- Wal-Mart reported second quarter earnings for fiscal year 2009, with net sales of $101.6 billion, an increase of 10.4% from the prior year.
- Diluted earnings per share were $0.86, up 14.7% from $0.75 in the prior year second quarter.
- US comp store sales increased 4.5% excluding fuel, outperforming Wal-Mart's guidance for the quarter. Wal-Mart raised its full-year earnings guidance due to strong underlying operations.
wal mart store Quarterly Earnings Releases2009finance1
This transcript summarizes Wal-Mart's Q1 2009 earnings call. The call began with Carol Schumacher introducing the agenda, which included comments from Lee Scott on the company's performance and economic outlook, details on financial results from Tom Schoewe, business updates from Eduardo Castro-Wright on US stores and Mike Duke on international, and closing guidance from Tom Schoewe. Lee Scott then provided opening remarks about the company's results before handing it off to other executives to discuss specifics.
wal mart store Quarterly Earnings Releases2008finance1
This transcript summarizes Wal-Mart's Q1 2008 earnings call. Key points include:
- Total sales for Q1 2008 were $85.4 billion, an increase of 8.3% year-over-year. Net income rose 6.2% and EPS was $0.68 per share.
- International sales increased 18.5% led by strong growth in Mexico and the UK. Walmart US experienced challenges with comp sales up just 0.6%.
- Gross margins were down 8 basis points due to pressure in the US. Expenses were up 7 basis points but flat excluding a litigation charge. Inventory growth outpaced sales growth.
- The outlook for the rest of
- Wal-Mart reported third quarter fiscal year 2009 results, with net sales increasing 7.5% to $97.6 billion and income from continuing operations increasing 6.6% to $3.03 billion compared to the previous year.
- US comparable store sales increased 2.7% for Walmart and 4.5% for Sam's Club. International sales grew 11.2% and segment operating income increased 10.6%.
- For the full fiscal year, Wal-Mart estimates diluted earnings per share will be between $3.42-$3.46, lowered from previous guidance due to currency exchange rate impacts.
Sherwin-Williams updated its sales and earnings expectations for the first quarter and full year 2008. For Q1, net sales are expected to increase in the low single digits compared to last year, and EPS is forecasted to be between $0.56 to $0.61, lower than previous guidance. For the full year, net sales growth guidance remains at low-to-mid single digits, but EPS is lowered to a range of $4.70 to $4.85. The shortfall is due to lower than expected domestic sales, raw material cost increases, and a shift in business mix towards lower margin segments. The company is implementing cost cutting measures to offset challenges in the housing market.
This document provides the transcript from Aon Corporation's third quarter 2008 earnings conference call. The call discusses Aon's financial results for Q3 2008, including organic revenue growth of 2% and adjusted EPS growth of 33% year-over-year. Aon executives note continued progress on key commitments of organic growth, margin expansion, and EPS growth despite difficult market conditions. They also highlight ongoing investments across the business and growth in various regions.
Hewlett-Packard reported their Q4 2008 earnings. Key points:
- Revenue grew 19% year-over-year to $33.6 billion, up 16% excluding EDS acquisition.
- Non-GAAP operating profit grew 21% to $3.4 billion, or 10.1% of revenue.
- Non-GAAP EPS grew 20% to $1.03.
- Personal Systems revenue grew 10% to $11.2 billion, with notebook revenue up 21%.
- Imaging and Printing revenue declined 1% to $7.5 billion, with supplies revenue up 9%.
- Enterprise Storage and Servers revenue declined 1% to $5.
The document is the transcript of Aon Corporation's fourth quarter 2008 earnings conference call. In the call, Greg Case, President and CEO of Aon, discusses Aon's financial performance for Q4 2008. He notes that Aon achieved 2% organic revenue growth, a 120 basis point increase in adjusted pre-tax margin, and a 19% increase in adjusted EPS. Case also discusses Aon's continued investments in areas like reinsurance and emerging markets, as well as the challenges posed by the weak global economy. Christa Davies, Aon's CFO, provides additional financial details, noting costs from acquisitions and restructuring activities.
The document is a transcript of a conference call for Reliance Steel & Aluminum Co. discussing their financial results for Q4 2008.
[1] Reliance reported record sales and profits for 2008 but saw a decline in Q4 results compared to Q3 as demand and pricing fell substantially in November and December. [2] The company reduced inventory by $500M and cut approximately 800 jobs, or 7% of its workforce, during Q4 to manage costs in the difficult environment. [3] While the near-term outlook remains uncertain, Reliance believes it is well-positioned for any environment due to its diverse geographic footprint and customer base.
wal mart store Quarterly Earnings Releases2009finance1
This transcript summarizes Wal-Mart's Q1 2009 earnings call. The call began with Carol Schumacher introducing the agenda, which included comments from Lee Scott on the company's performance and economic outlook, details on financial results from Tom Schoewe, business updates from Eduardo Castro-Wright on US stores and Mike Duke on international, and closing guidance from Tom Schoewe. Lee Scott then provided opening remarks about the company's results before handing it off to other executives to discuss specifics.
wal mart store Quarterly Earnings Releases2008finance1
This transcript summarizes Wal-Mart's Q1 2008 earnings call. Key points include:
- Total sales for Q1 2008 were $85.4 billion, an increase of 8.3% year-over-year. Net income rose 6.2% and EPS was $0.68 per share.
- International sales increased 18.5% led by strong growth in Mexico and the UK. Walmart US experienced challenges with comp sales up just 0.6%.
- Gross margins were down 8 basis points due to pressure in the US. Expenses were up 7 basis points but flat excluding a litigation charge. Inventory growth outpaced sales growth.
- The outlook for the rest of
- Wal-Mart reported third quarter fiscal year 2009 results, with net sales increasing 7.5% to $97.6 billion and income from continuing operations increasing 6.6% to $3.03 billion compared to the previous year.
- US comparable store sales increased 2.7% for Walmart and 4.5% for Sam's Club. International sales grew 11.2% and segment operating income increased 10.6%.
- For the full fiscal year, Wal-Mart estimates diluted earnings per share will be between $3.42-$3.46, lowered from previous guidance due to currency exchange rate impacts.
Sherwin-Williams updated its sales and earnings expectations for the first quarter and full year 2008. For Q1, net sales are expected to increase in the low single digits compared to last year, and EPS is forecasted to be between $0.56 to $0.61, lower than previous guidance. For the full year, net sales growth guidance remains at low-to-mid single digits, but EPS is lowered to a range of $4.70 to $4.85. The shortfall is due to lower than expected domestic sales, raw material cost increases, and a shift in business mix towards lower margin segments. The company is implementing cost cutting measures to offset challenges in the housing market.
This document provides the transcript from Aon Corporation's third quarter 2008 earnings conference call. The call discusses Aon's financial results for Q3 2008, including organic revenue growth of 2% and adjusted EPS growth of 33% year-over-year. Aon executives note continued progress on key commitments of organic growth, margin expansion, and EPS growth despite difficult market conditions. They also highlight ongoing investments across the business and growth in various regions.
Hewlett-Packard reported their Q4 2008 earnings. Key points:
- Revenue grew 19% year-over-year to $33.6 billion, up 16% excluding EDS acquisition.
- Non-GAAP operating profit grew 21% to $3.4 billion, or 10.1% of revenue.
- Non-GAAP EPS grew 20% to $1.03.
- Personal Systems revenue grew 10% to $11.2 billion, with notebook revenue up 21%.
- Imaging and Printing revenue declined 1% to $7.5 billion, with supplies revenue up 9%.
- Enterprise Storage and Servers revenue declined 1% to $5.
The document is the transcript of Aon Corporation's fourth quarter 2008 earnings conference call. In the call, Greg Case, President and CEO of Aon, discusses Aon's financial performance for Q4 2008. He notes that Aon achieved 2% organic revenue growth, a 120 basis point increase in adjusted pre-tax margin, and a 19% increase in adjusted EPS. Case also discusses Aon's continued investments in areas like reinsurance and emerging markets, as well as the challenges posed by the weak global economy. Christa Davies, Aon's CFO, provides additional financial details, noting costs from acquisitions and restructuring activities.
The document is a transcript of a conference call for Reliance Steel & Aluminum Co. discussing their financial results for Q4 2008.
[1] Reliance reported record sales and profits for 2008 but saw a decline in Q4 results compared to Q3 as demand and pricing fell substantially in November and December. [2] The company reduced inventory by $500M and cut approximately 800 jobs, or 7% of its workforce, during Q4 to manage costs in the difficult environment. [3] While the near-term outlook remains uncertain, Reliance believes it is well-positioned for any environment due to its diverse geographic footprint and customer base.
The transcript summarizes a conference call discussing CIT Group's second quarter 2006 earnings. Key highlights include:
- Diluted EPS increased 14% year-over-year to $1.16. Return on equity was 14.1%.
- New business volume reached a record $10 billion, up 25% from the prior year. Managed asset growth was 17% to $68 billion.
- Other revenue exceeded $300 million, or 41% of total revenue, driven by increased fees from capital markets and advisory businesses.
- Credit performance remained strong with net charge-offs of 35 basis points.
- Dollar General Corporation is the largest discount retailer in the US with over 8,000 stores located primarily in the southern and midwestern US.
- In 2007, Dollar General underwent a merger with an entity controlled by Kohlberg Kravis Roberts & Co., making Dollar General a subsidiary of Buck Holdings, LP which is controlled by investment funds affiliated with KKR and other equity investors.
- Between 2004 and 2009, Dollar General increased its total number of stores from 6,700 to over 8,300, grew net sales from $6.9 billion to $10.5 billion, and plans to accelerate new store growth in 2009 by opening approximately 450 new stores and remodeling 400 existing stores.
This transcript summarizes a conference call between Centex Corporation executives and financial analysts to discuss the company's financial results for the third quarter of fiscal year 2009. Key points include:
1) Centex reported increased cash flow and cash balances despite weak home sales early in the quarter and significant impairment charges.
2) Home sales and revenue declined significantly year-over-year but showed signs of recovery in December and January with help from incentives.
3) Centex continued reducing costs through layoffs, division consolidation, and overhead cuts while improving construction costs and home quality.
4) While the outlook remains challenging, Centex is focused on restoring profitability through efficient homebuilding and preparing for future land opportunities
A transcript from the second quarter 2016 earnings call with top management of UMH Properties--a trailer park company with major operations in the Marcellus/Utica Shale region.
marriott international 2008 Q4 Earnings Call Transcript with Q&Afinance20
Marriott International reported challenging results for Q4 2008 and full year 2008 due to the difficult economic environment. Systemwide RevPAR declined 8% in Q4 both in North America and outside North America. Marriott is actively managing costs and reducing investments to prepare for continued weak demand according to two forecast scenarios. First quarter 2009 is expected to be particularly difficult with estimated RevPAR declines of 17% in North America and 15% outside North America, and total fee revenue declining 20-25%. However, Marriott remains focused on gaining market share and has significant available capital to withstand the downturn.
Oshkosh Corporation reported solid financial results for the second quarter of fiscal year 2015 despite challenges like a decline in defense sales and foreign exchange headwinds. Adjusted earnings per share were $0.81, in line with expectations. Sales and operating income grew double digits in the access equipment, fire and emergency, and commercial segments. The company maintained its guidance for fiscal year 2015 adjusted earnings per share between $4.00-$4.25.
- Equifax reported revenue of $452.9 million for Q1 2009, a 10% decrease from Q1 2008. Net income was $54.4 million, down from $65.7 million in the prior year.
- Revenue grew 1% compared to Q4 2008, led by strong growth at TALX. Equifax also took steps to reduce operating expenses and recorded an $8.4 million restructuring charge.
- For Q2 2009, Equifax expects consolidated revenue to be comparable to up slightly from Q1 2009. Adjusted EPS is expected to be between $0.55 and $0.60.
The document is a transcript of a Merck & Co earnings conference call from February 3, 2009. It includes remarks from Merck executives about the company's financial results for Q4 2008 and full year 2008, as well as their outlook for 2009. Key points include:
- Merck reported 1% lower revenue for full year 2008 compared to 2007, but revenue was up 5% excluding the impact of a drug losing exclusivity.
- Performance of drugs like Januvia, Janumet, Isentress and RotaTeq was strong but Singular and Gardasil sales disappointed.
- Merck is continuing restructuring efforts to reduce costs and transform the company for the future operating environment.
The immediate outlook for key markets and sectors
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the
industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
France – with a spotlight on the household appliances and dairy sectors
Austria – with a spotlight on the paper and timber sectors
Italy
Norway
Canada
New Zealand
Brazil
Japan
Special: Atradius Collections - Keep your cash flow healthy
The document is a transcript of Merck's third quarter 2008 earnings conference call. Key points:
- Merck reported another solid set of quarterly results but lowered its financial guidance for 2008 and 2010 due to challenges including manufacturing issues affecting vaccine supply.
- Revenue grew 5% excluding the loss of a drug's exclusivity, though this was offset by lower sales of vaccines and Singulair/Gardasil due to supply constraints and challenges increasing demand.
- Merck announced a restructuring program aimed at job cuts and cost savings to improve its financial outlook and position the company for long-term success.
This document analyzes and compares the financial performance of Tesco PLC and J Sainsbury PLC over a three year period. Tesco has outperformed J Sainsbury and the FTSE 100 index, with its share price rising 2% compared to J Sainsbury's 1.21% increase. Tesco's success is attributed to its strong positioning in customers' minds and providing good value, quality products, and excellent customer service through dedicated employees. In contrast, J Sainsbury performed below the FTSE 100 index, although its non-food sales and online grocery business have grown in recent years through promotions and expanded product selection. Both companies aim to keep customers and employees happy to achieve their business objectives.
Continental AG saw a significant decline in sales and earnings in Q1 2009 due to the slump in the global auto market. Sales fell 35.2% to €4.3 billion while EBIT turned negative at -€165 million, down from €456.7 million in Q1 2008. Both the Automotive and Rubber Groups were affected, with sales down 40% and 22% respectively. The company was still able to meet financial covenant requirements and expects sales and profits to improve in Q2 despite continued difficult market conditions.
The Greenlight Capital funds returned 9.4% in Q3 2012, bringing the YTD return to 13.2%. Central banks around the world have engaged in unprecedented monetary easing through bond purchases. The Fed will purchase $40B per month of mortgage backed securities indefinitely at near 0% interest rates. There is concern that further monetary stimulus could create new asset bubbles. Gold and several stock positions contributed positively to returns in Q3, while an undisclosed macro position was negative.
Tricumen 2Q16 Capital Markes Results Review_open 290816Tricumen Ltd
The 1H16 operating revenue reported by banks in this report totalled $86bn. This was 14% below 1H15. 2Q16 totalled $31bn, 12% down versus a prior-year period. In US dollar terms, issuance and advisory fees dropped 28% vs 2Q15 and equities by 20%, while FICC was essentially flat, with several banks reporting a surge in revenue spurred by Brexit. US banks increased their share of the peer group's pre-tax profit.
European Banking Authority's (EBA) stress test, published in July, managed to satisfy almost no-one: some deemed it too benign, others unrealistic. Both arguments make sense: EBA's test did not include sovereign defaults, mitigating actions by banks, Brexit, or an extended period of low-interest rate environment. Also, the EBA's test focuses on prudential regulatory measures which, in our view, do not reflect true market risks - and those, if the US regulators have their way, could feature in Basel 4, along with stronger capital rules for bank leverage.
This issue features reorganised definitions for several FICC products.
Atento provided an investor presentation summarizing its third quarter performance and long term strategy. Key highlights included 9.4% revenue growth and 4.2% increase in adjusted EBITDA. Adjusted EBITDA margin declined 120 basis points due to shifts in country and revenue mix. The presentation discussed progress on strategic initiatives like growth in non-telco verticals and solutions. Atento is well positioned for long term growth in the CRM/BPO market, but near term macro challenges could pressure margins.
The transcript summarizes CIT Group's first quarter 2006 earnings conference call. CIT reported solid quarterly results, with diluted EPS increasing 14% and ROE of 14.1%. Origination volume was strong at $8.7 billion, up 53% from the prior year, driven by a 22% increase in sales force size and 23% higher sales rep productivity. Credit performance was exceptional with low net charge-offs. The company remains focused on execution and growing assets and returns through 2006.
Atento reported its third quarter 2015 results. Revenue grew 9.4% year-over-year to $476.2 million driven by growth in Latin America of 11.7%. Adjusted EBITDA increased 4.2% to $65.8 million, with margins of 13.8%. Adjusted EPS grew 35.4% to $0.31. Atento reaffirmed its full year 2015 guidance for revenue growth between 6-9% and adjusted EBITDA margins between 13-13.5%. While macroeconomic headwinds present challenges, Atento remains focused on its strategic initiatives to drive growth, operational excellence, and strengthen its competitive position.
Second Quarter Earnings Conference Call Transcriptfinance4
WellPoint reported strong financial results for Q2 2005, meeting earnings guidance for the 15th consecutive quarter. Revenue increased 146% year-over-year and 8% on a comparable basis, driven by membership growth and pricing discipline. Membership increased 4% from year-end to over 28.8 million, and grew 6% compared to a year ago on a comparable basis across all regions and customer types. The company resolved two lawsuits with physicians through an agreement that included a one-time $103 million pre-tax charge. WellPoint continues developing new products and expanding into underserved markets to provide affordable healthcare coverage and reduce the number of uninsured Americans.
Second Quarter 2006 Earnings Conference Call Transcriptfinance4
WellPoint held a conference call to discuss its second quarter 2006 earnings. Key points included:
- WellPoint reported record GAAP net income of $1.17 per share, up 30% from the second quarter of 2005.
- Operating revenue was $13.9 billion, up 27% year-over-year and 11% on a comparable basis.
- Membership increased over 600,000 or 2% on a comparable basis from the second quarter of 2005.
- WellPoint saw particularly strong growth of 8% in its National Accounts business.
- Walmart reported record second quarter earnings for fiscal year 2009, with net sales of over $101.6 billion, a 10.4% increase from the previous year, and income from continuing operations of $3.385 billion, a 9.3% increase.
- The company raised its full-year earnings forecast, expecting earnings per share from continuing operations to be between $3.43 to $3.50, up from a previous range.
- For the third quarter of fiscal year 2009, the company estimates comparable store sales in the US to increase between 1-2% and earnings per share to be between $0.73-$0.76.
Wal-Mart reported second quarter sales of $91.99 billion, an 8.8% increase over the previous year. Net income was $3.11 billion, a 4.1% increase. Earnings per share were $0.76. For the third quarter, Wal-Mart estimates comparable store sales will increase 1-3% and earnings per share will be $0.62-$0.65. For the full fiscal year, earnings per share are estimated at $3.05-$3.13.
The document is the transcript of a Q4 2008 earnings call by WellPoint, Inc. It includes:
1) WellPoint reported Q4 net income of $331 million, down from $859 million in Q4 2007, due to realized investment losses. Full year 2008 net income was $2.5 billion.
2) Membership increased 1% year-over-year to 35 million due to growth in national accounts and seniors, partially offset by losses in state-sponsored programs and individual/local groups.
3) Challenging economic conditions are expected to negatively impact commercial membership in 2009, though national enrollment exceeded expectations for January 1, 2009.
The transcript summarizes a conference call discussing CIT Group's second quarter 2006 earnings. Key highlights include:
- Diluted EPS increased 14% year-over-year to $1.16. Return on equity was 14.1%.
- New business volume reached a record $10 billion, up 25% from the prior year. Managed asset growth was 17% to $68 billion.
- Other revenue exceeded $300 million, or 41% of total revenue, driven by increased fees from capital markets and advisory businesses.
- Credit performance remained strong with net charge-offs of 35 basis points.
- Dollar General Corporation is the largest discount retailer in the US with over 8,000 stores located primarily in the southern and midwestern US.
- In 2007, Dollar General underwent a merger with an entity controlled by Kohlberg Kravis Roberts & Co., making Dollar General a subsidiary of Buck Holdings, LP which is controlled by investment funds affiliated with KKR and other equity investors.
- Between 2004 and 2009, Dollar General increased its total number of stores from 6,700 to over 8,300, grew net sales from $6.9 billion to $10.5 billion, and plans to accelerate new store growth in 2009 by opening approximately 450 new stores and remodeling 400 existing stores.
This transcript summarizes a conference call between Centex Corporation executives and financial analysts to discuss the company's financial results for the third quarter of fiscal year 2009. Key points include:
1) Centex reported increased cash flow and cash balances despite weak home sales early in the quarter and significant impairment charges.
2) Home sales and revenue declined significantly year-over-year but showed signs of recovery in December and January with help from incentives.
3) Centex continued reducing costs through layoffs, division consolidation, and overhead cuts while improving construction costs and home quality.
4) While the outlook remains challenging, Centex is focused on restoring profitability through efficient homebuilding and preparing for future land opportunities
A transcript from the second quarter 2016 earnings call with top management of UMH Properties--a trailer park company with major operations in the Marcellus/Utica Shale region.
marriott international 2008 Q4 Earnings Call Transcript with Q&Afinance20
Marriott International reported challenging results for Q4 2008 and full year 2008 due to the difficult economic environment. Systemwide RevPAR declined 8% in Q4 both in North America and outside North America. Marriott is actively managing costs and reducing investments to prepare for continued weak demand according to two forecast scenarios. First quarter 2009 is expected to be particularly difficult with estimated RevPAR declines of 17% in North America and 15% outside North America, and total fee revenue declining 20-25%. However, Marriott remains focused on gaining market share and has significant available capital to withstand the downturn.
Oshkosh Corporation reported solid financial results for the second quarter of fiscal year 2015 despite challenges like a decline in defense sales and foreign exchange headwinds. Adjusted earnings per share were $0.81, in line with expectations. Sales and operating income grew double digits in the access equipment, fire and emergency, and commercial segments. The company maintained its guidance for fiscal year 2015 adjusted earnings per share between $4.00-$4.25.
- Equifax reported revenue of $452.9 million for Q1 2009, a 10% decrease from Q1 2008. Net income was $54.4 million, down from $65.7 million in the prior year.
- Revenue grew 1% compared to Q4 2008, led by strong growth at TALX. Equifax also took steps to reduce operating expenses and recorded an $8.4 million restructuring charge.
- For Q2 2009, Equifax expects consolidated revenue to be comparable to up slightly from Q1 2009. Adjusted EPS is expected to be between $0.55 and $0.60.
The document is a transcript of a Merck & Co earnings conference call from February 3, 2009. It includes remarks from Merck executives about the company's financial results for Q4 2008 and full year 2008, as well as their outlook for 2009. Key points include:
- Merck reported 1% lower revenue for full year 2008 compared to 2007, but revenue was up 5% excluding the impact of a drug losing exclusivity.
- Performance of drugs like Januvia, Janumet, Isentress and RotaTeq was strong but Singular and Gardasil sales disappointed.
- Merck is continuing restructuring efforts to reduce costs and transform the company for the future operating environment.
The immediate outlook for key markets and sectors
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the
industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
France – with a spotlight on the household appliances and dairy sectors
Austria – with a spotlight on the paper and timber sectors
Italy
Norway
Canada
New Zealand
Brazil
Japan
Special: Atradius Collections - Keep your cash flow healthy
The document is a transcript of Merck's third quarter 2008 earnings conference call. Key points:
- Merck reported another solid set of quarterly results but lowered its financial guidance for 2008 and 2010 due to challenges including manufacturing issues affecting vaccine supply.
- Revenue grew 5% excluding the loss of a drug's exclusivity, though this was offset by lower sales of vaccines and Singulair/Gardasil due to supply constraints and challenges increasing demand.
- Merck announced a restructuring program aimed at job cuts and cost savings to improve its financial outlook and position the company for long-term success.
This document analyzes and compares the financial performance of Tesco PLC and J Sainsbury PLC over a three year period. Tesco has outperformed J Sainsbury and the FTSE 100 index, with its share price rising 2% compared to J Sainsbury's 1.21% increase. Tesco's success is attributed to its strong positioning in customers' minds and providing good value, quality products, and excellent customer service through dedicated employees. In contrast, J Sainsbury performed below the FTSE 100 index, although its non-food sales and online grocery business have grown in recent years through promotions and expanded product selection. Both companies aim to keep customers and employees happy to achieve their business objectives.
Continental AG saw a significant decline in sales and earnings in Q1 2009 due to the slump in the global auto market. Sales fell 35.2% to €4.3 billion while EBIT turned negative at -€165 million, down from €456.7 million in Q1 2008. Both the Automotive and Rubber Groups were affected, with sales down 40% and 22% respectively. The company was still able to meet financial covenant requirements and expects sales and profits to improve in Q2 despite continued difficult market conditions.
The Greenlight Capital funds returned 9.4% in Q3 2012, bringing the YTD return to 13.2%. Central banks around the world have engaged in unprecedented monetary easing through bond purchases. The Fed will purchase $40B per month of mortgage backed securities indefinitely at near 0% interest rates. There is concern that further monetary stimulus could create new asset bubbles. Gold and several stock positions contributed positively to returns in Q3, while an undisclosed macro position was negative.
Tricumen 2Q16 Capital Markes Results Review_open 290816Tricumen Ltd
The 1H16 operating revenue reported by banks in this report totalled $86bn. This was 14% below 1H15. 2Q16 totalled $31bn, 12% down versus a prior-year period. In US dollar terms, issuance and advisory fees dropped 28% vs 2Q15 and equities by 20%, while FICC was essentially flat, with several banks reporting a surge in revenue spurred by Brexit. US banks increased their share of the peer group's pre-tax profit.
European Banking Authority's (EBA) stress test, published in July, managed to satisfy almost no-one: some deemed it too benign, others unrealistic. Both arguments make sense: EBA's test did not include sovereign defaults, mitigating actions by banks, Brexit, or an extended period of low-interest rate environment. Also, the EBA's test focuses on prudential regulatory measures which, in our view, do not reflect true market risks - and those, if the US regulators have their way, could feature in Basel 4, along with stronger capital rules for bank leverage.
This issue features reorganised definitions for several FICC products.
Atento provided an investor presentation summarizing its third quarter performance and long term strategy. Key highlights included 9.4% revenue growth and 4.2% increase in adjusted EBITDA. Adjusted EBITDA margin declined 120 basis points due to shifts in country and revenue mix. The presentation discussed progress on strategic initiatives like growth in non-telco verticals and solutions. Atento is well positioned for long term growth in the CRM/BPO market, but near term macro challenges could pressure margins.
The transcript summarizes CIT Group's first quarter 2006 earnings conference call. CIT reported solid quarterly results, with diluted EPS increasing 14% and ROE of 14.1%. Origination volume was strong at $8.7 billion, up 53% from the prior year, driven by a 22% increase in sales force size and 23% higher sales rep productivity. Credit performance was exceptional with low net charge-offs. The company remains focused on execution and growing assets and returns through 2006.
Atento reported its third quarter 2015 results. Revenue grew 9.4% year-over-year to $476.2 million driven by growth in Latin America of 11.7%. Adjusted EBITDA increased 4.2% to $65.8 million, with margins of 13.8%. Adjusted EPS grew 35.4% to $0.31. Atento reaffirmed its full year 2015 guidance for revenue growth between 6-9% and adjusted EBITDA margins between 13-13.5%. While macroeconomic headwinds present challenges, Atento remains focused on its strategic initiatives to drive growth, operational excellence, and strengthen its competitive position.
Second Quarter Earnings Conference Call Transcriptfinance4
WellPoint reported strong financial results for Q2 2005, meeting earnings guidance for the 15th consecutive quarter. Revenue increased 146% year-over-year and 8% on a comparable basis, driven by membership growth and pricing discipline. Membership increased 4% from year-end to over 28.8 million, and grew 6% compared to a year ago on a comparable basis across all regions and customer types. The company resolved two lawsuits with physicians through an agreement that included a one-time $103 million pre-tax charge. WellPoint continues developing new products and expanding into underserved markets to provide affordable healthcare coverage and reduce the number of uninsured Americans.
Second Quarter 2006 Earnings Conference Call Transcriptfinance4
WellPoint held a conference call to discuss its second quarter 2006 earnings. Key points included:
- WellPoint reported record GAAP net income of $1.17 per share, up 30% from the second quarter of 2005.
- Operating revenue was $13.9 billion, up 27% year-over-year and 11% on a comparable basis.
- Membership increased over 600,000 or 2% on a comparable basis from the second quarter of 2005.
- WellPoint saw particularly strong growth of 8% in its National Accounts business.
- Walmart reported record second quarter earnings for fiscal year 2009, with net sales of over $101.6 billion, a 10.4% increase from the previous year, and income from continuing operations of $3.385 billion, a 9.3% increase.
- The company raised its full-year earnings forecast, expecting earnings per share from continuing operations to be between $3.43 to $3.50, up from a previous range.
- For the third quarter of fiscal year 2009, the company estimates comparable store sales in the US to increase between 1-2% and earnings per share to be between $0.73-$0.76.
Wal-Mart reported second quarter sales of $91.99 billion, an 8.8% increase over the previous year. Net income was $3.11 billion, a 4.1% increase. Earnings per share were $0.76. For the third quarter, Wal-Mart estimates comparable store sales will increase 1-3% and earnings per share will be $0.62-$0.65. For the full fiscal year, earnings per share are estimated at $3.05-$3.13.
The document is the transcript of a Q4 2008 earnings call by WellPoint, Inc. It includes:
1) WellPoint reported Q4 net income of $331 million, down from $859 million in Q4 2007, due to realized investment losses. Full year 2008 net income was $2.5 billion.
2) Membership increased 1% year-over-year to 35 million due to growth in national accounts and seniors, partially offset by losses in state-sponsored programs and individual/local groups.
3) Challenging economic conditions are expected to negatively impact commercial membership in 2009, though national enrollment exceeded expectations for January 1, 2009.
CIT Group reported earnings for Q3 2008. Key points:
- Revenues were down from non-spread income like loan sales and syndications due to challenging market conditions.
- Credit costs increased as the economic outlook darkened, with charge-offs expected to be higher in 2009 than 2008.
- Liquidity was strengthened through over $11 billion in new financing, including prepaid bank borrowings and debt buybacks.
- Vendor Finance underperformed and a restructuring is underway to improve profitability, while Trade and Transportation Finance continued strong performance.
CIT Group reported their third quarter 2008 earnings. Key points included that CIT remains very liquid with plans to meet obligations for at least 12 months without unsecured bond markets. Their balance sheet is strong with improved tangible capital ratios. During the quarter, CIT increased reserves for credit losses as the economy has deteriorated. Going forward, CIT will focus on liquidity, balance sheet management, and tightened credit underwriting as they actively manage new business originations and anticipate declining volumes.
CIT Group reported earnings for Q3 2008. Key points:
- Revenues were down from non-spread income like loan sales and syndications due to challenging market conditions.
- Credit costs increased as the economic outlook darkened, with charge-offs expected to be higher in 2009 than 2008.
- Actions were taken to improve liquidity, including debt repayments and new funding facilities. However, new business originations were down due to tighter underwriting.
- Vendor Finance underperformed and a restructuring is underway to improve profitability, while Trade and Transportation Finance continued strong performance.
This document is the transcript of Aon Corporation's second-quarter 2008 earnings conference call. The call discusses Aon's financial performance in the second quarter of 2008, with an emphasis on organic revenue growth, adjusted pretax margin, and adjusted earnings per share. Aon's CEO notes that the company achieved progress on all three metrics despite soft market conditions. The transcript also covers Aon's continued investments in areas like retail brokerage, reinsurance, and consulting to strengthen its client capabilities globally.
cardinal health Q1 2009 Earnings Transcriptfinance2
- Cardinal Health reported financial results for Q1 2009 with overall double-digit revenue and profit growth. Revenue increased 11% to $24.3 billion while operating earnings decreased 6% to $482 million.
- Earnings from continuing operations decreased 16% to $268 million due to weaker performance from HSCS, increased interest and other expenses, and a higher tax rate.
- HSCS revenue increased 11% to $23.4 billion due to strong growth across medical and pharmaceutical businesses. However, segment profit decreased 16% due to previously announced customer repricing.
- CMP revenue increased 12% to due to product installations, international growth, and acquisitions. Segment profit increased 15% due to
Third Quarter 2008 Earnings Conference Call Transcript finance4
WellPoint hosted a quarterly earnings call to discuss its Q3 2008 results. Key highlights include:
- Net income for Q3 2008 was $821 million, or $1.60 per share, up 10% and 11% year-over-year and quarter-over-quarter respectively.
- Membership increased 2% year-over-year to 35.3 million members as of September 30, 2008.
- Full-year 2008 EPS guidance was revised to a range of $5.43 to $5.49 per share.
- Challenging economic conditions and state budget issues impacted some business lines, but overall results were solid and performance improvement plans are having a positive effect
CIT Group reported earnings for the first quarter of 2008. The commercial finance divisions performed well with a combined return on equity of 12%, however losses from the home lending and student loan portfolios contributed to an overall loss for the company. CIT outlined plans to reduce assets by $5-7 billion through sales, cut the dividend, explore strategic options for the rail division, and pursue additional liquidity and capital. Management remains focused on the core commercial finance businesses and serving customers during this challenging time.
CIT Group reported their first quarter 2008 earnings. The CEO discussed strategic actions taken to improve liquidity including reducing staff by over 500 employees, selling over $5.5 billion in assets, cutting the dividend by 60%, exploring strategic alternatives for the rail business, and continuing discussions to secure additional liquidity and capital. While the commercial finance franchises performed respectably, provisions were taken for the home lending and student lending portfolios due to housing market declines. The CEO believes strategic actions taken will enhance shareholder value and position the company for the future.
CIT Group reported earnings for the first quarter of 2008. The commercial finance divisions performed well with a combined return on equity of 12%, however losses from the home lending and student loan portfolios contributed to an overall loss for the company. CIT outlined plans to reduce assets by $5-7 billion through sales, cut the dividend, explore strategic options for the rail division, and pursue additional liquidity and capital. Management remains focused on the core commercial finance businesses and serving customers during this challenging time.
This document is a transcript of Merck & Co.'s first quarter 2008 earnings conference call from April 21, 2008. In the call:
- Merck reported revenue growth of 1% for Q1 2008 and reaffirmed full-year guidance despite challenges.
- Sales of key products like Singulair, Cozaar, Hyzaar and Varivax grew, as did newer products like Januvia, Janumet, Gardasil and Isentress.
- However, sales from Merck's joint venture with Schering-Plough grew slower than expected, leading Merck to lower full-year equity income guidance by $700 million. Confusion following a clinical trial was
Second Quarter 2008 Earnings Conference Call Transcript finance4
WellPoint reported its second quarter 2008 earnings. Some key points:
- Net income was $1.44 per share, including realized losses of $0.03 per share.
- Premiums and revenues reached record levels again. Expense ratios declined sequentially.
- Membership increased 1.5% year-over-year to 35.3 million members. Self-funded membership now comprises 52% of the total.
- The company expects full-year 2008 EPS between $5.42-$5.57, including realized losses of $0.06 per share.
Ryder System reported second quarter 2008 earnings per share of $1.10, which included a $0.12 charge related to prior years in their Brazilian supply chain operations. Excluding this charge, comparable EPS was $1.22, up 14% from the prior year. Total revenue was flat due to a reporting change for a supply chain customer, while operating revenue increased 5% driven by growth in Fleet Management Solutions. FMS revenue grew 16% and earnings increased 19%, helped by acquisitions and contractual revenue growth. Supply Chain Solutions earnings declined 56% due to operational issues in Brazil and automotive strikes in North America. Dedicated Contract Carriage earnings declined slightly due to higher insurance costs. Ryder repurch
In this document, Chevron reports on its Q4 2008 earnings conference call. Key details include:
- Chevron reported Q4 2008 net income of $4.9 billion, about the same as Q4 2007. Earnings per share increased 5% to $2.44 due to share repurchases.
- Total 2008 capital spending was $22.8 billion, in line with budget. The 2009 capital budget remains unchanged at $22.8 billion.
- Lower oil and gas prices reduced upstream earnings both in the US and internationally when compared to Q3 2008. Production increased between quarters due to project ramp-ups.
- Downstream earnings were flat in the US but increased internationally due to favorable
The document summarizes ArvinMeritor's announcement to spin off its Light Vehicle Systems business into a new publicly traded company called Arvin Innovation. Key points include that the spinoff will provide each business with the ability to focus on their specific markets and customers, unlock shareholder value, and allow both companies to better thrive in a changing automotive industry. Arvin Innovation is positioned as a $2.2 billion global tier one automotive supplier with a diversified customer, product, and geographic base that will help it succeed as an independent company going forward.
The document summarizes ArvinMeritor's announcement of plans to spin off its Light Vehicle Systems business into a new publicly traded company called Arvin Innovation. Some key points:
1) The spinoff will provide each business with greater strategic focus and ability to thrive in their respective markets.
2) Arvin Innovation will be a $2.2 billion global tier one automotive supplier with a strong management team and market positions.
3) The spinoff is expected to be completed within 12 months, subject to approvals, and will unlock shareholder value for both companies.
This document is a transcript of Aon Corporation's first quarter 2008 earnings conference call. The call discusses Aon's financial results for Q1 2008, including organic revenue growth, margin expansion, and increased earnings per share. Aon's CEO highlights continued progress on key commitments and investments across the business. The CFO then reviews the financial results in more detail and discusses restructuring efforts and their impact on expenses and margins.
Wal-Mart reported third quarter sales of $90.9 billion, an 8.8% increase over the prior year. Net income was $2.86 billion. Comparable store sales in the US increased 1.5% with fuel and 1.4% without. For the fourth quarter, Wal-Mart estimates US comparable store sales will be flat to up 2% and earnings per share will be between $0.99-$1.03.
Similar to wal mart store Quarterly Earnings Releases2009 (20)
This document provides financial and operational results for AT&T's wireless segment. Some key highlights include:
- Wireless operating revenues for 2008 were $49.3 billion, up 15.6% from 2007. Segment income was $10.8 billion for 2008, up 58.5% from 2007.
- As of December 31, 2008, AT&T had 77 million wireless customers, up 10.4% from a year earlier. Postpaid subscribers totaled 60.1 million in Q4 2008.
- Wireless data revenues in Q4 2008 were $3.1 billion, up 51.7% year-over-year, reflecting increased data usage and adoption of smartphones.
AT&T reported strong first quarter 2008 results with consolidated revenue growth of 4.6% year-over-year, led by improved results in wireless and enterprise services. Wireless revenues increased 18.3% due to strong subscriber gains and growth in wireless data services, and AT&T added 1.3 million wireless subscribers. Enterprise revenues grew led by a 22.9% increase in IP-based data services. Adjusted earnings per share grew 13.8% over the first quarter of 2007, highlighting AT&T's 12th consecutive quarter of double-digit earnings growth.
AT&T reported solid second quarter results in 2008, with key highlights including:
- Wireless revenues grew 15.8% driven by subscriber gains and 52% growth in wireless data services. Total wireless subscribers increased by over 1.3 million.
- Wholesale customer revenue declines improved, with revenues down just 0.2% versus a year ago.
- EPS was $0.63, up from $0.47 a year ago, while adjusted EPS was $0.76, up from $0.70 a year ago.
AT&T reported strong third quarter results in 2008, highlighted by growth in wireless subscribers and revenues. They gained 2 million new wireless subscribers total, with a record 1.7 million postpaid additions. This growth was powered by 2.4 million activations of the new iPhone 3G and rapid adoption of wireless data services. AT&T also grew its U-verse TV subscriber base to 781,000 and saw stable trends in business services. However, earnings were reduced by costs associated with the iPhone launch and hurricane-related expenses.
AT&T reported fourth quarter and full year 2008 results, highlighting strong wireless subscriber gains, accelerated growth of U-verse TV subscribers passing 1 million, and continued double-digit growth in IP data services. Wireless revenues grew 13.2% in Q4 2008 led by a 51.2% increase in wireless data revenues. AT&T added 2.1 million wireless subscribers in Q4 2008 and accelerated its U-verse TV ramp with 264,000 new subscribers. For the full year 2008, AT&T reported revenues of $124 billion, net income of $12.9 billion, and earnings per share increased 11.3% over 2007.
This document provides financial and operational results for AT&T across several business segments. Key highlights include:
- Wireless operating revenues increased 6% to $49.3 billion in 2008, with segment income increasing 58% to $10.8 billion. The number of wireless customers grew 5% to over 77 million.
- Wireline operating revenues declined 2% to $69.9 billion while segment income declined 7% to $11.2 billion in 2008 compared to 2007.
- Advertising & Publishing operating revenues declined 6% to $5.5 billion in 2008, with segment income declining 20% to $1.7 billion.
This document is a notice and proxy statement for the 2000 Annual Meeting of Share Owners of General Electric Company. It provides information on items to be voted on at the meeting, including the election of 16 directors, appointment of independent auditors, a proposal to increase authorized shares for a 3-for-1 stock split, and 11 shareholder proposals. Brief biographies of the 16 nominees for director positions are also included.
This document is a notice and proxy statement for General Electric Company's 2001 Annual Meeting. It provides information on the date, time, and location of the meeting, as well as details on voting procedures. Shareholders will vote on electing directors, appointing independent auditors, and seven shareholder proposals relating to issues such as cumulative voting, workplace codes of conduct, and nuclear power reporting. Biographies of the 19 nominees for director positions are also included.
The document is a notice and proxy statement for General Electric's 2002 Annual Meeting. It provides details about the meeting such as the date, time, and location in Waukesha, Wisconsin. It also lists the items to be voted on including the election of directors, appointment of auditors, executive compensation plans, and eight shareholder proposals. Biographies are provided for the 16 nominees up for election to the board of directors.
The document is a notice and proxy statement for General Electric's 2003 annual shareholder meeting. It provides details on the meeting such as date, time, location, and items to be voted on including election of directors and appointment of auditors. It also includes biographies of the 17 nominees for election to the board of directors.
The document is a notice and proxy statement for General Electric's 2004 Annual Meeting. It notifies shareholders that the meeting will be held on April 28, 2004 in Louisville, Kentucky at 10:00am to vote on the election of directors, ratification of the independent auditor selection, adding a revenue measurement to executive performance goals, and 15 shareholder proposals. Shareholders of record as of March 1, 2004 are entitled to vote.
The document is a notice and proxy statement for General Electric's 2005 Annual Meeting. It provides information on the date, time, and location of the meeting in Cincinnati, Ohio. It lists 15 nominees for election to the board of directors and provides brief biographies for each nominee. It also lists several matters that will be voted on at the meeting, including the election of directors, ratification of the independent auditor, and seven shareholder proposals.
The document is a notice and proxy statement for General Electric's 2006 Annual Meeting. It provides details on the meeting such as the date, time, and location in Philadelphia. It lists 15 nominees for election to the board of directors and provides brief biographies for each. It also lists several matters that will be voted on including the election of directors, ratification of the independent auditor, and six shareholder proposals.
This document provides preliminary financial highlights and operating metrics for ConocoPhillips for the first quarter of 2004 compared to the first quarter of 2003. Some key figures include:
- Total revenues of $30.2 billion for the first quarter of 2004, up from $27.1 billion in the same period of 2003.
- Net income of $1.6 billion for the first quarter of 2004, up from $1.2 billion in the first quarter of 2003.
- Oil and gas production of 941 thousand barrels per day for the first quarter of 2004, up slightly from 935 thousand barrels per day in the same period of 2003.
ConocoPhillips reported financial highlights for the second quarter of 2004 including revenues of $31.9 billion and net income of $2.1 billion. Earnings per share were $3.01 for the quarter. The company experienced higher crude oil and natural gas sales prices and volumes compared to the prior year. However, costs and expenses also increased, including purchases of crude oil and products, production and operating expenses, and taxes.
- ConocoPhillips reported revenues of $34.7 billion for Q3 2004, up from $26.5 billion in Q3 2003, and net income of $2 billion, up from $1.3 billion.
- Earnings per share for Q3 2004 were $2.86, up from $1.90 in Q3 2003.
- Oil and gas production volumes were up slightly from Q3 2003, with crude oil production of 733 thousand barrels per day consolidated and 844 thousand barrels per day total.
- ConocoPhillips reported significantly higher revenues and net income for both the fourth quarter and full year 2004 compared to the same periods in 2003, driven by higher oil and gas prices and increased production volumes.
- Revenues for the fourth quarter of 2004 were $40.1 billion, up 54% from $26 billion in the fourth quarter of 2003. Net income for the fourth quarter was $2.4 billion, up 138% from $1 billion.
- For the full year 2004, revenues were $136.9 billion compared to $105.1 billion in 2003. Net income was $8.1 billion compared to $4.7 billion in 2003.
This document provides financial highlights and selected financial data for ConocoPhillips for the first quarter of 2005 compared to the first quarter of 2004. Some key figures include:
- Net income for Q1 2005 was $2.912 billion compared to $1.616 billion in Q1 2004.
- Income from continuing operations was $2.923 billion in Q1 2005 compared to $1.603 billion in Q1 2004.
- Total worldwide crude oil and natural gas production was 942 thousand barrels of oil equivalent per day in Q1 2005.
- Total revenues for Q1 2005 were $38.918 billion compared to $30.217 billion in Q1 2004.
ConocoPhillips reported financial results for the third quarter and first nine months of 2005:
- Revenues for the quarter increased to $49.7 billion, up from $34.7 billion in the same period last year, driven by higher oil and gas prices. Net income was $3.8 billion compared to $2 billion last year.
- For the first nine months of the year, revenues were $131.2 billion compared to $96.8 billion last year. Net income was $9.85 billion compared to $5.7 billion in the same period of 2004.
- Oil and gas production for the quarter averaged 790 thousand barrels of oil equivalent per day for
This document provides financial highlights and selected financial data for ConocoPhillips for the three month and twelve month periods ending December 31, 2005 and 2004. Some key details include:
- Revenues for the three months ending December 31, 2005 were $52.2 billion compared to $40.1 billion for the same period in 2004.
- Net income for the twelve months ending December 31, 2005 was $13.5 billion compared to $8.1 billion for the same period in 2004.
- Earnings per share (diluted) for continuing operations for the twelve months ending December 31, 2005 were $9.63 compared to $5.79 for the same period in 2004.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
South Dakota State University degree offer diploma Transcriptynfqplhm
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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/
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.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
In 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.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.