- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Demand for luxury homes remained strong throughout 2004 and Toll Brothers expects continued growth, projecting approximately 30% net income growth in FY2005 and 20% revenue and net income growth in FY2006.
- Studies project continued strong demand for new homes over the next 10 years, ranging from 1.85 to 2.17 million units annually, while constraints on land supply are expected to result in shortages, particularly in affluent markets. Toll Brothers
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Demand for luxury homes remained strong throughout 2004 and Toll Brothers expects continued growth, projecting approximately 30% net income growth in fiscal year 2005 and 20% revenue and net income growth in fiscal year 2006.
- Studies project continued strong demand for new homes over the next decade, ranging from 1.85 to 2.17 million units annually, while constraints on land supply are expected to result in shortages, particularly in affluent markets. Toll Brothers has
Toll Brothers reported record results for the first quarter of fiscal year 2003, ended January 31, 2003. Net income increased 2% compared to the previous year's first quarter record, reaching $45.4 million. Revenues increased 16% to a record $570.3 million. Contracts and backlog also reached record levels, with contracts at $586.2 million, up 21%, and backlog at $1.89 billion, up 34%. The company expects to achieve over $2.6 billion in home building revenues for fiscal year 2003, supported by its strong backlog. Toll Brothers was selected to join the S&P MidCap 400 Index and plans to open several new communities throughout the rest of the year
This quarterly report summarizes Toll Brothers' financial performance for the second quarter of 2006. Net income and revenues increased compared to the same period last year, though signed contracts declined. Demand remains but buyers want deals due to housing market uncertainty. The company believes excess inventory will be absorbed, boosting demand and prices. Toll Brothers expects to deliver between 9,000-9,700 homes in 2006 and earn $780 million to $850 million.
Toll Brothers reported strong financial results for the first quarter of 2005, with record net income of $110.2 million, revenues of $999.1 million, and contracts of $1.44 billion. The company's backlog also increased 66% to a record $4.89 billion. Due to this continued strong demand and growth, Toll Brothers increased its projections for net income growth in fiscal year 2005 to approximately 60% over 2004, and for fiscal year 2006 to approximately 20% over 2005. The company believes it is well-positioned for continued growth due to its large land position, attractive markets, product diversity, and respected brand in the luxury home market.
Toll Brothers had its most successful third quarter ever. Net income rose 103% to $215.5 million, revenues rose 54% to $1.56 billion, and contracts set a new third quarter record rising 19% to $1.92 billion. The company entered new markets in Orlando and Minneapolis-St. Paul and issued $300 million in senior debt to retire more expensive debt. Toll Brothers believes demand will continue to grow due to wealth accumulation and constrained land supply. The company expects revenues to grow to $6.78-7.05 billion in fiscal year 2006 with net income growth of approximately 20% over fiscal year 2005.
Toll Brothers reported record results for the first quarter of 2001, with earnings up 78% and revenues up 38% compared to the first quarter of 2000. Contract signings were up 14% and backlog was up 27%, reflecting continued strong demand despite negative economic news. The company benefited from a large affluent customer base and product expansion within the luxury home market. Toll Brothers opened new communities that saw immediate sellouts, suggesting pent-up demand remains. The company is optimistic entering the spring selling season due to buyer interest and backlog growth.
Toll Brothers reported record earnings, revenues, contracts, and backlog for the second quarter of 2002. Earnings per share increased 19% compared to the second quarter of 2001. Strong demand, limited lot supplies, and growing buyer demand are expected to continue driving the company's prosperity in the coming years. Toll Brothers is well positioned with nearly 40,000 home sites under control and a strong capital base to benefit from growing luxury home demand through the decade.
The document is the second quarter report from Toll Brothers for the period ending April 30, 2004. Some key points:
- Net income and earnings per share increased 37% and 24% respectively compared to the previous year's second quarter. Revenues and contracts/backlog also grew significantly.
- Demand remains strong with a backlog of $3.7 billion carrying most revenues through mid-2005. Early contracts are being signed for deliveries in Q3 2005.
- The company increased its land holdings to 58,000 lots, a 5-6 year supply, positioning it for continued growth in lot-constrained markets.
- Management thanked shareholders, home buyers, suppliers, and employees for
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Demand for luxury homes remained strong throughout 2004 and Toll Brothers expects continued growth, projecting approximately 30% net income growth in fiscal year 2005 and 20% revenue and net income growth in fiscal year 2006.
- Studies project continued strong demand for new homes over the next decade, ranging from 1.85 to 2.17 million units annually, while constraints on land supply are expected to result in shortages, particularly in affluent markets. Toll Brothers has
Toll Brothers reported record results for the first quarter of fiscal year 2003, ended January 31, 2003. Net income increased 2% compared to the previous year's first quarter record, reaching $45.4 million. Revenues increased 16% to a record $570.3 million. Contracts and backlog also reached record levels, with contracts at $586.2 million, up 21%, and backlog at $1.89 billion, up 34%. The company expects to achieve over $2.6 billion in home building revenues for fiscal year 2003, supported by its strong backlog. Toll Brothers was selected to join the S&P MidCap 400 Index and plans to open several new communities throughout the rest of the year
This quarterly report summarizes Toll Brothers' financial performance for the second quarter of 2006. Net income and revenues increased compared to the same period last year, though signed contracts declined. Demand remains but buyers want deals due to housing market uncertainty. The company believes excess inventory will be absorbed, boosting demand and prices. Toll Brothers expects to deliver between 9,000-9,700 homes in 2006 and earn $780 million to $850 million.
Toll Brothers reported strong financial results for the first quarter of 2005, with record net income of $110.2 million, revenues of $999.1 million, and contracts of $1.44 billion. The company's backlog also increased 66% to a record $4.89 billion. Due to this continued strong demand and growth, Toll Brothers increased its projections for net income growth in fiscal year 2005 to approximately 60% over 2004, and for fiscal year 2006 to approximately 20% over 2005. The company believes it is well-positioned for continued growth due to its large land position, attractive markets, product diversity, and respected brand in the luxury home market.
Toll Brothers had its most successful third quarter ever. Net income rose 103% to $215.5 million, revenues rose 54% to $1.56 billion, and contracts set a new third quarter record rising 19% to $1.92 billion. The company entered new markets in Orlando and Minneapolis-St. Paul and issued $300 million in senior debt to retire more expensive debt. Toll Brothers believes demand will continue to grow due to wealth accumulation and constrained land supply. The company expects revenues to grow to $6.78-7.05 billion in fiscal year 2006 with net income growth of approximately 20% over fiscal year 2005.
Toll Brothers reported record results for the first quarter of 2001, with earnings up 78% and revenues up 38% compared to the first quarter of 2000. Contract signings were up 14% and backlog was up 27%, reflecting continued strong demand despite negative economic news. The company benefited from a large affluent customer base and product expansion within the luxury home market. Toll Brothers opened new communities that saw immediate sellouts, suggesting pent-up demand remains. The company is optimistic entering the spring selling season due to buyer interest and backlog growth.
Toll Brothers reported record earnings, revenues, contracts, and backlog for the second quarter of 2002. Earnings per share increased 19% compared to the second quarter of 2001. Strong demand, limited lot supplies, and growing buyer demand are expected to continue driving the company's prosperity in the coming years. Toll Brothers is well positioned with nearly 40,000 home sites under control and a strong capital base to benefit from growing luxury home demand through the decade.
The document is the second quarter report from Toll Brothers for the period ending April 30, 2004. Some key points:
- Net income and earnings per share increased 37% and 24% respectively compared to the previous year's second quarter. Revenues and contracts/backlog also grew significantly.
- Demand remains strong with a backlog of $3.7 billion carrying most revenues through mid-2005. Early contracts are being signed for deliveries in Q3 2005.
- The company increased its land holdings to 58,000 lots, a 5-6 year supply, positioning it for continued growth in lot-constrained markets.
- Management thanked shareholders, home buyers, suppliers, and employees for
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total gross accounts receivable by breaking down accounts receivable, net into its components of accounts receivable, net, retained interest in receivables sold, net, and accounts receivable sold for June 30, 2006 and June 30, 2005. The note explains that retained interest in receivables sold represents the company's residual interest in receivables sold as part of a securitization program collateral and aims to provide readers with a more meaningful measure of total accounts receivable used in the company's operations.
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Demand for luxury homes remained strong throughout 2004 and Toll Brothers expects continued growth, projecting approximately 30% net income growth in FY2005 and 20% revenue and net income growth in FY2006.
- Studies project continued strong demand for new homes over the next 10 years, ranging from 1.85 to 2.17 million units annually, while constraints on land supply are expected to result in shortages, particularly in affluent markets. Toll Brothers
United Stationers Inc. provided financial data for Q3 2007 and 2006 to reconcile non-GAAP measures of operating income and earnings per share with GAAP measures. For Q3 2007, adjusted operating income was $52.4 million (4.4% of sales) compared to $47.4 million (4.04% of sales) in 2006, a 20% increase in adjusted earnings per diluted share. For the first nine months of 2007, adjusted operating income was $151.8 million (4.31% of sales) compared to $125.6 million (3.65% of sales) in 2006, and adjusted earnings per diluted share grew 27%.
Una maestra de preescolar le enseñó a los niños a cuidar cactus en macetas con forma de payaso para regalarlos el Día de la Madre, pero el director canceló la entrega de los regalos en el último momento por una razón desconocida.
United Stationers Inc. reconciles non-GAAP financial measures for adjusted cash flow for the first quarter of 2008 and 2007. Net cash used in operating activities was $17.8 million in 2008 but excludes $63 million for accounts receivable sold, bringing the adjusted figure to $45.2 million in net cash provided. For financing activities, net cash provided was $24.8 million but includes the $63 million change in receivables sold, making the adjusted amount $38.2 million in net cash used. The note explains that changes in receivables sold are considered financing activities internally rather than operating cash flows.
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Toll Brothers expects continued strong demand and growth, forecasting approximately 30% net income growth and 25% earnings per share growth in fiscal year 2005, with 20% revenue and net income growth achievable in fiscal year 2006.
- Key factors contributing to Toll Brothers' success and growth prospects include growing demand for luxury homes, constraints on new home construction that limit supply, a favorable mortgage market, and the company's control over land and diversified product offerings.
The document is the second quarter report from Toll Brothers for the period ending April 30, 2004. Some key points:
- Net income and earnings per share increased 37% and 24% respectively compared to the previous year's second quarter. Revenues and contracts/backlog also grew significantly.
- Demand remains strong with a backlog of $3.7 billion carrying most revenues through mid-2005. Early contracts are being signed for deliveries in Q3 2005.
- The company increased its land holdings to 58,000 lots, a 5-6 year supply, positioning it for continued growth in lot-constrained markets.
- Management thanked shareholders, home buyers, suppliers and contractors for their
Toll Brothers reported record results for the first quarter of 2003, with net income of $45.4 million, up 2% from 2002. Revenues increased 16% to $570.3 million. Contracts and backlog also reached record levels, with contracts at $586.2 million, up 21%, and backlog at $1.89 billion, up 34%. The company expects to achieve over $2.6 billion in revenues for fiscal 2003 based on its strong backlog. Toll Brothers was selected to join the S&P MidCap 400 Index and plans to open several new communities throughout the rest of the year to support continued growth.
Toll Brothers reported record earnings, revenues, contracts, and backlog for the second quarter of 2002. Earnings per share increased 19% compared to the second quarter of 2001. Strong demand, limited lot supplies, and growing buyer demand are expected to continue driving the company's prosperity in the coming years. Toll Brothers is well positioned with nearly $2 billion in backlog, $115 million in cash, and $485 million available under credit lines to continue expanding and benefiting from the growing luxury home market.
- Toll Brothers reported record first quarter results for 2001, with net income up 78% and revenues up 38% compared to the first quarter of 2000.
- Strong demand was seen at new communities despite rising home prices, suggesting pent-up demand remains for luxury homes.
- The company expects continued growth in 2001 with more selling communities and increased production from master planned golf and lake communities.
Toll Brothers reported record results for the second quarter of fiscal year 2005, with net income rising 135% over the second quarter of 2004. Revenues rose 52% to $1.25 billion, contracts rose 38% to $2.20 billion, and backlog rose 57% to a record $5.87 billion. The company expects net income to grow approximately 70% in fiscal year 2005 over 2004 and approximately 20% in fiscal year 2006 over 2005. Toll Brothers is increasing its land holdings and home sites to support continued growth.
In the first quarter of 2006, Toll Brothers saw a 49% increase in net income and a 48% increase in earnings per share compared to the same period last year. Revenues increased 35% while backlog rose 22%. However, signed contracts declined 21% compared to the very strong first quarter of 2005. For the full 2006 fiscal year, Toll Brothers estimates net income will be between $790-$870 million and earnings per share will be between $4.77-$5.26. Toll Brothers will continue opening new communities and expanding geographically to boost sales and growth.
- FY 2007 first quarter net income was $54.3 million, down 66% from $163.9 million in FY 2006 due to write-downs and impairments totaling $105.9 million. Excluding write-downs, earnings were down 27%. Revenues were down 19% to $1.09 billion.
- Housing market demand varied greatly between markets. Some areas like New York City remained strong while others like Chicago and parts of Florida had not yet stabilized. The cancellation rate was lower than last quarter but still above historical averages.
- The company had $4.15 billion in backlog, down 30% from last year, and 67,500 lots under control, down 26%
The passage discusses the benefits of exercise for both physical and mental health. It notes that regular exercise can reduce the risk of diseases like heart disease and diabetes, and help manage weight. Exercise is also praised for improving mood and reducing stress and anxiety by releasing endorphins that make us feel happier.
Bakers Footwear Group reported financial results for the fourth quarter and fiscal year 2008. For Q4, comparable store sales increased 3.6% but operating income declined from the previous year due to promotional holiday sales. For fiscal 2008, comparable store sales increased 0.5% while the net loss was $15 million. The company also amended its debt agreements and promoted its CFO. It expects positive sales trends and operating improvements to continue in fiscal 2009.
NYC-3360 General Corporation Tax Report of Change in Tax Base Made by Interna...taxman taxman
This document is a Declaration of Estimated Tax form from the New York City Department of Finance for the 2009 calendar or fiscal year. It requires a corporation to compute its estimated tax for the year, make any required estimated tax payments, and provide identifying information about the corporation. The form outlines the deadlines and required payment amounts for estimated tax installments throughout the year.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards, though he may qualify the certification if needed. On June 6, 2007, our Chief Executive Officer submitted the certification with no qualification, indicating full compliance with NYSE standards as of that date.
United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total gross accounts receivable by breaking down accounts receivable, net into its components of accounts receivable, net, retained interest in receivables sold, net, and accounts receivable sold for June 30, 2006 and June 30, 2005. The note explains that retained interest in receivables sold represents the company's residual interest in receivables sold as part of a securitization program collateral and aims to provide readers with a more meaningful measure of total accounts receivable used in the company's operations.
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Demand for luxury homes remained strong throughout 2004 and Toll Brothers expects continued growth, projecting approximately 30% net income growth in FY2005 and 20% revenue and net income growth in FY2006.
- Studies project continued strong demand for new homes over the next 10 years, ranging from 1.85 to 2.17 million units annually, while constraints on land supply are expected to result in shortages, particularly in affluent markets. Toll Brothers
United Stationers Inc. provided financial data for Q3 2007 and 2006 to reconcile non-GAAP measures of operating income and earnings per share with GAAP measures. For Q3 2007, adjusted operating income was $52.4 million (4.4% of sales) compared to $47.4 million (4.04% of sales) in 2006, a 20% increase in adjusted earnings per diluted share. For the first nine months of 2007, adjusted operating income was $151.8 million (4.31% of sales) compared to $125.6 million (3.65% of sales) in 2006, and adjusted earnings per diluted share grew 27%.
Una maestra de preescolar le enseñó a los niños a cuidar cactus en macetas con forma de payaso para regalarlos el Día de la Madre, pero el director canceló la entrega de los regalos en el último momento por una razón desconocida.
United Stationers Inc. reconciles non-GAAP financial measures for adjusted cash flow for the first quarter of 2008 and 2007. Net cash used in operating activities was $17.8 million in 2008 but excludes $63 million for accounts receivable sold, bringing the adjusted figure to $45.2 million in net cash provided. For financing activities, net cash provided was $24.8 million but includes the $63 million change in receivables sold, making the adjusted amount $38.2 million in net cash used. The note explains that changes in receivables sold are considered financing activities internally rather than operating cash flows.
- Third quarter 2004 was the best quarter in Toll Brothers' history for key financial metrics like net income, earnings per share, revenues, contracts, and backlog. Net income rose 56% and earnings per share rose 46% compared to the prior year quarter.
- Toll Brothers expects continued strong demand and growth, forecasting approximately 30% net income growth and 25% earnings per share growth in fiscal year 2005, with 20% revenue and net income growth achievable in fiscal year 2006.
- Key factors contributing to Toll Brothers' success and growth prospects include growing demand for luxury homes, constraints on new home construction that limit supply, a favorable mortgage market, and the company's control over land and diversified product offerings.
The document is the second quarter report from Toll Brothers for the period ending April 30, 2004. Some key points:
- Net income and earnings per share increased 37% and 24% respectively compared to the previous year's second quarter. Revenues and contracts/backlog also grew significantly.
- Demand remains strong with a backlog of $3.7 billion carrying most revenues through mid-2005. Early contracts are being signed for deliveries in Q3 2005.
- The company increased its land holdings to 58,000 lots, a 5-6 year supply, positioning it for continued growth in lot-constrained markets.
- Management thanked shareholders, home buyers, suppliers and contractors for their
Toll Brothers reported record results for the first quarter of 2003, with net income of $45.4 million, up 2% from 2002. Revenues increased 16% to $570.3 million. Contracts and backlog also reached record levels, with contracts at $586.2 million, up 21%, and backlog at $1.89 billion, up 34%. The company expects to achieve over $2.6 billion in revenues for fiscal 2003 based on its strong backlog. Toll Brothers was selected to join the S&P MidCap 400 Index and plans to open several new communities throughout the rest of the year to support continued growth.
Toll Brothers reported record earnings, revenues, contracts, and backlog for the second quarter of 2002. Earnings per share increased 19% compared to the second quarter of 2001. Strong demand, limited lot supplies, and growing buyer demand are expected to continue driving the company's prosperity in the coming years. Toll Brothers is well positioned with nearly $2 billion in backlog, $115 million in cash, and $485 million available under credit lines to continue expanding and benefiting from the growing luxury home market.
- Toll Brothers reported record first quarter results for 2001, with net income up 78% and revenues up 38% compared to the first quarter of 2000.
- Strong demand was seen at new communities despite rising home prices, suggesting pent-up demand remains for luxury homes.
- The company expects continued growth in 2001 with more selling communities and increased production from master planned golf and lake communities.
Toll Brothers reported record results for the second quarter of fiscal year 2005, with net income rising 135% over the second quarter of 2004. Revenues rose 52% to $1.25 billion, contracts rose 38% to $2.20 billion, and backlog rose 57% to a record $5.87 billion. The company expects net income to grow approximately 70% in fiscal year 2005 over 2004 and approximately 20% in fiscal year 2006 over 2005. Toll Brothers is increasing its land holdings and home sites to support continued growth.
In the first quarter of 2006, Toll Brothers saw a 49% increase in net income and a 48% increase in earnings per share compared to the same period last year. Revenues increased 35% while backlog rose 22%. However, signed contracts declined 21% compared to the very strong first quarter of 2005. For the full 2006 fiscal year, Toll Brothers estimates net income will be between $790-$870 million and earnings per share will be between $4.77-$5.26. Toll Brothers will continue opening new communities and expanding geographically to boost sales and growth.
- FY 2007 first quarter net income was $54.3 million, down 66% from $163.9 million in FY 2006 due to write-downs and impairments totaling $105.9 million. Excluding write-downs, earnings were down 27%. Revenues were down 19% to $1.09 billion.
- Housing market demand varied greatly between markets. Some areas like New York City remained strong while others like Chicago and parts of Florida had not yet stabilized. The cancellation rate was lower than last quarter but still above historical averages.
- The company had $4.15 billion in backlog, down 30% from last year, and 67,500 lots under control, down 26%
The passage discusses the benefits of exercise for both physical and mental health. It notes that regular exercise can reduce the risk of diseases like heart disease and diabetes, and help manage weight. Exercise is also praised for improving mood and reducing stress and anxiety by releasing endorphins that make us feel happier.
Bakers Footwear Group reported financial results for the fourth quarter and fiscal year 2008. For Q4, comparable store sales increased 3.6% but operating income declined from the previous year due to promotional holiday sales. For fiscal 2008, comparable store sales increased 0.5% while the net loss was $15 million. The company also amended its debt agreements and promoted its CFO. It expects positive sales trends and operating improvements to continue in fiscal 2009.
NYC-3360 General Corporation Tax Report of Change in Tax Base Made by Interna...taxman taxman
This document is a Declaration of Estimated Tax form from the New York City Department of Finance for the 2009 calendar or fiscal year. It requires a corporation to compute its estimated tax for the year, make any required estimated tax payments, and provide identifying information about the corporation. The form outlines the deadlines and required payment amounts for estimated tax installments throughout the year.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
1) Scania reported record earnings in the first half of 2008, with operating margin reaching 16.6% and net margin at 12.1%.
2) Scania is pursuing profitable growth through increasing vehicle and service sales. Revenue grew 15% while EBIT grew 30% in the first half of 2008.
3) Scania's vision is to reach annual production of 150,000 vehicles while maintaining a flexible cost structure and focus on customer productivity and uptime.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Revenue and profitability increased due to higher vehicle and service volumes, price increases, and favorable product mix. However, order bookings for trucks have declined 51% in Western Europe and 34% in Central and Eastern Europe. While flexible production has helped, earnings forecasts for 2009 are not provided due to economic uncertainty. The service business continues growing with increased traffic and workshop utilization.
HQ Bank has experienced volume driven growth in its credit portfolio over the past 9 months of 2008. While the portfolio increased 8% in local currencies, bad debt provisions increased in several markets. The bank has a well balanced portfolio that is diversified across exposure levels, geographic areas, and products. It maintains a conservative refinancing policy and manages risks through matched funding and credit risk management.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook remains uncertain given rapid demand fall in Q4 2008 and high industry inventory levels.
The interim report summarizes the company's performance in the first three quarters of 2008. Key highlights include operating margins reaching an all-time high of 15.8% and EBIT growth of 25%. Vehicle deliveries increased 4% while service revenue grew due to the large installed base of vehicles. The outlook acknowledges earnings will be higher in 2008 than 2007 but provides no forecast for 2009 due to uncertainty.
- Scania's operating margin and net margin increased in the first nine months of 2008 compared to the same period in 2007. Net sales rose 11% while order bookings declined 29% due to lower demand in Europe.
- Earnings per share increased and the forecast for higher full-year 2008 earnings remains unchanged. However, due to lower order bookings and higher inventories, Scania will adjust production rates.
- Service revenue continued to show strong growth of 8%, while trucks deliveries increased 4% and various restructuring efforts are expected to generate annual cost savings of SEK 300 million from 2009.
1) Scania reported all-time high earnings in 2008 with operating income of SEK 12,512 million. However, deliveries declined 18% in Q4 as the company adjusted production rates due to decreased demand in Europe.
2) While the trucks and services segment grew profits through price increases, this was partially offset by negative impacts from lower deliveries, used vehicles, raw materials, and R&D spending.
3) Scania's flexible production system and focus on reducing inventory and postponing investments helped cash flow, but tied up capital increased with capacity investments. Outlook for 2009 is uncertain due to rapid demand fall in Q4 and high industry inventory levels.
This document is Scania's annual report for 2008. It discusses Scania's vision to be a leading company in its industry by creating value for customers, employees, shareholders, and society. The report outlines Scania's mission to supply high-quality vehicles and services for transporting goods and passengers in a sustainable way. It provides an overview of Scania's operations in trucks, buses, coaches, engines, and financial services. The financial reports indicate that Scania delivered 66,516 trucks, 7,277 buses and coaches, and 6,671 engines in 2008.
Our Chief Executive Officer is required to annually certify to the New York Stock Exchange that the company is in compliance with NYSE corporate governance listing standards or note any violations. On June 6, 2007, our Chief Executive Officer submitted this unqualified certification, indicating the company was in full compliance with NYSE standards as of that date.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The document outlines the corporate governance guidelines of Perini Corporation. It discusses (1) the composition and responsibilities of the Board of Directors, including director qualifications and independence, (2) the roles and responsibilities of Board committees, and (3) policies regarding Board performance evaluation, director orientation, management succession planning, and the company's code of business conduct. The guidelines are intended to assist the Board in exercising its duties to stakeholders.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The Perini Corporation Code of Business Conduct and Ethics outlines guidelines for ethical behavior. It applies to all directors, officers, and employees. The code establishes rules regarding conflicts of interest, procurement ethics, accounting practices, use of company property, environmental compliance, and insider trading. Any violations of the code are taken seriously and can result in disciplinary action up to dismissal.
The document outlines the Corporate Governance and Nominating Committee Charter for Perini Corporation. The purpose of the committee is to identify and evaluate potential board candidates and lead corporate governance efforts. The committee must consist of at least two independent directors appointed by the board. It has authority to retain outside advisors and meet at least twice per year. Regarding nominations, the committee evaluates candidates, recommends nominees, and assesses board independence. For corporate governance, the committee develops guidelines, reviews committee performance, and recommends criteria for director tenure.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
The document is the Compensation Committee Charter for Perini Corporation. It outlines the committee's purpose of ensuring compensation programs attract and retain employees while representing fair value for shareholders. It details the committee's composition, duties, and responsibilities which include annually reviewing executive compensation programs, recommending director and CEO compensation, overseeing incentive plans, and preparing required compensation disclosures.
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TOL_2004_3rd_qtr_report
1. Huntingdon Valley, PA 19006-4298
For The Three Months
Ended July 31, 2004
Third Quarter Report
The Henley Williamsburg at Potomac View, Potomac, Maryland
The Henley Williamsburg at Potomac View, Potomac, Maryland
3rd Quarter Report
A LETTER TO OUR SHAREHOLDERS:
3103 Philmont Avenue
Third quarter 2004 was the best quarter in our In the 1970s, the decade when home production
history for net income, earnings per share, reached its highest level, our industry produced
revenues, contracts and backlog. Net income on average 1.77 million new single- and multi-
rose 56%; earnings per share rose 46%; revenues family units annually. Since 2000, with nearly
rose 46%; contracts rose 69%; and our quarter- twice as many U.S. households, production has
end backlog rose 75%. only averaged 1.68 million starts annually, as
regulatory constraints have limited supplies.
FY 2004 will be our twelfth consecutive year of Two recent studies — one from Harvard
record earnings. Buyer appetite for new luxury University and the other from the
homes has remained tremendous throughout Homeownership Alliance — project that new
2004 and we are enjoying strong demand across home demand will be even greater for the next
all our product lines. Based on our quarter-end ten years — it will range from 1.85 million to
backlog, which affords revenue visibility over 2.17 million units annually.
the next nine to twelve months, and the pace of
current demand, we believe we’ll achieve With the imbalance between growing demand
approximately 30% net income growth (25% and a constrained land supply, we expect there
earnings per share growth) in FY 2005. Based on will be a shortage of home sites to meet demand
our projections of increased communities in the in the next decade, particularly in affluent
coming year, assuming continuing strong markets, and have positioned ourselves
demand, we believe that 20% revenue and net accordingly. We now own or control more than
income growth should be achievable in FY 2006. 61,000 home sites and offer diversified luxury
move-up, empty-nester and active-adult product
We continue to demonstrate our ability to grow lines across a wide range of price points.
dramatically in a very difficult economy: Since
2000, despite an economic recession, dramatic We are excited about our prospects for the
job losses, a severe stock market slump, and future. We wish to thank our home buyers
global political turmoil, we have doubled our and shareholders for placing their trust in us,
revenues and net income. Much of our success and our associates, whose commitment to
can be attributed to the tremendous hard work our customers and investors continues to make
of our associates. We also believe it reflects the us proud.
strength of the luxury market, our brand name,
our geographic and product diversification, and
our ability to control land and persevere
through the increasingly difficult regulatory
approval process.
The growing number of affluent U.S.
households, constraints on lot supplies and a Robert I. Toll Bruce E. Toll
versatile and abundant home mortgage market Chairman of the Board Vice Chairman
and Chief Executive Officer of the Board
have contributed to the industry’s environment
of greater stability and reduced cyclicality. This
has helped promote strong and steady demand
across all of our price points in the luxury market Zvi Barzilay
and fueled our growth during these difficult President and Chief Operating Officer
Permit No. 1726
PAID
First-Class Mail
Brooklyn, NY
U.S. Postage
economic times. August 25, 2004
2. CONSOLIDATED CONDENSED STATEMENTS OF INCOME
CORPORATE PROFILE
FIVE-YEAR PERFORMANCE OVERVIEW
(Amounts in thousands, except per share data)
Toll Brothers (NYSE: TOL) is the nation’s leading Toll Brothers operates its own architectural,
$1,013
(Unaudited)
$106.0 builder of luxury homes. A Fortune 600 company, engineering, mortgage, title, land development and
110 1020 Nine Months Three Months
Toll Brothers was formed in 1967 and has been land sale, golf course development and management, Ended July 31 Ended July 31
traded on the New York Stock Exchange since 1986. home security, landscape, cable TV and broadband
2004 2003 2004 2003
Revenues:
Internet access subsidiaries. Toll Brothers also
The Company serves move-up, empty-nester,
88 816 Home sales $2,395,150 $1,837,386 $ 991,264 $ 678,523
maintains its own lumber distribution and house
active-adult and second-home buyers from 215 urban
$694 Land sales 20,938 21,027 12,940 7,640
component assembly and manufacturing operations.
$68.2 and suburban selling communities in 6 regions and Equity earnings in unconsolidated entities 6,945 700 5,551 555
$584 $581
Interest and other 7,483 12,764 3,364 6,967
21 states: Arizona, California, Colorado, Connecticut, Toll Brothers is the only national home building
66 $59.4 612
2,430,516 1,871,877 1,013,119 693,685
Delaware, Florida, Illinois, Massachusetts, Maryland, company to have won all three of the industry’s
$53.5
$465
Michigan, Nevada, New Hampshire, New Jersey, highest honors: America’s Best Builder, the National Costs and expenses:
Home sales 1,716,535 1,334,645 709,484 492,239
New York, North Carolina, Ohio, Pennsylvania, Housing Quality Award and Builder of the Year. For
44 408
$37.2
Land sales 14,315 13,462 7,509 2,745
Rhode Island, South Carolina, Texas, and Virginia. more information, visit www.tollbrothers.com.
Selling, general and administrative 270,155 206,354 103,608 73,216
Interest 59,970 50,135 24,216 17,630
CONSOLIDATED CONDENSED
22 204
Expenses related to early retirement of debt 8,229 3,890 481 -
BALANCE SHEETS 2,069,204 1,608,486 845,298 585,830
July 31, 2004 Oct. 31, 2003
(Amounts in thousands)
2000 2002 2003 2004
2001 2000 2002 2003 2004
2001 Income before income taxes 361,312 263,391 167,821 107,855
(Unaudited)
ASSETS
Income taxes 132,775 96,953 61,806 39,696
Net Income (in millions) Total Revenues (in millions) Cash and cash equivalents $ 197,914 $ 425,251
Net income $ 228,537 $ 166,438 $ 106,015 $ 68,159
Three Months Ended July 31 Three Months Ended July 31
Inventory 3,888,738 3,080,349
Property, construction and office equipment, net 48,494 43,711
$1,606 Earnings per share:
Receivables, prepaid expenses and other assets 155,699 113,633
$4,346
4500
1600 Basic $ 3.08 $ 2.38 $ 1.43 $ 0.98
Mortgage loans receivable 90,929 57,500
Diluted $ 2.82 $ 2.23 $ 1.31 $ 0.90
Customer deposits held in escrow 55,042 31,547
Investments in and advances to unconsolidated entities 83,332 35,400
Weighted average number of shares:
3600
1280
$4,520,148 $3,787,391
Basic 74,199 70,038 74,352 69,848
LIABILITIES AND STOCKHOLDERS’ EQUITY Diluted 81,055 74,481 80,920 75,534
$952
Liabilities:
$2,480
2700
960
Loans payable $ 344,548 $ 281,697
Senior notes 845,540 546,669 Housing Data 2004 2003 2004 2003
$700 $1,899
Subordinated notes 450,000 620,000 Number of homes closed 4,232 3,333 1,684 1,188
$1,570
$541
640 1800 Mortgage company warehouse loan 82,061 49,939
$528 Sales value of homes closed (in 000’s) $2,395,100 $ 1,837,400 $ 991,300 $ 678,500
$1,455
Customer deposits 287,708 176,710 Number of homes contracted 6,436 4,383 2,329 1,668
Accounts payable 177,910 151,730 Sales value of homes contracted (in 000’s) $4,109,100 $2,458,900 $1,606,200 $ 951,600
Accrued expenses 438,426 346,944 Number of homes in backlog 6,856 4,392 6,856 4,392
900
320
Income taxes payable 163,624 137,074 Sales value of homes in backlog (in 000’s) $4,345,800 $2,480,300 $4,345,800 $2,480,300
Total liabilities 2,789,817 2,310,763
2000 2002 2003 2004 2000 2002 2003 2004
2001 2001 Stockholders’ equity:
Preferred stock, none issued
Contracts (in millions) Backlog (in millions)
Common stock 770 770
Three Months Ended July 31 At July 31
Additional paid-in capital 203,863 190,596
Retained earnings 1,590,156 1,361,619
Treasury stock (64,458) (76,357)
Statement on Forward-looking Information
Total stockholders’ equity 1,730,331 1,476,628
Certain information included herein and in other Company reports, SEC filings, statements and presentations is forward-looking within the meaning of
$4,520,148 $3,787,391 the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources,
changes in revenues, changes in profitability, interest expense, growth and expansion, anticipated income from joint ventures and the Toll Brothers Realty
Toll Brothers, Inc. Corporate Office Trusts Group, the ability to acquire land, the ability to secure governmental approvals and the ability to open new communities, the ability to sell homes
3103 Philmont Avenue • Huntingdon Valley • PA 19006 and properties, the ability to deliver homes from backlog, the average delivered price of homes, the ability to secure materials and subcontractors, the ability
215-938-8000 • www.tollbrothers.com • NYSE – “TOL” to maintain the liquidity and capital necessary to expand and take advantage of future opportunities, and stock market valuations. Such forward-looking
information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations
Investor Relations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include local, regional and
national economic conditions, the demand for homes, domestic and international political events, uncertainties created by terrorist attacks, the effects of
Frederick N. Cooper, Senior Vice President - Finance – 215-938-8312
governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the
fcooper@tollbrothersinc.com availability and cost of land for future growth, the availability of capital, uncertainties and fluctuations in capital and securities markets, changes in tax laws
and their interpretation, legal proceedings, the availability of adequate insurance at reasonable cost, the ability of customers to finance the purchase of homes,
Joseph R. Sicree, Vice President - Chief Accounting Officer – 215-938-8045
the availability and cost of labor and materials, and weather conditions.
jsicree@tollbrothersinc.com MKT-641