- Avnet reported record earnings per share of $0.69 for the first quarter of fiscal year 2008, representing 25% year-over-year growth.
- Revenue increased 12.3% year-over-year to $4.098 billion, driven by acquisitions.
- Both the Electronics Marketing and Technology Solutions segments saw revenue and profitability increases compared to the prior year quarter.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
The document summarizes the company's financial results for the third quarter of 2007. It reported 6% revenue growth and 1% growth in operating profit. Earnings per share were up 9%. The company also saw a 13% increase in cash flow. For full-year 2007, the company is projecting mid-single digit growth in internal net sales and low single-digit growth in internal operating profit. It is raising its earnings per share guidance. For 2008, the company expects more sustainable growth.
The document summarizes 3M's outlook for 2009. It discusses 3M's Q4 2008 performance, which saw a rapid deterioration in business activity and sales declines of 17% in November and expected similar declines in December. For full year 2008, 3M expects EPS of $5.10-$5.15, down from the prior estimate of $5.40-$5.48 due to weaker than expected Q4 organic volume growth of -10% to -12%. The document also outlines topics to be covered, including an update on Q4 2008 trends, 2009 scenario planning, and Q&A.
The document provides an overview of Banco Popular Español's 1st half 2012 results presentation. Key highlights include achieving best-in-class recurrent revenues and pre-provision profit. Efficiency ratios improved further to 38.5% in 1H12. Strong provisioning increased coverage ratios to 56% while EBA core tier 1 capital ratio reached 10.3%, beating targets. Business plan was approved by the board of directors positioning the bank well for upcoming stress tests.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
The Progressive Corporation reported financial results for the first quarter of 2006, with the following key highlights:
- Net premiums written increased 2% compared to the first quarter of 2005.
- Net income was $436.6 million, up 6% from the prior year.
- The combined ratio was 85.9%, relatively unchanged from the prior year.
- Policies in force grew 2% for Drive Insurance and 8% for Progressive Direct.
The document provides an overview of AES Corporation's 2005 financial results and outlook for 2006. Some key points:
- 2005 was a record year for revenues, net cash from operating activities, and free cash flow. Revenues exceeded $11 billion.
- Fourth quarter and full-year 2005 earnings benefited from good operating results, favorable currencies, and a lower tax rate.
- 2008 financial targets are reaffirmed, including $1.03-$1.34 diluted EPS and $2.6-$2.9 billion in net cash from operating activities.
- 2006 guidance is consistent with 2008 targets and forecasts 4-5% revenue growth, $0.90 diluted EPS, and $0.95
The document summarizes Lear Corporation's second quarter 2008 financial results and outlook for 2008. Key points include:
- Second quarter core operating earnings were $164 million, though down from the previous year due to challenging business conditions in North America.
- Full-year 2008 core operating earnings forecast was lowered to $550-600 million based on lower expected North American auto production.
- Restructuring actions benefited results but challenges from high material costs and production declines persisted from the difficult business environment.
- Liquidity was maintained through 2012 with debt refinancing completed in July 2008.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
The document summarizes the company's financial results for the third quarter of 2007. It reported 6% revenue growth and 1% growth in operating profit. Earnings per share were up 9%. The company also saw a 13% increase in cash flow. For full-year 2007, the company is projecting mid-single digit growth in internal net sales and low single-digit growth in internal operating profit. It is raising its earnings per share guidance. For 2008, the company expects more sustainable growth.
The document summarizes 3M's outlook for 2009. It discusses 3M's Q4 2008 performance, which saw a rapid deterioration in business activity and sales declines of 17% in November and expected similar declines in December. For full year 2008, 3M expects EPS of $5.10-$5.15, down from the prior estimate of $5.40-$5.48 due to weaker than expected Q4 organic volume growth of -10% to -12%. The document also outlines topics to be covered, including an update on Q4 2008 trends, 2009 scenario planning, and Q&A.
The document provides an overview of Banco Popular Español's 1st half 2012 results presentation. Key highlights include achieving best-in-class recurrent revenues and pre-provision profit. Efficiency ratios improved further to 38.5% in 1H12. Strong provisioning increased coverage ratios to 56% while EBA core tier 1 capital ratio reached 10.3%, beating targets. Business plan was approved by the board of directors positioning the bank well for upcoming stress tests.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
The Progressive Corporation reported financial results for the first quarter of 2006, with the following key highlights:
- Net premiums written increased 2% compared to the first quarter of 2005.
- Net income was $436.6 million, up 6% from the prior year.
- The combined ratio was 85.9%, relatively unchanged from the prior year.
- Policies in force grew 2% for Drive Insurance and 8% for Progressive Direct.
The document provides an overview of AES Corporation's 2005 financial results and outlook for 2006. Some key points:
- 2005 was a record year for revenues, net cash from operating activities, and free cash flow. Revenues exceeded $11 billion.
- Fourth quarter and full-year 2005 earnings benefited from good operating results, favorable currencies, and a lower tax rate.
- 2008 financial targets are reaffirmed, including $1.03-$1.34 diluted EPS and $2.6-$2.9 billion in net cash from operating activities.
- 2006 guidance is consistent with 2008 targets and forecasts 4-5% revenue growth, $0.90 diluted EPS, and $0.95
The document summarizes Lear Corporation's second quarter 2008 financial results and outlook for 2008. Key points include:
- Second quarter core operating earnings were $164 million, though down from the previous year due to challenging business conditions in North America.
- Full-year 2008 core operating earnings forecast was lowered to $550-600 million based on lower expected North American auto production.
- Restructuring actions benefited results but challenges from high material costs and production declines persisted from the difficult business environment.
- Liquidity was maintained through 2012 with debt refinancing completed in July 2008.
Emerson reported first quarter 2009 results with sales down 2% to $5.4 billion and earnings per share down 8% to $0.60. Underlying sales were flat overall with strong growth internationally, especially in emerging markets. Operating profit margin declined slightly due to volume deleverage and price/cost pressures. Cash flow was down due to lower earnings and a margin deposit for commodity futures contracts. Business segments saw mixed results with Process Management up but others like Climate Technologies down significantly. Emerson remains well positioned financially and strategically with a global footprint and mix of businesses.
The document provides an overview of Kellogg Company's financial results for the first quarter of 2008, including:
1) Net sales increased 10% year-over-year, with 5% internal growth driven by price increases, product mix, and volume.
2) Operating profit grew 9% year-over-year, with 6% internal growth achieved through productivity savings and price increases despite higher costs.
3) Guidance for full-year 2008 forecasts mid-single digit growth in internal net sales and operating profit, with EPS of $2.92 to $2.97 despite cost pressures and investments in innovation.
- The bank reported a 74.9% decline in net profit for Q1 2010 compared to Q1 2009, driven by lower operating income and higher costs.
- Total deposits increased 32.4% year-over-year due to strong retail deposit growth, while loans declined 8.2% amid challenging market conditions.
- Net interest margin declined significantly from 5.4% to 4.0% quarter-over-quarter as interest rates on loans dropped faster than deposit rates.
- Non-interest expenses grew 10.1% year-over-year as the bank maintained staffing levels to support future growth, increasing the cost-to-income ratio.
Highlights of the fourth quarter of 2010. Net sales amounted to SEK 27,556m (28,215) and income for the period was SEK 677m (664), or SEK 2.38 (2.34) per share. Net sales increased by 1.6% in comparable currencies.
Highlights of the fourth quarter of 2009. Net sales amounted to SEK 28,215m (28,663) and income for the period was SEK 664m (-474), or SEK 2.34 (-1.68) per share. Net sales declined by 1% in comparable currencies, due to continued weak markets.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
Lear Corporation provided an update on its second-quarter 2005 financial results and full-year 2005 guidance. Key points include:
- Second-quarter net sales increased slightly but earnings declined significantly year-over-year due to lower production volumes, commodity cost pressures, and restructuring charges.
- Full-year 2005 guidance was lowered due to worse-than-expected industry production declines, higher restructuring costs, and unfavorable foreign exchange rates.
- Capital expenditures are expected to remain elevated in 2005 to support a record new product launch schedule before trending lower, while free cash flow will be negatively impacted by restructuring activities and timing of customer payments.
fpl group library.corporate-library. corporate-finance17
FPL Group reported record adjusted earnings per share for 2008, driven by strong performance at NextEra Energy Resources. NextEra Energy Resources had a record year and added approximately 1,300 MW of wind capacity. FPL's earnings were challenged by a weak Florida economy and flat customer growth. FPL will seek a new rate agreement in 2009 to support investments in cleaner generation. NextEra Energy Resources continues to perform well due to contributions from new and existing projects. FPL Group expects adjusted EPS of $4.05 to $4.25 for 2009.
This document provides a summary of AES Corporation's financial results for the second quarter of 2008. Some key highlights include:
- Increased full year adjusted EPS guidance to $1.16 per share.
- Reported Q2 2008 adjusted EPS of $0.17, including foreign currency losses.
- Began construction on four new power projects totaling 954 MW in three countries.
- Expanded wind platform in China and registered the company's first greenfield methane recovery project in Malaysia.
This document summarizes CNO Financial Group's financial and operating results for the 4th quarter of 2012 ending December 31, 2012. It discusses growth in core earnings and sales across all business segments. CNO continued investing in distribution and new product offerings while maintaining strong capital levels and returning value to shareholders through stock repurchases and dividends. The outlook expects further sales growth through expansion of locations, agents, and products in 2013.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
- HP reported financial results for the third quarter of fiscal year 2007, with total revenue of $25.4 billion, up 16% year-over-year.
- Non-GAAP diluted earnings per share were $0.71, up 37% from the previous year.
- All of HP's business segments experienced revenue growth compared to the previous year, with the Personal Systems Group seeing the largest increase of 29%.
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
The document provides reconciliations of Pepsi Bottling Group's (PBG) reported and comparable non-GAAP financial measures for the third quarter and year-to-date 2007, including net revenue, gross profit, operating income, earnings per share (EPS), and operating free cash flow (OFCF). It also provides PBG's 2007 guidance ranges on a reported and adjusted basis, adjusting for items affecting comparability including tax matters, restructuring charges, and asset rationalization charges.
Cloud computing provides businesses several benefits: flexible computing resources, unlimited storage, cost savings, and improved work efficiency. However, security and reliability are major disadvantages - outages can impact many companies, and sensitive data is managed by cloud providers. Both Amazon and its subscribers must consider capacity planning, scalability, and total cost of ownership to maintain profitability. Businesses that benefit most from cloud computing are online companies that handle large amounts of data, multinational corporations needing global access and collaboration, and logistics companies requiring supportive services.
The document outlines the 10 steps involved in taking a product idea from conception to launch, including testing the idea, protecting it, developing prototypes, business planning, raising money, and launching the product. It was written by Charlie Gunningham, a former co-founder and managing director of an Australian home listings website, drawing on his experience launching a startup 10 years after graduating business school.
The document provides advice for startups, including focusing on solving one problem at a time, using agile development practices, understanding customer needs, executing effectively, collaborating with others, marketing through blogs and videos, seeking mentors, and potentially joining incubators for resources and support. It also cautions startups to build less features than competitors initially and discusses fundraising and investors.
This document outlines the key aspects of new product development and product lifecycle strategies. It discusses acquiring new products through development or acquisition. The major stages of new product development are described, including idea generation, screening, concept development and testing, marketing strategy development, product development, and commercialization. Methods for managing the new product development process and strategies for different stages of the product lifecycle are also summarized.
Emerson reported first quarter 2009 results with sales down 2% to $5.4 billion and earnings per share down 8% to $0.60. Underlying sales were flat overall with strong growth internationally, especially in emerging markets. Operating profit margin declined slightly due to volume deleverage and price/cost pressures. Cash flow was down due to lower earnings and a margin deposit for commodity futures contracts. Business segments saw mixed results with Process Management up but others like Climate Technologies down significantly. Emerson remains well positioned financially and strategically with a global footprint and mix of businesses.
The document provides an overview of Kellogg Company's financial results for the first quarter of 2008, including:
1) Net sales increased 10% year-over-year, with 5% internal growth driven by price increases, product mix, and volume.
2) Operating profit grew 9% year-over-year, with 6% internal growth achieved through productivity savings and price increases despite higher costs.
3) Guidance for full-year 2008 forecasts mid-single digit growth in internal net sales and operating profit, with EPS of $2.92 to $2.97 despite cost pressures and investments in innovation.
- The bank reported a 74.9% decline in net profit for Q1 2010 compared to Q1 2009, driven by lower operating income and higher costs.
- Total deposits increased 32.4% year-over-year due to strong retail deposit growth, while loans declined 8.2% amid challenging market conditions.
- Net interest margin declined significantly from 5.4% to 4.0% quarter-over-quarter as interest rates on loans dropped faster than deposit rates.
- Non-interest expenses grew 10.1% year-over-year as the bank maintained staffing levels to support future growth, increasing the cost-to-income ratio.
Highlights of the fourth quarter of 2010. Net sales amounted to SEK 27,556m (28,215) and income for the period was SEK 677m (664), or SEK 2.38 (2.34) per share. Net sales increased by 1.6% in comparable currencies.
Highlights of the fourth quarter of 2009. Net sales amounted to SEK 28,215m (28,663) and income for the period was SEK 664m (-474), or SEK 2.34 (-1.68) per share. Net sales declined by 1% in comparable currencies, due to continued weak markets.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
Lear Corporation provided an update on its second-quarter 2005 financial results and full-year 2005 guidance. Key points include:
- Second-quarter net sales increased slightly but earnings declined significantly year-over-year due to lower production volumes, commodity cost pressures, and restructuring charges.
- Full-year 2005 guidance was lowered due to worse-than-expected industry production declines, higher restructuring costs, and unfavorable foreign exchange rates.
- Capital expenditures are expected to remain elevated in 2005 to support a record new product launch schedule before trending lower, while free cash flow will be negatively impacted by restructuring activities and timing of customer payments.
fpl group library.corporate-library. corporate-finance17
FPL Group reported record adjusted earnings per share for 2008, driven by strong performance at NextEra Energy Resources. NextEra Energy Resources had a record year and added approximately 1,300 MW of wind capacity. FPL's earnings were challenged by a weak Florida economy and flat customer growth. FPL will seek a new rate agreement in 2009 to support investments in cleaner generation. NextEra Energy Resources continues to perform well due to contributions from new and existing projects. FPL Group expects adjusted EPS of $4.05 to $4.25 for 2009.
This document provides a summary of AES Corporation's financial results for the second quarter of 2008. Some key highlights include:
- Increased full year adjusted EPS guidance to $1.16 per share.
- Reported Q2 2008 adjusted EPS of $0.17, including foreign currency losses.
- Began construction on four new power projects totaling 954 MW in three countries.
- Expanded wind platform in China and registered the company's first greenfield methane recovery project in Malaysia.
This document summarizes CNO Financial Group's financial and operating results for the 4th quarter of 2012 ending December 31, 2012. It discusses growth in core earnings and sales across all business segments. CNO continued investing in distribution and new product offerings while maintaining strong capital levels and returning value to shareholders through stock repurchases and dividends. The outlook expects further sales growth through expansion of locations, agents, and products in 2013.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
- HP reported financial results for the third quarter of fiscal year 2007, with total revenue of $25.4 billion, up 16% year-over-year.
- Non-GAAP diluted earnings per share were $0.71, up 37% from the previous year.
- All of HP's business segments experienced revenue growth compared to the previous year, with the Personal Systems Group seeing the largest increase of 29%.
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
The document provides reconciliations of Pepsi Bottling Group's (PBG) reported and comparable non-GAAP financial measures for the third quarter and year-to-date 2007, including net revenue, gross profit, operating income, earnings per share (EPS), and operating free cash flow (OFCF). It also provides PBG's 2007 guidance ranges on a reported and adjusted basis, adjusting for items affecting comparability including tax matters, restructuring charges, and asset rationalization charges.
Cloud computing provides businesses several benefits: flexible computing resources, unlimited storage, cost savings, and improved work efficiency. However, security and reliability are major disadvantages - outages can impact many companies, and sensitive data is managed by cloud providers. Both Amazon and its subscribers must consider capacity planning, scalability, and total cost of ownership to maintain profitability. Businesses that benefit most from cloud computing are online companies that handle large amounts of data, multinational corporations needing global access and collaboration, and logistics companies requiring supportive services.
The document outlines the 10 steps involved in taking a product idea from conception to launch, including testing the idea, protecting it, developing prototypes, business planning, raising money, and launching the product. It was written by Charlie Gunningham, a former co-founder and managing director of an Australian home listings website, drawing on his experience launching a startup 10 years after graduating business school.
The document provides advice for startups, including focusing on solving one problem at a time, using agile development practices, understanding customer needs, executing effectively, collaborating with others, marketing through blogs and videos, seeking mentors, and potentially joining incubators for resources and support. It also cautions startups to build less features than competitors initially and discusses fundraising and investors.
This document outlines the key aspects of new product development and product lifecycle strategies. It discusses acquiring new products through development or acquisition. The major stages of new product development are described, including idea generation, screening, concept development and testing, marketing strategy development, product development, and commercialization. Methods for managing the new product development process and strategies for different stages of the product lifecycle are also summarized.
Ben & Jerry's is an American ice cream company founded in 1978 in Vermont. It manufactures ice cream, frozen yogurt, and sorbet. The document provides details about Ben & Jerry's history, mission, market segmentation, unique selling proposition, marketing mix, SWOT analysis, and plans for launching in India. It summarizes the company's founding in 1978, growth over the decades, acquisition by Unilever in 2000, and current operations in over 20 countries worldwide.
This is Prateek Mishra from Ramaiah institute of management studies, Bangalore and the following presentation gives an overview of launch of a hypothetical product into the market.
The document discusses the process of new product development, which includes market research, concept testing, prototype development, market testing, and product launch. It emphasizes the importance of market research to understand customer needs and identify opportunities. The development process then progresses through building prototypes, testing concepts with customers, and launching the new product in the market.
26 topline marketing strategies to launch a new brand, product or service. Includes a 1 page summary outlining the pros and cons of each approach as well as best in class examples. Designed as flashcards so that it can be printed out to help stimulate brainstorm sessions.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share was $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by a 10% increase in revenue per unit, offset by a 5% decline in volumes. Expenses increased primarily due to higher materials, supplies and other costs and depreciation, though this was partially offset by productivity gains.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
The document summarizes Newell Rubbermaid's Q3 2012 earnings call presentation. It provides the following key points:
1) For Q3 2012, net sales were 0.9% below prior year due to 1.5% core sales growth offset by 2.4% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin was flat at 13.7%. Normalized EPS was $0.47.
2) For Q3 YTD 2012, net sales increased 0.3% due to 2.2% core sales growth offset by 1.9% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin increased 20 basis
This document provides a financial overview and discussion of Home Depot's performance in Q1 2008 and outlook for 2008. Some key points:
- Q1 2008 sales were down 3.4% and operating income was down 56.5% due to housing market challenges.
- For 2008, Home Depot expects total sales to decline 4-5%, negative comps in the mid-to-high single digits, and operating margin decline of 170-210 basis points.
- Home Depot has a staggered debt maturity schedule with low refinancing risk and strong cash flow and liquidity.
- The company is focused on capital efficiency through store rationalization, supply chain improvements, and driving productivity across operations
raytheonSmith Barney Citigroup 18th Annual Global Industrial Manufacturing Co...finance12
This document contains the presentation slides from Raytheon Company CFO Ed Pliner at the 18th Annual Global Industrial Manufacturing Conference on March 8, 2005. The presentation provides an overview of Raytheon, including that it is a $20 billion defense technology business leader. It outlines Raytheon's strategy of growing in core defense markets and leveraging domain expertise across sectors. Financial information is presented showing strong order growth, sales increases, debt reduction, and 2005 guidance forecasts.
The annual shareholder's meeting document summarized the following key points in 3 sentences:
The document outlined the agenda for Life Time Fitness' annual shareholder's meeting, including a formal business meeting to elect directors and ratify auditors. It also provided summaries of management presentations on the company's 2009 performance, 2010 goals to improve sales and reduce member attrition, and maintaining a strong financial position. The meeting concluded with a question and answer session for shareholders.
William Blair & Company 26th Annual Growth Stock Conferencefinance7
This document contains a presentation given by Ryan Robinson, Senior Vice President of Treasury and Corporate Development at Best Buy, at the William Blair Growth Stock Conference on June 27, 2006. The presentation summarizes Best Buy's strong financial performance in fiscal year 2006, with 30% earnings growth, revenue exceeding $30 billion, and net earnings over $1 billion. It outlines Best Buy's priorities and annual guidance for fiscal year 2007, anticipating continued revenue and earnings growth. The presentation also provides an overview of Best Buy's operations and growth strategies in Canada.
William Blair & Company 27th Annual Growth Stock Conferencefinance7
Ryan Robinson, Senior Vice President of Treasury & Corporate Development at Best Buy, presented at the William Blair Growth Stock Conference on June 27, 2006. The presentation summarized Best Buy's strong financial performance in fiscal year 2006, with 30% earnings growth, revenue exceeding $30 billion, and net earnings over $1 billion. It also outlined Best Buy's strategic priorities and annual guidance, expecting continued revenue and earnings growth in fiscal year 2007. Kevin Layden, President and COO of Best Buy Canada, then discussed Best Buy Canada's dual brand strategy with Future Shop and Best Buy stores, and goals to further differentiate the brands and optimize their business models.
Monsanto reported financial results for the fourth quarter and fiscal year 2007. Key highlights included a 13% increase in fourth quarter net sales and a 17% rise in fiscal year net sales. However, the company reported a net loss for the fourth quarter, though net income for the fiscal year was up 44% year-over-year. Monsanto also extended its leadership in seeds and traits in 2007 through various initiatives in major crops and geographies.
Monsanto reported financial results for the fourth quarter and fiscal year 2007. Key highlights included a 13% increase in fourth quarter net sales and a 17% increase in fiscal year net sales. However, the company reported a net loss for the fourth quarter due to acquisition and tax charges. Excluding these items, earnings per share for the fourth quarter and fiscal year were higher than the previous year. Monsanto also extended its leadership in seeds and traits in 2007 through various initiatives in major crops and geographies.
1) The document reports Monsanto's financial results for the fourth quarter and fiscal year 2007, noting record sales and profits.
2) Net income decreased 46% in Q4 2007 compared to Q4 2006, but increased 44% for the fiscal year. Ongoing EPS grew 54% for the fiscal year.
3) Monsanto extended its leadership in seeds and traits in 2007 through various initiatives, and its pipeline has potential blockbuster traits and opportunities for further global expansion of existing biotech traits.
Owens & Minor reported financial results for the second quarter of 2008. Revenue increased 2.3% from the second quarter of 2007 to $1.795 billion. Gross margin as a percentage of revenue was 10.67%, up slightly from the prior year. Selling, general and administrative expenses decreased as a percentage of revenue. Earnings per diluted share increased 22% to $0.59 compared to the second quarter of 2007. For 2008, the company expects revenue growth between 5-7% and earnings per diluted share between $2.30-$2.40, up from previous guidance.
This investor presentation discusses RR Donnelley's financial performance and strategy. It highlights RR Donnelley's scale in a fragmented market, breadth and depth of offerings, and strong cash flow generation. The presentation also notes that RR Donnelley has achieved greater growth than the broader print market through acquisitions and productivity gains. Finally, it emphasizes RR Donnelley's commitment to maintaining strong investment grade credit metrics and financial discipline.
Owens & Minor reported their 4th quarter 2007 financial results, with revenue increasing 7% year-over-year to $1.748 billion, gross margin remaining steady at 10.6% of revenue, and earnings per share growing 20% to $0.55. For 2008, the company expects revenue to increase 5-7% outpacing industry growth, earnings per share to rise 23-28% to $2.20-$2.30, and capital expenditures to be $25-35 million.
This document summarizes CSX Corporation's presentation at the Citigroup Transportation Conference in November 2007. The presentation outlines CSX's positive fourth quarter revenue outlook, strong financial results, and strategies to drive earnings growth. CSX aims to achieve 10-12% annual operating income growth and a mid-low 70s operating ratio by 2010 through productivity improvements, value pricing, and total service integration.
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1. Welcome to Avnet’s
First Quarter Fiscal Year 2008
Teleconference and Webcast
October 25, 2007 2:00 p.m. Eastern Time
Please Stand By…
The Presentation Will Begin Momentarily
2. Welcome
Send questions via e-mail to
investorrelations@avnet.com
GAAP vs. non-GAAP Results
Safe Harbor Statement
Management Introduction
Vince Keenan
Vice President, Avnet, Inc.
Director, Investor Relations
2
3. Non-GAAP Results and Regulation G
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles
(“GAAP”), the Company also discloses in this presentation certain non-GAAP financial information including adjusted operating
income, adjusted net income and adjusted diluted earnings per share. The non-GAAP financial information is used to reflect the
Company's results of operations excluding certain items that have arisen from restructuring, integration, and other items and debt
extinguishment costs in the periods presented. The Company also discloses sales adjusted for the impact of certain acquisitions,
and the change to net revenue treatment of sales of supplier services contracts (pro forma sales or organic revenue).
Management believes pro forma sales is another useful measure for evaluating current period performance as compared with prior
periods and understanding underlying trends.
Management believes that operating income adjusted for restructuring, integration and other charges is useful to investors to
assess and understand operating performance, especially when comparing results with previous periods or forecasting
performance for future periods, primarily because management views the excluded items to be outside of Avnet's normal operating
results. Management analyzes operating income without the impact of restructuring, integration and other costs as an indicator of
ongoing margin performance and underlying trends in the business. Management also uses these non-GAAP measures to
establish operational goals and, in some cases, for measuring performance for compensation purposes.
Management similarly believes net income and diluted earnings per share adjusted for the impact of the items discussed above is
useful to investors because it provides a measure of the Company’s net profitability on a more comparable basis to historical
periods and provides a more meaningful basis for forecasting future performance. Additionally, because of management’s focus
on generating shareholder value, of which net profitability is a primary driver, management believes net income and diluted EPS
excluding the impact of these items provides an important measure of the Company’s net results of operations for the investing
public.
However, analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, data
presented in accordance with GAAP.
3
4. Safe Harbor Statement
This presentation contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on management’s current
expectations and are subject to uncertainty and changes in factual circumstances. The forward-looking statements herein
include statements addressing future financial and operating results of Avnet and may include words such as “will,”
“anticipate,” “expect,” “believe,” and “should” and other words and terms of similar meaning in connection with any discussions
of future operating or financial performance or business prospects. Actual results may vary materially from the expectations
contained in the forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking
statements: the Company’s ability to retain and grow market share, the Company’s ability to generate additional cash flow,
any significant and unanticipated sales decline, changes in business conditions and the economy in general, changes in
market demand and pricing pressures, risks associated with acquisition activities and the successful integration of acquired
companies, allocations of products by suppliers, and other competitive and/or regulatory factors affecting the businesses of
Avnet generally.
More detailed information about these and other factors is set forth in Avnet’s filings with the Securities and Exchange
Commission, including the Company’s reports on Form 10-K, Form 10-Q and Form 8-K. Avnet is under no obligation to
update any forward-looking statements, whether as a result of new information, future events or otherwise.
4
5. Management Introductions
Rick Hamada
Roy Vallee Ray Sadowski
Chief Operating Officer
Chairman and Chief Financial Officer
Chief Executive
Officer
Harley Feldberg John Paget
President, Electronics Marketing President, Technology Solutions
5
7. Q1 Fiscal 2008 – Avnet, Inc. Highlights
Earnings Per Share grew 25%(1) year over year
– EPS of $0.69 was a fiscal Q1 record
Return on Capital Employed (ROCE) up 68 basis
points year over year
Growth from acquisitions drove revenue up 12.3% year
over year
(1) GAAP EPS grew 57% including debt extinguishment cost in the prior year.
7
8. Financial Highlights – Electronics Marketing
Eighth consecutive quarter of year over year
improvement in operating income margin and dollars
Record Asset Velocity
Return on Working Capital (ROWC) up 239 basis
points year over year
EM Asia set record for revenue and profits
– ROWC approaching long term target
8
9. Electronics Marketing (EM) Revenue
$2.6
($ in billions)
Y-O-Y growth rates
$2.49
$2.5 $2.47
$2.44
– Up 2.3%, pro forma(1)
$2.44
$2.5
$2.4
up 2.1%
$2.33
$2.4
– Asia grew 9.5%
$2.3
– EMEA(2) up 4.6%, down
$2.3
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
2.7% in constant dollars
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
– Americas down 4.8%
Americas $ 0.97 $ 0.89 $ 0.92 $ 0.95 $ 0.91
EMEA 0.79 0.77 0.91 0.83 0.83
Asia 0.68 0.67 0.61 0.69 0.75
Total $ 2.44 $ 2.33 $ 2.44 $ 2.47 $ 2.49
(1) Pro forma is adjusted to include acquisitions in prior periods
(2) EMEA year over year pro forma up 3.9%, down 3.4% pro forma in constant dollars
9
10. Financial Highlights – Technology Solutions
Revenue grew 32.5% year over year primarily due to acquisitions
17th consecutive quarter of year over year increase in operating
income dollars and margin
Completed acquisition of Magirus Enterprise Infrastructure
Division
– ~ $500M distributor of IBM and HP enterprise products in Europe
Announced acquisition of IT Solutions Division of Acal plc
– ~ $200M distributor of storage area networking products in Europe
10
11. Technology Solutions (TS) Revenue
($ in billions)
Y-O-Y growth rates
$1.9 $1.77
$1.61
$1.7 $1.56
– Up 32.5%, pro forma(1)
$1.46
$1.5
$1.21
$1.3
up 2.6%
$1.1
$0.9
– Asia up 31.6%(1)
$0.7
$0.5
– EMEA up 20.1%, 11.0%
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
in constant dollars(1)
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
Americas $ 0.82 $ 1.01 $ 1.04 $ 1.23 $ 1.07
– Americas down 5.1%(1)
EMEA 0.33 0.49 0.36 0.41 0.43
Asia 0.06 0.06 0.06 0.13 0.11
Total $ 1.21 $ 1.56 $ 1.46 $ 1.77 $ 1.61
(1) Adjusted for the addition of Access and Azure and the change to net revenue treatment.
11
13. P&L Summary: Q1 Year-over-Year
Increase / (Decrease)
($ In Millions, Except Per Share Information)
% Change(1)
Q1 FY08 Q1 FY07 $ Change
$4,098.7 $3,648.4 $450.3 12.3%
Sales
526.5 468.4 58.1 12.4%
Gross profit
Gross profit margin 12.8% 12.8% 0.0%
361.3 323.4 37.9 11.7%
Operating expenses
20.2
165.2 145.0 14.0%
Operating income
Operating income margin 4.0% 4.0% 0.0%
(18.6) (22.3) (3.7) -16.7%
Interest expense
7.4 3.7 3.7 98.0%
Other income
154.0 126.4 27.6
Income before tax 21.9%
48.5 45.7 2.8 6.1%
Taxes
Effective tax rate 31.5% 36.2% -4.7%
$105.5 $80.7 $24.8
Net income excluding certain charges 30.8%
Diluted earnings per share excluding
certain charges $0.69 $0.55 $0.14 25.5%
After tax reconciliation to GAAP
(16.6)
Debt extinguishment costs
GAAP net income $105.5 $64.1 $41.4 64.5%
GAAP diluted earnings per share $0.69 $0.44 $0.25 56.8%
13
(1) Percentage change calculated based upon results rounded to thousands.
14. Operational Excellence
Operating Expenses as a %
90.0%
of Gross Profit
86.6%
84.2%
85.0%
81.1%
82.5%* 79.3% 78.3%
80.0% 78.2% 77.9% 78.0%
76.9%
79.4% 79.1%
78.5% 80.0%* 74.8%
77.5%
76.9%
76.7%
75.0% 72.8%
70.2%
72.8%*
68.7%
70.0% 70.7%* 67.6% 66.5%
66.5%
68.5%*69.1%
66.8% 68.6%
66.1%*
65.0%
64.5%*
60.0%
Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
Operating Expense to Gross Profit Rolling 4-Qtr Operating Expense to Gross Profit
* Including restructuring and other charges operating expenses as a percentage of gross profit dollars
were 89.6%, 83.3%, 79.3%, 74.2%, 69.9%, 67.7% and 64.3% in the December 2003,
September 2005, December 2005, March 2006, June 2006, March 2007 and June 2007 quarters, respectively.
14
15. Improved Operating Income
Operating Income Margin
5.0%
4.6%* 4.6%*
4.5%
4.2%* 4.2%
4.4%
4.4% 4.0%
4.0% 4.3%
4.0%
3.8%* 4.1%
3.9%
3.4%*
3.5%
3.5%
3.3%
2.9% 2.9% 3.0%
2.6%* 3.2%
3.0% 2.8%
2.8%
3.0%
2.9% 3.0% 2.9% 2.8%
2.5% 2.8%
2.3%*
2.5%
2.0%
2.1%
1.8%
1.5%
1.0%
Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
Operating Margin Rolling 4-Qtr Operating Margin
* Including restructuring and other charges operating income margin was 1.3%, 2.2%, 2.5%, 3.4%, 4.0%, 4.4%, and
4.7% in the December 2003, September 2005, December 2005,
March 2006, June 2006, March 2007 and June 2007 quarters, respectively.
15
16. Creating Shareholder Value - ROCE
13.0% 12.5%
10.6%
11.4%
11.2%
11.0% 11.5%
10.6% 10.0%
11.3%
9.8%
9.4% 10.7%
10.3%
8.6% 9.8%
9.0% 8.3%
7.6% 9.1%
7.4% 6.4%
7.4% 6.6% 8.5%
7.8%
7.0%
7.5% 7.3%
6.0% 7.4%
7.5%
7.1%
6.5%
5.0%
5.2%
4.0%
3.0%
1.0%
Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
ROCE Rolling 4-Qtr ROCE
Note: ROCE does not include restructuring and other charges.
16
17. Generating Solid Cash Flow
$746 $749
$800.0
$700.0
$584
$600.0
$500.0
$429
$363
$400.0 $328
$369 $298
$300.0
$178
$200.0 $155
$64
$100.0 $72
$22
$0
$0.0
-$32
-$100.0
-$114
-$200.0
Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07
Pro Forma Free Cash Flow TTM Pro Forma Free Cash Flow
Note: Free Cash Flow before cash used for acquisitions.
17
18. December 2007 Quarter (Q2 FY08)
Enterprise Revenue: $4.45 to $4.65 billion
Group Revenues
– EM: $2.4 to $2.5 billion
– TS: $2.05 to $2.15 billion
Non-GAAP EPS(1): $0.83 to $0.87; up 24%-30% over
prior year second quarter
(1) Excludes amortization of intangibles or integration charges related to the acquisitions that
have closed or will close in the December quarter.
18
19. Question and Answer Session
Please feel free to contact
Avnet’s Investor Relations Personnel at:
480-643-7394
investorrelations@avnet.com
www.ir.avnet.com
19
20. Non-GAAP Results and Regulation G
Reconciliation of the Company's reported first quarter of fiscal 2007 results to the results adjusted
for debt extinguishment costs is included in the following table:
Pre-tax
Quarter ended September 30, 2006 Income Net Income Diluted EPS
(in thousands, except per share data)
GAAP results $ 99,073 $ 64,143 $ 0.44
Debt extinguishment costs 27,358 16,538 0.11
Adjusted results $ 126,431 $ 80,681 $ 0.55
20
21. Non-GAAP Results and Regulation G
Pro forma sales is defined as sales adjusted for (i) the impact of the classification of sales of
supplier service contracts on an agency (net) basis, which was effective beginning in the third
quarter of fiscal 2007, as if the net revenue accounting was applied to periods prior to the change
and (ii) the impact of certain acquisitions, including Access Distribution acquired on December 31,
2006, Azure Technologies acquired in April 2007 and Flint Distribution acquired in July 2007, to
include the sales recorded by these businesses as if the acquisitions had occurred at the
beginning of fiscal 2007. Prior period sales adjusted for these impacts are presented below:
Sales Gross to Acquisition Pro forma
as Reported Net Impact Sales Sales
(in thousands)
Q1 Fiscal 2007……………………………………………………………
$ 3,648,400 $ (95,810) $ 455,631 $ 4,008,221
Q2 Fiscal 2007……………………………………………………………
3,891,180 (118,607) 524,168 4,296,741
Q3 Fiscal 2007……………………………………………………………
3,904,262 - 21,949 3,926,211
Q4 Fiscal 2007……………………………………………………………
4,237,245 - 14,767 4,252,012
Fiscal year 2007……………………………………………………………
$ 15,681,087 $ (214,417) $ 1,016,515 $ 16,483,185
21
22. Non-GAAP Results and Regulation G
References to restructuring and other charges, debt extinguishment costs and other items and/or the exclusion thereof refer to the following charges taken in
the quarters indicated (with reference to the appropriate SEC filing in which further disclosure of these charges first appeared). All other quarters had no
such charges recorded:
Q4 FY07 – Restructuring, integration and other items amounted to a pre-tax benefit in the fourth quarter of $1.2 million, which consisted of (i) a prior year
acquisition-related benefit of $12.5 million, net of (ii) restructuring, integration and other charges of $11.3 million related to further cost-reduction
initiatives across the Company as well as Access integration-related costs. (Form 8-K filed August 8, 2007 and Form 10-K filed August 29, 2007)
Q3 FY07 – (1) Restructuring and other charges, including integration cost relating to the acquisition of Access as well as other cost reduction initiatives
amounting to $8.5 million pre-tax, $6.0 million after tax and $0.04 per share on a diluted basis, and (2) an additional gain on sales of business in the
amount of $3.0 million pre-tax, $1.8 million after tax and $0.01 per share on a diluted basis due the receipt of contingent purchase price proceeds related
to the sale of TS’ single tier businesses in the Americas. (Form 8-K filed April 26, 2007 and Form 10-Q filed May 9, 2007)
Q1FY07 – Debt extinguishment costs of $27.4 million pre-tax, $16.5 million after tax and $0.11 per share on a diluted basis associated with the
redemption of its outstanding 9¾% Notes due February 15, 2008. (Form 8-K filed October 26, 2006 and Form 10-Q filed November 8, 2006)
Q4 FY06 - (1) Restructuring and other charges, including integration costs, relating to the Memec acquisition, divestitures, and other actions amounting
to $6.8 million pre-tax, $7.3 million after tax and $0.05 per share on a diluted basis; (2) a one-time loss of $13.6 million pre-tax, $14.3 million after tax and
$0.10 per share on a diluted basis associated with the sale of two small, non-core businesses; and (3) debt extinguishment costs of $10.9 million pre-
tax, $6.6 million after tax and $0.04 per share on a diluted basis associated with the early repayment of $113.6 million of the 9 ¾% Notes due February
15, 2008. (Form 8-K filed August 9, 2006 and Form 10-K filed August 30, 2006)
Q3 FY06 – (1) Restructuring and other charges, including integration costs, relating to the Memec acquisition and other actions amounting to $17.0
million pre-tax ($1.4 million of which is included in cost of sales), $11.2 million after tax and $0.08 per share on a diluted basis; and (2) a one-time gain of
$10.9 million pre-tax, $7.3 million after tax and $0.05 per share on a diluted basis associated with the divestiture of two TS businesses (Form 8-K filed
April 27, 2006 and Form 10-Q filed May 8, 2006)
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23. Non-GAAP Results and Regulation G
References to restructuring and other charges and debt extinguishment costs and/or the exclusion thereof refer to the following charges taken in the
quarters indicated (with reference to the appropriate SEC filing in which further disclosure of these charges first appeared). All other quarters had no
such charges recorded:
Q2 FY06 – (1) Restructuring and other charges and integration costs, substantially all related to the Memec acquisition, totaling $32.4 million pre-tax
($7.5 million of which is included in cost of sales), $21.4 million after tax, and $0.14 per share on a diluted basis. (Form 8-K filed January 25, 2006
and Form 10-Q filed February 3, 2006)
Q1 FY06 – (1) Restructuring and integration costs substantially all related to the acquisition of Memec, totaling $13.8 million pre-tax, $10.0 million
after tax and $0.07 per diluted share; (2) Debt extinguishment costs associated with the repurchase of $254.1 million of the 8.00% Notes due
November 15, 2006 totaling $11.7 million pre-tax, $7.1 million after tax and $0.05 per diluted share. (Form 8-K filed October 27, 2005 and Form 10-Q
filed November 9, 2005)
Q3 FY04 – Debt extinguishment costs associated with the cash tender offer completed during the quarter for $273.4 million of the 7 7/8% notes due
February 15, 2005 totaling $16.4 million pre-tax, $14.2 million after-tax and $0.12 per diluted share (Form 8-K filed April 29, 2004 and Form 10-Q
filed May 18, 2004)
Q2 FY04 – Charges related to cost cutting initiatives and the previously announced combination of the Computer Marketing and Applied Computing
operating groups into one operating group now called Technology Solutions. These charges include severance costs, charges for consolidation of
certain owned and leased facilities, write-offs of certain capitalized IT-related initiatives and the impairment of certain owned assets in the Company's
European operations totaling $23.5 million pre-tax, $16.4 million after-tax and $0.14 per diluted share (Form 8-K filed January 29, 2004 and Form
10-Q filed February 13, 2004)
The Company occasionally refers to comparative results in both delivered dollars and constant dollars. Delivered dollars reflect the reported results
while constant dollars reflect the adjustment for fluctuations in foreign currency exchange rates between the two comparative periods.
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24. Closing Remarks
Thank you for attending.
We look forward to hosting you next quarter!
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