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.
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 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.
- 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 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.
- 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 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.
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 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.
- 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 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.
- 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 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.
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.
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.
This document provides consolidated income statements and cash flow information for 2007 and the first quarter of 2008 for an oil and gas company. It summarizes revenues, expenses, income by business segment, tax rates, certain items included in net income, and cash flows. For 2007, the company reported total revenues of $194.5 billion, net income of $11.9 billion, and net cash provided by operating activities of $11.9 billion. For the first quarter of 2008, total revenues were $56.6 billion and net income was $4.1 billion.
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.
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.
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.
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.
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
Fannie Mae reported a $29 billion loss for Q3 2008, driven by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets due to deteriorating mortgage market conditions. Credit-related expenses increased to $9.2 billion due to higher loan charge-offs and additions to loss reserves. Net worth declined to $9.4 billion from $41.4 billion in Q2 2008 primarily due to the deferred tax asset valuation allowance. Fannie Mae was placed into conservatorship by FHFA in September 2008.
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.
Credit Suisse reported a net loss of CHF 3.3 billion for full year 2002, with CSFB losing CHF 1.9 billion and CSFS losing CHF 165 million. Special items including investment losses, restructuring charges, and litigation reserves accounted for CHF 4.8 billion of the losses. Winterthur, CS's insurance subsidiary, took measures to refocus on core markets and improve profitability including cost reductions and a streamlined management structure.
This document summarizes Freddie Mac's consolidated statements of income, balance sheets, and cash flows for the years ended December 31, 2007, 2006 and 2005. In 2007, Freddie Mac reported a net loss of $3.09 billion compared to net income of $2.33 billion in 2006. Total assets decreased slightly to $794.4 billion in 2007 from $804.9 billion in 2006. Cash flows from operating activities included a net loss of $3.09 billion for 2007, adjustments including $2.85 billion in provision for credit losses, and net purchases of held-for-sale mortgages totaling $2.1 billion.
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.
BB&T Corporation reported financial results for the first quarter of 2009. Net income available to common shareholders was $271 million, down 36.7% from the first quarter of 2008, with diluted earnings per share of $0.48. Total assets increased 5.1% from the end of 2008 to $143.4 billion. However, nonperforming assets more than tripled to $2.75 billion compared to the prior year. Provision for credit losses increased significantly to $676 million from $223 million in the previous year. Overall, BB&T's financial results declined compared to the first quarter of 2008 largely due to higher credit costs.
This document summarizes the expected effects of the merger between Duke Energy and Cinergy. Shareholders and customers can expect value and reliable, affordable service. Local communities can anticipate support and enhancement. Employees will find a safe workplace that supports growth while sustaining the environment. The merger aims to increase value for investors while serving customers, communities, employees, and protecting the environment. Financial details of both companies from 2001-2005 are provided.
This document provides consolidated income statement and segment income information for ExxonMobil for 2007 and 2008. In 2007, ExxonMobil earned a net income of $11.9 billion, with the largest contributors being the Upstream (E&P) segments. Several large impairment charges in the International E&P segment resulted in a net loss for that segment. In 2008, ExxonMobil's net income increased to $9.6 billion for the periods reported, with the Upstream segments again contributing the most income. Certain items included large gains and impairments in various segments in both years.
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 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.
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
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.
- 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.
- 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.
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.
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.
This document provides consolidated income statements and cash flow information for 2007 and the first quarter of 2008 for an oil and gas company. It summarizes revenues, expenses, income by business segment, tax rates, certain items included in net income, and cash flows. For 2007, the company reported total revenues of $194.5 billion, net income of $11.9 billion, and net cash provided by operating activities of $11.9 billion. For the first quarter of 2008, total revenues were $56.6 billion and net income was $4.1 billion.
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.
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.
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.
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.
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
Fannie Mae reported a $29 billion loss for Q3 2008, driven by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets due to deteriorating mortgage market conditions. Credit-related expenses increased to $9.2 billion due to higher loan charge-offs and additions to loss reserves. Net worth declined to $9.4 billion from $41.4 billion in Q2 2008 primarily due to the deferred tax asset valuation allowance. Fannie Mae was placed into conservatorship by FHFA in September 2008.
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.
Credit Suisse reported a net loss of CHF 3.3 billion for full year 2002, with CSFB losing CHF 1.9 billion and CSFS losing CHF 165 million. Special items including investment losses, restructuring charges, and litigation reserves accounted for CHF 4.8 billion of the losses. Winterthur, CS's insurance subsidiary, took measures to refocus on core markets and improve profitability including cost reductions and a streamlined management structure.
This document summarizes Freddie Mac's consolidated statements of income, balance sheets, and cash flows for the years ended December 31, 2007, 2006 and 2005. In 2007, Freddie Mac reported a net loss of $3.09 billion compared to net income of $2.33 billion in 2006. Total assets decreased slightly to $794.4 billion in 2007 from $804.9 billion in 2006. Cash flows from operating activities included a net loss of $3.09 billion for 2007, adjustments including $2.85 billion in provision for credit losses, and net purchases of held-for-sale mortgages totaling $2.1 billion.
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.
BB&T Corporation reported financial results for the first quarter of 2009. Net income available to common shareholders was $271 million, down 36.7% from the first quarter of 2008, with diluted earnings per share of $0.48. Total assets increased 5.1% from the end of 2008 to $143.4 billion. However, nonperforming assets more than tripled to $2.75 billion compared to the prior year. Provision for credit losses increased significantly to $676 million from $223 million in the previous year. Overall, BB&T's financial results declined compared to the first quarter of 2008 largely due to higher credit costs.
This document summarizes the expected effects of the merger between Duke Energy and Cinergy. Shareholders and customers can expect value and reliable, affordable service. Local communities can anticipate support and enhancement. Employees will find a safe workplace that supports growth while sustaining the environment. The merger aims to increase value for investors while serving customers, communities, employees, and protecting the environment. Financial details of both companies from 2001-2005 are provided.
This document provides consolidated income statement and segment income information for ExxonMobil for 2007 and 2008. In 2007, ExxonMobil earned a net income of $11.9 billion, with the largest contributors being the Upstream (E&P) segments. Several large impairment charges in the International E&P segment resulted in a net loss for that segment. In 2008, ExxonMobil's net income increased to $9.6 billion for the periods reported, with the Upstream segments again contributing the most income. Certain items included large gains and impairments in various segments in both years.
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 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.
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
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.
- 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.
- 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.
- 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 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 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.
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
- 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.
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 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%.
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.
Advanced Micro Devices reported financial results for Q4 2008 and full year 2008. For Q4, revenue declined 35% year-over-year to $1.2 billion, and the company reported a net loss of $1.4 billion. For the full year, revenue declined slightly to $5.8 billion while the net loss widened to $3.1 billion. The Computing Solutions segment experienced significant operating losses for both the quarter and year. Advanced Micro Devices' financial position also weakened, with cash balances declining by over 40% and stockholders' deficit reaching $82 million.
Advanced Micro Devices reported financial results for Q4 2008 and full year 2008. For Q4, revenue declined 35% year-over-year to $1.2 billion, and the company reported a net loss of $1.4 billion. For the full year, revenue declined slightly to $5.8 billion while the net loss widened to $3.1 billion. The Computing Solutions segment experienced significant operating losses for both the quarter and year. Advanced Micro Devices' financial position also weakened, with cash balances declining by over 40% and stockholders' deficit reaching $82 million.
- Advanced Micro Devices reported a net loss of $1.4 billion for the quarter ending December 27, 2008, compared to a net loss of $127 million for the previous quarter and a net loss of $1.8 billion for the same quarter last year.
- For the full year 2008, AMD reported a net loss of $3.1 billion compared to a net loss of $3.4 billion in 2007.
- Revenue for Q4 2008 was $1.2 billion, down 35% from the previous quarter and 33% from Q4 2007. For the full year, revenue was $5.8 billion, down 1% from 2007.
Advanced Micro Devices reported financial results for Q4 2008 and full year 2008. For Q4, revenue declined 35% year-over-year to $1.2 billion, and the company reported a net loss of $1.4 billion. For the full year, revenue declined slightly to $5.8 billion while the net loss widened to $3.1 billion. The Computing Solutions segment experienced significant operating losses for both the quarter and year. Advanced Micro Devices' financial position also weakened, with cash balances declining by over 40% and stockholders' deficit reaching $82 million.
Advanced Micro Devices reported financial results for Q4 2008 and full year 2008. For Q4, revenue declined 35% year-over-year to $1.2 billion, and the company reported a net loss of $1.4 billion. For the full year, revenue declined slightly to $5.8 billion while the net loss widened to $3.1 billion. The Computing Solutions segment experienced significant operating losses for both the quarter and year. Advanced Micro Devices' financial position also weakened, with cash balances declining by over 40% and stockholders' deficit reaching $82 million.
- 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.
Micron Technology, Inc. filed a Form 10-Q with the SEC for the quarterly period ended November 29, 2001. The filing includes Micron's consolidated statements of operations, balance sheets, and cash flows for the quarter, which show a net loss of $265.9 million compared to net income of $352.2 million in the prior year period. Revenues declined significantly to $423.9 million from $1,571.6 million. Micron also wrote down the value of inventory by $172.8 million and incurred restructuring charges of $10.7 million during the quarter. The 10-Q provides supplemental disclosures on receivables, inventory, property and equipment, and accounts payable
- 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.
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.
Mutual Fund Taxation – How Mutual Funds Are Taxeddhvikdiva
Divadhvik explains Mutual Fund Taxation clearly: Equity funds held over a year are taxed at 10% for gains over ₹1 lakh, while short-term gains are taxed at 15%. Debt funds held over three years are taxed at 20% post-indexation. Short-term gains are taxed as per your income slab.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Importance of community participation in development projects.pdf
tribune earnings_q2_03_tables
1. TRIBUNE COMPANY
SECOND QUARTER RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
SECOND QUARTER (A)
%
2003 2002 Change
OPERATING REVENUES $ 1,449,626 $ 1,380,553 5.0
OPERATING EXPENSES 1,080,107 1,037,511 4.1
OPERATING PROFIT (B) 369,519 343,042 7.7
Net Income (Loss) on Equity Investments 1,508 (3,611) NM
Interest Income 1,906 2,117 (10.0)
Interest Expense (50,651) (53,799) (5.9)
Non-Operating Items (C) 52,007 (100,192) NM
Income Before Income Taxes 374,289 187,557 99.6
Income Taxes (144,787) (73,348) 97.4
NET INCOME 229,502 114,209 100.9
Preferred Dividends, net of tax (6,105) (6,025) 1.3
Net Income Attributable to Common Shares $ 223,397 $ 108,184 106.5
EARNINGS PER SHARE
Basic $ .72 $ .36 100.0
Diluted (D) $ .67 $ .33 103.0
DIVIDENDS PER COMMON SHARE $ .11 $ .11 -
Weighted Average Common Shares Outstanding (E) 310,530 301,312 3.1
(A) 2003 second quarter: March 31, 2003 to June 29, 2003. (13 weeks)
2002 second quarter: April 1, 2002 to June 30, 2002. (13 weeks)
(B) Operating profit excludes interest income and expense, equity earnings and losses, non-operating items and income
taxes.
(C) The second quarter of 2003 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Gain on derivatives and related investments (1) $ 54,276 $ 33,217 $ .10
Gain on sales of investments 2,340 1,432 -
Loss on investment write-downs (4,609) (2,821) -
Total non-operating items $ 52,007 $ 31,828 $ .10
5
2. The second quarter of 2002 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (98,953) $ (60,559) $ (.19)
Gain on sales of investments 4,807 2,941 .01
Loss on investment write-downs (6,046) (3,700) (.01)
Total non-operating items $ (100,192) $ (61,318) $ (.19)
(1) Gain (loss) on derivatives and related investments relates primarily to the net change in fair values of the Company's
PHONES derivatives and related AOL Time Warner shares.
(D) Diluted EPS was computed assuming that the Series B convertible preferred shares and the LYONs debt securities
were converted into common shares. The LYONs were redeemed on June 23, 2003; therefore, a weighted portion
was used in the second quarter 2003 calculation. Also, weighted average common shares outstanding was adjusted for
the dilutive effect of stock options. The Company has certain other convertible securities which were not included in
the calculation of diluted EPS because their effects were antidilutive. Following are the calculations for the second
quarter:
Second Quarter
2003 2002
Net income $ 229,502 $ 114,209
Additional ESOP contribution required assuming Series B
preferred shares were converted, net of tax (2,409) (2,389)
Dividends for Series C, D-1 and D-2 preferred stock (2,063) (2,014)
LYONs interest expense, net of tax 1,324 1,561
Adjusted net income $ 226,354 $ 111,367
Weighted average common shares outstanding 310,530 301,312
Assumed conversion of Series B preferred shares into common 15,970 17,117
Assumed exercise of stock options, net of common
shares assumed repurchased 7,107 7,085
Assumed conversion of LYONs debt securities 5,871 7,094
Adjusted weighted average common
shares outstanding 339,478 332,608
Diluted earnings per share $ .67 $ .33
(E) The number of common shares outstanding, in thousands, at June 29, 2003 was 316,663.
6
3. TRIBUNE COMPANY
FIRST HALF RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
FIRST HALF (A)
%
2003 2002 Change
OPERATING REVENUES $ 2,739,673 $ 2,614,191 4.8
OPERATING EXPENSES BEFORE RESTRUCTURING CHARGES 2,093,745 2,019,415 3.7
OPERATING PROFIT BEFORE RESTRUCTURING CHARGES (B) 645,928 594,776 8.6
Restructuring Charges (C) - (27,253) (100.0)
OPERATING PROFIT 645,928 567,523 13.8
Net Loss on Equity Investments (7,506) (24,308) (69.1)
Interest Income 3,981 4,189 (5.0)
Interest Expense (101,598) (108,891) (6.7)
Non-Operating Items (D) 64,838 (145,771) NM
Income Before Income Taxes and Cumulative Effect of Change
in Accounting Principle 605,643 292,742 106.9
Income Taxes (234,989) (114,516) 105.2
Income Before Cumulative Effect of Change in Accounting Principle 370,654 178,226 108.0
Cumulative Effect of Change in Accounting Principle, net of tax (E) - (165,587) (100.0)
NET INCOME 370,654 12,639 NM
Preferred Dividends, net of tax (12,336) (12,420) (0.7)
Net Income Attributable to Common Shares $ 358,318 $ 219 NM
EARNINGS PER SHARE
Basic:
Before cumulative effect of change in accounting principle, net $ 1.16 $ .55 110.9
Cumulative effect of change in accounting principle, net - (.55) (100.0)
Total $ 1.16 $ - NM
Diluted:
Before cumulative effect of change in accounting principle, net $ 1.08 $ .52 107.7
Cumulative effect of change in accounting principle, net - (.50) (100.0)
Total (F) $ 1.08 $ .02 NM
DIVIDENDS PER COMMON SHARE $ .22 $ .22 -
Weighted Average Common Shares Outstanding (G) 308,748 300,201 2.8
7
4. (A) 2003 first half: Dec. 30, 2002 to June 29, 2003. (26 weeks)
2002 first half: Dec. 31, 2001 to June 30, 2002. (26 weeks)
(B) Operating profit excludes interest income and expense, equity earnings and losses, non-operating items and income
taxes. Operating profit before restructuring charges is a key metric used by the Company's chief operating decision maker,
as defined by Financial Accounting Standard No. 131, quot;Segment Reporting,quot; to make decisions about resources to be allocated
to a segment and assess its performance.
(C) In the first quarter of 2002, the Company recorded pretax restructuring charges of $27 million ($17 million after-tax
primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.05.
(D) The first half of 2003 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Gain on derivatives and related investments (1) $ 17,056 $ 10,438 $ .03
Gain on sales of subsidiaries and investments, net (2) 52,619 32,203 .09
Loss on investment write-downs (4,837) (2,960) -
Total non-operating items $ 64,838 $ 39,681 $ .12
The first half of 2002 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (144,469) $ (88,415) $ (.28)
Gain on sales of investments 6,233 3,814 .02
Loss on investment write-downs (7,535) (4,611) (.01)
Total non-operating items $ (145,771) $ (89,212) $ (.27)
(1) Gain (loss) on derivatives and related investments relates primarily to the net change in fair values of the Company's
PHONES derivatives and related AOL Time Warner shares.
(2) Gain on sales of subsidiaries and investments relates primarily to the divestiture of the assets of Denver radio station
KKHK-FM, now known as KQMT-FM, which were exchanged for the assets of KWBP-TV, Portland, Ore.
(E) As a result of initially applying the new impairment provisions of FAS 142, quot;Goodwill and Other Intangible Assets,quot;
the Company recorded a pretax charge of $271 million ($166 million after-tax) in the first quarter of 2002,
which decreased diluted EPS by $.50. This cumulative effect relates to certain of the Company's newspaper mastheads,
a FCC license and a television network affiliation agreement.
8
5. (F) Diluted EPS was computed assuming that the Series B convertible preferred shares and the LYONs debt securities
were converted into common shares. The LYONs were redeemed on June 23, 2003; therefore, a weighted portion
was used in the first half 2003 calculation. Also, weighted average common shares outstanding was adjusted for
the dilutive effect of stock options. The Company has certain other convertible securities which were not included in
the calculation of diluted EPS because their effects were antidilutive. Following are the calculations for the first half:
First Half
2003 2002
Net income $ 370,654 $ 12,639
Additional ESOP contribution required assuming Series B
preferred shares were converted, net of tax (4,857) (5,072)
Dividends for Series C, D-1 and D-2 preferred stock (4,126) (4,028)
LYONs interest expense, net of tax 2,884 3,125
Adjusted net income $ 364,555 $ 6,664
Weighted average common shares outstanding 308,748 300,201
Assumed conversion of Series B preferred shares into common 16,098 17,117
Assumed exercise of stock options, net of common
shares assumed repurchased 6,857 6,556
Assumed conversion of LYONs debt securities 6,423 7,177
Adjusted weighted average common
shares outstanding 338,126 331,051
Diluted earnings per share $ 1.08 $ .02
(G) The number of common shares outstanding, in thousands, at June 29, 2003 was 316,663.
9
7. (A) Cash operating expenses exclude restructuring charges. 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 expense is 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 second quarter of 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 778,983 $ 286,971 $ 14,153 $ 1,080,107
Less: depreciation and amortization expense 44,240 13,007 536 57,783
Cash operating expenses $ 734,743 $ 273,964 $ 13,617 $ 1,022,324
Following is a reconciliation of operating expenses to cash operating expenses for the second quarter of 2002:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 760,648 $ 266,185 $ 10,678 $ 1,037,511
Less: depreciation and amortization expense 43,252 11,313 642 55,207
Cash operating expenses $ 717,396 $ 254,872 $ 10,036 $ 982,304
Following is a reconciliation of operating expenses to cash operating expenses for the first half of 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 1,554,965 $ 513,238 $ 25,542 $ 2,093,745
Less: depreciation and amortization expense 89,232 24,277 1,065 114,574
Cash operating expenses $ 1,465,733 $ 488,961 $ 24,477 $ 1,979,171
Following is a reconciliation of operating expenses before restructuring charges to cash operating expenses for the first half of 2002:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses before restructuring charges $ 1,522,853 $ 476,742 $ 19,820 $ 2,019,415
Less: depreciation and amortization expense 86,062 22,830 1,200 110,092
Cash operating expenses $ 1,436,791 $ 453,912 $ 18,620 $ 1,909,323
(B) Operating cash flow is defined as operating profit before restructuring charges and 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.
11
8. (C) Operating profit for each segment excludes interest income and expense, equity earnings and losses, non-operating items and
income taxes. Operating profit before restructuring charges is a key metric used by the Company's chief operating decision maker,
as defined by Financial Accounting Standard No. 131, quot;Segment Reporting,quot; to make decisions about resources to be allocated
to a segment and assess its performance.
Following is a reconciliation of operating profit (loss) to operating cash flow for the second quarter of 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 234,652 $ 149,020 $ (14,153) $ 369,519
Add back: depreciation and amortization expense 44,240 13,007 536 57,783
Operating cash flow $ 278,892 $ 162,027 $ (13,617) $ 427,302
Following is a reconciliation of operating profit (loss) to operating cash flow for the second quarter of 2002:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 224,173 $ 129,547 $ (10,678) $ 343,042
Add back: depreciation and amortization expense 43,252 11,313 642 55,207
Operating cash flow $ 267,425 $ 140,860 $ (10,036) $ 398,249
Following is a reconciliation of operating profit (loss) to operating cash flow for the first half of 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 432,253 $ 239,217 $ (25,542) $ 645,928
Add back: depreciation and amortization expense 89,232 24,277 1,065 114,574
Operating cash flow $ 521,485 $ 263,494 $ (24,477) $ 760,502
Following is a reconciliation of operating profit (loss) to operating cash flow for the first half of 2002:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 387,149 $ 201,437 $ (21,063) $ 567,523
Add back: restructuring charges 24,923 1,087 1,243 27,253
Operating profit (loss) before restructuring charges $ 412,072 $ 202,524 $ (19,820) $ 594,776
Add back: depreciation and amortization expense 86,062 22,830 1,200 110,092
Operating cash flow $ 498,134 $ 225,354 $ (18,620) $ 704,868
12
9. TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Second Quarter Ended June 29, 2003
(In thousands)
Second Quarter (13 weeks) Year-to-Date (26 weeks)
% %
2003 2002 Change 2003 2002 Change
Publishing
Advertising
$ 324,095 $ 311,744 $ 613,372 $ 595,380
Retail 4.0 3.0
381,223 352,982
National 190,078 173,030 9.9 8.0
482,818 493,960
Classified 243,732 252,948 (3.6) (2.3)
Interactive 43,213 37,672
22,547 19,614 15.0 14.7
Sub-Total 780,452 757,336 3.1 1,520,626 1,479,994 2.7
335,172 335,544
Circulation 165,709 166,996 (0.8) (0.1)
131,420 119,387
Other 67,474 60,489 11.5 10.1
Segment Total (A) (B) 1,013,635 984,821 2.9 1,987,218 1,934,925 2.7
Broadcasting & Entertainment
Television (C) 353,851 315,853 12.0 643,107 572,201 12.4
109,348 107,065
Radio/Entertainment 82,140 79,879 2.8 2.1
752,455 679,266
Segment Total (D) 435,991 395,732 10.2 10.8
$ 1,449,626 $ 1,380,553 5.0 $ 2,739,673 $ 2,614,191 4.8
Consolidated Revenues (E)
(A) Publishing revenues for 2002 have been reclassified to conform with the 2003 presentation. There was no effect on total revenues.
(B) Includes Chicago magazine, acquired in August 2002. Excluding this acquisition, publishing revenues increased 2.6% for the quarter and
2.4% for the year-to-date. Excluding this acquisition, retail revenues increased 3.2%, national revenues increased 9.8% and total advertising
revenues increased 2.7% for the quarter. Excluding this acquisition, retail revenues increased 2.2%, national revenues increased 7.9% and total
advertising revenues increased 2.4% for the year-to-date.
(C) Includes WTTV-TV, Indianapolis, acquired in July 2002, KPLR-TV, St. Louis and KWBP-TV, Portland, both acquired in March 2003.
Excluding these acquisitions, television revenues increased 7.0% for the quarter and 8.6% for the year-to-date.
(D) Excluding acquisitions, broadcasting and entertainment revenues increased 6.2% for the quarter and 7.6% for the year-to-date.
(E) Excluding acquisitions, consolidated revenues increased 3.6% for the quarter and 3.7% for the year-to-date.
13
10. TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Second Quarter Ended June 29, 2003
(In thousands)
Second Quarter (13 weeks) Year-to-Date (26 weeks)
% %
2003 2002 Change 2003 2002 Change
Full Run
644 618 1,282 1,255
L.A. Times 4 2
574 543 1,088 1,047
Chicago Tribune 6 4
414 423 747 798
Newsday (2) (6)
3,508 3,430 6,772 6,670
Other Daily Newspapers (B) 2 2
5,140 5,014 9,889 9,770
Total 3 1
Part Run
1,460 1,410 2,860 2,741
L.A. Times 4 4
1,514 1,407 2,800 2,644
Chicago Tribune 8 6
512 473 922 848
Newsday 8 9
1,591 1,609 3,118 3,106
Other Daily Newspapers (B) (1) -
5,077 4,899 9,700 9,339
Total 4 4
Total Advertising Inches
Full Run
1,528 1,539 2,877 2,978
Retail (1) (3)
975 875 1,894 1,745
National 11 9
2,637 2,600 5,118 5,047
Classified 1 1
5,140 5,014 9,889 9,770
Sub-Total 3 1
Part Run 5,077 4,899 4 9,700 9,339 4
Total 10,217 9,913 3 19,589 19,109 3
Preprint Pieces
760,087 668,322 1,425,787 1,308,221
L.A. Times 14 9
824,885 773,023 1,585,769 1,477,754
Chicago Tribune 7 7
717,997 710,954 1,389,233 1,323,969
Newsday 1 5
953,773 895,226 1,863,478 1,753,540
Other Daily Newspapers (B) 7 6
3,256,742 3,047,525
Total 7 6,264,267 5,863,484 7
(A) Volume for 2002 has been modified to conform with the 2003 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 include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The
Morning Call, Daily Press, The Advocate and Greenwich Time.
14
11. TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Period 6 Ended June 29, 2003
(In thousands)
Period 6 (5 weeks) Year-to-Date (26 weeks)
% %
2003 2002 Change 2003 2002 Change
Publishing
Advertising
$ 120,081 $ 115,259 $ 613,372 $ 595,380
Retail 4.2 3.0
381,223 352,982
National 78,258 70,814 10.5 8.0
482,818 493,960
Classified 96,226 96,536 (0.3) (2.3)
Interactive 43,213 37,672
8,994 7,320 22.9 14.7
303,559 289,929 1,520,626 1,479,994
Sub-Total 4.7 2.7
63,043 63,246 335,172 335,544
Circulation (0.3) (0.1)
131,420 119,387
Other 24,685 22,733 8.6 10.1
Segment Total (A) (B) 391,287 375,908 4.1 1,987,218 1,934,925 2.7
Broadcasting & Entertainment
133,830 124,971 643,107 572,201
Television (C) 7.1 12.4
37,643 33,683 109,348 107,065
Radio/Entertainment 11.8 2.1
752,455 679,266
Segment Total (D) 171,473 158,654 8.1 10.8
$ 562,760 $ 534,562 5.3 $ 2,739,673 $ 2,614,191 4.8
Consolidated Revenues (E)
(A) Publishing revenues for 2002 have been reclassified to conform with the 2003 presentation. There was no effect on total revenues.
(B) Includes Chicago magazine, acquired in August 2002. Excluding this acquisition, publishing revenues increased 3.9% for the period and 2.4%
for the year-to-date. Excluding this acquisition, retail revenues increased 3.7%, national revenues increased 10.5% and total advertising revenues
increased 4.5% for the period. Excluding this acquisition, retail revenues increased 2.2%, national revenues increased 7.9% and total advertising
revenues increased 2.4% for the year-to-date.
(C) Includes WTTV-TV, Indianapolis, acquired in July 2002, KPLR-TV, St. Louis and KWBP-TV, Portland, both acquired in March 2003.
Excluding these acquisitions, television revenues increased 2.4% for the period and 8.6% for the year-to-date.
(D) Excluding acquisitions, broadcasting and entertainment revenues increased 4.4% for the period and 7.6% for the year-to-date.
(E) Excluding acquisitions, consolidated revenues increased 4.0% for the period and 3.7% for the year-to-date.
15
12. TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Period 6 Ended June 29, 2003
(In thousands)
Period 6 (5 weeks) Year-to-Date (26 weeks)
% %
2003 2002 Change 2003 2002 Change
Full Run
253 239 1,282 1,255
L.A. Times 6 2
230 216 1,088 1,047
Chicago Tribune 6 4
165 166 747 798
Newsday (1) (6)
1,350 1,322 6,772 6,670
Other Daily Newspapers (B) 2 2
1,998 1,943 9,889 9,770
Total 3 1
Part Run
582 548 2,860 2,741
L.A. Times 6 4
595 535 2,800 2,644
Chicago Tribune 11 6
196 177 922 848
Newsday 11 9
606 590 3,118 3,106
Other Daily Newspapers (B) 3 -
1,979 1,850 9,700 9,339
Total 7 4
Total Advertising Inches
Full Run
560 567 2,877 2,978
Retail (1) (3)
393 353 1,894 1,745
National 11 9
1,045 1,023 5,118 5,047
Classified 2 1
1,998 1,943 9,889 9,770
Sub-Total 3 1
Part Run 1,979 1,850 7 9,700 9,339 4
Total 3,977 3,793 5 19,589 19,109 3
Preprint Pieces
288,997 248,824 1,425,787 1,308,221
L.A. Times 16 9
299,158 302,263 1,585,769 1,477,754
Chicago Tribune (1) 7
270,017 260,109 1,389,233 1,323,969
Newsday 4 5
352,215 323,988 1,863,478 1,753,540
Other Daily Newspapers (B) 9 6
1,210,387 1,135,184
Total 7 6,264,267 5,863,484 7
(A) Volume for 2002 has been modified to conform with the 2003 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 include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The
Morning Call, Daily Press, The Advocate and Greenwich Time.
16