- Yellow Roadway Corporation reported second quarter 2004 EPS of $0.97, more than double the pro forma EPS of $0.46 from the second quarter of 2003. All business units delivered strong performance and synergy efforts were ahead of schedule.
- Consolidated revenue for the quarter was $1.67 billion, up 15% from the prior year, and operating income was $88.2 million, up 88% from the prior year.
- For the first six months of 2004, EPS was $1.35, revenue was $3.23 billion, and operating income was $129.6 million, all representing significant increases over the prior year.
Yellow Roadway Corporation reported strong financial results for the first quarter of 2004, with earnings per share of $0.38, operating revenue of $1.55 billion (up 7.7% from 2003), and operating income of $41.3 million (up 20.3% from 2003). Each of the company's business units - Yellow Transportation, Roadway Express, New Penn Motor Express, and Meridian IQ - exceeded financial targets for the quarter and saw increased revenue and improved operating results compared to the prior year. The company also updated its full-year 2004 earnings guidance to a range of $3.00 per share.
- Yellow Roadway Corporation reported strong financial results for the third quarter of 2004, with adjusted earnings per share increasing 84% compared to the third quarter of 2003.
- All of the company's operating segments achieved record revenue and operating income levels for the quarter. Yellow Transportation, Roadway Express, and New Penn Motor Express all saw revenue and profitability increases.
- For the first nine months of 2004, the company's adjusted earnings per share increased 75% from the same period in 2003, driven by revenue growth across all operating segments.
Yellow Roadway Corporation delivered a successful first year after merging Roadway Express and Yellow Transportation. In 2004, the company achieved its highest ever revenue and operating income. All business units set new records for revenue, operating income, and margins. For the fourth quarter of 2004, the company reported operating revenue of $1.77 billion, adjusted operating income of $107 million, and adjusted earnings per share of $1.24. For the full year, operating revenue was $6.77 billion and adjusted operating income was $357 million. The company expects continued strong performance in 2005 with earnings per share projected between $5.10-$5.30.
Highlights
•Revenues of CHF 2.8 billion, up 5.3% (constant currency)
•Adjusted EBITDA of CHF 554 million, up 5.3% (constant currency)
•Adjusted operating income of CHF 420 million, up 4.9% (constant currency)
•Adjusted operating margin of 15.0%, in line with H1 2013 (constant currency)
•Restructuring expense net of tax of CHF 8 million
- Occidental Petroleum reported lower net income and core earnings for Q4 2008 compared to Q4 2007, due to lower oil and gas prices and higher operating expenses. However, full year 2008 was highly profitable, with record annual earnings.
- For Q4 2008, daily oil and gas sales volumes were up slightly from the previous year, but earnings from oil and gas operations declined significantly due to lower commodity prices.
- While Q4 results suffered from market conditions, Occidental emphasized that 2008 was still a very strong year overall and that they will invest $3.5 billion in 2009 to continue growth, despite volatile prices.
Oceaneering International reported record first quarter earnings for the period ending March 31, 2009. Revenue was $435 million and net income was $44.3 million, or $0.80 per share. This was an increase from the same period in 2008 due to growth in ROV and Subsea Projects operating profits. While first quarter results exceeded guidance, earnings are expected to decline for the rest of the year relative to 2008 due to anticipated decreases in demand, though the ROV business is expected to achieve profit growth. Full year 2009 EPS guidance was raised to a range of $3.10 to $3.60.
Lesotho imports all of its fuel from South Africa as it has no domestic oil production. Five companies distribute and retail fuel which is regulated by the Lesotho Petroleum Fund on a monthly basis. Fuel prices in Lesotho are linked to international oil prices and wholesale South African prices, though the government provides some subsidies to make prices affordable locally. Between 2006-2010 fuel consumption in Lesotho grew significantly. The document forecasts a 7-8% increase in fuel prices in Lesotho through 2015 due to global oil market factors and currency exchange rates.
This presentation by OHL Brasil provides an overview of the company and its operations. It summarizes OHL Brasil's financial results showing steady growth. It also outlines the company's investments in expanding its portfolio through acquiring new concessions. Finally, it discusses challenges with operating the new federal concessions and potential future opportunities in Brazil.
Yellow Roadway Corporation reported strong financial results for the first quarter of 2004, with earnings per share of $0.38, operating revenue of $1.55 billion (up 7.7% from 2003), and operating income of $41.3 million (up 20.3% from 2003). Each of the company's business units - Yellow Transportation, Roadway Express, New Penn Motor Express, and Meridian IQ - exceeded financial targets for the quarter and saw increased revenue and improved operating results compared to the prior year. The company also updated its full-year 2004 earnings guidance to a range of $3.00 per share.
- Yellow Roadway Corporation reported strong financial results for the third quarter of 2004, with adjusted earnings per share increasing 84% compared to the third quarter of 2003.
- All of the company's operating segments achieved record revenue and operating income levels for the quarter. Yellow Transportation, Roadway Express, and New Penn Motor Express all saw revenue and profitability increases.
- For the first nine months of 2004, the company's adjusted earnings per share increased 75% from the same period in 2003, driven by revenue growth across all operating segments.
Yellow Roadway Corporation delivered a successful first year after merging Roadway Express and Yellow Transportation. In 2004, the company achieved its highest ever revenue and operating income. All business units set new records for revenue, operating income, and margins. For the fourth quarter of 2004, the company reported operating revenue of $1.77 billion, adjusted operating income of $107 million, and adjusted earnings per share of $1.24. For the full year, operating revenue was $6.77 billion and adjusted operating income was $357 million. The company expects continued strong performance in 2005 with earnings per share projected between $5.10-$5.30.
Highlights
•Revenues of CHF 2.8 billion, up 5.3% (constant currency)
•Adjusted EBITDA of CHF 554 million, up 5.3% (constant currency)
•Adjusted operating income of CHF 420 million, up 4.9% (constant currency)
•Adjusted operating margin of 15.0%, in line with H1 2013 (constant currency)
•Restructuring expense net of tax of CHF 8 million
- Occidental Petroleum reported lower net income and core earnings for Q4 2008 compared to Q4 2007, due to lower oil and gas prices and higher operating expenses. However, full year 2008 was highly profitable, with record annual earnings.
- For Q4 2008, daily oil and gas sales volumes were up slightly from the previous year, but earnings from oil and gas operations declined significantly due to lower commodity prices.
- While Q4 results suffered from market conditions, Occidental emphasized that 2008 was still a very strong year overall and that they will invest $3.5 billion in 2009 to continue growth, despite volatile prices.
Oceaneering International reported record first quarter earnings for the period ending March 31, 2009. Revenue was $435 million and net income was $44.3 million, or $0.80 per share. This was an increase from the same period in 2008 due to growth in ROV and Subsea Projects operating profits. While first quarter results exceeded guidance, earnings are expected to decline for the rest of the year relative to 2008 due to anticipated decreases in demand, though the ROV business is expected to achieve profit growth. Full year 2009 EPS guidance was raised to a range of $3.10 to $3.60.
Lesotho imports all of its fuel from South Africa as it has no domestic oil production. Five companies distribute and retail fuel which is regulated by the Lesotho Petroleum Fund on a monthly basis. Fuel prices in Lesotho are linked to international oil prices and wholesale South African prices, though the government provides some subsidies to make prices affordable locally. Between 2006-2010 fuel consumption in Lesotho grew significantly. The document forecasts a 7-8% increase in fuel prices in Lesotho through 2015 due to global oil market factors and currency exchange rates.
This presentation by OHL Brasil provides an overview of the company and its operations. It summarizes OHL Brasil's financial results showing steady growth. It also outlines the company's investments in expanding its portfolio through acquiring new concessions. Finally, it discusses challenges with operating the new federal concessions and potential future opportunities in Brazil.
The document provides an overview of Snam's 2014 financial results and March 2015 performance in the stock market and energy sector. Some key points:
- Snam reported €1.198 billion in net profit for 2014, up 30.6% from 2013. The company also proposed a dividend of €0.25 per share.
- In March, European stock markets were mixed, with Italian markets up 3.7% due to ECB bond purchases while US markets fell on a strong dollar. Oil prices also declined in March.
- Snam's stock price closed unchanged at €4.52 in March. Peer companies like Terna and Enagas also reported 2014 financial results in late February and March.
- The presentation summarizes Paragon Shipping's Q1 2013 earnings conference call. It discusses financial highlights such as revenues, EBITDA, and losses. It also provides an operational update and industry outlook.
- Paragon delivered its third Handysize newbuilding and completed a debt restructuring during Q1 2013. It transitioned to NASDAQ and has a contracted revenue backlog of $26.1 million.
- The drybulk market conditions remained challenging in Q1 2013 but signs of a recovery are expected in the future as the orderbook shrinks and demand growth continues. Paragon is well positioned to benefit from an improving market.
9h55 am-Tammy Klein Presentation_Nov2014_REVTammy Klein
Sulfur reduction and octane improvement are the primary drivers of fuel quality changes in the GCC through 2030. Key points include:
- Saudi Arabia's fuel quality roadmap in 2016 will reduce sulfur to 10 ppm and reformulate gasoline specifications.
- Kuwait and UAE are reducing sulfur limits to 10 ppm in 2018 and 2015 respectively.
- Market octane demand is expected to rise as low octane grades are phased out to meet new standards.
- The Middle East will become a net exporter of gasoline after domestic demand is met through new refining investments.
Botswana also has an expected GDP of 6% per annum and it is expected that the current fuel demand for both petrol and diesel products will increase by 44% by the end of 2025. Botswana does not have any petrol reserves on its soil and has to import all petroleum demand in refined form from South Africa.
However, the Botswana pula is stronger than the South African Rand which allows it to contain prices. Despite this, both petrol and fuel are heavily subsidised by the Botswana Government and the price of fuel in Botswana is significantly lower than in South Africa.
SQM reported its 2017 results, with revenues of $2.2 billion and EBITDA of $894 million. The company discussed forward-looking statements and associated risks. Key business lines for 2017 included lithium at 32% of revenue/60% of gross profit, iodine at 18%/19%, and industrial chemicals at 30%/7%. SQM outlined expansion plans for its lithium carbonate and hydroxide capacities in Chile by 2019. The company also provided an outlook for 2018, expecting continued lithium, iodine and potassium market growth. SQM detailed its capital expenditure framework of $517 million for 2018, ownership structure, and dividend policy for 2017 net income distribution.
This presentation summarizes Paragon Shipping Inc.'s earnings conference call for the second quarter and first six months of 2013. It includes highlights such as net revenue of $13.9 million for Q2 2013, EBITDA of $6.2 million for Q2 2013, and signing a $69 million credit facility with China Development Bank. It also provides an agenda, drybulk market overview, financial updates, and an investment summary emphasizing Paragon's financing, fleet growth, diversification, and positioning to take advantage of an expected market recovery in 2014.
StealthGas reported its 2013 second quarter results, with revenues of $30.3 million. While revenues were flat, net income declined to $5.1 million due to higher voyage costs and drydocking expenses. The company took delivery of 3 secondhand vessels and has 6 newbuildings on order as part of its fleet expansion plan. For the full year, StealthGas expects to invest $375 million to grow its fleet to approximately 50-55 vessels. The presentation outlines the company's business strategy and the positive fundamentals of the LPG shipping sector.
CF Industries had a strategically strong year in 2015. They executed on their strategy of reducing costs and maximizing prices to generate cash flow and shareholder returns. Key accomplishments included making progress on $4.6 billion in expansion projects, acquiring the remaining 50% of their UK joint venture, and entering agreements to combine with OCI NV and form a strategic venture with CHS Inc. Looking ahead to 2016, CF Industries is focused on completing their expansion projects and initiatives to deliver growth and value to shareholders.
This document provides an overview and summary of TGI's 1H 2013 results. It discusses TGI's history, financial and operating highlights, and expansion projects. TGI has a stable and growing business as the largest natural gas pipeline system in Colombia. It has a dominant market position and generates stable cash flow from long-term regulated contracts. Sizeable expansion projects are underway to increase capacity and meet growing demand.
Snam and its peers reported largely positive 1Q 2015 results. Snam's net profit increased 11% year-over-year to €325 million, driven by growth in revenue and efficiency measures. Italgas, a Snam subsidiary, acquired full control of Acam Gas. Stock markets were mostly higher in April, while the utility sector rose 0.8%, bolstered by French water companies. Oil prices significantly increased in April due to production declines and geopolitical tensions.
SQM reported strong financial results in the first half of 2017, with revenues of $2.1 billion and EBITDA of $853 million for the last twelve months. The company expects continued demand growth in its key markets of lithium, potassium nitrate, iodine and solar salts. SQM plans significant expansions across its business lines through 2018 to capitalize on these market opportunities.
- 2014 was a difficult year for AIM oil and gas companies due to falling oil prices and reduced investor appetite in the second half. The total market capitalization of AIM oil and gas companies fell 63% to £4.9 billion.
- 80% of equity fundraising occurred in the first half as financing became more difficult in the second half with declining oil prices.
- There was a noticeable decline in the average market capitalization of AIM oil and gas companies from £127 million to £50 million. The departure of four large companies, including Gulf Keystone Petroleum and Energy XXI, contributed significantly to the overall decline.
- Consolidation in the sector is expected to continue as fundraising declines
SQM is a global producer of specialty plant nutrients, iodine, lithium, and industrial chemicals. In 2015, SQM reported revenues of $1.7 billion and EBITDA of $724 million, with a 42% EBITDA margin. SQM has unique and abundant natural resources in Chile, including the world's largest deposits of nitrates and iodine. It is also the lowest cost producer of lithium globally. SQM has a solid financial position and expects higher sales volumes and capital expenditures in 2016.
Triunfo Participações e Investimentos S.A. reported its 4Q11 and full year 2011 earnings results. Key highlights included net revenue growth of 37.5% in 4Q11 and 30.7% for 2011. Traffic volume increased 7.8% in 4Q11 and 8.4% for the full year. Adjusted EBITDA grew 38.7% in 4Q11 to R$117 million and increased 13.3% for 2011 to R$352 million. Net income for 4Q11 was R$28.9 million. Capex totaled R$194.2 million in 4Q11 and R$470.2 million for the full year, primarily directed towards the Rio
YRC Worldwide reported record first quarter revenue of over $2.37 billion, a 41% increase over the previous year. While revenue grew in all segments, the quarter's results did not meet expectations. Steps have been taken to improve financial performance for the remainder of the year. Outlook forecasts full year 2006 EPS between $5.65-$5.85 and revenue of approximately $10 billion.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets. Moody's upgraded its outlook for DTE Energy to stable due to expected improvement in financial performance over the next few years.
- Yellow Roadway Corporation reported strong financial results for the second quarter of 2005, with adjusted earnings per share growing over 40% compared to the second quarter of 2004.
- All of Yellow Roadway's transportation segments, including Yellow Transportation, Roadway Express, and regional brands, achieved record quarterly revenue and operating income.
- The company expects continued growth, forecasting third quarter 2005 EPS between $1.60-$1.65 and full year 2005 EPS in the range of $5.35-$5.50.
This document provides operating statistics for three transportation companies - Yellow Transportation, Roadway Express, and New Penn Motor Express - for the first quarter of 2004 and 2003. It includes key metrics such as revenue, tonnage, shipments, and operating income for each company's less-than-truckload (LTL) and truckload (TL) segments. The statistics show that most companies experienced revenue growth between 9-17% in 2004 compared to 2003, with increases in tonnage, shipments, and revenue per unit. However, operating income declined for Roadway Express after adjusting for accounting changes.
Starbucks had a very successful fiscal year 2007, with revenue reaching $9.4 billion and net earnings of $673 million. However, the company saw slowing customer traffic in U.S. stores. In response, Starbucks' CEO Howard Schultz will lead a transformation of the company to refocus on coffee quality and the customer experience. Plans include improving U.S. stores, expanding internationally, and renewing Starbucks' heritage and innovation. Schultz is confident these steps will ensure long-term success and deliver value to customers, partners, and shareholders.
- YRC Worldwide reported record revenue and operating income for 2005, with adjusted EPS of $5.28, up 33% from 2004.
- For Q4 2005, revenue was $2.48 billion, up 40% from Q4 2004, with adjusted operating income of $152 million, up 42% from Q4 2004.
- Segment highlights included record revenue and operating income for Yellow Transportation and improved operating ratios for Roadway Express and YRC Regional Transportation.
- For 2006, the company expects EPS between $6.15-$6.30 and consolidated revenue of about $10 billion.
YRC Worldwide Inc. announced third quarter 2007 earnings results. While revenue declined compared to the previous year, operating income was $88 million. YRC National Transportation performed well with an operating ratio of 94.7%, but YRC Regional Transportation struggled with a ratio of 100.2%. In response, management changes were announced, including Mike Smid being named President of North American Transportation and Keith Lovetro replacing Jim Staley as President of YRC Regional Transportation. The company expects to reduce costs by $100 million over the next six months through performance improvements and reductions.
The document provides an overview of Snam's 2014 financial results and March 2015 performance in the stock market and energy sector. Some key points:
- Snam reported €1.198 billion in net profit for 2014, up 30.6% from 2013. The company also proposed a dividend of €0.25 per share.
- In March, European stock markets were mixed, with Italian markets up 3.7% due to ECB bond purchases while US markets fell on a strong dollar. Oil prices also declined in March.
- Snam's stock price closed unchanged at €4.52 in March. Peer companies like Terna and Enagas also reported 2014 financial results in late February and March.
- The presentation summarizes Paragon Shipping's Q1 2013 earnings conference call. It discusses financial highlights such as revenues, EBITDA, and losses. It also provides an operational update and industry outlook.
- Paragon delivered its third Handysize newbuilding and completed a debt restructuring during Q1 2013. It transitioned to NASDAQ and has a contracted revenue backlog of $26.1 million.
- The drybulk market conditions remained challenging in Q1 2013 but signs of a recovery are expected in the future as the orderbook shrinks and demand growth continues. Paragon is well positioned to benefit from an improving market.
9h55 am-Tammy Klein Presentation_Nov2014_REVTammy Klein
Sulfur reduction and octane improvement are the primary drivers of fuel quality changes in the GCC through 2030. Key points include:
- Saudi Arabia's fuel quality roadmap in 2016 will reduce sulfur to 10 ppm and reformulate gasoline specifications.
- Kuwait and UAE are reducing sulfur limits to 10 ppm in 2018 and 2015 respectively.
- Market octane demand is expected to rise as low octane grades are phased out to meet new standards.
- The Middle East will become a net exporter of gasoline after domestic demand is met through new refining investments.
Botswana also has an expected GDP of 6% per annum and it is expected that the current fuel demand for both petrol and diesel products will increase by 44% by the end of 2025. Botswana does not have any petrol reserves on its soil and has to import all petroleum demand in refined form from South Africa.
However, the Botswana pula is stronger than the South African Rand which allows it to contain prices. Despite this, both petrol and fuel are heavily subsidised by the Botswana Government and the price of fuel in Botswana is significantly lower than in South Africa.
SQM reported its 2017 results, with revenues of $2.2 billion and EBITDA of $894 million. The company discussed forward-looking statements and associated risks. Key business lines for 2017 included lithium at 32% of revenue/60% of gross profit, iodine at 18%/19%, and industrial chemicals at 30%/7%. SQM outlined expansion plans for its lithium carbonate and hydroxide capacities in Chile by 2019. The company also provided an outlook for 2018, expecting continued lithium, iodine and potassium market growth. SQM detailed its capital expenditure framework of $517 million for 2018, ownership structure, and dividend policy for 2017 net income distribution.
This presentation summarizes Paragon Shipping Inc.'s earnings conference call for the second quarter and first six months of 2013. It includes highlights such as net revenue of $13.9 million for Q2 2013, EBITDA of $6.2 million for Q2 2013, and signing a $69 million credit facility with China Development Bank. It also provides an agenda, drybulk market overview, financial updates, and an investment summary emphasizing Paragon's financing, fleet growth, diversification, and positioning to take advantage of an expected market recovery in 2014.
StealthGas reported its 2013 second quarter results, with revenues of $30.3 million. While revenues were flat, net income declined to $5.1 million due to higher voyage costs and drydocking expenses. The company took delivery of 3 secondhand vessels and has 6 newbuildings on order as part of its fleet expansion plan. For the full year, StealthGas expects to invest $375 million to grow its fleet to approximately 50-55 vessels. The presentation outlines the company's business strategy and the positive fundamentals of the LPG shipping sector.
CF Industries had a strategically strong year in 2015. They executed on their strategy of reducing costs and maximizing prices to generate cash flow and shareholder returns. Key accomplishments included making progress on $4.6 billion in expansion projects, acquiring the remaining 50% of their UK joint venture, and entering agreements to combine with OCI NV and form a strategic venture with CHS Inc. Looking ahead to 2016, CF Industries is focused on completing their expansion projects and initiatives to deliver growth and value to shareholders.
This document provides an overview and summary of TGI's 1H 2013 results. It discusses TGI's history, financial and operating highlights, and expansion projects. TGI has a stable and growing business as the largest natural gas pipeline system in Colombia. It has a dominant market position and generates stable cash flow from long-term regulated contracts. Sizeable expansion projects are underway to increase capacity and meet growing demand.
Snam and its peers reported largely positive 1Q 2015 results. Snam's net profit increased 11% year-over-year to €325 million, driven by growth in revenue and efficiency measures. Italgas, a Snam subsidiary, acquired full control of Acam Gas. Stock markets were mostly higher in April, while the utility sector rose 0.8%, bolstered by French water companies. Oil prices significantly increased in April due to production declines and geopolitical tensions.
SQM reported strong financial results in the first half of 2017, with revenues of $2.1 billion and EBITDA of $853 million for the last twelve months. The company expects continued demand growth in its key markets of lithium, potassium nitrate, iodine and solar salts. SQM plans significant expansions across its business lines through 2018 to capitalize on these market opportunities.
- 2014 was a difficult year for AIM oil and gas companies due to falling oil prices and reduced investor appetite in the second half. The total market capitalization of AIM oil and gas companies fell 63% to £4.9 billion.
- 80% of equity fundraising occurred in the first half as financing became more difficult in the second half with declining oil prices.
- There was a noticeable decline in the average market capitalization of AIM oil and gas companies from £127 million to £50 million. The departure of four large companies, including Gulf Keystone Petroleum and Energy XXI, contributed significantly to the overall decline.
- Consolidation in the sector is expected to continue as fundraising declines
SQM is a global producer of specialty plant nutrients, iodine, lithium, and industrial chemicals. In 2015, SQM reported revenues of $1.7 billion and EBITDA of $724 million, with a 42% EBITDA margin. SQM has unique and abundant natural resources in Chile, including the world's largest deposits of nitrates and iodine. It is also the lowest cost producer of lithium globally. SQM has a solid financial position and expects higher sales volumes and capital expenditures in 2016.
Triunfo Participações e Investimentos S.A. reported its 4Q11 and full year 2011 earnings results. Key highlights included net revenue growth of 37.5% in 4Q11 and 30.7% for 2011. Traffic volume increased 7.8% in 4Q11 and 8.4% for the full year. Adjusted EBITDA grew 38.7% in 4Q11 to R$117 million and increased 13.3% for 2011 to R$352 million. Net income for 4Q11 was R$28.9 million. Capex totaled R$194.2 million in 4Q11 and R$470.2 million for the full year, primarily directed towards the Rio
YRC Worldwide reported record first quarter revenue of over $2.37 billion, a 41% increase over the previous year. While revenue grew in all segments, the quarter's results did not meet expectations. Steps have been taken to improve financial performance for the remainder of the year. Outlook forecasts full year 2006 EPS between $5.65-$5.85 and revenue of approximately $10 billion.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets. Moody's upgraded its outlook for DTE Energy to stable due to expected improvement in financial performance over the next few years.
- Yellow Roadway Corporation reported strong financial results for the second quarter of 2005, with adjusted earnings per share growing over 40% compared to the second quarter of 2004.
- All of Yellow Roadway's transportation segments, including Yellow Transportation, Roadway Express, and regional brands, achieved record quarterly revenue and operating income.
- The company expects continued growth, forecasting third quarter 2005 EPS between $1.60-$1.65 and full year 2005 EPS in the range of $5.35-$5.50.
This document provides operating statistics for three transportation companies - Yellow Transportation, Roadway Express, and New Penn Motor Express - for the first quarter of 2004 and 2003. It includes key metrics such as revenue, tonnage, shipments, and operating income for each company's less-than-truckload (LTL) and truckload (TL) segments. The statistics show that most companies experienced revenue growth between 9-17% in 2004 compared to 2003, with increases in tonnage, shipments, and revenue per unit. However, operating income declined for Roadway Express after adjusting for accounting changes.
Starbucks had a very successful fiscal year 2007, with revenue reaching $9.4 billion and net earnings of $673 million. However, the company saw slowing customer traffic in U.S. stores. In response, Starbucks' CEO Howard Schultz will lead a transformation of the company to refocus on coffee quality and the customer experience. Plans include improving U.S. stores, expanding internationally, and renewing Starbucks' heritage and innovation. Schultz is confident these steps will ensure long-term success and deliver value to customers, partners, and shareholders.
- YRC Worldwide reported record revenue and operating income for 2005, with adjusted EPS of $5.28, up 33% from 2004.
- For Q4 2005, revenue was $2.48 billion, up 40% from Q4 2004, with adjusted operating income of $152 million, up 42% from Q4 2004.
- Segment highlights included record revenue and operating income for Yellow Transportation and improved operating ratios for Roadway Express and YRC Regional Transportation.
- For 2006, the company expects EPS between $6.15-$6.30 and consolidated revenue of about $10 billion.
YRC Worldwide Inc. announced third quarter 2007 earnings results. While revenue declined compared to the previous year, operating income was $88 million. YRC National Transportation performed well with an operating ratio of 94.7%, but YRC Regional Transportation struggled with a ratio of 100.2%. In response, management changes were announced, including Mike Smid being named President of North American Transportation and Keith Lovetro replacing Jim Staley as President of YRC Regional Transportation. The company expects to reduce costs by $100 million over the next six months through performance improvements and reductions.
- YRC Worldwide reported record quarterly revenue of $2.57 billion, up 3.2% from the third quarter of 2005. Adjusted quarterly earnings per share were $1.72, up 12% from the prior year.
- For the first nine months of 2006, revenue was $7.51 billion, up 20% from the same period in 2005. Adjusted diluted EPS was $4.06 compared to $3.88 the previous year.
- The company expects full year 2006 EPS between $5.45-$5.55 and revenue of approximately $10 billion.
YRC Worldwide reported a loss per share of $0.81 for the first quarter of 2008, which included reorganization charges and losses on property disposals. The company expects to earn between $0.30 to $0.40 per share in the second quarter due to actions taken to address challenges in the difficult operating environment. Key challenges included a soft economy, severe winter weather, and high fuel prices. Segment information showed revenue increases at YRC National Transportation and YRC Regional Transportation, but tonnage declines at both segments.
Yellow Roadway Corporation reported strong financial results for the first quarter of 2004, with earnings per share increasing 40.7% over the previous year. Each of the company's business units exceeded financial targets for the quarter. Total revenue increased 7.7% compared to the previous year, with operating income rising 20.3%. The company expects earnings per share between $0.70-$0.75 for the second quarter and updated full-year guidance to $3.00 per share, plus or minus 5%.
- Yellow Roadway Corporation reported strong financial results for the third quarter of 2004, with adjusted earnings per share increasing 84% compared to the third quarter of 2003.
- All of the company's operating segments achieved record revenue and operating income levels for the quarter. Yellow Transportation, Roadway Express, and New Penn Motor Express all saw revenue and profitability increases.
- For the first nine months of 2004, the company's adjusted earnings per share increased 75% from the same period in 2003, driven by revenue growth across all operating segments.
Yellow Roadway Corporation delivered a successful first year after merging Roadway Express and Yellow Transportation. In 2004, the company achieved its highest ever revenue and operating income. All business units set new records for revenue, operating income, and margins. For the fourth quarter of 2004, the company reported operating revenue of $1.77 billion, adjusted operating income of $107 million, and adjusted earnings per share of $1.24. For the full year, operating revenue was $6.77 billion and adjusted operating income was $357 million. The company expects continued strong performance in 2005 with earnings per share projected between $5.10-$5.30.
- Yellow Roadway Corporation reported strong financial results for the second quarter of 2005, with adjusted earnings per share growing over 40% compared to the second quarter of 2004.
- All of Yellow Roadway's transportation segments, including Yellow Transportation, Roadway Express, and regional brands, achieved record quarterly revenue and operating income.
- The company expects continued growth, forecasting third quarter 2005 EPS between $1.60-$1.65 and full year 2005 EPS in the range of $5.35-$5.50.
Yellow Roadway Corporation reported their highest quarterly earnings per share in company history for Q3 2005. Key highlights included:
- Yellow Transportation achieved a record quarterly operating ratio of 91.8% and revenue per hundredweight increased 7.2% year-over-year.
- Roadway Express closed the quarter with good momentum, with a 93.2% operating ratio.
- YRC Regional Transportation saw double-digit volume growth and revenue per hundredweight increased 6.0% year-over-year.
- Meridian IQ results reflected strong organic growth and expansion, with operating income increasing over 500% from the prior year quarter.
Yellow Roadway expected Q4 2005 EPS between
Yellow Roadway Corporation reported record financial results for the first quarter of 2005 across all of its business units. Revenue increased 8.1% compared to the first quarter of 2004. Adjusted operating income more than doubled. The Yellow Transportation, Roadway Express, New Penn Motor Express, and Meridian IQ segments all saw revenue and operating income growth. Yellow Roadway also provided guidance for the second quarter and full year 2005, with earnings per share expected to be between $1.25-$1.35 for the second quarter and $5.10-$5.30 for the full year. The company remains focused on integrating its pending acquisition of USF Corporation.
Yellow Roadway Corporation reported record financial results for the first quarter of 2005 across all of its business units. Revenue increased 8.1% compared to the first quarter of 2004. Adjusted operating income more than doubled. The Yellow Transportation, Roadway Express, New Penn Motor Express, and Meridian IQ segments all saw revenue and operating income growth. Yellow Roadway also provided guidance for the second quarter and full year 2005, with earnings per share expected to be between $1.25-$1.35 for the second quarter and $5.10-$5.30 for the full year. The company remains focused on integrating its pending acquisition of USF Corporation.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
YRC Worldwide reported its highest ever quarterly earnings per share of $1.62 for Q2 2006, up 16% from $1.40 in Q2 2005. Revenue increased 23% to a record $2.57 billion due to strong execution and cost initiatives. Adjusted operating income rose 28% to $177 million from $138 million. The company expects full year 2006 EPS between $5.65-$5.85 and third quarter EPS between $1.70-$1.80.
YRC Worldwide reported record first quarter revenue of over $2.37 billion, a 41% increase over the previous year. While revenue grew in all segments, the quarter's results did not meet plans. Steps have been taken to improve financial performance for the remainder of the year. Adjusted earnings per share were $0.72. An outlook for the full year and second quarter was provided.
Northrop Grumman reported financial results for the third quarter of 2006 with the following highlights:
1) Contract acquisitions increased 25% to $6.3 billion and all business segments ended with higher backlog than the previous year.
2) Sales increased 2% to $7.4 billion while segment operating margin increased 43% to $696 million.
3) Earnings per share from continuing operations rose 9% to $0.87, though this included a $0.20 per share legal provision.
3) The company provided guidance for 2006 with sales of $30.2 billion and earnings per share of $4.20 to $4.25, and provided initial guidance
A quarterly report from EQT Corporation updating investors and others on production and the company's financial postion. During 2Q13, EQT was the second company ever to hit 1 billion cubic feet per day of Marcellus Shale gas production. They also announced they will drill up 22 Upper Devonian Shale wells in 2013--a shale layer a few hundred feet above the Marcellus.
TRW Automotive Holdings Corp. reported second quarter 2006 financial results with sales of $3.5 billion, a 3% increase over the prior year. Net earnings were $91 million or $0.88 per share, compared to adjusted prior year earnings of $75 million or $0.73 per share. For the first half of 2006, sales increased 4.1% to $6.9 billion and net earnings were $138 million or $1.34 per share, compared to adjusted prior year earnings of $125 million or $1.23 per share. The company revised its full year 2006 guidance upward.
Northrop Grumman reported financial results for the second quarter of 2006, with income from continuing operations increasing 20% to $442 million compared to the second quarter of 2005. Earnings per share increased 25% to $1.26. Contract acquisitions increased 52% to $8.1 billion and the company raised its 2006 earnings per share guidance to a range of $4.35 to $4.45. Operating margins increased across most business segments, particularly at Information & Services and Ships. The company continues to expect cash from operations of $2.3-2.6 billion for 2006.
Caterpillar reported record first quarter sales and profits despite weakness in the US housing and trucking industries. Sales increased 7% to $10 billion due to strong growth outside of North America, which offset a sales decline in the US. Profits were down slightly due to higher costs but profit per share increased on stock buybacks. Caterpillar raised its full year outlook due to continued global economic growth and strength in most industries served outside of North America.
- YRC Worldwide delivered a solid fourth quarter and year despite weaker economic conditions. Consolidated 2006 revenue and operating income were the highest in the company's history.
- For the fourth quarter, revenue was $2.41 billion compared to $2.48 billion the previous year. Adjusted operating income was $113 million compared to $152 million in 2005.
- For the full year, revenue was $9.9 billion, up 13.5% from 2005. Adjusted operating income was $563 million compared to $544 million in 2005.
- YRC Worldwide delivered strong financial results for 2006 with consolidated revenue and operating income at their highest levels in company history. However, results were below expectations due to weaker economic conditions impacting the fourth quarter and outlook for 2007.
- For 2006, revenue increased 13.5% to $9.9 billion and adjusted operating income rose 3.4% to $563 million. The fourth quarter saw revenue decline 3% to $2.4 billion and adjusted operating income fall 25.7% to $113 million.
- Looking ahead to 2007, the company expects EPS between $4.70-$4.90, revenue of $10.2 billion, interest expense of $90 million, and a tax rate
Qwest reported third quarter 2004 results with improved revenue trends driven by wireline and wireless segments. Revenue increased slightly compared to last quarter but decreased year-over-year. Cost reduction initiatives expanded margins while cash from operations exceeded capital expenditures. Key growth areas like DSL subscribers and long-distance lines increased significantly.
Morgan Stanley reported strong financial results for Q3 2006, with net income up 59% and EPS up 61% compared to Q3 2005. Returns on equity also increased substantially. Revenues increased 15% to a record $8 billion for the quarter, driven by record results in several Institutional Securities businesses including fixed income sales and trading. While market conditions were challenging, Morgan Stanley achieved its best third quarter ever in revenues, net income, and EPS, demonstrating progress on its strategic plan to improve performance.
YRC Worldwide reported a loss for 2008 due to the economic recession. While losses were larger than expected, cash flow was positive. The company aims to improve performance through integrating Yellow Transportation and Roadway networks, and reducing wages. An amendment to credit facilities is expected to finalize in February to improve the company's financial position.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
This document provides an overview and summary of Power Holdings Inc.'s (PHI) various business segments. It discusses PHI's regulated electric and gas delivery business, which accounts for 67% of operating income. It also summarizes Conectiv Energy's competitive merchant generation and load service business, which accounts for 33% of operating income. Key highlights from rate cases and recent regulatory activities involving PHI's delivery businesses are also provided. The document contains forward-looking statements and non-GAAP financial measures.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
The document provides an overview of Pepco Holdings Inc.'s (PHI) various businesses including its regulated electric and gas delivery business, competitive energy generation business, and energy services business. It discusses PHI's infrastructure investment strategies, the status of major projects like the Mid-Atlantic Power Pathway, and the company's regulatory environment. Financial projections show expectations for continued investment and growth across PHI's businesses.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
This document provides an overview of Pepco Holdings' transmission and distribution business. It discusses plans to invest over $5 billion from 2007-2012 to upgrade aging infrastructure and improve reliability. A key project is the $1.05 billion Mid-Atlantic Power Pathway, a 230-mile 500kV transmission line from Northern Virginia to Southern New Jersey to be completed by 2013. The presentation outlines the project timeline, environmental stewardship efforts, and cost recovery approach through PJM and FERC. It also reviews the company's focus on replacing aging transmission equipment to further enhance reliability.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
This document provides an overview of Pepco Holdings, Inc.'s power delivery business. It discusses planned infrastructure investments totaling $4.99 billion from 2008-2012 to improve reliability, support load growth, and implement new technology. A key project is the $1.05 billion Mid-Atlantic Power Pathway transmission line. The document also reviews regulatory highlights, including recent rate cases, and outlines operational and financial summaries for the company's distribution and transmission businesses.
- Pepco Holdings held its annual meeting and provided its annual report to shareholders.
- In 2002, Pepco Holdings earned $210.5 million in consolidated earnings, or $1.61 per share. Earnings were driven by strong performance from regulated utility businesses and some competitive energy businesses.
- The letter discusses the company's strategy, leadership, and financial and operational performance across its various business segments in 2002. It also encourages shareholders to vote and continue supporting the company.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 and achieved a total shareholder return of over 22% for 2003-2004.
3) The regulated power delivery business continues as the primary focus and driver of steady cash flow. Earnings from this segment improved to $233.4 million in 2004.
4) Competitive energy businesses also posted
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals.
3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004.
4) Competitive energy businesses also posted profits in 2004 despite challenging markets
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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?
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
yrc worldwide042q_04
1. Yellow Roadway Corporation
10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6100 Fax 913 696 6116
NEWS RELEASE
July 22, 2004
Yellow Roadway Corporation Reports Second Quarter 2004 EPS of $.97
▪ Yellow Transportation posts record quarterly revenue and operating income
▪ Roadway Express achieves quarterly operating ratio of 95.3%
▪ New Penn and Meridian IQ post strong growth and operating results
OVERLAND PARK, KAN. --- Yellow Roadway Corporation (NASDAQ: YELL) today reported
second quarter 2004 earnings per share of $.97, more than double the pro forma EPS of $.46 and 56%
above reported EPS of $.62, both from the second quarter of 2003.
“All of our business units delivered outstanding second quarter performance and our synergy efforts
are ahead of schedule,” said Bill Zollars, Chairman, President and CEO of Yellow Roadway. “A great
deal of progress has been made during our first six months as Yellow Roadway Corporation, and we
still have many opportunities ahead of us.”
Yellow Roadway reported the following consolidated results for the second quarter of 2004:
▪ Operating revenue of $1.67 billion, up 15.0% from pro forma second quarter 2003 operating
revenue of $1.46 billion, and more than double second quarter 2003 reported operating revenue of
$713 million.
▪ Operating income of $88.2 million, up 88% from pro forma operating income of $46.9 million in
the second quarter of 2003 and over 2.5 times second quarter 2003 reported operating income of
$32.3 million.
For the six months ended June 30, 2004, Yellow Roadway reported the following consolidated results:
▪ Earnings per share of $1.35, up 88% compared to pro forma EPS of $.72 for the same period last
year, and substantially above reported EPS of $.80 in the second quarter of 2003.
▪ Revenue of $3.23 billion, up 11.3% from pro forma revenue of $2.90 billion in the same period of
2003, and more than double reported revenue of $1.40 billion for the same period last year.
▪ Operating income of $129.6 million, up 59% compared to pro forma operating income of $81.3
million for the same period last year, and nearly three times the reported operating income of $44.1
million for the same period in 2003.
‘Pro forma’ information provided in this release for 2003 includes reported results of both Roadway
Corporation and Yellow Corporation, as adjusted for conforming accounting policies, purchase
accounting valuations and interest expense for acquisition-related debt. Management has provided pro
forma information to more accurately compare results between periods. See the attached notes to
“Supplemental Financial Information” and “Statistical Information” for more details. Consolidated
‘reported’ information for 2003 represents the results of the former Yellow Corporation entities only.
1
2. Yellow Transportation
Second quarter 2004 compared to second quarter 2003:
▪ Revenue of $793 million, a record for Yellow Transportation quarterly revenue, which represents a
14.6% increase from $691 million in the second quarter of 2003.
▪ Less-than-truckload (LTL) revenue per day was up 13.7% from the second quarter of 2003,
primarily reflecting a 9.3% increase in LTL tonnage per day and a 4.1% increase in LTL revenue per
hundred weight (2.5% excluding fuel surcharge). LTL revenue per hundred weight, when further
adjusted for changes in weight per shipment and length of haul, was up 3.7%.
▪ Operating income of $45.7 million, up 26% from $36.4 million in the second quarter of 2003, which
included a $3.7 million pre-tax benefit for an insurance recovery. When excluding the insurance
recovery, operating income increased by nearly 40%.
▪ Operating ratio of 94.2% compared to 94.7% in last year’s second quarter.
“Yellow Transportation continues to deliver impressive results, with record levels of revenue and
operating income,” said Zollars. “In addition, their operating ratio of 94.2% is the best second quarter
operating ratio since 1989, after adjusting for property disposals.”
Six months ended June 30, 2004 compared to six months ended June 30, 2003:
▪ Revenue of $1.53 billion, up 13.0% from $1.35 billion for the same period last year.
▪ Operating income of $72.1 million, a 29% increase from $55.9 million for the same period last year.
▪ Operating ratio of 95.3% compared to 95.9% for the same period in 2003.
Roadway Express
Second quarter 2004 compared to adjusted second quarter 2003:
▪ Revenue of $768 million, up 3.5% from revenue of $742 million in the second quarter of 2003.
▪ LTL revenue per day was up 2.5% from the second quarter of 2003, resulting from a 2.0% decline in
LTL tonnage per day and a 4.6% increase in LTL revenue per hundred weight (2.7% excluding fuel
surcharge). When further adjusted for changes in weight per shipment and length of haul, LTL
revenue per hundred weight was up 5.8%.
▪ Operating income of $36.4 million, up 185% compared to operating income of $12.8 million from
the second quarter of 2003.
▪ Operating ratio of 95.3% compared to the second quarter 2003 operating ratio of 98.3%.
“The improvement in profitability at Roadway Express represents excellent performance,” Zollars said.
“The progress made in the past six months demonstrates the strong operational capabilities of the
Roadway Express team.”
Six months ended June 30, 2004 compared to adjusted six months ended June 30, 2003:
▪ Revenue of $1.49 billion, a 2.3% increase compared to $1.45 billion for the first six months of 2003.
▪ Operating income of $51.4 million, an improvement of 55% from $33.1 million in the same period
last year.
▪ Operating ratio of 96.5% compared to 97.7% for the same period in 2003.
2
3. New Penn Motor Express
Second quarter 2004 compared to adjusted second quarter 2003:
▪ Revenue of $64.3 million, up 17.6% from revenue of $54.7 million in the second quarter of 2003.
The revenue growth was primarily the result of a 15.0% increase in LTL tonnage per day and a
1.4% improvement in LTL revenue per hundred weight (0.8% excluding fuel surcharge). The
closure of a direct competitor, USF Red Star, on May 24, 2004 contributed to the strong tonnage
growth at New Penn.
▪ Operating income of $9.2 million, an 83% improvement from operating income of $5.0 million in
last year’s second quarter.
▪ Operating ratio of 85.7%, compared to 90.8% in the second quarter of 2003.
“New Penn is doing a great job integrating growth opportunities,” Zollars stated. “A second quarter
operating ratio of 85.7% is an indication of their effectiveness.”
Six months ended June 30, 2004 compared to adjusted six months ended June 30, 2003:
▪ Revenue of $120.4 million, an increase of 14.3% from revenue of $105.3 million for the same
period last year.
▪ Operating income of $14.9 million, up 120% compared to $6.8 million of operating income for the
same period of 2003.
▪ Operating ratio of 87.6% compared to 93.6% for the same period last year.
Meridian IQ
Second quarter 2004 compared to second quarter 2003:
▪ Revenue of $50.6 million, more than double the $23.2 million reported in the second quarter of
2003. The revenue increase is attributable to strong organic growth and acquisitions.
▪ Operating income of $0.6 million compared to $0.1 million in the second quarter of 2003.
“Meridian IQ continues to increase its global coverage and scale,” Zollars stated. “Their progress is
evidenced by consistent revenue growth and five consecutive quarters of profitability.”
Six months ended June 30, 2004 compared to six months ended June 30, 2003:
▪ Revenue of $96.3 million, up nearly 113% from $45.3 million for the first six months of 2003.
▪ Operating income of $1.2 million represents a significant improvement from a $0.8 million
operating loss for the same period last year.
* * * * *
The preceding disclosures for Roadway Express and New Penn Motor Express contain references to
‘adjusted’ revenue, operating income and operating ratios. Management has adjusted the 2003 results
for conforming accounting policies and the conversion to a calendar quarter to more accurately
compare operating results to the current period. See the attached notes to “Statistical Information” for
Roadway Express and New Penn Motor Express for more details related to these adjustments.
3
4. Outlook
“We expect earnings per share of $1.20 - $1.25 in the third quarter of 2004,” Zollars stated. “For the
full year, our updated earnings guidance is for $3.70 - $3.75 per share, and consolidated revenue is
expected to be $6.7 billion,” Zollars continued. “We are on track to exceed our 2004 financial
objectives based on the effective execution of our strategy, our synergy efforts and a strengthening
economy.”
On July 1, 2004, the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board
reached a tentative conclusion that companies should account for the EPS dilution from contingent
convertible notes as if the notes were converted to common shares at the time of issuance (the “if
converted” method). Currently, companies account for the potential shares when the conversion
trigger is reached.
Yellow Roadway has contingent convertible notes outstanding that are not included in its computation
of diluted earnings per share. The EITF’s tentative conclusion does not alter the attractive economics
associated with these financial instruments or the strong underlying performance of Yellow Roadway.
The Company continually evaluates its capital structure to provide optimal shareholder value, and is
analyzing alternatives that could mitigate the impact of the proposed accounting change. The third
quarter and full year 2004 earnings per share guidance provided above does not include any potential
impact of changes in accounting for contingent convertible notes.
Review of Financial Results
A teleconference review of Yellow Roadway Corporation (NASDAQ: YELL) second quarter 2004
financial results has been scheduled for July 23, 2004, beginning at 9:30 a.m. ET, 8:30 a.m. CT.
Hosting the teleconference will be: Bill Zollars-Chairman, President and CEO, Yellow Roadway
Corporation; Don Barger-Sr. Vice President and CFO, Yellow Roadway Corporation; Jim Staley-
President, Roadway Group; James Welch-President, Yellow Transportation; and Jim Ritchie-President,
Meridian IQ.
To participate, please dial 1.888.609.3912. Callers should dial in 5 to 10 minutes prior to the start of
the call.
The conference call will be webcast live via StreetEvents at www.streetevents.com and via the Yellow
Roadway Corporation Internet site www.yellowroadway.com.
An audio playback will be available beginning two hours after the call ends until midnight on July 30
by calling 1.800.642.1687 and then entering the access code, 8192788. An audio playback also will be
available for 30 days after the call via the StreetEvents and Yellow Roadway Corporation web sites.
4
5. This news release (and oral statements made regarding the subjects of this release, including on the
conference call announced herein) contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The words “expect,” “believe,” “intend,” and similar expressions are intended to
identify forward-looking statements. It is important to note that the company’s actual future results
could differ materially from those projected in such forward-looking statements because of a number
of factors, including (without limitation), inclement weather, price and availability of fuel, competitor
pricing activity, expense volatility, ability to capture cost synergies, a downturn in general or regional
economic activity, and labor relations, including (without limitation), the impact of work rules, any
obligations to multi-employer health, welfare and pension plans, wage requirements and employee
satisfaction.
*****
Yellow Roadway Corporation is one of the largest transportation service providers in the world.
Through its subsidiaries including Yellow Transportation, Roadway Express, New Penn Motor
Express, Reimer Express, Meridian IQ and Yellow Technologies, Yellow Roadway provides a wide
range of asset and non-asset-based transportation services integrated by technology. The portfolio of
brands provided through Yellow Roadway Corporation subsidiaries represents a comprehensive array
of services for the shipment of industrial, commercial and retail goods domestically and
internationally. Headquartered in Overland Park, Kansas, Yellow Roadway Corporation employs
over 50,000 people.
Analyst Contact: Stephen Bruffett
Yellow Roadway Corporation
913.696.6108
steve.bruffett@yellowroadway.com
Media Contact: Suzanne Dawson
Linden Alschuler & Kaplan
212.329.1420
sdawson@lakpr.com
5
6. CONSOLIDATED BALANCE SHEETS
Yellow Roadway Corporation and Subsidiaries
(Amounts in thousands except per share data)
(Unaudited)
June 30, December 31,
2004 2003
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 33,567 $ 75,166
Accounts receivable, net 794,278 699,142
Prepaid expenses and other 121,605 110,128
Total current assets 949,450 884,436
PROPERTY AND EQUIPMENT:
Cost 2,638,092 2,538,614
Less - accumulated depreciation 1,192,490 1,135,346
Net property and equipment 1,445,602 1,403,268
Goodwill 622,152 617,313
Intangibles, net 472,381 467,114
Other assets 83,037 91,098
Total assets $ 3,572,622 $ 3,463,229
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 270,673 $ 260,175
Wages, vacations, and employees' benefits 436,563 351,287
Other current and accrued liabilities 213,530 178,478
Asset backed securitization (quot;ABSquot;) borrowings 57,000 71,500
Current maturities of long-term debt 750 1,757
Total current liabilities 978,516 863,197
OTHER LIABILITIES:
Long-term debt, less current portion 734,624 836,082
Deferred income taxes, net 298,711 298,256
Accrued pension and postretirement 270,902 256,187
Claims and other liabilities 215,152 207,422
Total other liabilities 1,519,389 1,597,947
SHAREHOLDERS' EQUITY:
Common stock, $1 par value per share 50,455 50,146
Capital surplus 663,447 653,739
Retained earnings 431,229 366,157
Accumulated other comprehensive loss (24,542) (23,167)
Unamortized restricted stock awards (4,862) (567)
Treasury stock, at cost (2,217 and 2,359 shares) (41,010) (44,223)
Total shareholders' equity 1,074,717 1,002,085
Total liabilities and shareholders' equity $ 3,572,622 $ 3,463,229
7. STATEMENTS OF CONSOLIDATED OPERATIONS
Yellow Roadway Corporation and Subsidiaries
For the Three Months and Six Months Ended June 30
(Amounts in thousands except per share data)
(Unaudited)
Three Months Six Months
2003a 2003a
2004 2004
OPERATING REVENUE $ 1,674,131 $ 713,453 $ 3,226,266 $ 1,394,546
OPERATING EXPENSES:
Salaries, wages and employees' benefits 1,031,120 458,036 2,024,670 896,784
Operating expenses and supplies 249,128 103,908 487,485 213,851
Operating taxes and licenses 43,187 19,492 83,752 39,259
Claims and insurance 36,282 10,730 66,295 23,454
Depreciation and amortization 42,982 20,818 83,588 41,086
Purchased transportation 183,384 68,106 350,648 135,979
(Gains) losses on property disposals, net (193) 30 269 41
Total operating expenses 1,585,890 681,120 3,096,707 1,350,454
OPERATING INCOME 88,241 32,333 129,559 44,092
NONOPERATING (INCOME) EXPENSES:
Interest expense 11,497 2,625 23,407 5,271
Other 462 (343) 342 (436)
Nonoperating expenses, net 11,959 2,282 23,749 4,835
INCOME BEFORE INCOME TAXES 76,282 30,051 105,810 39,257
INCOME TAX PROVISION 29,365 11,691 40,737 15,271
NET INCOME $ 46,917 $ 18,360 $ 65,073 $ 23,986
AVERAGE SHARES OUTSTANDING-BASIC 47,958 29,586 47,885 29,585
AVERAGE SHARES OUTSTANDING-DILUTED 48,436 29,834 48,348 29,826
BASIC EARNINGS PER SHARE $ 0.98 $ 0.62 $ 1.36 $ 0.81
DILUTED EARNINGS PER SHARE $ 0.97 $ 0.62 $ 1.35 $ 0.80
Represents the reported results of the former Yellow Corporation entities only.
a
8. STATEMENTS OF CONSOLIDATED CASH FLOWS
Yellow Roadway Corporation and Subsidiaries
For the Six Months Ended June 30
(Amounts in thousands)
(Unaudited)
a
2003
2004
OPERATING ACTIVITIES:
Net income $ 65,073 $ 23,986
Noncash items included in net income:
Depreciation and amortization 83,588 41,086
Losses on property disposals, net 269 41
Deferred income tax provision, net (3,602) -
Changes in assets and liabilities, net:
Accounts receivable (85,659) (6,447)
Accounts payable (32,347) (43,706)
Other working capital items 124,498 55,861
Claims and other 18,465 (2,653)
Other, net 10,404 1,603
Net cash from operating activities 180,689 69,771
INVESTING ACTIVITIES:
Acquisition of property and equipment (107,043) (48,038)
Proceeds from disposal of property and equipment 3,728 1,204
Acquisition of companies (7,881) -
Net cash used in investing activities (111,196) (46,834)
FINANCING ACTIVITIES:
ABS borrowings, net (14,500) -
Repayment of long-term debt (100,036) (43)
Treasury stock purchases - (2,921)
Proceeds from exercise of stock options 3,444 1,124
Net cash used in financing activities (111,092) (1,840)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (41,599) 21,097
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 75,166 28,714
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 33,567 $ 49,811
Represents the reported results of the former Yellow Corporation entities only.
a
9. SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Roadway Corporation and Subsidiaries
For the Three Months and Six Months Ended June 30
(Amounts in thousands except per share data)
(Unaudited)
Three Months Six Months
2003a 2003a
2004 % 2004 %
Operating revenue:
Yellow Transportation $ 792,636 $ 691,449 14.6 $ 1,527,106 $ 1,351,574 13.0
b b
Roadway Express 768,203 1,485,341
b b
New Penn 64,318 120,422
Meridian IQ 50,640 23,185 118.4 96,310 45,268 112.8
Corporate (1,666) (1,181) (41.1) (2,913) (2,296) (26.9)
Consolidated 1,674,131 713,453 3,226,266 1,394,546
Reported operating income (loss):
Yellow Transportation 45,719 36,361 25.7 72,140 55,861 29.1
Roadway Express 36,360 51,397
New Penn 9,194 14,945
Meridian IQ 577 64 n/m 1,162 (829) n/m
c
Corporate (3,609) (4,092) 11.8 (10,085) (10,940) 7.8
Consolidated 88,241 32,333 129,559 44,092
Adjustments to operating income by segment d :
Yellow Transportation (15) 25 452 37
Roadway Express (131) (138)
New Penn (42) (47)
Meridian IQ (5) 6 2 6
- (1) - (2)
Corporate
Consolidated (193) 30 269 41
Adjusted operating income (loss):
Yellow Transportation 45,704 36,386 25.6 72,592 55,898 29.9
Roadway Express 36,229 51,259
New Penn 9,152 14,898
Meridian IQ 572 70 n/m 1,164 (823) n/m
(3,609) (4,093) (10,085) (10,942)
Corporate 11.8 7.8
Consolidated $ 88,048 $ 32,363 $ 129,828 $ 44,133
Reported operating ratio:
Yellow Transportation 94.2% 94.7% 95.3% 95.9%
Roadway Express 95.3% 96.5%
New Penn 85.7% 87.6%
Consolidated 94.7% 95.5% 96.0% 96.8%
Adjusted operating ratio:
Yellow Transportation 94.2% 94.7% 95.2% 95.9%
Roadway Express 95.3% 96.5%
New Penn 85.8% 87.6%
Consolidated 94.7% 95.5% 96.0% 96.8%
(Continued on next page)
10. Three Months Six Months
2003a 2003a
2004 2004
Reconciliation of reported net income to adjusted net income:
Reported net income $ 46,917 $ 18,360 $ 65,073 $ 23,986
(Gains) losses on property disposals (122) 18 165 25
Adjusted net income 46,795 18,378 65,238 24,011
Reconciliation of reported diluted earnings per share (EPS)
to adjusted diluted EPS:
Reported diluted EPS 0.97 0.62 1.35 0.80
(Gains) losses on property disposals - - - -
Adjusted diluted EPS 0.97 0.62 1.35 0.80
Pro forma stock option expense (after tax) e 441 552 906 1,101
Pro forma stock option impact on diluted EPS 0.01 0.02 0.02 0.04
Summarized unaudited pro forma results f:
Operating revenue $ 1,456,081 $ 2,897,444
Operating income 46,915 81,266
Income from continuing operations 21,779 34,530
Net income 21,477 34,375
Diluted earnings per share:
Income from continuing operations 0.46 0.72
Net income $ 0.45 $ 0.72
a Represents the reported results of the former Yellow Corporation entities only.
b Prior to the date of the Roadway acquisition (December 11, 2003), Roadway Express and New Penn were not included
in our reported results.
c Includes approximately $4 million for an industry conference that we host every other year.
d Management excludes these items when evaluating operating income and segment performance to more accurately compare the results of
our core operations among periods. Adjustments presented in the periods above consist entirely of property gains and losses.
e The fair value in accordance with SFAS 123, Accounting for Stock-Based Compensation, not reflected in net income.
f The unaudited pro forma information presents the combined results of operations of Yellow Roadway as if the Roadway acquisition had
occurred at the beginning of the period presented. The unaudited pro forma financial information is not intended to represent or be indicative
of the consolidated results of operations of Yellow Roadway that would have been reported had the acquisition been completed as of the date
presented and should not be taken as representative of the future consolidated results of operations of Yellow Roadway.
12. STATISTICAL INFORMATION
Roadway Express
For the Three Months Ended June 30
(Amounts in thousands except per unit data)
Three Months Amount/Workday
2004 2003 % 2004 2003 %
Workdays 64 64
Revenue:
LTL $ 700,787 $ 683,572 2.5 $ 10,949.8 $ 10,680.8 2.5
TL 63,631 55,180 15.3 994.2 862.2 15.3
Subtotal - pickup basis 764,418 738,752 3.5 11,944.0 11,543.0 3.5
Revenue recognition adjustment 3,785 3,600 5.1 59.1 56.3 5.1
a
Total $ 768,203 $ 742,352 3.5 $ 12,003.1 $ 11,599.3 3.5
Tonnage - pickup basis:
LTL 1,557 1,589 (2.0) 24.33 24.82 (2.0)
TL 374 344 8.7 5.85 5.38 8.7
Total 1,931 1,933 (0.1) 30.18 30.20 (0.1)
Shipments - pickup basis:
LTL 3,201 3,364 (4.9) 50.01 52.57 (4.9)
TL 44 42 5.3 0.69 0.66 5.3
Total 3,245 3,406 (4.7) 50.70 53.23 (4.7)
Revenue/cwt. - pickup basis:
LTL $ 22.50 $ 21.51 4.6
TL 8.50 8.01 6.1
Total 19.79 19.11 3.6
Revenue/cwt. - pickup basis:
(excluding fuel surcharge)
LTL 21.36 20.79 2.7
TL 7.81 7.65 2.1
Total 18.73 18.45 1.5
Revenue/shipment - pickup basis:
LTL 218.94 203.19 7.8
TL 1,432.26 1,307.64 9.5
Total 235.55 216.87 8.6
Operating income - as reported 36,360 11,813
b
Adjustments to operating income (131) 959
Operating income - as adjusted 36,229 12,772
a Total revenue in 2004 is presented on a reported basis. Total revenue for 2003 has been adjusted for conforming accounting policies
and the conversion to a calendar quarter.
b Adjustments to operating income primarily represent conforming accounting policies, including revenue recognition adjustments and
amortization of intangibles, and the conversion to a calendar quarter. Management has adjusted the 2003 reported results of
Roadway Express for these items to more accurately compare the results among periods. In 2004 adjustments relate to gains on the
disposal of property as detailed further in the quot;Supplemental Information.quot;
13. STATISTICAL INFORMATION
New Penn Motor Express
For the Three Months Ended June 30
(Amounts in thousands except per unit data)
Three Months Amount/Workday
2004 2003 % 2004 2003 %
Workdays 63 63
Revenue:
LTL $ 59,990 $ 51,361 16.8 $ 952.2 $ 815.3 16.8
TL 4,328 3,353 29.1 68.7 53.2 29.1
Subtotal - pickup basis 64,318 54,714 17.6 1,020.9 868.5 17.6
Revenue recognition adjustment - - - - - -
a
Total $ 64,318 $ 54,714 17.6 $ 1,020.9 $ 868.5 17.6
Tonnage - pickup basis:
LTL 238 207 15.0 3.78 3.29 15.0
TL 40 31 29.0 0.63 0.49 29.0
Total 278 238 16.8 4.41 3.78 16.8
Shipments - pickup basis:
LTL 529 469 12.8 8.40 7.44 12.8
TL 5 4 25.0 0.08 0.07 25.0
Total 534 473 12.9 8.48 7.51 12.9
Revenue/cwt. - pickup basis:
LTL $ 12.58 $ 12.41 1.4
TL 5.46 5.36 1.9
Total 11.57 11.49 0.7
Revenue/cwt. - pickup basis:
(excluding fuel surcharge)
LTL 11.91 11.81 0.8
TL 5.17 5.10 1.4
Total 10.96 10.93 0.3
Revenue/shipment - pickup basis:
LTL 113.33 109.55 3.5
TL 912.31 885.40 3.0
Total 120.43 115.77 4.0
Operating income - as reported 9,194 5,628
b
Adjustments to operating income (42) (613)
Operating income - as adjusted 9,152 5,015
a Total revenue in 2004 is presented on a reported basis. Total revenue for 2003 has been adjusted for conforming accounting
policies and the conversion to a calendar quarter.
b Adjustments to operating income primarily represent conforming accounting policies, including amortization of intangibles, and
the conversion to a calendar quarter. Management has adjusted the 2003 reported results of New Penn for these items to more
accurately compare the results among periods. In 2004 adjustments relate to gains on the disposal of property as detailed
further in the quot;Supplemental Information.quot;