Sprint reported strong financial results for the 4th quarter and full year 2004 with record subscriber gains in wireless and DSL. Key highlights include:
- Wireless added 1.58 million net subscribers in 4Q driven by strong direct, affiliate and wholesale performance.
- Local saw outstanding DSL customer additions, adding 60,000 in 4Q.
- Profits grew substantially both in the quarter and full year, and free cash flow and debt reduction exceeded targets.
Revenues increased year-over-year for both the quarter and full year. Sprint exceeded its debt reduction goal and ended the year with $12.6 billion in net debt.
Sprint reported strong financial results for the first quarter of 2004, with revenue and operating income growth driving higher income from continuing operations. Key highlights included solid wireless and DSL customer gains, significant growth in wireless data customers and revenues, and good performance across Sprint's business units. Sprint is updating its consolidated financial guidance for 2004 based on the strong first quarter results.
Sprint reported strong financial results for 2Q 2004 with revenue, profit and cash flow growth. Wireless saw 17% revenue growth and 19% increase in adjusted EBITDA. Local revenues were steady with solid margins. Full year earnings guidance was raised. The company executed on initiatives to improve customer experience and reduce costs while investing in new technologies.
Sprint Nextel reported third quarter 2007 results with consolidated revenues of $10 billion, down 4% year-over-year. Net income was $64 million, down from $279 million in the third quarter of 2006. Wireless revenues declined 1% sequentially and 4% year-over-year to $8.7 billion, with a net loss of 60,000 subscribers. Wireline revenues declined 1% to $1.6 billion but profitability improved with adjusted operating income up 84% to $158 million. Sprint Nextel expects full-year capital investments to be in the mid $6 billion range, down from prior guidance of $7.2 billion.
Sprint Nextel reported its first quarter 2007 results. While net subscriber additions increased to nearly 600,000, adjusted operating income and adjusted OIBDA declined compared to the previous year. This was due to increased operating expenses from network investments and device subsidies to drive growth. Wireless revenues grew 2% due to higher data revenues, while postpaid ARPU declined. Wireline IP revenues increased 28% year-over-year. Sprint reiterated its full-year revenue guidance of $41-42 billion.
Sprint Nextel reported financial results for the first quarter of 2008, with consolidated revenues declining 8% year-over-year to $9.3 billion due to lower contributions from Wireless. Wireless revenues fell 9% to $8 billion as average revenue per user and subscriber numbers declined. Wireline revenues grew 2% to $1.6 billion on strong demand for IP services. The company reported a net loss of $505 million for the quarter and saw post-paid subscriber losses of over 1 million. Sprint focused on improving the customer experience and reducing costs, while making progress on wireless integration goals.
- Brookfield Infrastructure Partners L.P. announced its first quarter 2009 results for Brookfield Infrastructure L.P., which it accounts for using the equity method.
- Adjusted net operating income for Brookfield Infrastructure totaled $8.8 million for Q1 2009, compared to $18.9 million in Q1 2008, with decreases seen in timber and transmission operations.
- Brookfield Infrastructure exercised an option to sell its minority interests in TBE to CEMIG for approximately $275 million in proceeds.
Sprint Nextel reported second quarter 2008 results including consolidated net operating revenues of $9.1 billion and a diluted loss per share of 12 cents. Adjusted OIBDA was $2.1 billion, an improvement of $87 million from the previous quarter. Post-paid churn improved over 45 basis points from the first quarter to below 2.0%. The company expects higher post-paid subscriber losses and modest pressure on post-paid ARPU in the third quarter. Capital expenditures are expected to remain at levels similar to the first half of the year.
Qwest Communications reported a net loss of $307 million for Q4 2003 and net income of $1.6 billion for the full year. While revenue declined year-over-year due to competitive pressures, investments in new services like Qwest Choice packages drove customer growth. Total debt was reduced by $5 billion in 2003 and free cash flow improved by $463 million over 2002. Customer satisfaction scores increased as Qwest's service initiatives took effect, and key metrics like long-distance and DSL subscribers grew substantially in Q4.
Sprint reported strong financial results for the first quarter of 2004, with revenue and operating income growth driving higher income from continuing operations. Key highlights included solid wireless and DSL customer gains, significant growth in wireless data customers and revenues, and good performance across Sprint's business units. Sprint is updating its consolidated financial guidance for 2004 based on the strong first quarter results.
Sprint reported strong financial results for 2Q 2004 with revenue, profit and cash flow growth. Wireless saw 17% revenue growth and 19% increase in adjusted EBITDA. Local revenues were steady with solid margins. Full year earnings guidance was raised. The company executed on initiatives to improve customer experience and reduce costs while investing in new technologies.
Sprint Nextel reported third quarter 2007 results with consolidated revenues of $10 billion, down 4% year-over-year. Net income was $64 million, down from $279 million in the third quarter of 2006. Wireless revenues declined 1% sequentially and 4% year-over-year to $8.7 billion, with a net loss of 60,000 subscribers. Wireline revenues declined 1% to $1.6 billion but profitability improved with adjusted operating income up 84% to $158 million. Sprint Nextel expects full-year capital investments to be in the mid $6 billion range, down from prior guidance of $7.2 billion.
Sprint Nextel reported its first quarter 2007 results. While net subscriber additions increased to nearly 600,000, adjusted operating income and adjusted OIBDA declined compared to the previous year. This was due to increased operating expenses from network investments and device subsidies to drive growth. Wireless revenues grew 2% due to higher data revenues, while postpaid ARPU declined. Wireline IP revenues increased 28% year-over-year. Sprint reiterated its full-year revenue guidance of $41-42 billion.
Sprint Nextel reported financial results for the first quarter of 2008, with consolidated revenues declining 8% year-over-year to $9.3 billion due to lower contributions from Wireless. Wireless revenues fell 9% to $8 billion as average revenue per user and subscriber numbers declined. Wireline revenues grew 2% to $1.6 billion on strong demand for IP services. The company reported a net loss of $505 million for the quarter and saw post-paid subscriber losses of over 1 million. Sprint focused on improving the customer experience and reducing costs, while making progress on wireless integration goals.
- Brookfield Infrastructure Partners L.P. announced its first quarter 2009 results for Brookfield Infrastructure L.P., which it accounts for using the equity method.
- Adjusted net operating income for Brookfield Infrastructure totaled $8.8 million for Q1 2009, compared to $18.9 million in Q1 2008, with decreases seen in timber and transmission operations.
- Brookfield Infrastructure exercised an option to sell its minority interests in TBE to CEMIG for approximately $275 million in proceeds.
Sprint Nextel reported second quarter 2008 results including consolidated net operating revenues of $9.1 billion and a diluted loss per share of 12 cents. Adjusted OIBDA was $2.1 billion, an improvement of $87 million from the previous quarter. Post-paid churn improved over 45 basis points from the first quarter to below 2.0%. The company expects higher post-paid subscriber losses and modest pressure on post-paid ARPU in the third quarter. Capital expenditures are expected to remain at levels similar to the first half of the year.
Qwest Communications reported a net loss of $307 million for Q4 2003 and net income of $1.6 billion for the full year. While revenue declined year-over-year due to competitive pressures, investments in new services like Qwest Choice packages drove customer growth. Total debt was reduced by $5 billion in 2003 and free cash flow improved by $463 million over 2002. Customer satisfaction scores increased as Qwest's service initiatives took effect, and key metrics like long-distance and DSL subscribers grew substantially in Q4.
Verizon Reports Sustained Revenue Growth and Continued Strong Cash Flows fo...finance2
Verizon reported its financial results for Q4 2008 and full year 2008. In Q4, Verizon saw revenues increase 3.4% to $24.6 billion compared to Q4 2007. Adjusted earnings per share were 61 cents in Q4 2008 compared to 62 cents in Q4 2007. For the full year 2008, revenues increased 4.2% to $97.4 billion and adjusted earnings per share were $2.54 compared to $2.36 in 2007. Verizon also reported strong customer growth in wireless, broadband internet, and TV customers in Q4 and continued growth in strategic business services revenues.
Qwest reported third quarter 2004 results with improved revenue trends driven by wireline and wireless segments. Revenue increased slightly compared to last quarter but decreased year-over-year. Cost reduction initiatives expanded margins while cash from operations exceeded capital expenditures. Key growth areas like DSL subscribers and long-distance lines increased significantly.
- Sprint Nextel reported first quarter 2006 results with strong wireless demand and 1.3 million net subscriber additions. Revenue increased 66% year-over-year to $11.5 billion.
- Wireless revenue grew 13% to $8.5 billion with Adjusted OIBDA increasing 15% and margins improving. Long distance revenue declined 3% while local revenue grew 1%.
- The company added 84,000 net DSL subscribers and continued progress on strategic initiatives including the planned spin-off of the local business under the EMBARQ brand.
CC Media Holdings reported third quarter 2008 results. It was formed in 2007 by private equity firms to acquire Clear Channel Communications, which became its wholly owned subsidiary after the acquisition closed on July 30, 2008. CC Media Holdings reported $1.7 billion in third quarter revenue, a 4% decrease from the previous year. Operating expenses increased 5% to $1.2 billion due to factors including $30.6 million in non-cash compensation from equity awards that vested in the merger. The company reported a loss of $86.1 million before discontinued operations, compared to a $253.4 million profit in the previous year, with merger expenses contributing to the decline.
- Net operating revenues increased 7% year-over-year to $10.4 billion in Q4 2006 and increased 7% to $41 billion for full-year 2006 compared to pro forma 2005.
- Adjusted OIBDA increased 13% to $3.2 billion in Q4 2006 and increased 12% to $12.7 billion for full-year 2006 compared to pro forma 2005.
- Diluted EPS from continuing operations was $0.09 in Q4 2006 compared to break-even in Q4 2005, and was $0.34 for full-year 2006 compared to $0.40 for full-year 2005.
Qwest Communications reported financial results for the first quarter of 2002, with a net loss of $698 million compared to a $46 million loss in Q1 2001. Revenue declined 13.5% to $4.37 billion primarily due to absence of optical capacity asset sales and internet equipment sales. Recurring revenue declined 3.7% to $4.37 billion. Qwest expects total revenue of $18-18.4 billion, adjusted EBITDA of $6.4-6.6 billion, and capital expenditures of $3.1-3.3 billion for 2002.
KDDI Financial Results for the 1st Half of FY2014.3KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Qwest Communications reported its fourth quarter and full year 2007 results, highlighting growth in key areas. Net income grew substantially both year-over-year and quarter-over-quarter. Adjusted free cash flow also grew 29% for the full year. Qwest expanded adjusted EBITDA margins by 190 basis points for the full year through continued improvements in productivity and cost reductions. Consumer bundle penetration reached 62% in the fourth quarter, driving higher consumer revenue per user.
- Wipro Limited reported financial results for the quarter and fiscal year ended March 31, 2009.
- For the fiscal year, total revenue was $5 billion, a 29% increase year-over-year. Net income was $677 million, a 7% increase.
- For the quarter, total revenue was $1.29 billion, a 17% increase year-over-year. Net income was $178 million, a 4% increase.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2002. Revenues decreased 3% to $5.8 billion for the quarter, and segment operating income decreased 26% to $828 million. For the nine months, revenues decreased 4% to $18.7 billion and operating income decreased 32% to $2.3 billion. Earnings per share were $0.18 for the quarter and $0.52 for the nine months. Results were negatively impacted by softness in the travel industry and weak advertising markets. The Company expects earnings to be lower in the current fourth quarter compared to the prior year.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
- TIM Participações S.A. announces its consolidated results for the third quarter of 2007, providing financial and operating information.
- Key highlights include being named "Top of Mind" as the most remembered mobile operator in Brazil for the third consecutive year, launching new convergent service packages, and reaching 29.2 million customers with 1.7 million net additions in Q3 2007.
- However, implementing a new credit and collection system revealed the need to write-off R$173.3 million in accounts receivable from handset sales, resulting in higher bad debt expenses that impacted quarterly results.
Qwest announced its third quarter 2007 results, reporting earnings of $2.1 billion including a $2.1 billion tax benefit and $353 million in litigation charges. Revenue trends were positive with growth in data, internet, and video services. Adjusted free cash flow for the year is on track to improve by up to $400 million. Customer satisfaction increased with bundles penetration reaching 61% and broadband subscribers growing by 111,000.
The document provides an overview of Ryder System Inc.'s fourth quarter 2010 earnings results and 2011 forecast. Key highlights include earnings per share increasing 86% compared to the prior year, driven by improved commercial rental and used vehicle sales performance. However, full service lease revenue declined due to higher maintenance costs and a smaller fleet. The forecast also notes risks to the economic recovery that could negatively impact results.
- The company reported higher third quarter earnings per share compared to the previous year, driven by revenue growth from acquisitions and organic growth.
- Fleet Management Solutions revenue increased due to higher commercial rental and fuel revenue. Earnings improved due to better commercial rental performance and acquisition benefits, though partially offset by higher costs.
- Supply Chain Solutions revenue grew from the TLC acquisition, higher volumes, and new business. Earnings increased but compensation costs rose.
- Dedicated Contract Carriage revenue increased from the Scully acquisition and fuel pass-throughs, but earnings declined as compensation and legal costs outweighed operating improvements.
The bank reported a 65.9% year-over-year increase in net profit for Q1 2012 to RUB 526 million. Net interest income grew 58% year-over-year due to higher interest rates and portfolio growth. Operating expenses were down 15% quarter-over-quarter due to cost control efforts. The NPL ratio increased slightly to 8.68% due to one large loan impairment, while coverage remained high at 107%. Overall, the bank delivered a solid financial performance in Q1 2012 supported by continued loan portfolio expansion and strong cost management.
Financial Results for the Fiscal Year Ended March 2018KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
- Clear Channel reported a 4% decrease in revenue and a 59% decrease in net income for Q1 2005 compared to Q1 2004. Revenue declines were seen across radio broadcasting, live entertainment and other divisions.
- Radio broadcasting revenue declined 7% due to a reduction in commercial minutes despite rate increases. Outdoor advertising revenue grew 11% led by increases in bulletins, malls, airports and international revenues.
- Live entertainment revenue fell 17% due to fewer arena shows compared to Q1 2004. Expenses declined across divisions except for outdoor advertising.
- The company repurchased $672 million in stock year-to-date and has $488.5 million remaining in its repurchase program.
The document provides an earnings release for Tempo ParticipaçÃμes for 4Q08, highlighting a CEO change, stock buyback programs, and SAP implementation. It also summarizes key financial metrics for the health, dental, and assistance segments, showing overall revenue and EBITDA growth despite quarterly declines in some segments. Total CAPEX for 2008 was R$28.4 million.
The document discusses the history and development of virtual worlds and 3D online spaces, focusing on Second Life. It describes how early MUD interfaces and games like World of Warcraft influenced the creation of virtual spaces. It then outlines some of the key features of Second Life, including user-created avatars and immersive virtual environments. Finally, it provides examples of how Second Life is used for social interaction, artistic expression, education, civic engagement, and economic activity.
Verizon Reports Sustained Revenue Growth and Continued Strong Cash Flows fo...finance2
Verizon reported its financial results for Q4 2008 and full year 2008. In Q4, Verizon saw revenues increase 3.4% to $24.6 billion compared to Q4 2007. Adjusted earnings per share were 61 cents in Q4 2008 compared to 62 cents in Q4 2007. For the full year 2008, revenues increased 4.2% to $97.4 billion and adjusted earnings per share were $2.54 compared to $2.36 in 2007. Verizon also reported strong customer growth in wireless, broadband internet, and TV customers in Q4 and continued growth in strategic business services revenues.
Qwest reported third quarter 2004 results with improved revenue trends driven by wireline and wireless segments. Revenue increased slightly compared to last quarter but decreased year-over-year. Cost reduction initiatives expanded margins while cash from operations exceeded capital expenditures. Key growth areas like DSL subscribers and long-distance lines increased significantly.
- Sprint Nextel reported first quarter 2006 results with strong wireless demand and 1.3 million net subscriber additions. Revenue increased 66% year-over-year to $11.5 billion.
- Wireless revenue grew 13% to $8.5 billion with Adjusted OIBDA increasing 15% and margins improving. Long distance revenue declined 3% while local revenue grew 1%.
- The company added 84,000 net DSL subscribers and continued progress on strategic initiatives including the planned spin-off of the local business under the EMBARQ brand.
CC Media Holdings reported third quarter 2008 results. It was formed in 2007 by private equity firms to acquire Clear Channel Communications, which became its wholly owned subsidiary after the acquisition closed on July 30, 2008. CC Media Holdings reported $1.7 billion in third quarter revenue, a 4% decrease from the previous year. Operating expenses increased 5% to $1.2 billion due to factors including $30.6 million in non-cash compensation from equity awards that vested in the merger. The company reported a loss of $86.1 million before discontinued operations, compared to a $253.4 million profit in the previous year, with merger expenses contributing to the decline.
- Net operating revenues increased 7% year-over-year to $10.4 billion in Q4 2006 and increased 7% to $41 billion for full-year 2006 compared to pro forma 2005.
- Adjusted OIBDA increased 13% to $3.2 billion in Q4 2006 and increased 12% to $12.7 billion for full-year 2006 compared to pro forma 2005.
- Diluted EPS from continuing operations was $0.09 in Q4 2006 compared to break-even in Q4 2005, and was $0.34 for full-year 2006 compared to $0.40 for full-year 2005.
Qwest Communications reported financial results for the first quarter of 2002, with a net loss of $698 million compared to a $46 million loss in Q1 2001. Revenue declined 13.5% to $4.37 billion primarily due to absence of optical capacity asset sales and internet equipment sales. Recurring revenue declined 3.7% to $4.37 billion. Qwest expects total revenue of $18-18.4 billion, adjusted EBITDA of $6.4-6.6 billion, and capital expenditures of $3.1-3.3 billion for 2002.
KDDI Financial Results for the 1st Half of FY2014.3KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Qwest Communications reported its fourth quarter and full year 2007 results, highlighting growth in key areas. Net income grew substantially both year-over-year and quarter-over-quarter. Adjusted free cash flow also grew 29% for the full year. Qwest expanded adjusted EBITDA margins by 190 basis points for the full year through continued improvements in productivity and cost reductions. Consumer bundle penetration reached 62% in the fourth quarter, driving higher consumer revenue per user.
- Wipro Limited reported financial results for the quarter and fiscal year ended March 31, 2009.
- For the fiscal year, total revenue was $5 billion, a 29% increase year-over-year. Net income was $677 million, a 7% increase.
- For the quarter, total revenue was $1.29 billion, a 17% increase year-over-year. Net income was $178 million, a 4% increase.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2002. Revenues decreased 3% to $5.8 billion for the quarter, and segment operating income decreased 26% to $828 million. For the nine months, revenues decreased 4% to $18.7 billion and operating income decreased 32% to $2.3 billion. Earnings per share were $0.18 for the quarter and $0.52 for the nine months. Results were negatively impacted by softness in the travel industry and weak advertising markets. The Company expects earnings to be lower in the current fourth quarter compared to the prior year.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
- TIM Participações S.A. announces its consolidated results for the third quarter of 2007, providing financial and operating information.
- Key highlights include being named "Top of Mind" as the most remembered mobile operator in Brazil for the third consecutive year, launching new convergent service packages, and reaching 29.2 million customers with 1.7 million net additions in Q3 2007.
- However, implementing a new credit and collection system revealed the need to write-off R$173.3 million in accounts receivable from handset sales, resulting in higher bad debt expenses that impacted quarterly results.
Qwest announced its third quarter 2007 results, reporting earnings of $2.1 billion including a $2.1 billion tax benefit and $353 million in litigation charges. Revenue trends were positive with growth in data, internet, and video services. Adjusted free cash flow for the year is on track to improve by up to $400 million. Customer satisfaction increased with bundles penetration reaching 61% and broadband subscribers growing by 111,000.
The document provides an overview of Ryder System Inc.'s fourth quarter 2010 earnings results and 2011 forecast. Key highlights include earnings per share increasing 86% compared to the prior year, driven by improved commercial rental and used vehicle sales performance. However, full service lease revenue declined due to higher maintenance costs and a smaller fleet. The forecast also notes risks to the economic recovery that could negatively impact results.
- The company reported higher third quarter earnings per share compared to the previous year, driven by revenue growth from acquisitions and organic growth.
- Fleet Management Solutions revenue increased due to higher commercial rental and fuel revenue. Earnings improved due to better commercial rental performance and acquisition benefits, though partially offset by higher costs.
- Supply Chain Solutions revenue grew from the TLC acquisition, higher volumes, and new business. Earnings increased but compensation costs rose.
- Dedicated Contract Carriage revenue increased from the Scully acquisition and fuel pass-throughs, but earnings declined as compensation and legal costs outweighed operating improvements.
The bank reported a 65.9% year-over-year increase in net profit for Q1 2012 to RUB 526 million. Net interest income grew 58% year-over-year due to higher interest rates and portfolio growth. Operating expenses were down 15% quarter-over-quarter due to cost control efforts. The NPL ratio increased slightly to 8.68% due to one large loan impairment, while coverage remained high at 107%. Overall, the bank delivered a solid financial performance in Q1 2012 supported by continued loan portfolio expansion and strong cost management.
Financial Results for the Fiscal Year Ended March 2018KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
- Clear Channel reported a 4% decrease in revenue and a 59% decrease in net income for Q1 2005 compared to Q1 2004. Revenue declines were seen across radio broadcasting, live entertainment and other divisions.
- Radio broadcasting revenue declined 7% due to a reduction in commercial minutes despite rate increases. Outdoor advertising revenue grew 11% led by increases in bulletins, malls, airports and international revenues.
- Live entertainment revenue fell 17% due to fewer arena shows compared to Q1 2004. Expenses declined across divisions except for outdoor advertising.
- The company repurchased $672 million in stock year-to-date and has $488.5 million remaining in its repurchase program.
The document provides an earnings release for Tempo ParticipaçÃμes for 4Q08, highlighting a CEO change, stock buyback programs, and SAP implementation. It also summarizes key financial metrics for the health, dental, and assistance segments, showing overall revenue and EBITDA growth despite quarterly declines in some segments. Total CAPEX for 2008 was R$28.4 million.
The document discusses the history and development of virtual worlds and 3D online spaces, focusing on Second Life. It describes how early MUD interfaces and games like World of Warcraft influenced the creation of virtual spaces. It then outlines some of the key features of Second Life, including user-created avatars and immersive virtual environments. Finally, it provides examples of how Second Life is used for social interaction, artistic expression, education, civic engagement, and economic activity.
The document provides a summary of Princess Grace of Monaco's life and legacy. It discusses her background as an American actress, her marriage to Prince Rainier III in 1956 which made her Princess of Monaco, and their three children including successors Prince Albert II. It highlights Grace's role in establishing traditions in the principality like the Rose Ball and her passion for orchids. The summary focuses on Grace's rise to fame, marriage to the Prince of Monaco, and lasting impact on the principality.
sunoco Code of Business Conduct and Ethicsfinance6
This document is Sunoco Inc.'s Code of Business Conduct and Ethics from June 1, 2007. It outlines the company's expectations for ethical behavior, including complying with laws, avoiding conflicts of interest, protecting confidential information, and ensuring fair dealing. The code applies to all employees, officers, and directors of Sunoco and its subsidiaries. It aims to maintain high standards of integrity and honesty.
The document promotes John Dorman's accommodations in Soufriere and supports Obama's message of unity. It includes a quote from Obama and a link to John Dorman's accommodations website.
The document contains photos of two locations: Riviere La Leona in Patagonia, Argentina and the Abu Simbel Temples on Nasser Lake in Egypt. Both photos show scenic landscapes from the sky with geological features visible.
The document appears to be a slideshow presentation summarizing a wedding that took place on the island of Saint Lucia in the Caribbean. It includes photos from the wedding and reception, with captions expressing the couple's love for each other and appreciation for their friends and family who celebrated with them. The presentation highlights the natural beauty of Saint Lucia and the magical setting for the couple's paradise wedding.
The document summarizes dividends paid by Freddie Mac on various common and preferred stock securities from 2004 to 2008. It notes that in September 2008, the Federal Housing Finance Agency eliminated all future common and preferred stock dividends, except for dividends on senior preferred stock issued to the U.S. Treasury. The summary then provides a quarterly breakdown of dividends paid on each security.
This document is the Audit Committee Charter of Safeway Inc. that was adopted in 2003 and amended several times after. It outlines the purpose, membership, meetings, and powers and responsibilities of the Audit Committee. The Committee is responsible for overseeing the integrity of Safeway's financial reporting, compliance with legal and regulatory requirements, the independent auditor's qualifications and independence, and internal auditing. It must include at least three financially literate directors, one of whom is a financial expert, and all members must be independent. The Committee directly oversees the independent auditor, pre-approves any audit and non-audit services, and addresses disagreements between management and the auditor.
medco health solutions 2006 Proxy Statementfinance6
The document is a letter inviting shareholders to Medco Health Solutions' 2006 Annual Meeting. It notifies shareholders that the meeting will be held on May 24, 2006 to elect four directors, ratify the appointment of PricewaterhouseCoopers as the independent auditor, and address any other business. Shareholders are encouraged to vote by proxy card, phone, or online in order to have their shares represented at the meeting.
freddie mac Remarks by FHFA Director Lockhartfinance6
The Federal Housing Finance Agency (FHFA) has placed Fannie Mae and Freddie Mac into conservatorship due to safety and soundness concerns. As conservator, the FHFA will oversee the companies and work to restore stability until they can operate normally again. New CEOs were appointed to replace the current CEOs. The Treasury will provide financial support through secured lending facilities. The goal is to bolster confidence in the companies and provide liquidity and stability to the mortgage markets.
Word Press & Podcasting: Like Digital PB&JMitch Canter
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Prudential Northwest Properties offers real estate agents an exclusive suite of business tools and technology products to help them grow their business. These tools include websites, marketing materials, prospecting tools, and back-office automation. The suite of tools is designed to save agents time and money while helping them build a highly profitable real estate business.
Text Mining for Chemistry and Building a Public Platform for Document Markup
The identification of chemical names in documents has provided platforms to enable structure-based searching of patents and mark-up chemistry publications. A natural extension is the ability to make chemistry articles, blog pages, wiki pages and other documents searchable by the extracted chemical structures. The ChemSpider database is built on a database of over 21 million unique chemical entities from close to 200 data sources and provides a rich resource of information for chemists. We will report on our efforts to integrate chemical name extraction with the ChemSpider platform to enable structure searching of Open Access chemistry articles, and online chemistry materials. We will unveil our online document markup platform for chemists to make both their open- and closed-access publications searchable by the language of chemistry – the structure.
The document discusses complex mathematical and logical relationships. It references numerical values and symbols without clearly explaining their meaning or significance. It switches between different topics and ideas without obvious connections between the sections.
Sprint reported third quarter results with increases in revenue, profit, and customer growth in wireless and solid cash flow. Wireless saw double-digit revenue and profit growth along with customer gains. Local operations reported strong DSL customer additions despite challenges from storms. Sprint recognized a $3.5 billion impairment charge for its long distance assets. It raised full-year guidance due to stronger performance and execution that has enhanced financial strength and flexibility.
Sprint Nextel reported its second quarter 2007 results. Key highlights include:
- Total subscribers increased nearly 400,000 to 54 million, with post-paid net additions of 16,000.
- Higher post-paid ARPU and cost reductions drove a strong sequential improvement in profitability. Adjusted OIBDA increased 12% sequentially.
- Continued strength in wireless data and IP services revenues, which grew 40% and 37% year-over-year respectively.
Qwest reported its second quarter 2008 results, with operating revenue of $3.4 billion, a 2% decline from the previous year. Net income was $188 million, down 24% from the second quarter of 2007. Business segment revenue grew 5% year-over-year driven by growth in data, internet, and strategic products. Mass Markets revenue declined 3% year-over-year due to pressure on voice services. Wholesale revenue declined 8% due to competitive pressures. The company expects full year 2008 revenue to decline up to 2.5% and adjusted EBITDA to be 1-2% below 2007 levels.
Qwest improved its financial performance in the fourth quarter of 2004. Key growth areas like DSL subscribers, consumer bundles, and long-distance lines saw increases. Cost reduction initiatives expanded margins. Cash from operations exceeded capital expenditures for the quarter and year. Operational highlights included surpassing one million DSL subscribers, nearly doubling consumer bundle penetration, and adding over 2 million long-distance lines in 2004.
u.s.bancorp4Q 2003 Earnings Release and Supplemental Analyst Schedules finance13
U.S. Bancorp reported a 19.2% increase in net income for the fourth quarter of 2003 compared to the same period in 2002. Earnings per share increased 16.3% to $0.50. Net interest income increased 2.9% to $1.816.7 million due to growth in average earning assets. Provision for credit losses decreased 18.1% and noninterest expense decreased 9.7% contributing to the rise in net income. The company also completed the spin-off of Piper Jaffray Companies.
- 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.
Third Quarter of Fiscal Year Ending March 2022 (FY2021) Financial HighlightsRicohLease
- Net sales decreased 7.3% year-over-year for Ricoh Leasing due to declines in installment sales and transaction volume from prolonged COVID and semiconductor shortages, however profit increased 17.5% from improved returns.
- Operating assets decreased slightly to 967.9 billion yen due to decreased transaction volume.
- Progress was made toward the 18.5 billion yen full-year operating profit forecast, though uncertainty remains in the market.
direc tv group Fourth Quarter 2008 Financial Results and Outlook finance15
The DIRECTV Group reported strong financial results for Q4 2008 and full year 2008:
- Q4 net subscriber additions totaled 461,000, with 301,000 from DIRECTV US. Full year 2008 free cash flow increased 76% to $1.68 billion.
- DIRECTV US had its best quarterly net subscriber growth in over 3 years and record annual revenue, operating profit before depreciation and amortization, and cash flow.
- DIRECTV Latin America added 160,000 subscribers in Q4, its best year ever with 623,000 net additions, driving revenue growth of 15% for the quarter and 39% for the full year.
- Qwest reported steady financial results for Q1 2008, with operating revenue of $3.4 billion, income before taxes of $256 million, and net income of $157 million.
- While maintaining financial performance, Qwest made strategic progress, including a partnership with Verizon Wireless and launching new broadband internet offers.
- Revenue was impacted by industry consolidation and pricing pressure, but data, internet, and video revenue grew 9%. Expenses declined through cost reductions.
Press Release 1 Q04 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its results for the first quarter of 2004. Key highlights include:
1) Gross additions of 177,368 lines, a 45.7% increase year-over-year.
2) Net additions of 90,298 lines, a 75.8% increase year-over-year, bringing total lines to 2.3 million.
3) Consolidated net revenue increased 4.8% to R$250.8 million. EBITDA increased 6.2% to R$107.9 million.
4) Net income increased 42.4% to R$47 million.
- Northrop Grumman reported a 7% increase in second quarter 2007 net income compared to the same period in 2006. Diluted earnings per share increased to $1.31.
- Operating margin increased 9% to $744 million, or 9.4% of sales, up from 9% in 2006. Sales increased 4% to $7.9 billion.
- Cash from operations increased 16% to $741 million, driven by higher net income and less cash spent on discontinued operations.
Northrop Grumman reported a 7% increase in second quarter 2007 net income compared to the same period in 2006. Diluted earnings per share increased to $1.31 from $1.26 the previous year. Operating margin rose 9% to $744 million, or 9.4% of sales, up from 9% of sales in 2006. Cash from operations also increased, rising to $741 million from $638 million in the prior year. For 2007, the company expects sales of approximately $31.5 billion, segment operating margin in the mid-9% range, diluted EPS from continuing operations between $4.90-$5.05, and cash from operations and free cash flow to be at the upper end
Qwest reported solid first quarter 2007 results, with net income increasing 173% year-over-year to $240 million. High-speed internet subscribers grew 37% to over 1.2 million, while data and internet revenue increased 11%. Earnings per share of $0.12 also grew substantially over the prior year. The company continued expanding margins and growing profits through initiatives such as bundling services and reducing operating expenses.
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.
Motorola reported record quarterly and annual sales and shipments. For the fourth quarter, sales were $11.8 billion, up 17% from the previous year. Shipments of mobile devices totaled 65.7 million units. Earnings from continuing operations were $0.21 per share, including charges. For the full year, sales reached a record $42.9 billion, up 22% compared to 2005. Motorola shipped a record 217.4 million mobile devices and expects first quarter 2007 sales to be between $10.4-10.6 billion.
Tele Celular Sul Participações S.A. announced its results for the fourth quarter and full year 2003. Key highlights include:
- Revenues increased 23.5% to R$1.4 billion for the year driven by a 19% rise in customers to over 2 million.
- EBITDA grew 10.1% to R$383 million and net income increased 83.7% to R$120 million, a record level.
- Investments totaled R$213 million, mainly to expand GSM coverage, while still generating a positive cash flow of R$200 million for the year.
Tele Celular Sul Participações S.A. announced its results for the fourth quarter and full year 2003. Key highlights include:
- Revenue increased 23.5% to R$1.4 billion for the year driven by a 19% rise in customers to over 2 million.
- EBITDA grew 10.1% to R$383 million and net income increased 83.7% to R$120 million.
- The company invested R$213 million in network expansion while maintaining a strong positive cash flow of R$200 million.
- Management is proposing a 30.9% payout ratio to shareholders of R$37 million in dividends and interest on capital.
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.
Qwest reported steady financial results for the second quarter of 2007, with improved revenue trends, earnings per share growth, and margin expansion compared to the same period last year. Net income increased 110% year-over-year to $246 million. Qwest continued growing its data, internet, and video services, with these revenue streams now making up 36% of operating revenue. The company also enhanced its balance sheet by paying down $356 million in debt during the quarter.
U.S. Bancorp reported a 14% increase in earnings per share for the third quarter of 2004 compared to the same period in 2003, driven by strong fee revenue and improved credit quality. Net income was $1.065 billion for Q3 2004, up 12.1% from Q3 2003. Returns on average assets and equity were also up from the prior year. Fee income growth of 11.7% helped offset weakness in commercial lending. Credit costs declined 46.7% from a year ago due to lower net charge-offs and nonperforming assets.
Similar to sprint nextel Quarterly Results 2004 4rd (20)
Intel Corporation projected a 21% increase in total spending from 2005 to 2006 under GAAP. This included a forecasted 10% increase from share-based compensation and a 2% increase from spending at IMFT. Excluding these factors, Intel forecasted a 9% increase in total spending from 2005 to 2006, which included research and development expenses and marketing, general, and administrative expenses.
Intel reported a GAAP gross margin of 59.7% or $5,948 million for Q3 2005. Excluding a $140 million legal settlement charge related to an agreement with MicroUnity to resolve a patent case, Intel's gross margin was 61.1% or $6,088 million. The legal settlement charge impacted gross margin by 1.4% for the quarter.
- Intel reported first-quarter revenue of $8.9 billion, operating income of $1.7 billion, and earnings per share of 23 cents. Excluding share-based compensation, operating income was $2.1 billion and EPS was 27 cents.
- Revenue declined 5% year-over-year and 12% sequentially due to moderating PC growth rates leading to slower chip-level inventory reductions and affecting revenue.
- The outlook for the second quarter expects revenue between $8.0-8.6 billion and gross margin of 49%, plus or minus a couple points.
Intel reported third quarter revenue of $8.7 billion, a 12% decrease from the previous year. Operating income was $1.4 billion and earnings per share were 22 cents. Record shipments of mobile and server microprocessors drove results. Looking forward, Intel expects fourth quarter revenue between $9.1-9.7 billion and gross margin around 50%, and provided additional financial forecasts. Key risks include intense competition, transition to new manufacturing processes, and demand variability.
This document from Intel Corporation provides reconciliations of GAAP financial metrics to non-GAAP metrics that exclude the impact of share-based compensation. It shows adjustments made to spending, operating income, net income, earnings per share, common shares, and gross margin percentage for three months and a full year. These adjustments increase the non-GAAP numbers to exclude over $1 billion in share-based compensation expenses.
Intel reported fourth quarter revenue of $9.7 billion, operating income of $1.5 billion, and earnings per share of $0.26. For the full year 2006, Intel achieved revenue of $35.4 billion, operating income of $5.7 billion, net income of $5 billion and earnings per share of $0.86. Key highlights included record microprocessor and flash unit sales, and record mobile and server microprocessor revenue. For the first quarter of 2007, Intel expects revenue between $8.7-9.3 billion and earnings per share of approximately $0.30.
This document summarizes Intel's first-quarter 2007 financial results. Key points include:
- Revenue of $8.9 billion, operating income of $1.7 billion, net income of $1.6 billion, and EPS of 27 cents.
- Guidance for Q2 2007 includes expected revenue between $8.2-8.8 billion and gross margin of 48% plus/minus a couple points.
- Guidance for full year 2007 includes expected gross margin of 51% plus/minus a few points and R&D spending of $5.6 billion.
intel Second Quarter 2007 Earnings Releasefinance6
- Intel reported second-quarter revenue of $8.7 billion, up 8% year-over-year, with operating income of $1.35 billion and net income of $1.3 billion.
- For the third quarter, Intel expects revenue between $9.0-9.6 billion with a gross margin of 52% plus or minus a couple points.
- For 2007, Intel expects gross margin of 51% plus or minus a few points and capital spending of $4.9 billion plus or minus $200 million.
Intel has updated its third-quarter revenue and gross margin expectations. Revenue is now expected to be between $9.4 billion and $9.8 billion, compared to the previous range of $9.0 billion to $9.6 billion. Gross margin is expected to be in the upper half of the previous range of 52 percent plus or minus a couple points. All other expectations remain unchanged and Intel will report third-quarter financial results on October 16. The document outlines various risk factors that could affect Intel's actual results.
- Intel reported record third-quarter revenue of $10.1 billion, up 15% year-over-year. Operating income was $2.2 billion, up 64% year-over-year.
- Revenue growth was driven by record microprocessor, chipset, and flash unit shipments. Net income was $1.9 billion, up 43% year-over-year.
- For Q4 2007, Intel expects revenue between $10.5-11.1 billion and gross margin of 57% plus or minus a couple points.
Intel reported record quarterly revenue of $10.7 billion for Q4 2007, up 10.5% year-over-year. Net income was $2.3 billion, up 51% from Q4 2006. For the full year 2007, operating income grew 45% to $8.2 billion on revenue of $38.3 billion, an 8% increase. Looking ahead, Intel expects Q1 2008 revenue to be between $9.4-10 billion and gross margin of 56% plus or minus a couple points.
- Intel lowered its first-quarter gross margin forecast from 56% to 54% due to lower than expected prices for NAND flash memory chips.
- All other expectations for the first quarter remain unchanged from the previous business outlook published in Intel's fourth quarter earnings release.
- Intel will observe a "Quiet Period" from March 7 until its first-quarter earnings release where it will not update its business outlook.
- Intel reported record first quarter revenue of $9.7 billion, up 9% year-over-year, driven by strong demand for their microprocessors and chipsets.
- Net income was $1.4 billion, though this was down 12% year-over-year due to restructuring charges and a higher tax rate.
- For the second quarter, Intel expects revenue between $9.0-9.6 billion and gross margin of 56% plus or minus a couple points.
- Intel reported record first quarter revenue of $9.7 billion, up 9% year-over-year, driven by strong demand for their microprocessors and chipsets.
- Net income was $1.4 billion, though this was down 12% year-over-year due to restructuring charges.
- For the second quarter, Intel expects revenue between $9.0-9.6 billion and gross margin of 56% plus or minus a couple points.
intel Second Quarter 2008 Earnings Releasefinance6
Intel reported record second quarter revenue of $9.5 billion, up 9% year-over-year. Net income was $1.6 billion, a 25% increase from the previous year. Operating income grew 67% to $2.3 billion. Looking ahead, Intel expects third quarter revenue between $10-10.6 billion and gross margin around 58%.
- Intel reported record third quarter revenue of $10.2 billion, up 8% from the previous quarter. Operating income was $3.1 billion, up 37% from the previous quarter.
- Revenue growth was driven by higher microprocessor unit sales and prices. Gross margin increased to 59% due to lower unit costs and higher revenue.
- For Q4 2008, Intel expects revenue between $10.1-10.9 billion and gross margin around 59%. It also expects restructuring charges of $250 million and a net loss from investments of $50 million.
Intel announced that its fourth-quarter business will be below previous expectations, with revenue expected to be $9 billion, lower than the $10.1-10.9 billion expectation. Gross margin is also expected to be lower at 55% due to lower revenue and other charges from weaker demand. Spending is projected to be $2.8 billion compared to $2.9 billion expected previously. Risk factors that could further impact results include continued uncertainty in global economic conditions, competition, manufacturing costs and yields, and impairment charges.
This document summarizes Intel's fourth-quarter and annual financial results for 2008. Some key points:
- Fourth-quarter revenue was $8.2 billion, down 19% sequentially and 23% year-over-year.
- Annual revenue was $37.6 billion, down 2% year-over-year but up slightly adjusted for divestitures.
- Gross margin declined to 53% in Q4, down from 59% in Q3, due to higher factory underutilization and inventory write-offs.
- For 2009, Intel expects revenue to be around $7 billion in Q1 with gross margins in the low 40s, and spending of $10.4-10.6 billion
In 2007, Intel continued focusing on extending its product leadership and leveraging its manufacturing capabilities. Key highlights include:
- Revenue increased 8% to $38.3 billion and net income grew 38% to $7 billion.
- Intel launched 45nm processors designed for energy efficiency and transitioned its portfolio to the Intel Core microarchitecture.
- Demand remained strong across business segments for Intel's energy-efficient processors.
- The company renewed focus on its core strengths of Intel architecture and manufacturing leadership.
The document introduces Intel's new Core i7 processor. It claims the Core i7 is the fastest processor on the planet, up to 40% faster than the previous Core 2 Extreme processor. It is now available worldwide with broad support from OEMs and the industry. The Core i7 crosses a performance threshold and opens the door to new types of applications and usages.
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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.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
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Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
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In World Expo 2010 Shanghai – the most visited Expo in the World History
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KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
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Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
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sprint nextel Quarterly Results 2004 4rd
1. Investor Update
4Q 2004
Sprint Reports Fourth Quarter and Full-Year 2004 Results
• Strong direct and affiliate and robust wholesale performance drives 1.58
million net Wireless subscriber additions
• Outstanding quarterly DSL customer additions in Local
• Strong growth in profits
• Free Cash Flow*, debt reduction exceed targets
Overland Park, Kan. - Feb. 3, 2005:
Sprint (NSYE: FON) today announced fourth quarter the year with Net Debt* of approximately $12.6
and full-year 2004 financial results. Sprint billion, beating its year-end goal of $13 billion.
completed the year with record Wireless and DSL
subscriber gains, substantial bottom-line Total consolidated revenues for 2004 were $27.4
improvement and increased financial strength. billion, a 5% increase compared to 2003. Fourth
quarter revenues increased 4% compared to the
year-ago period and were flat sequentially. In the
For the quarter, fully diluted earnings per share from
quarter, Sprint reported a double-digit year-over-
continuing operations on a GAAP basis were 29
year increase in Wireless revenues and steady
cents. This compares to 7 cents earnings per share
Local performance offset by a decline in Long
in the fourth quarter of 2003. Adjusted EPS*, which
Distance. In the quarter, each of Sprint’s customer-
removes the effects of special items, was 31 cents
facing sales units reported revenues consistent with
per share compared to 17 cents per share in the
third quarter levels.
same period a year ago, an 82% improvement. For
the full year on a GAAP basis, Sprint reported a loss
Consolidated Adjusted EBITDA* in the quarter was
from continuing operations of 71 cents per share
$2.05 billion, a 1% increase over the year-ago
compared to a loss of 21 cents per share in 2003.
period, but a 1% decline sequentially. Full-year
Full-year Adjusted EPS* was 93 cents compared to
Adjusted EBITDA* was $8.13 billion, a 3% increase
63 cents a year ago, a 48% improvement. Special
compared to 2003. In the quarter, Local delivered
items are described in the next section of this
strong Adjusted EBITDA* performance while Long
release.
Distance declined. Fourth quarter Wireless Adjusted
EBITDA* increased more than 20% year-over-year.
Fourth quarter Free Cash Flow* totaled $624 million
and full-year Free Cash Flow* was $2.0 billion. As a
result of this strong cash production, Sprint finished
1
2. Consolidated Adjusted Operating Income* in the Sprint Consolidated Highlights
quarter was $1.0 billion, a 32% increase from the Sprint Corporation
Selected Financial Data
year-ago period and a 20% sequential improvement. (millions) Quarters Ended
Fourth quarter Adjusted Operating Income* was Dec 31, Dec 31, Percent
2004 2003 Change
aided by lower depreciation expense in Long
Distance following an asset impairment recorded in $6,930 $6,681 3.7%
Net operating revenues
the third quarter. Full-year Adjusted Operating 970 447 NM
Operating income
Income* was $3.4 billion, a 16% improvement 1,016 767 32.5%
Adjusted operating income
compared to 2003.
Adjusted income from
468 248 88.7%
continuing operations
In the fourth quarter, Sprint continued to achieve
Income from continuing
strong gains in strategic industry growth areas. The 437 107 NM
operations
1.58 million net wireless additions in the fourth - 3 (100%)
Discontinued operations
quarter included 526,000 from direct, 923,000 from
$437 $110 NM
Net Income
wholesale and 133,000 through affiliate partners,
making this a record quarter. There were more than $1,338 $1,464 (8.6%)
CapEx
17.8 million total direct customers at the end of
$624 $581 7.4%
Free Cash Flow*
2004, reflecting a full-year increase of just under 2.0
million. At the end of the year, Wireless was serving
Year-to-Date
a total of 24.8 million customers, an increase of 4.4 Dec 31, Dec 31, Percent
million, or 22%, from a year ago. Local added 2004 2003 Change
60,000 DSL subscribers in the quarter and ended $27,428 $26,197 4.7%
Net operating revenues
the year with nearly 500,000 customers, an increase
(303) 1,007 NM
Operating income (loss)
of more than 60% from a year ago.
3,414 2,944 16.0%
Adjusted operating income
“At the onset of 2004, we described our intent to Adjusted income from
1,365 907 50.5%
continuing operations
transform our business to focus on the distinctive
needs of businesses and consumers, as well as (1,012) (292) NM
Loss from continuing operations
outlined growth and expense reduction goals,” said - 1,324 (100.0%)
Discontinued operations
Gary Forsee, Sprint chairman and chief executive Cumulative effect of change in
officer. “We exit the year in full stride in delivering - 258 (100.0%)
accounting principle, net
solid operational and financial performance. This
($1,012) $1,290 NM
Net Income (Loss)
execution has led to substantial value creation for
our shareholders and set a foundation that is $3,980 $3,797 4.8%
CapEx
expected to benefit our customers and investors in $1,997 $2,330 (14.3%)
Free Cash Flow*
the years ahead.”
Consolidated fourth quarter net operating revenues
were $6.9 billion compared to $6.7 billion last year.
Consolidated Operating income for the fourth
quarter was $970 million. The consolidated
operating income of $447 million in the 2003 fourth
quarter includes restructuring and asset impairment
charges of $370 million and a one-time gain from a
bad debt recovery of $50 million. Adjusted Operating
Income* as a percent of net operating revenues was
approximately 320 basis points higher than the
same period a year ago. The improvement was
largely aided by lower Long Distance depreciation
expense following an asset impairment charge taken
in the third quarter of 2004. For the year-to-date
period, pension-related costs and stock-based
compensation costs totaled $356 million vs. $215
million in the year-ago period. Full-year interest
expense decreased $153 million, or 11%, from
2003.
Full-year capital expenditures totaled $4.0 billion. In
Wireless, Sprint invested $2.6 billion adding network
2
3. capacity, improving coverage and beginning the EV- was partially offset by $35 million in insurance
DO buildout. Long Distance invested $282 million proceeds received during 2003.
maintaining and adding capacity to the network and Tax benefits – Tax benefits of $49 million were
•
deploying our Next Generation Voice Network for recorded in 2003 related to the recognition of
cable customers and new VoIP services. Local certain federal and state income tax credits and
spent a little more than $1.0 billion adding new the cumulative impact of changes in state
capabilities, supporting customer requirements and income tax apportionments.
maintaining current facilities.
Finally, Sprint reported two items in the statement of
Special Items operations below the continuing operations line in
2003:
The difference between Sprint’s reported operating
• Discontinued operation – Reflects the
income and Adjusted Operating Income* is the result
operational activity and gain on sale of Sprint’s
of the following special items:
directory publishing business.
• Asset impairments – In the third quarter of 2004,
• Cumulative effect of a change in accounting
Sprint recorded a pre-tax, non-cash charge of
principle – Reflects a pre-tax gain of $420 million
$3.5 billion for the impairment of its Long
recorded upon adoption of Statement of
Distance network assets. In 2003, a pre-tax,
Financial Accounting Standards No. 143,
non-cash charge of $1.9 billion was recorded for
Accounting for Asset Retirement Obligations.
the write-down of Sprint’s MMDS spectrum, Web
Hosting wind-down, and termination of a
For additional explanation of any of these special
software billing platform.
items, refer to the attached schedules, Notes to
• Restructuring – In 2004, pre-tax charges related
Consolidated Statements of Operations and
to severance costs associated with Sprint’s
Reconciliations of Earnings per Share.
transformation initiatives and Web Hosting wind-
down were $46 million for the fourth quarter and
$191 million for the year-to-date period. In
2003, pre-tax charges primarily related to
Sprint’s transformation initiatives and the Web
Hosting wind-down were approximately $78
million.
• Bankruptcy settlement – Sprint recorded a pre-
tax benefit of $14 million in the second quarter of
2004 and $50 million in 2003 as a result of a
bankruptcy settlement reached with MCI
(WorldCom).
• Executive separation agreements – In 2003, a
$36 million pre-tax charge associated with
executive separation agreements was recorded.
The difference between Sprint’s reported income
from continuing operations and Adjusted income
from continuing operations* includes the impacts of
the following additional special items:
• Early retirement of debt – In 2004, a pre-tax
charge of $2 million was recorded in the fourth
quarter, a pre-tax charge of $41 million was
recorded in the third quarter and $29 million was
recorded in the second quarter related to the
early retirement of senior notes and equity unit
notes. These charges consisted of premiums
paid and the recognition of deferred debt costs.
In 2003, pre-tax charges of $21 million were
recorded related to the early retirement of long-
term debt.
• Shareholder litigation charge – A pre-tax charge
of $50 million was recorded in 2003 for a
shareholder litigation settlement. This charge
3
4. Full-year Adjusted EBITDA* increased 19%
Wireless
compared to 2003.
Wireless
Selected Financial Data
For the full year, Adjusted EBITDA* exceeded
•
(millions)
capital spending by $1.58 billion, a 17%
Quarters Ended
Dec 31, Dec 31, Percent
improvement over the prior year.
2004 2003 Change
Average monthly service revenue per user
•
Net operating revenues
(ARPU)* was $62 in the fourth quarter and in the
Service $3,244 $2,908 11.6%
year-ago period, and $63 in the third quarter of
Equipment 395 298 32.6%
Wholesale, affiliate and other 197 101 95.0% 2004.
Net operating revenues 3,836 3,307 16.0%
During the quarter, average subscriber usage
•
Operating expenses
was approximately 16 hours per month.
Cost of services & products 1,851 1,558 18.8%
Subscriber churn was approximately 2.7% in the
•
Selling, general & administrative 919 868 5.9%
fourth quarter, which mirrors both the year-ago
Depreciation 649 625 3.8%
period and the third quarter of 2004.
Restructuring & asset
impairments 11 352 (96.9%)
At the end of the period, there were nearly 7.7
Total operating expenses 3,430 3,403 0.8%
million direct wireless data subscribers, including 6.2
$406 ($96) NM
Operating income (loss) sm
million Sprint PCS Vision subscribers. In the
$889 $931 (4.5%)
Capex
quarter, data contributed 9% to overall ARPU*.
Year-to-Date
Dec 31, Dec 31, Percent Wireless continues to position itself as the partner of
2004 2003 Change
choice in the mobile virtual network operator
(MVNO) market, announcing a new agreement with
Net operating revenues
Service $12,529 $11,217 11.7%
ESPN in the fourth quarter. The MVNO initiative
Equipment 1,510 1,143 32.1%
allows Sprint to partner with other leading national
Wholesale, affiliate and other 608 330 84.2%
brands to add new distribution channels and
Net operating revenues 14,647 12,690 15.4%
leverage our network investment.
Operating expenses
Cost of services & products 7,096 6,155 15.3%
Selling, general & administrative 3,406 3,085 10.4%
Fourth quarter cost of services and products
Depreciation 2,563 2,454 4.4%
increased 19% compared to the year-ago period and
Restructuring & asset
5% sequentially, primarily due to higher equipment
impairments 30 362 (91.7%)
costs associated with increased gross additions and
Total operating expenses 13,095 12,056 8.6%
cost of service increases associated with a larger
$1,552 $634 NM
Operating income
subscriber base and higher minutes of use. Higher
$2,559 $2,123 20.5%
Capex
customer acquisition expenses and a broader direct
distribution presence contributed to a 6% year-over-
Direct gross additions were approximately 1.9
• year increase in selling, general and administrative
million in the quarter, a 16% year-over-year expenses and a 1% increase sequentially. The
increase. Full-year direct gross additions were 2004 fourth quarter includes a $30 million gain on
approximately 7.2 million. sale of previously written-off customer receivables.
Fourth quarter net operating revenues
• As previously reported, the 2004 third quarter
increased 16% compared to the year-ago period included an additional $26 million of cell site
and increased 2% sequentially. In addition to acquisition and development expenses.
strong direct service revenues and growth in
equipment revenues, the quarter’s revenues
were aided by a growing contribution from
wholesale partners. Wholesale and affiliate
revenues were up 95% year-over–year and 19%
sequentially.
Fourth quarter Adjusted Operating Income*
•
increased 63% from the year-ago period,
primarily from increased revenue, as discussed
above. Adjusted Operating Income* decreased
8% sequentially, primarily due to higher
acquisition costs associated with increased
direct gross additions.
Adjusted EBITDA* was $1.07 billion, an increase
•
of 21% from the fourth quarter of 2003, but a
decline of 2% from the third quarter of 2004.
4
5. Total voice access lines in service declined
Local •
2.9%, or 229,000 lines, from the year-ago period
Local
as access lines continue to be impacted by
Selected Financial Data
(millions) wireless substitution and competition from cable
Quarters Ended
providers.
Dec 31, Dec 31, Percent
2004 2003 Change
DSL service revenues reached nearly $225 million in
Net operating revenues
Voice $1,110 $1,154 (3.8%)
2004. This growth drove a 13% year-over-year
Data 219 194 12.9%
increase in quarterly data revenues.
Other 180 197 (8.6%)
Net operating revenues 1,509 1,545 (2.3%)
Operating expenses
Penetration of residential strategic products
Cost of services & products 465 476 (2.3%)
continued to increase, and Local ended the quarter
Selling, general & administrative 287 285 0.7%
with over 70% of residential customers purchasing
Depreciation 273 276 (1.1%)
at least one strategic product in addition to basic
Restructuring & asset impairments 20 24 (16.7%)
telephone service. Local had 24,000 satellite video
Total operating expenses 1,045 1,061 (1.5%)
subscribers, an increase of more than 80% from
$464 $484 (4.1%)
Operating Income
2004 third quarter. Penetration of wireless also
$329 $387 (15.0%)
Capex
continued to increase, driven in part by the
integrated wireless and wireline service offering,
Year-to-Date sm
Sprint Home and On the Go , which ended the
Dec 31, Dec 31, Percent
2004 2003 Change quarter with 43,000 customers, a sequential
increase of 150%.
Net operating revenues
Voice $4,498 $4,654 (3.4%)
Data 833 730 14.1%
Fourth quarter costs of services and products
Other 690 746 (7.5%)
declined 2% from the year-ago period and 7%
Net operating revenues 6,021 6,130 (1.8%)
sequentially, primarily due to broad cost containment
Operating expenses
Cost of services & products 1,877 1,943 (3.4%) measures. Additionally, the 2004 third quarter
Selling, general & administrative 1,254 1,220 2.8% included $30 million of hurricane-related costs.
Depreciation 1,084 1,081 0.3% Selling, general and administrative expenses were
Restructuring & asset impairments 40 24 66.7% up 1% compared to the year-ago period. In the
Total operating expenses 4,255 4,268 (0.3%) fourth quarter a year ago, this line item includes a
$1,766 $1,862 (5.2%)
Operating Income $35 million credit for a bad debt recovery from a
$1,042 $1,226 (15.0%)
Capex
bankrupt business customer. Without this item,
2004 expenses were down 10%. Sequentially,
Fourth quarter revenues declined 2% from the
• selling, general and administrative expenses were
year-ago period. Full-year revenues were also down 8%. This decline was primarily due to a 2004
down 2%. Fourth quarter revenues were up 1% fourth quarter adjustment which decreased post
from the third quarter. The sequential increase retirement benefit expense.
was primarily due to a 2004 third quarter
revenue reduction of $14 million related to an
unfavorable FCC ruling that was noted in our
third quarter report.
Adjusted EBITDA* was up 1% compared to the
•
year-ago period, and 10% sequentially. Full-
year Adjusted EBITDA of $2.89 billion declined
2% from 2003. In the quarter, Adjusted EBITDA*
was 50.2% of revenues.
For the full year, Adjusted EBITDA* exceeded
•
capital spending by $1.85 billion, an 8% annual
increase.
Adjusted Operating Income* of $484 million for
•
the fourth quarter compares to $473 million in
the fourth quarter of 2003 and $414 million in the
third quarter of 2004.
Local added nearly 190,000 new DSL
•
subscribers in 2004.
5
6. In the quarter, total voice revenues declined
Long Distance
approximately 12% from the year-ago period and
Long Distance
Selected Financial Data
5% sequentially. In addition to the higher billing
(millions)
adjustments, the sequential comparison was
Quarters Ended
Dec 31, Dec 31, Percent
impacted by a favorable change in regulatory fee
2004 2003 Change
accounting related to an FCC ruling that was noted
Net operating revenues
in our third quarter report. In the quarter, consumer
Voice $1,079 $1,219 (11.5%)
Data 405 462 (12.3%) voice revenues declined 25% compared to a year
Internet 176 252 (30.2%)
ago while business voice revenues, including
Other 74 44 68.2%
wholesale and affiliates, declined by 8%.
Net operating revenues 1,734 1,977 (12.3%)
Operating expenses
Cost of services & products 1,091 1,021 6.9%
Data revenues decreased 12% from the fourth
Selling, general & administrative 408 535 (23.7%)
quarter of 2003 and 5% sequentially. Frame Relay
Depreciation 111 356 (68.8%)
and Private Line services declined at low double-
Restructuring & asset impairments 15 (7) NM
digit rates compared to the year-ago period while
Total operating expenses 1,625 1,905 (14.7%)
ATM revenues were 4% lower. Dedicated IP
$109 $72 51.4%
Operating income
revenues increased 8% year-over-year and 4%
$91 $109 (16.5%)
Capex
sequentially, but this was more than offset by the
impact from exiting Dial IP and Web Hosting
Year-to-Date
Dec 31, Dec 31, Percent
services.
2004 2003 Change
Net operating revenues
In the fourth quarter, selling, general and
Voice $4,560 $4,999 (8.8%)
Data 1,722 1,853 (7.1%) administrative expenses were 24% below the year-
Internet 793 973 (18.5%)
ago period, reflecting lower headcount and a refined
Other 252 180 40.0%
go-to-market strategy for long-distance that
Net operating revenues 7,327 8,005 (8.5%)
increased business sales efforts in multi-product
Operating expenses
Cost of services & products 4,324 4,252 1.7%
bundles, IP and wireless solutions while reducing
Selling, general & administrative 1,860 2,199 (15.4%)
sales efforts on stand-alone wireline services. In the
Depreciation 1,071 1,432 (25.2%)
quarter, bad debt expense was 2.2% of revenues vs.
Restructuring & asset impairments 3,661 1,564 NM
0.9% in the third quarter. Excluding a credit to bad
Total operating expenses 10,916 9,447 15.5%
debt that was noted as a special item in the fourth
$(3,589) $(1,442) NM
Operating loss
quarter a year ago, bad debt would have been 1.4%
$282 $339 (16.8%)
Capex
of revenues. The increase in the current period was
Net operating revenues declined by 12% from
• due to several small business customer
the year-ago period and declined 4% bankruptcies.
sequentially. Fourth quarter reported revenues
were reduced by $22 million due to customer Sprint continued to expand its cable initiative, which
billing adjustments related to prior quarters’ now enables it to help cable companies deliver a
activity. wide range of local and long distance voice services
Adjusted EBITDA* was $235 million in the
• through agreements with cable partners like Time
quarter compared to $406 million in the fourth Warner, Charter Communications, Mediacom and
quarter of 2003 and $302 million in the third others. Sprint was also selected by Comcast to
quarter of 2004. The declines are primarily due provide certain transport services in support of
to lower revenues including the billing Comcast’s deployment of voice services in selected
adjustments discussed above, competitive markets. The number of orders Sprint received per
pressure on margins and increased bad debt day in the 2004 fourth quarter through its cable
expense. Full-year Adjusted EBITDA* of $1.14 agreements increased approximately 50%
billion was 15.5% of revenues. sequentially.
In 2004, Adjusted EBITDA* exceeded capital
•
spending by $853 million compared to $1.21
billion in 2003.
Adjusted Operating Income* was $124 million
•
for the fourth quarter compared to $50 million in
the year-ago period and a loss of $17 million in
the third quarter of 2004. In the fourth quarter,
depreciation expense declined by $245 million
from a year ago primarily due to the third quarter
asset impairment.
6
7. Adjusted income (loss) from continuing
Forward-looking Guidance
operations and Adjusted earnings per share
Sprint is reiterating 2005 guidance which it
(EPS) or Adjusted loss per share are defined as
previously provided on December 20, 2004. This
income or loss from continuing operations plus
guidance includes full-year low single-digit revenue
special items, net of tax and the diluted EPS
growth, full-year Adjusted EBITDA* of $8.5 billion to
calculated thereon. These non-GAAP measures
$8.7 billion, and full-year capital spending of $4.0
should be used in addition to, but not as a substitute
billion to $4.2 billion. Sprint will make a presentation
for, the analysis provided in the statement of
to the investment community on the morning of
operations.
February 10, 2005. More detailed forward-looking
guidance will be provided on that date. Information
We believe that these measures are useful because
about the meeting and the directions for an
they allow investors to evaluate our performance for
individual to participate through a live webcast are
different periods on a more comparable basis by
available at www.sprint.com/IR. An audio “listen-
excluding items that do not relate to the ongoing
only” option will also be available.
operations of our businesses.
Adjusted EBITDA is defined as operating income
*Financial Measures
plus depreciation and special items. This non-GAAP
Sprint provides financial measures generated using
measure should be used in addition to, but not as a
generally accepted accounting principles (GAAP)
substitute for, the analysis provided in the statement
and using adjustments to GAAP (non-GAAP). The
of cash flows.
non-GAAP financial measures reflect industry
conventions, or standard measures of liquidity,
We believe that Adjusted EBITDA provides useful
profitability or performance commonly used by the
information to investors because it is an indicator of
investment community for comparability purposes.
the strength and performance of our ongoing
These non-GAAP measures are not measurements
business operations, including our ability to fund
under accounting principles generally accepted in
discretionary spending such as capital expenditures,
the United States. These measurements should be
spectrum acquisitions and other investments and
considered in addition to, but not as a substitute for,
our ability to incur and service debt. While
the information contained in our financial reporting.
depreciation and amortization are considered
We have defined below each of the non-GAAP
operating costs under generally accepted
measures we use, but these measures may not be
accounting principles, these expenses primarily
synonymous to similar measurement terms used by
represent non-cash current period allocation of costs
other companies.
associated with long-lived assets acquired or
constructed in prior periods. Adjusted EBITDA is a
Sprint provides reconciliations of these non-GAAP
calculation commonly used as a basis for investors,
measures in its financial reporting. Because Sprint
analysts and credit rating agencies to evaluate and
does not predict special items that might occur in the
compare the periodic and future operating
future, and our forecasts are developed at a level of
performance and value of companies within the
detail different than that used to prepare GAAP-
telecommunications industry.
based financial measures, Sprint does not provide
reconciliations to GAAP of its forward-looking
Free Cash Flow is defined as the change in cash
financial measures.
and equivalents less the change in discontinued
operations, debt, investment in debt securities,
The measures used in this release include the
proceeds from common stock and other financing
following:
activities, net. This non-GAAP measure should be
used in addition to, but not as a substitute for, the
Adjusted Operating Income (Loss) is defined as
analysis provided in the statement of cash flows.
operating income plus special items. This non-
GAAP measure should be used in addition to, but
We believe that Free Cash Flow provides useful
not as a substitute for, the analysis provided in the
information to investors, analysts and our
statement of operations.
management about the cash generated by our core
operations after interest and dividends and our
We believe this measure is useful because it allows
ability to fund scheduled debt maturities and other
investors to evaluate our operating results for
financing activities, including discretionary
different periods on a more comparable basis by
refinancing and retirement of debt and purchase or
excluding special items.
sale of investments.
7
8. Net Debt is consolidated debt, including current CAUTIONARY STATEMENT REGARDING
maturities, and equity unit notes, less cash and cash FORWARD-LOOKING INFORMATION:
equivalents. This non-GAAP measure should be This news release includes “forward-looking
used in addition to, but not as a substitute for, the statements” within the meaning of the securities
analysis provided in the statements of financial laws. The statements in this news release regarding
position and cash flows. the business outlook and expected performance, as
well as other statements that are not historical facts,
We believe that Net Debt provides useful information are forward-looking statements. The words
to investors, analysts and credit rating agencies quot;estimate,quot; quot;project,quot; ”forecast,” quot;intend,quot; quot;expect,quot;
about the capacity of the company to reduce the quot;believe,quot; quot;target,quot; “providing guidance” and similar
debt load and improve its capital structure. expressions are intended to identify forward-looking
statements. Forward-looking statements are
ARPU (Average monthly service revenue per user) estimates and projections reflecting management's
is calculated by dividing wireless service revenues judgment and involve a number of risks and
from direct subscribers by weighted average monthly uncertainties that could cause actual results to differ
wireless direct subscribers. This industry operating materially from those suggested by the forward-
metric is used to measure revenue on a per-user looking statements. With respect to these forward-
basis. While this measure is not defined under looking statements, management has made
accounting principles generally accepted in the assumptions regarding, among other things,
United States, the measure uses GAAP as the basis customer and network usage, customer growth and
for calculation. retention, pricing, operating costs, the timing of
various events and the economic environment.
We believe that ARPU provides useful information
concerning the appeal of our rate plans and service
Future performance cannot be ensured. Actual
offerings and our performance in attracting and results may differ materially from those in the
retaining high value customers. forward-looking statements. Some factors that could
cause actual results to differ include:
Conference Call and Webcast Information
The uncertainties related to our proposed
Sprint management will provide an overview of the •
merger with Nextel;
company’s performance and participate in an
the effects of vigorous competition and the
interactive Q&A via conference call on Thursday, •
overall demand for Sprint’s service offerings in
February 3, 2005, beginning at 7 a.m. CST. Call-in
the markets in which Sprint operates;
numbers are 866-215-1938 (toll free) and 816-650-
0742 (international). Please plan on gaining access the costs and business risks associated with
•
10 minutes prior to the start of the call. providing new services and entering new
markets;
A simultaneous webcast will be available at adverse change in the ratings afforded our debt
•
www.sprint.com/sprint/ir/ai/web.html and will be securities by ratings agencies;
available for replay from February 7, 2005, through the ability of Wireless to continue to grow and
•
February 21, 2005. A continuous replay of the call improve profitability;
will be available through February 21, 2005, and can the ability of Local and Long Distance to
•
be accessed by dialing 888-775-8696 (toll free) or maintain cash flow generation;
402-220-1326 (international). the effects of mergers and consolidations in the
•
telecommunications industry and unexpected
announcements or developments from others in
the telecommunications industry;
the uncertainties related to bankruptcies
•
affecting the telecommunications industry;
the uncertainties related to Sprint's investments
•
in networks, systems and other businesses;
the uncertainties related to the implementation
•
of Sprint's business strategies, including our
initiative to realign services to enhance the focus
on business and consumer customers;
the impact of new, emerging and competing
•
technologies on Sprint's business;
unexpected results of litigation filed against
•
Sprint;
8
9. the risk of equipment failure, natural disasters, About Sprint
•
terrorist acts, or other breaches of network or
Sprint offers an extensive range of innovative
information technology security;
communication products and solutions, including
the possibility of one or more of the markets in
• global IP, wireless, local and multiproduct bundles.
which Sprint competes being impacted by A Fortune 100 company with more than $27 billion in
changes in political or other factors such as annual revenues in 2004, Sprint is widely recognized
monetary policy, legal and regulatory changes or for developing, engineering and deploying state-of-
other external factors over which Sprint has no the-art network technologies, including the United
control; and States’ first nationwide all-digital, fiber-optic network;
other risks referenced from time to time in
• an award-winning Tier 1 Internet backbone; and one
Sprint's filings with the Securities and Exchange of the largest 100-percent digital, nationwide
Commission (SEC). wireless networks in the United States. For more
information, visit www.sprint.com.
Sprint believes these forward-looking statements are
reasonable; however, you should not place undue
reliance on forward-looking statements, which are
based on current expectations and speak only as of
the date of this release. Sprint is not obligated to
publicly release any revisions to forward-looking
statements to reflect events after the date of this
release or unforeseen events. Unless specifically
discussed in this release, no forward-looking
statements made by Sprint before the date of this
release should be deemed to be reiterated,
confirmed or updated by any statement in this
release. Sprint provides a detailed discussion of risk
factors in various SEC filings, including its 2003
Form 10-K/A, and you are encouraged to review
these filings.
For further information, contact
Corporate Communications:
Media Relations:
Scott Stoffel
913-794-3603
scott.e.stoffel@mail.sprint.com
Investor Relations:
Kurt Fawkes
913-794-1126
Investorrelation.sprintcom@
mail.sprint.com
9
10. Sprint Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
(millions, except per share data)
Quarter-to-Date Year-to-Date
Periods Ended December 31, 2004 2003 2004 2003
$ 6,930 $ 6,681 $ 27,428 $ 26,197
Net Operating Revenues
Operating Expenses
Costs of services and products 3,241 2,892 12,656 11,658
(1)
Selling, general and administrative 1,640 1,714 6,624 6,608
Depreciation and amortization 1,033 1,258 4,720 4,973
(2)
Restructuring and asset impairments 46 370 3,731 1,951
Total operating expenses 5,960 6,234 27,731 25,190
970 447 (303) 1,007
Operating Income (Loss)
Interest expense (301) (330) (1,248) (1,401)
(3)
Premium on early retirement of debt (2) - (60) (21)
(3), (4)
Other income (expense), net 25 (11) 8 (89)
Income (Loss) from continuing operations before income taxes 692 106 (1,603) (504)
Income tax (expense) benefit (5) (255) 1 591 212
437 107 (1,012) (292)
Income (Loss) from Continuing Operations
(6)
Discontinued operation, net - 3 - 1,324
(7)
Cumulative effect of change in accounting principle, net - - - 258
437 110 (1,012) 1,290
Net Income (Loss)
(8)
Earnings allocated to participating securities - - (9) -
Preferred stock dividends paid (2) (2) (7) (7)
$ 435 $ 108 $ (1,028) $ 1,283
Earnings (Loss) Applicable to Common Stock
Diluted Earnings (Loss) per Common Share (9), (10)
Continuing operations $ 0.29 $ 0.07 $ (0.71) $ (0.21)
Discontinued operation - - - 0.94
Cumulative effect of change in accounting principle, net - - - 0.18
Total $ 0.29 $ 0.08 $ (0.71) $ 0.91
(10), (11)
Diluted weighted average common shares 1,487.5 1,426.2 1,443.4 1,415.3
(10)
Basic Earnings (Loss) per Common Share $ 0.30 $ 0.08 $ (0.71) $ 0.91
See accompanying Notes to Consolidated Statements of Operations
10
11. Sprint Corporation
NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS
(1) In the 2003 fourth quarter, Sprint recognized a $50 million pre-tax benefit to bad debt expense as a result of the settlement of accounts receivable claims
with MCI (WorldCom) that had been previously fully reserved. This settlement reduced loss from continuing operations by $31 million. In the 2004
second quarter, Sprint recognized an additional $14 million pre-tax benefit to bad debt expense as a result of the final payment of the settlement of claims
with MCI. This additional settlement reduced loss from continuing operations by $9 million.
In the 2003 second quarter, Sprint recorded charges of $36 million in connection with the separation agreements agreed to by Sprint and three former
executive officers. This includes a $15 million non-cash charge associated with accounting for modifications to certain terms of stock options granted in
prior periods. This charge increased loss from continuing operations by $22 million.
(2) In the 2004 fourth quarter, Sprint recorded $46 million of pre-tax restructuring and asset impairment charges related to its ongoing organizational
realignment initiatives as well as the termination of the Web Hosting business. These charges decreased income from continuing operations by $30
million.
In the 2004 year-to-date period, Sprint recorded $3.73 billion of pre-tax restructuring charges and asset impairments, which increased loss from
continuing operations by $2.34 billion. In addition to the 2004 fourth quarter charges noted above, Sprint recorded a pre-tax, non-cash charge of $3.54
billion related to the impairment of Sprint's long distance network assets, which was determined in accordance with Statement of Financial Accounting
Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets . This charge was the result of the analysis of long distance
business trends and projections that considered current industry and competitive conditions, recent regulatory rulings, evolving technologies and the
company's strategy to expand its position as a leader in the development and delivery of customer solutions. This charge reduced the net book value of
Sprint's long distance property, plant and equipment by about 60%. Sprint also recorded $145 million of pre-tax restructuring charges associated with
Sprint's organizational realignment initiatives and the termination of the Web Hosting business.
In the 2003 fourth quarter, Sprint recorded pre-tax restructuring and asset impairment charges of $370 million related mainly to Sprint's organizational
realignment initiatives, the termination of the Web Hosting business, a terminated billing platform development project and the finalization of all 2001 and
2002 restructuring liabilities. These charges reduced income from continuing operations by $233 million.
In the 2003 year-to-date period, Sprint recorded pre-tax restructuring and asset impairments aggregating $1.95 billion, which increased loss from
continuing operations by $1.24 billion. In addition to the 2003 fourth quarter charges noted above, Sprint recorded pre-tax restructuring and asset
impairments of $1.58 billon related to the revaluation of MMDS spectrum assets to fair value, the termination of the Web Hosting business and the
termination of a software development project.
(3) In the 2004 fourth quarter, Sprint recorded a $2 million charge reflecting premiums paid for the early retirement of debt. This charge reduced income from
continuing operations by $1 million.
In the 2004 year-to-date period, Sprint recorded charges of $60 million reflecting premiums paid for early retirements of debt. In connection with these
retirements, Sprint recognized $12 million of deferred debt costs in Other income (expense), net. These charges increased loss from continuing
operations by $44 million.
In the 2003 year-to-date period, Sprint recorded a $21 million charge reflecting premiums paid on the early retirement of debt. This charge increased loss
from continuing operations by $13 million.
(4) In the 2003 first quarter, Sprint recorded a $50 million aggregate charge to settle a securities class action and derivative lawsuit relating to the failed
merger with WorldCom. In the 2003 third quarter, Sprint recorded $17 million from an insurance settlement related to this action and in the 2003 fourth
quarter, an $18 million settlement from a second insurer was recorded. These actions reduced the loss from continuing operations by $12 million in the
2003 fourth quarter and increased the loss from continuing operations by $9 million in the 2003 year-to-date period.
(5) In the 2003 fourth quarter, Sprint recognized a tax benefit of $49 million for the recognition of certain federal and state income tax credits relating to
various taxing jurisdictions and the cumulative impact of changes in state tax apportionments.
(6) In the 2003 first quarter, Sprint recorded an after-tax gain of $1.3 billion associated with the sale of its directory publishing business to R.H. Donnelley.
(7) Sprint adopted SFAS No. 143, Accounting for Asset Retirement Obligations , on January 1, 2003. The local division historically accrued costs of removal
in its depreciation reserves consistent with industry practice. These costs of removal do not meet the SFAS No. 143 definition of an asset retirement
obligation. Accordingly, Sprint recorded a credit of $420 million to remove the accumulated excess cost of removal resulting in a cumulative effect of
change in accounting principle credit of $258 million, net of tax.
(8) EITF 03-6, Participating Securities and the Two Class Method under SFAS No. 128, Earnings Per Share, requires that rights of securities to participate in
the earnings of an enterprise must be reflected in the reporting of earnings per share. Sprint's equity unit securities, traded as SDE prior to maturity in
the 2004 third quarter, qualified as quot;participating securities.quot; The proportionate share of 2004 year-to-date earnings attributable to these securities is
being excluded from the earnings available to common shareholders.
(9) As the effects of including the incremental shares associated with options, restricted stock units and ESPP shares are antidilutive in the 2004 and 2003
year-to-date periods, both basic earnings per share and diluted earnings per share reflect the same calculation for these periods. Earnings per share data
may not add due to rounding.
(10) On April 23, 2004 Sprint recombined its two tracking stocks. Each share of PCS common stock automatically converted into 0.5 shares of FON common
stock. All per share amounts have been restated to reflect the recombination of the FON common stock and PCS common stock as of the earliest period
presented at an identical conversion ratio (0.5). The conversion ratio was also applied to dilutive PCS securities (mainly stock options, ESPP, convertible
preferred stock and restricted stock units) to determine diluted weighted average shares on a consolidated basis.
(11) As the effects of including the incremental shares associated with options, restricted stock units and ESPP shares are antidilutive in the 2004 and 2003
year-to-date periods, they are not included in the weighted average common shares outstanding for these periods.
11
12. Sprint Corporation
CONSOLIDATED BALANCE SHEETS
(millions)
December 31, December 31,
2004 2003
Assets
Current assets
Cash and equivalents $ 4,556 $ 2,424
Accounts receivable, net 3,107 2,876
Inventories 651 582
Deferred tax asset 1,049 26
Prepaid expenses and other 612 703
Total current assets 9,975 6,611
Net property, plant and equipment 22,628 27,101
Net intangible assets 7,836 7,815
Other 882 1,148
Total $ 41,321 $ 42,675
Liabilities and Shareholders' Equity
Current liabilities
Current maturities of long-term debt $ 1,288 $ 594
Accounts payable and accrued interconnection costs 2,671 2,700
Accrued restructuring costs 168 117
Other 2,775 3,065
Total current liabilities 6,902 6,476
Noncurrent liabilities
Long-term debt and capital lease obligations 15,916 16,841
Equity unit notes - 1,725
2,176 1,725
Deferred income taxes
Other 2,559 2,548
20,651 22,839
Total noncurrent liabilities
247 247
Redeemable preferred stock
Common stock and other shareholders' equity
Common stock 2,950 2,844
Other shareholders' equity 10,571 10,269
Total shareholders' equity 13,521 13,113
Total $ 41,321 $ 42,675
12
13. Sprint Corporation
CONDENSED CONSOLIDATED CASH FLOW INFORMATION
(millions)
Year-to-Date December 31, 2004 2003
Operating Activities
Net income (loss) $ (1,012) $ 1,290
Discontinued operation, net - (1,324)
Cumulative effect of change in accounting principle, net - (258)
Depreciation and amortization 4,720 4,973
Deferred income taxes (576) 439
Losses on write-down of assets 3,540 1,873
Changes in assets and liabilities, net (353) (692)
Other, net 306 214
Net cash provided by operating activities of continuing operations 6,625 6,515
Investing Activities
Capital expenditures (3,980) (3,797)
Investments in and loans to affiliates, net (20) (32)
Investments in debt securities, net 145 (302)
Other, net 42 101
Net cash used by investing activities of continuing operations (3,813) (4,030)
Financing Activities
Change in debt, net (1,884) (2,908)
Dividends paid (670) (457)
Proceeds from common stock issued 1,874 12
Other, net - 24
Net cash used by financing activities of continuing operations (680) (3,329)
Cash from discontinued operations - 2,233
2,132 1,389
Change in cash and equivalents
2,424 1,035
Cash and equivalents at beginning of period
$ 4,556 $ 2,424
Cash and equivalents at end of period
13
14. Sprint Corporation
RECONCILIATION OF NON-GAAP LIQUIDITY MEASURES
(millions)
Quarter-to-date December 31, 2004
Long Other &
Consolidated Wireless Local Distance Eliminations
$ 970 $ 406 $ 464 $ 109 $ (9)
Operating income (loss)
Special items 46 11 20 15 -
1,016 417 484 124 (9)
Adjusted operating income (loss)*
Depreciation and amortization 1,033 649 273 111 -
2,049 $ 1,066 $ 757 $ 235 $ (9)
Adjusted EBITDA*
Adjust for special items (46)
Other operating activities, net (1) 96
2,099
Cash provided by operating activities-GAAP
Capital expenditures (1,338)
Dividends paid (185)
Investments in and loans to affiliates, net (10)
Other investing activities, net 58
624
Free Cash Flow*
Decrease in debt, net (199)
Investments in debt securities, net 29
Proceeds from common stock issued 72
Other financing activities, net 14
$ 540
Change in cash and equivalents - GAAP
Quarter-to-date December 31, 2003
Long Other &
Consolidated Wireless Local Distance Eliminations
$ 447 $ (96) $ 484 $ 72 $ (13)
Operating income (loss)
Special items 320 352 (11) (22) 1
767 256 473 50 (12)
Adjusted operating income (loss)*
Depreciation and amortization 1,258 625 276 356 1
2,025 $ 881 $ 749 $ 406 $ (11)
Adjusted EBITDA*
Adjust for special items (320)
Other operating activities, net (1) 450
2,155
Cash provided by operating activities-GAAP
Capital expenditures (1,464)
Dividends paid (114)
Other investing activities, net 4
581
Free Cash Flow*
Discontinued operation 3
Decrease in debt, net (566)
Investments in debt securities, net (211)
Other financing activities, net 16
$ (177)
Change in cash and equivalents - GAAP
(1)
Other operating activities, net includes the change in working capital, change in deferred income taxes, miscellaneous operating activities and non-operating
items in income (loss) from continuing operations.
See accompanying Notes to Consolidated Statements of Operations
14
15. Sprint Corporation
RECONCILIATION OF NON-GAAP LIQUIDITY MEASURES
(millions)
Year-to-date December 31, 2004
Long Other &
Consolidated Wireless Local Distance Eliminations
$ (303) $ 1,552 $ 1,766 $ (3,589) $ (32)
Operating income (loss)
Special items 3,717 25 39 3,653 -
3,414 1,577 1,805 64 (32)
Adjusted operating income (loss)*
Depreciation and amortization 4,720 2,563 1,084 1,071 2
8,134 $ 4,140 $ 2,889 $ 1,135 $ (30)
Adjusted EBITDA*
Adjust for special items (3,717)
Other operating activities, net (1) 2,208
6,625
Cash provided by operating activities-GAAP
Capital expenditures (3,980)
Dividends paid (670)
Investments in and loans to affiliates, net (20)
Other investing activities, net 42
1,997
Free Cash Flow*
Decrease in debt, net (1,884)
Investments in debt securities, net 145
Proceeds from common stock issued 1,874
Other financing activities, net -
$ 2,132
Change in cash and equivalents - GAAP
Year-to-date December 31, 2003
Long Other &
Consolidated Wireless Local Distance Eliminations
$ 1,007 $ 634 $ 1,862 $ (1,442) $ (47)
Operating income (loss)
Special items 1,937 381 (3) 1,558 1
2,944 1,015 1,859 116 (46)
Adjusted operating income (loss)*
Depreciation and amortization 4,973 2,454 1,081 1,432 6
7,917 $ 3,469 $ 2,940 $ 1,548 $ (40)
Adjusted EBITDA*
Adjust for special items (1,937)
Other operating activities, net (1) 535
6,515
Cash provided by operating activities-GAAP
Capital expenditures (3,797)
Dividends paid (457)
Other investing activities, net 69
2,330
Free Cash Flow*
Discontinued operation 2,233
Decrease in debt, net (2,908)
Investments in debt securities (302)
Other financing activities, net 36
$ 1,389
Change in cash and equivalents - GAAP
(1)
Other operating activities, net includes the change in working capital, change in deferred income taxes, miscellaneous operating activities and non-operating
items in income (loss) from continuing operations.
See accompanying Notes to Consolidated Statements of Operations
15
16. Sprint Corporation
RECONCILIATIONS OF EARNINGS PER SHARE
(millions, except per share date)
Quarter-to-Date Year-to-Date
Periods Ended December 31, 2004 2003 2004 2003
$ 435 $ 108 $ (1,028) $ 1,283
Earnings (Loss) Applicable to Common Stock
Earnings allocated to participating securities - - 9 -
Preferred stock dividends paid 2 2 7 7
437 110 (1,012) 1,290
GAAP Net income (loss)
Discontinued operation, net - (3) - (1,324)
Cumulative effect of change in accounting principle - - - (258)
437 107 (1,012) (292)
Income (Loss) from continuing operations
Special items (net of taxes)
Restructuring and asset impairments 30 233 2,342 1,235
MCI settlement - (31) (9) (31)
Executive separations - - - 22
Premium on early retirement of debt 1 - 44 13
Shareholder litigation charge - (12) - 9
Tax benefit - (49) - (49)
$ 468 $ 248 $ 1,365 $ 907
Adjusted income from continuing operations
$ 0.29 $ 0.08 $ (0.71) $ 0.91
GAAP earnings (loss) per share
Discontinued operation - - - (0.94)
Cumulative effect of change in accounting principle - - - (0.18)
0.29 0.07 (0.71) (0.21)
Earnings (loss) per share from continuing operations
Special items 0.02 0.10 1.65 0.84
Adjusted Earnings Per Share (1) $ 0.31 $ 0.17 $ 0.93 $ 0.63
(1)
Earnings per share data may not add due to rounding.
16