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Also, only around 12% of Raytheon's aircraft sales are in Asia, and the two biggest countries there are Japan and Australia, which account for over half.
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ILFC this year (through nine months) accounts for 4% of total revenues and 6% of pretax operating income.
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(Coke's and Pepsi's shares in the drug channel are 44.4% and 33.3%, respectively.) In the larger food store channel, Coke's share fell by 100 basis points to 35.2%.
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The key driver of the company's strong revenue growth in 1Q:01 (up 17%) was an increase in Medicare revenue to 27% of total nursing-home revenue.
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Our free cash flow estimate for 2004 is now $292 million, down from $383 million.
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However, Cisco estimates the market is likely to grow to the $2 billion range by 2001 from roughly $250 million in 1999.
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Similarly, a Pathways Homecare customer generated an incremental $2-3 million in annual revenue by increasing the average number of daily home visits per nurse by 1.5 per day through increased productivity.
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FON Exhibit 1: Sprint Sum-of-The Parts Value Based on '03 Estimates.
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Going forward, GPS management plans inventory per square foot to end Q2:03 up mid-teens vs. last year and to end Q3:03 up mid-single digits vs. last year, as the business begins to anniversary last year's more normalized inventory levels.
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We have factored this into moderate reductions in our gain-on-sale assumptions and EPS estimates.
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The increases largely reflect the effect of distribution acquisitions completed in the second half of last year.
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Our view contemplates volume growth at mail order of 8% as this channel continues to gain dominance during 2006.
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We estimate that the home mortgage and home equity business accounted for roughly 20% of total revenues in 2001.
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The division is intently focused on improving the quality of its merchandise (with an expected new merchandise rollout this fall), reducing worldwide licensees (with an ultimate goal of 1,500 licensees, down from the current 2,400), and reinvigorating its stores (with two test stores currently showing positive results).
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The combination of rising feed costs and decelerating growth heading into a difficult comp environment may be setting the table for rising chicken prices, in our view.
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Also, this alliance could temper Schwab's rising acquisition costs.
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Capital expenditures in 3Q were $219 million, bringing the 9M01 total to $766 million.
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� We reiterate our Buy (2) rating on the shares, as they trade at a 6.1x enterprise value-toestimated 2002 EBITDAP multiple, a discount to our group average of 7.0x for smaller and midcap aerospace and defense companies.
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On a sequential basis, which is the way economists look at the figure, existing home sales were up 5%.
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Additionally, the company saw product strength in the V1280 and at the high-end in the Sun Fire 15K, with y/y revenue and unit growth in both.
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During 3Q02, the SG&A ratio increased 270 bps to 40.1% of sales vs. 37.4% a year ago and our projection of a 130bp increase to 38.7%.
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ASO products are generally sold to the larger employers who self-insure themselves.
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The company also generates revenues from installation services, and commissions from third-party electronic retailing and from other services, such as providing businesses with data connectivity and networked applications.
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Tampax Pearl Was a Game Changer for PG Taking a closer look at the U.S. tampon category (40.7% of total sanitary protection sales in 2005), the biggest development over the last five years has been the significant market share gains posted by PG following the hugely successful launch of Tampax Pearl in 2002.
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In Q2 2005, AIG contributed $750 million of capital into American Home.
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Quarter to date, we estimate that sellers listed 100 million items on the eBay U.S. site, down (1)% Q/Q and (7)% YoY.
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The acquisition program has also added to the portfolio of businesses from which margin improvements, through executing its 80/20 business model, are possible going forward.
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The company has executed more than ten small accretive transactions over the past few years and its track record in these deals is stellar.
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- Gross margins were 55.7% as compared with prior guidance of 58% +- couple of points.
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The 3-year plan has rather aggressive financial goals attached to their strategic ambitions.
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Gross accounts receivables, at year-end, grew by 7.1% over the prior year, a rate lower than the 8% growth of revenues.
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Block served more than 18.2 million taxpayers in the United States, Canada, Australia and the United Kingdom in fiscal (April) 1998.
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While this figure is modest, Sealed Air has the lowest level of management ownership, at 0.6%; however, we note the company has a strong financial owner, Davis Select Advisers, which owns 26.8% of the stock.
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The lower escalation appears to be responsible for about $700 million in lower revenues in 1998 and 1999 that would have dropped to the pretax profit line--a large factor in the lower guidance than the Street expected last week.
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Delphi can effect cost savings in the following areas: (1) implementation of lean manufacturing techniques; (2) improvement of labor union relations; (3) implementation of greater discipline in manufacturing decisions (fixing, selling or closing operations that are not earning the cost of capital); and (4) materials purchases.
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Q199 earnings up 7%, aided by sales growth Company repurchases 1.5 million shares in quarter Maintaining current Buy rating.
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MCI is buying EDS' network infrastructure, which should contribute about s $250 million (precisely what still being negotiated) toward paying down CP..
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As pointed out earlier, management has much bigger expectations for 2004 and beyond.
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This premium reflects the company's larger size and geographic reach, partially offset by risks associated with Wal-Mart.
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Corporate joint ventures); 3) $0.01 per share gain from the favorable impact of exchange rate movements; and 4) $0.01 per share gain from the extinguishment of liabilities established in connection with Gibraltar Life's restructuring in April 2001.
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1997 Asian financial crisis kept demand in Asia down for over two years.
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Currency could have somewhat of an incremental negative impact on these growth rates as well.
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� PBG will be launching a line of shelf-stable Tropicana juice drinks, which will compete.
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2Q02-$324 million aftertax charge ($212 million for impairment of communications assets; $24 million in severance expense; $88 million for a natural gas marketing charge and other items).
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The division's production cycle has been shortened to four months, and with a more flexible sourcing base, lead times have declined as have inventory levels (down double digit), having undergone aggressive clearance during 4Q/01.
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Potentially Four Years of Low Single Digit EPS Growth $51.75.
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Could Our Discount Rate Be Too Low? We used CAPM to derive Fannie Mae's cost of equity, which serves as the discount rate used to calculate the present value of the company's economic profits.
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SGP remains well positioned for growth driven in the near-term by continued strong performance of its cholesterol franchise and by an emerging pipeline that holds several compelling high-risk/high reward product opportunities.
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We continue to rate the shares of Allegheny Outperform..
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Asian base prices have recovered toward global levels reflecting the improved supply and demand fundamentals of that region.
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The company's new cost-cutting program could backfire.
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The company indicated that the gross profit would continue to decline due to product mix, a diverse customer channel mix shift, an increasing level of services and price competition.
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Option 2. VNO dividends out its stock ownership in ALX to VNO shareholders, while maintaining the asset and portfolio management contract.
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This compares to normal seasonality of a 17.6% sequential increase in the June quarter (based on the past five years).
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Our T&M macro buffer thesis finds incremental support.
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Although a number of scenarios for generic competition can occur, our best guess on future generic competition is 1Q99.
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The above discussion was intended to illustrate the complexity of SIAL businesses.
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We continue to believe that strong unit growth in 2004 portends supplies growth that will be flat to up in 2005.
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Operating EPS lowered to $0.08 below ours and Street estimate of $0.10.
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(4) The Replacement Cycle: We Think it Should Continue to Accelerate Quantifying the Potential Impact Technological improvements and new game introductions are the keys to driving replacement sales.
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Life insurance sales: Net sales were disappointing, declining 7%, with each of the major distribution channels contributing to the weakness.
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The revenue shortfall is in part because of the inventory reduction in distribution, and in part because of less demand from end customers.
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Its operating margins in handsets have been over 20% for the past six quarters and hit almost 25% in the fourth quarter of 2002.
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For example, the ASTEROID study demonstrated that a 50% reduction in LDL-C resulted atherosclerosis regression.
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Thermo BioAnalysis will also assume approximately $37.9 million of debt..
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Corrected Note With Slight Estimate Revisions, But Conclusion Unchanged.
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The respective EBITDA and EBITA growth rates are 26-28% and 30-32% , respectively, over pro forma combined 2000.
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Richard C. Vaughan serves as Executive Vice President and Chief Financial Officer of LNC having been appointed to his current positions in 1995 and 1992, respectively.
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Also, we believe that the company will continue to benefit as it is managed as more of a cash cow rather than as a growth vehicle.
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It will do so by addressing $6 billion of direct and indirect expenses.
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AZO's share repurchase program should help push the stock price higher at an approximate 15% annual rate over the long term.
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1997 North America sales include sales of Sterno, which was divested in 1998.
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Products in the Print Publishing group include InDesign, Illustrator, FrameMaker, PageMaker, PressReady, and Type, as well as the Design and Publishing collections..
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Sabritas, the largest snack food company in Mexico, reported volume rose 24% due to the successful Pokemon promotion and Gamesa benefited from favorable currency translation.
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Net income was 4% lower after a drop in the tax rate.
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On an overall consolidated basis, Frontier's total revenues of $646.8 million marked a slight 0.2% drop from the year-ago quarter, as well as an 4% fall sequentially.
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Specific initiatives highlighted by management include: Migrating procurement to the Internet..
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At quarter end, long-term debt represented 37% of total book capital and 20% of total market capital.
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In this comment we preview the key topics that we believe management may address at this event.
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Personal accident: Accidental death, disability and medical Health insurance: Accident and sickness insurance including hospital income, critical illness, cancer and disability Travel insurance: Business and personal Employee benefits: Voluntary AD&D, travel, occupational accident, stoploss medical and dental and vision programs Creditor insurance: Credit life, disability and unemployment.
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The company reported respectable managed loan growth of 19.1% on an annualized basis, versus July levels, ahead of projections.
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For Vision Pharma, we believe that Allergan's core franchises should perform well.
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The combined ratio will likely rise in coming quarters as the frequency trend normalizes.
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Microchip Technology develops and manufactures specialized semiconductors for various embedded control applications.
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We lowered our Office Products profit estimate from $165 million to $157 million due to lower than expected orders from a large customer.
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We still see significant expansion in EPS power to roughly $1.70-1.80 next year.
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Management also expects that the returns on the investment portfolio will likely be about 3% (excluding gains) for F2004.
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CIGNA has extended its ties to Yasuda by entering into a joint venture with the company to set up a brokerage firm that would be used to sell defined contribution pension plan services in Japan..
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Note: As of June 30, 2001, restated to reflect mergers and acquisitions (completed and pending) as of January 2001; as of year-end 2001, Wachovia reported 2,846 branches..
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The glory of this operating system software is that it allowed, in 1998, for only 2 Mb worth of local memory to handle the task of watching TV while allowing for multiple interactive multitasked applications to run.
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The remaining $6 million relates to income derived by XL's minority ownership of other insurance companies (Annuity and Life Re, FSA International, Latin American Re, Le Mans Re, and Sovereign Risk)..
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Prior to joining KO, he held marketing and sales positions at Pepsico (PEP $65.64, Not Covered) and Procter & , Gamble (PG, $61.75, Neutral).
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In 2005 Net Debt was $16B and we now project it to be around $11B after ANR transaction.
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The recent East Texas and Medicine Bow acquisitions combined should add approximately 500 billion cubic feet equivalent (Bcfe) to proved reserves, and 125 million cubic feet per day (MMcf/d) of incremental production annually.
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The Boeing Company's efforts to restore production appear to be yielding results based on the December plant output.
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Total revenue rose 12.3% with a 6.6% comp-sales increase and 6.8% overall square-footage growth.
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We believe this bodes well for margins in the March quarter.
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Abbott recently announced a five-year strategic alliance with I-Stat.
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The operating margin increased to 24% from only 17% last year.
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TI has revealed an urgency in cutting costs, and has grown its share of the DSP market through its strength in the wireless sector.
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