- Viacom reported financial results for Q4 and full year 2008, with revenues of $4.2 billion for Q4 and $14.6 billion for the full year.
- Operating income declined 51% in Q4 and 14% for the full year due to $454 million in restructuring charges.
- Adjusted results exclude these restructuring charges and provide a better view of underlying performance, with adjusted operating income declining 6% in Q4 and 1% for the full year.
- The company generated $1.4 billion in free cash flow in Q4 and $1.7 billion for the full year, helped by working capital changes.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
Merck announced financial results for Q4 and full-year 2008. Q4 non-GAAP EPS was $0.87 excluding restructuring charges, and GAAP EPS was $0.78. Full-year 2008 non-GAAP EPS was $3.42 excluding certain items, and GAAP EPS was $3.64. Worldwide sales for Q4 2008 decreased 3% to $6 billion, and decreased 1% to $23.9 billion for full-year 2008. Merck reaffirmed its 2009 non-GAAP EPS guidance of $3.15-$3.30 excluding certain items, and GAAP EPS guidance of $2.95-$3.17. Newer products like J
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.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
GM's preliminary 2007 fourth quarter results showed:
- A GAAP net loss of $0.7 billion compared to an adjusted net income of $46 million, excluding special items.
- Total automotive revenue reached an all-time record of $46.7 billion.
- Adjusted automotive operating cash flow was negative $1.3 billion.
- GMNA's adjusted EBT declined by $0.9 billion from the fourth quarter of 2006 due to lower volume, mix, and pricing partially offset by manufacturing performance.
CC Media Holdings reported financial results for Q4 and full year 2008. Q4 revenue was $1.6 billion, down 14% year-over-year, and full year revenue was $6.7 billion, down 3%. Operating expenses grew 3% in Q4 and 5% for the full year. The company reported a large net loss of $4.99 billion in Q4 and $4.6 billion for the full year, primarily due to a $5.3 billion impairment charge. OIBDAN (operating income before depreciation and amortization) declined 50% in Q4 to $309 million and 21% for the full year to $1.8 billion. The company also announced
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
- GM reported a GAAP net loss of $38.9 billion for Q3 2007 due to a $38.6 billion non-cash charge for establishing a valuation allowance against deferred tax assets in the US, Canada and Germany. Excluding special items, the adjusted net loss was $1.6 billion.
- Automotive revenue was a record $43.1 billion for Q3, while adjusted automotive results improved $577 million versus Q3 2006. GMAC reported a loss of $757 million due entirely to losses at ResCap related to the challenging US housing market.
- GM's gross liquidity increased to $30 billion at the end of the quarter, including $5.4 billion in proceeds
Merck announced financial results for Q4 and full-year 2008. Q4 non-GAAP EPS was $0.87 excluding restructuring charges, and GAAP EPS was $0.78. Full-year 2008 non-GAAP EPS was $3.42 excluding certain items, and GAAP EPS was $3.64. Worldwide sales for Q4 2008 decreased 3% to $6 billion, and decreased 1% to $23.9 billion for full-year 2008. Merck reaffirmed its 2009 non-GAAP EPS guidance of $3.15-$3.30 excluding certain items, and GAAP EPS guidance of $2.95-$3.17. Newer products like J
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.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
This document summarizes Viacom's financial results for the second quarter and first half of 2008. Key highlights include:
- Revenues for Q2 2008 increased 21% to $3.9 billion and increased 18% to $7 billion for the first half.
- Operating income for Q2 2008 increased 13% to $792 million and increased 19% to $1.4 billion for the first half.
- Earnings per share from continuing operations for Q2 2008 increased 2% to $0.64 and increased 15% to $1.06 for the first half.
- Media Networks revenues increased 11% in Q2 2008 and 14% for the first half, driven by increases in affiliate fees
GM's preliminary 2007 fourth quarter results showed:
- A GAAP net loss of $0.7 billion compared to an adjusted net income of $46 million, excluding special items.
- Total automotive revenue reached an all-time record of $46.7 billion.
- Adjusted automotive operating cash flow was negative $1.3 billion.
- GMNA's adjusted EBT declined by $0.9 billion from the fourth quarter of 2006 due to lower volume, mix, and pricing partially offset by manufacturing performance.
CC Media Holdings reported financial results for Q4 and full year 2008. Q4 revenue was $1.6 billion, down 14% year-over-year, and full year revenue was $6.7 billion, down 3%. Operating expenses grew 3% in Q4 and 5% for the full year. The company reported a large net loss of $4.99 billion in Q4 and $4.6 billion for the full year, primarily due to a $5.3 billion impairment charge. OIBDAN (operating income before depreciation and amortization) declined 50% in Q4 to $309 million and 21% for the full year to $1.8 billion. The company also announced
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
In the third quarter 2008 earnings teleconference, Pfizer reported increased revenues and earnings compared to the previous year. Adjusted revenues increased 2% to $12.2 billion while adjusted income and EPS grew 5% and 7% respectively. Key products such as Lyrica, Celebrex and Viagra performed well. Pfizer also exceeded its cost reduction target, achieving $1.7 billion in savings through the third quarter with a goal of $2 billion for 2008 versus 2006. Pfizer narrowed its full-year revenue and EPS guidance ranges.
Danaher Corporation announced record third quarter results for 2008. Net earnings from continuing operations increased 11% to $372 million compared to $335 million in the third quarter of 2007. Sales increased 17.5% to $3.21 billion. For the first nine months of 2008, net earnings from continuing operations increased 13.2% to $1.01 billion compared to $894 million for the same period in 2007. Sales for the first nine months increased 20.5% to $9.51 billion. The company's president stated they delivered strong performance in the quarter and expect to continue outperforming during challenging economic times due to their portfolio of businesses and operational excellence initiatives.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
GM reported preliminary results for Q4 2008 and the full year. Key highlights included:
- Q4 GAAP net loss of $9.6B and full year GAAP net loss of $30.9B.
- Q4 and full year adjusted net losses excluded several special items totaling billions.
- Weak global automotive markets significantly reduced revenues and earnings compared to prior year.
- GM is required to revalue derivatives on its balance sheet to reflect its declining creditworthiness, contributing to losses.
Danaher Corporation announced record results for the second quarter of 2008, with net earnings from continuing operations of $363 million, an 18% increase over the second quarter of 2007. Sales increased 25% to $3.28 billion. The company also saw a 22% increase in adjusted net earnings from continuing operations, which excludes certain charges related to an acquisition. For the first six months of 2008, net earnings from continuing operations were $640 million, up 14.5% compared to the same period in 2007. The company's CEO stated that despite economic conditions, the company's businesses are well positioned for the rest of 2008.
GM reported preliminary results for Q4 2008 and calendar year 2008. For Q4, GM had an adjusted net loss of $5.9 billion compared to an adjusted net loss of $4.6 billion in Q4 2007. For the full year, GM had an adjusted net loss of $16.8 billion compared to an adjusted net loss of $1.4 billion in 2007. Weak global automotive markets, lower volumes and unfavorable mix drove the significantly higher losses. GM is taking actions to reduce costs and improve its cost structure.
- 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.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
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.
This document summarizes the financial performance of a company for the third quarter and fiscal year ending June 30, 2005 compared to the prior year. It shows that net sales increased 6% for the quarter and 5% for the year. Earnings from continuing operations were $156 million for the quarter and $517 million for the year. The company also had significant earnings from discontinued operations of $579 million for the year from the sale of a business unit.
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
Northrop Grumman reported a 7% increase in second quarter 2007 net income compared to the same period in 2006. Diluted earnings per share increased to $1.31 from $1.26 the previous year. Operating margin rose 9% to $744 million, or 9.4% of sales, up from 9% of sales in 2006. Cash from operations also increased, rising to $741 million from $638 million in the prior year. For 2007, the company expects sales of approximately $31.5 billion, segment operating margin in the mid-9% range, diluted EPS from continuing operations between $4.90-$5.05, and cash from operations and free cash flow to be at the upper end
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.
Raytheon reported strong financial results for the first quarter of 2008. Sales increased 11% to $5.4 billion compared to the first quarter of 2007, driven by growth across all business segments. Operating income rose 17% to $608 million due to increased volume and lower expenses. Earnings per share from continuing operations increased 31% to $0.93. The company also achieved record backlog of $37.7 billion and solid bookings of $6.5 billion during the quarter. Raytheon reaffirmed its full-year 2008 guidance and expects continued growth.
Presentation – Forward exercise of 30% options in CHLPDG Realty
PDG Realty is increasing its stake in CHL to 100% through an early exercise of its call option. The deal will consolidate CHL entirely under PDG Realty to increase operational efficiency. The original terms from 2007 for future option payments will be preserved and calculated using the original formula. CHL's management will remain in place under long term commitments. Pro forma financial results for 2008 show what 100% ownership of CHL would look like.
The document provides a financial discussion and analysis of the company's performance in the fourth quarter of 2008 compared to the fourth quarter of 2007. It summarizes that net sales decreased 24% due to weak consumer spending and a slowing global economy. Gross profit declined due to unfavorable price/mix and lower sales volumes. The company also expects to record material non-cash impairment charges based on goodwill and asset testing.
General Motors reported a preliminary first quarter 2009 net loss of $6 billion including special items. Excluding special items, the adjusted net loss was $5.9 billion. The automotive sector recorded an adjusted operating loss of $3.9 billion, down $4.7 billion from the first quarter of 2008 due to lower industry volumes and market share declines partially offset by cost reductions. GMAC results recognized by GM were a loss of $0.9 billion. Adjusted automotive cash flow was negative $10.2 billion.
This document provides a financial discussion and analysis of a company's performance in the fourth quarter of 2007 compared to 2006. It discusses revenues, costs, profits and other financial details for the company overall and for its three reporting segments: Consumer Digital Imaging Group, Film Products Group, and Graphic Communications Group. The company saw overall revenue growth of 4% driven by a 15% increase in digital revenues, partially offset by a 15% decline in traditional revenues. Gross profit improved due to cost reductions and increased intellectual property royalties.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
In the third quarter 2008 earnings teleconference, Pfizer reported increased revenues and earnings compared to the previous year. Adjusted revenues increased 2% to $12.2 billion while adjusted income and EPS grew 5% and 7% respectively. Key products such as Lyrica, Celebrex and Viagra performed well. Pfizer also exceeded its cost reduction target, achieving $1.7 billion in savings through the third quarter with a goal of $2 billion for 2008 versus 2006. Pfizer narrowed its full-year revenue and EPS guidance ranges.
Danaher Corporation announced record third quarter results for 2008. Net earnings from continuing operations increased 11% to $372 million compared to $335 million in the third quarter of 2007. Sales increased 17.5% to $3.21 billion. For the first nine months of 2008, net earnings from continuing operations increased 13.2% to $1.01 billion compared to $894 million for the same period in 2007. Sales for the first nine months increased 20.5% to $9.51 billion. The company's president stated they delivered strong performance in the quarter and expect to continue outperforming during challenging economic times due to their portfolio of businesses and operational excellence initiatives.
energy future holindings Q3_08_Investor_Call_Deck_FINALfinance29
This document summarizes key points from an investor call held by EFH Corp. on November 6, 2008. It discusses EFH Corp.'s financial results for Q3 2008 compared to Q3 2007, including adjusted operating earnings, interest expense, and purchase accounting adjustments. It also provides an overview of operational results for Oncor, TXU Energy, and Luminant in Q3 2008, including impacts from Hurricane Ike and progress on new generation projects. The document concludes with an appendix including Regulation G reconciliations.
GM reported preliminary results for Q4 2008 and the full year. Key highlights included:
- Q4 GAAP net loss of $9.6B and full year GAAP net loss of $30.9B.
- Q4 and full year adjusted net losses excluded several special items totaling billions.
- Weak global automotive markets significantly reduced revenues and earnings compared to prior year.
- GM is required to revalue derivatives on its balance sheet to reflect its declining creditworthiness, contributing to losses.
Danaher Corporation announced record results for the second quarter of 2008, with net earnings from continuing operations of $363 million, an 18% increase over the second quarter of 2007. Sales increased 25% to $3.28 billion. The company also saw a 22% increase in adjusted net earnings from continuing operations, which excludes certain charges related to an acquisition. For the first six months of 2008, net earnings from continuing operations were $640 million, up 14.5% compared to the same period in 2007. The company's CEO stated that despite economic conditions, the company's businesses are well positioned for the rest of 2008.
GM reported preliminary results for Q4 2008 and calendar year 2008. For Q4, GM had an adjusted net loss of $5.9 billion compared to an adjusted net loss of $4.6 billion in Q4 2007. For the full year, GM had an adjusted net loss of $16.8 billion compared to an adjusted net loss of $1.4 billion in 2007. Weak global automotive markets, lower volumes and unfavorable mix drove the significantly higher losses. GM is taking actions to reduce costs and improve its cost structure.
- 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.
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
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.
This document summarizes the financial performance of a company for the third quarter and fiscal year ending June 30, 2005 compared to the prior year. It shows that net sales increased 6% for the quarter and 5% for the year. Earnings from continuing operations were $156 million for the quarter and $517 million for the year. The company also had significant earnings from discontinued operations of $579 million for the year from the sale of a business unit.
Danaher Corporation reported financial results for Q4 and full year 2008. Q4 net earnings were $305.7 million compared to $320.2 million in Q4 2007. For the full year, net earnings were $1.3 billion compared to $1.37 billion in 2007. Sales increased 1% in Q4 to $3.18 billion and increased 15% for the full year to $12.7 billion. The CEO stated that while 2009 will be difficult, Danaher's portfolio of businesses and strong balance sheet will allow it to outperform in a challenging market.
Northrop Grumman reported a 7% increase in second quarter 2007 net income compared to the same period in 2006. Diluted earnings per share increased to $1.31 from $1.26 the previous year. Operating margin rose 9% to $744 million, or 9.4% of sales, up from 9% of sales in 2006. Cash from operations also increased, rising to $741 million from $638 million in the prior year. For 2007, the company expects sales of approximately $31.5 billion, segment operating margin in the mid-9% range, diluted EPS from continuing operations between $4.90-$5.05, and cash from operations and free cash flow to be at the upper end
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.
Raytheon reported strong financial results for the first quarter of 2008. Sales increased 11% to $5.4 billion compared to the first quarter of 2007, driven by growth across all business segments. Operating income rose 17% to $608 million due to increased volume and lower expenses. Earnings per share from continuing operations increased 31% to $0.93. The company also achieved record backlog of $37.7 billion and solid bookings of $6.5 billion during the quarter. Raytheon reaffirmed its full-year 2008 guidance and expects continued growth.
Presentation – Forward exercise of 30% options in CHLPDG Realty
PDG Realty is increasing its stake in CHL to 100% through an early exercise of its call option. The deal will consolidate CHL entirely under PDG Realty to increase operational efficiency. The original terms from 2007 for future option payments will be preserved and calculated using the original formula. CHL's management will remain in place under long term commitments. Pro forma financial results for 2008 show what 100% ownership of CHL would look like.
The document provides a financial discussion and analysis of the company's performance in the fourth quarter of 2008 compared to the fourth quarter of 2007. It summarizes that net sales decreased 24% due to weak consumer spending and a slowing global economy. Gross profit declined due to unfavorable price/mix and lower sales volumes. The company also expects to record material non-cash impairment charges based on goodwill and asset testing.
General Motors reported a preliminary first quarter 2009 net loss of $6 billion including special items. Excluding special items, the adjusted net loss was $5.9 billion. The automotive sector recorded an adjusted operating loss of $3.9 billion, down $4.7 billion from the first quarter of 2008 due to lower industry volumes and market share declines partially offset by cost reductions. GMAC results recognized by GM were a loss of $0.9 billion. Adjusted automotive cash flow was negative $10.2 billion.
This document provides a financial discussion and analysis of a company's performance in the fourth quarter of 2007 compared to 2006. It discusses revenues, costs, profits and other financial details for the company overall and for its three reporting segments: Consumer Digital Imaging Group, Film Products Group, and Graphic Communications Group. The company saw overall revenue growth of 4% driven by a 15% increase in digital revenues, partially offset by a 15% decline in traditional revenues. Gross profit improved due to cost reductions and increased intellectual property royalties.
- El Paso Corporation reported a net loss of $321 million for Q3 2005, impacted by $80 million in significant items including asset impairments and a contract termination.
- Regulated pipelines continue to perform solidly, while non-regulated businesses such as production, power, and field services faced challenges from hurricanes and commodity price volatility.
- Restoration of gas flows following hurricanes Katrina and Rita is progressing, but full recovery is not expected until year-end due to dependencies on third-party infrastructure and production.
- El Paso Corporation provides natural gas and related energy products. In Q3 2005 it reported a net loss of $321 million compared to a $214 million loss in Q3 2004.
- Significant items negatively impacting results included $162 million in asset impairments and a $28 million contract termination charge, partially offset by a $110 million gain on asset sales.
- Cash flow from operating activities was negative $398 million for the first nine months of 2005, compared to positive $799 million for the same period in 2004, largely due to working capital changes.
- Total debt increased to $17.9 billion as of September 30, 2005, up from $17.5 billion as of June 30,
This document summarizes the financial performance and position of a company for the three months and fiscal year ended June 30, 2004 compared to the same periods in 2003. For the quarter, net sales increased 8% to $1.24 billion while net earnings grew 25% to $185 million. For the fiscal year, net sales rose 4% to $4.32 billion and net earnings increased 11% to $549 million. The company's current assets as of June 30, 2004 were $1.04 billion and total stockholders' equity was $1.54 billion.
Citigroup reported quarterly financial results for 4Q08. Net income decreased 16% to $8.3 billion compared to 4Q07. Total revenues decreased 13% to $5.6 billion due to declines in principal transactions and other revenue. The provision for loan losses increased 66% to $12.7 billion, reflecting higher net charge-offs. Total assets declined 11% to $1.9 trillion as trading account assets fell 29% and loans decreased 11%.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
El Paso Corporation reported second quarter 2006 earnings of $0.21 per diluted share from continuing operations. Key highlights included $3 billion in gross debt reduction through July 31, year-to-date capital expenditures of $1.024 billion, and continued strong operating cash flow of $1.421 billion for the first half of 2006. The company's pipelines business continued to outperform while exploration and production achieved a second consecutive quarter of organic production growth.
El Paso Corporation reported second quarter 2006 diluted EPS from continuing operations of $0.21, which included a $0.02 gain from production hedges. The company achieved $487 million in EBIT and $1.4 billion in cash flow from operations. El Paso reduced gross debt by $3 billion through July 2006 through strong cash flow and asset sales, bringing net debt down to $14.45 billion. The company made continued progress on legacy legal issues while pipelines, exploration and production, and other businesses performed well during the quarter.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
Pfizer Quarterly Corporate Performance - Third Quarter 2008finance5
This document summarizes Pfizer's third quarter 2008 earnings teleconference. It discusses Pfizer's financial results for the third quarter and year-to-date, including adjusted revenues increasing 2% for both periods. It also reviews significant items that impacted results, progress on Pfizer's cost reduction target, and select product highlights for the quarter.
This document summarizes Pfizer's fourth quarter 2007 earnings teleconference. It reports that Pfizer exceeded its 2007 revenue and EPS guidance. Key highlights included:
- Revenue increased 4% year-over-year in Q4 2007 and 1% for full year 2007. Adjusted diluted EPS increased 21% in Q4 2007 and 7% for full year.
- New products like Chantix, Lyrica and Sutent grew substantially and partially offset declines from products that lost exclusivity.
- 2008 guidance was increased, with revenue range increased and bottom end of EPS guidance also increased.
- Cost reduction initiatives continued to reduce expenses, with further savings expected in 2008.
Citigroup reported financial results for the 4th quarter of 2008. Net income decreased 16% to a loss of $8.3 billion compared to a loss of $9.8 billion in 4th quarter 2007. Total revenues declined 13% to $5.6 billion. The provision for loan losses increased 66% to $12.7 billion due to higher credit costs. Total assets decreased 11% to $1.9 trillion and book value per share declined 35% to $14.70.
This document from Chubb Corporation reports modifications to the presentation of losses incurred in property and casualty underwriting results for the six months ended June 30, 2008 and 2007. Specifically, it notes that beginning in Q3 2008, foreign currency fluctuations will be reflected differently in "net losses paid" and "increase (decrease) in outstanding losses", though incurred losses remain unchanged. It provides definitions of key terms like underwriting income/loss and combined loss/expense ratio used to evaluate underwriting performance. The document then presents detailed underwriting results by line of business and geographic region.
The document is a report from The Chubb Corporation detailing changes to how losses are presented in their property and casualty underwriting results. Specifically, beginning in Q3 2008, foreign currency fluctuations will impact "net losses paid" and "increase (decrease) in outstanding losses" differently than before. The report provides definitions, ratios, and quarterly underwriting results for Q1 2008 and 2007 to reflect these presentation modifications. Incurred losses remain unchanged.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
Merck announced financial results for Q4 and full-year 2008. Q4 non-GAAP EPS was $0.87 excluding restructuring charges, and GAAP EPS was $0.78. Full-year 2008 non-GAAP EPS was $3.42 excluding certain items, and GAAP EPS was $3.64. Worldwide sales for Q4 2008 decreased 3% to $6 billion, and decreased 1% to $23.9 billion for full-year 2008. Merck also reaffirmed its guidance for 2009, expecting non-GAAP EPS of $3.15-$3.30 excluding restructuring charges, and GAAP EPS of $2.95-$3.17.
Danaher Corporation announced its second quarter 2007 results, with net earnings of $311 million compared to $314 million in the second quarter of 2006. Sales increased 13.5% to $2.67 billion. For the first six months of 2007, net earnings were $566 million on sales of $5.23 billion, increases of 5.5% and 16.5% respectively over the same period in 2006. The company stated that core revenue growth was 4.5% in the quarter despite difficult comparisons, and that performance through the first half gives them confidence in achieving positive results for the full year.
northrop grumman Q4 and Year-end 08 Earnings Presentationfinance8
This document provides an overview of Northrop Grumman Corporation's fourth quarter and full year 2008 financial results. Key highlights include record sales, cash from operations, and free cash flow that exceeded guidance. The company also achieved record backlog of $78 billion and $48.3 billion in new business awards for 2008. However, a goodwill impairment charge was taken due to adverse equity market conditions. Guidance is provided for 2009, including sales of approximately $34.5 billion and adjusted diluted EPS from continuing operations of $4.50-$4.75.
Similar to viacom 20090211%20FINAL%20Q408%20Web%20Deck (20)
- PG&E Corporation held its annual shareholder meeting on May 14, 2008 to vote on various matters.
- Shareholders elected all 9 nominated directors to serve on the board until the next annual meeting.
- Shareholders ratified the appointment of Deloitte & Touche LLP as the independent accounting firm for 2008.
- Shareholders did not approve two shareholder proposals but did approve a proposal for a non-binding shareholder vote on executive compensation.
- PG&E Corporation and Pacific Gas and Electric Company will hold their annual shareholder meetings concurrently on April 21, 2004 in San Francisco.
- Shareholders will vote on the election of directors and the ratification of the appointment of Deloitte & Touche LLP as the independent public accountants.
- PG&E Corporation shareholders will also vote on six shareholder proposals, which the board recommends voting against.
The document announces the annual shareholder meetings for PG&E Corporation and Pacific Gas and Electric Company to be held jointly on April 20, 2005, with the purposes of electing directors, ratifying independent public accountants, voting on shareholder proposals, and any other business matters. Shareholders are invited to attend and vote on these matters, and are provided instructions for submitting proxy votes by internet, phone or mail in advance of the meetings. The boards of directors recommend voting for all director nominees, ratifying the appointment of Deloitte & Touche LLP as independent public accountants, and voting against the shareholder proposals.
The document is a joint notice of annual meetings and proxy statement for PG&E Corporation and Pacific Gas and Electric Company shareholders. It announces that the 10th annual meeting of PG&E Corporation and the 100th annual meeting of Pacific Gas and Electric Company will be held concurrently on April 19, 2006. Shareholders will vote on the election of directors, ratification of the independent accounting firm, and several shareholder proposals for PG&E Corporation. The document provides details on these voting items and recommendations by the boards of directors.
Typical groundwater monitoring wells are used to sample groundwater levels and quality at landfills. They consist of protective surface casing extending above ground with a sampling cap. Below is a sealed section with slots to allow water entry. Gravel fills the bottom to allow water sampling. Waste Management has strict standards and procedures for consistent, high-quality monitoring well installation and routine sampling, with lab-analyzed results reported to regulators for early issue identification.
Gas monitoring probes are used at landfills to measure gas concentrations at specified intervals. This process identifies potential environmental concerns early so they can be evaluated and corrected according to regulations. The probes enhance environmental protection at landfills by monitoring landfill gas.
1. A typical landfill contains layers that protect the environment from waste, including a cover of native vegetation, topsoil, and protective soil to prevent erosion.
2. Below this is a composite cap system with a drainage layer to remove excess water and a plastic geomembrane to prevent water and gas from entering or leaving the landfill.
3. At the base is a liner system with a plastic geomembrane and compacted clay layers to block leachate, along with a leachate collection system of pipes and pumps to safely remove contaminated liquid from the landfill.
WasteByRail is a transportation system operated by Waste Management that provides rail access to landfills across North America for waste disposal. Since 2000, it has formed partnerships within the rail industry to cost-effectively transport virtually any type of solid or liquid waste over long distances to specially equipped landfills. Transportation options include intermodal rail containers, motor carriers, gondola rail cars, and rail tank cars. WasteByRail allows waste generators without direct rail access to consolidate loads for more efficient transport.
Waste Management provides renewable energy through waste-to-energy processes. Refuse is fed into enclosed facilities where it is burned to heat water and produce steam, which powers turbine generators to produce electricity for the utility grid. Ash produced is recovered for materials. Waste Management harnesses energy from waste to provide green, renewable electricity.
Waste Management is developing renewable energy from waste to meet increasing demand for sustainable energy alternatives. They operate landfill gas projects that provide a reliable source of energy for utilities. One project powers 4,000 homes daily. They also operate waste-to-energy plants that burn trash to generate electricity, such as one plant in Florida that produces enough energy for 35,000 homes. Waste Management is responding to concerns about energy security, sustainability and the environment through waste-based renewable energy projects.
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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/
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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
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.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
2. Cautionary Statement Concerning Forward-Looking Statements
This presentation contains both historical and forward-looking statements. All statements that are not
statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking
statements reflect the Company’s current expectations concerning future results, objectives, plans and goals,
and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which
may cause actual results, performance or achievements to differ. These risks, uncertainties and other factors
include, among others: the continuation or worsening of current economic conditions generally, and in
advertising markets in particular; the public acceptance of the Company’s programs, motion pictures and
games; competition for audiences and distribution; technological developments and their effect in the
Company’s markets and on consumer behavior; fluctuations in the Company’s results due to the timing, mix
and availability of the Company’s motion pictures and games; changes in the Federal communications laws
and regulations; the impact of piracy; other domestic and global economic, business, competitive and/or
regulatory factors affecting the Company’s businesses generally; and other factors described in the
Company’s news releases and filings with the Securities and Exchange Commission, including its 2008
Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The forward-looking statements
included in this presentation are made only as of the date of this presentation, and the Company does not
have any obligation to publicly update any forward-looking statements to reflect subsequent events or
circumstances. Reconciliations for any non-GAAP financial information contained in this presentation are
included in this presentation or found on the Company’s website at www.viacom.com.
This presentation is a supplement to, and should be read in conjunction with, Viacom’s earnings
release for the fourth quarter and year ended December 31, 2008.
2
4. 2008 Restructuring and Other Charges
By Segment
($ In Millions)
Media Filmed
Networks Entertainment Corporate Total
Severance and Lease
$ 71 $ 29 $ 3 $ 103
Termination Costs
Programming and
286 19 - 305
Film Inventory
Asset Impairments
32 14 - 46
and Other
Total $ 389 $ 62 $ 3 $ 454
By Expense Line Item
Operating SG&A D&A Total
Severance and Lease
$ - $ 94 $ 9 $ 103
Termination Costs
Programming and
305 - - 305
Film Inventory
Asset Impairments
14 - 32 46
and Other
Total $ 319 $ 94 $ 41 $ 454
4
5. Adjusted Results
($ In Millions, except per share amounts)
4th Quarter Full Year
2008 (1) B/(W) 2007(2) 2008 (1) B/(W) 2007(2)
Revenues $ 4,243 - $14,625 9%
Adjusted Expenses (3,204) (2%) (11,187) (13%)
Adjusted Equity Compensation (27) (23%) (97) (13%)
Adjusted D&A (83) 14% (364) 7%
Adjusted Operating Income 929 (6%) 2,977 (1%)
Adjusted Net Earnings,
464 (16%) 1,491 (6%)
Continuing Operations
Adjusted Diluted EPS,
0.76 (10%) 2.38 1%
Continuing Operations
Weighted Average
611.5 6% 625.4 7%
Diluted Shares
See page 6 for footnotes and pages 18 - 23 for a reconciliation to GAAP results. 5
6. Footnotes
1. 2008 adjusted results for the three months ended December 31, 2008 exclude $454 million of
pre-tax restructuring and other charges ($411 million in expenses, $2 million in equity
compensation and $41 million in D&A), principally related to programming abandonments,
severance, the write-down of film inventory and other charges ($286 million after-tax, $0.47 per
share); $15 million of pre-tax non-cash investment impairments ($15 million after-tax, $0.02 per
share); and $9 million of discrete tax benefits ($0.01 per share). The discrete tax benefits were
principally the result of effectively settled audits.
2008 adjusted results for the year ended December 31, 2008 exclude the restructuring and other
charges discussed above; $27 million of pre-tax non-cash investment impairment ($27 million
after-tax, $0.04 per share); and $55 million of discrete tax benefits ($0.09 per share).
2. 2007 adjusted results for the three months ended December 31, 2007 exclude $7 million of pre-
tax expenses related to Media Networks restructuring charges, principally severance, affecting
MTV Networks domestic and international operations ($5 million after-tax, $0.01 per share).
2007 adjusted results for the year ended December 31, 2007 exclude $77 million of pre-tax
expenses related to the Media Networks restructuring charges ($49 million after-tax, $0.07 per
share); a $151 million pre-tax gain on the sale of equity investment ($95 million after-tax, $0.14
per share); a $36 million non-cash pre-tax investment impairment ($23 million after-tax, $0.04
per share); and $15 million of net discrete tax benefits ($0.02 per share).
6
7. Free Cash Flow
4th Quarter Full Year
($ In Millions)
2008 B/(W) 2007 2008 B/(W) 2007
Operating Income $ 475 (51%) $ 2,523 (14%)
Restructuring (1) 447 n/m 447 n/m
Depreciation & Amortization 83 (14%) 364 (7%)
Capital Expenditures (53) 40% (288) (22%)
Cash Interest (209) (9%) (495) (6%)
Cash Taxes (2) (97) 60% (741) (12%)
Working Capital & Other 717 n/m (62) 78%
(4)
$ 1,363 95% $ 1,748 3%
Operating Free Cash Flow
(3)
- n/m - n/m
Cash Taxes on Disposition
(4)
$ 1,363 133% $ 1,748 14%
Free Cash Flow
1) Cash paid as of 12/31/08 was $7 million of the total 2008 restructuring charge of $454 million; Cash paid as of 12/31/07 was
$54 million for FY’07 and $10 million for Q4’07 of the restructuring charges of $77 million and $7 million, respectively.
2) Excludes taxes paid with respect to the dispositions of assets in 2007.
3) For comparison purposes, 2007 operating free cash flow excludes cash taxes paid with respect to the gain recognized in
2Q’07 on the sale of the Company’s non-controlling investment in MTV Russia and gain recognized in 3Q’07 on the sale of
Famous Music. It is important to note that the net cash proceeds from asset sales is not included in Free Cash Flow. See
Page 24 for more information.
4) See Page 24 for the definition and reconciliation of free cash flow and operating free cash flow to net cash flow from
operations.
Note: n/m – not meaningful 7
8. Debt & Cash
($ In Millions)
December 31, 2008
Bank Debt $ 650
Floating Rate Senior Notes due 2009 750
Total Floating Rate Debt 1,400
5.75% Senior Notes due 2011 1,496
6.25% Senior Notes due 2016 1,495
6.125% Senior Notes due 2017 497
6.875% Senior Debentures due 2036 1,734
6.75% Senior Debentures due 2037 248
6.85% Senior Notes due 2055 750
Note Payable 136
Capital Leases and Other 246
Total Fixed Rate Debt 6,602
Total Debt $ 8,002
Cash & Cash Equivalents $792
Net Debt $ 7,210
8
9. Available Capacity and Long-Term Debt Maturities
($ In Millions)
$4,000
$3,400 Bank Debt undrawn (expires 2010)
$3,500
Cash & Cash Equivalents
$3,000 $800 Public Debt
Bank Debt drawn
$2,500
$2,600
$2,000 $1,750
$1,500
$1,500
$1,500
$1,000 $750 $650 $750
$500
$500 $250
$0
2008 2009 2010 2011 2016 2017 2036 2037 2055
Note: 2008 column denotes combined cash & cash equivalents of $792 million and credit facility availability of $2.6 billion.
Chart excludes note payable, capital leases and other obligations. Bank debt in above chart refers to revolving bank
credit facility that matures on 12/31/10. Assumes outstanding credit facility balance of $650 million at year end 2008 is
paid at maturity. 9
10. Share Repurchase Program
(In Millions)
Year Ended
4Q 2008
12/31/2008
Cost of Repurchase $148 $1,223
Shares Repurchased 8.5 38.7
Year End Shares Outstanding 606.8
Remaining program availability as of 12/31/08 is $1.3 billion
10
12. Media Networks – Revenues by Type
($ In Millions)
4th Quarter Full Year
2008 B/(W) 2007 2008 B/(W) 2007
Advertising $ 1,346 (3%) $ 4,722 1%
Affiliate 667 12% 2,620 12%
Ancillary 462 - 1,414 32%
Total $ 2,475 1% $ 8,756 8%
12
13. Media Networks – Financial Results
($ In Millions)
4th Quarter Full Year
2008 B/(W) 2007 2008 B/(W) 2007
Revenues $ 2,475 1% $ 8,756 8%
Expenses (1,517) (5%) (5,362) (15%)
Equity Compensation (12) (20%) (40) (8%)
D&A (48) 24% (236) 14%
Operating Income, Before
898 (3%) 3,118 -
Adjusted Items
Adjusted Items (1) (389) n/m (389) n/m
$ 509 (44%) $ 2,729 (10%)
Operating Income
1) 2008 results include $389 million of restructuring and other charges ($351 million in expenses and $38 million in D&A) for
the quarter and full year ended December 31, 2008.
2007 results include $7 million and $77 million, respectively, of expenses related to Media Networks restructuring charges,
principally severance, affecting MTV Networks domestic and international operations for the quarter and year ended
December 31, 2007.
Note: n/m – not meaningful 13
14. Filmed Entertainment – Revenues by Type
($ In Millions)
4th Quarter Full Year
2008 B/(W) 2007 2008 B/(W) 2007
Theatrical $ 350 28% $ 1,714 17%
Home Entertainment 1,020 (6%) 2,724 9%
TV License Fees 351 (13%) 1,333 3%
Ancillary 86 9% 262 17%
Total $ 1,807 (2%) $ 6,033 10%
14
15. Filmed Entertainment – Theatrical Releases
4Q 2008 4Q 2007
Madagascar 2: Escape to Africa (DWA) The Heartbreak Kid
The Curious Case of Benjamin Button Things We Lost in the Fire
Revolutionary Road Bee Movie (DWA)
Defiance Beowolf
Margot at the Wedding
Kite Runner
Sweeney Todd
There Will Be Blood
No Country For Old Men
15
16. Filmed Entertainment – Financial Results
($ In Millions)
4th Quarter Full Year
2008 B/(W) 2007 2008 B/(W) 2007
Revenues $ 1,807 (2%) $ 6,033 10%
Expenses (1,689) - (5,823) (11%)
Equity Compensation (4) - (14) (27%)
D&A (30) (11%) (108) (9%)
Operating Income, Before
84 (28%) 88 (15%)
Adjusted Items
Adjusted Items (1) (62) n/m (62) n/m
$ 22 (81%) $ 26 (75%)
Operating Income
1) 2008 results include $62 million of restructuring and other charges ($60 million in expenses and $2 million in equity
compensation) for the quarter and full year ended December 31, 2008.
Note: n/m – not meaningful 16
18. Supplemental Disclosures:
Non-GAAP Financial Information
Non-GAAP measures, including free cash flow, operating free cash flow and
adjusted results that exclude restructuring and other charges, non-operating
investment gains and losses, discrete taxes and impairment charges, where
applicable, are relevant and useful information for investors because they improve
their ability to understand the Company's operating performance, make it easier to
compare the Company's results with other companies and allow investors to view
performance in a manner similar to the method used by the Company's
management.
These measures are not calculated in accordance with GAAP. They should not be
considered in isolation of, or as a substitute for, net cash flow from operations,
operating income, net earnings from continuing operations and diluted EPS from
continuing operations as indicators of operating performance. Such non-GAAP
measures, as calculated by the Company, may not be comparable to similarly titled
measures employed by other companies.
18
19. Supplemental Disclosures: Non-GAAP Financial Information
($ In Millions, except per share amounts)
Quarter Ended December 31, 2008
Pre-tax Net Earnings Diluted EPS
Earnings from from
Operating from
Continuing Continuing
Income Continuing
Operations(1) Operations(2) Operations
Reported Results $ 475 $ 256 $ 172 $ 0.28
Adjustments:
Restructuring and
454 454 286 0.47
Other Charges (3)
Impairment of
- 15 15 0.02
Investments (5)
(6)
- - (9) (0.01)
Discrete Tax Benefits
Adjusted Results $ 929 $ 725 $ 464 $ 0.76
See Page 23 for footnotes. 19
20. Supplemental Disclosures: Non-GAAP Financial Information
($ In Millions, except per share amounts)
Year Ended December 31, 2008
Pre-tax Net Earnings Diluted EPS
Earnings from from
Operating from
Continuing Continuing
Income Continuing
Operations(1) Operations(2) Operations
Reported Results $ 2,523 $ 1,855 $ 1,233 $ 1.97
Adjustments:
Restructuring and
454 454 286 0.46
Other Charges (3)
Impairment of
- 27 27 0.04
Investments (5)
(6)
- - (55) (0.09)
Discrete Tax Benefits
Adjusted Results $ 2,977 $ 2,336 $ 1,491 $ 2.38
See Page 23 for footnotes. 20
21. Supplemental Disclosures: Non-GAAP Financial Information
($ In Millions, except per share amounts)
Quarter ended December 31, 2007
Pre-tax Net Earnings Diluted EPS
Earnings from from
Operating from
Continuing Continuing
Income Continuing
Operations(1) (2)
Operations
Operations
Reported Results $ 978 $ 851 $ 545 $ 0.83
Adjustments:
Media Networks
7 7 5 0.01
(3)
Restructuring Activities
Adjusted Results $ 985 $ 858 $ 550 $ 0.84
See Page 23 for footnotes. 21
22. Supplemental Disclosures: Non-GAAP Financial Information
($ In Millions, except per share amounts)
Year Ended December 31, 2007
Pre-tax Net Earnings Diluted EPS
Earnings from from
Operating from
Continuing Continuing
Income Continuing
Operations(1) (2)
Operations
Operations
Reported Results $ 2,936 $ 2,580 $ 1,630 $ 2.41
Adjustments:
Media Networks
77 77 49 0.07
(3)
Restructuring Activities
Gain on Sale of Equity
- (151) (95) (0.14)
Investment (4)
Impairment of Investment (5) - 36 23 0.04
Discrete Tax Benefits (6) - - (15) (0.02)
Adjusted Results $ 3,013 $ 2,542 $ 1,592 $ 2.36
See Page 23 for footnotes. 22
23. Footnotes – Pages 19 - 22
1. Pre-tax earnings represent earnings from continuing operations before provision for
income taxes and minority interest.
2. The tax impact of adjustments has been calculated where appropriate using the applicable
rates in effect for the period presented.
3. 2008 adjusted results exclude $454 million for the quarter and year ended December 31,
2008, of restructuring and other charges across all segments. The charge principally
relates to programming abandonments, severance, the write-down of film inventory and
other charges. 2007 adjusted results exclude $7 million and $77 million, respectively, of
expenses related to Media Networks restructuring charges, principally severance, affecting
MTV Networks domestic and international operations for the quarter and year ended
December 31, 2007.
4. In 2007, the Company sold its non-controlling investment in MTV Russia for $191 million
and recognized a pre-tax gain of $151 million.
5. 2008 adjusted results exclude $15 million and $27 million, respectively, of pre-tax non-cash
investment impairment charges for the quarter and year ended December 31, 2008. 2007
adjusted results exclude $36 million of pre-tax non-cash investment impairment charges
for the year ended December 31, 2007.
6. 2008 adjusted results exclude $9 million and $55 million, respectively, of net discrete tax
benefits for the quarter and year ended December 31, 2008. 2007 adjusted results exclude
$15 million of net discrete tax benefits for the year ended December 31, 2007. The discrete
tax benefits were principally the result of effectively settled audits.
23
24. Supplemental Disclosures:
Non-GAAP Financial Information
($ In Millions)
4th Quarter Full Year
2008 2007 2008 2007
Cash Provided By Operations $ 1,416 $ 673 $ 2,036 $ 1,776
(53) (89) (288) (237)
Capital Expenditures
Free Cash Flow (1) $ 1,363 $ 584 $ 1,748 $ 1,539
Cash Taxes on Disposition (2) - 115 - 163
Operating Free Cash Flow (3) $ 1,363 $ 699 $ 1,748 $ 1,702
1) The Company defines free cash flow as cash provided by operations minus capital expenditures. Free cash flow is a
non-GAAP measure. Management believes free cash flow provides investors with an important perspective on the
Company’s liquidity, including ability to service debt, make strategic acquisitions and investments, and repurchase
stock.
2) For comparison purposes, 2007 operating free cash flow excluded cash taxes paid with respect to the gain
recognized in 2Q’07 on the sale of the Company’s non-controlling investment in MTV Russia and gain recognized in
3Q’07 on the sale of Famous Music. It is important to note that the net cash proceeds from asset sales is not
included in Free Cash Flow.
3) The Company defines operating free cash flow as cash provided by operations minus capital expenditures plus cash
taxes on dispositions. Operating free cash flow is a non-GAAP measure. Management believes operating free cash
flow provides investors with an important perspective on the Company’s liquidity from ongoing activities. 24