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.
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.
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 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 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.
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 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 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.
- 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.
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.
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 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 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.
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 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 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.
- 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.
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.
- 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 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 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 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.
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.
- 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 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.
- 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 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.
Revenues increased from $11.5 billion in 2006 to $12.8 billion in 2007 primarily due to higher electric utility revenues. Operating income increased from $2.6 billion to $2.8 billion between 2006 and 2007. Net income increased from $1.25 billion in 2006 to $1.31 billion in 2007, while basic earnings per share increased from $3.84 to $4.27 over the same period.
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 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 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 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.
1) Aetna reported total revenue of $6.2 billion for Q1 2006, up from $5.4 billion in Q1 2005. Health care premium revenue increased 16.7% to $4.7 billion.
2) Net income was $401.7 million, up 3.1% from $389.3 million in Q1 2005. Income from continuing operations was $385.6 million compared to $389.3 million the year before.
3) The Health Care segment saw a 17% increase in total revenue to $5.5 billion but operating earnings excluding prior period development fell from $286.5 million to $360.6 million due to no favorable development in
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 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.
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.
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.
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
- 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.
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.
- 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 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 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 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.
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.
- 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 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.
- 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 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.
Revenues increased from $11.5 billion in 2006 to $12.8 billion in 2007 primarily due to higher electric utility revenues. Operating income increased from $2.6 billion to $2.8 billion between 2006 and 2007. Net income increased from $1.25 billion in 2006 to $1.31 billion in 2007, while basic earnings per share increased from $3.84 to $4.27 over the same period.
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 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 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 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.
1) Aetna reported total revenue of $6.2 billion for Q1 2006, up from $5.4 billion in Q1 2005. Health care premium revenue increased 16.7% to $4.7 billion.
2) Net income was $401.7 million, up 3.1% from $389.3 million in Q1 2005. Income from continuing operations was $385.6 million compared to $389.3 million the year before.
3) The Health Care segment saw a 17% increase in total revenue to $5.5 billion but operating earnings excluding prior period development fell from $286.5 million to $360.6 million due to no favorable development in
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 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.
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.
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.
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
- 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.
- 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.
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 provides a reconciliation of Alltel Corporation's results of operations under GAAP accounting standards versus results from current businesses on a non-GAAP basis for the six months and three months ended June 30, 2006. Key figures are provided for revenues, costs and expenses, operating income, earnings per share, and segment information from the company's wireless, wireline, and corporate operations. Certain items are excluded from the non-GAAP results of current businesses column, as described in notes to the reconciliation.
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.
- 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.
tech data Fiscal Year 2006 Q1-3 Not Restated for Discontinued Operationsfinance11
Tech Data Corporation provided a reconciliation of GAAP (Generally Accepted Accounting Principles) to non-GAAP measures for operating income, net income, and earnings per share for the third quarter of 2005, second quarter of 2005, first quarter of 2005, and first nine months of 2005. Non-GAAP measures exclude restructuring charges and other costs related to Tech Data's European restructuring program. For the quarter, non-GAAP operating income was $52 million compared to $35 million for GAAP. Non-GAAP net income was $31 million compared to a GAAP net loss of $59 million. On a per share basis, non-GAAP earnings were $0.53 per share compared
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP (Generally Accepted Accounting Principles) to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs, expenses, operating income, and earnings per share under both GAAP and excluding certain items to present results from current businesses only. Key figures include total revenues of $8.2 billion for the twelve months under both measures. Operating income was $1.97 billion excluding items versus $1.92 billion under GAAP.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
This document provides a reconciliation of ALLTEL Corporation's results of operations under GAAP to non-GAAP results of operations from current businesses for the twelve months and three months ended December 31, 2004. It shows revenues, costs and expenses, operating income, and net income under both GAAP and excluding certain items. Key results include total 2004 revenues of $8.2 billion, operating income of $1.97 billion, net income of $1.04 billion, and basic EPS of $3.38 under non-GAAP current business measures.
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.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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.
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.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Applying the Global Internal Audit Standards_AIS.pdf
tribune earnings_q4_04_tables
1. TRIBUNE COMPANY
FOURTH QUARTER RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
FOURTH QUARTER (A)
%
2004 2003 Change
OPERATING REVENUES $ 1,484,148 $ 1,469,633 1.0
OPERATING EXPENSES (B) 1,115,545 1,069,250 4.3
OPERATING PROFIT (C) 368,603 400,383 (7.9)
Net Income on Equity Investments 19,505 12,285 58.8
Interest Income 483 974 (50.4)
Interest Expense (35,062) (47,850) (26.7)
Non-Operating Items (D) 29,403 145,750 (79.8)
Income Before Income Taxes and Cumulative Effect of Change
in Accounting Principle 382,932 511,542 (25.1)
Income Taxes (148,330) (173,129) (14.3)
Income Before Cumulative Effect of Change in Accounting Principle 234,602 338,413 (30.7)
Cumulative Effect of Change in Accounting Principle, net of tax (E) (17,788) - NM
NET INCOME 216,814 338,413 (35.9)
Preferred Dividends, net of tax (2,077) (5,991) (65.3)
Net Income Attributable to Common Shares $ 214,737 $ 332,422 (35.4)
EARNINGS PER SHARE
Basic:
Before cumulative effect of change in accounting principle, net $ .73 $ 1.06 (31.1)
Cumulative effect of change in accounting principle, net (.05) - NM
Total $ .68 $ 1.06 (35.8)
Diluted:
Before cumulative effect of change in accounting principle, net $ .72 $ 1.00 (28.0)
Cumulative effect of change in accounting principle, net (.05) - NM
Total (F) $ .67 $ 1.00 (33.0)
DIVIDENDS PER COMMON SHARE $ .12 $ .11 9.1
Diluted Weighted Average Common Shares Outstanding (G) 321,411 336,085 (4.4)
7
2. (A) 2004 fourth quarter: Sept. 27, 2004 to Dec. 26, 2004. (13 weeks)
2003 fourth quarter: Sept. 29, 2003 to Dec. 28, 2003. (13 weeks)
(B) Operating expenses for 2004 include a charge of $24 million, or $.05 per diluted share, related to the elimination of approximately
230 positions in the publishing group.
(C) Operating profit excludes interest income and expense, equity earnings and losses, non-operating items and income
taxes.
(D) The fourth quarter of 2004 included the following non-operating items:
Pretax After-tax
Gain Gain Diluted EPS
Gain on derivatives and related investments (1) $ 27,614 $ 16,844 $ .06
Gain on sales of subsidiaries and investments, net 1,711 1,044 -
Other, net 78 48 -
Total non-operating items $ 29,403 $ 17,936 $ .06
The fourth 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) $ 42,609 $ 26,077 $ .08
Gain on sales of investments, net (2) 85,725 52,463 .16
Loss on investment write-downs (1,515) (927) -
Gain on insurance recoveries (3) 22,291 13,642 .04
Other, net (3,360) (2,056) (.01)
Income tax settlement adjustments (4) - 25,034 .07
Total non-operating items $ 145,750 $ 114,233 $ .34
(1) Gain on derivatives and related investments represents the net change in fair values of the Company's PHONES
derivatives and related Time Warner shares.
(2) For the fourth quarter of 2003, gain on sales of investments relates primarily to the divestiture of the Company's investment
in The Golf Channel.
(3) In the fourth quarter of 2003, the Company recorded a pretax gain of $22 million as a result of settling the business
interruption and property damage insurance claims filed by WPIX-TV, New York, as a result of the events of Sept. 11, 2001.
(4) In the fourth quarter of 2003, the Company reduced its income tax expense and liabilities by a total of $25 million
as a result of favorably resolving certain state and federal income tax issues.
(E) As a result of adopting the provisions of the Financial Accounting Standards Board's Emerging Issues Task Force Topic No. D-108,
which requires the use of a direct valuation method for intangible assets such as FCC licenses, the Company recorded a one-time
pretax charge of $29 million ($18 million after tax, or $.05 per diluted share) in the fourth quarter of 2004 as a cumulative effect of a
change in accounting principle in the consolidated income statement.
8
3. (F) For the fourth quarter of 2003, diluted EPS was computed assuming that the Series B, C, D-1 and D-2 convertible preferred shares were
converted into common shares. The Series B convertible preferred shares were converted into 15.4 million shares of common stock on
Dec. 16, 2003. Also, for both years, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. In
2004, the Series C, D-1 and D-2 convertible preferred shares were not included in the calculation of diluted EPS because their effects were
antidilutive. Following are the calculations for the fourth quarter:
Fourth Quarter
2004 2003
Net income $ 216,814 $ 338,413
Additional ESOP contribution required assuming Series B
preferred shares were converted, net of tax - (1,865)
Dividends for Series C, D-1 and D-2 preferred stock (2,077) -
Adjusted net income $ 214,737 $ 336,548
Weighted average common shares outstanding 317,715 314,606
Assumed conversion of Series B preferred shares into common - 12,768
Assumed conversion of Series C, D-1 and D-2 preferred shares
into common - 2,209
Assumed exercise of stock options, net of common
shares assumed repurchased 3,696 6,502
Adjusted weighted average common
shares outstanding 321,411 336,085
Diluted earnings per share $ .67 $ 1.00
(G) The number of common shares outstanding, in thousands, at Dec. 26, 2004 was 317,073.
9
4. TRIBUNE COMPANY
FULL YEAR RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
FULL YEAR (A)
%
2004 2003 Change
OPERATING REVENUES $ 5,726,247 $ 5,594,829 2.3
OPERATING EXPENSES (B) 4,507,958 4,234,355 6.5
OPERATING PROFIT (C) 1,218,289 1,360,474 (10.5)
Net Income on Equity Investments 17,931 5,590 NM
Interest Income 3,053 6,048 (49.5)
Interest Expense (153,118) (198,123) (22.7)
Non-Operating Items (D) (145,044) 241,247 NM
Income Before Income Taxes and Cumulative Effect of Change
in Accounting Principle 941,111 1,415,236 (33.5)
Income Taxes (367,787) (523,857) (29.8)
Income Before Cumulative Effect of Change in Accounting Principle 573,324 891,379 (35.7)
Cumulative Effect of Change in Accounting Principle, net of tax (E) (17,788) - NM
NET INCOME 555,536 891,379 (37.7)
Preferred Dividends, net of tax (8,308) (24,441) (66.0)
Net Income Attributable to Common Shares $ 547,228 $ 866,938 (36.9)
EARNINGS PER SHARE
Basic:
Before cumulative effect of change in accounting principle, net $ 1.75 $ 2.78 (37.1)
Cumulative effect of change in accounting principle, net (.05) - NM
Total $ 1.70 $ 2.78 (38.8)
Diluted:
Before cumulative effect of change in accounting principle, net $ 1.72 $ 2.61 (34.1)
Cumulative effect of change in accounting principle, net (.05) - NM
Total (F) $ 1.67 $ 2.61 (36.0)
DIVIDENDS PER COMMON SHARE $ .48 $ .44 9.1
Diluted Weighted Average Common Shares Outstanding (G) 327,237 336,243 (2.7)
10
5. (A) 2004 full year: Dec. 29, 2003 to Dec. 26, 2004. (52 weeks)
2003 full year: Dec. 30, 2002 to Dec. 28, 2003. (52 weeks)
(B) Operating expenses for 2004 include a charge of $41 million, or $.07 per diluted share, for the elimination of approximately 600 positions
in the publishing group and a charge of $90 million, or $.17 per diluted share, related to the anticipated settlement with
advertisers regarding misstated circulation at Newsday and Hoy , New York.
(C) Operating profit excludes interest income and expense, equity earnings and losses, non-operating items and income
taxes.
(D) The full year 2004 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (18,497) $ (11,283) $ (.03)
Loss on early debt retirement (2) (140,506) (87,549) (.26)
Gain on sales of subsidiaries and investments, net (3) 20,347 12,412 .03
Loss on investment write-downs and other, net (6,388) (3,897) (.02)
Total non-operating items $ (145,044) $ (90,317) $ (.28)
The full year 2003 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Gain on derivatives and related investments (1) $ 84,066 $ 51,448 $ .16
Gain on sales of subsidiaries and investments, net (3) 147,507 90,261 .27
Loss on investment write-downs (9,764) (5,976) (.01)
Gain on insurance recoveries (4) 22,291 13,642 .04
Other, net (2,853) (1,746) (.01)
Income tax settlement adjustments (5) - 25,034 .07
Total non-operating items $ 241,247 $ 172,663 $ .52
(1) Gain (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) Loss on early debt retirement relates to the retirement of $620 million of debt in the second quarter of 2004 at a cash
premium of $137 million.
(3) In 2004, gain on sales of subsidiaries and investments relates primarily to the sale of the Company's 50% interest inLa Opinion .
In 2003, gain on sales of subsidiaries and investments relates primarily to the sale of the Company's investment in The Golf Channel
and 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.
(4) In 2003, the Company recorded a pretax gain of $22 million as a result of settling the business interruption and property damage
insurance claims filed by WPIX-TV, New York, as a result of the events of Sept. 11, 2001.
(5) In 2003, the Company reduced its income tax expense and liabilities by a total of $25 million as a result of favorably resolving certain
state and federal income tax issues.
(E) As a result of adopting the provisions of the Financial Accounting Standards Board's Emerging Issues Task Force Topic No. D-108,
which requires the use of a direct valuation method for intangible assets such as FCC licenses, the Company recorded a one-time
pretax charge of $29 million ($18 million after tax, or $.05 per diluted share) in the fourth quarter of 2004 as a cumulative effect of a
change in accounting principle in the consolidated income statement.
11
6. (F) For the full year 2003, diluted EPS was computed assuming that the Series B convertible preferred shares and the
LYONs debt securities were converted into common shares. The Series B convertible preferred shares were converted into 15.4
million shares of common stock on Dec. 16, 2003 and the LYONs were converted into approximately seven million shares of
common stock during June 2003. Also, for both years, weighted average common shares outstanding was adjusted for the
dilutive effect of stock options. The Series C, D-1 and D-2 convertible preferred shares were not included in the calculation
of diluted EPS because their effects were antidilutive. Following are the calculations for the full year:
Full Year
2004 2003
Net income $ 555,536 $ 891,379
Additional ESOP contribution required assuming Series B
preferred shares were converted, net of tax - (9,100)
Dividends for Series C, D-1 and D-2 preferred stock (8,308) (8,252)
LYONs interest expense, net of tax - 2,884
Adjusted net income $ 547,228 $ 876,911
Weighted average common shares outstanding 322,420 311,295
Assumed conversion of Series B preferred shares into common - 15,171
Assumed exercise of stock options, net of common
shares assumed repurchased 4,817 6,565
Assumed conversion of LYONs debt securities - 3,212
Adjusted weighted average common
shares outstanding 327,237 336,243
Diluted earnings per share $ 1.67 $ 2.61
(G) The number of common shares outstanding, in thousands, at Dec. 26, 2004 was 317,073.
12
8. (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 fourth quarter of 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 865,118 $ 236,287 $ 14,140 $ 1,115,545
Less: depreciation and amortization expense 45,319 12,950 402 58,671
Cash operating expenses $ 819,799 $ 223,337 $ 13,738 $ 1,056,874
Following is a reconciliation of operating expenses to cash operating expenses for the fourth quarter of 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 822,856 $ 230,670 $ 15,724 $ 1,069,250
Less: depreciation and amortization expense 43,261 14,002 473 57,736
Cash operating expenses $ 779,595 $ 216,668 $ 15,251 $ 1,011,514
Following is a reconciliation of operating expenses to cash operating expenses for the full year 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 3,403,643 $ 1,052,097 $ 52,218 $ 4,507,958
Less: depreciation and amortization expense 179,029 52,425 1,635 233,089
Cash operating expenses $ 3,224,614 $ 999,672 $ 50,583 $ 4,274,869
Following is a reconciliation of operating expenses to cash operating expenses for the full year 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 3,151,614 $ 1,029,390 $ 53,351 $ 4,234,355
Less: depreciation and amortization expense 176,283 50,044 2,059 228,386
Cash operating expenses $ 2,975,331 $ 979,346 $ 51,292 $ 4,005,969
(B) Publishing cash operating expenses for the fourth quarter and full year 2004 include charges of $24 million and $41 million, respectively, for the
elimination of approximately 230 and 600 positions, respectively, in the publishing group. Publishing cash operating expenses for the full year 2004
also include a charge of $90 million related to the anticipated settlement with advertisers regarding misstated circulation aNewsday and
Hoy , New York.
(C) 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.
14
9. (D) Operating profit for each segment excludes interest income and expense, equity earnings and losses, non-operating items and income taxes.
Following is a reconciliation of operating profit (loss) to operating cash flow for the fourth quarter of 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 233,828 $ 148,915 $ (14,140) $ 368,603
Add back: depreciation and amortization expense 45,319 12,950 402 58,671
Operating cash flow $ 279,147 $ 161,865 $ (13,738) $ 427,274
Following is a reconciliation of operating profit (loss) to operating cash flow for the fourth quarter of 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 260,468 $ 155,639 $ (15,724) $ 400,383
Add back: depreciation and amortization expense 43,261 14,002 473 57,736
Operating cash flow $ 303,729 $ 169,641 $ (15,251) $ 458,119
Following is a reconciliation of operating profit (loss) to operating cash flow for the full year 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 726,207 $ 544,300 $ (52,218) $ 1,218,289
Add back: depreciation and amortization expense 179,029 52,425 1,635 233,089
Operating cash flow $ 905,236 $ 596,725 $ (50,583) $ 1,451,378
Following is a reconciliation of operating profit (loss) to operating cash flow for the full year 2003:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 885,306 $ 528,519 $ (53,351) $ 1,360,474
Add back: depreciation and amortization expense 176,283 50,044 2,059 228,386
Operating cash flow $ 1,061,589 $ 578,563 $ (51,292) $ 1,588,860
15
10. TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Fourth Quarter Ended December 26, 2004
(In thousands)
Fourth Quarter (13 weeks) Year-to-Date (52 weeks)
% %
2004 2003 Change 2004 2003 Change
Publishing
Advertising
$ 407,141 $ 388,501 $ 1,371,088 $ 1,310,063
Retail 4.8 4.7
218,658 221,736
National (1.4) 790,760 780,524 1.3
253,623 241,238
Classified 5.1 1,068,203 1,019,382 4.8
879,422 851,475 3,230,051 3,109,969
Sub-Total 3.3 3.9
154,766 164,116
Circulation (5.7) 643,947 663,870 (3.0)
64,758 67,733
Other (4.4) 255,852 263,081 (2.7)
Segment Total (A)(B) 1,098,946 1,083,324 1.4 4,129,850 4,036,920 2.3
Broadcasting & Entertainment
352,437 353,294
Television (C) (0.2) 1,353,618 1,323,038 2.3
32,765 33,015
Radio/Entertainment (0.8) 242,779 234,871 3.4
385,202 386,309 1,596,397 1,557,909
Segment Total (D) (0.3) 2.5
$ 1,484,148 $ 1,469,633 1.0 $ 5,726,247 $ 5,594,829 2.3
Consolidated Revenues (E)
(A) Interactive advertising revenues for 2004 and 2003 are included in the appropriate publishing categories.
(B) Publishing revenues for 2003 have been reclassified to conform with the 2004 presentation. There was no effect on total revenues.
(C) Includes KPLR-TV, St. Louis and KWBP-TV, Portland, both acquired in March of 2003. Excluding acquisitions, television revenues
increased 1.3% for the year-to-date.
(D) Excluding acquisitions, broadcasting and entertainment revenues increased 1.6% for the year-to-date.
(E) Excluding acquisitions, consolidated revenues increased 2.1% for the year-to-date.
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11. TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Fourth Quarter Ended December 26, 2004
(In thousands)
Fourth Quarter (13 weeks) Year-to-Date (52 weeks)
% %
2004 2003 Change 2004 2003 Change
Full Run
697 737 2,493 2,640
L.A. Times (5) (6)
572 645 2,173 2,265
Chicago Tribune (11) (4)
401 399 1,577 1,542
Newsday 1 2
3,651 3,531 14,245 13,662
Other Daily Newspapers (B) 3 4
5,321 5,312 20,488 20,109
Total - 2
Part Run
1,481 1,463 5,901 5,849
L.A. Times 1 1
1,697 1,518 6,641 5,756
Chicago Tribune 12 15
516 512 1,935 1,886
Newsday 1 3
1,664 1,562 6,338 6,131
Other Daily Newspapers (B) 7 3
5,358 5,055 20,815 19,622
Total 6 6
Total Advertising Inches
Full Run
1,893 1,793 6,394 6,067
Retail 6 5
1,094 1,067 3,990 3,839
National 3 4
2,334 2,452 10,104 10,203
Classified (5) (1)
5,321 5,312 20,488 20,109
Sub-Total - 2
20,815 19,622
Part Run 5,358 5,055 6 6
10,679 10,367 41,303 39,731
Total 3 4
Preprint Pieces
1,091,771 909,717 3,622,143 3,060,926
L.A. Times 20 18
1,285,858 982,945 4,362,882 3,367,934
Chicago Tribune 31 30
813,329 783,408 2,824,900 2,788,186
Newsday 4 1
1,209,438 1,160,799 4,110,507 3,929,944
Other Daily Newspapers (B) 4 5
Total 4,400,396 3,836,869 15 14,920,432 13,146,990 13
(A) Volume for 2003 has been modified to conform with the 2004 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, Greenwich Time, Hoy, New York, Hoy, Chicago and Hoy, Los Angeles.
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12. TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Period 12 Ended December 26, 2004
(In thousands)
Period 12 (5 weeks) Year-to-Date (52 weeks)
% %
2004 2003 Change 2004 2003 Change
Publishing
Advertising
$ 180,545 $ 172,668 $ 1,371,088 $ 1,310,063
Retail 4.6 4.7
790,760 780,524
National 86,967 90,344 (3.7) 1.3
1,068,203 1,019,382
Classified 81,565 77,640 5.1 4.8
349,077 340,652 3,230,051 3,109,969
Sub-Total 2.5 3.9
58,479 62,223
Circulation (6.0) 643,947 663,870 (3.0)
Other 23,625 25,650 (7.9) 255,852 263,081 (2.7)
Segment Total (A)(B) 431,181 428,525 0.6 4,129,850 4,036,920 2.3
Broadcasting & Entertainment
133,383 132,588
Television (C) 0.6 1,353,618 1,323,038 2.3
9,661 12,782
Radio/Entertainment (24.4) 242,779 234,871 3.4
143,044 145,370 1,596,397 1,557,909
Segment Total (D) (1.6) 2.5
$ 574,225 $ 573,895 0.1 $ 5,726,247 $ 5,594,829 2.3
Consolidated Revenues (E)
(A) Interactive advertising revenues for 2004 and 2003 are included in the appropriate publishing categories.
(B) Publishing revenues for 2003 have been reclassified to conform with the 2004 presentation. There was no effect on total revenues.
(C) Includes KPLR-TV, St. Louis and KWBP-TV, Portland, both acquired in March of 2003. Excluding acquisitions, television revenues
increased 1.3% for the year-to-date.
(D) Excluding acquisitions, broadcasting and entertainment revenues increased 1.6% for the year-to-date.
(E) Excluding acquisitions, consolidated revenues increased 2.1% for the year-to-date.
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13. TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Period 12 Ended December 26, 2004
(In thousands)
Period 12 (5 weeks) Year-to-Date (52 weeks)
% %
2004 2003 Change 2004 2003 Change
Full Run
311 327 2,493 2,640
L.A. Times (5) (6)
218 260 2,173 2,265
Chicago Tribune (16) (4)
147 144 1,577 1,542
Newsday 2 2
1,386 1,368 14,245 13,662
Other Daily Newspapers (B) 1 4
2,062 2,099 20,488 20,109
Total (2) 2
Part Run
530 572 5,901 5,849
L.A. Times (7) 1
557 527 6,641 5,756
Chicago Tribune 6 15
180 184 1,935 1,886
Newsday (2) 3
610 575 6,338 6,131
Other Daily Newspapers (B) 6 3
1,877 1,858 20,815 19,622
Total 1 6
Total Advertising Inches
Full Run
830 807 6,394 6,067
Retail 3 5
434 428 3,990 3,839
National 1 4
798 864 10,104 10,203
Classified (8) (1)
2,062 2,099 20,488 20,109
Sub-Total (2) 2
20,815 19,622
Part Run 1,877 1,858 1 6
3,939 3,957 41,303 39,731
Total - 4
Preprint Pieces
484,542 410,373 3,622,143 3,060,926
L.A. Times 18 18
535,051 425,652 4,362,882 3,367,934
Chicago Tribune 26 30
357,192 335,318 2,824,900 2,788,186
Newsday 7 1
546,884 504,173 4,110,507 3,929,944
Other Daily Newspapers (B) 8 5
Total 1,923,669 1,675,516 15 14,920,432 13,146,990 13
(A) Volume for 2003 has been modified to conform with the 2004 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, Greenwich Time, Hoy, New York, Hoy, Chicago and Hoy, Los Angeles.
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