10 $ - $ - $ 10 $ 432
EARNINGS
Total Reportable Segment EBIT and Other EBIT $ 422 $ 10 $ - $ - $ 10 $ 432
Interest Expense (156) - - - - (156)
Interest Income and Other 4 - - - - 4
Income Taxes from Continuing Operations (85) (3) - - (3) (88)
Discontinued Operations, Net of Taxes 11 - - (11) (11) -
C
$ 196 $ 7 $ - $ (11) $ (4) $ 192
Total Earnings
$ 0.31 $ 0.01 $ - $ (0.02) $ (0.01) $ 0.30
EARNINGS PER SHARE, BASIC
$ 0.31 $ 0.01 $ - $ (0.02) $ (0.01) $ 0.30
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are net of minority interest, if applicable
A - Costs to create stand-alone corporate functions at DCP Midstream.
B - Separation costs resulting from the spin-off from Duke Energy.
C - Sonatrach settlement.
Weighted Average Shares (reported and ongoing) - in millions
632
Basic
635
Diluted
16
17. Spectra Energy Corp
Reported to Ongoing Earnings Reconciliation
June 2006 Quarter-to-date
(In millions, except per-share amounts)
Special Items (Note 1)
Net Gain on
Reported Costs to Gain on Sales of Discontinued Total Ongoing
Settlement of
Earnings Achieve Assets Operations Adjustments Earnings
Contract
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
$ 230 $ - $ - $ - $ - $ - $ 230
U.S. Transmission
39 - - - - - 39
Distribution
89 - - - - - 89
Western Canada Transmission & Processing
148 - - - - - 148
Field Services
506 - - - - - 506
Total Reportable Segment EBIT
(35) 11 - - - 11 (24)
Other A
Total Reportable Segment EBIT and Other EBIT $ 471 $ 11 $ - $ - $ - $ 11 $ 482
EARNINGS
Total Reportable Segment EBIT and Other EBIT $ 471 $ 11 $ - $ - $ - $ 11 $ 482
Interest Expense (148) - - - - - (148)
Interest Income and Other 7 - - - - - 7
Income Taxes from Continuing Operations (73) (4) - - - (4) (77)
Discontinued Operations, Net of Taxes 63 - - - (63) B (63) -
$ 320 $ 7 $ - $ - $ (63) $ (56) $ 264
Total Earnings
$ - $ - $ - $ - $ - N/A
N/A
EARNINGS PER SHARE, BASIC
$ - $ - $ - $ - $ - N/A
N/A
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are net of minority interest, if applicable.
A - $2 million Gas Spin-Off costs to achieve allocated from Duke; $9 million Cinergy merger costs to achieve allocated from Duke.
B - Businesses transferred to Duke Energy prior to the spin-off of Spectra Energy recorded in Loss from Discontinued Operations, net of tax on the Consolidated Statement of Operations.
Weighted Average Shares (reported and ongoing) - in millions
N/A
Basic
N/A
Diluted
17