The Walt Disney Company reported sharply higher earnings for the first quarter of fiscal year 2004, ended December 31, 2003. Earnings per share increased to $0.33 from $0.05 in the prior year quarter, driven by growth across all business segments. Revenues increased 19% to $8.5 billion due to strong performance of home entertainment releases from Studios and higher affiliate fees and advertising at Media Networks. The company expects continued earnings growth of over 30% for fiscal year 2004.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
- Disney reported higher earnings per share of $0.35 for the first quarter of fiscal year 2005 compared to $0.33 in the prior year quarter.
- Operating income grew at Media Networks and Parks and Resorts segments but declined at Studio Entertainment.
- Disney remains confident in achieving double-digit earnings growth for fiscal year 2005 driven by improvements across various divisions.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2003. Revenues increased for the quarter to $6.2 billion but segment operating income was flat at $2.3 billion for the nine months. Net income decreased to $885 million for the nine months due to charges taken in the first quarter. Disney expects results to improve over the next 12-18 months due to the success of films like Finding Nemo and Pirates of the Caribbean. However, continued weakness at Euro Disney may impair Disney's $522 million investment if Euro Disney is unable to obtain financing and waivers for debt covenants.
- The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2004 compared to the prior year. Earnings per share for the year increased 72% to $1.12, driven by operating income growth across all segments.
- For the quarter, EPS increased 25% to $0.25, helped by income growth at Media Networks, Parks and Resorts, and Consumer Products, partially offset by a decrease at Studio Entertainment.
- All business segments saw increased revenues and operating income for the year, with the exception of Studio Entertainment which saw a revenue decline but operating income growth. Cash flow from operations reached record levels for the company.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported improved financial results for its fiscal year ended September 30, 2003 compared to the previous year. Earnings per share increased 8% for the full year and 122% for the fourth quarter.
- Strong performances from Studio Entertainment and Media Networks drove the overall earnings growth, though Parks and Resorts experienced declines in revenue and profits.
- Cash flow from operations increased significantly over the previous year, allowing Disney to reduce its total and net borrowings.
In the quarter ended December 31, 2002:
- Revenues increased 6% to $7.5 billion while net income decreased 41% to $256 million compared to the previous year.
- Earnings per share were $0.13, down from $0.21 in the prior year quarter, due to one-time charges including a $83 million write-off related to United Airlines.
- Excluding one-time items, earnings per share increased 13% to $0.17 from $0.15 in the prior year.
- Disney reported higher earnings per share of $0.35 for the first quarter of fiscal year 2005 compared to $0.33 in the prior year quarter.
- Operating income grew at Media Networks and Parks and Resorts segments but declined at Studio Entertainment.
- Disney remains confident in achieving double-digit earnings growth for fiscal year 2005 driven by improvements across various divisions.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2003. Revenues increased for the quarter to $6.2 billion but segment operating income was flat at $2.3 billion for the nine months. Net income decreased to $885 million for the nine months due to charges taken in the first quarter. Disney expects results to improve over the next 12-18 months due to the success of films like Finding Nemo and Pirates of the Caribbean. However, continued weakness at Euro Disney may impair Disney's $522 million investment if Euro Disney is unable to obtain financing and waivers for debt covenants.
- The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2004 compared to the prior year. Earnings per share for the year increased 72% to $1.12, driven by operating income growth across all segments.
- For the quarter, EPS increased 25% to $0.25, helped by income growth at Media Networks, Parks and Resorts, and Consumer Products, partially offset by a decrease at Studio Entertainment.
- All business segments saw increased revenues and operating income for the year, with the exception of Studio Entertainment which saw a revenue decline but operating income growth. Cash flow from operations reached record levels for the company.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
- Disney reported improved financial results for its fiscal year ended September 30, 2003 compared to the previous year. Earnings per share increased 8% for the full year and 122% for the fourth quarter.
- Strong performances from Studio Entertainment and Media Networks drove the overall earnings growth, though Parks and Resorts experienced declines in revenue and profits.
- Cash flow from operations increased significantly over the previous year, allowing Disney to reduce its total and net borrowings.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2006 compared to the previous year. Earnings per share increased 12% to $0.37 from $0.33 the prior year. Operating income grew at Parks and Resorts, Media Networks, and Consumer Products segments, though Studio Entertainment results declined. During the quarter, the Company repurchased $1.2 billion worth of its own shares.
The Blackstone Group reported financial results for Q2 2010 with increases in key metrics compared to Q2 2009. Economic Net Income rose 28% to $205 million, driven by higher investment income and fees. Fee-earning assets under management grew 8% to $101.4 billion. While performance fees declined, base management fees and restructuring advisory work increased revenues. Blackstone declared a $0.10 quarterly distribution per unit.
Omnicom reported its annual financial results for 2004. Key highlights include:
- Revenues increased 13% to a record $9.7 billion from $8.6 billion in 2003. Net income grew 15% to $723.5 million.
- All of Omnicom's marketing services disciplines (media, CRM, specialty communications, PR) contributed to revenue growth.
- Omnicom successfully completed its certification under the Sarbanes-Oxley Act, a significant and costly undertaking.
- The company intends to continue investing in its business and people to drive future growth, including potential acquisitions.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
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
- Clear Channel reported a 7% increase in revenue to $2.5 billion for Q2 2004 compared to Q2 2003. Net income increased slightly to $253.8 million.
- Revenue increased across all divisions, with the largest growth in outdoor advertising which saw a 12% rise in revenue.
- The company repurchased $934 million of its common shares, increased its dividend by 25%, and secured a new $1.75 billion credit facility, leaving it well positioned financially.
- Clear Channel expects operating income to increase in the low double digits and earnings per share to rise in the high teens to low twenties for the full year 2004.
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
Duke Energy reported third quarter 2005 earnings per share of $0.04 compared to $0.41 in the third quarter of 2004. Ongoing earnings per share, which excludes special items, were $0.59 compared to $0.37 in the prior year. Results were boosted by warmer weather and strong performance in gas and electric businesses, but hurt by charges from exiting the DENA business. Duke Energy remains confident in exceeding its $1.65 per share employee incentive target for the year.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
Omnicom reported its annual financial results for 2003. Key points include:
- Revenue increased 14% to $8.6 billion, with 10% growth domestically and 20% internationally.
- Net income grew 5% to $675.9 million and diluted earnings per share rose 4% to $3.59.
- Operating margins declined slightly to 13.5% due to changes in business mix and increased severance costs.
- The company won over $4 billion in new business and increased its dividend.
- Revenues from the top 250 clients grew over 15%, outpacing total revenue growth.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. Revenues increased due to growth in syndication revenues from CSI: New York cable syndication. Earnings declined due to lower advertising sales and higher Outdoor operating costs. The company expects full-year OIBDA and operating income to decline mid-teens from prior year due to economic slowdown impacting advertising revenues.
Clear Channel Communications reported financial results for the third quarter of 2002, with revenues increasing 2% to $2.34 billion and EBITDA rising 11% to $616 million. Free cash flow grew substantially, increasing 108% to $419 million. Radio revenues were up 11% and EBITDA increased 18%, while Outdoor revenues increased 12% but EBITDA declined 3%. Entertainment revenues declined 16% and EBITDA declined 18%. The company expects fourth quarter 2002 EBITDA to be in the range of $525-550 million, an increase of 10% for the full year compared to 2001.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
Aon reported first quarter 2008 results with total revenue growing 7% to $1.9 billion and EPS from continuing operations increasing 10% to $0.56. Key highlights included adjusted EPS excluding items increasing 25% to $0.71, adjusted pretax margins increasing in both brokerage up 100 bps to 19.5% and consulting up 430 bps to 19.2%, and the company repurchasing $860 million of shares year-to-date. Segment reviews showed brokerage organic revenue up 2% and consulting up 4% while pretax income rose in both segments.
Clear Channel Communications reported financial results for Q4 2006 and full year 2006. Revenue increased 11% to $1.94 billion in Q4 2006 and 7% to $7.07 billion for the full year. Income before discontinued operations grew 15% to $210.1 million in Q4 2006 and 688.8 million for the full year. OIBDAN increased 17% to $655.3 million in Q4 2006 and 11% to $2.28 billion for 2006. Radio revenues increased 6% to $3.7 billion for 2006 due to higher advertising rates. Outdoor revenues grew 9% to $2.9 billion for 2006 from increases in the Americas and International segments.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
Clear Channel Communications reported first quarter 2001 results with net revenues up 108% to $1.6 billion and EBITDA up 70% to $404 million compared to first quarter 2000. While most segments saw declines in revenue and operating cash flow due to difficult year-over-year comparisons, after-tax cash flow per share increased 2% to $0.52. The company withdrew full-year guidance due to uncertainty but forecasted a 1% increase in after-tax cash flow per share for the second quarter.
CBS Corporation reported financial results for the fourth quarter and full year of 2005, which were the final reporting periods for the former Viacom prior to its separation into CBS Corporation and new Viacom Inc. on December 31, 2005. For the fourth quarter, revenues increased 2% to $3.8 billion while operating income increased 3% to $647 million, excluding a $9.5 billion non-cash impairment charge. For the full year, free cash flow increased 10% to $1.5 billion while revenues were flat at $14.54 billion and operating income decreased 6% to $2.7 billion, excluding impairment charges. The company also announced initiatives to increase the dividend, launch The CW network,
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2004. Revenue increased 1% to $2.31 billion in Q4 2004 and 5% to $9.4 billion for the full year. Income was $214 million in Q4 2004 and $845.8 million for the full year. The company's radio broadcasting revenues grew 2% for the year due to strength in small and mid-sized markets. Outdoor advertising revenues increased 13% from higher rates and occupancy. The company will continue focusing on improving operations and driving profitability across its businesses.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2006 compared to the previous year. Earnings per share increased 12% to $0.37 from $0.33 the prior year. Operating income grew at Parks and Resorts, Media Networks, and Consumer Products segments, though Studio Entertainment results declined. During the quarter, the Company repurchased $1.2 billion worth of its own shares.
The Blackstone Group reported financial results for Q2 2010 with increases in key metrics compared to Q2 2009. Economic Net Income rose 28% to $205 million, driven by higher investment income and fees. Fee-earning assets under management grew 8% to $101.4 billion. While performance fees declined, base management fees and restructuring advisory work increased revenues. Blackstone declared a $0.10 quarterly distribution per unit.
Omnicom reported its annual financial results for 2004. Key highlights include:
- Revenues increased 13% to a record $9.7 billion from $8.6 billion in 2003. Net income grew 15% to $723.5 million.
- All of Omnicom's marketing services disciplines (media, CRM, specialty communications, PR) contributed to revenue growth.
- Omnicom successfully completed its certification under the Sarbanes-Oxley Act, a significant and costly undertaking.
- The company intends to continue investing in its business and people to drive future growth, including potential acquisitions.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
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
- Clear Channel reported a 7% increase in revenue to $2.5 billion for Q2 2004 compared to Q2 2003. Net income increased slightly to $253.8 million.
- Revenue increased across all divisions, with the largest growth in outdoor advertising which saw a 12% rise in revenue.
- The company repurchased $934 million of its common shares, increased its dividend by 25%, and secured a new $1.75 billion credit facility, leaving it well positioned financially.
- Clear Channel expects operating income to increase in the low double digits and earnings per share to rise in the high teens to low twenties for the full year 2004.
Clear Channel Communications reported financial results for the third quarter of 2007, with revenue increasing 5% to $1.7 billion compared to the previous year. Operating expenses also increased 6% while income before discontinued operations rose 51% and diluted earnings per share increased 53%. The company's OIBDAN was $583.5 million, a 4% increase from 2006. Clear Channel's shareholders approved a merger agreement with a private equity group in September 2007. The company continues its plans to divest radio stations and its television group, with definitive agreements signed to sell 353 radio stations and its television business.
Duke Energy reported third quarter 2005 earnings per share of $0.04 compared to $0.41 in the third quarter of 2004. Ongoing earnings per share, which excludes special items, were $0.59 compared to $0.37 in the prior year. Results were boosted by warmer weather and strong performance in gas and electric businesses, but hurt by charges from exiting the DENA business. Duke Energy remains confident in exceeding its $1.65 per share employee incentive target for the year.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
Omnicom reported its annual financial results for 2003. Key points include:
- Revenue increased 14% to $8.6 billion, with 10% growth domestically and 20% internationally.
- Net income grew 5% to $675.9 million and diluted earnings per share rose 4% to $3.59.
- Operating margins declined slightly to 13.5% due to changes in business mix and increased severance costs.
- The company won over $4 billion in new business and increased its dividend.
- Revenues from the top 250 clients grew over 15%, outpacing total revenue growth.
CBS Corporation reported third quarter 2008 results with revenues of $3.4 billion, up 3% year-over-year. Television segment revenues were $2.1 billion, up 2%. Adjusted net earnings were $290.3 million with adjusted diluted EPS of $0.43. Free cash flow for the first nine months of 2008 was $1.4 billion. Revenues increased due to growth in syndication revenues from CSI: New York cable syndication. Earnings declined due to lower advertising sales and higher Outdoor operating costs. The company expects full-year OIBDA and operating income to decline mid-teens from prior year due to economic slowdown impacting advertising revenues.
Clear Channel Communications reported financial results for the third quarter of 2002, with revenues increasing 2% to $2.34 billion and EBITDA rising 11% to $616 million. Free cash flow grew substantially, increasing 108% to $419 million. Radio revenues were up 11% and EBITDA increased 18%, while Outdoor revenues increased 12% but EBITDA declined 3%. Entertainment revenues declined 16% and EBITDA declined 18%. The company expects fourth quarter 2002 EBITDA to be in the range of $525-550 million, an increase of 10% for the full year compared to 2001.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
Aon reported first quarter 2008 results with total revenue growing 7% to $1.9 billion and EPS from continuing operations increasing 10% to $0.56. Key highlights included adjusted EPS excluding items increasing 25% to $0.71, adjusted pretax margins increasing in both brokerage up 100 bps to 19.5% and consulting up 430 bps to 19.2%, and the company repurchasing $860 million of shares year-to-date. Segment reviews showed brokerage organic revenue up 2% and consulting up 4% while pretax income rose in both segments.
Clear Channel Communications reported financial results for Q4 2006 and full year 2006. Revenue increased 11% to $1.94 billion in Q4 2006 and 7% to $7.07 billion for the full year. Income before discontinued operations grew 15% to $210.1 million in Q4 2006 and 688.8 million for the full year. OIBDAN increased 17% to $655.3 million in Q4 2006 and 11% to $2.28 billion for 2006. Radio revenues increased 6% to $3.7 billion for 2006 due to higher advertising rates. Outdoor revenues grew 9% to $2.9 billion for 2006 from increases in the Americas and International segments.
Clear Channel Communications reported financial results for the fourth quarter and full year of 2002. For the fourth quarter, revenues increased 19% to $2.2 billion and EBITDA increased 68% to $579 million. For the full year, revenues increased 6% to $8.4 billion and EBITDA rose 14% to $2.2 billion. Radio revenues increased 10% for the quarter and 8% for the year. Outdoor revenues grew 17% for the quarter and 6% for the year. Entertainment revenues were up 28% for the quarter but down 1% for the year. The company had strong free cash flow of $273 million for the quarter and $1.25 billion for the full year. Management credited
Clear Channel Communications reported first quarter 2001 results with net revenues up 108% to $1.6 billion and EBITDA up 70% to $404 million compared to first quarter 2000. While most segments saw declines in revenue and operating cash flow due to difficult year-over-year comparisons, after-tax cash flow per share increased 2% to $0.52. The company withdrew full-year guidance due to uncertainty but forecasted a 1% increase in after-tax cash flow per share for the second quarter.
CBS Corporation reported financial results for the fourth quarter and full year of 2005, which were the final reporting periods for the former Viacom prior to its separation into CBS Corporation and new Viacom Inc. on December 31, 2005. For the fourth quarter, revenues increased 2% to $3.8 billion while operating income increased 3% to $647 million, excluding a $9.5 billion non-cash impairment charge. For the full year, free cash flow increased 10% to $1.5 billion while revenues were flat at $14.54 billion and operating income decreased 6% to $2.7 billion, excluding impairment charges. The company also announced initiatives to increase the dividend, launch The CW network,
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
contactless commerce enables a world beyond payment cardsBoni
The document summarizes the growth of contactless payment technology beyond payment cards and into alternate form factors like key fobs and mobile phones. It discusses how over 10 million contactless payment cards were issued in the US in 2005, and how issuers now want to extend the technology to more convenient forms that can be personalized. Key fobs and mobile phones are highlighted as top potential alternatives, though challenges in manufacturing, distribution, and consumer acceptance must still be addressed. The document concludes that successful alternative payment forms will provide similar security assurances as cards while enhancing convenience through customization.
This document provides information about a stem cell research and ethics workshop, including an overview of the Debating Science Issues competition for secondary school students. The competition encourages students to actively engage with biomedical science topics through ethical roundtable workshops and debates. Some of the debate topics include stem cell research, nanotechnology, genetically modified foods, and animal testing. The workshop also provides background on stem cell science, sources of embryonic stem cells, and the ongoing debate around allowing embryonic stem cell research in Ireland.
Tawakii Union is an island nation located off the coast of Hawaii with a population of 500,000 people. The island is mountainous with 3 active volcanoes and natural resources include silver, gold, copper and marble. The typical family structure involves children attending boarding schools from ages 7-18 while being taught additional skills at home. The culture is strongly influenced by Hawaiian traditions like the hula dance and use of flowers and incorporates modern technologies. The economy is based on fishing, farming and tourism, with the same monetary system as the US and no taxes.
The document lists John Hynes III, Steve Wood, and David Manfredi as speakers at a multifamily forum in Boston, Massachusetts. It then provides a timeline of projects in Boston from 1925 to 2015 by Elkus Manfredi Architects, including developments in the Seaport Square area and their work on One Seaport Square.
Los alumnos de 5o y 6o de primaria de la escuela Casas de Benítez realizaron un proyecto. El proyecto fue realizado por los estudiantes de esos grados en esa escuela particular.
The Walt Disney Company reported financial results for the quarter and six months ended March 31, 2003. Revenues increased in both periods compared to the prior year, while net income and earnings per share decreased due to higher costs and softness in certain businesses. For the quarter, revenues rose 8% to $6.3 billion but net income fell 12% to $229 million. The earnings decline was driven by decreased results at Media Networks and Parks and Resorts due to higher programming and production costs as well as lower attendance. However, Studio Entertainment saw gains from strong home video and television distribution.
- The Walt Disney Company reported earnings for the quarter ended December 31, 2001. Revenues decreased 5% to $7 billion and net income was $438 million, flat compared to the prior year adjusted for accounting changes.
- Results were impacted by softness in the economy and events of September 11th, which led to declines in attendance, spending, and hotel occupancy. However, cost cutting initiatives helped offset declines.
- The acquisition of ABC Family was completed in October 2001 and integration efforts were underway to combine television assets. Disney remained focused on achieving efficiencies and creating great content to strengthen brands.
The Walt Disney Company reported its earnings for the fiscal year and quarter ended September 30, 2002. For the fiscal year, revenues increased 1% to $25.3 billion but segment operating income decreased 28% to $2.9 billion. Net income increased 48% to $1.3 billion compared to the prior year which included large restructuring charges. On a pro forma basis, which excludes certain one-time items, revenues decreased 1% to $25.4 billion and earnings were $1.1 billion or $0.55 per share. For the quarter, revenues increased 15% to $6.7 billion while operating income decreased 2% to $613 million. Disney anticipated a return to solid earnings per share growth
The Walt Disney Company reported its financial results for the fiscal year and quarter ended September 30, 2001. For the year, revenues remained flat while operating income decreased slightly. Earnings per share were flat. For the quarter, revenues and operating income decreased compared to the previous year. The decreases were due to softness in the media networks and studio entertainment segments due to lower ratings and box office revenues. Parks and resorts were also negatively impacted by decreased attendance following the conclusion of a special event the previous year and impacts of September 11th.
- The Walt Disney Company reported earnings for the quarter and six months ended March 31, 2002. Revenues decreased 2% for the quarter to $5.9 billion and 4% for the six months to $13 billion.
- Net income was $259 million for the quarter and $697 million for the six months, compared to a net loss in the prior year quarter and six months.
- Chairman and CEO Michael Eisner said Disney continues on track with cost containment efforts and strengthening of core brands, and anticipates continued performance improvement.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
Net income and EPS for Disney increased in the first quarter of 2001 compared to the previous year. Net income rose 27% to $594 million and EPS grew 22% to $0.28, excluding accounting changes and the Internet Group. Overall revenues for Disney grew 7% to $7.3 billion for the quarter, with strong results from Parks & Resorts and improvements in home video and theatrical distribution offsetting declines in consumer products. The Walt Disney Company will convert shares of Internet Group stock to Disney stock in March 2001, consolidating financial reporting under one class of common stock.
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2002. Revenues decreased 3% to $5.8 billion for the quarter, and segment operating income decreased 26% to $828 million. For the nine months, revenues decreased 4% to $18.7 billion and operating income decreased 32% to $2.3 billion. Earnings per share were $0.18 for the quarter and $0.52 for the nine months. Results were negatively impacted by softness in the travel industry and weak advertising markets. The Company expects earnings to be lower in the current fourth quarter compared to the prior year.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
- Disney reported earnings for the quarter ended December 31, 1999, with revenues increasing 5% to $6.8 billion and operating income increasing 8% to $1.1 billion compared to the same period last year.
- Key drivers of increased revenues and operating income were strong performances from Who Wants to Be a Millionaire at ABC and record attendance at Walt Disney World, along with growth at ESPN and Disney's cable networks.
- Earnings per share increased 9% to $0.25, while net income rose 7% to $515 million, excluding Disney's retained interest in GO.com. Including GO.com, net income increased 1% to $324 million.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Viacom reported record fourth quarter and full year 2002 results. For Q4, revenues increased 12% to $6.8 billion and operating income increased to $1.3 billion. For the full year, revenues increased 6% to $24.6 billion and operating income increased to $4.6 billion. The strong results were driven by growth across all business segments, especially cable networks, television, and entertainment. Viacom expects mid-single digit revenue growth and double-digit EBITDA growth for full year 2003.
direc tv group Fourth Quarter 2008 Financial Results and Outlook finance15
The DIRECTV Group reported strong financial results for Q4 2008 and full year 2008:
- Q4 net subscriber additions totaled 461,000, with 301,000 from DIRECTV US. Full year 2008 free cash flow increased 76% to $1.68 billion.
- DIRECTV US had its best quarterly net subscriber growth in over 3 years and record annual revenue, operating profit before depreciation and amortization, and cash flow.
- DIRECTV Latin America added 160,000 subscribers in Q4, its best year ever with 623,000 net additions, driving revenue growth of 15% for the quarter and 39% for the full year.
allstate Quarterly Investor Information 2001 4thfinance7
- Allstate reported lower operating income for Q4 2001 and full year 2001 compared to the same periods in 2000, due to increased loss costs, restructuring expenses, and lower investment income, partly offset by higher premiums.
- For Q4 2001, operating income was $309 million compared to $584 million in Q4 2000. For full year 2001, operating income was $1.49 billion compared to $2 billion in 2000.
- Allstate provided guidance for 2002 operating income per share of $2.50-$2.70, expecting improvement in results later in 2002 as pricing and underwriting actions take effect.
Black & Decker reported first quarter 2007 earnings of $1.61 per diluted share, up from $1.45 per diluted share in the first quarter of 2006. Sales increased 3% to a record $1.6 billion due to acquisitions and foreign currency translation. Free cash flow also increased to a record $137 million for the quarter, up more than $115 million from the prior year. The company modestly increased its full-year earnings per share guidance to $6.35 to $6.60 per share and expects roughly flat sales and earnings per share of $1.70 to $1.75 in the second quarter.
Black & Decker reported first quarter 2007 earnings of $1.61 per diluted share, up from $1.45 per diluted share in the first quarter of 2006. Sales increased 3% to a record $1.6 billion due to acquisitions and foreign currency translation. Free cash flow increased over $115 million to a record $137 million for the quarter. For the full year, Black & Decker modestly increased EPS guidance to a range of $6.35 to $6.60 per share and expects roughly flat sales and EPS of $1.70 to $1.75 in the second quarter.
Return on total capital for the trailing 12 months ended June 28, 2008 was 20.8%. Net earnings for the 4 fiscal quarters spanning September 29, 2007 to June 28, 2008 totaled $1,104,607. The average total capital over the last 5 quarters, consisting of long-term debt, short-term debt, and equity, was $5,303,913. Return on capital was calculated by taking net earnings for the 12 month period and dividing by the average total capital.
This document is Sysco Corporation's 2000 annual report. It summarizes that fiscal 2000 was Sysco's 30th anniversary as a public company and marked record sales of $19.3 billion, up 11% from the previous fiscal year. Key drivers of growth were increased sales to customers served by Sysco marketing associates and continued growth of Sysco Brand sales. The report discusses Sysco's strategy of pursuing both acquisitions and internal expansion to continue driving future success through offering customers a breadth of products and superior service.
1) SYSCO reported strong sales and earnings growth in fiscal year 2001, with sales topping $20 billion for the first time.
2) Net earnings increased over 30% compared to the previous year, and return on shareholders' equity reached 31%.
3) Growth was driven by acquisitions, internal expansion, and a focus on customer relationships through initiatives like C.A.R.E.S.
SYSCO is a food distribution company that supplies over 415,000 customers like restaurants, hospitals, and schools. In fiscal year 2002, SYSCO reported $23.35 billion in sales, a 7% increase from the previous year. Net earnings increased 14% to $679.78 million compared to fiscal year 2001. SYSCO has over 46,800 employees and operates from 142 locations across North America, helping their customers succeed by providing food and related products and services.
This annual report summarizes Sysco Corporation's financial performance for fiscal year 2003. Key highlights include:
- Sales increased 12% to $26.14 billion and net earnings increased 14% to $778.28 million.
- Diluted earnings per share increased 17% to $1.18.
- Return on average shareholders' equity was 36%.
- The company distributed products from 145 locations across North America to over 420,000 customer locations.
This document provides an annual report for Sysco Corporation for the fiscal year ending July 3, 2004. It includes financial highlights showing sales increased 12% to $29.3 billion and net earnings increased 17% to $907 million. It discusses challenges in the year from high product cost inflation of 6.3% and fuel costs. It outlines Sysco's focus on growing profitable customer businesses and improving customer relationships. It describes Sysco's national supply chain initiative including new regional distribution centers to enhance service and reduce costs. In closing, it expresses confidence in addressing economic uncertainty through its employees, products/services, and financial resources.
The passage discusses the importance of summarization in an age of information overload. It notes that with the massive amounts of data available online, being able to quickly understand the key points of lengthy documents, articles, or reports is crucial. The ability to produce clear, concise summaries helps people filter through large amounts of information and identify what is most important or relevant to them.
- SYSCO achieved record sales of $37.5 billion and record net earnings of $1.1 billion in fiscal year 2008 despite challenging economic conditions.
- The company's focus on supply chain efficiency and helping customers succeed through business reviews allowed it to contain costs while growing market share.
- SYSCO continues to invest in its business, people, facilities, fleet and technology to support long-term growth while exploring alternative energy sources.
This document summarizes reconciling items for 2001 by quarter and fiscal year. It reports reorganization costs of $19.1 million in Q2 2001, $11.7 million in Q3 2001, and $10.6 million in Q4 2001 for workforce reductions and facility consolidations worldwide. Special items include a $19.4 million write-off in Q3 2001 and $3.5 million impairment charge in Q4 2001. The total net reconciling items after tax was $42.1 million for fiscal year 2001.
This document shows the reconciliation between GAAP and non-GAAP operating income for different regions and worldwide for 2001. For each quarter and the full year, it provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items between the two. On a non-GAAP basis, operating income margins ranged from -1.25% to 1.23% by region for the full year.
This document provides a reconciliation of GAAP to non-GAAP financial metrics for 2001. For each quarter and full year, it shows gross sales, gross profit, operating expenses, operating income, net income, and diluted EPS under GAAP and non-GAAP after adjusting for reconciling items. The reconciling items reduced operating expenses and increased operating income, net income, and diluted EPS for the non-GAAP results compared to GAAP.
This document summarizes reconciling items for 2002 by quarter and fiscal year total. It includes reorganization costs, other major program costs, gains/losses on securities sales, and tax effects. Total net reorganization and other major program costs for the fiscal year were $116.6 million. A $280.9 million cumulative effect of a new accounting standard adoption was also recorded. The total net impact of reconciling items for the fiscal year was $350.2 million.
The document shows the reconciliation between GAAP and non-GAAP operating income for North America, Europe, Asia-Pacific, Latin America, and worldwide total for Q1 2002 through FY 2002. It provides the operating income under GAAP and non-GAAP measurements, as well as the reconciling items and non-GAAP operating income as a percentage of revenue for each region and time period.
This document provides a reconciliation of net income and earnings per share (EPS) between Generally Accepted Accounting Principles (GAAP) and non-GAAP measures for 4 quarters (Q1 2002 - Q4 2002) and the full fiscal year 2002 for an unnamed company. It shows that reconciling items reduced operating expenses and increased operating income, net income, and EPS under the non-GAAP measures compared to the GAAP measures.
This document summarizes reconciling items for 2003, including reorganization costs and other major program costs by quarter. Total reorganization costs for the year were $21.6 million. Other costs included in selling, general and administrative expenses were $23.3 million and costs of sales were $0.5 million. Pre-tax items totaled $45.4 million for the year. A favorable tax resolution of $70.5 million occurred in Q3 03. The total net effect was a $39.6 million benefit.
This document shows the operating income for different regions and worldwide both according to GAAP (Generally Accepted Accounting Principles) standards and on a non-GAAP basis for Q1 2003, Q2 2003, Q3 2003, Q4 2003 and FY 2003. It provides the figures in US dollars and also shows the operating income as a percentage of revenue. The non-GAAP operating income is higher due to reconciling items which are additional costs excluded from the non-GAAP calculation.
This document presents a bridge between GAAP and non-GAAP financial results for a company for 2003. It shows GAAP and non-GAAP results for net income, earnings per share, gross profit, operating expenses, operating income, and sales on a quarterly and full year basis. Reconciling items between GAAP and non-GAAP results include adjustments to operating expenses that increased non-GAAP operating income and net income compared to GAAP.
This document summarizes reconciling items for 2004 by quarter and fiscal year. It includes reorganization costs, other major program costs, foreign exchange gains and losses, and tax effects. Reorganization costs were credits in Q3 and Q4 2004 due to lower than expected facility consolidation costs. Foreign exchange gains stemmed from a currency contract for an acquisition. A favorable tax resolution in Q3 and Q4 2004 reversed previously accrued federal and state income taxes. The total net tax effect for the fiscal year was a credit of $58.8 million.
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.
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.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
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.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
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.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
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?
1. FOR IMMEDIATE RELEASE
February 11, 2004
THE WALT DISNEY COMPANY REPORTS SHARPLY HIGHER
RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2003
• Segment operating income growth across all Disney’s operating
segments in the fiscal first quarter contributed to strong EPS gains
BURBANK, Calif. – The Walt Disney Company today reported
earnings for its fiscal first quarter ended December 31, 2003.
Diluted earnings per share for the first quarter were $0.33, up from
$0.05 in the prior-year first quarter before the cumulative effect of an
accounting change.
Earnings per share for the first quarter of the prior year included an
approximate $0.04 negative impact due to the write-off of a leveraged lease
investment.
quot;The tremendous results of our first quarter dramatically
demonstrate the fundamental value and potential of this company, driven
by Disney's tradition of producing great creative content that is embraced
by the public,quot; said Michael D. Eisner, chairman and CEO of The Walt
Disney Company. quot;During the quarter, we saw growth in all our business
segments with our Studios and Media Networks leading the way. Clearly,
these great results increase our confidence that we will deliver earnings
growth from our continuing operations of more than 30% in 2004. Given
2. the strength of our brands and other assets and the strategies we have in
place, as we look out several years beyond 2004, we are targeting double
digit compound growth in our earnings through at least 2007.”
Revenues, segment operating income, income before the cumulative
effect of accounting change, net income and diluted earnings per share
amounts for the quarter are as follows (in millions, except per share
amounts):
Quarter Ended
December 31,
2003 2002(1) % Change
Revenues $ 8,549 $ 7,170 19 %
Segment operating income 1,271 482 164 %
Income before the cumulative effect of
accounting change 688 107 n/m
Net income 688 36 n/m
Diluted earnings per share before the
cumulative effect of accounting change $ 0.33 $ 0.05 n/m
Diluted earnings per share $ 0.33 $ 0.02 n/m
(1) The Company adopted EITF No. 00-21, Revenue Arrangements with Multiple
Deliverables (EITF 00-21) effective at the beginning of fiscal 2003. Accordingly, the
prior-year first quarter results have been restated to reflect the implementation of
EITF 00-21.
Operating Results
Studio Entertainment
Studio Entertainment revenues increased 57% to $3.0 billion and
segment operating income increased to $458 million from $138 million in
the prior-year quarter.
Results for the quarter were primarily driven by strong growth in
worldwide home entertainment, partially offset by higher production
write-offs. The successful worldwide home entertainment releases of
Disney/Pixar’s Finding Nemo and of Pirates of the Caribbean, The Lion King,
2
3. Santa Clause 2 and Freaky Friday drove increases in revenue and operating
income compared to the prior-year quarter, which included Lilo & Stitch
and Beauty & the Beast. During the quarter, the Home Entertainment
division set an all time record by selling approximately 140 million DVD
and VHS units.
Media Networks
Media Networks revenues for the quarter increased 6% to $3.1
billion, and segment operating income increased to $344 million, compared
to an operating loss of $71 million in the prior-year quarter. See Table A
for further detail of Media Networks results.
Cable contributed $305 million of the increase in segment operating
income for the quarter, primarily due to higher affiliate revenue, lower cost
amortization for the NFL contract and higher advertising revenue. Higher
affiliate revenue was due to both contractual rate adjustments and
subscriber growth. Advertising revenue growth reflected improvements in
the advertising marketplace.
Broadcasting contributed $110 million of the increase in segment
operating income, primarily due to lower programming costs. Lower
programming costs were driven by NFL programming costs, including the
impact of fewer NFL broadcasts in the current quarter and less expensive
prime time series. The quarter also benefited from higher rates received in
the upfront advertising sales market due to an improved advertising
marketplace for the ABC Television Network and the company’s owned
television stations. These increases were offset by lower advertising at the
ABC Television Network from NFL broadcasts as a result of televising
fewer games and, at the owned television stations, due to the absence of
3
4. political advertising which was included in the prior-year quarter.
Additionally, higher pension and employee benefit costs and start-up costs
for the launch of the company’s MovieBeam venture impacted the quarter.
Parks and Resorts
Parks and Resorts revenue for the quarter increased 5% to $1.6 billion
and segment operating income increased 3% to $232 million.
Parks and Resorts results reflected higher theme park attendance and
occupied room nights at the Walt Disney World Resort, primarily driven
by increased domestic and local guest visitation. Higher domestic and
local tourist visitation was driven by promotional programs and the
opening of the “Mission: SPACE” attraction at Epcot.
These increases were offset by higher costs and lower guest
spending. Higher costs at the Walt Disney World Resort were driven by
employee benefits, marketing, information systems and volume-related
operating costs. Lower guest spending reflected the promotional programs
in effect during the quarter.
Results also reflected higher theme park attendance, occupied room
nights and guest spending at the Disneyland Resort, partially offset by
higher costs. Higher theme park attendance and occupied room nights at
the Disneyland Resort were due to increased attendance at Disney’s
California Adventure. Higher costs at the Disneyland Resort were driven
by employee benefits, and volume-related operating costs.
Higher employee benefits costs at both Walt Disney World and
Disneyland reflected increased pension and post-retirement medical costs,
which grew by $34 million across the entire segment. We expect that these
costs will increase by an additional $103 million versus 2003 over the
remainder of fiscal 2004.
4
5. The quarter was also negatively impacted by the elimination of royalties
and management fees from Euro Disney, which began in the second
quarter of the prior year. We received and recognized royalties from Euro
Disney in the first quarter of 2003, but not in subsequent quarters.
Consumer Products
Consumer Products revenues for the quarter increased 7% to $840
million, and segment operating income increased 25% to $237 million.
Increased segment operating income for the quarter primarily
reflected increases at the Disney Store and merchandise licensing. Growth
at the Disney Store was driven by cost savings and increased comparative
store sales in North America. Growth in merchandise licensing reflected
higher sales of food and beverage and stationery products, primarily in
Japan and Europe, and strong performance of direct-to-retail apparel
licensing in Europe. Other lines of businesses, including Disney Direct
Marketing, Buena Vista Games and Publishing, also contributed to the
overall growth during the quarter.
Net Interest Expense
Net interest expense was as follows (in millions):
Quarter Ended
December 31,
2003 2002
Interest expense $ (148) $ (187)
United Airlines investment write-off — (114)
Interest and investment income — 5
Net interest expense $ (148) $ (296)
5
6. Interest expense decreased by 21% to $148 million primarily due to
lower average debt balances and lower interest rates.
Equity in the Income of Investees
Income from equity investees, consisting primarily of Euro Disney,
A&E Television, Lifetime Television and E! Entertainment Television,
increased 8% to $97 million for the quarter primarily due to an increase in
advertising and affiliate revenue at A&E and lower advertising expenses at
Lifetime. These increases were partially offset by higher costs at Euro
Disney.
Balance Sheet and Cash Flow
Total borrowings remained relatively flat and net borrowings
increased by 2%, to $11.7 billion as detailed below (in millions):
Dec. 31, Sept. 30, Increase
2003 2003 (Decrease)
Current portion of borrowings $ 2,332 $ 2,457 $ (125)
Long-term borrowings 10,827 10,643 184
Total borrowings 13,159 13,100 59
Cash and cash equivalents (1,462) (1,583) 121
Net borrowings (1) $ 11,697 $ 11,517 $ 180
(1) Net borrowings is a non-GAAP financial metric. See the discussion of non-GAAP
financial metrics that follows below.
The increase in net borrowings is consistent with our normal seasonal
cash flow trend for the first fiscal quarter, which is typically cash flow
negative. Much of our home entertainment revenues that drove operating
income growth will be collected in the second quarter. Additionally, the
majority of the cash payments for the NFL contract at the ABC Television
Network and ESPN are made during the first quarter.
6
7. Cash used by operations and free cash flow for the quarter are
detailed below (in millions):
Quarter Ended
December 31,
2003 2002 Change
Cash used by operations $ (2) $ (414) $ 412
Investments in parks, resorts and
other property (208) (193) (15)
Free cash flow (1) $ (210) $ (607) $ 397
(1) Free cash flow is a non-GAAP financial metric. See the discussion of non-GAAP
financial metrics that follows below.
The increase in free cash flow for the quarter as compared to the prior
year was primarily due to higher earnings and lower film and television
production spending, partially offset by negative working capital impacts.
Investments in parks, resorts and other property were primarily for
new rides and attractions at the theme parks and company-wide
information technology projects. Capital expenditures by business
segment are as follows (in millions):
Quarter Ended December 31,
2003 2002
Media Networks $ 27 $ 28
Parks and Resorts 133 125
Studio Entertainment 9 7
Consumer Products 3 7
Corporate and unallocated shared expenditures 36 26
$ 208 $ 193
Euro Disney Investment
During November 2003, Euro Disney obtained waivers from its
lenders, effective through March 31, 2004, with respect to covenants for
fiscal 2003. The waivers are expected to give Euro Disney, its lenders and
the Company time to find a resolution to Euro Disney's financial situation.
7
8. In conjunction with the bank waivers, the Company provided a new
€45 million ($56 million at December 31, 2003 exchange rates) subordinated
credit facility, which can be drawn on through March 31, 2004 only after
Euro Disney's existing line of credit with the Company is fully drawn. As
of December 31, 2003, Euro Disney had borrowed €110 million ($136
million at December 31, 2003 exchange rates) on the existing credit line,
which has total available credit of €168 million ($208 million at December
31, 2003 exchange rates). As of the December 31, 2003, Euro Disney had
not borrowed any amounts under the €45 million subordinated credit
facility.
Euro Disney is currently engaged in discussions with its agent banks
and the Company to obtain supplemental financing to address its cash
requirements. Such financing may include an extension or change in the
terms associated with the Company’s credit line or additional
commitments from the Company. If a resolution to Euro Disney's future
financing needs is not obtained by March 31, 2004 and assuming the waiver
period is not extended, the waivers would expire and Euro Disney's
lenders could accelerate the maturity of Euro Disney's debt. Should that
occur, Euro Disney would be unable to meet all of its debt obligations. The
Company believes that Euro Disney will ultimately obtain the requisite
loan modifications and additional financing; however, there can be no
assurance that this will be the case. Should Euro Disney be unable to obtain
loan modifications and/or additional financing, some or all of the
Company's $528 million Euro Disney investment and receivables would
likely become impaired. Additionally, it is possible that financing
modifications and/or the form of the resolution could result in an
impairment of the Company’s Euro Disney investment and receivables.
8
9. FIN 46
In December 2003, the Financial Accounting Standards Board
amended FASB Interpretation No. 46, Consolidation of Variable Interest
Entities (FIN 46) by issuing FIN 46R which generally deferred the effective
date of FIN 46 for variable interest entities to the quarter ended March 31,
2004. Based on the provisions of FIN 46R, we have concluded that we will
be required to consolidate Euro Disney and Hong Kong Disneyland in the
second quarter of fiscal 2004.
Non-GAAP Financial Metrics
This earnings release presents net borrowings, free cash flow and
aggregate segment operating income which are important financial metrics
for the Company but are not GAAP-defined metrics.
Net borrowings – The Company believes that net borrowings
provides investors with useful information. Given that we do not
immediately apply cash and cash equivalents to the reduction of debt, net
borrowings reflects the total amount of cash and cash equivalents
potentially available to repay borrowings when they mature or when other
circumstances arise. Furthermore, because we earn interest on our cash
balances, net borrowings can be used to gauge net interest costs. We do
not expect that we would use all of our available cash and cash equivalents
to repay indebtedness in the ordinary course, but may use a substantial
portion of cash and cash equivalents to repay debt depending on the
amount of cash and cash equivalents available relative to our other current
and anticipated uses of cash and the terms of our indebtedness.
Free cash flow - The Company uses free cash flow (cash flow from
operations less investments in parks, resorts and other property), among
9
10. other measures, to evaluate the ability of its operations to generate cash
that is available for purposes other than capital expenditures. Management
believes free cash flow provides investors with an important perspective on
the cash available to service debt, make strategic acquisitions and
investments, and pay dividends.
Aggregate segment operating income - The Company evaluates the
performance of its operating segments based on segment operating income,
and management uses aggregate segment operating income as a measure
of the performance of operating businesses separate from non-operating
factors. The Company believes that aggregate segment operating income
assists investors by allowing them to evaluate changes in the operating
results of the Company's portfolio of businesses separate from non-
operational factors that affect net income, thus providing separate insight
into both operations and the other factors that affect reported results.
These measures should be used in conjunction with GAAP financial
measures and are not presented as alternative measures of borrowings,
cash flow or net income as determined in accordance with GAAP. Net
borrowings, free cash flow and aggregate segment operating income as we
have calculated them may not be comparable to similarly titled measures
reported by other companies.
10
11. FORWARD-LOOKING STATEMENTS
Management believes certain statements in this earnings release may
constitute “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made on the
basis of management’s views and assumptions regarding future events and
business performance as of the time the statements are made and
management does not undertake any obligation to update these
statements. Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the Company,
including restructuring or strategic initiatives and information technology
improvements, as well as from developments beyond the Company’s
control, including international, political, health concern and military
developments that may affect travel and leisure businesses generally and
changes in domestic and global economic conditions that may, among
other things, affect the performance of the Company’s theatrical and home
entertainment releases, the advertising market for broadcast and cable
television programming, expenses of providing medical and pension
benefits and demand for consumer products. Changes in domestic
competitive conditions and technological developments may also affect
performance of all significant company businesses.
Additional factors are set forth in the Company’s Annual Report on
Form 10-K for the year ended September 30, 2003 under the heading
“Factors that may affect forward-looking statements.”
11
12. The Walt Disney Company
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in millions, except per share data)
Quarter Ended
December 31,
2003 2002
Revenues $ 8,549 $ 7,170
Costs and expenses (7,384) (6,795)
Net interest expense (148) (296)
Equity in the income of investees 97 90
Income before income taxes, minority interests and the
cumulative effect of accounting change 1,114 169
Income taxes (410) (77)
Minority interests (16) 15
Income before the cumulative effect of accounting
change 688 107
Cumulative effect of accounting change — (71)
Net income $ 688 $ 36
Earnings per share before the cumulative effect of
accounting change:
Diluted $ 0.33 $ 0.05
Basic $ 0.34 $ 0.05
Earnings per share:
Diluted $ 0.33 $ 0.02
Basic $ 0.34 $ 0.02
Average number of common and common equivalent
shares outstanding:
Diluted 2,099 2,044
Basic 2,045 2,042
(1) The calculation of diluted earnings per share assumes the conversion of the Company’s convertible senior
notes and adds back interest expense (net of tax) of $5 million for the quarter ended December 31, 2003.
12
13. The Walt Disney Company
SEGMENT RESULTS
(unaudited, in millions)
Quarter Ended
December 31,
2003 2002 Change
Revenues:
Media Networks $ 3,114 $ 2,944 6%
Parks and Resorts 1,631 1,548 5%
Studio Entertainment 2,964 1,891 57 %
Consumer Products 840 787 7%
$ 8,549 $ 7,170 19 %
Segment operating income (loss):
Media Networks $ 344 $ (71) n/m
Parks and Resorts 232 225 3%
Studio Entertainment 458 138 232 %
Consumer Products 237 190 25 %
$ 1,271 $ 482 164 %
The Company evaluates the performance of its operating segments based on segment operating income. A
reconciliation of segment operating income to income before income taxes, minority interests and the cumulative
effect of accounting change is as follows:
Quarter Ended
December 31,
2003 2002
Segment operating income $ 1,271 $ 482
Corporate and unallocated shared expenses (103) (102)
Amortization of intangible assets (3) (5)
Net interest expense (148) (296)
Equity in the income of investees 97 90
Income before income taxes, minority interests and
the cumulative effect of accounting change $ 1,114 $ 169
Depreciation expense is as follows:
Quarter Ended
December 31,
2003 2002
Media Networks $ 42 $ 42
Parks and Resorts 177 170
Studio Entertainment 4 9
Consumer Products 13 15
Segment depreciation expense 236 236
Corporate 37 25
Total depreciation expense $ 273 $ 261
Segment depreciation expense is included in segment operating income and corporate depreciation expense
is included in corporate and unallocated shared expenses.
13
14. The Walt Disney Company
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
December 31, September 30,
2003 2003
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 1,462 $ 1,583
Receivables 5,670 4,238
Inventories 660 703
Television costs 813 568
Deferred income taxes 674 674
Other assets 797 548
Total current assets 10,076 8,314
Film and television costs 6,146 6,205
Investments 1,942 1,849
Parks, resorts and other property, at cost
Attractions, buildings and equipment 19,496 19,499
Accumulated depreciation (9,002) (8,794)
10,494 10,705
Projects in progress 1,157 1,076
Land 919 897
12,570 12,678
Intangible assets, net 2,778 2,786
Goodwill 16,966 16,966
Other assets 1,042 1,190
$ 51,520 $ 49,988
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 5,950 $ 5,044
Current portion of borrowings 2,332 2,457
Unearned royalties and other advances 1,273 1,168
Total current liabilities 9,555 8,669
Borrowings 10,827 10,643
Deferred income taxes 2,744 2,712
Other long term liabilities 3,916 3,745
Minority interests 444 428
Commitments and contingencies
Shareholders’ equity
Preferred stock, $.01 par value
Authorized – 100 million shares, Issued – none — —
Common stock
Common stock – Disney, $.01 par value
Authorized – 3.6 billion shares, Issued – 2.1 billion shares 12,185 12,154
Common stock – Internet Group, $.01 par value
Authorized – 1.0 billion shares, Issued – none — —
Retained earnings 14,075 13,817
Accumulated other comprehensive loss (700) (653)
25,560 25,318
Treasury stock, at cost, 86.7 million shares (1,526) (1,527)
24,034 23,791
$ 51,520 $ 49,988
14
15. The Walt Disney Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
Quarter Ended
December 31,
2003 2002
OPERATING ACTIVITIES
Net income $ 688 $ 36
Depreciation 273 261
Deferred income taxes 76 26
Equity in the income of investees (97) (90)
Cash distributions received from equity investees 56 61
Write-off of aircraft leveraged lease — 114
Minority interests 16 (15)
Change in film and television costs 172 (157)
Changes in noncurrent assets and liabilities, and other 201 46
697 246
Changes in working capital (1,387) (696)
Cash used by operations (2) (414)
INVESTING ACTIVITIES
Investments in parks, resorts and other property (208) (193)
Acquisitions (net of cash acquired) (3) (23)
Proceeds from sale of investments — 29
Other 48 —
Cash used by investing activities (163) (187)
FINANCING ACTIVITIES
Borrowings — 300
Reduction of borrowings (1,073) (943)
Commercial paper borrowings, net 1,086 1,367
Exercise of stock options and other 31 18
Cash provided by financing activities 44 742
(Decrease) Increase in cash and cash equivalents (121) 141
Cash and cash equivalents, beginning of period 1,583 1,239
Cash and cash equivalents, end of period $ 1,462 $ 1,380
15
17. Table B
The following table reflects pro forma net income and earnings per share had the Company elected to
record stock option expense based on the fair value approach methodology:
Quarter Ended
December 31,
(unaudited, in millions, except per share data) 2003 2002
Net income:
As reported $ 688 $ 36
Pro forma after option expense 631 (34)
Diluted earnings per share:
As reported 0.33 0.02
Pro forma after option expense 0.30 (0.02)
These pro forma amounts may not be representative of future disclosures since the estimated fair value
of stock options is amortized to expense over the vesting period, and additional options may be granted in future
years. The pro forma amounts assume that the Company had been following the fair value approach since the
beginning of fiscal 1996.
Fully diluted shares outstanding and diluted earnings per share include the effect of in-the-money stock
options calculated based on the average share price for the period and assumes conversion of the Company’s
convertible senior notes. The dilution from employee options increases as the Company’s share price increases,
as shown below:
Percentage of
Average Total Incremental Average Hypothetical
Disney In-the-Money Diluted Shares Q1 2004
Share Price Options Shares (1) Outstanding EPS Impact (3)
$ 22.35 111 mil -- (2) -- $ 0.000
25.00 117 mil 7 mil 0.33% (0.001)
30.00 144 mil 18 mil 0.86% (0.003)
40.00 209 mil 42 mil 2.00% (0.007)
50.00 216 mil 60 mil 2.86% (0.009)
(1) Represents the incremental impact on fully diluted shares outstanding assuming the average share
prices indicated, using the treasury stock method. Under the treasury stock method, the tax affected
proceeds that would be received from the exercise of all in-the-money options are assumed to be used
to repurchase shares.
(2) Fully diluted shares outstanding for the quarter ended December 31, 2003 total 2,099 million and
include the dilutive impact of in-the-money options at the average share price for the period of $22.35
and assumes conversion of the convertible senior notes. At the average share price of $22.35, the
dilutive impact of in-the-money options was 9 million shares for the quarter.
(3) Based upon Q1 2004 earnings of $688 million or $0.33 diluted earnings per share.
17