Tribune Company reported first quarter results for 2005. Operating revenues decreased 1.2% compared to the same period last year. Operating profit decreased 7.8% due to higher operating expenses and non-operating losses. Net income increased 18.4% due to lower income tax expenses from resolving certain tax issues. Earnings per share increased 22.2% for basic and 25.7% for diluted.
The Tribune Company reported financial results for the fourth quarter and full year of 2003. Operating revenues increased 2.8% in the fourth quarter and 3.9% for the full year compared to the prior year. Net income increased 74.8% in the fourth quarter and 101.2% for the full year due largely to gains on investments and derivatives. Earnings per share increased 73.8% in the fourth quarter on a basic basis and 75.4% on a diluted basis.
The Tribune Company reported financial results for the second quarter and first half of 2005. For the second quarter, revenues decreased 2.3% but operating expenses fell 4.5%, leading to a 6.1% rise in operating profit. Net income increased 142.1% to $233 million due to gains from investments. Earnings per share rose 151.7% to $0.73. For the first half, revenues declined 1.8% while operating expenses fell 2.2%, keeping operating profit flat. Net income increased 73.3% to $376 million and earnings per share rose 81.5% to $1.18, helped by investment gains.
The Tribune Company reported financial results for the second quarter and first half of 2003. Operating revenues increased 5.0% in the second quarter and 4.8% in the first half compared to the prior year. Net income more than doubled in the second quarter and was significantly higher in the first half due to gains on investments. Earnings per share increased substantially in both periods. Publishing operating profit rose 4.7% in the quarter and 11.7% in the first half, while Broadcasting operating profit increased 15.0% and 16.9% respectively.
- Revenues increased 3% in the first quarter of 2004 compared to 2003, while operating profit decreased 1% due to higher operating expenses rising 4% compared to a 3% increase in revenues.
- Publishing revenues rose 3% due to increases in advertising, while broadcasting revenues increased 4% from growth in television advertising and acquisitions.
- Operating cash flow was flat as revenue growth was offset by higher operating expenses, and net income decreased 15% due to non-operating losses on investments.
The Tribune Company reported financial results for the first quarter of 2006, with operating revenues down 1.3% from the same period in 2005. Operating profit declined 11.6% due to higher operating expenses and non-operating losses. Net income decreased 28.1% while earnings per share fell 25%. Publishing operating profit dropped 12.2% on lower revenues, and Broadcasting/Entertainment operating profit rose 3% despite declines in some segments.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2005 compared to the same periods in 2004. Key points:
- Operating revenues and operating profit increased in the third quarter of 2005 but decreased for the first three quarters compared to the prior year.
- Net income decreased significantly for the third quarter but increased for the first three quarters of 2005 versus 2004.
- Earnings per share decreased substantially for the third quarter but increased for the first three quarters compared to the previous year.
- Tribune Company reported a 3.4% increase in operating revenues but a 2.5% decrease in operating profit for the third quarter of 2003 compared to the same period in 2002.
- Net income decreased 23.0% to $182.3 million due primarily to lower non-operating gains.
- For the first three quarters of 2003, operating revenues rose 4.3% while operating profit before restructuring charges increased 4.7% compared to the same period in 2002. However, net income increased significantly due to the absence of a large accounting charge in 2002.
The document summarizes Tribune Company's financial results for the second quarter and first half of 2004 compared to the same periods in 2003. Key highlights include:
- Operating revenues increased 3.2% in the second quarter and 3.2% in the first half. However, operating profit declined due to higher operating expenses.
- Publishing operating cash flow declined 22.1% in the quarter and 13.4% in the first half due to a 12.8% rise in cash operating expenses.
- Broadcasting/Entertainment operating cash flow rose 7.2% in the quarter and 7.5% in the first half, led by a 7.3% and 8.3% increase in television.
The Tribune Company reported financial results for the fourth quarter and full year of 2003. Operating revenues increased 2.8% in the fourth quarter and 3.9% for the full year compared to the prior year. Net income increased 74.8% in the fourth quarter and 101.2% for the full year due largely to gains on investments and derivatives. Earnings per share increased 73.8% in the fourth quarter on a basic basis and 75.4% on a diluted basis.
The Tribune Company reported financial results for the second quarter and first half of 2005. For the second quarter, revenues decreased 2.3% but operating expenses fell 4.5%, leading to a 6.1% rise in operating profit. Net income increased 142.1% to $233 million due to gains from investments. Earnings per share rose 151.7% to $0.73. For the first half, revenues declined 1.8% while operating expenses fell 2.2%, keeping operating profit flat. Net income increased 73.3% to $376 million and earnings per share rose 81.5% to $1.18, helped by investment gains.
The Tribune Company reported financial results for the second quarter and first half of 2003. Operating revenues increased 5.0% in the second quarter and 4.8% in the first half compared to the prior year. Net income more than doubled in the second quarter and was significantly higher in the first half due to gains on investments. Earnings per share increased substantially in both periods. Publishing operating profit rose 4.7% in the quarter and 11.7% in the first half, while Broadcasting operating profit increased 15.0% and 16.9% respectively.
- Revenues increased 3% in the first quarter of 2004 compared to 2003, while operating profit decreased 1% due to higher operating expenses rising 4% compared to a 3% increase in revenues.
- Publishing revenues rose 3% due to increases in advertising, while broadcasting revenues increased 4% from growth in television advertising and acquisitions.
- Operating cash flow was flat as revenue growth was offset by higher operating expenses, and net income decreased 15% due to non-operating losses on investments.
The Tribune Company reported financial results for the first quarter of 2006, with operating revenues down 1.3% from the same period in 2005. Operating profit declined 11.6% due to higher operating expenses and non-operating losses. Net income decreased 28.1% while earnings per share fell 25%. Publishing operating profit dropped 12.2% on lower revenues, and Broadcasting/Entertainment operating profit rose 3% despite declines in some segments.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2005 compared to the same periods in 2004. Key points:
- Operating revenues and operating profit increased in the third quarter of 2005 but decreased for the first three quarters compared to the prior year.
- Net income decreased significantly for the third quarter but increased for the first three quarters of 2005 versus 2004.
- Earnings per share decreased substantially for the third quarter but increased for the first three quarters compared to the previous year.
- Tribune Company reported a 3.4% increase in operating revenues but a 2.5% decrease in operating profit for the third quarter of 2003 compared to the same period in 2002.
- Net income decreased 23.0% to $182.3 million due primarily to lower non-operating gains.
- For the first three quarters of 2003, operating revenues rose 4.3% while operating profit before restructuring charges increased 4.7% compared to the same period in 2002. However, net income increased significantly due to the absence of a large accounting charge in 2002.
The document summarizes Tribune Company's financial results for the second quarter and first half of 2004 compared to the same periods in 2003. Key highlights include:
- Operating revenues increased 3.2% in the second quarter and 3.2% in the first half. However, operating profit declined due to higher operating expenses.
- Publishing operating cash flow declined 22.1% in the quarter and 13.4% in the first half due to a 12.8% rise in cash operating expenses.
- Broadcasting/Entertainment operating cash flow rose 7.2% in the quarter and 7.5% in the first half, led by a 7.3% and 8.3% increase in television.
The Tribune Company reported its fourth quarter and full year 2004 results. For the fourth quarter, operating revenues increased 1% to $1.48 billion while operating expenses rose 4.3% to $1.12 billion, decreasing operating profit by 7.9%. Net income declined 35.9% to $216.8 million due to lower non-operating gains. For the full year, operating revenues grew 2.4% to $6.1 billion but operating expenses increased 3.5%, reducing operating profit growth to 0.6%. Net income fell 26.5% to $849.4 million due to decreased non-operating gains.
The Tribune Company reported financial results for the third quarter and first three quarters of 2004. For the third quarter, operating revenues increased 2.0% but operating profit decreased 18.0% due to higher operating expenses. Net income attributable to common shares decreased 32.1% due to lower operating profit and higher non-operating losses. For the first three quarters, operating revenues increased 2.8% but operating profit decreased 11.5% and net income attributable to common shares decreased 37.8% due to factors similar to those impacting the third quarter results.
Tribune Company reported financial results for the fourth quarter of 2006 with increases in operating revenues and income from continuing operations compared to the same period in 2005. Operating revenues grew 5.4% to $1.47 billion driven by increases in publishing and broadcasting revenues. Income from continuing operations increased 76.9% to $232.1 million due to higher operating profit and non-operating gains, partially offset by higher interest expense. Net income attributable to common shares grew 80.6% to $239.1 million. Earnings per share increased significantly for both basic and diluted amounts.
This document summarizes Tribune Company's fourth quarter and full year 2005 results. Key details include:
- Operating revenues decreased 4.7% in the fourth quarter and 2.3% for the full year compared to the previous year.
- Operating expenses increased 2.7% in the fourth quarter due to restructuring charges but decreased 1.3% for the full year.
- Net income decreased 38.0% in the fourth quarter and 3.8% for the full year from the previous year.
This document provides Bank of America's financial results for the full year and fourth quarter of 2007. Some key points:
- Net income for 2007 was $15 billion, down 29% from 2006, driven by higher credit costs and losses from subprime exposures.
- Revenue declined 8% for the year due to lower noninterest income. Credit costs rose significantly.
- In the fourth quarter, the company reported a net profit of $268 million compared to a $5.3 billion profit in 2006, with losses from subprime exposures weighing heavily.
- Global Consumer & Small Business Banking saw lower profits for the year and quarter due to rising credit costs, particularly in credit cards.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2006 compared to the same periods in 2005. Some key highlights:
- Operating revenues and operating profit declined in the third quarter of 2006 compared to 2005, while operating expenses increased slightly.
- Non-operating items contributed significantly to net income in the third quarter of 2006, driven largely by gains from partnerships restructurings and asset sales.
- Income from continuing operations increased substantially, while income from discontinued operations (tv station sales) declined.
- Earnings per share increased for the third quarter and first three quarters of 2006 compared to 2005 periods.
The Tribune Company saw declines in operating revenues and income from continuing operations in the second quarter of 2007 compared to the same period in 2006. Operating revenues fell 6.8% and income from continuing operations dropped 78.2%. Expenses rose due to restructuring charges and plant closure costs. Non-operating losses also increased significantly due to losses on derivatives and investments. Net income declined 58.7% due to lower operating results and higher non-operating losses.
- Tribune Company reported lower operating revenues and profits for Q2 2006 compared to Q2 2005. Net income decreased 62.4% due to an expected loss from the sale of two television stations.
- Publishing revenues were down slightly but expenses increased, lowering operating cash flow and profit. Broadcasting revenues decreased for television but were flat overall.
- Income from continuing operations fell 29.1% while discontinued operations recorded a loss due to writing down assets of stations being sold. Earnings per share decreased across both continuing and discontinued operations.
The document summarizes Henkel's financial results for the second quarter and first half of 2004 compared to the same periods in 2003. Net sales increased 9% in the second quarter and 6% year-to-date. Earnings from continuing operations rose 26% in the second quarter and 9% year-to-date due to growth across all business segments. Discontinued operations generated a large gain of $550 million from the exchange of businesses and increased earnings from discontinued operations significantly for both periods. As a result, net earnings increased substantially.
PricewaterhouseCoopers conducted an audit of The Progressive Corporation and subsidiaries' financial statements for 2003, 2002, and 2001. PwC issued an unqualified opinion, stating that the financial statements fairly presented the financial position and results of operations in accordance with generally accepted accounting principles. The audit was performed in accordance with generally accepted auditing standards, which included examining evidence supporting the financial statements and evaluating the overall presentation.
- Tribune Company reported third quarter 2002 revenues of $1.34 billion, up 5% from adjusted 2001 results.
- Operating profit before restructuring charges was $322.2 million in 2002 compared to $207.2 million in adjusted 2001, an increase of 56%.
- Net income for the quarter was $236.8 million compared to a net loss of $85.1 million in adjusted 2001, driven by gains on sales of subsidiaries and non-operating items.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
- Motorola reported a net loss of $203 million for the quarter ended July 3, 2004 compared to net earnings of $119 million for the same period in 2003. Revenues increased 41% to $8.7 billion for the quarter.
- For the six months ended July 3, 2004, Motorola reported net earnings of $406 million on revenues of $17.3 billion, up 41% compared to the same period in 2003.
- Motorola's Personal Communications segment led growth, with revenues up 67% for both the quarter and six months, while operating earnings increased across most business segments.
Reconciliations and Financial Slides from Safeway Investor Conferencefinance6
1) The document provides reconciliations of net income to adjusted EBITDA and net cash flow from operating activities to adjusted EBITDA for Safeway for 2007-2003. It also provides rolling 4 quarter reconciliations.
2) It reconciles gross margin and operating expense changes excluding factors like fuel.
3) EPS is reconciled excluding unusual items from 1992-2008G and a percentage change is calculated.
4) Free cash flow is reconciled from net cash flow from operating activities from 2013F-2005 by subtracting net cash used by investing activities.
- Tribune Company reported its second quarter and first half 2002 results, with operating revenues increasing 1% in the second quarter compared to the previous year.
- Operating profit before restructuring charges was up 16% in the second quarter and 7% in the first half compared to the previous year. However, net income declined due to losses from derivatives and investments.
- Earnings per share were lower than the previous year in the second quarter and first half due to restructuring charges, losses from investments, and a cumulative effect of a change in accounting principle related to impairments of intangible assets.
Duke Energy 01/29/04_PMA_and_DLH_4Q03_Earnings_Callfinance21
This document summarizes Duke Energy's earnings results for the fourth quarter of 2003. Reported EPS was $(2.23) due to special items including asset impairments and charges at DENA, losses from redesignating hedges, and charges related to exiting operations in Australia and Europe. Excluding special items, ongoing EPS was $0.22. Segment EBIT for Franchised Electric was lower due to higher expenses and mild weather, while Natural Gas Transmission remained flat with offsetting factors.
ConocoPhillips reported financial results for the third quarter and first nine months of 2005:
- Revenues for the quarter increased to $49.7 billion, up from $34.7 billion in the same period last year, driven by higher oil and gas prices. Net income was $3.8 billion compared to $2 billion last year.
- For the first nine months of the year, revenues were $131.2 billion compared to $96.8 billion last year. Net income was $9.85 billion compared to $5.7 billion in the same period of 2004.
- Oil and gas production for the quarter averaged 790 thousand barrels of oil equivalent per day for
This document provides selected financial information and operating statistics for Ameren for the years 1999-2003. Some key details include:
- Operating revenues increased from $3.5 billion in 1999 to $4.6 billion in 2003. Net income increased from $385 million to $524 million over the same period.
- Total assets grew from $9.2 billion in 1999 to $14.2 billion in 2003, reflecting acquisitions including CILCORP in 2003.
- Electric operating revenues were $3.9 billion in 2003, up from $3.3 billion in 1999. Kilowatthour sales increased from 66.8 million to 77.8 million over this period.
- Natural gas
Tribune Company reported its fourth quarter and full year 2002 results. For the fourth quarter, revenues increased 8% year-over-year and net income increased 24%. Operating profit before restructuring charges increased 33% due to cost reductions. For the full year, revenues increased 2% and net income increased 43% due to restructuring initiatives and asset sales. Earnings per share increased 22% in the fourth quarter and 45% for the full year, reflecting continued improvement.
The document summarizes Tribune Company's fourth quarter and full year 2001 financial results. Some key points:
- Operating revenues and profits declined in the fourth quarter and full year 2001 compared to 2000, due to lower advertising revenues and restructuring charges.
- Non-operating items included gains from changes in fair values of investments and sales of investments, but also losses from investment write-downs.
- For the full year, net income declined 50% to $111 million, while earnings per share fell 60% to $0.28, due to lower operating results and restructuring charges.
The Tribune Company reported its fourth quarter and full year 2004 results. For the fourth quarter, operating revenues increased 1% to $1.48 billion while operating expenses rose 4.3% to $1.12 billion, decreasing operating profit by 7.9%. Net income declined 35.9% to $216.8 million due to lower non-operating gains. For the full year, operating revenues grew 2.4% to $6.1 billion but operating expenses increased 3.5%, reducing operating profit growth to 0.6%. Net income fell 26.5% to $849.4 million due to decreased non-operating gains.
The Tribune Company reported financial results for the third quarter and first three quarters of 2004. For the third quarter, operating revenues increased 2.0% but operating profit decreased 18.0% due to higher operating expenses. Net income attributable to common shares decreased 32.1% due to lower operating profit and higher non-operating losses. For the first three quarters, operating revenues increased 2.8% but operating profit decreased 11.5% and net income attributable to common shares decreased 37.8% due to factors similar to those impacting the third quarter results.
Tribune Company reported financial results for the fourth quarter of 2006 with increases in operating revenues and income from continuing operations compared to the same period in 2005. Operating revenues grew 5.4% to $1.47 billion driven by increases in publishing and broadcasting revenues. Income from continuing operations increased 76.9% to $232.1 million due to higher operating profit and non-operating gains, partially offset by higher interest expense. Net income attributable to common shares grew 80.6% to $239.1 million. Earnings per share increased significantly for both basic and diluted amounts.
This document summarizes Tribune Company's fourth quarter and full year 2005 results. Key details include:
- Operating revenues decreased 4.7% in the fourth quarter and 2.3% for the full year compared to the previous year.
- Operating expenses increased 2.7% in the fourth quarter due to restructuring charges but decreased 1.3% for the full year.
- Net income decreased 38.0% in the fourth quarter and 3.8% for the full year from the previous year.
This document provides Bank of America's financial results for the full year and fourth quarter of 2007. Some key points:
- Net income for 2007 was $15 billion, down 29% from 2006, driven by higher credit costs and losses from subprime exposures.
- Revenue declined 8% for the year due to lower noninterest income. Credit costs rose significantly.
- In the fourth quarter, the company reported a net profit of $268 million compared to a $5.3 billion profit in 2006, with losses from subprime exposures weighing heavily.
- Global Consumer & Small Business Banking saw lower profits for the year and quarter due to rising credit costs, particularly in credit cards.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
The document summarizes Tribune Company's financial results for the third quarter and first three quarters of 2006 compared to the same periods in 2005. Some key highlights:
- Operating revenues and operating profit declined in the third quarter of 2006 compared to 2005, while operating expenses increased slightly.
- Non-operating items contributed significantly to net income in the third quarter of 2006, driven largely by gains from partnerships restructurings and asset sales.
- Income from continuing operations increased substantially, while income from discontinued operations (tv station sales) declined.
- Earnings per share increased for the third quarter and first three quarters of 2006 compared to 2005 periods.
The Tribune Company saw declines in operating revenues and income from continuing operations in the second quarter of 2007 compared to the same period in 2006. Operating revenues fell 6.8% and income from continuing operations dropped 78.2%. Expenses rose due to restructuring charges and plant closure costs. Non-operating losses also increased significantly due to losses on derivatives and investments. Net income declined 58.7% due to lower operating results and higher non-operating losses.
- Tribune Company reported lower operating revenues and profits for Q2 2006 compared to Q2 2005. Net income decreased 62.4% due to an expected loss from the sale of two television stations.
- Publishing revenues were down slightly but expenses increased, lowering operating cash flow and profit. Broadcasting revenues decreased for television but were flat overall.
- Income from continuing operations fell 29.1% while discontinued operations recorded a loss due to writing down assets of stations being sold. Earnings per share decreased across both continuing and discontinued operations.
The document summarizes Henkel's financial results for the second quarter and first half of 2004 compared to the same periods in 2003. Net sales increased 9% in the second quarter and 6% year-to-date. Earnings from continuing operations rose 26% in the second quarter and 9% year-to-date due to growth across all business segments. Discontinued operations generated a large gain of $550 million from the exchange of businesses and increased earnings from discontinued operations significantly for both periods. As a result, net earnings increased substantially.
PricewaterhouseCoopers conducted an audit of The Progressive Corporation and subsidiaries' financial statements for 2003, 2002, and 2001. PwC issued an unqualified opinion, stating that the financial statements fairly presented the financial position and results of operations in accordance with generally accepted accounting principles. The audit was performed in accordance with generally accepted auditing standards, which included examining evidence supporting the financial statements and evaluating the overall presentation.
- Tribune Company reported third quarter 2002 revenues of $1.34 billion, up 5% from adjusted 2001 results.
- Operating profit before restructuring charges was $322.2 million in 2002 compared to $207.2 million in adjusted 2001, an increase of 56%.
- Net income for the quarter was $236.8 million compared to a net loss of $85.1 million in adjusted 2001, driven by gains on sales of subsidiaries and non-operating items.
- Tribune Company reported a net loss of $138.9 million for Q3 2001 compared to net income of $79.2 million in Q3 2000. Operating revenues decreased 7% to $1.275 billion.
- Operating profit declined significantly due to restructuring charges of $130.7 million related to workforce reductions. Excluding restructuring charges, operating profit declined 37% to $148.7 million.
- Non-operating losses totaled $144.4 million, driven by losses on derivatives and investment write-downs, compared to a gain of $3.1 million in the prior year.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
- Motorola reported a net loss of $203 million for the quarter ended July 3, 2004 compared to net earnings of $119 million for the same period in 2003. Revenues increased 41% to $8.7 billion for the quarter.
- For the six months ended July 3, 2004, Motorola reported net earnings of $406 million on revenues of $17.3 billion, up 41% compared to the same period in 2003.
- Motorola's Personal Communications segment led growth, with revenues up 67% for both the quarter and six months, while operating earnings increased across most business segments.
Reconciliations and Financial Slides from Safeway Investor Conferencefinance6
1) The document provides reconciliations of net income to adjusted EBITDA and net cash flow from operating activities to adjusted EBITDA for Safeway for 2007-2003. It also provides rolling 4 quarter reconciliations.
2) It reconciles gross margin and operating expense changes excluding factors like fuel.
3) EPS is reconciled excluding unusual items from 1992-2008G and a percentage change is calculated.
4) Free cash flow is reconciled from net cash flow from operating activities from 2013F-2005 by subtracting net cash used by investing activities.
- Tribune Company reported its second quarter and first half 2002 results, with operating revenues increasing 1% in the second quarter compared to the previous year.
- Operating profit before restructuring charges was up 16% in the second quarter and 7% in the first half compared to the previous year. However, net income declined due to losses from derivatives and investments.
- Earnings per share were lower than the previous year in the second quarter and first half due to restructuring charges, losses from investments, and a cumulative effect of a change in accounting principle related to impairments of intangible assets.
Duke Energy 01/29/04_PMA_and_DLH_4Q03_Earnings_Callfinance21
This document summarizes Duke Energy's earnings results for the fourth quarter of 2003. Reported EPS was $(2.23) due to special items including asset impairments and charges at DENA, losses from redesignating hedges, and charges related to exiting operations in Australia and Europe. Excluding special items, ongoing EPS was $0.22. Segment EBIT for Franchised Electric was lower due to higher expenses and mild weather, while Natural Gas Transmission remained flat with offsetting factors.
ConocoPhillips reported financial results for the third quarter and first nine months of 2005:
- Revenues for the quarter increased to $49.7 billion, up from $34.7 billion in the same period last year, driven by higher oil and gas prices. Net income was $3.8 billion compared to $2 billion last year.
- For the first nine months of the year, revenues were $131.2 billion compared to $96.8 billion last year. Net income was $9.85 billion compared to $5.7 billion in the same period of 2004.
- Oil and gas production for the quarter averaged 790 thousand barrels of oil equivalent per day for
This document provides selected financial information and operating statistics for Ameren for the years 1999-2003. Some key details include:
- Operating revenues increased from $3.5 billion in 1999 to $4.6 billion in 2003. Net income increased from $385 million to $524 million over the same period.
- Total assets grew from $9.2 billion in 1999 to $14.2 billion in 2003, reflecting acquisitions including CILCORP in 2003.
- Electric operating revenues were $3.9 billion in 2003, up from $3.3 billion in 1999. Kilowatthour sales increased from 66.8 million to 77.8 million over this period.
- Natural gas
Tribune Company reported its fourth quarter and full year 2002 results. For the fourth quarter, revenues increased 8% year-over-year and net income increased 24%. Operating profit before restructuring charges increased 33% due to cost reductions. For the full year, revenues increased 2% and net income increased 43% due to restructuring initiatives and asset sales. Earnings per share increased 22% in the fourth quarter and 45% for the full year, reflecting continued improvement.
The document summarizes Tribune Company's fourth quarter and full year 2001 financial results. Some key points:
- Operating revenues and profits declined in the fourth quarter and full year 2001 compared to 2000, due to lower advertising revenues and restructuring charges.
- Non-operating items included gains from changes in fair values of investments and sales of investments, but also losses from investment write-downs.
- For the full year, net income declined 50% to $111 million, while earnings per share fell 60% to $0.28, due to lower operating results and restructuring charges.
The document summarizes Tribune Company's financial results for the first quarter of 2003 compared to 2002. Some key points:
- Operating revenues increased 5% to $1.29 billion driven by a 13% increase in television revenues. Operating profit before restructuring charges rose 10% to $276 million.
- Net income was $141 million compared to a net loss of $102 million in 2002. Earnings per share increased significantly.
- Publishing operating profit rose 21% to $198 million due to cost reductions. Broadcasting profit increased 25% to $90 million from higher television revenues and profits.
- Corporate losses narrowed to $11 million from restructuring charges in the prior year. The company had
The Tribune Company reported financial results for the first quarter of 2007. Operating revenues decreased 4.3% from the prior year to $1.2 billion due to declines in publishing and broadcasting revenues. Operating profit decreased 16.3% to $181 million due to lower revenues and a $76 million loss on derivatives and investments. Net loss was $15.6 million compared to net income of $102.8 million in the prior year, as discontinued operations had a $34.4 million loss from expected sales of newspapers. Advertising revenues declined for publishing, with national down 1.4% and classified down 16%.
Tribune Company reported lower revenues and operating profits in the first quarter of 2008 compared to the same period in 2007. Revenues declined 7.8% to $1.1 billion due to decreases in publishing and radio/entertainment revenues. Operating profit fell 21.2% to $143.4 million as profits declined across all business segments. The publishing segment saw the largest profit drop, with operating profit declining 73.9% due to lower revenues and higher severance costs.
Tribune Company reported lower revenues and operating profits in the first quarter of 2008 compared to the same period in 2007. Revenues declined 7.8% to $1.1 billion due to decreases at the Publishing and Broadcasting & Entertainment segments. Overall operating profit fell 21.2% to $143.4 million due to lower profits at Publishing and higher losses at Corporate, partially offset by higher profits at Broadcasting & Entertainment. Net income increased significantly to $1.8 billion primarily due to a large non-operating tax adjustment related to a change in the company's tax status.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- For the first half of 2008, Tribune reported a net loss of $2.7 billion compared to net income of $13 million in the first half of 2007, again largely due to the $3.8 billion intangible asset write-down.
- Tribune Company reported a net loss of $4.5 billion for Q2 2008 compared to net income of $36 million in Q2 2007. This was largely due to a $3.8 billion write-down of intangible assets.
- Operating revenues declined 5.7% year-over-year to $1.1 billion in Q2 2008. Operating expenses increased significantly due to the $3.8 billion write-down.
- The company also sold its Newsday Media Group business and recorded a $693 million loss on the disposition in Q2 2008.
- Tribune Company reported its second quarter and first half 2001 results, with operating revenues increasing 2% and 29% respectively compared to the same periods in 2000.
- Operating profit declined 21% and 10% for the quarter and first half respectively due to a restructuring charge of $14.3 million.
- Net income increased 92% and 36% for the quarter and first half respectively due to non-operating gains, but income from continuing operations declined 41% and 25% due to the restructuring charge and higher interest expenses.
Motorola reported higher net sales and earnings for the third quarter and first nine months of 2004 compared to the same periods in 2003. Net sales increased 26% to $8.6 billion for the third quarter and 36% to $25.9 billion for the first nine months. Net earnings were $479 million for the third quarter and $885 million for the first nine months, significantly higher than the prior year periods. The Personal Communications segment led growth with sales increases of 34% and 54% respectively.
The document provides financial information on special items that impacted earnings per share (EPS) for Duke Energy in the second quarter of 2004 and 2003, as well as the first quarter of 2004 and 2003. Some of the notable special items include an $130 million pre-tax Enron settlement that increased EPS by $0.09 in Q2 2004, and $229 million pre-tax gains on asset sales that increased EPS by $0.16 in Q2 2003. For the first half of 2004, special items have resulted in a $0.04 increase in EPS compared to a $0.01 decrease for the first half of 2003.
This document summarizes Tribune Company's financial results for the first quarter of 2002 compared to the first quarter of 2001. Some key points:
- Operating revenues decreased 5% to $1.23 billion due to declines in publishing advertising and classified revenues. Operating profit before restructuring charges fell 3% to $251.7 million.
- Restructuring charges of $27.3 million were recorded in the first quarter of 2002 related to cost reduction initiatives.
- Net loss was $101.6 million compared to a net income of $70.6 million in 2001, driven by non-operating losses on investments and the cumulative effect of a change in accounting principle.
- Publishing revenues fell 6
The Tribune Company saw a decline in operating revenues and profits in Q3 2007 compared to 2006. However, net income was boosted by $66.95 million in income from discontinued operations. Several non-operating items impacted net income, including $84.97 million in losses on derivatives and investments, but this was offset by $90.7 million in tax benefits. Earnings per share increased significantly year-over-year due to lower outstanding shares.
The Tribune Company reported financial results for the third quarter of 2007. Operating revenues decreased 4.1% compared to the third quarter of 2006. Net income was $152.8 million compared to $164.3 million in the prior year. Earnings per share increased due to gains from discontinued operations. Non-operating expenses included losses from derivatives and strategic transaction costs, but were partially offset by tax benefits.
The Clorox Company reported financial results for the second quarter of fiscal year 2004. Net sales increased 2% to $947 million compared to $926 million in the previous year. Earnings from continuing operations were $111 million, up 27% from $87 million last year. Earnings per share from continuing operations were $0.52 compared to $0.39 the previous year. The company saw sales growth in its Household Products-North America and Household Products-Latin America/Other segments, while Specialty Products sales remained flat.
Motorola reported financial results for Q1 2007, with net sales of $9.4 billion, down slightly from $9.6 billion in Q1 2006. Gross margin declined to $2.5 billion from $2.9 billion. The company had an operating loss of $366 million compared to operating earnings of $849 million in the prior year. On a segment basis, Mobile Devices sales fell 15% while Networks and Enterprise rose 20% and Connected Home Solutions increased 42%. Mobile Devices had an operating loss of $260 million versus earnings of $702 million in 2006.
omnicom group Q4 2004 Earnings Release (pdf)finance22
Omnicom Group Inc. reported financial results for the fourth quarter and full year of 2004. Net income increased 12% to $236.5 million for Q4 2004 and 15% to $723.5 million for the full year. Revenue grew 11% to $2.789 billion for Q4 and 13% to $9.747 billion for the full year. International revenue increased more than domestic revenue, up 14% for Q4 and 16% for the full year. Earnings per share increased 14% to $1.28 for Q4 and 15% to $3.88 for the full year.
The company reported net sales of $1.104 billion for the third quarter of 2005, up 5% from $1.048 billion in the third quarter of 2004. Net earnings were $109 million compared to $123 million in the prior year period. Earnings per share on a diluted basis were $0.71 compared to $0.57 the previous year. The Household Group - North America segment saw a 3% increase in net sales and a 2% increase in earnings from continuing operations before income taxes. The Specialty Group saw a 3% increase in net sales and a 22% increase in earnings from continuing operations before income taxes. The International segment saw a 21% increase in net sales and a 25% increase
western unionCorporate Governance Guidelinesfinance47
The Board of Directors is responsible for overseeing Western Union and selecting the CEO and other executive management. The Board's primary functions are oversight, ethics and integrity, evaluating performance, reviewing strategic plans, advising management, and ensuring compliance. The Board establishes committees, evaluates itself, and plans for CEO succession to fulfill its responsibilities.
western unionRelated Person Transactions Policy finance47
The policy establishes guidelines for approving related person transactions between the company and its directors, executive officers, or significant shareholders. It requires that all related person transactions be approved or ratified by the Corporate Governance Committee or disinterested members of the Board. The committee must consider factors like the transaction's size, the related person's interest, potential conflicts, and whether comparable terms could be obtained from an unaffiliated third party. Ongoing related person transactions are also subject to annual review. All approved transactions must be disclosed as required by securities laws.
The document summarizes Western Union's 2006 annual report. It highlights that Western Union has a 150-year history of connecting people around the world through money transfers, with its brand synonymous with speed, trust, reliability and convenience. It processes nearly 150 million consumer-to-consumer transactions annually, accounting for over 80% of its revenue. It is also expanding its consumer-to-business services to allow bill payments, having recently acquired a company in Argentina, as it looks to increase diversification and growth opportunities.
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
Western Union's 2008 annual report summarizes the company's strong financial performance in 2008. The company delivered record revenue of $5.3 billion and cash flow from operations of $1.25 billion. Western Union's share of the global cross-border remittance market increased to 17% in 2008. Looking ahead, the company plans to focus on accelerating profitable growth, expanding payments services, innovating new products, and improving profitability through cost reductions.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
This document provides an analysis of Hershey Foods Corporation's financial condition and results of operations. It discusses increases in net sales and gross margin from 1999 to 2000 primarily due to lower raw material costs. Selling and administrative expenses also increased from 1999 to 2000 due to higher marketing and staffing costs. In 2000, Hershey acquired Nabisco's mint and gum businesses for $135 million. The acquisition increased assets but did not materially impact 2000 results. Cash flow from operations and prior asset sales exceeded capital expenditures, share repurchases and dividends. Liquidity remains strong with continued capital investments planned.
1) Net sales for Hershey Foods Corporation increased 6% from 1999 to 2000 due to higher core confectionery and grocery product sales in North America, new product introductions, and lower returns and discounts. Net sales decreased 10% from 1998 to 1999 primarily due to the sale of the pasta business.
2) Gross margin increased from 40.7% in 1999 to 41.5% in 2000 due to lower raw material costs and returns/discounts, but was partially offset by higher distribution costs. Gross margin decreased from 40.8% in 1998 to 40.7% in 1999 due to product mix and higher distribution costs.
3) Net income decreased 27% from 1999 to 2000 due to the 1999
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. In 2002, the company's net sales decreased from 2001 primarily due to increased promotion costs, divestitures of some brands, and the timing of sales from an acquired gum and mint business. Cost of sales also decreased in 2002 from 2001 mainly because of lower costs for raw materials. However, gross margin increased due to decreased raw material costs and supply chain efficiencies. Selling, marketing, and administrative expenses decreased slightly in 2002 driven by savings from business realignment initiatives and the elimination of goodwill amortization, partially offset by expenses to explore a possible sale of the company.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. Net sales decreased in 2002 due to increased promotion costs, divestitures, and sluggish retail conditions. Cost of sales decreased due to lower raw material costs and supply chain efficiencies. In late 2001, the company approved a business realignment plan to improve efficiency, including outsourcing manufacturing, rationalizing product lines, improving supply chain, and workforce reductions, generating $75-80 million in annual savings. Charges of $312 million were recorded for these initiatives.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and net income compared to 2002 through strategies focusing on key brands, gross margin expansion, and earnings growth per share.
- The company's strategies over a three-year period resulted in increased sales, gross margins, and returns through price increases, improved sales mix, lower costs, and share repurchases. However, challenges remain in driving profitable core confectionery growth and portfolio evolution.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and income compared to 2002 through strategies focused on key brands, gross margin expansion, and earnings growth per share.
- Primary challenges for 2004 and beyond include profitable sales growth in core confectionery and broader snacks, evolving the product portfolio to meet consumer trends, and balancing growth and profit in seasonal and packaged candy businesses. The company expects continued revenue growth, margin expansion, and earnings growth per share through focus on these strategies.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued gross margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, marketing strategies, distribution networks, raw material costs, and price increases. Key details include that Hershey manufactures and sells over 50 brands of confectionery, snack, refreshment and grocery products in North America and other countries. It sources cocoa beans, its primary raw material, from various global regions.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, distribution, raw materials, and pricing. Key details include: Hershey manufactures and sells confectionery, snack, refreshment and grocery products worldwide; its major brands include Hershey's, Reese's, and Kit Kat; cocoa beans are its primary raw material; and it announced price increases on half its domestic confectionery line in late 2004 and early 2005.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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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.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024)
tribune earnings_q1_05_tables
1. TRIBUNE COMPANY
FIRST QUARTER RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
FIRST QUARTER (A)
%
2005 2004 Change
OPERATING REVENUES $ 1,315,744 $ 1,332,317 (1.2)
OPERATING EXPENSES 1,063,687 1,059,042 0.4
OPERATING PROFIT (B) 252,057 273,275 (7.8)
Net Income (Loss) on Equity Investments 471 (4,373) NM
Interest Income 1,082 1,276 (15.2)
Interest Expense (35,091) (46,677) (24.8)
Non-Operating Items (C) (3,843) (26,579) NM
Income Before Income Taxes 214,676 196,922 9.0
Income Taxes (C) (71,829) (76,241) (5.8)
NET INCOME 142,847 120,681 18.4
Preferred Dividends (2,090) (2,077) 0.6
Net Income Attributable to Common Shares $ 140,757 $ 118,604 18.7
EARNINGS PER SHARE
Basic $ .44 $ .36 22.2
Diluted (D) $ .44 $ .35 25.7
DIVIDENDS PER COMMON SHARE $ .18 $ .12 50.0
Diluted Weighted Average Common Shares Outstanding (E) 320,366 336,094 (4.7)
6
2. (A) 2005 first quarter: Dec. 27, 2004 to March 27, 2005. (13 weeks)
2004 first quarter: Dec. 29, 2003 to March 28, 2004. (13 weeks)
(B) Operating profit excludes interest income and expense, equity income and losses, non-operating items and income taxes.
(C) The first quarter of 2005 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (2,252) $ (1,374) $ -
Gain on sales of investments 1,108 676 -
Loss on investment write-downs and other (2,699) (1,646) -
Income tax settlement adjustments (2) - 11,829 .03
Total non-operating items $ (3,843) $ 9,485 $ .03
The first quarter of 2004 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (45,501) $ (27,755) $ (.09)
Gain on sales of investments (3) 21,518 13,126 .04
Loss on investment write-downs and other (2,596) (1,584) -
Total non-operating items $ (26,579) $ (16,213) $ (.05)
(1) Loss on derivatives and related investments represents the net change in fair values of the Company's PHONES
derivatives and related Time Warner shares.
(2) In the first quarter of 2005, the Company reduced its income tax expense and liabilities by a total of $12 million as
a result of favorably resolving certain federal income tax issues.
(3) In the first quarter of 2004, gain on sales of investments relates primarily to the sale of the Company's
50% interest in La Opinion .
(D) For the first quarters of 2005 and 2004, weighted average common shares outstanding used in the calculation of diluted
EPS were adjusted for the dilutive effect of stock options. The Company's Series C, D-1 and D-2 convertible preferred
shares were not included in the calculation of diluted EPS for the first quarter of either year because their effects were
antidilutive. Following are the calculations for the first quarter:
First Quarter
2005 2004
Net income $ 142,847 $ 120,681
Dividends for Series C, D-1 and D-2 preferred stock (2,090) (2,077)
Net income attributable to common shares $ 140,757 $ 118,604
Weighted average common shares outstanding 317,307 329,303
Assumed exercise of stock options, net of common
shares assumed repurchased 3,059 6,791
Adjusted weighted average common
shares outstanding 320,366 336,094
Diluted earnings per share $ .44 $ .35
(E) The number of common shares outstanding, in thousands, at March 27, 2005 was 317,515.
7
3. TRIBUNE COMPANY
FIRST QUARTER BUSINESS SEGMENT DATA (Unaudited)
(In thousands)
FIRST QUARTER
%
2005 2004 Change
PUBLISHING
Operating Revenues $ 1,005,512 $ 1,003,583 0.2
Cash Operating Expenses (A) (762,327) (768,942) (0.9)
Operating Cash Flow (B) (C) 243,185 234,641 3.6
Depreciation and Amortization Expense (44,646) (45,093) (1.0)
Total Operating Profit (C) $ 198,539 $ 189,548 4.7
BROADCASTING AND ENTERTAINMENT
Operating Revenues
Television $ 290,089 $ 306,439 (5.3)
Radio/Entertainment 20,143 22,295 (9.7)
Total Operating Revenues 310,232 328,734 (5.6)
Cash Operating Expenses (A)
Television (190,970) (192,277) (0.7)
Radio/Entertainment (D) (39,450) (26,742) 47.5
Total Cash Operating Expenses (D) (230,420) (219,019) 5.2
Operating Cash Flow (B) (C)
Television 99,119 114,162 (13.2)
Radio/Entertainment (19,307) (4,447) NM
Total Operating Cash Flow 79,812 109,715 (27.3)
Depreciation and Amortization Expense
Television (11,678) (11,759) (0.7)
Radio/Entertainment (1,168) (1,337) (12.6)
Total Depreciation and Amortization Expense (12,846) (13,096) (1.9)
Operating Profit (Loss) (C)
Television 87,441 102,403 (14.6)
Radio/Entertainment (20,475) (5,784) NM
Total Operating Profit $ 66,966 $ 96,619 (30.7)
CORPORATE EXPENSES
Operating Cash Flow (B) (C) $ (13,047) $ (12,471) 4.6
Depreciation and Amortization Expense (401) (421) (4.8)
Total Operating Loss (C) $ (13,448) $ (12,892) 4.3
CONSOLIDATED
Operating Revenues $ 1,315,744 $ 1,332,317 (1.2)
Cash Operating Expenses (A) (1,005,794) (1,000,432) 0.5
Operating Cash Flow (B) (C) 309,950 331,885 (6.6)
Depreciation and Amortization Expense (57,893) (58,610) (1.2)
Total Operating Profit (C) $ 252,057 $ 273,275 (7.8)
8
4. (A) The Company uses cash operating expenses to evaluate internal performance. The Company has presented cash operating expenses
because it is a common measure used by rating agencies, financial analysts and investors. Cash operating expenses are not a measure of
financial performance under generally accepted accounting principles (quot;GAAPquot;) and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP.
Following is a reconciliation of operating expenses to cash operating expenses for the first quarter of 2005:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 806,973 $ 243,266 $ 13,448 $ 1,063,687
Less: depreciation and amortization expense 44,646 12,846 401 57,893
Cash operating expenses $ 762,327 $ 230,420 $ 13,047 $ 1,005,794
Following is a reconciliation of operating expenses to cash operating expenses for the first quarter of 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 814,035 $ 232,115 $ 12,892 $ 1,059,042
Less: depreciation and amortization expense 45,093 13,096 421 58,610
Cash operating expenses $ 768,942 $ 219,019 $ 12,471 $ 1,000,432
(B) Operating cash flow is defined as operating profit before depreciation and amortization. The Company uses operating cash flow
along with operating profit and other measures to evaluate the financial performance of the Company's business segments. The
Company has presented operating cash flow because it is a common alternative measure of financial performance used by rating
agencies, financial analysts and investors. These groups use operating cash flow along with other measures as a way to estimate the
value of a company. The Company's definition of operating cash flow may not be consistent with that of other companies.
Operating cash flow does not represent cash provided by operating activities as reflected in the Company's consolidated statements
of cash flows, is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP.
(C) Operating profit for each segment excludes interest income and expense, equity income and losses, non-operating items and
income taxes.
Following is a reconciliation of operating profit (loss) to operating cash flow for the first quarter of 2005:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 198,539 $ 66,966 $ (13,448) $ 252,057
Add back: depreciation and amortization expense 44,646 12,846 401 57,893
Operating cash flow $ 243,185 $ 79,812 $ (13,047) $ 309,950
Following is a reconciliation of operating profit (loss) to operating cash flow for the first quarter of 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 189,548 $ 96,619 $ (12,892) $ 273,275
Add back: depreciation and amortization expense 45,093 13,096 421 58,610
Operating cash flow $ 234,641 $ 109,715 $ (12,471) $ 331,885
(D) Broadcasting and entertainment cash operating expenses for the first quarter of 2005 include $13.5 million related to the Chicago Cubs
trade of Sammy Sosa.
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5. TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Period 3 and First Quarter Ended March 27, 2005
(In thousands)
Period 3 (4 weeks) First Quarter (13 weeks)
% %
2005 2004 Change 2005 2004 Change
Publishing
Advertising
$ 96,248 $ 97,793 $ 301,754 $ 294,868
Retail (1.6) 2.3
National 60,372 63,773 (5.3) 206,509 207,667 (0.6)
Classified 88,753 89,151 (0.4) 279,726 272,188 2.8
Sub-Total (A) 245,373 250,717 (2.1) 787,989 774,723 1.7
46,598 51,650
Circulation (9.8) 151,716 165,903 (8.6)
Other 21,210 20,637 2.8 65,807 62,957 4.5
Segment Total 313,181 323,004 (3.0) 1,005,512 1,003,583 0.2
Broadcasting & Entertainment
Television 95,503 102,247 (6.6) 290,089 306,439 (5.3)
10,056 10,349
Radio/Entertainment (2.8) 20,143 22,295 (9.7)
105,559 112,596 310,232 328,734
Segment Total (6.2) (5.6)
$ 418,740 $ 435,600 (3.9) $ 1,315,744 $ 1,332,317 (1.2)
Consolidated Revenues
(A) Publishing advertising revenues for 2004 have been reclassified to conform with the 2005 presentation. There was no effect on total revenues.
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6. TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Period 3 and First Quarter Ended March 27, 2005
(In thousands)
Period 3 (4 weeks) First Quarter (13 weeks)
% %
2005 2004 Change 2005 2004 Change
Full Run
168 182 583 622
L.A. Times (7.7) (6.3)
151 172 503 527
Chicago Tribune (12.2) (4.6)
109 122 353 362
Newsday (10.7) (2.5)
1,044 1,160 3,289 3,519
Other Daily Newspapers (B) (10.0) (6.5)
1,472 1,636 4,728 5,030
Total (10.0) (6.0)
Part Run
411 449 1,310 1,441
L.A. Times (8.5) (9.1)
547 538 1,672 1,550
Chicago Tribune 1.7 7.9
154 144 460 427
Newsday 6.9 7.7
520 502 1,599 1,549
Other Daily Newspapers (B) 3.6 3.2
1,632 1,633 5,041 4,967
Total (0.1) 1.5
Total Advertising Inches
Full Run
446 465 1,405 1,399
Retail (4.1) 0.4
297 351 998 1,063
National (15.4) (6.1)
729 820 2,325 2,568
Classified (11.1) (9.5)
Sub-Total 1,472 1,636 (10.0) 4,728 5,030 (6.0)
Part Run 1,632 1,633 (0.1) 5,041 4,967 1.5
3,104 3,269 9,769 9,997
Total (5.0) (2.3)
Preprint Pieces
272,894 257,247 890,896 755,763
L.A. Times 6.1 17.9
351,294 280,092 1,069,207 902,555
Chicago Tribune 25.4 18.5
208,976 209,418 667,629 637,080
Newsday (0.2) 4.8
299,592 327,120 974,070 973,340
Other Daily Newspapers (B) (8.4) 0.1
Total 1,132,756 1,073,877 5.5 3,601,802 3,268,738 10.2
(A) Volume for 2004 has been modified to conform with the 2005 presentation. Volume is based on preliminary internal data,
which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers.
(B) Other daily newspapers includeThe Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant,
The Morning Call, Daily Press, The Advocate, Greenwich Time, Hoy, New York, Hoy, Chicago and Hoy, Los Angeles.
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