The Walt Disney Company reported increased third quarter earnings, with diluted EPS rising to $0.66 compared to $0.57 in the prior year quarter. Revenue grew 2% to $9.2 billion. Media Networks saw higher affiliate and advertising revenue boost operating income 9% to $1.5 billion. Parks and Resorts revenue rose 5% on increased guest spending, while operating income grew 3% to $641 million. Studio Entertainment operating income declined due to weaker theatrical performance compared to the prior year.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
The Walt Disney Company reported higher third quarter earnings for fiscal year 2007, with diluted EPS increasing 14% year-over-year. Higher earnings were driven by double-digit operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. For the nine-month period, EPS increased 44% over the prior year. Segment results were mixed, with operating income increases at Media Networks and Parks and Resorts, but a decrease at Studio Entertainment. Free cash flow for the nine months was flat at $2.8 billion year-over-year.
- For fiscal year 2008, Disney reported EPS of $2.28, up slightly from $2.25 the prior year. Excluding certain items, EPS rose 18% to $2.27.
- Revenue increased 7% to $37.8 billion, with growth at Media Networks, Parks and Resorts, and Consumer Products.
- Segment operating income rose 8% to $8.5 billion, with double-digit increases at Media Networks and Parks and Resorts.
- However, Studio Entertainment operating income fell 9% on weaker home entertainment, and Broadcasting lost $150 million in the quarter.
The Walt Disney Company reported record earnings for fiscal year 2007, with net income increasing
from $3.4 billion to $4.7 billion compared to the prior year. Earnings per share increased from $1.64
to $2.25. Segment operating income grew 23% led by strong growth at Media Networks and Studio
Entertainment. For the fourth quarter, EPS increased to $0.44 from $0.36 the prior year, with income
from continuing operations up 14% and segment operating income rising 14%.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2007 compared to the previous year. Earnings per share increased to $0.79 from $0.37 the prior year, driven by record results at Studio Entertainment and strong performance at Media Networks. Revenue grew 10% to $9.7 billion. Segment operating income increased 45% to nearly $2 billion. The results were positively impacted by gains totaling $1.1 billion from the sales of equity investments in E! Entertainment and Us Weekly. Excluding these items, earnings per share still increased 43% compared to the prior year.
Clear Channel reported first quarter 2002 revenues of $1.70 billion, a 4% increase over 2001. EBITDA was $370 million compared to $404 million in 2001. Free cash flow for the quarter was $191 million, a 2% increase over 2001. Radio revenues increased 3% to $783 million while radio EBITDA rose 3% to $304 million. Outdoor revenues declined 7.5% to $369 million and EBITDA fell 36% to $75 million. Entertainment revenues grew 18.6% to $476 million but EBITDA declined 10.6% to $15 million.
Starhill Global REIT reported a 7.4% increase in income to be distributed for the first quarter of 2009 compared to the same period in 2008. Net property income rose 17.2% driven by higher rental rates in Singapore and Japan, as well as stronger performance of the Chengdu property in China. The REIT maintained a low weighted average effective interest rate of 2.95% and has 89.4% of its borrowings fixed until September 2010, providing stability amid the economic downturn. Starhill Global REIT will focus on asset enhancements and pursuing growth strategies to increase the resilience and performance of its portfolio.
The Walt Disney Company reported strong financial results for its second fiscal quarter of 2008. Key highlights include:
- Earnings per share increased 35% compared to the prior year quarter.
- Net income increased 22% to $1.1 billion for the quarter.
- Segment operating income grew 21% to $2.1 billion, led by growth at Media Networks, Studio Entertainment, and Parks and Resorts.
- Media Networks revenue increased 5% and operating income grew 14% due to increases at ESPN and cable equity investments.
- Parks and Resorts revenue rose 11% and operating income jumped 33% driven by improved results at domestic parks and Disneyland Paris.
- Studio Entertainment
The Walt Disney Company reported higher third quarter earnings for fiscal year 2007, with diluted EPS increasing 14% year-over-year. Higher earnings were driven by double-digit operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. For the nine-month period, EPS increased 44% over the prior year. Segment results were mixed, with operating income increases at Media Networks and Parks and Resorts, but a decrease at Studio Entertainment. Free cash flow for the nine months was flat at $2.8 billion year-over-year.
- For fiscal year 2008, Disney reported EPS of $2.28, up slightly from $2.25 the prior year. Excluding certain items, EPS rose 18% to $2.27.
- Revenue increased 7% to $37.8 billion, with growth at Media Networks, Parks and Resorts, and Consumer Products.
- Segment operating income rose 8% to $8.5 billion, with double-digit increases at Media Networks and Parks and Resorts.
- However, Studio Entertainment operating income fell 9% on weaker home entertainment, and Broadcasting lost $150 million in the quarter.
The Walt Disney Company reported record earnings for fiscal year 2007, with net income increasing
from $3.4 billion to $4.7 billion compared to the prior year. Earnings per share increased from $1.64
to $2.25. Segment operating income grew 23% led by strong growth at Media Networks and Studio
Entertainment. For the fourth quarter, EPS increased to $0.44 from $0.36 the prior year, with income
from continuing operations up 14% and segment operating income rising 14%.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
The Walt Disney Company reported higher first quarter earnings for fiscal year 2007 compared to the previous year. Earnings per share increased to $0.79 from $0.37 the prior year, driven by record results at Studio Entertainment and strong performance at Media Networks. Revenue grew 10% to $9.7 billion. Segment operating income increased 45% to nearly $2 billion. The results were positively impacted by gains totaling $1.1 billion from the sales of equity investments in E! Entertainment and Us Weekly. Excluding these items, earnings per share still increased 43% compared to the prior year.
Clear Channel reported first quarter 2002 revenues of $1.70 billion, a 4% increase over 2001. EBITDA was $370 million compared to $404 million in 2001. Free cash flow for the quarter was $191 million, a 2% increase over 2001. Radio revenues increased 3% to $783 million while radio EBITDA rose 3% to $304 million. Outdoor revenues declined 7.5% to $369 million and EBITDA fell 36% to $75 million. Entertainment revenues grew 18.6% to $476 million but EBITDA declined 10.6% to $15 million.
Starhill Global REIT reported a 7.4% increase in income to be distributed for the first quarter of 2009 compared to the same period in 2008. Net property income rose 17.2% driven by higher rental rates in Singapore and Japan, as well as stronger performance of the Chengdu property in China. The REIT maintained a low weighted average effective interest rate of 2.95% and has 89.4% of its borrowings fixed until September 2010, providing stability amid the economic downturn. Starhill Global REIT will focus on asset enhancements and pursuing growth strategies to increase the resilience and performance of its portfolio.
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
omnicom group Q3 2008 Investor Presentationfinance22
Omnicom Group presented financial results for the third quarter and year-to-date period ending September 30, 2008. Key highlights include:
- Revenue grew 6.9% in Q3 2008 and 10.1% year-to-date. Organic growth contributed 4.1% and 5.0% respectively.
- Net income increased 5.6% in Q3 2008 and 10.2% year-to-date. Earnings per share grew 11.3% and 15.0% respectively.
- Advertising and CRM were the largest disciplines by revenue, together accounting for over 80% of total revenue. The United States was the largest market by revenue at over
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
The document summarizes a conference call to review the company's fiscal 2008 first quarter financial results. Key points from the first quarter include a decrease in net income due to lower margins in natural gas marketing, offset by rate increases. Earnings per share also decreased compared to the prior year. Capital expenditures increased compared to the prior year. The document also provides highlights and financial projections for fiscal year 2008.
This document is a financial supplement from Aetna for the second quarter of 2007. It includes:
- Highlights such as operating earnings of $439.8 million for the quarter.
- Health care and group insurance statistics including premiums and medical benefit ratios.
- Health care membership breakdown by product and region.
- Statements of income from continuing operations by business segment for the quarters ending June 30, 2007 and 2006.
- Balance sheets, cash flows, reconciliations, footnotes and supplemental information on health care costs payable.
- Baxter reported financial results for the second quarter and first half of 2005, with net sales increasing 8% for both periods compared to the prior year. Gross profit and operating income increased significantly due to special charges in the prior year that did not recur.
- Adjusted earnings figures, which exclude special items, showed higher operating income, net income, and EPS for both periods compared to the prior year.
- Cash flows from continuing operations for the quarter and first half of 2005 were positive. Net debt decreased from the beginning of the year due to positive cash flows, partially offset by capital expenditures, dividends, and other items.
CC Media Holdings reported its second quarter 2008 results. Revenue increased 2% to $1.83 billion due to foreign exchange movements, while expenses rose 6% to $1.19 billion including foreign exchange effects. Income before discontinued operations increased 28% to $277 million and diluted EPS rose 27% to $0.56. Radio revenue fell 6% due to weakness in advertising, while outdoor revenue rose 9% including foreign exchange effects. The company completed its acquisition of Clear Channel on July 30, 2008.
Clear Channel reported financial results for the first quarter of 2003, with revenues increasing 5% year-over-year to $1.78 billion. Net earnings were $71 million, a decrease from $90 million in the prior year. EBITDA increased slightly to $376 million. The company saw growth in its radio, outdoor, and other divisions, while entertainment revenues declined due to a lack of large tours. Clear Channel expects EBITDA to be slightly up or modestly down for the second quarter but grow in the mid to high single digits for the full year 2003.
This document provides a summary of Aetna's financial results for the second quarter of 2006. It includes:
- Operating earnings of $377.1 million, up 8.4% from the second quarter of 2005. Revenue increased 14.1% to $6.263 billion.
- Medical membership increased to 15.4 million, up from 14.4 million in the second quarter of 2005.
- Health care medical cost ratios were higher than the prior year both including and excluding prior-period reserve development.
- Days claims payable declined from the prior quarter primarily due to faster claim processing and favorable reserve development.
Clear Channel Communications reported financial results for the second quarter of 2002 with revenues of $2.17 billion, EBITDA of $627 million, and free cash flow of $365 million. Radio revenues increased 5% to $991 million and EBITDA increased 9% to $441 million. Outdoor revenues were $474 million and EBITDA was $145 million. Entertainment revenues declined 11% to $619 million and EBITDA declined 8% to $52 million. The company expects third quarter 2002 EBITDA to be between $570-585 million and full year EBITDA to be $2.05-$2.10 billion.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
The document provides background information on CTIA's semi-annual wireless industry survey. It surveys wireless service providers to collect operational data including employment, cell sites, revenues, subscribers, and billing information. While response is voluntary, over 95% of subscribers are represented. Estimates are made for non-respondents to calculate total subscriber figures. All data is anonymized and aggregated on a national level before being destroyed per confidentiality agreements.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
HSBC reported financial results for the first half of 2008. While total operating income increased slightly, pre-tax profits decreased 28% to $10.2 billion due to a 58% rise in loan impairment charges. Net income attributable to shareholders fell 29% to $7.7 billion. However, HSBC maintained a strong capital position with tier 1 and total capital ratios of 8.8% and 11.9% respectively. The company also announced a 6% increase in its interim dividend and the completion of the sale of its regional bank network in France.
Danaher Corporation announced record first quarter results for 2007 with net earnings of $255 million, a 16% increase over the first quarter of 2006. Sales increased 19% to $2.56 billion compared to $2.14 billion in the previous year. The company's president stated that core revenue growth was 3.5% despite some business challenges, and total sales growth was also driven by acquisitions and a positive currency impact. Danaher remains confident in its ability to deliver continued positive results in 2007.
Clear Channel Communications reported financial results for the second quarter of 2003. Revenue increased 6.6% to $2.32 billion compared to the second quarter of 2002. Net earnings were $251.3 million, or $0.41 per diluted share, up slightly from the previous year. Excluding one-time gains, earnings per share were flat year-over-year. Cash flow from operating activities for the first six months of 2003 was $943.7 million, and free cash flow increased 21.4% for the second quarter compared to the previous year. Radio revenue declined 2.1% on a reported basis due to weakness in local and national advertising, while outdoor advertising revenue grew due to acquisitions and currency
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
- 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.
Morgan Stanley Global Consumer & Retail Conferencefinance7
This document contains the presentation slides from Morgan Stanley's Global Consumer & Retail Conference on November 14, 2007. The slides discuss Best Buy's history of growth, fiscal year 2007 results, revenue mix and growth, expanding Geek Squad's services, services strategy, adapting to serve customers through research and online capabilities, and how technology has become life's infrastructure. The presentation aims to showcase Best Buy's focus on the customer experience and building trust through services.
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
omnicom group Q3 2008 Investor Presentationfinance22
Omnicom Group presented financial results for the third quarter and year-to-date period ending September 30, 2008. Key highlights include:
- Revenue grew 6.9% in Q3 2008 and 10.1% year-to-date. Organic growth contributed 4.1% and 5.0% respectively.
- Net income increased 5.6% in Q3 2008 and 10.2% year-to-date. Earnings per share grew 11.3% and 15.0% respectively.
- Advertising and CRM were the largest disciplines by revenue, together accounting for over 80% of total revenue. The United States was the largest market by revenue at over
The Clorox Company reported financial results for the second quarter and first half of fiscal year 2009. Net sales increased 3% to $1.216 billion in the quarter and 7% to $2.6 billion in the first six months. Earnings per share were $0.62 for the quarter and $1.52 for the six month period. The North America segment grew net sales 3% to $1.007 billion and earnings 6% to $273 million in the quarter. International sales were flat at $209 million in the quarter but earnings declined 24% to $29 million. Total assets were $4.398 billion against $4.801 billion in total liabilities as of December 31, 2008.
The document summarizes a conference call to review the company's fiscal 2008 first quarter financial results. Key points from the first quarter include a decrease in net income due to lower margins in natural gas marketing, offset by rate increases. Earnings per share also decreased compared to the prior year. Capital expenditures increased compared to the prior year. The document also provides highlights and financial projections for fiscal year 2008.
This document is a financial supplement from Aetna for the second quarter of 2007. It includes:
- Highlights such as operating earnings of $439.8 million for the quarter.
- Health care and group insurance statistics including premiums and medical benefit ratios.
- Health care membership breakdown by product and region.
- Statements of income from continuing operations by business segment for the quarters ending June 30, 2007 and 2006.
- Balance sheets, cash flows, reconciliations, footnotes and supplemental information on health care costs payable.
- Baxter reported financial results for the second quarter and first half of 2005, with net sales increasing 8% for both periods compared to the prior year. Gross profit and operating income increased significantly due to special charges in the prior year that did not recur.
- Adjusted earnings figures, which exclude special items, showed higher operating income, net income, and EPS for both periods compared to the prior year.
- Cash flows from continuing operations for the quarter and first half of 2005 were positive. Net debt decreased from the beginning of the year due to positive cash flows, partially offset by capital expenditures, dividends, and other items.
CC Media Holdings reported its second quarter 2008 results. Revenue increased 2% to $1.83 billion due to foreign exchange movements, while expenses rose 6% to $1.19 billion including foreign exchange effects. Income before discontinued operations increased 28% to $277 million and diluted EPS rose 27% to $0.56. Radio revenue fell 6% due to weakness in advertising, while outdoor revenue rose 9% including foreign exchange effects. The company completed its acquisition of Clear Channel on July 30, 2008.
Clear Channel reported financial results for the first quarter of 2003, with revenues increasing 5% year-over-year to $1.78 billion. Net earnings were $71 million, a decrease from $90 million in the prior year. EBITDA increased slightly to $376 million. The company saw growth in its radio, outdoor, and other divisions, while entertainment revenues declined due to a lack of large tours. Clear Channel expects EBITDA to be slightly up or modestly down for the second quarter but grow in the mid to high single digits for the full year 2003.
This document provides a summary of Aetna's financial results for the second quarter of 2006. It includes:
- Operating earnings of $377.1 million, up 8.4% from the second quarter of 2005. Revenue increased 14.1% to $6.263 billion.
- Medical membership increased to 15.4 million, up from 14.4 million in the second quarter of 2005.
- Health care medical cost ratios were higher than the prior year both including and excluding prior-period reserve development.
- Days claims payable declined from the prior quarter primarily due to faster claim processing and favorable reserve development.
Clear Channel Communications reported financial results for the second quarter of 2002 with revenues of $2.17 billion, EBITDA of $627 million, and free cash flow of $365 million. Radio revenues increased 5% to $991 million and EBITDA increased 9% to $441 million. Outdoor revenues were $474 million and EBITDA was $145 million. Entertainment revenues declined 11% to $619 million and EBITDA declined 8% to $52 million. The company expects third quarter 2002 EBITDA to be between $570-585 million and full year EBITDA to be $2.05-$2.10 billion.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
The document provides background information on CTIA's semi-annual wireless industry survey. It surveys wireless service providers to collect operational data including employment, cell sites, revenues, subscribers, and billing information. While response is voluntary, over 95% of subscribers are represented. Estimates are made for non-respondents to calculate total subscriber figures. All data is anonymized and aggregated on a national level before being destroyed per confidentiality agreements.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
HSBC reported financial results for the first half of 2008. While total operating income increased slightly, pre-tax profits decreased 28% to $10.2 billion due to a 58% rise in loan impairment charges. Net income attributable to shareholders fell 29% to $7.7 billion. However, HSBC maintained a strong capital position with tier 1 and total capital ratios of 8.8% and 11.9% respectively. The company also announced a 6% increase in its interim dividend and the completion of the sale of its regional bank network in France.
Danaher Corporation announced record first quarter results for 2007 with net earnings of $255 million, a 16% increase over the first quarter of 2006. Sales increased 19% to $2.56 billion compared to $2.14 billion in the previous year. The company's president stated that core revenue growth was 3.5% despite some business challenges, and total sales growth was also driven by acquisitions and a positive currency impact. Danaher remains confident in its ability to deliver continued positive results in 2007.
Clear Channel Communications reported financial results for the second quarter of 2003. Revenue increased 6.6% to $2.32 billion compared to the second quarter of 2002. Net earnings were $251.3 million, or $0.41 per diluted share, up slightly from the previous year. Excluding one-time gains, earnings per share were flat year-over-year. Cash flow from operating activities for the first six months of 2003 was $943.7 million, and free cash flow increased 21.4% for the second quarter compared to the previous year. Radio revenue declined 2.1% on a reported basis due to weakness in local and national advertising, while outdoor advertising revenue grew due to acquisitions and currency
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
- 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.
Morgan Stanley Global Consumer & Retail Conferencefinance7
This document contains the presentation slides from Morgan Stanley's Global Consumer & Retail Conference on November 14, 2007. The slides discuss Best Buy's history of growth, fiscal year 2007 results, revenue mix and growth, expanding Geek Squad's services, services strategy, adapting to serve customers through research and online capabilities, and how technology has become life's infrastructure. The presentation aims to showcase Best Buy's focus on the customer experience and building trust through services.
Morgan Stanley Global Consumer & Retail Conferencefinance7
Best Buy reported strong growth in fiscal year 2006 with 30% earnings growth, revenue exceeding $30 billion and net earnings over $1 billion. The company is guiding for continued growth in fiscal year 2007 with revenue of $35.5 billion, comparable store sales up 3-5% and diluted EPS growth of 20%. Best Buy is expanding into new markets internationally including China, and within the US through services and small businesses. The company aims to honor unique customers through its customer centric focus of inviting employee ideas and providing end-to-end solutions.
Small businesses and international expansion, specifically in Canada, are key growth drivers for Best Buy. Best Buy Canada has grown significantly through its dual brand strategy of Future Shop and Best Buy stores, nearly doubling its market share. Best Buy aims to further differentiate the brands and optimize its business model in Canada. Key priorities include deploying Best Buy for Business to more stores, building training capacity for consultants, and refining offerings to meet small business customer needs.
The document is a proxy statement from Best Buy announcing their 2007 Regular Meeting of Shareholders. It provides details on the time and location of the meeting, as well as the items of business to be voted on, including electing directors, ratifying the appointment of an accounting firm, and approving an amendment to increase shares in the company's stock incentive plan. Shareholders as of April 30, 2007 are entitled to vote. The proxy statement also provides information on corporate governance policies and executive compensation.
1) Best Buy Co., Inc. is the largest consumer electronics retailer in North America with a 18% market share in the US.
2) Best Buy has experienced strong growth in revenue, operating income, and earnings per share in recent fiscal years through expanding its store base and developing new retail formats.
3) Best Buy plans to continue growing its core business by focusing on services, full solutions, new store formats, and private label offerings while also expanding into new markets like Canada, China, and the UK.
- 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.
Best Buy Co., Inc. is a specialty retailer of consumer electronics, personal computers, entertainment software and appliances. In fiscal 2001, Best Buy achieved record sales of $15.3 billion and net earnings of $396 million. Best Buy acquired Musicland Stores Corporation and Magnolia Hi-Fi in fiscal 2001 to expand into new retail formats and reach more consumers. Best Buy plans to leverage these acquisitions to grow sales and earnings, while also expanding internationally by opening stores in Canada. The chairman is confident in Best Buy's strategies and employees to continue outperforming competitors and delivering top-quartile earnings growth over the long run.
This document is Best Buy's quarterly report filed with the SEC for the quarter ended August 30, 2008. It includes Best Buy's condensed consolidated balance sheet, statement of earnings, statement of cash flows and notes to the financial statements. The balance sheet shows Best Buy's assets, liabilities and shareholders' equity. As of August 30, 2008 Best Buy had total assets of $16 billion including $5.4 billion of current assets and $4.1 billion in property and equipment. Total liabilities were $10.6 billion and shareholders' equity was $5.4 billion.
- Best Buy reported third quarter earnings per share of $0.53, a 71% increase from the prior year. This was driven by 17% revenue growth from new store openings and a 6.7% comparable store sales gain.
- Revenue increased to $9.9 billion led by the domestic segment with a 15% revenue rise and 6.1% comparable sales gain. The international segment saw 32% revenue growth.
- Gross margins remained flat at 23.5% while SG&A expenses improved by 120 basis points through leverage.
- The company increased full year EPS guidance to a range of $3.10 to $3.20, up from $3.00 to $3.15,
- Disney reported higher second quarter earnings per share of $0.44, up 19% from the prior year, and strong segment operating income growth across all business segments.
- For the six-month period, earnings per share increased to $1.24 from $0.74 the prior year, reflecting operating gains and asset sales.
- All business segments saw increases in operating income, led by the Media Networks segment from higher affiliate revenues at ESPN and growth at international Disney channels.
The Walt Disney Company reported financial results for its second quarter and first six months of fiscal year 2006. Key highlights include:
- EPS for the second quarter increased 19% and 16% for the six month period compared to the prior year.
- Segment operating income increased 7% for the quarter and 4% for the six month period driven by strong results at Media Networks.
- Free cash flow more than tripled for the six month period compared to the prior year, reaching $1.7 billion.
The Walt Disney Company reported financial results for its first fiscal quarter ended December 29, 2007. Diluted earnings per share were $0.63 compared to $0.79 in the prior year quarter. Revenue increased 9% to $10.5 billion driven by growth across all business segments. Media Networks revenue grew 10% and segment operating income increased 28% due to increases at cable networks and broadcasting. Parks and Resorts revenue increased 11% and segment operating income grew 25% due to increases at domestic and international parks. The Company repurchased $1 billion of its shares in the quarter and had $292 million remaining under its repurchase authorization.
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.
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. However, an impairment charge of $14.1 billion resulted in a reported net loss of $12.5 billion for the quarter. While most segments saw revenue growth, lower advertising sales impacted earnings across segments. The company expects full-year operating income and OIBDA to decline mid-teens due to economic conditions negatively impacting advertising.
The Walt Disney Company reported record earnings for fiscal year 2006, with diluted earnings per share growing 34% over the prior year. All of Disney's operating segments experienced revenue and profit growth. For the full year, revenue increased 7% to $34.3 billion while segment operating income rose 26% and net income grew 33%. Disney's results reflected strong performance across its business segments, including Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
CBS Corporation reported financial results for the fourth quarter and full year of 2008. Revenues for the fourth quarter were $3.5 billion, down 6% from the prior year. Adjusted OIBDA was $590.7 million for the quarter, down from $849.8 million in the previous year. For the full year, revenues were $14 billion, down 1% from 2007. Adjusted OIBDA for the full year was $2.8 billion, lower than the $3.18 billion reported in 2007. The company also announced a reduction in its quarterly dividend from $0.27 to $0.05 per share.
CBS Corporation reported financial results for the fourth quarter and full year of 2008. Fourth quarter revenues were $3.5 billion, a 6% decrease from the prior year due to lower advertising revenues in a weak economy, partially offset by acquisitions and higher affiliate fees. Full year revenues were $14 billion, a 1% decrease for similar reasons. Operating income and cash flow decreased in the fourth quarter and full year compared to the previous year. The company also announced a reduction in its quarterly dividend from $0.27 to $0.05 per share to strengthen its financial flexibility in the uncertain economic environment.
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
CBS Corporation reported first quarter 2008 results with increased net earnings, diluted EPS, and free cash flow compared to the same period in 2007. Total revenues were flat due to the absence of Super Bowl broadcast in 2008, while adjusted OIBDA and operating income increased 10% and 11% respectively due to higher television licensing fees and affiliate revenues. The company raised its quarterly dividend by 8% and expects OIBDA and operating income growth of 3-5% for 2008.
CBS Corporation reported first quarter 2008 results with increased net earnings, diluted EPS, and free cash flow compared to the same period in 2007. Total revenues were flat due to the absence of Super Bowl broadcast in 2008, while adjusted OIBDA and operating income increased 10% and 11% respectively due to higher television licensing fees and affiliate revenues. The company raised its quarterly dividend by 8% and expects OIBDA and operating income growth of 3-5% for 2008.
CBS Corporation reported its second quarter 2008 results, with revenues up 1% to $3.4 billion. Net earnings were up 1% to $408 million and diluted EPS up 11% to $0.61 per share. Free cash flow for the quarter was $464 million, down from $570.5 million in the previous year. CBS also announced plans to divest approximately 50 radio stations in mid-size markets and completed its acquisition of CNET Networks.
CBS Corporation reported its second quarter 2008 results, with revenues up 1% to $3.4 billion. Net earnings were up 1% to $408 million, while diluted EPS rose 11% to $0.61 per share. Free cash flow for the quarter was $464 million, down from $570.5 million in the previous year. The company also announced plans to divest approximately 50 radio stations in mid-size markets.
Raytheon reported strong financial results for the third quarter of 2008, with sales up 12% and earnings per share up 17%. The company increased its full-year earnings guidance and announced a new $2 billion share repurchase plan. All of Raytheon's business segments experienced sales growth in the quarter.
walt disney Fiscal Year 2009 First Quarterfinance7
The Walt Disney Company reported lower earnings for its first fiscal quarter ended December 2008 compared to the previous year. Diluted earnings per share were $0.45 compared to $0.63 in the prior year quarter. Revenue decreased 8% to $9.6 billion due to declines across many business segments impacted by the economic downturn. Media Networks revenue decreased 5% and segment operating income decreased 29% due to lower results at cable networks and broadcasting. Parks and Resorts revenue decreased 4% and segment operating income decreased 24% due to declines at domestic parks and Disneyland Paris.
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
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like Januvia and Isentress saw strong growth, while the FDA closed a warning letter regarding Merck's vaccine manufacturing. However, Merck did not provide full-year guidance due to the impact of new data on its cholesterol joint venture with Schering-Plough.
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like JANUVIA, ISENTRESS and COZAAR/HYZAAR saw strong growth. At this time, Merck is not providing full-year 2008 or long-term guidance due to needing to assess results of the SEAS study on its cholesterol joint venture.
- Yahoo reported Q3 2008 revenue of $1.786 billion, a 1% increase year-over-year. Revenue excluding traffic acquisition costs (Revenue ex-TAC) decreased 2% year-over-year to $1.325 billion.
- Operating cash flow (OCF) for Q3 2008 was $410 million, a 12% decrease year-over-year, and included $37 million in costs related to Microsoft proposals and other strategic initiatives.
- Free cash flow (FCF) for Q3 2008 was $231 million, a 52% FCF to OCF ratio, and included a one-time payment from AT&T in the prior quarter.
- Non-GAAP earnings
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.
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.
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
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.
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.
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.
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?
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 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.
Importance of community participation in development projects.pdf
walt disney Quarter 2008 3rd
1. FOR IMMEDIATE RELEASE
July 30, 2008
THE WALT DISNEY COMPANY REPORTS INCREASED
THIRD QUARTER EARNINGS
BURBANK, Calif. – The Walt Disney Company today reported earnings for
the third fiscal quarter and nine months ended June 28, 2008. Diluted earnings per
share (EPS) for the third quarter increased to $0.66, compared to $0.57 in the prior-
year quarter. EPS for the current quarter included an accounting gain related to the
acquisition of the Disney Stores in North America, a gain on the sale of movies.com,
and the favorable resolution of certain prior-year income tax matters. Collectively,
these items totaled $0.04 per share.
For the current nine-month period, diluted EPS was $1.87. EPS for the prior-
year nine-month period, which included gains on sales of our interests in E!
Entertainment and Us Weekly, income from the discontinued operations of the ABC
Radio business, and an equity-based compensation plan modification charge, which
were all recognized in the first quarter of fiscal 2007, was $1.81. Excluding these
items and the current-year items discussed above, EPS for the current-year nine
months was $1.83 compared to $1.50 in the prior-year nine months.
”We’ve had another solid quarter at The Walt Disney Company, further
illustrating our creative momentum, the competitive strength of our brands and our
ability to cohesively manage a great collection of assets to maximize shareholder
value,” said Robert A. Iger, president and chief executive officer.
1
2. The following table summarizes the third quarter and nine-month results for
fiscal 2008 and 2007 (in millions, except per share amounts):
Quarter Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 Change 2008 2007 Change
Revenues $ 9,236 $ 9,045 2% $ 28,398 $ 26,580 7%
Segment operating income (1) $ 2,323 $ 2,285 2% $ 6,712 $ 5,999 12 %
Income from continuing operations $ 1,284 $ 1,196 7% $ 3,667 $ 3,791 (3 ) %
Diluted EPS from continuing
operations $ 0.66 $ 0.58 14 % $ 1.87 $ 1.80 4 %
Diluted EPS (2) $ 0.66 $ 0.57 16 % $ 1.87 $ 1.81 3 %
Cash provided by continuing
operations $ 936 $ 1,127 (17 ) % $ 4,201 $ 3,825 10 %
Free cash flow (1) $ 583 $ 687 (15 ) % $ 3,252 $ 2,839 15 %
Aggregate segment operating income and free cash flow are non-GAAP financial measures. See the
(1)
discussion of non-GAAP financial measures below.
Results for the nine months ended June 28, 2008 included an accounting gain related to the acquisition of
(2)
the Disney Stores in North America, a gain on the sale of movies.com, and the favorable resolution of
certain prior-year income tax matters. Diluted EPS for the nine months ended June 28, 2008 excluding
these items was $1.83. Results for the nine months ended June 30, 2007 included gains on the sales of
equity investments in E! Entertainment and Us Weekly, income from the discontinued ABC Radio
business and a charge related to a modification of equity-based compensation plans in connection with
the ABC Radio transaction. Diluted EPS for the nine months ended June 30, 2007 excluding these items
was $1.50. See the discussion of non-GAAP financial measures below.
SEGMENT RESULTS
The following table summarizes the third quarter and nine-month segment
operating results for fiscal 2008 and 2007 (in millions):
Quarter Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 Change 2008 2007 Change
Revenues (1) (2):
Media Networks $ 4,123 $ 3,829 8 % $ 11,904 $ 11,071 8 %
Parks and Resorts 3,038 2,904 5 % 8,535 7,839 9 %
Studio Entertainment 1,433 1,775 (19 ) % 5,896 5,958 (1 ) %
Consumer Products 642 537 20 % 2,063 1,712 21 %
$ 9,236 $ 9,045 2 % $ 28,398 $ 26,580 7 %
Segment operating income (1) (2):
Media Networks $ 1,472 $ 1,356 9 % $ 3,697 $ 3,216 15 %
Parks and Resorts 641 621 3 % 1,485 1,280 16 %
Studio Entertainment 97 190 (49 ) % 988 1,027 (4 ) %
Consumer Products 113 118 (4 ) % 542 476 14 %
$ 2,323 $ 2,285 2 % $ 6,712 $ 5,999 12 %
Beginning with the first quarter fiscal 2008 financial statements, the Company began reporting
(1)
Hyperion Publishing in the Media Networks segment. Previously, Hyperion Publishing had been
reported in the Consumer Products segment. Prior-period amounts (which are not material) have been
reclassified to conform to the current year presentation.
Operating results of the ABC Radio business are reported as discontinued operations for the prior-year
(2)
quarter and nine months and therefore have been excluded from the prior-year quarter and nine-month
segment results.
2
3. Media Networks
Media Networks revenues for the quarter increased 8% to $4.1 billion and
segment operating income increased 9% to $1.5 billion. The following table provides
further detail of the Media Networks results (in millions):
Quarter Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 Change 2008 2007 Change
Revenues:
Cable Networks $ 2,592 $ 2,305 12 % $ 7,114 $ 6,372 12 %
Broadcasting 1,531 1,524 -% 4,790 4,699 2 %
$ 4,123 $ 3,829 8% $ 11,904 $ 11,071 8 %
Segment operating income:
Cable Networks $ 1,212 $ 1,063 14 % $ 2,892 $ 2,485 16 %
Broadcasting 260 293 (11 ) % 805 731 10 %
$ 1,472 $ 1,356 9% $ 3,697 $ 3,216 15 %
Cable Networks
Operating income at Cable Networks increased 14% to $1.2 billion for the
quarter primarily due to growth at ESPN and, to a lesser extent, higher income from
our cable equity investments and an increase at the international Disney Channels.
The growth at ESPN was driven by higher affiliate and advertising revenue,
partially offset by higher programming and production, administrative and
marketing costs. The increase in affiliate revenue was primarily due to contractual
rate increases, subscriber growth, and increased recognition of previously deferred
revenue related to annual programming commitments. Higher programming and
production costs reflected increased sports rights costs for various sporting events
and included production costs for additional NBA games. During the quarter, ESPN
recognized $78 million of previously deferred revenues compared to $49 million in
the prior-year quarter. Remaining deferred revenues of $396 million as of the end of
the current quarter are expected to be recognized in the fourth quarter of the fiscal
year compared to $359 million recognized in the fourth quarter of the prior year.
Higher income from our cable equity investments was primarily due to the
recognition of previously deferred revenues in connection with finalizing certain
affiliate contracts at ESPN’s Star Sports joint venture in Asia and higher advertising
revenues at Lifetime. Increased operating income at the international Disney
Channels reflected higher affiliate revenues due to subscriber growth.
Broadcasting
Operating income at Broadcasting decreased 11% to $260 million for the
quarter primarily due to higher production cost amortization related to programs in
syndication and lower advertising sales at the owned television stations, partially
offset by lower costs for new scripted programming for the ABC Television
Network. These decreased costs were the result of lower expenses for pilots as pick
up decisions were delayed in the current year primarily due to the Writers Guild of
America work stoppage.
3
4. Revenues at the ABC Television Network were comparable to the prior year
as the impact of lower ratings was offset by higher advertising rates and digital
media revenues.
Parks and Resorts
Parks and Resorts revenues for the quarter increased 5% to $3.0 billion and
segment operating income increased 3% to $641 million. Revenue growth was
primarily due to an increase at Disneyland Resort Paris driven by favorable currency
translation and higher guest spending and attendance.
Operating income growth was driven by increases at Walt Disney World
Resort and Disneyland Resort Paris, partially offset by a decrease at Disneyland
Resort. Operating results at the theme parks reflected decreased attendance due to
the timing of the Easter holiday, which fell in the third quarter in fiscal 2007 and in
the second quarter in fiscal 2008.
Domestic Resorts
Operating results at both Walt Disney World Resort and Disneyland Resort
reflected decreased attendance due to the shift of the Easter holiday. This was more
than offset by higher corporate alliance income and increased guest spending at
Walt Disney World Resort driven by higher average ticket prices.
International Resorts
Operating income growth at Disneyland Resort Paris was primarily due to
higher guest spending, increased attendance and the favorable impact of currency
translation, partially offset by higher operating costs. Increased guest spending was
due to higher average ticket prices. Higher operating costs were driven by labor
cost inflation and increased marketing, partially offset by a favorable claim
settlement.
Studio Entertainment
Studio Entertainment revenues for the quarter decreased from $1.8 billion to
$1.4 billion and segment operating income decreased from $190 million to $97
million.
Lower segment operating income was primarily due to a decrease in
worldwide theatrical distribution reflecting the strong performance of Pirates of the
Caribbean: At World’s End in the prior-year quarter compared to The Chronicles of
Narnia: Prince Caspian in the current quarter.
Consumer Products
Consumer Products revenues for the quarter increased from $537 million to
$642 million and segment operating income decreased from $118 million to $113
million. The acquisition of the Disney Stores in North America drove a significant
portion of the revenue increase for the quarter.
4
5. Lower segment operating income for the quarter was driven by a decrease at
Disney Interactive Studios which was largely offset by an increase in earned revenue
at Merchandise Licensing driven by the success of Hannah Montana and High School
Musical merchandise. The decrease at Disney Interactive Studios was due to lower
sales of self-published video games due to the strong performance in the prior-year
quarter of games based on Pirates of the Caribbean: At World’s End compared to The
Chronicles of Narnia: Prince Caspian and High School Musical in the current quarter and
higher video game development costs.
The increase in revenues due to the acquisition of the Disney Stores in North
America was offset by the related operating costs and the absence of licensing
revenue from the former licensee.
OTHER FINANCIAL INFORMATION
Corporate and Unallocated Shared Expenses
Corporate and unallocated shared expenses increased from $115 million to
$127 million for the quarter primarily due to timing of expenses in various corporate
departments and higher investments in new business initiatives, partially offset by
an increase in the allocation of costs to the business segments.
Net Interest Expense
Net interest expense was as follows (in millions):
Quarter Ended
June 28, June 30,
2008 2007
Interest expense $ (161 ) $ (183 )
Interest and investment income 20 40
Net interest expense $ (141 ) $ (143 )
The decrease in interest expense for the quarter was primarily due to lower
effective interest rates.
The decrease in interest and investment income for the quarter reflected a $13
million investment impairment.
Income Taxes
The effective income tax rate for the quarter decreased to 34.1% from 37.6% in
the prior-year quarter driven by the favorable resolution of certain prior-year
income tax matters which reduced the effective income tax rate in the current-year
quarter by approximately 3.0 percentage points.
5
6. Minority Interests
Minority interest expense increased from $69 million to $91 million for the
quarter due to the impacts of improved performance at Disneyland Resort Paris and
ESPN. The minority interest is determined on income after royalties, financing costs
and income taxes.
Cash Flow
Cash provided by continuing operations and free cash flow were as follows
(in millions):
Nine Months Ended
June 28, June 30,
2008 2007 Change
Cash provided by continuing
operations $ 4,201 $ 3,825 $ 376
Investments in parks, resorts and
other property (949) (986) 37
Free cash flow $ 3,252 $ 2,839 $ 413
(1)
Free cash flow is not a financial measure defined by GAAP. See the discussion of non-GAAP
(1)
financial measures that follows below.
Cash provided by operations increased by $376 million primarily due to
higher segment operating income, lower pension contributions and the timing of
payments for other accounts payable and accrued expenses, partially offset by the
timing of accounts receivable collections and higher investments in Disney Vacation
Club properties.
Capital Expenditures and Depreciation Expense
Investments in parks, resorts and other property by segment were as follows
(in millions):
Nine Months Ended
June 28, June 30,
2008 2007
Media Networks $ 168 $ 123
Parks and Resorts:
Domestic 509 536
International 99 193
Total Parks and Resorts 608 729
Studio Entertainment 88 49
Consumer Products 28 17
Corporate 57 68
Total investments in parks, resorts and other property $ 949 $ 986
6
7. Depreciation expense from continuing operations by segment was as follows
(in millions):
Nine Months Ended
June 28, June 30,
2008 2007
Media Networks
Cable Networks $ 66 $ 66
Broadcasting 77 70
Total Media Networks 143 136
Parks and Resorts
Domestic 603 594
International 256 226
Total Parks and Resorts 859 820
Studio Entertainment 28 20
Consumer Products 15 13
Corporate 91 100
Total depreciation expense $ 1,136 $ 1,089
Share Repurchases
During the first nine months of fiscal 2008, the Company repurchased 93
million shares for approximately $3.0 billion, of which 32 million shares were
purchased for $1.0 billion in the third quarter. As of June 28, 2008, the Company
had authorization in place to repurchase approximately 230 million additional
shares, of which the Company has repurchased 21 million shares for $645 million
subsequent to quarter-end through July 25, 2008.
Borrowings
Total borrowings and net borrowings are detailed below (in millions):
June 28, Sept. 29,
2008 2007 Change
Current portion of borrowings $ 2,050 $ 3,280 $ (1,230 )
Long-term borrowings 11,522 11,892 (370 )
Total borrowings 13,572 15,172 (1,600 )
Less: cash and cash equivalents (2,589) (3,670 ) 1,081
Net borrowings (1) $ 10,983 $ 11,502 $ (519 )
Net borrowings is a non-GAAP financial measure. See the discussion of non-GAAP financial
(1)
measures that follows.
The total borrowings shown above include $3,888 million and $3,583 million
attributable to Euro Disney and Hong Kong Disneyland as of June 28, 2008 and
September 29, 2007, respectively. Cash and cash equivalents attributable to Euro
Disney and Hong Kong Disneyland totaled $554 million and $604 million as of June
28, 2008 and September 29, 2007, respectively.
7
8. Non-GAAP Financial Measures
This earnings release presents earnings per share excluding certain items, net
borrowings, free cash flow, and aggregate segment operating income, all of which
are important financial measures for the Company but are not financial measures
defined by GAAP.
These measures should be reviewed in conjunction with the relevant GAAP
financial measures and are not presented as alternative measures of earnings per
share, borrowings, cash flow or net income as determined in accordance with
GAAP. Earnings per share excluding certain items, 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.
Earnings per share excluding certain items – The Company uses earnings per share
excluding certain items to evaluate the performance of the Company’s operations
exclusive of certain items that impact the comparability of results from period to
period, including significant dispositions and acquisitions. During the current nine
months, these items included gains related to the acquisition of the Disney Stores in
North America and the sale of movies.com and the favorable resolution of certain
prior-year income tax matters. In the prior-year nine months, these items included
gains on sales of equity investments in E! Entertainment and Us Weekly, income
from the discontinued ABC Radio business and a charge related to a modification of
equity-based compensation plans in connection with the ABC Radio transaction.
The Company believes that information about earnings per share exclusive of these
impacts is useful to investors, particularly where the impact of the excluded items is
significant in relation to reported earnings, because the measure allows for
comparability between periods of the operating performance of the Company’s
business and allows investors to evaluate separately the impact of decisions
regarding the sale and acquisition of interests in businesses from the impact of the
operations of the business. The following table reconciles earnings per share to
earnings per share excluding certain items for the current and prior-year nine-month
periods:
Nine Months Ended
June 28, June 30,
2008 2007
Diluted EPS $ 1.87 $ 1.81
Exclude:
⎯
Favorable resolution of certain prior-year income tax matters (0.03)
Other income (1) (0.01) (0.31)
⎯
Equity-based compensation plan modification charge 0.01
⎯
Income from the discontinued operations of the ABC Radio Business (0.01)
Diluted EPS excluding certain items $ 1.83 $ 1.50
Other income for the current nine-month period consists of an accounting gain related to the acquisition of
(1)
the Disney Stores in North America ($18 million pre-tax) and a gain on the sale of movies.com ($14 million
pre-tax). Other income for the prior-year nine-month period consists of gains on the sale of equity
investments in E! Entertainment Television ($780 million pre-tax) and Us Weekly ($272 million pre-tax).
8
9. Net borrowings – The Company believes that information about net borrowings
provides investors with a useful perspective on our financial condition. Net
borrowings reflect the subtraction of cash and cash equivalents from total
borrowings. Since we earn interest income on our cash balances that offsets a
portion of the interest expense we pay on our borrowings, net borrowings can be
used as a measure to gauge net interest expense. In addition, a portion of our cash
and cash equivalents is available to repay outstanding indebtedness when the
indebtedness matures or when other circumstances arise. However, we may not
immediately apply cash and cash equivalents to the reduction of debt, nor do we
expect that we would use all of our available cash and cash equivalents to repay
debt in the ordinary course of business.
Free cash flow – The Company uses free cash flow (cash provided by continuing
operations less investments in parks, resorts and other property), among other
measures, to evaluate the ability of its operations to generate cash that is available
for purposes other than capital expenditures. Management believes that
information about free cash flow provides investors with an important perspective
on the cash available to service debt, make strategic acquisitions and investments
and pay dividends or repurchase shares.
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
information about 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. A reconciliation of segment operating income to net income is as
follows (in millions):
Quarter Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Segment operating income $ 2,323 $ 2,285 $ 6,712 $ 5,999
Corporate and unallocated shared expenses (127) (115) (318 ) (352)
Equity-based compensation plan modification
⎯
⎯ ⎯
charge (48)
⎯
Other income 32 32 1,052
Net interest expense (141) (143) (411 ) (430)
Income from continuing operations before
income taxes and minority interests 2,087 2,027 6,015 6,221
Income taxes (712) (762) (2,183 ) (2,353)
Minority interests (91) (69) (165 ) (77)
Income from continuing operations 1,284 1,196 3,667 3,791
Income (loss) from discontinued operations, net
⎯
⎯
of tax (18) 19
Net income $ 1,284 $ 1,178 $ 3,667 $ 3,810
9
10. CONFERENCE CALL INFORMATION
In conjunction with this release, The Walt Disney Company will host a
conference call today, July 30, 2008, at 4:30 PM EST/1:30 PM PST via a live Webcast.
To access the Webcast go to www.disney.com/investors. The discussion will be
available via replay through August 13, 2008 at 7:00 PM EST/4:00 PM PST.
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. 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 (including capital investments or asset acquisitions or dispositions),
as well as from developments beyond the Company’s control, including:
• adverse weather conditions or natural disasters;
• health concerns;
• international, political, or military developments;
• technological developments; and
• changes in domestic and global economic conditions, competitive conditions
and consumer preferences.
Such developments may affect travel and leisure businesses generally and
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;
• demand for our products; and
• performance of some or all company businesses either directly or through
their impact on those who distribute our products.
Additional factors are set forth in the Company’s Annual Report on Form 10-K
for the year ended September 29, 2007 under Item 1A, “Risk Factors,” and subsequent
reports.
11
12. The Walt Disney Company
CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions, except per share data)
Quarter Ended Nine Months Ended
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Revenues $ 9,236 $ 9,045 $ 28,398 $ 26,580
Costs and expenses (7,215) (7,022) (22,446 ) (21,370 )
⎯
Other income 32 32 1,052
Net interest expense (141) (143) (411 ) (430 )
Equity in the income of investees 175 147 442 389
Income from continuing operations before income
taxes and minority interests 2,087 2,027 6,015 6,221
Income taxes (712) (762) (2,183 ) (2,353 )
Minority interests (91) (69) (165 ) (77 )
Income from continuing operations 1,284 1,196 3,667 3,791
Income (loss) from discontinued operations, net of
⎯ ⎯
tax (18) 19
Net income $ 1,284 $ 1,178 $ 3,667 $ 3,810
Diluted earnings per share:
Earnings per share, continuing operations (1) 0.66 0.58 1.87 $ 1.80
⎯ ⎯
Earnings per share, discontinued operations (0.01) 0.01
Earnings per share (1) $ 0.66 $ 0.57 $ 1.87 $ 1.81
Basic earnings per share:
Earnings per share, continuing operations 0.68 0.60 1.93 $ 1.87
⎯ ⎯
Earnings per share, discontinued operations (0.01) 0.01
Earnings per share $ 0.68 $ 0.59 $ 1.93 $ 1.88
Weighted average number of common and
common equivalent shares outstanding:
Diluted 1,940 2,070 1,963 2,115
Basic 1,900 1,982 1,896 2,027
(1) The calculation of diluted earnings per share assumes the conversion of the Company’s convertible senior notes
issued in April 2003, which were redeemed during the quarter, and adds back interest expense (net of tax) of $1
million and $12 million for the quarter and nine months ended June 28, 2008, respectively, and $5 million and $16
million for the quarter and nine months ended June 30, 2007, respectively.
12
13. The Walt Disney Company
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions, except per share data)
June 28, Sept. 29,
2008 2007
ASSETS
Current assets
Cash and cash equivalents $ 2,589 $ 3,670
Receivables 5,669 5,032
Inventories 992 641
Television costs 508 559
Deferred income taxes 862 862
Other current assets 623 550
Total current assets 11,243 11,314
Film and television costs 5,183 5,123
Investments 1,418 995
Parks, resorts and other property, at cost
Attractions, buildings and equipment 31,702 30,260
Accumulated depreciation (16,321 ) (15,145 )
15,381 15,115
Projects in progress 980 1,147
Land 1,189 1,171
17,550 17,433
Intangible assets, net 2,474 2,494
Goodwill 22,121 22,085
Other assets 1,593 1,484
$ 61,582 $ 60,928
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 5,246 $ 5,949
Current portion of borrowings 2,050 3,280
Unearned royalties and other advances 2,743 2,162
Total current liabilities 10,039 11,391
Borrowings 11,522 11,892
Deferred income taxes 2,258 2,573
Other long-term liabilities 3,748 3,024
Minority interests 1,236 1,295
Commitments and contingencies
Shareholders’ equity
Preferred stock, $.01 par value
Authorized – 100 million shares, Issued – none — —
Common stock, $.01 par value
Authorized – 3.6 billion shares, Issued – 2.6 billion shares 26,274 24,207
Retained earnings 27,660 24,805
Accumulated other comprehensive loss (59 ) (157 )
53,875 48,855
Treasury stock, at cost, 730.3 million shares at June 28, 2008 and
637.8 million shares at September 29, 2007 (21,096 ) (18,102 )
32,779 30,753
$ 61,582 $ 60,928
13
14. The Walt Disney Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
Nine Months Ended
June 28, June 30,
2008 2007
OPERATING ACTIVITIES OF CONTINUING OPERATIONS
Net income $ 3,667 $ 3,810
⎯
Income from discontinued operations (19)
Depreciation and amortization 1,178 1,109
Gains on sales of equity investments and business (14) (1,052)
Deferred income taxes (48) (77)
Equity in the income of investees (442) (389)
Cash distributions received from equity investees 367 339
Minority interests 165 77
Net change in film and television costs (67) 191
Equity-based compensation 290 319
Other (169) (133)
Changes in operating assets and liabilities:
Receivables (700) (508)
Inventories (224) 85
Other assets (23) 96
Accounts payable and other accrued liabilities (331)
230
Income taxes (9) 308
Cash provided by continuing operations 4,201 3,825
INVESTING ACTIVITIES OF CONTINUING OPERATIONS
Investments in parks, resorts and other property (949) (986)
Proceeds from sales of equity investments and business 14 1,530
Acquisitions (including equity investments) (488) (231)
Other 42 92
Cash (used) provided by continuing investing activities (1,381) 405
FINANCING ACTIVITIES OF CONTINUING OPERATIONS
Commercial paper (repayments)/ borrowings, net (1,447) 1,680
Borrowings 1,000 1,632
Reduction of borrowings (288) (1,916)
Dividends (664) (637)
Repurchases of common stock (2,994) (5,198)
Exercise of stock options and other 492 1,158
Cash used by continuing financing activities (3,901) (3,281)
CASH FLOW OF DISCONTINUED OPERATIONS
⎯
Net cash provided by operating activities of discontinued operations 29
⎯
Net cash used by investing activities of discontinued operations (3)
⎯
Net cash provided by financing activities of discontinued operations 78
(Decrease) / increase in cash and cash equivalents (1,081) 1,053
Cash and cash equivalents, beginning of period 3,670 2,411
Cash and cash equivalents, end of period $ 2,589 $ 3,464
14