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however, nominal gift certificates and awards are acceptable, provided they are less than $500. incentive bonus guidelines bonus targets for eligible participants in the senior executive incentive bonus plan will be set individually and expressed as a percent of base salary as of the beginning of the fiscal year according to salary grade. if an individual s salary grade changes between the beginning and the end of the year, the bonus target may be adjusted on a prorated basis (see administrative procedures). performance measurements there are two main components used to determine the bonus payout amounts after the end of the applicable biannual payment period (see bonus payouts): the financial performance measurements and the individual performance measurements . details of these measurements are described below. - financial performance measurements the financial performance measurements consist of market share, operating margin, inventory turns, day sales outstanding, corporate return on capital employed (roce), and time to market. all plan participants will be measured on either corporate or division business measurements as described in the weighting of performance measurements section. 41 - individual performance measurements the individual performance measurement is based on the participant s performance against two to four objectives that are aligned with corporate division strategic objectives. weighting of performance measurements the annual bonus target for vice presidents and above is weighted 100% on financial performance measurements. the annual bonus target for directors is weighted 70% on financial performance measurements and 30% on individual performance measurements. these weightings are shown in the table below. the financial results used in determining financial performance are based on the participant s position and area of responsibility and will be either a corporate or division measurement. functional staff (e.g., finance, human resources, information systems and legal) within a division will be measured on the overall division s business measurements. other line or staff participants within a division may be measured on the division s business measurements which are specific to their area of responsibility (e.g., entry mac products, power books, imaging, etc.). details of the weighting of financial and individual performance measurements are as follows: financial performance measurements (1) totl totl % % mkt corp oper inv daysales time fin ind shr roce mar turns o s to perf perf mkt meas meas apple leadership team (alt) - ceo-cfo-svphr-general counsel 50% 50% 100% - wwops - head 50% 50% 100% - research development - head 50% 50% 100% - geo pres. (americas,eur,pac) 50% 50% 100% vice presidents (corp. - corporate staff - all vp s 50% 50% 100% - wwops - all vp s (2) 40% 30% 30% 100% - r d - all vp s 40% 20% 40% 100% - entertainment nm - all vp s 50% 50% 100% - geo vp s (americas,eur,pac) 50% 20% 15% 15% 100% directors sia s (corp.
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semantic
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AAPL
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1996
| 0
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https://www.sec.gov/Archives/edgar/data/320193/0000320193-96-000002.txt
| 1,024
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(americas,eur,pac) 50% 50% 100% vice presidents (corp. - corporate staff - all vp s 50% 50% 100% - wwops - all vp s (2) 40% 30% 30% 100% - r d - all vp s 40% 20% 40% 100% - entertainment nm - all vp s 50% 50% 100% - geo vp s (americas,eur,pac) 50% 20% 15% 15% 100% directors sia s (corp. - corp staff - all dirs sia s 35% 35% 70% 30% - wwops - all dirs sia s (2) 30% 20% 20% 70% 30% - r d - all dirs sia s 30% 15% 25% 70% 30% - ent nm - all dirs sia s 35% 35% 70% 30% - geo dirs sia s(amer,eur,pac) 30% 20% 10% 10% 70% 30% (1)financial performance measurements may be based on worldwide, geography, regional or functional levels depending upon the area of responsibility. for example, market share measurements will be at a worldwide, geography, regional or country level. operating margin may be at a functional level such as mac desktops or servers and technology, etc. (2)wwops will be measured on corporate or geography measurements. measurements apply to those with specific geographic responsibility (e.g. cork will use europe measurements, singapore will use pacific measurements, and fountain and sacramento will use americas measurements). any exceptions to using these financial performance measurements must be approved by the senior vice president of human resources. details of award determination: target payouts (less deductions and withholdings) will be based on the expectation of meeting financial and, if applicable, individual performance goals. if the thresholds are met, period-end payouts will be calculated in each segment as described below. 42 financial performance measurements - corporate performance measurements corporate performance measurements will be market share, return on capital employed (roce) and inventory turns. if the threshold is met, the bonus target will be multiplied by a percentage from 50% through 175% depending on corporate performance. if the threshold is not met, there will be no payout for that performance segment. - division geography performance measurements division geography performance measurements will be market share, operating margin, inventory turns, day sales outstanding, and time to market. if the threshold is met, the bonus target will be multiplied by a minimum percentage which varies by performance measurement (see payout table in each segment) through a maximum percentage of 175% depending on division geography performance. if the threshold is not met, there will be no payout for that performance segment. plan numbers and actual performance will be monitored by the worldwide planning group and the worldwide market tracking group. if for any reason there is a significant change in a division s geography s plan during the plan payment period, upon joint recommendation of human resources and worldwide planning or worldwide market tracking and with the approval of the chief executive officer, plan targets may be changed or another alternative may be implemented.
| 1
| 345,602
| 2,948
| 0.153125
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semantic
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AAPL
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/320193/0000320193-96-000002.txt
| 1,024
|
the weighted average number of shares for the six months ended december 31, 1995 and 1994 were 287,866,000 and 282,500,000 respectively. note d - as of january 1, 1996, the company had a two-for- one stock split. all per share earnings and dividends and references to common stock in this report have been retroactively restated to reflect the increased number of common shares outstanding. revenue growth in employer, brokerage and dealer services, primarily from internal sources, was 16%, 22% and 21% respectively. these growth rates also include some acquisitions in each business unit. new client sales in employer services and trading volumes in brokerage services continued to be quite strong. the primary components of other revenue are claims services, services for wholesalers, the non-employer services businesses of gsi and interest income. in addition, other revenue has been reduced to adjust for the difference between actual interest income earned on invested tax filing funds and income credited to employer services at a standard rate of 7.8 percent. the revenue from two businesses providing payroll services in europe have been reclassified from other revenue and are now included in the employer services caption along with gsi s employer services operations. pretax earnings for the quarter increased 18% from last year. pretax margins were slightly lower than the prior year as a result of lower margins associated with certain acquisitions and new products. systems development and programming investments increased to accelerate automation, migrate to new computing technologies, and develop new products. form 10q net earnings for the quarter increased 15% to $109 million. the effective tax rate of 27.7 percent was slightly higher than previous periods, primarily because of lower municipal investment balances and the estimated impact of non-deductible intangibles arising from the gsi acquisition. earnings per share for the quarter increased 15% to $.38 from $.33 last year. the company previously announced a two-for-one common stock split effective january 1, 1996. all share and per share amounts are adjusted for the split. effective november 1, 1995, adp acquired control of gsi, a leading computer services company based in paris, france. as of the close of the january 15, 1996 shareholder tender period, adp had purchased virtually 100% of gsi. gsi is the leading european provider of payroll and human resource information services. gsi also provides facilities management, banking, clearing, and other information services in europe. the financial results of gsi are included in adp s consolidated results on a one month lag. accordingly, the consolidated results for the quarter ended december 31, 1995 include gsi s operations through november 30, 1995. the gsi acquisition will dilute adp s fiscal 1996 earnings per share by 1% to 2% and add $400 million in annualized revenue. with the acquisition of gsi, we now expect revenue growth of over 20% and earnings per share growth of close to 15% for the full year. financial condition the company s financial condition and balance sheet remain exceptionally strong, and operations continue to generate a strong cash flow.
| 0
| 21,521
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semantic
|
ADP
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/8670/0000008670-96-000002.txt
| 1,024
|
accordingly, the consolidated results for the quarter ended december 31, 1995 include gsi s operations through november 30, 1995. the gsi acquisition will dilute adp s fiscal 1996 earnings per share by 1% to 2% and add $400 million in annualized revenue. with the acquisition of gsi, we now expect revenue growth of over 20% and earnings per share growth of close to 15% for the full year. financial condition the company s financial condition and balance sheet remain exceptionally strong, and operations continue to generate a strong cash flow. at december 31, 1995, the company had cash and marketable securities in excess of $1.0 billion. shareholders equity exceeded $2.2 billion and the ratio of long-term debt to equity was 18%. the gsi purchase price of approximately $460 million was funded by borrowing approximately $93 million of short- term debt ($50 million as of december 31, 1995) with the remainder coming from the company s cash and marketable securities. capital expenditures for fiscal 1996 are expected to approximate $170 million, compared to $118 million in fiscal 1995. during the quarter, adp purchased approximately 680,000 shares of common stock for treasury at an average price of about $33. the company has remaining board authorization to purchase up to 12.6 million additional shares to fund our equity related employee benefit plans. form 10q part ii. other information all items are either inapplicable or would result in negative responses and, therefore, have been omitted. form 10q signatures pursuant to the requirements of the securities exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. automatic data processing, inc. (registrant) date: february 13, 1996 s fred d. anderson, jr. fred d. anderson, jr. chief financial officer and corporate vice president (principal financial officer) (title) ex-27 2 5 1,000 6-mos jun-30-1996 dec-31-1995 238264 263300 541689 30653 33471 1229441 1266208 797760 3727522 856744 398309 31423 0 0 2217797 3727522 0 1566817 0 1286374 0 4593 14450 261400 70600 190800 0 0 0 190800 .66 .65 -----end privacy-enhanced message-----
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semantic
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ADP
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/8670/0000008670-96-000002.txt
| 1,024
|
prior to the settlement there was an outstanding liability of $62 million associated with these closed contracts. the after-tax gain related to this settlement was $41 million. 6 7 air products and chemicals, inc. and subsidiaries management s discussion and analysis first quarter fiscal 1996 vs. first quarter fiscal 1995 ----------------------------------------------------------- results of operations consolidated sales in the first quarter of fiscal 1996 of $947 million were 3% higher than in the same quarter of last year while operating income was down $2 million, or 1%, to $144 million. profits of equity affiliates increased $7 million to $16 million for the three months ended 31 december 1995. net income was $89 million, or $.80 per share, compared to net income of $87 million, or $.77 per share, in the year-ago quarter. industrial gases operating income declined due primarily to lower margins. this was offset by the strong performance of european and asian equity affiliates. chemicals operating income remained constant as broad-based margin improvement was offset by lower ammonia and methanol results. the equipment and services segment profits improved significantly. segment analysis industrial gases - sales of $551 million in the first quarter of fiscal 1996 were up 5% due primarily to higher worldwide shipments of merchant and tonnage gases. favorable european currency effects contributed 2% to the 5% sales increase. worldwide volumes rose despite unexpected u.s. tonnage customer outages. however, the rate of volume growth has slowed from previous quarters. merchant selling prices were up in the united states but declined in europe from a year-ago quarter. operating income of $103 million declined 5%. favorable european currency effects resulted in a 2% improvement in operating income versus a year ago. the decline in operating income was due to lower margins resulting from higher costs, including distribution costs, combined with lower u.s. liquid oxygen and nitrogen volumes, contract changes and expirations, and a number of key tonnage customer outages. equity affiliates income for the first quarter of fiscal 1996 was $9 million compared to $2 million in the prior year. strong performances from joint ventures in spain, italy and asia contributed to these higher results. the prior year results included a loss related to the peso devaluation in the mexican investment. 7 8 chemicals- sales in the first quarter of 1996 of $310 million decreased $14 million while operating income was comparable to the prior year at $49 million. a portion of the ammonia capacity was shut down in the second quarter of fiscal 1995 and converted to hydrogen production. this portion of ammonia capacity contributed $15 million to trade sales and $8 million to operating income in the first quarter of fiscal 1995. excluding the prior year contribution from this ammonia capacity, sales were comparable and operating income was up $8 million. this increase in operating income is due principally to broad-based margin improvement, especially in polymer chemicals. margins improved due to higher selling prices combined with lower raw material costs. partially offsetting these gains were lower volumes and lower methanol selling prices.
| 0
| 35,548
| 3,267
| 0.213718
|
semantic
|
APD
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-96-000593.txt
| 1,024
|
this portion of ammonia capacity contributed $15 million to trade sales and $8 million to operating income in the first quarter of fiscal 1995. excluding the prior year contribution from this ammonia capacity, sales were comparable and operating income was up $8 million. this increase in operating income is due principally to broad-based margin improvement, especially in polymer chemicals. margins improved due to higher selling prices combined with lower raw material costs. partially offsetting these gains were lower volumes and lower methanol selling prices. the decline in volumes was due to reduced export demand coupled with an extended customer outage. environmental and energy - sales in the first quarter of 1996 of $14 million were comparable to the prior year while operating income has declined slightly to a loss of $1 million. equity affiliates income for the first quarter of fiscal 1996 of $7 million was comparable to the prior year. equipment and services - sales of $72 million increased $14 million from the year-ago quarter while operating income was $4 million compared to a loss of $1 million. this year s results reflect a more profitable project mix and a higher level of activity. sales backlog for the equipment product line improved to $266 million at 31 december 1995 compared to $198 million at 30 september 1995, due principally to new orders for natural gas liquefaction equipment. corporate and other - the net expense of $11 million is comparable to the prior year. interest interest expense was $29 million compared to $24 million in the first quarter of fiscal 1995. the increase in expense was due primarily to a higher level of average debt outstanding. income taxes the effective tax rate on income was 32.3 percent for the quarter ended 31 december 1995 compared with 34.0 percent for the same quarter in fiscal 1995. the decrease in the effective tax rate was due principally to higher gas equity affiliate profits. liquidity and capital resources capital expenditures during the first three months of fiscal 1996 totaled $312 million compared to $199 million in the corresponding period of the prior year. additions to plant and equipment were $184 million during the first three months of fiscal 1996 versus $178 million last year. investments in unconsolidated affiliates were $127 million during the first three months of fiscal 1996 versus $20 million last year. during the first quarter of fiscal 1996, the company acquired an additional 21.5 percent of the outstanding shares of a spanish affiliate at a cost of $120 million. cash and cash items increased $8 million from $87 million at the beginning of the fiscal year to $95 million at 31 december 1995. total debt at 31 december 1995 and 30 september 1995, expressed as a percentage of the sum of total debt and shareholders equity, was 43% and 41%, respectively.
| 1
| 35,548
| 2,868
| 0.183652
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semantic
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APD
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-96-000593.txt
| 1,024
|
investments in unconsolidated affiliates were $127 million during the first three months of fiscal 1996 versus $20 million last year. during the first quarter of fiscal 1996, the company acquired an additional 21.5 percent of the outstanding shares of a spanish affiliate at a cost of $120 million. cash and cash items increased $8 million from $87 million at the beginning of the fiscal year to $95 million at 31 december 1995. total debt at 31 december 1995 and 30 september 1995, expressed as a percentage of the sum of total debt and shareholders equity, was 43% and 41%, respectively. total debt increased from $1681 million at 30 september 1995 to $1869 million at 31 december 1995. during the first quarter of fiscal 1996, the company issued $125 million of 6.6 percent medium-term notes due in fiscal 2008 to finance the acquisition of additional shares in a spanish affiliate. there was $392 million of commercial paper outstanding at 31 december 1995. domestic lines of credit totaled $400 million. additional commitments totaling $50 million are maintained by the company s foreign subsidiaries, of which $3 million was utilized at 31 december 1995. in january 1996, the company entered into a $600 million committed, multi-currency, syndicated credit facility to replace the $400 million domestic lines of credit and $34 million of the $50 million of commitments maintained by the foreign subsidiaries. at 31 december 1995, the company had an unutilized shelf registration for $245 million of medium-term notes. subsequent to 31 december 1995, the company issued $31 million of 6.25 percent medium-term notes due 2011 under this shelf registration. interest rate swap agreements are used to reduce interest rate risks and costs inherent in the company s debt portfolio. the company enters into these agreements to change the fixed variable interest rate mix of the debt portfolio to reduce the company s aggregate risk to movements in interest rates. most of these agreements change long-term fixed-rate debt to variable-rate debt. the notional principal of interest rate swap agreements outstanding at 31 december 1995 is $385 million. the fair value of the agreements is a gain of $15 million. as of 30 september 1995 interest rate swap agreements were outstanding with a notional principal amount and fair value of $488 million and a gain of $1 million, respectively. the company is also party to interest rate and currency swap contracts. these contracts effectively convert the currency denomination of a debt instrument into another currency in which the company has a net equity position while changing the interest rate characteristics of the instrument. the notional principal of interest rate and currency swap agreements outstanding at 31 december 1995 is $206 million. the fair value of the agreements is a loss of $19 million, of which $10 million has not been recognized in the financial statements. as of 30 september 1995 interest rate and currency swap agreements were outstanding with a notional principal amount and fair value of $86 million and a loss of $11 million, respectively.
| 2
| 35,548
| 3,113
| 0.139442
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semantic
|
APD
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-96-000593.txt
| 1,024
|
domestic diagnostic segment revenues of $153 million increased 2%. diagnostic segment revenue growth continues to be unfavorably impacted by cost containment initiatives in the marketplace. the company is responding to these trends by continuing the effort to develop innovative and cost effective products. international diagnostic segment revenues of $140 million increased 14%, or 11% after excluding the estimated favorable effect of foreign currency translation. strong sales growth continued in the sample collection and flow cytometry products lines in europe, japan and the asia-pacific region. this strength was partially offset by unfavorable trends related to cost containment initiatives in the infectious disease diagnostics business. the gross profit margin of 45.5 percent was over one-half of a percentage point higher than last year s first quarter rate of 44.9 percent. the improvement reflects productivity improvements and a more profitable mix of products sold as well as favorable foreign currency translation. selling and administrative expense of $182 million was 28.4 percent of revenues. this ratio is an improvement of one-half of a percentage point over last year s ratio of 28.9 percent, despite the increase in some targeted investments in sales and marketing for critical strategic initiatives and international expansion. investment of $37 million in research and development increased 6% over last year s first quarter expenditures, reflecting the funding of strategic choices made last year. operating income of $72 million increased 21% from last year s first quarter amount of $60 million. the improvement in the operating margin from 10.0 percent to 11.2 percent primarily reflects the improved gross profit margin and improved expense ratios. -7- net interest expense of $9 million was $1 million lower than last year s first quarter amount, reflecting the company s strong cash flow and reduced working capital requirements. other expense, net was $1 million which was approximately the same as last year s first quarter amount. the first quarter income tax rate was 28.0 percent, compared with last year s first quarter rate of 29.6 percent, reflecting the forecasted mix in income among tax jurisdictions. net income was $45 million compared with $34 million last year, an increase of 33%. earnings per share of $.65 increased 41% over last year s $.46, or approximately 33% after excluding the estimated $.04 favorable effect of foreign currency translation. strong growth in operating income as well as the company s continuation of the share repurchase program contributed to this favorable earnings per share growth. financial condition - ------------------- during the first quarter of 1996, cash provided by operations was $89 million, compared with $106 million during the first quarter of last year. in the first quarter of 1996, net working capital decreased $30 million reflecting the emphasis on asset management. total debt increased $15 million during the first quarter of 1996. the percentage of debt to capitalization (wherein capitalization is defined as the sum of shareholders equity, net non-current deferred income tax liabilities, and debt) was 36.5 percent, significantly lower than 40.4 percent a year ago.
| 0
| 34,262
| 3,270
| 0.193775
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semantic
|
BDX
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/10795/0000950130-96-000479.txt
| 1,024
|
results of operations for the six months ended november 30, 1995 as compared to the six months ended november 30, 1994 net sales increased 28% to $260273,000 for the six month period ended november 30, 1995, from $203086,000 for the same period last year. the company s u.s.-based revenue increased 24% to $196067,000 during the first six months, while foreign sales increased 43% to $64206,000. foreign currency exchange rates did not have a material impact on sales or earnings during the first six months. biomet s worldwide reconstructive device sales during the first six months of fiscal 1996 were $157074,000, representing a 31% increase compared to the first six months of fiscal year 1995. this increase was primarily a result of biomet s continued penetration of the reconstructive device market led by the recently introduced maxim total knee system and the inclusion of kirschner sales for the first six months. sales of ebi s products were $53488,000 for the first six months of fiscal 1996, representing a 15% increase as compared to the same period in 1995. this increase was largely attributable to increased demand for bone healing units and the continued increase in the external fixation market. the company s other products revenues totaled $49711,000, representing a 36% increase over the first six months of fiscal year 1995, primarily as a result of increased sales of lorenz products, fixation products and the inclusion of kirschner sales. cost of sales increased as a percentage of net sales from 30.9 percent for the first six months of fiscal 1995 to 32.6 percent for the first six months of fiscal 1996 due to the inclusion of kirschner sales for the period which have a lower gross profit margin and the start-up expenses associated with the ebi manufacturing facility purchased late last fiscal year. selling, general and administrative expenses increased as a percentage of net sales to 38.2 percent, compared to 36.6 percent for the first six months of last year. this includes a $1600,000 accrual for the ramos litigation as described in note 5 of the notes to consolidated financial statements, and a $1000,000 accrual for expenses in connection with the restructuring and consolidation of the operations of kirschner s reconstructive implant division. the increase in research and development expenditures during the first six months reflects biomet s commitment to remain competitive through technological advancements and to capitalize on future opportunities available within the orthopedic market. operating income rose 16% from $55292,000 for the first six months of fiscal 1995, to $63897,000 for the first six months of fiscal 1996, corresponding to the increase in net sales. other income increased $2544,000 for the first six months of fiscal year 1996 compared to the prior year s first six months due to realized gains on the sale of marketable securities and higher investment rates during the first quarter offset by accrued interest of $400000 incurred for the ramos litigation as described in note 5 of the notes to consolidated financial statements.
| 0
| 31,329
| 3,101
| 0.10241
|
semantic
|
BMET
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/351346/0000351346-96-000001.txt
| 1,024
|
operating income rose 16% from $55292,000 for the first six months of fiscal 1995, to $63897,000 for the first six months of fiscal 1996, corresponding to the increase in net sales. other income increased $2544,000 for the first six months of fiscal year 1996 compared to the prior year s first six months due to realized gains on the sale of marketable securities and higher investment rates during the first quarter offset by accrued interest of $400000 incurred for the ramos litigation as described in note 5 of the notes to consolidated financial statements. a gain of $2500,000 was realized on the sale of the company s holdings in american medical electronics, inc. in connection with the closing of the orthofix international nv and american medical electronics, inc. merger. the effective income tax rate remained constant at 37.4 percent for each of the six month periods presented. these factors resulted in a 19% increase in net income and earnings per share for the first six months of fiscal 1996 as compared to the same period in fiscal 1995, increasing from $36522,000 to $43484,000, and from $.32 to $.38, respectively. results of operations for the three months ended november 30, 1995 as compared to the three months ended november 30, 1994 net sales increased 25% to $133046,000 for the second quarter of fiscal year 1996, as compared to $106860,000 for the same period last year. operating income rose 19% from $29252,000 for the second quarter of fiscal 1995, to $34743,000 for the second quarter of fiscal 1996. during the second quarter, net income increased 17% to $22735,000 as compared to $19409,000 for the same period last year. earnings per share increased 18% from $.17 per share for the second quarter of fiscal 1995, to $.20 per share for the same period of fiscal 1996. the business factors resulting in these changes and relevant trends affecting the company s business during the periods in question are comparable to those described in the preceding discussion for the six-month period except for the three nonrecurring events which were recorded in the first quarter. other information item 1. legal proceedings. on february 9, 1990, pedro a. ramos, m.d. filed a complaint in the united states district court for the southern district of florida naming the company as a defendant. the plaintiff alleged the company infringed his patent. in april 1993, the matter was tried before judge aronovitz of the southern district of florida. judge aronovitz issued a memorandum opinion in august 1993, finding that u.s. patent no. 4,383,090 was willfully infringed. on september 10, 1993 the trial court entered a final judgment and permanent injunction in favor of dr. ramos. an amended final judgment was entered on november 30, 1993 awarding dr. ramos a permanent injunction and $6008,000. the company filed notices of appeal of the final judgment and amended final judgment on september 20, 1993 and december 13, 1993, respectively, with the court of appeals for the federal circuit.
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| 31,329
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semantic
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BMET
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1996
| 0
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https://www.sec.gov/Archives/edgar/data/351346/0000351346-96-000001.txt
| 1,024
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selling, general and administrative expenses as a percent of net sales increased to 8.98 percent during the first quarter of fiscal 1996 from 8.88 percent during the first quarter of fiscal 1995, reflecting higher expenses associated with international expansion and certain ancillary operations. 3 preopening expenses totaled $9450 or 0.22 percent of net sales during the first quarter of fiscal 1996 compared to $6991 or 0.18 percent of net sales during the first quarter of fiscal 1995. the increase in preopening expenses is primarily due to remodels and expanded fresh foods and ancillary operations at existing warehouses. interest expense totaled $17771 in the first quarter of fiscal 1996 compared to $14139 in the first quarter of fiscal 1995. the increase in interest expense is primarily related to higher average borrowings and interest rates, which include the issuance in june 1995 of $300000 of 7 1 8% senior notes. interest income and other totaled $1091 in the first quarter of fiscal 1996 compared to $1079 in the first quarter of fiscal 1995. the effective income tax rate on earnings in the first quarter of fiscal 1996 was 41.25 percent compared to 41.0 percent effective tax rate in the first quarter of fiscal 1995. the increase in the effective tax rate is related primarily to an increase in the proportion of canadian earnings which have a higher tax rate. liquidity and capital resources (dollars in thousands) expansion plans pricecostco s primary capital requirements are for financing the expansion of its united states and canadian operations and its international ventures (presently mexico, united kingdom and asia). while there can be no assurance that current expectations will be realized and plans are subject to change upon further review, during fiscal 1996 management s intention is to spend approximately $450000 to $500000 for its united states and canadian operations and approximately $50000 to $100000 for its international ventures. capital expenditures are primarily for real estate, construction, remodeling and equipment for warehouses and related operations. expansion plans for the united states and canada during fiscal 1996 are to open a net of 23 to 25 warehouse clubs, including the relocation of two to three warehouses to larger and better-located facilities and the closing of two to three unprofitable locations. the company is continuing its remodeling and expansion of fresh foods and ancillary operations and expects to dedicate approximately $110000 to $115000 to these efforts. the company expects that annual spending on remodeling activities will be reduced by one-half for the next several years, as much of the major remodel work will have been completed. international expansion plans during fiscal 1996 include opening two to three additional warehouse clubs in the united kingdom through a 60%-owned subsidiary, and to develop additional warehouse club ventures, primarily in asia. expansion will be financed with a combination of cash and cash equivalents, which totaled $45688 at september 3, 1995; net cash provided by operating activities; short-term borrowings under revolving credit facilities and or commercial paper facilities; and other financing sources as required.
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| 49,422
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semantic
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COST
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/909832/0000912057-96-000281.txt
| 1,024
|
nine months ended -------------------------------- 12 31 95 12 31 94 ------------ ------------ total interest incurred $ 51,681 $ 45,026 less financial services (21,479) (21,807) ------------ ------------ interest expense $ 30,202 $ 23,219 (e) during the quarter ended september 30, 1995, the company completed the acquisition of an equity interest in vista properties, inc. ( vista ) for approximately $85 million. vista currently owns approximately 3,300 acres of land in seven states. the land is zoned, planned or developed for single- and multi-family residential, office, retail, industrial, and other commercial uses. vista s board and management are in process of evaluating what benefits could be derived from coordinating, combining or consolidating the business activities of vista and certain of the company s subsidiaries. although these evaluations are ongoing, vista and centex have initiated planning and development work in several key residential sites within vista s portfolio and have identified commercial development opportunities in three of vista s major projects. vista has also initiated discussions with potential joint venture partners on select properties and is continuing with its marketing activities on the balance of its portfolio. in addition, vista has substantial tax loss carryforwards and other significant tax related benefits which may become partially useable in future years. (f) certain prior year balances have been reclassified to be consistent with the fiscal 1996 presentation. -8- 12 centex corporation item 2. management s discussion and analysis of results of operations and financial condition centex consolidated revenues for the quarter were $790 million, about the same as revenues of $793 million for the same quarter last year. net earnings for the quarter were $15.2 million, 16% more than $13.1 million for the same quarter a year ago. earnings per share for this year s quarter were $.52, an 18% increase over $.44 for the same quarter in fiscal 1995. for the nine months ended december 31, 1995, corporate revenues totaled $2.3 billion, 8% less than $2.5 billion for the same period last year. earnings before income taxes were $62.0 million for the period this year, 14% less than $71.8 million for the same period last year. total earnings before income taxes for the period last year, including the gain on the sale of 51% of cxp, were $131.2 million. net earnings for the current nine months were $37.6 million, 18% less than $45.9 million for the same period last year. total net earnings for the nine months last year, including the gain on the cxp sale, were $83.4 million. earnings per share for the current nine months were $1.29 compared to $1.49 last year. total earnings per share for the nine months last year, including the gain from the cxp sale, were $2.71. earnings per share for both the quarter and the nine months this year declined slightly less than net earnings for the respective periods last year due to fewer average shares outstanding in the current periods.
| 0
| 96,632
| 3,046
| 0.152893
|
semantic
|
CTX
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/818764/0000950134-96-000419.txt
| 1,024
|
total net earnings for the nine months last year, including the gain on the cxp sale, were $83.4 million. earnings per share for the current nine months were $1.29 compared to $1.49 last year. total earnings per share for the nine months last year, including the gain from the cxp sale, were $2.71. earnings per share for both the quarter and the nine months this year declined slightly less than net earnings for the respective periods last year due to fewer average shares outstanding in the current periods. during the fiscal year ended march 31, 1995, centex repurchased 3.74 million shares of its common stock, or about 12% of the shares outstanding at the beginning of its 1995 fiscal year. -10- 14 declining interest rates during the first nine months of the fiscal year has resulted in an increase in mortgage applications and originations over the same period last year. applications for the current quarter totaled 9,754, 36% higher than 7,160 applications for the same quarter last year. builder applications rose 11% while spot applications increased 45%. applications for the nine months were 32,337, up 19% from 27,110 for the same period in the prior fiscal year. builder applications rose 42% for the period while spot applications increased 14%. these increases occurred even though mortgage banking had substantially fewer offices than it had during the prior fiscal year. savings and loan revenues were $4.8 million for the quarter ended december 31, 1994 and $9.3 million for the nine months then ended. the harrah s contract was suspended on november 22, 1995 due to a bankruptcy filing by the harrah s jazz company partnership, the developer of the casino. centex and its subcontractors have claims totalling nearly $40 million against the partnership for completed but unpaid work. centex s liability to its subcontractors is for less than the total claim. centex has filed a $40 million lawsuit against harrah s entertainment, inc., parent company of the major partner in the partnership. centex believes that it and its subcontractors will ultimately recover a substantial portion of the money owed to them. centex will complete the evaluation of its recovery potential and determine what, if any, reserve provisions may be required during the quarter ending march 31, 1996. the contracting and construction services operation provided a positive average net cash flow in excess of centex s investment in the group of approximately $60 million during the current and prior year quarters. equity in earnings of affiliate (cxp) centex s 49% equity in earnings of affiliate (cxp) was $7.5 million for the current quarter, a 73% increase over $4.3 million for the same quarter a year ago. for the current nine months, centex s 49% equity in cxp totaled $21.4 million, 55% higher than $13.8 million for the same period in the prior fiscal year. centex construction products, inc. benefited during the quarter from continued strong product demand, improved operating efficiencies in its wallboard plants and stronger than expected product shipments due to unseasonably mild weather.
| 1
| 96,632
| 3,101
| 0.13247
|
semantic
|
CTX
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/818764/0000950134-96-000419.txt
| 1,024
|
in the first quarter of last year, the aggregate cash provided from operating and financing activities was used primarily to increase credit receivables and cash and cash equivalents. cash provided from financial services operating activities was $78 million in the first quarter of 1995. cash provided by financing activities totaled $316 million in 1995, resulting from a $343 million increase in total borrowings, which was partially offset by a $27 million dividend to the equipment operations. cash used for investing activities totaled $162 million in 1995, primarily due to the cost of credit receivables acquired exceeding collections. cash and cash equivalents increased $232 million during the first quarter of last year. marketable securities consist primarily of debt securities held by the insurance and health care operations in support of their obligations to policyholders. during the first quarter of 1996, marketable securities increased $26 million due to the transfer of debt securities from the held-to-maturity category to the available- for-sale category in november 1995 (see note 14) and an increase in the unrealized gain associated with all marketable securities. during the past 12 months, marketable securities have decreased $248 million primarily from the sale of the john deere life insurance company in 1995. credit receivables increased by $170 million in the first quarter of 1996 and $844 million during the past 12 months. these receivables consist of retail notes originating in connection with retail sales of new and used equipment by dealers of john deere products, retail notes from non-deere-related customers, revolving charge accounts, financing leases and wholesale notes receivable. the credit subsidiaries receivables increased during the last 12 months due to the cost of credit receivables acquired exceeding collections, which was partially offset by the sale of retail notes during the same period. total acquisitions of credit receivables were 24 percent higher in the first quarter of 1996 compared with the same period last year. this significant increase resulted from increased acquisitions of retail notes, revolving charge accounts, leases and wholesale receivables. at january 31, 1996, the levels of retail notes, revolving charge accounts, leases and wholesale receivables were all higher than one year ago. credit receivables administered by the credit subsidiaries, which include receivables previously sold, amounted to $6466 million at january 31, 1996 compared with $6526 million at october 31, 1995 and $5540 million at january 31, 1995. at january 31, 1996, the unpaid balance of all retail notes previously sold was $1051 million compared with $1278 million at october 31, 1995 and $952 million at january 31, 1995. additional sales of retail notes are expected to be made in the future. total outside interest-bearing debt of the credit subsidiaries was $4682 million at january 31, 1996 compared with $4217 million at the end of fiscal year 1995 and $4009 million at january 31, 1995. total outside borrowings increased during the first quarter of 1996 and the past 12 months, generally corresponding with the level of the credit receivable and lease portfolio financed, the level of cash and cash equivalents and the change in payables owed to the equipment operations.
| 0
| 66,707
| 3,342
| 0.108398
|
semantic
|
DE
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/315189/0000315189-96-000005.txt
| 1,024
|
employer identification no.) yes x no ------ ------ indicate the number of shares outstanding of each of the issuer s classes of common stock, as of the latest practicable date. because of the seasonal nature of the company s business, sales and earnings results for the nine months ended january 31, 1996 are not necessarily indicative of what the results will be for the full year. the consolidated balance sheet as of april 29, 1995 is derived from the audited consolidated financial statements of the company included in the company s 1995 annual report on form 10-k filed with the securities and exchange commission. reference should be made to the company s form 10-k for the year ended april 29, 1995. 2. during the third quarter, the company announced the closing of entertainment zone, a subsidiary which sold music, video and book products in departments leased from certain retailers. in connection with closing this subsidiary, the company recognized a $1.5 million pre-tax provision for realignment of operations in the third quarter of fiscal 1996, primarily related to the write-off of display fixtures. -5- handleman company ----------------- management s discussion and analysis of operations -------------------------------------------------- net sales for the third quarter ended january 31, 1996 decreased 5% to $345.6 million from $362.9 million for the third quarter last year. as a result of the lower sales level, coupled with a lower gross profit margin percentage and higher selling, general and administrative (sg a) expenses, the company s net income for the quarter ended january 31, 1996 decreased to $1.1 million or $.03 per share, from $11.1 million or $.33 per share for the third quarter last year. net income for the third quarter ended january 31, 1996 reflects a $1.5 million pre-tax charge ($.03 per share), principally related to display fixture write- offs, in connection with closing entertainment zone, a subsidiary which sold music, video and book products in departments leased from certain retailers. net sales for the first nine months of fiscal 1996 were $871.6 million, compared to $922.5 million last year, a decrease of 6%. for the first nine months of this year, the company had a net loss of $2.0 million (a loss of $.06 per share), compared to net income of $27.5 million (or income of $.82 per share) last year. music sales were $200.1 million for the third quarter this year, compared to $219.2 million for the third quarter last year, a decrease of 9%. this decrease was a result of lower sales to certain key customers resulting from customer shipment restrictions, as well as continuing softness in the retail music marketplace. compact disc sales for the third quarter this year were $137.6 million, or 69% of handleman music sales, compared to $126.0 million or 58% of music sales for the third quarter of last year. music sales for the nine months ended january 31, 1996 were $515.8 million, compared to $508.2 million for the nine months ended january 31, 1995, an increase of 1%.
| 0
| 34,151
| 3,042
| 0.174349
|
semantic
|
HDLM
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/314727/0000950131-96-001096.txt
| 1,024
|
this decrease was a result of lower sales to certain key customers resulting from customer shipment restrictions, as well as continuing softness in the retail music marketplace. compact disc sales for the third quarter this year were $137.6 million, or 69% of handleman music sales, compared to $126.0 million or 58% of music sales for the third quarter of last year. music sales for the nine months ended january 31, 1996 were $515.8 million, compared to $508.2 million for the nine months ended january 31, 1995, an increase of 1%. video sales for the third quarter this year were $111.9 million, up slightly from the $111.5 million for the third quarter of last year. for the first nine months of fiscal 1996 video sales were $264.4 million, compared to $331.4 million for the comparable period last year, a decrease of 20%. book sales were $14.8 million for the third quarter of fiscal 1996, compared to $16.1 million for the third quarter of last year, a decrease of 8%. this decrease in book sales primarily resulted from lower sales to a major customer caused by a decrease in the number of departments shipped. for the first nine months of this year, book sales were $43.8 million, compared to $46.0 million for the same period of last year, a decrease of 5%. personal computer software sales increased 17% to $18.8 million for the third quarter this year, from $16.1 million last year, principally resulting from sales growth within the existing customer base. for the first nine months of this year, personal computer software sales were $47.6 million, compared to $36.9 million for the same period of last year, an increase of 29%. north coast entertainment, inc. ( nce ), a subsidiary of handleman company, includes the company s proprietary product operations. nce sales, which are included in the results reported above, represent sales of licensed video, music and personal computer software products. nce sales (excluding entertainment zone sales in both periods) for the third quarter of fiscal 1996 were $25.2 million, compared to $18.2 million in the third quarter last year, a 38% increase. nce sales (excluding entertainment zone in both periods) for the first nine months of fiscal 1996 were $83.7 million, compared to $57.3 million for the first nine months last year, an increase of 46%. the sales increase for both the third quarter and first nine months was primarily attributable to sales from companies acquired in fiscal 1995. the company is pursuing opportunities to increase sales of proprietary products, which contribute a relatively higher gross profit margin percentage. - 6 - gross profit margin for the third quarter this year was 20.5 percent, compared to 22.6 percent for the third quarter last year. the decrease in gross profit margin percentage was primarily caused by both lower sales and reduced margin on video catalog and budget products, and the shift of music sales to higher-priced compact disc product, which carries a lower gross profit margin percentage than other music products.
| 1
| 34,151
| 3,032
| 0.194
|
semantic
|
HDLM
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/314727/0000950131-96-001096.txt
| 1,024
|
pmv zabreh holds leading market shares in both the czech and slovak republics for infant formula, sold through pharmacies under the sunar and feminar brand names. the company also increased its investment to 97% of kecskemeti konzervgyar r.t., which produces jarred baby foods and canned vegetable products in kecskemet, hungary. also contributing to the sales dollar increase were the following fiscal 1996 third quarter acquisitions: britwest ltd. in the united kingdom and fattoria scaldasole s.p.a. in italy. britwest ltd. markets single-serve condiments, beverages and sauces in britain and france. fattoria scaldasole s.p.a. processes organic foods such as yogurts, milk, dairy products and fruit juices. divestitures impacting the nine month sales comparison include a domestic bulk oil business and an overseas sweetener business. gross profit increased $347.7 million to $2409.5 million from $2061.9 million a year ago. the ratio of gross profit to sales increased to 36.6 percent from 36.4 percent. the current year s gross profit ratio was favorably impacted by cost reductions and profit mix, which more than offset the effect of increased goodwill amortization associated with recent acquisitions. operating income increased $148.6 million, or 18%, to $981.8 million from $833.3 million for the same period last year. the increase in operating income was primarily due to the sales-driven increase in gross profit, partially offset by increased marketing expenses; higher selling and distribution expenses related to increased volume; and higher general and administrative expenses associated with acquisitions. for the nine months ended january 31, 1996, domestic operations provided 56% of operating income compared to 55% in the same period last year. the weight watchers meeting business in the u.s. continues to show weakness, offset somewhat by improvements overseas. domestic classroom attendance was affected by the severe winter weather. increased competitor trade promotions adversely affected frozen entree and dinner volume. through the third quarter of fiscal 1996, heinz u.k. s results continue to show improvement over the prior year due to improved sales volumes and sales prices. 9 net interest expense increased $62.5 million to $178.5 million from $115.9 million a year ago mainly due to higher borrowings resulting from acquisitions and higher short-term interest rates. the effective tax rate for the first nine months of the current fiscal year increased to 37.3 percent from 37.0 percent for the same period a year ago. net income for the current period was $489.1 million, compared to $432.6 million for the same period last year, and earnings per share was $1.30 compared to $1.16. earnings per share amounts reflect the three-for-two stock split, which was effective october 3, 1995. results of operations three months ended january 31, 1996 and january 25, 1995 for the three months ended january 31, 1996, sales increased $239.3 million, or 12%, to $2193.1 million from $1953.9 million recorded in the same period a year ago. the sales increase came primarily from volume gains of 5%, acquisitions (net of divestitures) of 5% and price increases of 2%. foreign exchange translation rates had a negligible effect on sales.
| 0
| 51,441
| 3,262
| 0.164329
|
semantic
|
HNZ
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/46640/0000950132-96-000146.txt
| 1,024
|
earnings per share amounts reflect the three-for-two stock split, which was effective october 3, 1995. results of operations three months ended january 31, 1996 and january 25, 1995 for the three months ended january 31, 1996, sales increased $239.3 million, or 12%, to $2193.1 million from $1953.9 million recorded in the same period a year ago. the sales increase came primarily from volume gains of 5%, acquisitions (net of divestitures) of 5% and price increases of 2%. foreign exchange translation rates had a negligible effect on sales. volume increases were noted in ore-ida frozen foodservice potatoes, starkist tuna, pet food, coated products and pasta. these increases were partially offset by a decrease in frozen entrees. price increases in single-serve condiments, heinz grocery ketchup, baby food and ore-ida retail potatoes were partially offset by price decreases in pet food, starkist tuna and soups. contributing to the third quarter sales dollar increase were the following acquisitions: the pet food business; the all american gourmet company; pmv zabreh; kecskemeti konzervgyar r.t.; britwest ltd.; and fattoria scaldasole s.p.a. divestitures impacting the third quarter sales comparison include a domestic bulk oil business and an overseas sweetener business. gross profit increased $90.9 million to $812.3 million from $721.5 million a year ago. the ratio of gross profit to sales increased slightly to 37.0 percent from 36.9 percent. the current quarter s gross profit ratio was favorably impacted by cost reductions and profit mix, which more than offset the effect of increased goodwill amortization associated with recent acquisitions. operating income increased $40.1 million, or 15%, to $314.4 million from $274.4 million for the same period last year. the increase in operating income was primarily due to the sales-driven increase in gross profit, partially offset by increased marketing expenses; higher selling and distribution expenses related to increased volume; and higher general and administrative expenses associated with acquisitions. net interest expense increased $13.7 million to $60.0 million from $46.3 million in the third quarter a year ago mainly due to higher borrowings resulting from acquisitions. the effective tax rate for the third quarter was 36.2 percent versus 36.0 percent for the same period a year ago. net income for the current quarter was $156.5 million compared to $138.3 million for the same period last year, and earnings per share was $0.42 compared to $0.38. earnings per share amounts reflect the three-for-two stock split, which was effective october 3, 1995. liquidity and financial position cash provided by operating activities totaled $274.2 million for the nine month period ended january 31, 1996 compared to $286.4 million last year. higher operating earnings were offset somewhat by increased working capital requirements in the current nine month period. cash used for investing activities required $196.7 million compared to $640.9 million last year.
| 1
| 51,441
| 3,031
| 0.204148
|
semantic
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HNZ
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/46640/0000950132-96-000146.txt
| 1,024
|
earnings per share amounts reflect the three-for-two stock split, which was effective october 3, 1995. liquidity and financial position cash provided by operating activities totaled $274.2 million for the nine month period ended january 31, 1996 compared to $286.4 million last year. higher operating earnings were offset somewhat by increased working capital requirements in the current nine month period. cash used for investing activities required $196.7 million compared to $640.9 million last year. cash used for acquisitions in the current period totaled $96.5 million, primarily due to the purchase of pmv zabreh in the czech republic; the additional investment in kecskemeti konzervgyar r.t. in hungary; the purchase of britwest ltd. in the united kingdom; the purchase 10 of fattoria scaldasole s.p.a. in italy; the purchase of the craigs brand of jams and dressings from kraft general foods new zealand ltd.; and the purchase of a majority interest in indian ocean tuna ltd., located in the seychelles. cash used for acquisitions in the prior year s comparable period totaled $449.2 million and included the all american gourmet company; the family products division of glaxo india ltd.; farley s infant foods and adult nutrition business; the borden foodservice group; dega, a foodservice company located in italy; and other smaller acquisitions. investments in tax benefits provided $62.0 million compared to $15.8 million a year ago, due mainly to the termination of certain domestic investments. purchases of property, plant and equipment totaled $246.1 million compared to $210.6 million a year ago. cash used for financing activities required $40.2 million compared to providing $358.9 million last year. cash used for dividend payments totaled $283.9 million compared to $257.8 million in the prior period. cash used for treasury stock purchases decreased to $65.1 million (2.1 million shares) from $255.6 million (10.8 million shares) in the prior period. net proceeds on short-term debt provided $237.4 million versus $471.2 million in the prior year s comparable period. proceeds from long-term debt decreased to $5.6 million from the prior period total of $318.9 million, which was mainly due to the issuance of $300 million three-year 8.0 percent notes in the prior period. on september 5, 1995, the company amended the line of credit agreements which support its domestic commercial paper programs. total availability under the domestic commercial paper programs is $2.0 billion, compared to $2.3 billion under the fiscal 1995 programs. the company amended the line of credit agreements which support the $1.6 billion domestic commercial paper program. the amended line of credit agreements total $1.6 billion, of which $800 million expires on september 3, 1996 unless otherwise extended, and the remaining $800 million expires in september 2000. as a result, $800 million of the $1.5 billion domestic commercial paper outstanding is classified as long-term debt as of january 31, 1996. as of may 3, 1995, $800 million of domestic commercial paper was classified as long-term debt. the company also amended the $700 million line of credit agreement which supported its short-term privately placed commercial paper program.
| 2
| 51,441
| 3,245
| 0.136546
|
semantic
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HNZ
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/46640/0000950132-96-000146.txt
| 1,024
|
6. the company maintains a line of credit agreement with certain banks which provides for maximum borrowing of $75000,000 at adjustable interest rates. under the agreement, $75000,000 may be borrowed through may 1996, and $45000,000 may be borrowed through may 1998. as of december 31, 1995, the company had borrowed $23700,000 at a weighted average interest rate of 6.14 percent leaving an unused portion of $51300,000. under the line of credit agreement, the company must meet certain requirements regarding levels of debt, net worth and earnings. -7- 8 helmerich payne, inc. revenues and income by business segments (in thousands) fy 1996 fy 1995 1st qtr 1st qtr ------- ------- sales and other revenues: contract drilling-domestic $23020 $25488 contract drilling-internat. 33,935 22,150 ------- ------- total contract drilling division 56,955 47,638 ------- ------- exploration and production 15,460 13,471 natural gas marketing 12,786 9,479 ------- ------- total oil gas division 28,246 22,950 ------- ------- chemical division 6,158 5,951 real estate division 2,008 1,846 investment and other 1,218 1,559 ------- ------- total revenues $94585 $79944 operating profit(loss): contract drilling-domestic $ 1,915 $ 1,125 contract drilling-internat. utilization for all international rigs was 90% during the first quarter, compared with 84% during the first quarter of fiscal 1995. utilization is expected to remain strong for the remainder of the year in venezuela and colombia, but softer in other south american countries. exploration and production reported an operating profit of $4075,000 for the first quarter of fiscal 1996, compared with an operating loss of $538000 in the first quarter of fiscal 1995. the improvement in operating profit from the prior year was primarily the result of higher natural gas prices, increased production volumes and lower operating expenses. the average natural gas price increased from $1.37 per mcf in the first quarter of fiscal 1995 to $1.49 per mcf in the first quarter of fiscal 1996. production volumes increased from 78.2 mmcf day during the first quarter of 1995 to 89.3 mmcf day in the same period of 1996. reductions in depreciation and depletion, dry hole costs, and geophysical expense totaled $2756,000. a significant increase in the company s exploration activity is expected to occur in the second and third quarters, providing increased exposure to dry hole costs. both the chemical division and the real estate division had slightly higher operating profits than a year ago on increased revenues. in august 1994, the company entered into a joint venture with its equity affiliate, atwood oceanics, inc. to construct a new generation offshore platform rig for work offshore australia. the rig has been completed and is ready for shipment to australia. the rig was originally scheduled to commence operating offshore australia in early 1996, however, due to project delays in australia unrelated to the rig construction activities, the shipment of the rig to australia has been delayed until early 1997. under terms of the contract, revenues from a holding rate will commence on january 1, 1996, and will be reflected in the international contract drilling segment.
| 0
| 37,030
| 3,223
| 0.133803
|
semantic
|
HP
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/46765/0000950134-96-000377.txt
| 1,024
|
costs and expenses - cost of products sold and services as a percentage of net revenue was 64.5 percent for the first quarter of fiscal 1996, compared to 62.3 percent for the first quarter of fiscal 1995. this increase over fiscal 1995 was the result of continued competitive pricing pressures, an ongoing shift in the mix of products sold towards lower-margin, high-volume product families, and ramp-up costs for continued introductions of new products. these factors are likely to continue to cause the cost of sales ratio to trend upward in the future. operating expenses as a percentage of net revenue were 22.6 percent for the first quarter of fiscal 1996, compared to 24.9 percent for the first quarter of fiscal 1995, a decrease of 2.3 percentage points. this decrease reflects ongoing efforts to achieve expense structures appropriate for the company s changing business. operating expenses increased 15 percent for the first quarter of fiscal 1996 over the corresponding year-ago period. this increase resulted primarily from increased marketing and selling expenses, reflecting increased advertising and commissions, and research and development expenses, reflecting the company s commitment to ensuring a continuing flow of high quality products. a part of the increase is also attributable to increased employment in selected operating areas. provision for taxes - the provision for taxes as a percentage of earnings before taxes was 32.0 percent for the first quarter of fiscal 1996, compared to 34.5 percent for the first quarter of fiscal 1995. the lower tax rate resulted from changes in the geographic mix of the company s earnings and resolution of certain issues related to tax returns filed in previous years. net earnings - net earnings for the first quarter of fiscal 1996 were $790 million or $1.50 per share on an average of 526 million shares, compared to net earnings of $602 million, or $1.15 per share on an average of 524 million shares for the first quarter of fiscal 1995, as restated to reflect the retroactive effect of the march 1995 2-for-1 stock split. inventories grew 54% compared to the year-ago quarter versus revenue growth of 27% for the same period. 6 the company believes that the majority of this increase was necessary to meet increased demand and customer delivery expectations, due in part to increasing presence in the retail channel. inventory management, however, continues to be an area of focus. capital expenditures for the first three months of fiscal 1996 were $429 million, compared to $386 million for the corresponding period in the previous year. the increase in capital expenditures was primarily due to expansion of capacity for increased levels of business. the changes in investment and borrowing activities during the first three months of fiscal 1996, when compared to the same period in 1995, resulted from changes in the company s liquidity requirements to meet short-term working capital needs. under the company s ongoing stock repurchase program, shares have been purchased periodically to meet employee stock plan requirements.
| 0
| 90,056
| 3,099
| 0.124242
|
semantic
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HPQ
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/47217/0000047217-96-000008.txt
| 1,024
|
compuserve will repay certain intercompany debt from the proceeds of the initial public offering; compuserve will retain all remaining proceeds to fund accelerated investment initiatives described above. subject to developments in the company s business, its results from operations and the annual review of its dividend policy, the quarterly dividend will remain at $.32 per share. the quarterly dividend may also be affected by further review in connection with the contemplated distribution of compuserve. -8- 11 results of operations the analysis that follows should be read in conjunction with the table below and the consolidated statements of operations found on pages 2 and 3. during the first quarter of fiscal 1996, the company sold its wholly-owned subsidiary, meca software, inc., for $35 million cash, and recorded a pretax gain of $12.445 million. additionally, an impairment loss of $8.389 million was recognized related to the assets of the tax preparation software operations of the company. the operations of meca prior to the sale, the gain on the sale and the impairment loss are included in the financial services segment. prior year amounts have been reclassified to conform to current year presentation. the increase is primarily due to greater revenues reported by the computer services segment. the consolidated pretax loss for the third quarter of fiscal 1996 was $8.882 million, compared to pretax earnings of $13.102 million in the third quarter of last year. the significant change in third quarter results is due to the computer services segment and investment income, slightly offset by improved results reported by the financial services segment. the net loss was $5.471 million, or $.05 per share, compared to net earnings of $8.084 million, or $.08 per share, for the same period last year. an analysis of operations by segment follows. computer services revenues increased 31.7 percent to $203.032 million from $154.172 million in the comparable period last year, due to increases in consumer and network revenues. consumer services revenues were 31.6 percent better than last year, despite two price decreases introduced in september 1995 and february 1995. the growth in consumer revenues is due to customer acquisitions and increased usage. the number of worldwide users -9- 12 of compuserve and its licensee and distributors increased 1.6 million to 4.3 million at the end of the third quarter of fiscal 1996. network services revenues were 33.7 percent better than last year, also due to increasing usage and new customers. as of january 31, 1996, compuserve had 928 network customers, a 32.8 percent increase compared to the same date a year ago. pretax earnings decreased 46.3 percent to $22.121 million from $41.207 million in the third quarter of fiscal 1995. pretax earnings as a percentage of revenues was 10.9 percent for the third quarter of fiscal 1996, compared to 26.7 percent for the same period last year. the decrease in pretax earnings and the pretax margin resulted from the significant price decreases in february and september 1995 related to the compuserve online services.
| 0
| 83,118
| 3,132
| 0.134343
|
semantic
|
HRB
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/12659/0000950124-96-001175.txt
| 1,024
|
as of january 31, 1996, compuserve had 928 network customers, a 32.8 percent increase compared to the same date a year ago. pretax earnings decreased 46.3 percent to $22.121 million from $41.207 million in the third quarter of fiscal 1995. pretax earnings as a percentage of revenues was 10.9 percent for the third quarter of fiscal 1996, compared to 26.7 percent for the same period last year. the decrease in pretax earnings and the pretax margin resulted from the significant price decreases in february and september 1995 related to the compuserve online services. tax services revenues increased 1.6 percent to $97.581 million from $96.002 million last year, primarily due to an increase in sales of supplies to franchises in the united states. the pretax loss increased by 2.2 percent to $29.393 million from $28.762 million in the third quarter of last year, due to expected inflationary increases in employee costs and office rent. financial services revenues decreased 14.5 percent to $12.750 million from $14.911 million in the same period last year. the decrease in revenues was due to lower revenues from sales of taxcut software and the revenues of certain operations sold or transferred in may 1995. pretax earnings improved to $2.112 million from $706 thousand in the third quarter of fiscal 1995, due to lower marketing and advertising expense and lower amortization of goodwill, partially offset by higher bad debt expense. investment income net investment income decreased 94.5 percent to $227 thousand from $4.104 million last year. the decrease resulted primarily from less funds available for investment, caused by increased capital expenditures and investments in marketing and advertising, particularly related to the computer services segment, a decrease in proceeds from stock options exercised in september by seasonal employees, and interest expense incurred for corporate borrowings. corporate and administrative expenses the corporate and administrative pretax loss for the third quarter decreased 4.9 percent to $3.949 million from $4.153 million in the comparable period last year, due to lower employee benefits expense. the consolidated pretax loss decreased 34.1 percent to $8.882 million from $13.470 million for the three months ended october 31, 1995. the improvement is largely due to the tax services and financial services segments, partially offset by lower investment income and higher corporate expenses. the net loss also decreased 34.1 percent to $5.471 million, or $.05 per share, from $8.298 million, or $.08 per share, for the second quarter of fiscal 1996. an analysis of operations by segment follows. computer services revenues increased 7.8 percent to $203.032 million from $188.373 million reported in the second quarter of fiscal 1996. the increase is due to greater revenues generated by the consumer services and network services divisions. consumer services and network services revenues for the three months ended january 31, 1996 increased 6.3 percent and 7.4 percent, respectively, as compared to the second quarter of fiscal 1996. the growth in consumer services is due to customer acquisitions, partially offset by a decrease in the monthly revenue per subscriber resulting from the september 1995 price reductions.
| 1
| 83,118
| 3,277
| 0.172619
|
semantic
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1996
| 0
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https://www.sec.gov/Archives/edgar/data/12659/0000950124-96-001175.txt
| 1,024
|
computer services revenues increased 7.8 percent to $203.032 million from $188.373 million reported in the second quarter of fiscal 1996. the increase is due to greater revenues generated by the consumer services and network services divisions. consumer services and network services revenues for the three months ended january 31, 1996 increased 6.3 percent and 7.4 percent, respectively, as compared to the second quarter of fiscal 1996. the growth in consumer services is due to customer acquisitions, partially offset by a decrease in the monthly revenue per subscriber resulting from the september 1995 price reductions. the number of worldwide users of compuserve and its licensee and distributors increased 490,000 during the third quarter. the growth in network services resulted from new customers, which increased 7.5 percent during the third quarter to 928. pretax earnings increased .2% to $22.121 million from $22.072 million in the second quarter of fiscal 1996. pretax earnings as a percentage of revenues was 10.9 percent for the third quarter, compared to 11.7 percent for the second quarter of the fiscal year. the decrease in the pretax margin was caused by the price reductions implemented in september 1995 related to compuserve s consumer information service. -11- 14 tax services revenues increased to $97.581 million from $27.602 million in the second quarter of fiscal 1996. the pretax loss decreased 14.4 percent to $29.393 million from $34.351 million for the three months ended october 31, 1995. the improved results are due to the onset of the tax filing season in the united states and canada in january. financial services revenues increased 87.1 percent to $12.750 million from $6.815 million for the three months ended october 31, 1995. the increase resulted almost entirely from sales of taxcut software. tax preparation software sales are highly seasonal, and normally peak in the third and fourth quarters of the fiscal year concurrent with the tax filing season. pretax earnings were $2.112 million, compared to a pretax loss of $1.504 million for the second quarter of fiscal 1996, due to earnings related to taxcut software sales and lower marketing and advertising expense, partially offset by higher bad debt expense, both related to credit card operations. investment income net investment income decreased 92.1 percent to $227 thousand from $2.867 million for the three months ended october 31, 1995, due to the resources required to fund operations during the tax services segment s off-season, the significant marketing and capital investments made in the computer services segment and interest incurred on corporate borrowings. corporate and administrative expenses the corporate and administrative pretax loss increased 54.6 percent to $3.949 million from $2.554 million in the second quarter of fiscal 1996, resulting primarily from increased employee benefits expense and professional fees. the increase is principally due to greater revenues reported by the computer services and financial services segments, which includes the gain on the sale of meca software, inc. of $12.445 million. the consolidated pretax loss was $13.869 million, compared to pretax earnings of $6.276 million in the comparable period last year.
| 2
| 83,118
| 3,269
| 0.188247
|
semantic
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HRB
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1996
| 0
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https://www.sec.gov/Archives/edgar/data/12659/0000950124-96-001175.txt
| 1,024
|
corporate and administrative expenses the corporate and administrative pretax loss increased 54.6 percent to $3.949 million from $2.554 million in the second quarter of fiscal 1996, resulting primarily from increased employee benefits expense and professional fees. the increase is principally due to greater revenues reported by the computer services and financial services segments, which includes the gain on the sale of meca software, inc. of $12.445 million. the consolidated pretax loss was $13.869 million, compared to pretax earnings of $6.276 million in the comparable period last year. the decline in operating results is primarily due to the computer services segment and lower investment income, offset by the gain on the sale of meca software, inc. of $12.445 million and an impairment loss of $8.389 million recognized on the assets of the tax preparation software business, both of which are included in financial services. the net loss was $8.543 million, or $.08 per share, compared to net earnings of $3.872 million, or $.04 per share, for the comparable period last year. an analysis of operations by segment follows. computer services revenues increased 38.0 percent to $577.955 million from $418.699 million last year due to increases in both consumer services and network services revenues. consumer services revenues increased 45.2 percent over last year. the growth is due to the increase in customers and usage, offset by price reductions introduced in february and september 1995. the number of worldwide users of compuserve and its licensee and distributors has increased 1.6 million as compared to last year to 4.3 million. network services revenues were 33.7 percent better than last year, due to increasing usage and new customers. at january 31, 1996, network customers increased 32.8 percent as compared with the same date last year. pretax earnings decreased 19.3 percent to $88.323 million from $109.455 million last year. pretax earnings as a percentage of revenues was 15.3 percent for the nine months ended january 31, 1996, compared to 26.1 percent for the same period last year. the decrease in pretax earnings and the pretax margin resulted primarily from the two price reductions which have been implemented since january 1995. -13- 16 tax services revenues increased 1.4 percent to $135.139 million from $133.298 million last year, primarily due to higher revenues generated from australian tax operations which completed its tax filing season during the third quarter. the pretax loss increased 1.0 percent to $104.963 million from $103.874 a year earlier, due to the late mailing of w-2s by employers, which resulted in a delay in the start of the early peak in tax return preparation and electronic filing in the united states. investment income net investment income decreased 46.4 percent to $7.401 million from $13.809 million last year. the decrease resulted primarily from less funds available for investment, due to the marketing and capital investments being made in compuserve, a decrease in proceeds from seasonal stock option exercises and interest expense associated with corporate borrowings.
| 3
| 83,118
| 3,149
| 0.149284
|
semantic
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HRB
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/12659/0000950124-96-001175.txt
| 1,024
|
item 2: management s discussion and analysis of results of operations and - --------------------------------------------------------------------------- financial condition and liquidity - --------------------------------- results of operations --------------------- the discussion of the results of operations reviews the operations of the company as contained in the consolidated statements of income. operating income increased 35.2 percent to $132.1 million from $97.7 million reported in the first quarter of fiscal year 1995. earnings per share of $.47 were 23.7 percent higher than the $.38 reported in the first quarter of the prior year. alco office products alco office products (aop) generated $216 million in increased revenues in the first quarter of fiscal 1996, a 34.0 percent increase over the prior year, of which $62 million related to aop s base companies and $154 million to current and prior year acquisitions. internal revenue growth (approximately 10%) in aop s base companies continues across all revenue segments, but primarily in equipment sales, supplies and outsourcing businesses. aop expects its internal revenue growth to increase in the last three quarters of the fiscal year to yield at least a 15% internal growth rate for fiscal 1996. internal revenue growth in the first quarter was adversely affected due to an emphasis on operating income and margin improvement and not on machine placements. aop s operating income increased by $21.0 million, or 38.1 percent over the prior year. current and prior year acquisitions contributed $13.2 million. the remaining $7.8 million represents internal growth from its base companies, net of transformation costs. this growth primarily represents higher operating contributions from the equipment, supplies and outsourcing areas of aop s businesses, as well as increased operating income related to its leasing activities through alco capital resource, inc. (alco capital). alco capital contributed 11.2 percent of aop s operating income in the first quarter of fiscal 1996 compared to 10.2 percent in the first quarter of fiscal 1995. operating margins were 8.9 percent in the first quarter of fiscal 1996, compared to 8.7 percent in fiscal 1995. aop transformation the company has developed a long range strategy to transform aop. the strategy includes broadening the business into three market segments - analog, networking and outsourcing. the transformation will include consolidating administrative functions, rationalizing the supply chain, establishing new vendor alliances, developing a new information technology system, adopting a single name, developing a major national accounts program and moving to a market-place focus to strengthen local service. aop is in the early stages of this transformation, which is expected to take up to four years. unisource revenues from unisource s u.s. operations increased by $153 million, or 11.2 percent over the prior year. current and prior year acquisitions accounted for $76 million of this increase. on a quarter to quarter comparison, paper prices were up an average of 18%, while shipments were down approximately 6% due to inventory buildups throughout the industry in the latter part of fiscal 1995. paper prices have dropped significantly since september, but demand and prices are expected to recover as inventories are reduced.
| 0
| 48,639
| 3,364
| 0.146414
|
semantic
|
IKN
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/3370/0000950109-96-000801.txt
| 1,024
|
unisource revenues from unisource s u.s. operations increased by $153 million, or 11.2 percent over the prior year. current and prior year acquisitions accounted for $76 million of this increase. on a quarter to quarter comparison, paper prices were up an average of 18%, while shipments were down approximately 6% due to inventory buildups throughout the industry in the latter part of fiscal 1995. paper prices have dropped significantly since september, but demand and prices are expected to recover as inventories are reduced. supply systems volume, excluding acquisitions, was essentially flat compared to first quarter of fiscal 1995. unisource s canadian operations increased revenues by $16 million, including $4 million contributed by a 1995 acquisition. the remaining increase represents the net effect of higher pricing in fiscal 1996, offset by a reduction in shipments. operating income from unisource s u.s. operations increased $11.6 million, of which $7.7 million is from its base companies and $3.9 million is from current and prior year acquisitions. the increase in operating income from base companies was primarily due to paper price increases. the increase of $1.8 million in the canadian paper operation also reflects the positive effects of price increases. operating margins were 3.3 percent in the first quarter of fiscal 1996, compared to 2.8 percent in the first quarter of fiscal 1995. unisource restructuring during the quarter, unisource began testing its new information technology system. due to some required software modifications, unisource does not expect the system to be fully implemented until the end of 1997. unisource still expects to deliver $50 million of incremental restructuring benefits in fiscal 1996, with most of these benefits to be captured in the second half of this year. at december 31, 1995, the remaining restructuring reserve is $25.1 million. foreign operations revenues from the company s paper and office products operations outside the u.s. were $320 million for the first quarter of fiscal 1996 compared to $247 million for the same period of the prior fiscal year, an increase of 29.6 percent. aop s european operations accounted for $43 million of the increase, primarily the result of the acquisitions of a:copy (uk) plc and copymore plc in the third and fourth quarter of fiscal 1995. the increase also includes $30 million from unisource and aop canadian operations. operating income from foreign operations was $19.9 million for the three months ended december 31, 1995, up $9.9 million from the prior year, of which $7.0 million is attributable to aop s european operations. unisource and aop s canadian operations added $2.9 million of operating income to the first quarter of fiscal 1996. there was no material effect of foreign currency exchange rate fluctuations on the results of operations during the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995. acquisitions in the first quarter of fiscal 1996, aop completed 24 acquisitions with annualized revenues of $137 million. in addition, aop announced two strategic acquisitions with combined annualized revenues of $225 million - legal copies international (lci) and cdp imaging systems (cdp).
| 1
| 48,639
| 3,245
| 0.15286
|
semantic
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IKN
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/3370/0000950109-96-000801.txt
| 1,024
|
121, accounting for the impairment of long-lived assets and long- lived assets to be disposed of in the first quarter of fiscal 1997. it is not expected to have a material effect on the financial statements. financial condition and liquidity --------------------------------- the company s cash usage from operating activities is the result of increased working capital, primarily due to inventory buildups. unisource s inventory buildup is primarily a result of decreased sales volume during the quarter. aop s inventory increase is a result of restocking after strong fourth quarter 1995 sales and continued growth in the oce product line. other major cash usages for the quarter include acquisitions, capital expenditures and dividends. these cash usages in the first quarter were funded by cash flow from operations and increased debt. debt, excluding finance subsidiaries, was $925 million at december 31, 1995, an increase of $293 million from the company s debt balance at september 30, 1995 of $632 million. in november 1995, the company filed a shelf registration with the sec under which it may issue up to $750 million of debt or equity securities. on december 11, 1995, the company issued $300 million of 30 year bonds with a stated interest rate of 6.75 percent to the public at a discount price of 98.48 percent under this shelf. the proceeds were used to repay short term borrowings. the company had a total of $600 million in bank credit commitments as of december 31, 1995. short term borrowings supported by these facilities totaled $89 million leaving $511 million unused and available. at december 31, 1995, debt as a percentage of capitalization was 32.6 percent and the current ratio was 1.9 to 1. the company also filed a shelf registration for 10 million shares of common stock in december 1995. shares issued under this shelf will be used exclusively for acquisitions. the company estimates that total cash expenditures in connection with the unisource restructuring plan will amount to $143 million. in addition to the $112 million spent through fiscal 1995, $14 million was expended in the first quarter of fiscal 1996, totaling $126 million spent to date. unisource anticipates spending an additional $17 million during the remainder of fiscal 1996. the remaining commitment under unisource s $300 million 10 year information technology outsourcing agreement, which was effective january 1, 1994, is $206 million at december 31, 1995. the foregoing commitments are anticipated to be funded from unisource s operating cash flow. finance subsidiaries debt grew by $91 million from september 30, 1995, as a result of increased leasing activity. during the three months ended december 31, 1995, alco capital issued an additional $120 million under its medium term notes program. at december 31, 1995, $722 million of medium term notes were outstanding with a weighted interest rate of 6.8 percent, leaving $778 million available under this program.
| 2
| 48,639
| 2,972
| 0.113684
|
semantic
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IKN
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/3370/0000950109-96-000801.txt
| 1,024
|
meredith corporation net earnings for the quarter ended december 31, 1995 were $16078,000 (57 cents per share) versus $8919,000 (32 cents per share) in the prior-year quarter. for the six months ended december 31, 1995, net earnings were $24870,000 (88 cents per share) compared to a loss of $26569,000 (96 cents per share) in the prior-year period. results for the six months ended december 31, 1994 included a non-cash charge for the cumulative effect of a change in accounting principle (related to subscription acquisition costs) of $46160,000 ($1.67 per share). the six months ended december 31, 1995 and the quarter and six months ended december 31, 1994 also include losses from cable operations which were classified as discontinued operations effective september 30, 1995. management expects the cable properties to be sold within twelve months of that date and to record a net gain on the sale. therefore, net losses of the cable operations for the quarter ended december 31, 1995 have been deferred until the disposal date. earnings from continuing operations were $16078,000 (57 cents per share) and $10482,000 (38 cents per share) for the quarters ended december 31, 1995 and 1994, respectively. earnings from continuing operations for the comparative six-month periods were $25587,000 (91 cents per share) in fiscal 1996 and $22763,000 (82 cents per share) in fiscal 1995. earnings for the quarter and six months ended december 31, 1995 included a post-tax gain of $3379,000 (12 cents per share) on the disposition of three of the company s book clubs. earnings for the six months ended december 31, 1994 included $4747,000 (17 cents per share) for the post-tax impact of irs interest income. excluding these one-time items, comparable quarterly earnings were $12699,000 (45 cents per share) in fiscal 1996, an 18 percent per-share increase from comparable prior-year second quarter earnings of $10482,000 (38 cents per share). comparable earnings for the six-month periods were $22208,000 (79 cents per share) in fiscal 1996, a 22 percent per-share increase from the prior-year six months earnings of $18016,000 (65 cents per share). improvements in the company s publishing and broadcasting operations were the biggest factors in these increases. - 12 - in december 1995, a gain of $5898,000 ($3379,000 post-tax or 12 cents per share) was recorded on the sale of the better homes and gardens crafts club, better homes and gardens cook book club and country homes and gardens book club. all other book club operations have been discontinued. in the second half of fiscal 1996, consumer book revenues are expected to decline by more than 50 percent from the prior year due to the sale and the company s previously announced strategic alliance with the reader s digest association, inc. which is currently in the testing phase. the effect on operating profits in the fiscal 1996 second half from these events is expected to be immaterial.
| 0
| 56,336
| 2,951
| 0.15021
|
semantic
|
MDP
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/65011/0000065011-96-000002.txt
| 1,024
|
higher levels of pc shipments was the principal driver of increased revenues through the oem channel. revenues in the u.s. and canada were $632 million in the second quarter of 1996 compared to $491 million in 1995. revenues in the first half of 1996 were $1.38 billion, compared to $914 million recorded last year. the increase in revenues of 51% for the first two quarters primarily reflects the release of new versions of windows 95 and 32-bit versions of desktop applications, particularly microsoft office for windows 95. revenues in europe were $569 million in the second quarter of 1996 compared to $399 million the prior year. european revenues were $995 million in the first half of 1996 compared to $688 million the prior year, an increase of 45%. revenues in europe benefited greatly by the release of localized versions of windows 95 and 32-bit desktop applications. other international channel revenues increased 56% to $322 million in the second quarter of 1996 from $207 million in the second quarter of 1995, reflecting the release of kanji versions of windows 95 and microsoft office in japan. year-to-date revenues were $619 million in 1996 compared to $394 million in 1995. as in europe, many localized versions of windows 95 and 32-bit desktop applications were released through the other international channel in the first half of 1996. microsoft s operating results are affected by foreign exchange rates. had the exchange rates in effect during the second quarter of the prior year been in effect during the second quarter of 1996, translated revenues in europe would have been $21 million lower and translated other international revenues would have been $4 million higher. since much of microsoft s international manufacturing costs and operating expenses are also incurred in local currencies, the relative translation impact of exchange rates on net income is less than on revenues. costs and expenses, nonoperating items, and income taxes cost of revenues as a percentage of revenues was 15.0 percent in the second quarters of both 1996 and 1995. for the first two quarters of 1996, cost of revenues was 15.5 percent of revenues, compared to 15.0 percent the prior year. the slight increase is principally attributable to a shift in sales mix due to high shipments of retail upgrade versions of windows 95 and microsoft office for windows 95. the increase in the cost of revenues percentage was somewhat offset by the increased mix of cd-rom media, which carry lower costs of goods sold than floppy disks. research and development expenses increased 57% to $313 million, or 14.3 percent of revenues in the second quarter of 1996 from $199 million, or 13.4 percent of revenues in the corresponding quarter of 1995. the increase in research and development expenses in both the second quarter and first half of 1996 resulted primarily from planned hiring of software developers and higher levels of third-party development costs. sales and marketing expenses increased 44% to $690 million from $479 million in the comparable quarter.
| 0
| 40,401
| 3,059
| 0.133534
|
semantic
|
MSFT
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/789019/0000891020-96-000086.txt
| 1,024
|
research and development expenses increased 57% to $313 million, or 14.3 percent of revenues in the second quarter of 1996 from $199 million, or 13.4 percent of revenues in the corresponding quarter of 1995. the increase in research and development expenses in both the second quarter and first half of 1996 resulted primarily from planned hiring of software developers and higher levels of third-party development costs. sales and marketing expenses increased 44% to $690 million from $479 million in the comparable quarter. as a percentage of revenues, sales and marketing expenses were 31.4 percent and 32.3 percent in the respective second quarters of 1996 and 1995. the increase in sales and marketing expenses in both the second quarter and first half of 1996 was impacted by marketing costs of windows 95 and microsoft office for windows 95 and increased product support costs. - -------------------------------------------------------------------------------- 6 9 general and administrative expenses were $76 million (3.5 percent of revenues) in the second quarter of 1996 and $62 million (4.2 percent of revenues) in the second quarter of 1995. the increases in absolute dollars incurred in both the second quarter and first half of 1996 were due to growth in the systems and number of people necessary to support overall increases in the scope of the company s operations. net interest income increased as a result of a larger investment portfolio generated by cash from operations combined with higher interest rates. other income in the second quarter of 1996 included a net gain of $30 million from the disposal of long-term assets. the effective income tax rate was 35% and 33% in the first halves of 1996 and 1995 with the increase due primarily to changes in the u.s. tax law. net income net income for the second quarter of 1996 was $575 million. net income as a percentage of revenues was 26.2 percent in the second quarter of 1996, compared with 25.2 percent in the second quarter of 1995. on a year-to-date basis, net income as a percent of revenues was 25.5 percent compared to 25.2 percent the prior year. the increase in net income as a percentage of revenues was primarily the result of revenues growing faster than operating expenses other than those for research and development and higher nonoperating income such as interest income and the disposal gain. - -------------------------------------------------------------------------------- 7 10 financial condition microsoft s cash and short-term investment portfolio totaled $6 billion at december 31, 1995. the portfolio is diversified among security types, industries, and individual issuers. microsoft s investments are liquid and investment grade. the portfolio is invested predominantly in u.s. dollar denominated securities, but also includes foreign currency positions in anticipation of continued international expansion. the portfolio is invested in short-term securities to minimize interest rate risk and facilitate rapid deployment in the event of immediate cash needs. microsoft has no material long-term debt and has $70 million of standby multicurrency lines of credit that support foreign currency hedging and international cash management. stockholders equity at december 31, 1995 exceeded $6 billion.
| 1
| 40,401
| 3,295
| 0.134387
|
semantic
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MSFT
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/789019/0000891020-96-000086.txt
| 1,024
|
while completion of the conversion of fab i ii is conditioned upon market conditions for semiconductor memory products, such completion is anticipated prior to the end of calendar 1996. due to customer demand, the company has accelerated its transition from the relatively mature 4 meg dram to the 16 meg dram. results of the second quarter were also adversely affected by a one-time $29.9 million pre-tax restructuring charge resulting from the decisions by its approximately 80% owned subsidiary, micron electronics, inc., to discontinue sales of zeos brand pc systems and to close the related pc manufacturing operations in minneapolis, minnesota. the restructuring charge reduced second quarter fully diluted earnings per share by $0.09. other includes revenue from contract manufacturing and module assembly services, construction management services, government contracts, and licensing fees. the substantial increase in net sales in the second quarter of 1996 compared to the second quarter of 1995 was principally due to a higher level of net sales of pc systems and the effects of a higher level of production of semiconductor memory products partially offset by generally lower average selling prices for such products. the company s sales of semiconductor memory products in the second quarter of 1996 decreased approximately 12% compared to the first quarter of 1996. the volume of semiconductor memory produced in the second quarter decreased slightly compared to the first quarter of 1996 principally as a result of inefficiencies encountered in the conversion of fab iii to process 8-inch wafers. the company has completed the 8-inch wafer start conversion of fab iii and recently began converting wafer starts in fab i ii. while 8-inch wafers have approximately 84% greater usable surface area compared to 6-inch wafers, the company s yields on 8-inch wafers were significantly lower in the second quarter of 1996 compared to its 6-inch wafers. in addition, wafer fabrication throughput decreased in the second quarter compared to the first quarter of 1996 principally due to the slightly increased processing time required for 8-inch wafers. the volume of semiconductor memory sold during the second quarter dropped approximately 12% compared to the first quarter of 1996 as finished goods inventory increased. during the second quarter of 1996, certain of the company s major customers undertook efforts to reduce their component inventories. such practices resulted in increased downward pressure on pricing for the company s dram products due to the short-term shift in demand relative to supply for such products. the company s average selling prices for semiconductor memory products during the second quarter decreased approximately 16% compared to the first quarter of 1996. selling prices for the company s semiconductor memory products were substantially lower in the latter portion of the second quarter compared to the average for the quarter. see certain factors . the 4 meg dram comprised approximately 91% of sales of semiconductor memory products in the second quarter of 1996.
| 0
| 177,869
| 3,109
| 0.133333
|
semantic
|
MU
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/723125/0000723125-96-000007.txt
| 1,024
|
operating costs and expenses. manufacturing gross margin was 12.2 percent of sales for the first quarter of 1996 compared with 12.4 percent for the same period in 1995. the decrease in gross margin is primarily the result of weather related costs and lower sales volumes partially offset by improved operating efficiency. marketing and administrative expense increased to $65 million in 1996 from $62 million in the first quarter of 1995 primarily as a result of the company s acquisition of the american transportation corporation (amtran) in august 1995. engineering and research expense increased to $29 million in the first quarter of 1996 from $24 million in 1995 reflecting investment in the next generation of trucks and diesel engines as well as improvements to existing products. financial services financial services pretax income for the first three months of 1996 was $27 million, an increase from the $11 million reported in 1995. navistar financial was responsible for the change which reflects higher income on sales of retail notes and an increased volume of wholesale financing. during the first quarter of 1996, sales of receivables totalled $525 million with a gain of $12 million compared with $315 million sold a year ago with a small loss. the improved gains on sales resulted from higher margins on retail notes reflecting declining market interest rates. liquidity and capital resources consolidated consolidated cash flow is generated from the manufacture, sale and financing of trucks, diesel engines and service parts. total cash, cash equivalents and marketable securities of the company amounted to $806 million at january 31, 1996, $1040 million at october 31, 1995 and $709 million at january 31, 1995. manufacturing cash used in operations during the first quarter of 1996 totalled $216 million, primarily from a net change in operating assets and liabilities of $270 million. the net change in operating assets and liabilities includes a $108 million decrease in receivables offset by a reduction in accounts payable of $114 million resulting from lower production, higher inventories and a $167 million decrease in other liabilities. the decline in other liabilities is the result of the payment to employees as required by the company s profit sharing agreements as well as the timing of pension funding. investment programs used $23 million in cash to fund capital expenditures for truck product improvement, to increase diesel engine production capacity and to improve cost performance. financing programs used cash to pay $7 million in dividends on the series g preferred shares. at january 31, 1996, the company had outstanding capital commitments of $41 million. the commitments include truck and engine product development and ongoing facility maintenance programs. the company finances capital expenditures principally through internally generated cash. capital leasing is used to fund selected projects based on economic and operating factors. it is the opinion of management that, in the absence of significant unanticipated cash demands, current and forecasted cash flow will provide a basis for financing operating requirements, capital expenditures and anticipated payments of preferred dividends.
| 0
| 48,978
| 3,244
| 0.129518
|
semantic
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NAV
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1996
| 0
|
https://www.sec.gov/Archives/edgar/data/808450/0000808450-96-000003.txt
| 1,024
|
employer incorporation or organization) identification no.) nike, inc. notes to condensed consolidated financial statements note 1 - summary of significant accounting policies: ___________________________________________ basis of presentation: the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s). the interim financial information and notes thereto should be read in conjunction with the company s latest annual report to shareholders. the results of operations for the three and six months ended november 30, 1995 are not necessarily indicative of results to be expected for the entire year. note 2 - net income per common share: ___________________________ net income per common share is computed based on the weighted average number of common and common equivalent (stock option) shares outstanding for the period(s). on october 30, 1995, the company effected a two-for-one split of the outstanding class a and class b common stock in the form of a 100% stock dividend. the applicable outstanding shares and net income per common share figures for previous periods have been restated to reflect this change. net income for the quarter and six months ended november 30, 1995 totaled $118.2 million, or $0.80 per share, and $283.0 million, or $1.93, respectively, compared with $84.9, or $0.58 per share, and $190.9, or $1.29 per share, for the same periods last year. for the quarter ended november 30, 1995, as compared to the prior year revenues increased 37% to a record $1.443 billion, gross margin percentage remained flat at 39.3 percent, and selling and administrative expenses was reduced 0.7 percentage points as a percentage of revenues, to 24.8 percent. this was the company s seventh consecutive quarter of record revenues and fifth consecutive quarter of record net income, comopared to the same period of the prior year. revenues for the quarter increased $389.3 million over the $1.054 billion reported in the same period of the prior year, reflecting increases in nearly all categories of both footwear and apparel in the u.s. and internationally. u.s. revenues increased $180.9 million, or 33%, lead by apparel which increased $97.9 million, or 100%, to $195.8 million compared with the second quarter last year. u.s. footwear increased $83 million, or 18%, to $538.5 million, resulting from a 12% increase in pairs shipped and a 6% increase in average selling price. revenues from international (non-u.s.) operations increased $133.3 million, or 30%, to $573.3 million, composed of 29% a nd 34% increases in international footwear and apparel revenues, respectively. comparisons of units and average selling price is not as meaningful to apparel due to the significant variation of apparel product mix. other brands, which includes cole haan (r), tetra plastics, sports specialties and canstar sports, increased $75.0 million. $67.0 million of this increase relates to canstar sports, which was acquired in the third quarter of the prior fiscal year. strong demand for nike products worldwide combined with sound inventory management resulted in continued stable margins.
| 0
| 32,771
| 3,306
| 0.149105
|
semantic
|
NKE
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/320187/0000320187-96-000001.txt
| 1,024
|
groupwise, the company s electronic messaging workgroup application, contribution $21 million in first quarter 1996 revenue, a 39% increase from the year ago quarter. future fluctuations in the gross profit margin will be primarily attributable to price changes, changes in sales mix by product or distribution channel, and special product promotions. sales and marketing expenses fluctuate as a percentage of net sales in any given period due to product promotions, advertising or other discretionary expenses. product development expenses remained flat as a percentage of net sales in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995 but decreased in absolute dollars as a result of lower headcount and third party development costs. general and administrative expenses increased as a percentage of net sales in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995. the increase is attributable to higher information services and human resources costs. during the first quarter of 1996, the company wrote off $18 million of tax deductible restructuring charges for severance and redundant facilities as the company prepared for the sale of its personal productivity applications business. overall, operating expenses, excluding nonrecurring charges, have declined more rapidly than revenues in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995 due to company- wide cost controls as the company took significant actions to refocus novell to network software. q1 q1 1996 change 1995 - --------------------------------------------------------------------------- employees 7,137 -6% 7,808 annualized revenue per employee (000 s) $235 -3% $243 in the first quarter of 1995, novell reduced its employment by 625 employees as the company prepared for the sale of its personal productivity applications business. other income (expense) q1 q1 1996 change 1995 - -------------------------------------------------------------------------- other income (expense), net (millions) $13 30% $10 percentage of net sales 3% 2% the primary component of other income (expense) is investment income, which was $15 million in the first quarter of fiscal 1996 compared to $10 million in the first quarter of fiscal 1995. the increase is the result of higher average cash balances as well as higher average yields. in order to achieve potentially higher returns, a limited portion of the company s investment portfolio is invested in mutual funds which incur some market risk. the company believes that the market risk has been limited by diversification and by use of a funds management timing service which switches funds out of mutual funds and into money market funds when preset signals occur. the investment portfolio is diversified among security types, industry groups, and individual issuers. the company s principal source of liquidity has been from operations. at january 27, 1996, the company s principal unused sources of liquidity consisted of cash and short-term investments and available borrowing capacity of approximately $20 million under its credit facilities. the company s liquidity needs are principally for the company s financing of accounts receivable, capital assets, acquisitions and strategic investments and to have flexibility in a dynamic and competitive operating environment.
| 0
| 44,303
| 3,369
| 0.126494
|
semantic
|
NOVL
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/758004/0000758004-96-000003.txt
| 1,024
|
margins continued to be affected by an increase in pulp prices over same quarter prior year. the beauty care and food beverage businesses maintained strong unit volume growth, with double-digit growth in the hair care, coffee, juice and personal cleansing categories. the results of the health care business were affected by heavy competitive activity in the oral care and gastro-intestinal categories, which has hampered unit volume growth. for the july-december period, the north american region had unit volume and sales growth of 7%. net earnings increased 8% over the prior year. europe second quarter sales for the europe, middle east and africa region increased 11% over the same quarter of the prior year. the increase was led by a 7% unit volume growth, complemented by favorable pricing and exchange rates. central and eastern europe achieved volume growth of over 50% with increased expansion into these markets, contributing nearly half of the region s unit volume growth. net earnings for the region were up 26%, as incremental restructuring savings and on-going cost control benefits were realized. a simplification of trade terms has recently been announced, which could negatively affect growth trends in the short-term. this move to value pricing eliminates inefficient promotion costs by rolling them into lower list prices. when implemented in the united states, this change led to improved results. europe experienced 9% unit volume growth for the july-december period with a 14% increase in sales. net earnings increased 23% over the same period of the prior year. -5- asia asia achieved unit volume growth of 16%, led primarily by record shipments in china. sales for the region increased 6%, with a 7% net earnings increase. unfavorable exchange rates, lower pricing and product mix limited the sales and earnings growth relative to the increased unit volume. laundry and beauty care continued to lead growth within the region, experiencing double-digit volume increases. for the first six months of the fiscal year, asia had a 19% increase in unit volume and 9% sales growth. net earnings increased by 8% over the prior period. latin america despite continuing economic difficulties in latin america, the region delivered 8% unit volume growth in the quarter. exchange effects, combined with higher costs, resulted in a sales and net earnings decline of 4% and 1%, respectively. significant unit volume growth in brazil and venezuela compensated for flat unit volume in mexico. excluding mexico, net earnings for the region increased by 22%. for the july-december period, unit volume for the region grew 7%. sales and net earnings both declined 4% from the prior year period. restructuring reserve status in the year ending june 30, 1993, a reserve of $2402 million was established to cover a worldwide restructuring effort to consolidate manufacturing systems and reduce overhead costs. the primary elements of this reserve were costs related to fixed asset disposals and separation-related costs (86% of the total).
| 0
| 34,433
| 3,041
| 0.134656
|
semantic
|
PG
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/80424/0000080424-96-000003.txt
| 1,024
|
the direct customer purchases have no effect on net income because the utilities provide transportation service for such gas volumes and recover margins similar to those applicable to conventional gas sales. changes in the unit cost of gas do not significantly affect net income because the utilities tariffs provide for dollar-for-dollar recovery of gas costs. (see note 2e of the notes to consolidated financial statements.) the utilities tariffs also provide for dollar-for-dollar recovery of the cost of revenue taxes imposed by the state and various municipalities. since income is not significantly affected by changes in revenue from customers gas purchases from producers or marketers rather than from the subsidiaries, changes in gas costs, or changes in revenue taxes, the discussion below pertains to net operating revenues (operating revenues, net of gas costs and revenue taxes). the company considers net operating revenues to be a more pertinent measure of operating results than gross revenues. net operating revenues increased $24.2 million, to $154 million, and $21.3 million, to $490.4 million, for the current three- and 12-month periods, respectively, reflecting increased gas deliveries, mainly caused by colder weather in each of the more recent periods. the aforementioned rate increases for the company s utility subsidiaries improved net operating revenues in both periods by about $5.8 million, and net income by $3.5 million. in addition, the 12-month period was impacted by increased deliveries to large volume customers. see other matters - operating statistics for details of selected financial and operating information by gas service classification. operation and maintenance expenses operation and maintenance expenses increased $6.0 million, to $64.2 million, for the current three-month period, due mainly to the recognition in the prior year s first quarter of $3.7 million from the sale of interests in certain oil and gas rights and $4.3 million for an irs settlement. (see note 8 of the notes to consolidated financial statements.) the effect of these increases was partially offset by reduced pension expenses of $1.8 million, primarily resulting from a change in assumptions. operation and maintenance expenses decreased $7.4 million, to $246.9 million for the current 12-month period, due principally to a decrease of $8.8 million for the provision for uncollectible accounts, and an increased credit of $5.5 million between periods for the timing difference in recognizing an irs settlement. in addition, pension and group insurance expenses decreased $2.1 million and $1.8 million, respectively. these decreases were partially offset by increased costs of $3.4 million related to the reengineering program, higher maintenance costs of $3.4 million, and the prior year s benefit of $3.7 million from the sale of interests in certain oil and gas rights. depreciation and amortization expense depreciation and amortization expense increased $567000, to $66.5 million, for the current 12-month period, due primarily to depreciable property additions and the amortization of costs associated with the closing of peoples gas sng plant (see note 10 of the notes to consolidated financial statements). these increases were largely offset by lower net dismantling costs in the current period.
| 0
| 78,986
| 3,328
| 0.135
|
semantic
|
PGL
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/77385/0000077385-96-000004.txt
| 1,024
|
the higher percentage in the quarter was the result of advantage implementation expenses totaling $4.3 million charged to this segment. last year advantage expenses totaling $3.2 million represented the costs of studying the changing fundamentals of our business and the industry and developing a restructuring plan, and accordingly were reported in unallocated corporate expenses. favorable insurance experience and cost reductions in other administrative areas positively impacted expenses in the quarter and year-to-date. -10- retail food selling and administrative expenses as a percent of net sales were consistent with last year for the quarter, but higher year-to-date. the higher year-to-date percentage was due to increased advertising expense in response to competitive pressures and higher promotional activity associated with new store openings. additionally, the company experienced higher supply costs for paper and packaging supplies. the increases in promotion, store opening and supply costs were partially offset by the elimination of underperforming retail stores which reduced expenses in the quarter and year-to-date. operating earnings the company s pre-tax operating earnings (earnings before interest, corporate expenses, equity in earnings of shopko stores, inc. ( shopko ) and taxes) were $88.5 million in the third quarter compared with an operating loss of $146.9 million for last year. year-to-date operating earnings increased to $294.7 million from $59.5 million last year. the increase in operating earnings was principally due to the restructuring and other charges recorded in the third quarter of last year. excluding the restructuring and other charges, operating earnings increased 4.7 percent and 1.3 percent over last year for the quarter and year-to-date periods, respectively. food distribution operating earnings, before the restructuring and other charges, decreased slightly to $79.7 million from $80.0 million and to $259.6 million from $263.3 million for the third quarter and year-to-date, respectively. food distribution operating earnings were positively impacted by favorable insurance experience. this positive impact was offset by pre-tax expenses of $4.3 and $9.9 million for the third quarter and year-to-date, respectively, related to advantage expenses charged to this segment versus none last year and slightly reduced gross margins due to the competitive environment. retail food operating earnings, before the restructuring and other charges, increased to $8.7 million from $4.5 million and to $35.0 million from $27.6 million for the third quarter and year-to-date, respectively. retail food operating earnings increased in the quarter and year-to-date due to the elimination of operating losses from the closing of underperforming corporate retail stores. year-to-date retail food operating earnings also increased due to the august 1994 acquisition of hyper shoppes, inc. interest expense and income interest expense decreased to $31.1 million for the third quarter compared with $32.6 million last year due to lower short-term debt levels, partially offset by higher short-term rates. interest expense increased to $108.0 million year-to- date compared with $100.5 million for the same period last year, reflecting higher short-term interest rates. interest income decreased to $4.8 and $16.3 million for the third quarter and year-to-date, respectively, compared with $5.5 and $18.9 million for the same periods last year.
| 0
| 58,441
| 3,486
| 0.209
|
semantic
|
SVU
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/95521/0000950131-96-000084.txt
| 1,024
|
year-to-date retail food operating earnings also increased due to the august 1994 acquisition of hyper shoppes, inc. interest expense and income interest expense decreased to $31.1 million for the third quarter compared with $32.6 million last year due to lower short-term debt levels, partially offset by higher short-term rates. interest expense increased to $108.0 million year-to- date compared with $100.5 million for the same period last year, reflecting higher short-term interest rates. interest income decreased to $4.8 and $16.3 million for the third quarter and year-to-date, respectively, compared with $5.5 and $18.9 million for the same periods last year. equity in earnings of shopko supervalu s share of shopko net earnings were $4.7 and $8.0 million in the third quarter and year-to-date, respectively, compared with $5.2 and $8.8 million for the same periods last year. as reported by shopko, sales increased 4.3 percent to $491.0 million and net earnings decreased 10.4 percent for the third quarter compared with last year. the decrease in net earnings was primarily the result of a lower gross margin -11- percentage due to a shift in the sales mix from regular sales to lower gross margin promotional sales and continued competitive pricing pressures in the discount general merchandise marketplace. year-to-date net earnings were also affected by increased interest expense due to last year s third quarter sale of long-term debentures. income taxes the effective tax rate, before the restructuring and other charges last year, increased to 37.61 percent and 38.79 percent in the third quarter and year-to-date, respectively, compared with 37.10 percent and 38.70 percent for the same periods last year. the increase in the effective tax rate was principally due to the decreased contribution from shopko. the year-to-date effective tax rate was also impacted by the increase in goodwill amortization. net earnings net earnings were $38.4 for the third quarter compared with a net loss of $84.1 million for last year. year-to-date net earnings increased to $117.7 million from $5 thousand last year. the increase in net earnings was related principally to last year s third quarter restructuring and other charges which was partially offset by a one-time tax credit related to the partial disposition of shopko. after adjusting last years earnings to exclude these special items, net earnings increased 11.5 percent for the quarter and decreased .8% year-to-date. net earnings were positively impacted by the closing of underperforming retail stores and favorable insurance experience. the decrease in the year-to-date net earnings was primarily due to higher net interest expense. in addition, increased expenses related to the advantage project adversely impacted earnings for both the quarter and year-to-date. an additional $5 to $7 million after-tax is planned to be expended for advantage related costs during the fourth quarter of fiscal 1996. the company is currently assessing the fiscal 1997 financial impact of the plan as a part of its annual budget and planning process. cash provided from operations year-to-date was $225.7 million compared with $87.9 million last year, which was not affected by restructuring and other charges recorded last year.
| 1
| 58,441
| 3,285
| 0.225296
|
semantic
|
SVU
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/95521/0000950131-96-000084.txt
| 1,024
|
current assets increased by $20.2 million from the year end balance at may 27, 1995 due to higher accounts receivable and inventories, partly off- 6 set by a decline in other current assets. accounts receivable were slightly higher due to increased sales in certain geographies which have longer col- lection terms. increased inventories were due primarily to higher order rates and a buildup of some components caused by longer lead times and changes in the mix of product orders. other current assets declined primar- ily because of the collection of a portion of a note receivable from the sale of a building, and the reduction of short-term deferred tax assets. net property, plant and equipment increased by $24.1 million as the company continued to invest in facilities consolidation and information systems. current liabilities declined by $58.7 million. short-term debt was paid down by $22.1 million with proceeds generated by the issuance of $50 million in long-term notes. accrued compensation declined $25.5 million due to the payment of year-end accruals for incentives and commissions, usage of accrued vacation and the payment of employee severance charged against restructuring reserves. long-term debt increased as a result of the company s issuance, in the first quarter, of $50 million in notes due august 15, 2002. shareholders equity increased by $45.7 million due primarily to earnings net of dividends, the exercising of stock options and an increase in holding gains on investments in marketable securities available for sale, partly offset by a negative currency adjustment due to a strengthening u.s. dollar against the japanese yen and certain major european currencies. 7 restructuring charges the company is completing its consolidation of facilities and reduction of workforce for which restructuring charges were provided, as described in the 1995 annual report to shareholders. at the end of the second quarter, substantially all restructuring reserves have been utilized. results of operations 26 weeks ended november 25, 1995 vs. 26 weeks ended november 26,1994 in the first half of fiscal 1996, net earnings were $49.0 million, or $1.47 per share compared with $36.0 million, or $1.11 per share in the first half of fiscal 1995. net sales were $844.6 million, an increase of 24% from the prior year s total of $683.5 million. product orders increased 25% from $649.9 million to $813.1 million. the company experienced strong sales and order growth in all three businesses and in all geographic regions. measurement business division sales of $385.5 million increased 15% from the prior year, with strong growth in instruments, handheld electronic tools and communications test products. product orders increased from $324.0 million to $383.2 million, or 18%. 8 color printing and imaging division sales increased 32% to $261.5 million reflecting continued heavy demand for the current printer lines, especially the phaser 340 solid ink printer. product orders increased 27% from $190.1 million to $242.3 million. (phaser is a registered trademark of tektronix, inc.). video and networking division experienced a 38% increase in product orders over the prior year, from $135.8 million to $187.6 million.
| 0
| 83,208
| 3,237
| 0.138171
|
semantic
|
TEK
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/96879/0000096879-96-000003.txt
| 1,024
|
product orders increased from $324.0 million to $383.2 million, or 18%. 8 color printing and imaging division sales increased 32% to $261.5 million reflecting continued heavy demand for the current printer lines, especially the phaser 340 solid ink printer. product orders increased 27% from $190.1 million to $242.3 million. (phaser is a registered trademark of tektronix, inc.). video and networking division experienced a 38% increase in product orders over the prior year, from $135.8 million to $187.6 million. sales increased 40% to $197.6 million, led by strong sales of the profile video disk recorder, grass valley group tv production equipment and x terminals. (profile is a trademark of tektronix, inc.). sales to customers in the united states increased 21% from $356.9 million to $431.2 million, and represented 51% of total sales. international sales of $413.5 million were up 30%, with growth in all regions and particular strength in europe. product orders from customers in the united states of $393.5 million were up 23% from last year while international product orders of $419.6 million were up 28%. cost of sales increased as a percentage of net sales from 53.0 percent to 57.9 percent as the company continued to increase the use of alternative distribution channels, experienced the impact of increased systems integration sales from video and networking and experienced declines in color printing and imaging margins as a result of changes in product mix and the short-term impact of early shipments of the phaser 340 color printer. research and development and selling, general and administrative expenses declined sharply as a percentage of sales, from 12.2 percent to 9.4 percent and from 27.3 percent to 24.4 percent, respectively, due primarily to the higher sales volume and continued effective cost controls, particularly in administrative functions. 9 operating income as a percentage of sales increased year over year, rising from 7.6 percent in the first half of 1995 to 8.4 percent as lower operating expenses as a percentage of sales more than offset declining gross margins. other expense declined due primarily to higher gains on sales of stock in other companies, partly offset by higher interest expense. the provision for income taxes increased from $12.1 million to $21.0 million due to increased earnings before taxes and a higher estimated effective annual tax rate of 30% for the current year, compared to 25.1 percent for the first half of last year. net earnings were 36% higher than the prior year, due to higher sales and higher operating income, partly offset by higher taxes. 13 weeks ended november 25, 1995 vs. 13 weeks ended november 26,1994 in the second quarter of fiscal 1996, net earnings were $26.3 million, or $0.79 per share compared with $18.6 million, or $0.57 per share in the second quarter of fiscal 1995. net sales were $443.6 million, up 24% from $358.7 million in the prior year. product orders increased from $343.9 million to $424.0 million, a 23% improvement. the company experienced strong sales and orders growth in all three businesses and in all geographic regions.
| 1
| 83,208
| 3,141
| 0.172619
|
semantic
|
TEK
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/96879/0000096879-96-000003.txt
| 1,024
|
13 weeks ended november 25, 1995 vs. 13 weeks ended november 26,1994 in the second quarter of fiscal 1996, net earnings were $26.3 million, or $0.79 per share compared with $18.6 million, or $0.57 per share in the second quarter of fiscal 1995. net sales were $443.6 million, up 24% from $358.7 million in the prior year. product orders increased from $343.9 million to $424.0 million, a 23% improvement. the company experienced strong sales and orders growth in all three businesses and in all geographic regions. 10 measurement business sales of $200.2 million were up 11% from $180.3 million in the prior year due to acceptance of new products, particularly in instruments, handheld electronic tools and communications test products. the sales increase came despite constraints resulting from parts shortages during the current quarter. product orders for measurement increased from $175.3 million to $208.2 million, or 19%. color printing and imaging sales increased 29% from $108.8 million to $139.9 million, with strong sales of the phaser 340 solid ink color printer. product orders increased by 26% over the prior year, improving from $101.4 million to $127.9 million. video and networking experienced product orders of $87.9 million, a 31% increase over the $67.2 million reported for the prior year. sales for the division grew 52% from $68.2 million to $103.5 million, led by strong sales of the profile video disk recorder, grass valley group tv production equipment and x terminals. sales to customers in the united states increased by 19% from $184.6 million to $220.2 million, representing 50% of total sales. international sales of $223.4 million were up 29% from $172.7 million in the prior year, with strong growth in all regions particularly in europe. product orders in both u.s. and international operations increased by 23% over the prior year. u.s. orders increased from $166.3 million to $205.2 million; internationally, the increase was from $177.6 million to $218.8 million. cost of sales increased as a percentage of net sales from 54.3 percent to 58.1 percent as the company continued to increase the percentage of sales through alternative distribution channels, experienced inefficiencies associated with parts shortages in some businesses, and continued to be impacted by increased systems integration sales in video and networking. additionally, color printing and imaging experienced lower margins in the second 11 quarter of this year compared to the same quarter last year as a result of changes in product mix, but the margins improved slightly in the second quarter compared to the first quarter of this year. research and development and selling, general and administrative expenses declined as a percentage of sales, from 11.5 percent to 9.1 percent and from 26.9 percent to 24.4 percent, respectively, due primarily to the higher sales volume and continued effective cost controls, particularly in administrative functions. operating income as a percentage of sales increased year over year, rising from 7.6 percent in the second quarter of 1995 to 8.8 percent this year as lower operating expenses as a percentage of sales more than offset declining gross margins.
| 2
| 83,208
| 3,205
| 0.183532
|
semantic
|
TEK
|
1996
| 0
|
https://www.sec.gov/Archives/edgar/data/96879/0000096879-96-000003.txt
| 1,024
|
the average aggregate revenue per macintosh unit decreased 10% in the first quarter of 1997 8 compared with the same period of 1996, primarily due to continued pricing actions, including rebates, across most product lines in order to stimulate demand. the average aggregate revenue per peripheral product increased 12% in the first quarter of 1997 compared with the same period of 1996, as a result of a shift in mix toward higher priced products, partially offset by continued pricing actions, including rebates, across most product lines in order to stimulate demand. international net sales represented 56% of total net sales in the first quarter of 1997 compared with 51% in the same period of 1996. international net sales declined 25% in the first quarter of 1997 compared with the same period of 1996. net sales in european markets decreased during the first quarter of 1997 compared with the same period in 1996, as a result of decreases in macintosh and peripheral unit sales, partially offset by an increase in the average aggregate revenue per peripheral unit. the average aggregate revenue per macintosh unit remained constant in the first quarter of 1997 compared with the same period of 1996. net sales in japan decreased during the first quarter of 1997, compared with the same period in 1996, as a result of decreases in macintosh and peripheral unit sales and the average aggregate revenue per macintosh unit, slightly offset by an increase in the average aggregate revenue per peripheral unit. domestic net sales declined 40% in the first quarter of 1997, over the comparable period of 1996, due to decreases in unit sales of macintosh computers and peripheral products and the average aggregate revenue per macintosh unit, slightly offset by an increase in the average aggregate revenue per peripheral unit. according to an industry source, in the first quarter of 1997 compared with the comparable period of 1996, the company s share of the worldwide and u.s. personal computer markets declined to 4.3 percent from 7.0 percent and to 5.2 percent from 9.4 percent, respectively. in addition, the company believes that its licensees share of the worldwide personal computer market increased to approximately 0.5 percent from approximately 0.1 percent. q1 97 compared with q4 96 net sales decreased 8% in the first quarter of 1997 compared with the fourth quarter of 1996. total macintosh computer unit sales decreased by less than 1% in the first quarter of 1997 compared with the prior quarter as a result of a decline in unit sales of entry-level and powerbook products, substantially offset by an increase in unit sales of performa and power macintosh products. powerbook unit sales were negatively affected as a result of the company s inability to fulfill all purchase orders due to product transition constraints on manufacturing. in addition, although performa unit sales increased compared with the fourth quarter of 1996, they were substantially lower than the company expected for the holiday buying season.
| 0
| 247,505
| 3,035
| 0.139228
|
semantic
|
AAPL
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/320193/0000320193-97-000002.txt
| 1,024
|
the noteholders received approximately $56 million, representing principal, accrued interest and prepayment charges, on december 19, 1996. the prepayment charge was not material. 6 7 applied materials, inc. management s discussion and analysis of financial condition and results of operations - ------------------------------------------------------------------------------- acquisitions during the first quarter of fiscal 1997, the company acquired opal, inc. ( opal ) and orbot instruments, ltd. ( orbot ) in separate transactions for approximately $293 million, consisting primarily of cash. opal is a supplier of cd-sem (critical dimension scanning electron microscope) systems for use in semiconductor manufacturing. orbot supplies wafer and reticle inspection systems for use in the production of semiconductors. these acquisitions marked the company s entry into the metrology and inspection semiconductor equipment markets. the acquisitions were completed by the early part of january 1997, and have been accounted for using the purchase method of accounting; accordingly, the company s consolidated results of operations for the quarter include the operating results of opal and orbot subsequent to their acquisition dates. in connection with the acquisitions, the company recorded a one-time, pre-tax charge of $59.5 million, or $0.32 per share after tax, for acquired in-process research and development. with the exception of this charge, the acquisitions did not materially impact the company s results of operations for the first fiscal quarter of 1997. results of operations during the latter half of the company s fiscal 1996, the semiconductor industry began a period of transition during which sharply lower memory device prices and excess production capacity caused the company s customers to reduce their purchases of semiconductor manufacturing equipment and push out delivery of previously ordered systems. the company s results of operations for the last two quarters of fiscal 1996 and the first quarter of fiscal 1997 were negatively impacted by this transition. however, in the first quarter of fiscal 1997, new orders received by the company of $905 million exceeded revenues for the quarter, and also exceeded new orders of $683 million received in the fourth quarter of fiscal 1996. the company expects that quarterly revenues will grow modestly during the remainder of fiscal 1997, and that new orders will exceed revenues for the remainder of fiscal 1997. 7 8 new orders of $905 million were received during the first quarter of fiscal 1997, versus new orders of $683 million in the fourth quarter of fiscal 1996. the significant increase in new orders resulted from selected strategic purchases by customers in japan, korea and taiwan of the company s leading-edge technology in multi-level interconnect structures. north america new orders decreased to $252 million from $288 million; europe decreased to $94 million from $115 million; japan increased to $214 million from $175 million; korea increased to $135 million from $35 million; and asia-pacific (taiwan, china and southeast asia) increased to $210 million from $70 million.
| 0
| 57,876
| 3,165
| 0.108051
|
semantic
|
AMAT
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/6951/0000891618-97-001150.txt
| 1,024
|
operating income also increased from margin improvement in domestic merchant gases and favorable foreign exchange impacts in the corporate segment. income from equity affiliates increased due mainly to favorable foreign exchange impacts and tax adjustments. segment analysis the segment results for the three months ended 31 december 1995 have been restated. the business to be divested (american ref-fuel) and the landfill gas recovery business sold in november 1996 are included in the corporate and other segment, while the continuing businesses from the environmental and energy segment (power generation and pure air(tm)), are now included in the equipment and services segment. industrial gases - sales of $614.5 million in the first quarter of fiscal 1997 were up 12% while operating income increased 14% to $118.3 million. on 22 october 1996, the company obtained control of carburos. the results for the three months ended 31 december 1996 contained approximately six weeks of consolidated operating results for carburos. previously, the company accounted for its investment using the equity method. this completed acquisition provided sales growth of $35.3 million and approximately half of the operating profit improvement. additional factors driving the growth were strong volume gains in domestic tonnage gases and lower production and distribution costs in domestic merchant gases. excluding carburos, european results were lower due to competitive pressures in northern europe and planned maintenance outages at two major tonnage facilities. unfavorable european currency effects decreased both sales and operating income by 1%. 7 8 equity affiliates income for the first quarter of fiscal 1997 was $12.0 million compared to $9.2 million in the prior year. the increase of $2.8 million was due primarily to favorable foreign exchange effects and tax adjustments. chemicals- sales in the first quarter of 1997 of $346.2 million increased $36.5 million while operating income decreased $3.6 million to $44.5 million. the 12% sales increase resulted from strong volume growth in most product lines, especially polyurethane intermediates. the prior year period was impacted by an extended customer outage. the results for the first quarter of 1997 included an impairment loss of $9.3 million related to production assets and the related goodwill in the polyurethane release agents product line. excluding this writedown, operating income increased 12% or $5.7 million. operating income increased mainly on the volume gains in polyurethane intermediates. equipment and services - sales of $159.0 million increased $77.1 million from the year-ago quarter while operating income was up $1.0 million to $5.6 million. this year s results included the initial sales booking for several large projects being sold to unconsolidated affiliates. sales backlog for the equipment product line continues to grow at $431.3 million at 31 december 1996. this high quality backlog compares to $305.7 million at 30 september 1996 and $266.4 million at 31 december 1995. equity affiliates income for the first quarter of fiscal 1997 increased $1.5 million to $3.5 million. the improved results reflect improved operating performance at the power generation facilities.
| 0
| 44,889
| 3,260
| 0.182752
|
semantic
|
APD
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-97-001075.txt
| 1,024
|
this year s results included the initial sales booking for several large projects being sold to unconsolidated affiliates. sales backlog for the equipment product line continues to grow at $431.3 million at 31 december 1996. this high quality backlog compares to $305.7 million at 30 september 1996 and $266.4 million at 31 december 1995. equity affiliates income for the first quarter of fiscal 1997 increased $1.5 million to $3.5 million. the improved results reflect improved operating performance at the power generation facilities. corporate and other - sales in the first quarter of 1997 of $1.2 million decreased from $5.0 million due to the sale of the landfill gas recovery business. operating income was up $13.2 million to income of $1.0 million. the results for the first quarter included a gain of $9.5 million related to the sale of the landfill gas recovery business, gsf energy inc. excluding this gain, operating income was up $3.7 million due to favorable foreign exchange impacts. equity affiliates income for the first quarter of fiscal 1997 decreased $1.7 million to $3.1 million. interest interest expense was $39.9 million compared to $28.7 million in the first quarter of fiscal 1996. the increase in expense was due primarily to a higher level of debt outstanding due to the share repurchase program and the capital investment program which included the carburos acquisition. income taxes the effective tax rate on income was 32.6 percent for the quarter ended 31 december 1996 compared with 32.2 percent for the same quarter in fiscal 1996. the slight increase in the effective tax rate was due to the company no longer receiving nonconventional fuel tax credits due to the sale of the landfill gas recovery business. 8 9 liquidity and capital resources capital expenditures during the first three months of fiscal 1997 totaled $617.4 million compared to $311.3 million in the corresponding period of the prior year. additions to plant and equipment increased from $184.1 million during the first three months of fiscal 1996 to $303.0 million during the current period primarily in support of growth in the worldwide industrial gas business. investments in unconsolidated affiliates were $20.1 million during the first three months of fiscal 1997 versus $126.4 million last year. prior year numbers included the acquisition of an additional 21.5 percent of the outstanding shares of carburos at a cost of $120.0 million. on 22 october 1996, the company obtained control of carburos through the acquisition of an additional 49.1 percent shares at a cost of $288.4 million. including this acquisition, capital expenditures are expected to be approximately $1.3 billion in fiscal 1997. it is anticipated that these expenditures will be funded with cash from operations supplemented with proceeds from financing activities. cash provided by operating activities during the first three months of fiscal 1997 ($229.1 million) combined with cash provided by debt financing ($524.6 million), and proceeds from the sale of assets and investments ($36.4 million) were used largely for capital expenditures ($617.4 million), purchase of the company s common stock for treasury ($75.0 million), and cash dividends ($30.2 million).
| 1
| 44,889
| 3,244
| 0.153922
|
semantic
|
APD
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-97-001075.txt
| 1,024
|
domestic medical segment revenues of $171 million decreased 2%. excluding the unfavorable impact from the absence of sales of divested businesses, domestic medical segment revenues increased approximately 9%. international medical segment revenues of $178 million increased 3%, or 12%, adjusting for both the estimated unfavorable impact of foreign currency translation and the absence of sales of divested businesses. good growth rates were experienced worldwide by both the injection systems and infusion therapy businesses which continue to benefit from the conversion to safety products. strong international sales growth also continued in the pharmaceutical systems business. domestic diagnostic segment revenues of $160 million increased 4%. diagnostic segment revenue growth continues to be unfavorably impacted by u.s. cost containment initiatives in the infectious disease diagnostics business. international diagnostic segment revenues of $147 million increased 6%, or 10% after excluding the estimated unfavorable effect of foreign currency translation. strong sales growth was achieved worldwide in the sample collection and flow cytometry businesses. the gross profit margin of 47.7 percent improved more than two percentage points over last year s first quarter rate of 45.5 percent. the improvement reflects a more profitable mix of products sold, including the absence of lower margins on divested businesses as well as continuing productivity improvements. selling and administrative expense of $187 million was 28.4 percent of revenues which was the same as last year s first quarter ratio. investment of $40 million in research and development increased 6% over last year s first quarter expenditures, reflecting the acceleration of investment in strategic areas of the company s core businesses. 7 operating income of $86 million increased 20% from last year s first quarter amount of $72 million. the improvement in the operating margin from 11.2 percent to 13.2 percent primarily reflects the improved gross profit margin. net interest expense of $9 million was about the same as last year s first quarter amount. other income (expense), net was $6 million favorable to last year s first quarter amount primarily due to a $4 million gain on the sale of the infusion pump business in the first quarter of this year. the first quarter income tax rate was 29.0 percent, compared with last year s first quarter rate of 28.0 percent, reflecting the forecasted mix in income among tax jurisdictions. net income was $58 million compared with $45 million last year, an increase of 31%. earnings per share of $.44 increased 38% over last year s $.32. strong growth in operating income as well as a continuation of the company s share repurchase program contributed to this favorable earnings per share growth. financial condition - ------------------- during the first quarter of 1997, cash provided by operations was $139 million, compared with $89 million during the first quarter of last year principally due to improvement in net income and lower working capital requirements. capital expenditures for the quarter of $31 million were about the same as last year. for the full year, capital expenditures are expected to be slightly higher than last year s full year amount of $146 million.
| 0
| 35,728
| 3,305
| 0.206287
|
semantic
|
BDX
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/10795/0000950130-97-000559.txt
| 1,024
|
under this method, the cash received is reflected as a deferred liability, and the assets and the accumulated depreciation remain on the company s books. depreciation expense continues to be recorded each period, and imputed interest expense is also recorded and added to the deferred liability. offsetting this is the fair value lease income on the non-company occupied portion of the building. a pretax gain, which will be recognized at the earlier of the exercise of the buyout option or the expiration of the reservation period, is estimated to be $10 million to $12 million. -7- 8 briggs stratton corporation and subsidiaries part i - financial information item 2. management s discussion and analysis of results of operations and financial condition the following is management s discussion and analysis of certain significant factors which have affected the company s results of operations and financial condition during the periods included in the accompanying consolidated condensed financial statements. results of operations sales net sales for the second fiscal quarter of 1997 decreased 9% or $29693,000 compared to the same period in the preceding year. the primary reason for this decline in sales dollars was a 15% decrease in engine shipments. the unit decrease is the result of lawn and garden equipment manufacturers building products later and as close as possible to the time they are needed by retailers. the company s largest customers have increased their peak production capacity, which allows them to concentrate more of their production in winter and early spring. the result was less demand for engines in the second quarter. the decrease in unit volume was primarily in small engines which have lower selling prices. accordingly, the company experienced a favorable mix impact which partially offset the unit volume decline. net sales for the six months ended december 1996 decreased 11% or $57439,000 compared to the same period in the prior year. unit engine sales were down 16%. the same reasons as described above apply to this six-month period. gross profit gross profit decreased 14% or $8906,000 between comparable quarters, primarily because of the reduced volume described above. the gross profit rate declined from 20% last year to 19% in the current year. this decrease was principally due to a change of an accounting estimate totaling $3477,000 for employees who had accepted an early retirement window in fiscal 1995 and subsequently canceled their acceptance in the second quarter of fiscal 1996. gross profit for the six months ended december 1996 decreased 12% or $10078,000, also due to the reduction in sales. the gross profit rate was 16% in each six-month period. if the credit for the retirement window is removed from the comparison, the gross profit rate would have shown a 1% improvement in the current year, primarily due to net lower costs in the current year related to the company s new engine plants because of labor rate savings.
| 0
| 45,359
| 2,989
| 0.107884
|
semantic
|
BGG
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/14195/0000950137-97-000460.txt
| 1,024
|
the company s u.s.-based revenue increased 6% to $208399,000 during the first six months, while foreign sales increased 13% to $72788,000. foreign currency exchange rates did not have a material impact on sales or earnings during the first six months. biomet s worldwide reconstructive device sales during the first six months of fiscal 1997 were $170285,000, representing an 8% increase compared to the first six months of last year. this increase was primarily a result of biomet s continued penetration of the reconstructive device market led by the maxim total knee system and the alliance hip system. sales of ebi s products were $56307,000 for the first six months of fiscal 1997, representing a 5% increase as compared to the same period in 1996. the company s other products revenues totaled $54595,000, representing a 10% increase over the first six months of fiscal year 1996, primarily as a result of increased sales of lorenz and fixation products. cost of sales decreased as a percentage of net sales to 32.3 percent for the first six months of 1997 compared to 32.6 percent for the same period last year. selling, general and administrative expenses decreased as a percentage of net sales to 36.3 percent, compared to 38.2 percent (37.2 percent after deducting for the following two items) for the first six months of last year. last year s general and administrative expenses included $1.6 million related to the ramos judgment and $1.0 million in connection with the restructuring and consolidation of the operations of kirschner s reconstructive implant division. this reduction is principally the result of the consolidation of the operations of kirschner, offset by increased legal expenses. the increase in research and development expenditures during the first six months reflects biomet s commitment to remain competitive through technological advancements and to capitalize on future opportunities available within the orthopedic market. operating income rose 19% from $63897,000 for the first six months of fiscal 1996, to $75785,000 for the first six months of fiscal 1997, corresponding to the increase in net sales. other income decreased $1095,000 for the first six months of fiscal year 1997 compared to the prior year s first six months. last year s other income included a gain of $2500,000 which was realized on the sale of the company s holdings in american medical electronics, inc. in connection with the closing of the orthofix international nv and american medical electronics, inc. merger offset by interest expense of $400000 related to the ramos judgment. the effective income tax rate remained the same at 37.4 percent for the six-month periods. these factors resulted in a 16% increase in net income to $50272,000 from $43484,000 for the first six months of fiscal 1997 as compared to the same period in fiscal 1996 . earnings per share increased 16%, from $.38 to $.44 for the periods presented.
| 0
| 33,880
| 2,938
| 0.115789
|
semantic
|
BMET
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/351346/0000351346-97-000001.txt
| 1,024
|
the effective income tax rate remained the same at 37.4 percent for the six-month periods. these factors resulted in a 16% increase in net income to $50272,000 from $43484,000 for the first six months of fiscal 1997 as compared to the same period in fiscal 1996 . earnings per share increased 16%, from $.38 to $.44 for the periods presented. results of operations for the three months ended november 30, 1996 as compared to the three months ended november 30, 1995 net sales increased 8% to $144009,000 for the second quarter of fiscal year 1997, as compared to $133046,000 for the same period last year. operating income rose 14% from $34743,000 for the second quarter of fiscal 1996, to $39442,000 for the second quarter of fiscal 1997. during the second quarter, net income increased 15% to $26185,000 as compared to $22735,000 for the same period last year. earnings per share increased 15% from $.20 per share for the second quarter of fiscal 1996, to $.23 per share for the same period of fiscal 1997. the business factors resulting in these changes and relevant trends affecting the company s business during the periods in question are comparable to those described in the preceding discussion for the six-month period. other significant events. based on the information and advice currently available to it, management believes that the company has adequate accruals to cover legal costs and estimated loss exposure, if any, with respect to the tronzo litigation (see note 6 of notes to consolidated financial statements), and that the company s cash and cash equivalents are more than adequate to address the payment of any loss that may ultimately be incurred thereto. other information item 1: legal proceedings. in august 1996 the united states district court for the southern district of florida entered a judgment on certain state law claims of raymond g. tronzo that were the subject of a previous jury verdict of approximately $55 million against the company. the judgment awarded tronzo damages of approximately $33.7 million, including compensatory damages of approximately $7.1 million, punitive damages of $20 million and prejudgment interest of approximately $6.6 million. the trial court dismissed, with prejudice, tronzo s claim based upon unjust enrichment. in november 1996, the trial court upheld the jury s findings that the tronzo patent is both valid and infringed and awarded tronzo approximately $6.3 million for patent infringement, including prejudgment interest and a 50% enhancement of the jury verdict based upon willfulness. the trial court also reduced the award of prejudgment interest on the state law claims by approximately $3.5 million. accordingly, the total damages assessed against the company as a result of the trial court s final judgments on the patent and state law claims is approximately $36.5 million which the company has appealed to the u.s. court of appeals for the federal circuit (the federal circuit ).
| 1
| 33,880
| 2,964
| 0.158996
|
semantic
|
BMET
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/351346/0000351346-97-000001.txt
| 1,024
|
financial condition versus fiscal year end 1996, the company s capital investment (working capital plus noncurrent assets) increased $130.9 million. working capital decreased $132.7 million and noncurrent assets increased $263.6 million. the decrease in working capital resulted from an increase in short-term debt due to business acquisitions, normal property, plant and equipment additions, from treasury stock purchases and a normal seasonal increase in accounts receivable. the company s objective is that senior long-term debt normally will not exceed 30 percent of total long-term debt plus equity. at november 24,1996, senior long-term debt was 30 percent of total long-term debt plus equity compared to 30 percent at may 26,1996 and 31 percent at november 26, 1995. operating results a summary of the period to period increases (decreases) in the principal components of operations is shown below (dollars in millions, except per share amounts). refrigerated foods segment sales and related cost of sales declined in the second quarter and first half. selling, general and administrative expenses for all segments in the first half of fiscal 1997 were lower than the same period in fiscal 1996. for the second quarter of fiscal 1997 versus the second quarter of fiscal 1996, selling, general and administrative expenses were lower in the refrigerated foods and food inputs ingredients segments and up slightly in the grocery diversified products segment. net income increased $20.2 million in the second quarter and $29.2 million in the first half of fiscal 1997 versus the same periods last year. in the grocery diversified products segment, operating profit increased 30 percent in the second quarter and 26 percent in the first half of fiscal 1997 versus the same periods last year. sales increased 12 percent in fiscal 1997 s second quarter and 10% in the first half versus the same periods in fiscal 1996. unit volume growth in two grocery products businesses, hunt-wesson and conagra frozen foods, contributed to increased operating profit. the lamb-weston potato products business, the golden valley microwave foods and the seafood businesses all contributed to increased operating profit in the second quarter and first half of fiscal 1997. in conagra s food inputs ingredients segment, operating profit increased 15 percent in the second quarter and 19 percent in the first half of fiscal 1997 compared to the same periods in fiscal 1996. segment sales increased 4 percent in the second quarter and 3 percent in the first half. excluding business dispositions and acquisitions, first half segment sales increased nearly 5 percent over the same period last year. major sources of the segment s second quarter and first half operating profit growth included flour milling, grain merchandising and specialty food ingredients. commodity services, europe processing operations, the dry edible bean business, specialty retailing and a private label business all contributed to segment operating profit growth in both periods. crop inputs operating profit increased in the second quarter but was flat in the first half.
| 0
| 40,979
| 3,129
| 0.130165
|
semantic
|
CAG
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/23217/0000023217-97-000002.txt
| 1,024
|
excluding business dispositions and acquisitions, first half segment sales increased nearly 5 percent over the same period last year. major sources of the segment s second quarter and first half operating profit growth included flour milling, grain merchandising and specialty food ingredients. commodity services, europe processing operations, the dry edible bean business, specialty retailing and a private label business all contributed to segment operating profit growth in both periods. crop inputs operating profit increased in the second quarter but was flat in the first half. in conagra s refrigerated foods segment, operating profit decreased 28 percent in the second quarter and 20 percent in the first half of fiscal 1997 versus the same periods in fiscal 1996. segment sales decreased 3 percent in the second quarter and 4 percent in the first half of fiscal 1997 primarily due to beef and poultry operations divested or restructured during and after last year s second quarter. branded processed meats operating profit was up in the second quarter and first half. u.s. beef operating profit declined in the second quarter and first half of fiscal 1997 while australia beef operating profit improved in both periods. second quarter and first half operating profit decreased in the pork business. however, the company considers this earnings level to be satisfactory given the industry s current high cost of raw materials. pressured by high feed ingredients costs, poultry products operating profit was down in both periods. cheese business operating profits were down slightly in the second quarter and up slightly in the first half. operating profit is based on net sales less all identifiable operating expenses and includes the related equity in earnings of companies included on the basis of the equity method of accounting. general corporate expense, interest expense (except financial businesses), income taxes and goodwill amortization are excluded from segment operating profit. for financial businesses, operating profit includes the effect of interest, which is a large element of their operating costs. summarizing conagra s results for fiscal 1997 s second quarter compared to fiscal 1996 s second quarter: earnings per share 82 cents, up 14 percent from 72 cents; net income available for common stock (net income minus preferred dividends) $187.3 million, up 14.5 percent from $163.6 million; net sales $6.76 billion up 2 percent from $6.63 billion. for fiscal 1997 s first half: earnings per share $1.24, up 15 percent from $1.08; net income available for common stock $283.4 million, up 15 percent from $245.6 million; net sales $13.17 billion up 1 percent from $13.07 billion. as mentioned, first half and second quarter sales growth was constrained by business divestitures and restructuring initiatives. fiscal 1997 second quarter and first half earnings per share growth of 14 percent and 15 percent is consistent with growth of 14.5 percent and 15 percent in net income available for common stock, the net earnings measure which includes comparable financing expense. conagra redeemed the company s class e preferred stock during fiscal 1996 s second quarter, the last quarter in which preferred dividends were paid.
| 1
| 40,979
| 3,251
| 0.23913
|
semantic
|
CAG
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/23217/0000023217-97-000002.txt
| 1,024
|
(i) certain prior year balances have been reclassified to be consistent with the fiscal 1997 presentation. -9- 13 centex corporation item 2. management s discussion and analysis of results of operations and financial condition centex s consolidated revenues for the quarter were $939.1 million, a 19% increase over $790.1 million for the same quarter last year. earnings before income taxes were $42.5 million, 71% higher than $24.9 million last year. net earnings were $27.5 million and earnings per share were $.93 for this quarter compared to $15.2 million and $.52, respectively, for the same quarter last year. for the nine months ended december 31, 1996, corporate revenues totaled $2.8 billion, 24% greater than $2.3 billion for the same period last year. earnings before income taxes were $119.2 million, 92% higher than $62.0 million for the same period last year. net earnings were $77.5 million and earnings per share were $2.64 for the current nine months compared to $37.6 million and $1.29 last year. home closings for the quarter rose in every region to total 3,226 units, a 9% increase over 2,948 units for the same quarter last year. home sales (orders) declined to 2,567 for the quarter this year, 4% less than 2,678 units for the same quarter a year ago. centex is currently operating fewer neighborhoods than it did a year ago and sales per neighborhood were slightly higher than last year. home closings for the nine months this year totaled 9,835 units, a 15% increase over 8,522 units for the same period a year ago. unit orders for the current nine months were 8,319, 11% less than 9,308 units for the same period last year. the backlog of homes sold but not closed at december 31, 1996 was 4,017 units, 16% less than 4,773 units at december 31, 1995. investment real estate during the quarter ended june 30, 1996, centex s home building subsidiary completed a business combination transaction and reorganization with vista properties, inc. that increased centex s ownership of vista s common stock from approximately 53% to 99.975 percent. under the terms of the combination transaction, centex s home building assets and operations were contributed to vista in exchange for 12.4 million shares of vista s common stock. as a result of the combination, centex s investment real estate portfolio, valued in excess of $125 million, was reduced to a nominal book basis after recording certain vista-related tax benefits. accordingly, as these properties are developed or sold, the net sales proceeds will be reflected as operating margin. negative goodwill recorded as a result of the business combination is being amortized to earnings over approximately seven years. all investment property operations are being reported through centex s investment real estate business segment which operates under the vista properties company name. for the quarter ended december 31, 1996, investment real estate had operating earnings of $5.6 million. for the nine month period, operating earnings totaled $12.8 million. applications for the nine months were 41,776, up 29% from 32,426 for the same period in the prior fiscal year.
| 0
| 134,910
| 3,140
| 0.152259
|
semantic
|
CTX
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/18532/0000950134-97-000980.txt
| 1,024
|
negative goodwill recorded as a result of the business combination is being amortized to earnings over approximately seven years. all investment property operations are being reported through centex s investment real estate business segment which operates under the vista properties company name. for the quarter ended december 31, 1996, investment real estate had operating earnings of $5.6 million. for the nine month period, operating earnings totaled $12.8 million. applications for the nine months were 41,776, up 29% from 32,426 for the same period in the prior fiscal year. this increase is primarily due to centex s recent expansion of its b c (sub-prime) mortgage operation, nova credit corporation, which generally closes fewer of its applications compared to ctx mortgage s a applications. the per loan margin for the quarter this year was $615, a 20% improvement over $512 for the same quarter last year. however, reserve provisions relating to certain construction projects obtained in prior years resulted in the current quarter s loss. the contracting and construction services operation provided a positive -12- 16 average net cash flow in excess of centex s investment in the group of approximately $60 million during both the current quarter and the same quarter last year. construction products as a result of centex construction products, inc. s (cxp) repurchases of its own stock during the quarter ended june 30, 1996, centex s ownership interest in cxp has increased to more than 50%, (51.2 percent as of december 31, 1996). accordingly, beginning with the june 30, 1996 quarter, cxp s financial results have been consolidated with those of centex and are reflected in centex s financial statements. revenues from construction products were $59.1 million for the current quarter. cxp s revenues for the same quarter last year, which were not consolidated with centex, were $55.4 million. for the quarter this year, cxp s total operating earnings minus minority interest resulted in pretax earnings of $8.8 million, net to centex s ownership interest, a 17% improvement over $7.5 million last year for the same quarter. for the current nine months, cxp s revenues totaled $185.7 million. cxp s revenues for the same period last year, which were not consolidated with centex, were $177 million. for the current period, cxp s total operating earnings minus minority interest resulted in pretax earnings of $26.6 million, net to centex s ownership interest, 25% higher than $21.4 million for the same period last year. cxp s record results for this year s quarter and fiscal year-to-date were due primarily to continuing strong demand for cxp s products and higher pricing in all of its business segments. financial condition and liquidity centex fulfills its short-term financing requirements with cash generated from its operations and funds available under its credit facilities. these credit facilities also serve as back-up lines for overnight borrowings under its uncommitted bank facilities and commercial paper program.
| 1
| 134,910
| 3,046
| 0.126305
|
semantic
|
CTX
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/18532/0000950134-97-000980.txt
| 1,024
|
the higher profits resulted from strong worldwide retail demand for the company s products, especially new tractors and combines. operating margins also improved, reflecting the results of the company s continuous improvement and quality initiatives. worldwide net sales and revenues for the first quarter increased three percent to $2396 million compared with $2318 million for the first quarter of 1996. net sales of agricultural, industrial and commercial and consumer equipment were $2003 million for the quarter compared with $1937 million last year, a gain of three percent. export sales from the united states benefited from increased sales to the former soviet union and totaled $392 million for the quarter compared to $308 million for the same period last year. overseas net sales and comparable physical volume of sales both increased approximately nine percent from last year s strong first quarter levels. overall, the company s comparable physical volume of sales to dealers (excluding the sales by the newly consolidated mexican subsidiaries) was up slightly compared to last year. the company s worldwide equipment operations, which exclude the financial services subsidiaries and unconsolidated affiliates, had income of $135.4 million for the first quarter compared with $116.1 million for the same period last year. worldwide equipment operating profit increased to $237 million or 12 percent of net sales in the first quarter compared with $221 million or 11 percent of net sales last year. worldwide agricultural equipment operating profit increased 32 percent to $195 million for the quarter compared with $148 million last year, reflecting higher sales volumes as well as improved operating margins, in both the company s north american and overseas operations. worldwide industrial equipment operating profit totaled $38 million, lower than last year s levels due to costs associated with growth initiatives. these costs included the continued development of new, more fuel-efficient engines, start-up expenses associated with the major engine facility in torreon, mexico and costs from the introduction of new industrial products. however, sales related to construction equipment products continued at strong levels in the first quarter. worldwide commercial and consumer equipment operating profit totaled $4 million, down from last year s first quarter levels, reflecting a 13 percent decline in net sales primarily as a result of lower shipping activity associated with the company s asset control efforts. these efforts include a program started during the fourth quarter of 1996, that focuses on providing products closer to the required customer delivery dates, thereby enabling the company to reduce its level of asset investment. overseas operating profit totaled $69 million, up 17 percent from last year, reflecting strong sales demand and improved operating efficiencies. additional information on business segments is presented in note 8 to the interim financial statements. the company s asset management initiatives continued to show excellent results with equipment operations asset levels as a percent of the last 12 months net sales totaling 72 percent at the end of the first quarter of 1997 compared with 79 percent a year ago.
| 0
| 72,455
| 3,271
| 0.136089
|
semantic
|
DE
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/315189/0000315189-97-000003.txt
| 1,024
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overseas operating profit totaled $69 million, up 17 percent from last year, reflecting strong sales demand and improved operating efficiencies. additional information on business segments is presented in note 8 to the interim financial statements. the company s asset management initiatives continued to show excellent results with equipment operations asset levels as a percent of the last 12 months net sales totaling 72 percent at the end of the first quarter of 1997 compared with 79 percent a year ago. trade receivables and company inventories totaled $4211 million at january 31 compared with $4357 million at the end of the same period last year. net income of the company s credit operations was $32.9 million for the first quarter of 1997 compared to $34.5 million last year. the higher income from a larger average receivable and lease portfolio financed was more than offset by lower financing spreads and higher expenditures associated with several growth initiatives. total revenues of the credit operations increased seven percent from $166 million in the first quarter of 1996 to $178 million in the first quarter of 1997. the average balance of receivables and leases financed was 14 percent higher than in the first three months of last year. interest expense increased three percent compared with the first quarter of 1996 primarily as a result of an increase in average borrowings. the credit subsidiaries consolidated ratio of earnings to fixed charges was 1.69 to 1 during the first three months this year compared with 1.73 to 1 in the comparable period of 1996. net income from insurance operations was $9.0 million in the first quarter of 1997 compared with $9.6 million last year, reflecting a small gain from the sale of the personal lines book of business last year. however, underwriting results improved in the first quarter of this year compared to last year. for the three-month period, insurance premiums decreased 13 percent in 1997 compared with the same period last year, while total claims, benefits, and selling, administrative and general expenses decreased 15 percent this year. net income from health care operations was $1.4 million in the first quarter of 1997 compared with $4.6 million last year. although managed care membership grew by 19 percent from a year ago, earnings decreased this year primarily due to higher selling, administrative and general expenses associated with several new business initiatives and a higher medical cost ratio. health care premiums and administrative services revenues increased 15 percent in the first three months of 1997 compared with the same period last year, while total claims, benefits, and selling, administrative and general expenses increased 22 percent this year. outlook the company s first quarter sales and revenues were in line with the company s expectations and provide a solid base for strong full-year activity. the remainder of 1997 should benefit from a moderately growing domestic economy, healthy agricultural markets and generally high levels of farmer confidence.
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deere company retired $10 million of medium-term notes during the first quarter of 1997. financial services the financial services credit subsidiaries rely on their ability to raise substantial amounts of funds to finance their receivable and lease portfolios. their primary sources of funds for this purpose are a combination of borrowings and equity capital. additionally, the credit subsidiaries periodically sell substantial amounts of retail notes. the insurance and health care operations generate their funds through internal operations and have no external borrowings. during the first quarter of 1997, the aggregate cash provided from operating and financing activities was used primarily to increase financing receivables. cash provided from financial services operating activities was $66 million in the current quarter. cash provided by financing activities totaled $231 million in 1997, resulting from a $251 million increase in total borrowings, which was partially offset by payment of a $20 million dividend to the equipment operations. cash used for investing activities totaled $277 million in the current quarter, primarily due to the cost of financing receivables and leases acquired exceeding collections. cash and cash equivalents increased $19 million during the first quarter. in the first quarter of 1996, the aggregate cash provided from operating and financing activities was used primarily to increase financing receivables. cash provided from financial services operating activities was $52 million in the first quarter of 1996. cash provided by financing activities totaled $77 million in 1996, resulting from a $120 million increase in total borrowings, which was partially offset by payment of a $43 million dividend to the equipment operations. cash used for investing activities totaled $155 million in 1996, primarily due to the cost of financing receivables acquired exceeding collections. cash and cash equivalents decreased $26 million during the first quarter of last year. marketable securities consist primarily of debt securities held by the insurance and health care operations in support of their obligations to policyholders. during the first quarter and last 12 months, marketable securities have increased $9 million and $22 million, respectively, from the investment of the insurance operation s positive cash flows. financing receivables and leases increased by $290 million in the first quarter of 1997 and $827 million during the past 12 months. these receivables and leases consist of retail notes originating in connection with retail sales of new and used equipment by dealers of john deere products, retail notes from non-deere- related customers, revolving charge accounts, wholesale notes receivable, and financing and operating leases. the credit subsidiaries receivables and leases increased during the last 12 months due to the cost of financing receivables and leases acquired exceeding collections, which was partially offset by the sale of retail notes during the same period. total acquisitions of financing receivables and leases were 30 percent higher in the first quarter of 1997 compared with the same period last year. this significant increase resulted from increased acquisitions of retail notes, wholesale receivables, leases and revolving charge accounts. at january 31, 1997, the levels of retail notes, wholesale receivables, leases and revolving charge accounts were all higher than one year ago.
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employer incorporation or organization) identification no.) $779233 $738614 -------- -------- earnings before income taxes 21,613 56,497 income taxes................ (5,890) (20,889) -------- -------- net earnings................ $ 15,723 $ 35,608 earnings per share.......... $ 0.10 $ 0.22 average number of common shares outstanding........ 154,200 159,100 see accompanying notes to consolidated financial statements. $2320,471 $2302,815 earnings before income taxes 34,687 59,501 income taxes................ (9,660) (19,628) ----------- ---------- net earnings................ $ 25,027 $ 39,873 earnings per share.......... $ 0.16 $ 0.25 average number of common shares outstanding........ 156,500 158,800 see accompanying notes to consolidated financial statements. darden restaurants, inc. notes to consolidated financial statements (unaudited) (dollar amounts in thousands, except per share data) note 1 - background these consolidated financial statements do not include certain information and footnotes required by generally accepted accounting principles for complete financial statements. however, in the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. note 3 - restructuring expense darden recorded restructuring expense of $75000 during the thirty-nine weeks ended february 25, 1996 related to the closing of all china coast restaurants. these expenses resulted in a reduction of net earnings of approximately $44800 ($.28 per share) and primarily relate to the write-down of land, buildings and equipment to net realizable value. these restructuring actions are expected to be substantially completed in fiscal 1997. as of february 23, 1997, $10722 of cash payments had been charged against the restructuring reserve. note 4 - subsequent event the company s board of directors approved a fourth quarter fiscal 1997 charge totaling $230100 representing a $159200 asset impairment write-down under statement of financial accounting standards no. 121 (sfas 121) and $70900 in other restructuring and administrative expenses, including the closing of certain restaurant properties. the asset impairment portion of the charge relates primarily to low performing restaurant properties and other long-lived assets including those restaurants closed in the fourth quarter. the total charge also provides for a planned change in the method of operating in canada from all company-owned restaurants to franchising. these expenses will result in a reduction of annual and fourth quarter fiscal 1997 net earnings of $145491 ($0.94 per share). item 2. management s discussion and analysis of financial condition and results of operations the following table sets forth selected restaurant operating data as a percentage of sales for the periods indicated. the decline in third quarter earnings was mainly attributable to lower earnings at red lobster due to actions initiated during the second quarter to enhance long-term performance including new menu items, bolder flavors, lower prices and service improvements. sales of $800.8 million for the quarter were up almost one percent compared to last year. for the first nine months of fiscal 1997, net earnings were $25.0 million or 16 cents per share, compared to earnings before unusual items of $84.7 million or 53 cents per share in the same fiscal 1996 period.
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the impaired assets include machinery and equipment related to inventory production at various plant locations. the impairments relate to assets not currently in use, assets significantly underutilized, and assets with limited planned future use. (4) statements of cash flows during the first six months, we paid $47.1 million for interest (net of amount capitalized) and $125.3 million for income taxes. item 2. management s discussion and analysis of financial condition and results of operations financial condition operations generated $57.1 million more cash in the first half of fiscal 1997 than in the same prior-year period. the increase in cash provided by operations as compared to last year was caused by a $85.1 million decrease in the working capital change (principally, a reduced rate of increase in inventories) partially offset by a $28.0 million decrease in cash from operations, after adjustment for non-cash charges. fiscal 1997 capital expenditures are estimated to be approximately $170.0 million. during the first six months, capital expenditures totaled $78.4 million. our short-term outside financing is obtained through private placement of commercial paper and bank notes. our level of notes payable fluctuates based on cash flow needs. our long-term outside financing is obtained primarily through our medium-term note program. first half activity included repurchases and debt payments of $108.7 million under this program. in the first half of fiscal 1997, we acquired 3.8 million shares of common stock for our treasury for $209.9 million. results of operations second quarter sales of $1560.1 million grew 8 percent from the prior year. first half sales of $2875.7 million grew 6 percent. second quarter earnings from operations of $156.7 million ($1.00 per share) were up 8 percent from $145.7 million ($.92 per share) reported last year. cumulative earnings from operations of $283.6 million ($1.80 per share), before the non-cash charge associated with the adoption of sfas no. 121 (see note (3)) increased slightly from $282.6 million ($1.78 per share) last year. adoption of sfas no. 121 resulted in a first quarter non-cash, after-tax charge of $29.2 million, or 18 cents per share. including this non-cash charge, first half earnings were $254.4 million ($1.62 per share). this record second-quarter performance represents strong renewal of our earnings growth momentum following the first-quarter interruption caused by big g s cereal price declines. our earnings gain was driven by broad-based unit volume growth, with total domestic volume up 9 percent on gains by every major business unit, and international volume growth led by a 19 percent increase for our cereal partners worldwide (cpw) joint venture with nestle. in total, the company s worldwide cereal operations accounted for more than half of the second-quarter earnings increase. these first-half results include approximately 16 cents of the expected 20 cents-per-share earnings impact in 1997 from big g s cereal price declines, with about 4 cents per share falling in the second quarter. we expect that the impact on future quarters will be less as further reductions in promotional spending behind established brands take effect.
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price increases recorded in single-serve condiments, retail frozen potatoes, infant food, and tuna were partially offset by price decreases in weight watchers classroom activities. volume increases recorded in pet food, foodservice frozen potatoes, bakery products, tuna, pizza components and weight watchers classroom activities overseas were partially offset by volume declines in weight loss products, infant food, frozen entrees, and retail frozen potatoes. gross profit increased $81.9 million to $2491.4 million from $2409.5 million a year ago. the gross profit increase is mainly attributable to increased sales. the ratio of gross profit to sales, however, decreased to 36.1 percent from 36.6 percent. the current year s gross profit ratio was impacted by higher commodity prices, an unfavorable profit mix and charges for restructuring and related costs; offset somewhat by a gain on the sale of real estate and favorable pricing. operating income, excluding non-recurring items, increased $73.0 million, or 7.4 percent, to $1054.8 million from $981.8 million for the same period last year. non-recurring items include a charge for restructuring and related costs, and a gain from the sale of real estate. including these non-recurring items, operating income increased $64.5 million, or 6.6 percent, to $1046.3 million. the increase in operating income was primarily due to the sales-driven increase in gross profit and decreased marketing expenses; partially offset by higher general and administrative expenses associated with restructuring and related costs and acquisitions, and higher selling and distribution expenses directly attributable to higher sales levels. for the nine months ended january 29, 1997, domestic operations provided 54.9 percent of operating income compared to 56.2 percent for the same period a year ago. net interest expense decreased $2.7 million to $175.8 million from $178.5 million in the comparable period a year ago as the impact of higher average borrowings was more than offset by lower average interest rates. the effective tax rate for the first nine months of fiscal 1997 was 37.0 percent compared to 37.3 percent for the same period a year ago. net income for the first nine months was $531.4 million compared to $489.1 million for the same period last year, and earnings per share was $1.42 compared to $1.30. excluding the non-recurring items noted above, earnings per share was $1.43 which represents an increase of 10.0 percent over the prior period. 9 results of operations three months ended january 29, 1997 and january 31, 1996 for the three months ended january 29, 1997, sales increased $114.4 million, or 5.2 percent, to $2307.5 million from $2193.1 million recorded in the same period a year ago. the sales increase came from acquisitions (net of divestitures) of 3.1 percent, price increases of 1.6 percent, and the effect of favorable foreign exchange rates of 1.2 percent; partially offset by slightly lower sales volumes of 0.7 percent. domestic operations provided 53.6 percent of the current period s net sales compared to 56.6 percent in the same period last year. price increases in foodservice single-serve condiments, pet food, tuna, and retail frozen potatoes were partially offset by decreases in retail ketchup.
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the sales increase came from acquisitions (net of divestitures) of 3.1 percent, price increases of 1.6 percent, and the effect of favorable foreign exchange rates of 1.2 percent; partially offset by slightly lower sales volumes of 0.7 percent. domestic operations provided 53.6 percent of the current period s net sales compared to 56.6 percent in the same period last year. price increases in foodservice single-serve condiments, pet food, tuna, and retail frozen potatoes were partially offset by decreases in retail ketchup. the strengthening of overseas currencies, particularly in the united kingdom and new zealand, against the u. s. dollar increased sales $27.2 million, or 1.2 percent. volume decreases in tuna, weight loss products, and frozen entrees were partially offset by volume increases in soup, weight watchers classroom activities overseas, and foodservice ketchup. gross profit increased $36.0 million to $848.3 million from $812.3 million a year ago. the ratio of gross profit to sales decreased slightly to 36.8 percent from 37.0 percent. the current quarter s gross profit ratio was impacted by an unfavorable profit mix and restructuring and related costs; offset somewhat by a gain on the sale of real estate and favorable pricing. operating income, excluding non-recurring items, increased $35.8 million, or 11.4 percent, to $350.2 million from $314.4 million in the third quarter of last year. during the current quarter, $18.1 million in charges were recorded for costs related to the worldwide restructuring program, including headcount reductions at the company s overseas affiliates in new zealand, italy and australia. these charges were partially offset by a gain on the sale of real estate of $13.2 million. including these non-recurring items, operating income increased $30.9 million, or 9.8 percent, to $345.3 million. the increase in operating income was primarily due to the sales-driven increase in gross profit and decreased marketing expenses; partially offset by higher general and administrative expenses associated with restructuring related charges and acquisitions, and higher selling and distribution expenses directly attributable to higher sales levels. for the third quarter ended january 29, 1997, domestic operations provided 55.5 percent of operating income compared to 58.1 percent in the same period last year. net interest expense increased $2.2 million to $62.2 million from $60.0 million in the third quarter a year ago due mainly to lower interest income on marketable securities. interest expense remained comparable period to period. the effective tax rate for the third quarter was 37.0 percent compared to 36.2 percent for the same period a year ago. net income for the current quarter was $174.4 million compared to $156.5 million for the same quarter last year, and earnings per share was $0.47 compared to $0.42, an increase of 11.9 percent. excluding the non-recurring items noted above, earnings per share was $0.48 which represents an increase of 14.3 percent over the prior year s comparable quarter. 10 liquidity and financial position cash provided by operating activities totaled $434.9 million for the nine month period ended january 29, 1997 compared to $274.2 million last year. cash used for investing activities required $421.3 million compared to $196.7 million last year.
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net income for the current quarter was $174.4 million compared to $156.5 million for the same quarter last year, and earnings per share was $0.47 compared to $0.42, an increase of 11.9 percent. excluding the non-recurring items noted above, earnings per share was $0.48 which represents an increase of 14.3 percent over the prior year s comparable quarter. 10 liquidity and financial position cash provided by operating activities totaled $434.9 million for the nine month period ended january 29, 1997 compared to $274.2 million last year. cash used for investing activities required $421.3 million compared to $196.7 million last year. cash used for acquisitions in the current period totaled $179.6 million, due mainly to the purchases of martin feed mills limited in canada; the assets of the canned beans and pasta business of nestle canada inc., together with a two-year license to use the libby s brand; shortland cannery limited in new zealand; and southern country foods limited in australia. acquisitions in the prior year s comparable period totaled $96.5 million and included pmv zabreh in the czech republic; the additional investment in kecskemeti konzervgyar r.t. in hungary; the purchase of britwest ltd. in the united kingdom; the purchase of fattoria scaldasole s.p.a. in italy; the purchase of the craig s brand of jams and dressings from kraft general foods new zealand ltd.; and the purchase of a majority interest in indian ocean tuna limited, located in the seychelles. purchases of property, plant and equipment totaled $277.7 million in the current period compared to $246.1 million a year ago. investments in tax benefits required $3.0 million compared to providing $62.0 million in the prior period, due mainly to the company s sale of certain domestic investments in the prior period. financing activities provided $28.3 million for the nine months ended january 29, 1997 compared to requiring $40.2 million a year ago. stock options exercised provided $105.6 million in the current period versus $70.7 million in the prior year s comparable period. proceeds from commercial paper and short-term borrowings, net provided $468.7 million compared to $237.4 million in the prior period. proceeds from long-term debt provided $45.2 million compared to $5.6 million in the prior period. during the nine months ended january 29, 1997, treasury stock purchases totaled $208.3 million (6.2 million shares) versus $65.1 million (2.1 million shares) in the prior year s first nine months. payments on long-term debt totaled $100.0 million for the current period compared to $51.1 million last year. dividend payments totaled $310.2 million compared to $283.9 million a year ago. on august 29, 1996, the company amended the line of credit agreements that support its domestic commercial paper programs, increasing availability and extending maturity dates. the amended terms provide for one agreement totaling $2.3 billion that expires in september 2001. the previous agreements provided for lines of credit totaling $2.0 billion, of which $1.2 billion would have expired in september 1996 and $800.0 million was scheduled to expire in september 2000. on january 29, 1997, the company had $1.8 billion of domestic commercial paper outstanding.
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we will be sensitive and responsive to our people who are affected. specific plants and businesses for closure will not be publicly identified until after affected employees have been notified in the next few months. - more - 3 3. these plant closures or sales will be facilitated by the elimination of end-of-quarter trade promotion practices to improve inventory turns, cash flow and working capital for both heinz and its customers. these practices have built up in all companies, and i stress in all companies, dr. o reilly noted, over the past 10 years and are no longer efficient because of new technology such as scanning, edi, cross-dock software and computer-assisted ordering which enable the retailer and manufacturer to work in tandem to achieve more efficient ecr and continuous replenishment program objectives. as a result of this initiative, sales in the fourth quarter are expected to be flat compared to last year. this action is designed to fundamentally change the way heinz goes to market in key u.s. businesses. if the company had continued to do business as usual, it would have expected to achieve an additional $90 to $95 million in operating income for the fourth quarter, yielding eps of $1.93 for the full year, the impact of which is included in the $650 million cost of the reorganization, dr. o reilly added. 4. the company plans to exit at least four non-strategic businesses that do not fit its core categories or are underperforming. 5. the company will dramatically reduce the costs of its entire u.s. weight watchers meeting system, at a cost of $55 million within the reorganization charge, to replicate its very successful weight watchers system in the u.k., the european continent, australia and south america. dr. o reilly added, this growth plan is designed to: . ensure 10 to 12% earnings growth into the next century. target sales to grow to $14 to $15 billion by 2003, compared to approximately $9.5 billion this year. grow fiscal 98 earnings 10 to 12% from this year s anticipated operating base of $1.93. generate working capital reductions of $300 million within the next 12 months. yield pre-tax savings of approximately $120 million in fiscal 98 and approximately $200 million in fiscal 99 and beyond. achieve over $2 billion in free cash flow over the next five years, with $1 billion in the next 12 months. - more - 4 third quarter results: --------------------- earlier in the morning, heinz announced record third-quarter results. earnings per share, excluding non-recurring items, were $0.48. this represented an increase of 14.3 % over the same period last year. sales growth for the third quarter was strong at over 5%. (see separate release issued march 14, 1997.) growth initiatives: ------------------ future growth initiatives focus on investing in heinz s big global brands, maximizing market share and extending successful products to new markets. heinz has number-one brands in ketchup, weight control, tuna, frozen potatoes, soups, beans, infant foods and pet food around the world.
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-7- 8 part i. financial information helmerich payne, inc. and subsidiaries notes to consolidated condensed financial statements (continued) 7. discontinued operations effective august 30, 1996, the company exchanged all of the common stock of its wholly-owned subsidiary, natural gas odorizing, inc. (ngo), to occidental petroleum corporation (opc) for 2,018,928 shares of opc common stock with a fair market value at closing of approximately $48 million. ngo comprised all of the company s chemical operations. prior period operating results for such operations are reported as discontinued operations. -9- 10 i. financial information helmerich payne, inc. management s discussion and analysis of financial condition and results of operations december 31, 1996 business environment and risk factor the following discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere herein. the company s future operating results may be affected by various trends and factors which are beyond the company s control. these include, among other factors, fluctuations in natural gas prices, expiration or termination of drilling contracts, changes in general economic conditions, rapid or unexpected changes in technologies and uncertain business conditions that affect the company s businesses. accordingly, past results and trends should not be used by investors to anticipate future results or trends. with the exception of historical information, the matters discussed below under the headings results of operations and liquidity and capital resources may include forward-looking statements that involve risks and uncertainties. the company wishes to caution readers that a number of important factors discussed in this report and in the company s other reports filed with the securities and exchange commission, could affect the company s actual results and cause actual results to differ materially from those in the forward- looking statements. results of operations the company reported net income of $20125,000 ($0.81 per share) from revenues of $118262,000 for the first quarter of fiscal 1997, compared with $11093,000 ($0.45 per share) net income from revenues of $88427,000 during the first quarter of 1996. the company s exploration and production division reported an operating profit of $18274,000 for the first quarter of fiscal 1997, compared with an operating profit of $4075,000 for the same period last year. oil and gas revenues for the first quarter of 1997 were $30014,000, a 94% increase from last year s revenues of $15460,000. natural gas revenues increased to $24147,000 in the first quarter of fiscal 1997 from $12254,000 in the first quarter of fiscal 1996. oil revenues increased to $5661,000 in the first quarter of fiscal 1997 from $3229,000 in the first quarter of fiscal 1996. increased prices and volumes for both oil and gas contributed to the increased revenues and operating profit. oil prices for the first quarter of fiscal 1997 averaged $23.98 compared with $16.42 for the same period in 1996. oil volumes were 2,566 bbls d and 2,171 bbls d for the first quarter of 1997 and 1996, respectively.
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natural gas revenues increased to $24147,000 in the first quarter of fiscal 1997 from $12254,000 in the first quarter of fiscal 1996. oil revenues increased to $5661,000 in the first quarter of fiscal 1997 from $3229,000 in the first quarter of fiscal 1996. increased prices and volumes for both oil and gas contributed to the increased revenues and operating profit. oil prices for the first quarter of fiscal 1997 averaged $23.98 compared with $16.42 for the same period in 1996. oil volumes were 2,566 bbls d and 2,171 bbls d for the first quarter of 1997 and 1996, respectively. the increased volumes were the result of new wells in the austin chalk area in louisiana going on production in the first quarter of fiscal 1997. additional austin chalk wells are planned for the remainder of the year, but the timing and impact on production are not predictable. the contract drilling division reported an operating profit of $11117,000 in the first quarter of fiscal year 1997, compared with $10224,000 in the same period of 1996. operating profit from the domestic drilling operations increased to $4210,000 for the quarter compared with $1915,000 for the first quarter of fiscal 1996. increased utilization of land rigs (revenue days increased 20% from first quarter of 1996) and increased day rates for land rigs contributed to the increased operating profit. the first quarter of fiscal 1996 included foreign currency transaction gains in venezuela of $1 million. no such gains were realized in the first quarter of fiscal 1997 because of a more stable currency situation. additional decreases were due to slightly higher operating expenses in colombia for the first quarter of 1997, compared with the first quarter of fiscal 1996. the company s real estate division increased operating profit to $1779,000 in the first quarter of fiscal 1997 from $1221,000 in the same quarter of fiscal 1996. the increase was primarily due to a gain on the sale of a small parcel of land during the quarter. -11- 12 i. financial information helmerich payne, inc. management s discussion and analysis of financial condition and results of operations december 31, 1996 (continued) liquidity and capital resources net cash provided by continuing operations was $38361,000 for the first quarter of fiscal 1997, compared with $24444,000 for the same period in 1996. capital expenditures were $36319,000 and $35616,000 for the first quarter of fiscal 1997 and 1996, respectively. it is anticipated for fiscal 1997 that capital expenditures could possibly exceed internally generated cash flows and that the company will borrow under its line of credit agreement or sell a portion of its investment portfolio to fund capital expenditures. it was recently announced that atwood oceanics, inc. (atwood) had filed a registration statement for the offer and sale of 1.5 million shares of common stock of the company. in order to maintain its existing ownership interest in atwood of 23.8 percent, helmerich payne, inc. (h p) plans to purchase 25% of the shares to be offered. h p s new investment would total between $20-$25 million.
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on january 23, 1997, shareholders of the company voted to change the name of the company from alco standard corporation to ikon office solutions, inc. results of operations --------------------- the discussion of the results of operations reviews the continuing operations of the company as contained in the consolidated statements of income, as well as the discontinued operations of unisource. the company s internal revenue growth was 15% in the first quarter of fiscal 1997. the results reflect a very strong performance from the company s traditional copier business with substantial growth in both equipment placements and copy volume. revenues from the company s operations outside the u.s. were $147 million for the first quarter of fiscal 1997 compared to $124 million for the same period of the prior fiscal year. the company s european operations accounted for $2 million of the increase, while canadian revenues increased $18 million as a result of acquisitions and internal growth in base companies. a fiscal 1996 mexican acquisition added $3 million of revenue to the first quarter of fiscal 1997. the company s operating income increased by $12.8 million, or 18.7 percent over the prior year s quarter. current and prior year acquisitions accounted for $5.8 million, while $7.0 million was the result of base companies internal growth net of increased transformation related costs. ikon capital, inc. contributed 17.7 percent of the company s operating income in the first quarter of fiscal 1997 compared to 12.4 percent in the first quarter of fiscal 1996. the company s operating margins were 7.1 percent in the first quarter of fiscal 1997, compared to 7.6 percent in fiscal 1996. the reduction was primarily the result of the short-term dilutive impact of the company s rapid acquisition of technology services companies and transformation expenses in europe. the company recognized a $6.5 million pretax gain in the first quarter of fiscal 1997 on the sale of its corporate headquarters building. the company plans to move into a new headquarters facility later in fiscal 1997. the company also recognized several first time costs in the first quarter of fiscal 1997, including costs associated with a national advertising program, enhanced training programs throughout the company and enhanced sales incentive programs. operating income from foreign operations was $10.0 million for the three months ended december 31, 1996, down $1.6 million from the prior year s quarter, of which $2.7 million is attributable to european operations and relates to the european transformation initiative in the first quarter of fiscal 1997, net of $1.0 million increase in canadian operations and $.1 million of additional operating income related to the mexican acquisition. there was no material effect of foreign currency exchange rate fluctuations on the results of operations in the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996. the company continues to proceed as planned with the transformation program announced in 1995 to change its organization into a more cohesive and efficient network by building a uniform information technology system and implementing best practices for critically important management functions throughout the company.
| 0
| 85,851
| 3,286
| 0.142578
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1997
| 0
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https://www.sec.gov/Archives/edgar/data/3370/0000950109-97-001236.txt
| 1,024
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there was no material effect of foreign currency exchange rate fluctuations on the results of operations in the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996. the company continues to proceed as planned with the transformation program announced in 1995 to change its organization into a more cohesive and efficient network by building a uniform information technology system and implementing best practices for critically important management functions throughout the company. acquisitions in the first quarter of fiscal 1997, the company completed 23 acquisitions with annualized revenues of nearly $170 million. of the 23 companies acquired, 10 were systems integration companies, seven were outsourcing and imaging companies and six were traditional copier companies. the increasing number of systems integration and outsourcing companies in the acquisition mix reflects the company s intention to strengthen its ability to offer customers complete office technology solutions, from traditional copier systems to computer networking and outsourced imaging and duplicating services. the effective income tax rate for the quarter is 39.0 percent compared with 39.8 percent for the comparative period in fiscal 1996. the company recorded an extraordinary charge of $12.2 million after tax in the first quarter of fiscal 1997 relating to its early extinguishment of certain corporate debt. the company used the proceeds of a december 2, 1996 $553.5 million intercompany debt repayment from its discontinued operation, unisource, to prepay $514 million of corporate debt. the pretax charge of $18.7 million primarily included prepayment penalties and has a related tax benefit of $6.5 million. discontinued operations revenues of unisource, the company s discontinued operation, increased $13 million, or 0.7 percent, to $1.73 billion in the first quarter of fiscal 1997 compared to the first quarter of the prior year. this change is due to increases associated with current and prior year acquisitions of $152 million, which were offset by revenue declines of $139 million in base operations. the decline in base operations is principally due to an estimated decrease in average paper prices of 17% compared to the same period last year. the price deflation was partially offset by volume gains in the base operations. during the same period, the company also used $251 million in cash for investing activities, which included finance subsidiary activity of $175 million, acquisition activity at a cash cost of $41 million and capital expenditures of $39 million. operating and investing activities were funded through cash flow from financing activities. cash provided by financing activities included $553 million of intercompany debt repaid by unisource which was used primarily to prepay corporate debt of the company. debt, excluding finance subsidiaries, was $596 million at december 31, 1996, a decrease of $375 million from the continuing operations debt balance at september 30, 1996 of $971 million. the debt to capital ratio was 29.8 percent at december 31, 1996 compared to 31.4 percent at september 30, 1996. on december 16, 1996, the company entered into a credit agreement with several banks under which it may borrow up to $400 million.
| 1
| 85,851
| 3,280
| 0.120518
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semantic
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1997
| 0
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https://www.sec.gov/Archives/edgar/data/3370/0000950109-97-001236.txt
| 1,024
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- 7 - meredith corporation notes to interim consolidated financial statements, continued (unaudited) 3. marketable securities currently-owned marketable securities are classified as available-for-sale. available-for-sale securities are carried at fair value, with unrealized gains and losses, net of tax, reported in a separate component of shareholders equity. the amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. such amortization is included in investment income. realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in investment income. the cost of securities sold is based on the specific identification method. interest and dividends on securities classified as available-for-sale are included in investment income. at december 31, 1996, marketable securities consisted of one u. s. treasury note with a fair value equal to its amortized cost. this security matures in less than one year. no other marketable securities were purchased or sold during the six months ended december 31, 1996. 4. inventories major components of inventories are summarized below. of total inventory values shown, approximately 85 and 67 percent respectively, are under the lifo method at december 31, 1996, and june 30, 1996. - 10 - item 2. management s discussion and analysis of financial condition and results of operations results of operations (note: all per-share amounts are computed on a post-tax basis.) net earnings of $44.8 million, or $1.61 per share, were recorded in the quarter ended december 31, 1996, compared to net earnings of $16.1 million, or 57 cents per share, in the prior-year second quarter. for the six months ended december 31, 1996, net earnings were $57.2 million, or $2.06 per share, compared to net earnings of $24.9 million, or 88 cents per share, in the prior-year period. net earnings for both the quarter and six months ended december 31, 1996, included a post-tax gain of $27.7 million, or $1.00 per share, from the sale of the discontinued cable operations. net earnings in the first half of the prior fiscal year included a net loss from discontinued cable operations of $.7 million, or 3 cents per share. earnings from continuing operations were $17.1 million, or 61 cents per share, and $16.1 million, or 57 cents per share for the second quarters ended december 31, 1996 and 1995, respectively. earnings from continuing operations for the comparative six-month periods were $29.5 million, or $1.06 per share, in fiscal 1997 and $25.6 million, or 91 cents per share, in fiscal 1996. earnings from continuing operations in the prior-year periods included a post-tax gain of $3.4 million, or 12 cents per share, from the december 1995 sale of three book clubs. excluding this non-recurring item from the prior-year periods, fiscal 1997 earnings per share from continuing operations increased 36 percent for the second quarter and 34 percent for the six month period. the company s revenues declined 3 percent in both the quarter and six-month periods due to lower publishing revenues.
| 0
| 236,529
| 3,167
| 0.133333
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1997
| 0
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https://www.sec.gov/Archives/edgar/data/65011/0000065011-97-000004.txt
| 1,024
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note: primary - based on average market prices for the period. fully diluted - based on the higher of the average market price for the period or the market price at december 31 of each year. ex-27 9 fds exhibit 27 for 12-31-96 10-q 5 this schedule contains summary financial information extracted from the consolidated balance sheet at december 31, 1996 and the consolidated statement of earnings for the six months ended december 31, 1996 of meredith corporation and subsidiaries and is qualified in its entirety by reference to such financial statements. fiscal year -------- -------- -------- -------- ----------- f1993 .12 .18 .21 .19 .70 f1994 .17 .26 .32 .26 1.01 f1995 .27 .38 .38 .39 1.42 f1996 .34 .45 .49 .54 1.82 f1997 .45 .61 - -- fiscal 1997 second quarter earnings per share from continuing operations were 61 cents, a 36 percent increase over the prior-year quarter. prior- year second quarter earnings per share from continuing operations before non-recurring items were 45 cents. - -- fiscal 1997 net earnings include a post-tax gain of $1.00 per share in discontinued operations from the sale of the company s remaining interests in cable television systems. - -- fiscal 1997 second quarter net earnings were $1.61 per share, compared to prior-year earnings from continuing operations and net earnings of 57 cents per share, including a gain of 12 cents per share from the sale of the book clubs. - -- fiscal 1997 year-to-date earnings from continuing operations were $1.06 per share, a 34 percent increase over prior-year-to-date comparable earnings per share of 79 cents. - -- fiscal 1997 year-to-date net earnings were $2.06 per share, including the gain from the sale of the discontinued cable operations. in the prior year, net earnings were 88 cents per share, including a gain from the sale of the book clubs and a first-quarter loss of 3 cents per share in discontinued cable operations. -----end privacy-enhanced message-----
| 1
| 236,529
| 1,952
| 0.159938
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1997
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https://www.sec.gov/Archives/edgar/data/65011/0000065011-97-000004.txt
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note 4 - supplemental cash flow information cash paid during the quarter ended december 31, 1996 and 1995 for interest are $408901 and $316384, respectively. during the quarter ended december 31, 1996 and 1995, the company had dividend reinvestments of $206143 and $189273, respectively, which required no cash transfers. note 5 - loans payable on october 4, 1996, the company entered into a $5000,000 term loan with summit bank which may be used for acquisitions or working capital purposes. the loan bears interest at prime plus 1 2%. principal payments of $250000 plus interest are due quarterly. this loan matures on october 4, 2001. the outstanding balance of this loan was $3750,000 on december 31, 1996. page 6 monmouth real estate investment corporation management s discussion and analysis of financial condition and results of operations material changes in financial condition the company generated net cash provided from operating activities of $575289 for the current three months as compared to $581786 for the prior period. funds from operations (defined as net income, excluding gains from sales of property, plus depreciation) were $525350 for the current three months as compared to $547914 for the prior period. the company raised $666826 from the issuance of shares of common stock through a dividend reinvestment and stock purchase plan (drip). current cash dividends paid amounted to $484073. securities available for sale increased by $2763,285 due to purchases of $2619,926 and unrealized holding gain of $170373. mortgage notes payable decreased by $248888 during the three months ended december 31, 1996. this decrease was the result of principal repayments. loans payable increased by $3250,000 as a result of a new term loan with summit bank. the company borrowed $5000,000 from summit bank of which $1750,000 was repaid. material changes in results of operations rental and occupany charges increased by $195544 for the three months ended december 31, 1996 as compared to the three months ended december 31, 1995. this increase was due to acquisitions during fiscal 1996 as well as an increase in occupancy charges. there was a corresponding increase in real estate taxes. interest and other income decreased by $29372 for the three months ended december 31, 1996 as compared to the three months ended december 31, 1995. this is primarily as a result of the gain on liquidation of equity securities in the prior period. interest expense increased by $92517 for the three months ended december 31, 1996 as compared to the three months ended december 31, 1995 as a result of the new loan with summit bank. real estate taxes increased by $97285 for the three months ended december 31, 1996 as compared to the three months ended december 31, 1995. this was the result of 1996 acquisitions and the timing of real estate taxes paid. there was a corresponding increase in rental and occupancy charges. the company has been raising capital through the drip and investing in net leased industrial properties.
| 0
| 27,103
| 3,028
| 0.11373
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semantic
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MNR
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1997
| 0
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https://www.sec.gov/Archives/edgar/data/67625/0000067625-97-000001.txt
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applications and content revenues grew at a rate lower than recent levels due to the gradual reduction of the - -------------------------------------------------------------------------------- 5 8 amount of product in the channel in anticipation of the launch of the newest version of the company s primary desktop application product (microsoft office 97). also, unearned revenues of $200 million attributed to upgrade rights impacted the growth rate. most versions of microsoft office for windows 95 shipped during the second quarter carried a technological guarantee that entitled customers to a free upgrade to the corresponding microsoft office 97 version of the product. associated revenues will be recognized when the upgrade delivery obligation is fulfilled. sales channels microsoft distributes its products primarily through oem licenses, corporate licenses, and retail packaged products. oem channel revenues are license fees from original equipment manufacturers. microsoft has three major geographic sales and marketing organizations: the u.s. and canada, europe, and elsewhere in the world (other international). sales of corporate licenses and packaged products in these channels are primarily to distributors and resellers. oem earned revenues were $866 million in the second quarter compared to the $672 million recorded in the comparable quarter of the prior year. on a year-to-date basis, oem revenues were $1.53 billion, compared to $1.22 billion in fiscal 1996. the primary source of oem revenues is the licensing of desktop operating systems. the percentage of new pcs with windows 95 preinstalled increased to more than 75% of reported shipments during the second quarter of fiscal 1997, while ms-dos and windows 3.x continued to be preinstalled on many of the remainder of pcs sold by oems. the above-mentioned ratable revenue recognition policy was extended to windows operating systems licensed through the oem channel in the third quarter of the prior fiscal year. revenues in the u.s. and canada were $759 million in the second quarter of fiscal 1997 compared to $632 million in the second quarter of 1996. revenues in the first half of fiscal 1997 were $1.57 billion, compared to $1.38 billion recorded last year. revenues in europe were $631 million in the second quarter of fiscal 1997 compared to $569 million in the prior year. european revenues were $1.06 billion in the first half of 1997 compared to $995 million the prior year. growth rates slowed in the u.s. and canadian and european channels due to the strong sales of windows 95 and microsoft office for windows 95 the prior year, reflecting typical retail upgrade sales patterns of new versions of pc operating systems and desktop applications. other international channel revenues increased 32% to $424 million in the second quarter of fiscal 1997 from $322 million in the second quarter of fiscal 1996, reflecting strong sales in japan. on a year-to-date basis, other international revenues were $817 million in fiscal 1997 compared to $619 million the prior year. excluding the impact of the shipment of retail upgrade versions of windows 95 and microsoft office for windows 95 in the first half of fiscal 1996, the trend has continued toward a higher percentage of corporate licensing versus packaged products.
| 0
| 44,607
| 3,306
| 0.12207
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1997
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https://www.sec.gov/Archives/edgar/data/789019/0000891020-97-000207.txt
| 1,024
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other international channel revenues increased 32% to $424 million in the second quarter of fiscal 1997 from $322 million in the second quarter of fiscal 1996, reflecting strong sales in japan. on a year-to-date basis, other international revenues were $817 million in fiscal 1997 compared to $619 million the prior year. excluding the impact of the shipment of retail upgrade versions of windows 95 and microsoft office for windows 95 in the first half of fiscal 1996, the trend has continued toward a higher percentage of corporate licensing versus packaged products. microsoft s operating results are affected by foreign exchange rates. had the exchange rates in effect during the second quarter of the prior year been in effect during the second quarter of 1997, translated revenues in europe would have been $15 million higher and translated other international revenues would have been $20 million higher. since much of microsoft s international manufacturing costs and operating expenses are also incurred in local currencies, the relative translation impact of exchange rates on net income is less than on revenues. also, a portion of planned translated international finished goods revenues in fiscal 1997 is hedged with purchased options. operating expenses, nonoperating items, and income taxes cost of revenues as a percentage of revenues was 11.0 percent in the second quarter of fiscal 1997 compared to 15.0 percent in the second quarter of 1996, and 11.0 percent in the first half of fiscal 1997 versus 15.5 percent in the first half of 1996. the decrease was primarily due to high shipments of retail upgrade versions of windows 95 and microsoft office for windows 95 in the comparable periods of the prior year. cost of revenues also decreased because of general trends toward more corporate licensing and more shipments of products on cd-rom, which carry lower cost of goods than floppy disks. research and development expenses increased 55% to $485 million (18.1 percent of revenues) in the second quarter of fiscal 1997 from $313 million (14.3 percent of revenues) in the corresponding quarter of 1996. the continued increase in research and development expenses in fiscal 1997 resulted primarily from planned hiring of software developers and higher levels of third-party development costs. interest income increased as a result of a larger investment portfolio generated by cash from operations. other expenses increased in both the first and second quarters of 1997 due to recognition of the company s share of operational expenses of joint ventures, including dreamworks interactive and the msnbc entities. the effective income tax rate was 35% in all periods. net income net income for the second quarter of fiscal 1997 was $741 million. net income as a percentage of revenues was 27.6 percent in the second quarter of fiscal 1997 compared with 26.2 percent in the second quarter of 1996. the increase in net income as a percentage of revenues in fiscal 1997 was primarily the result of substantial reductions in relative cost of revenues and sales and marketing expenses, partially offset by increases in research and development and funding of joint ventures.
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1997
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https://www.sec.gov/Archives/edgar/data/789019/0000891020-97-000207.txt
| 1,024
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all period references are to the company s fiscal periods ended february 27, 1997, november 28, 1996, august 29, 1996, or february 29, 1996 unless otherwise indicated. all tabular dollar amounts are stated in millions. micron technology, inc., and its subsidiaries (hereinafter referred to collectively as the company or mti ) design, develop, manufacture and market semiconductor memory products, primarily dram. through its approximately 64% owned subsidiary, micron electronics, inc. ( mei ), the company also develops, markets, manufactures, and supports pc systems, and operates a contract manufacturing and semiconductor component recovery business. net income for the second quarter of 1997 was $143 million, or $0.66 per fully diluted share, on net sales of $876 million. for the second quarter of 1996 net income was $188 million, or $0.87 per fully diluted share, on net sales of $996 million. the company previously reported a $6 million after-tax gain on the sale of an investment in its first quarter of 1997. fully diluted earnings per share benefited by $0.48 and $0.50 for the second quarter and six months of 1997, respectively, from these gain transactions. results of operations for the second quarter of 1996 were adversely affected by a $29.9 million pre-tax restructuring charge resulting from the decisions by its then approximately 80% owned subsidiary, mei, to discontinue sales of zeos brand pc systems and to close the related pc manufacturing operations in minneapolis, minnesota. the restructuring charge reduced fully diluted earnings per share in the second quarter and first six months of 1996 by $0.09. results of operations net sales the following table presents the company s net sales by related products or services. the value of the company s semiconductor memory products included in pc systems and other products is included in the caption semiconductor memory products. the caption other includes revenue from contract manufacturing and module assembly services, construction management services, government contracts, and licensing fees. average selling prices per megabit of memory declined approximately 84% from the second quarter of 1996 to the second quarter of 1997. the company s principal memory product in the second quarter of 1997 was the 16 meg dram, which comprised approximately 83% of megabit sales of semiconductor memory. average selling prices for the company s semiconductor memory products in the second quarter of 1997 were 18% lower than in the first quarter of 1997. megabit production for the second quarter of 1997 represented a 55% increase in production over the first quarter of 1997, principally due to a shift in the company s product mix to higher relative volumes of higher density components, transitions to successive shrink versions of existing memory products, and enhanced yields on existing memory products.
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| 90,526
| 2,887
| 0.175223
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1997
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https://www.sec.gov/Archives/edgar/data/723125/0001012870-97-000553.txt
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average selling prices for the company s semiconductor memory products in the second quarter of 1997 were 18% lower than in the first quarter of 1997. megabit production for the second quarter of 1997 represented a 55% increase in production over the first quarter of 1997, principally due to a shift in the company s product mix to higher relative volumes of higher density components, transitions to successive shrink versions of existing memory products, and enhanced yields on existing memory products. net sales of pc systems for the second quarter and first six months of 1997, less the value of the company s semiconductor memory products included therein, increased by approximately 49% and 46%, respectively, compared to the corresponding periods in 1996. net sales of pc systems increased in the second quarter and first six months of 1997 compared to the corresponding periods in 1996 primarily as a result of increased pc units sold. unit sales of pc systems in the second quarter and first six months of 1997 were approximately 45% and 33% higher, respectively, than in the same periods in 1996. demand for the company s pc systems was largely attributable to increased name recognition of the company s pc systems and the continued acceptance of the direct sales channel for pc products. net sales of pc systems in the second quarter of 1997, less the value of the company s semiconductor memory products included therein, were approximately 18% higher compared to the first quarter of 1997, primarily as a result of a seasonal increase in units sold and slightly higher overall average selling prices for the company s pc systems. the company s gross margin percentage of 25% for the second quarter of 1997 was higher than the gross margin percentage of 21% for the first quarter of 1997, primarily due to improved gross margins on semiconductor memory products during the second quarter. the company s gross margin percentage on sales of semiconductor products was 32% in the second quarter of 1997 compared to 24% in the first quarter of 1997 and 62% in the second quarter of 1996. the increase in gross margin percentage from first quarter to second quarter is primarily the result of decreases in per unit manufacturing costs. the decline in gross margin percentage from second quarter 1997 to second quarter 1996 is primarily the result of an 84% decline in average selling prices. decreases in per unit manufacturing costs for 1997 periods compared with corresponding 1996 periods were achieved through significant increases in die per wafer and conversion of all fabs to 8- inch wafer processing, transitions to shrink versions of existing products, shifts in the company s mix of semiconductor memory products to a higher average density, and improved manufacturing yields. the gross margin percentage provided by the company s pc operations was lower in the second quarter of 1997 compared to the first quarter of 1997, primarily due to lowered selling prices for its notebook products.
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| 90,526
| 3,010
| 0.145161
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1997
| 0
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https://www.sec.gov/Archives/edgar/data/723125/0001012870-97-000553.txt
| 1,024
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the sales reduced the company s ownership from approximately 79% to approximately 64% of the outstanding common stock of mei. income taxes the effective tax rate in the second quarter and first six months of 1997 was 47% and 46%, respectively. exclusive of the $96 million provision for income tax related to the gain on the sale of mei common stock, the company s estimated annual effective tax rate for 1997 is 40%. the provision for income tax related to the gain on the sale of mei common stock was 50% of the pretax gain because the company s book basis exceeded the tax basis of its investment in mei, primarily as a result of unremitted earnings, previously expected to be realized through dividends, and the gain on issuance of common stock by mei. liquidity and capital resources as of february 27, 1997, the company had cash and liquid investments totaling $589 million, representing an increase of $302 million during the first six months of 1997. approximately $200 million of the company s consolidated cash and liquid investments were held by mei. cash generated from operations by mei is not readily available to finance operations or other expenditures of mti. during the first six months of 1997 the company s inventories increased by $80 million. raw materials and work in progress inventories as of february 27, 1997 increased 47% and 37%, respectively, compared to levels as of august 29, 1996. the increase in raw materials inventories was mainly attributable to the growth in pc operations. the increase in work in progress inventories was due to higher costs associated with 8-inch wafer processing and the move to the 16 meg dram as the company s principal semiconductor memory product. the company s principal sources of liquidity during the first six months of 1997 were cash flows from operations of $348 million, net cash proceeds from the sale of subsidiary stock of $253 million and equipment financing of $71 million. the principal uses of funds in the first six months of 1997 were $168 million for repayments of equipment contracts and long-term debt, $151 million for property, plant and equipment and net repayments of the company s bank lines of credit of $90 million. cash flow from operations for the first six months of 1997 was lower than cash flow from operations for the first six months of 1996 primarily as a result of lower overall average selling prices for semiconductor memory products. cash flow from operations depends significantly on average selling prices and variable cost per part for the company s semiconductor memory products. in 1996, the rate of decline in average selling prices for semiconductor memory products surpassed the rate at which the company was able to decrease per unit manufacturing costs. as of february 27, 1997, the company had contractual commitments extending into fiscal 1998 of approximately $183 million for equipment purchases and approximately $45 million for the construction of facilities.
| 2
| 90,526
| 2,976
| 0.106707
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1997
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https://www.sec.gov/Archives/edgar/data/723125/0001012870-97-000553.txt
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123, accounting for stock-based compensation (sfas 123). accordingly, the company will continue to account for stock-based compensation arrangements under accounting principles board opinion no. 25. had compensation costs for the company s stock-based compensation plans been determined in accordance with the fair value provisions of sfas 123, the application of the standard would not have had a material effect on the company s net income and net income per share for the quarter ended january 31, 1997 as reported. (10) (8) -------- -------- cash and cash equivalents decrease during the period .......... (291) (299) at beginning of the year ............ 452 461 -------- -------- cash and cash equivalents at end of the period .............. $ 161 $ 162 item 2. management s discussion and analysis of results of operations and financial condition results of operations certain statements under this caption constitute forward-looking statements under the reform act, which involve risks and uncertainties. navistar international corporation s actual results may differ significantly from the results discussed in such forward-looking statements. factors that might cause such a difference include, but are not limited to, those discussed under the heading business environment. the company reported net income of $15 million, or $0.10 per common share, for the first quarter ended january 31, 1997 reflecting lower sales and revenues. net income was $22 million, or $0.20 per common share, for the same period last year. the company s manufacturing operations reported income before income taxes of $1 million compared with pretax income of $8 million in the first quarter of 1996 reflecting a decline in demand for trucks. the financial services operations pretax income for the first three months of 1997 was $23 million, a decline from the $27 million reported in 1996. navistar financial corporation s (nfc) income before income taxes was $22 million for the first quarter of 1997 compared with $27 million in 1996. the change is a result of lower income on sales of retail receivables and a lower volume of wholesale financing. during the first quarter of 1997, sales of receivables totaled $487 million with a gain of $7 million compared with $525 million sold a year ago with a gain of $12 million. sales and revenues. first quarter 1997 industry retail sales of class 5 through 8 trucks totaled 71,600 units, a decrease of 11% from 1996. class 8 heavy truck sales of 42,600 units during the first quarter of 1997 were 12% lower than the 1996 level of 48,600 units. industry sales of class 5, 6 and 7 medium trucks, including school buses, declined 10% to 29,000 units. industry sales of school buses, which accounted for 19% of the medium truck market decreased 18%. (sources: american automobile manufacturer s association, the united states motor vehicle manufacturer s association and r. l. polk company.)
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| 44,514
| 2,923
| 0.13412
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1997
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https://www.sec.gov/Archives/edgar/data/808450/0000808450-97-000003.txt
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first quarter 1997 industry retail sales of class 5 through 8 trucks totaled 71,600 units, a decrease of 11% from 1996. class 8 heavy truck sales of 42,600 units during the first quarter of 1997 were 12% lower than the 1996 level of 48,600 units. industry sales of class 5, 6 and 7 medium trucks, including school buses, declined 10% to 29,000 units. industry sales of school buses, which accounted for 19% of the medium truck market decreased 18%. (sources: american automobile manufacturer s association, the united states motor vehicle manufacturer s association and r. l. polk company.) shipments of mid-range diesel engines by the company to other original equipment manufacturers during the first quarter of 1997 totaled 41,000 units, an 8% increase from the same period of 1996. higher shipments to a domestic automotive manufacturer to meet consumer demand for the light trucks and vans which use this engine was the primary reason for the increase. service parts sales of $186 million in the first quarter of 1997 increased 5% from the prior year s level. finance and insurance revenue was $45 million compared with $55 million in the first quarter of 1996 primarily as a result of a decline in wholesale note revenue. costs and expenses. manufacturing gross margin was 13.6 percent of sales for the first quarter of 1997 compared with 12.2 percent for the same period in 1996. the increase in gross margin reflects improved operating performance and pricing. marketing and administrative expense increased to $83 million in 1997 from $73 million in the first quarter of 1996 reflecting investment in the implementation of the company s strategy to reduce costs and complexity in its manufacturing processes. liquidity and capital resources cash flow is generated from the manufacture and sale of trucks, mid- range diesel engines and service parts as well as product financing and insurance coverage provided to transportation s dealers and retail customers by the financial services operations. historically, funds to finance transportation s products are obtained from a combination of commercial paper, short- and long-term bank borrowings, medium- and long-term debt issues, sales of finance receivables and equity capital. nfc s current debt ratings have made bank borrowings and sales of finance receivables the most economic sources of cash. insurance operations are funded through internal operations. total cash, cash equivalents and marketable securities of the company amounted to $645 million at january 31, 1997, $881 million at october 31, 1996 and $806 million at january 31, 1996. cash used in operations during the first quarter of 1997 totaled $140 million, primarily from a net change in operating assets and liabilities of $170 million. the net change in operating assets and liabilities includes a $111 million decrease in receivables offset by a reduction in accounts payable of $178 million resulting from lower production. other liabilities declined by $95 million reflecting a $105 million pension payment. investment programs provided $200 million in cash reflecting a net decrease in retail notes and lease receivables as collections and sales of receivables exceeded purchases by $289 million.
| 1
| 44,514
| 3,231
| 0.140472
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1997
| 0
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https://www.sec.gov/Archives/edgar/data/808450/0000808450-97-000003.txt
| 1,024
|
the net change in operating assets and liabilities includes a $111 million decrease in receivables offset by a reduction in accounts payable of $178 million resulting from lower production. other liabilities declined by $95 million reflecting a $105 million pension payment. investment programs provided $200 million in cash reflecting a net decrease in retail notes and lease receivables as collections and sales of receivables exceeded purchases by $289 million. other investment activities used $52 million for a net increase in marketable securities and $25 million to fund capital expenditures for truck product improvements, to increase mid-range diesel engine capacity and for programs to improve cost performance. financing activities used cash to pay $7 million in dividends on the series g preferred shares and to reduce notes and debt outstanding under the bank revolving credit facility and asset-backed and other commercial paper program by $409 million offset by a $79 million increase in debt. receivable sales were a significant source of funding in 1997 and 1996. during the first quarter of 1997 and of 1996, nfc sold $487 million and $525 million, respectively, of retail notes through navistar financial retail receivables corporation (nfrrc). nfrrc has filed registration statements with the securities and exchange commission which provide for the issuance of up to $5000 million of asset-backed securities. at january 31, 1997, the remaining shelf registration available to nfrrc was $1973 million. nfc also utilizes a $500 million revolving wholesale note sales trust that provides for the continuous sale of eligible wholesale notes on a daily basis. the sales trusts are comprised of three $100 million tranches of investor certificates maturing serially from 1997 to 1999 and a $200 million tranche maturing in 2004. as of january 31, 1997, $72 million of the tranche maturing in 1997 has been paid and the remaining $28 million will amortize over the next few months. the ongoing commitment will then be $400 million. in november 1996, the company announced plans to spend $167 million, over the next two years, to construct a new truck assembly facility in mexico. it is the opinion of management that, in the absence of significant unanticipated cash demands, current and forecasted cash flow will provide a basis for financing operating requirements, capital expenditures and anticipated payments of preferred dividends. management also believes that collections on the outstanding receivables portfolios as well as funds available from various funding sources will permit the financial services operations to meet the financing requirements of the company s dealers and customers. business environment sales of class 5 through 8 trucks are cyclical, with demand affected by such economic factors as industrial production, construction, demand for consumer durable goods, interest rates and the earnings and cash flow of dealers and customers. although the general economy remains stable, demand for new trucks continues to decline.
| 2
| 44,514
| 3,063
| 0.11859
|
semantic
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NAV
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/808450/0000808450-97-000003.txt
| 1,024
|
item 2. management s discussion and analysis of results of operations and financial condition operating results _________________ net income increased 81% over the prior year s second quarter, rising to $176.9 million, or $0.60 per share, from $97.8 million, or $0.34 per share last year. year-to-date net income increased 44% to $402.9 million, $3 million more than the company s net income for the entire 1995 fiscal year. revenues were $2.1 billion, up 55% for the quarter and 44% year-to-date. this quarter is the ninth straight quarter of double digit increases in total revenues. gross margin percentage increased slightly for both the quarter and year-to- date, while selling and administrative expenses decreased as a percentage of revenues for the quarter, but increased as a percentage of revenues on a year-to-date basis. revenues for the quarter increased $750.3 million over the $1.4 billion reported in the same period of the prior year. u.s. revenues increased $459.9 million, or 63%, for the second quarter, and $840.3 million, or 49%, on a year-to-date basis. u.s. apparel increased 93% over last year s second quarter and has increased more than 85% in each of the last six quarters. u.s. footwear increased $277.8 million, or 52%, over last year s second quarter due to a 48% increase in pairs sold and a 4% increase in average selling price. increases can be seen in almost all categories, the most significant being men s basketball up 38%, men s running up 90%, men s cross- training up 57%, and women s fitness up 79%. for the quarter international revenues increased $292.2 million, or 60%, with strong growth in both footwear and apparel. year-to-date, international revenues increased $495.0 million, or 46%. all regions showed double digit increases for the quarter with europe up 42%, comprised of a 37% increase in footwear and a 53% increase in apparel; asia pacific was up 96%, with a 111% growth rate in footwear and a 73% increase in apparel; and the americas region was up 45%, increasing 25% in footwear and 135% in apparel. japan, now the largest country outside the u.s. in revenues, increased 171% in the quarter and 111% for the year. the impact of exchange rates on the quarter s revenue was a decrease of $38 million, or 8%. for the year, rates have decreased revenues by $93 million, or 9%. other brands, which includes cole haan (r), tetra plastics, sports specialties and bauer inc., decreased slightly, $1.8 million, (1%), for the quarter and $3.1 million, (1%), year-to-date. see further discussion under note 5. consolidated gross margin percentage was 39.4 percent for the quarter compared to 39.0 percent for last year s second quarter. year-to-date margins are at 39.9 percent compared to 39.8 percent for last year. the increase in gross margin percentage is primarily attributed to footwear price increases taking effect in this quarter as well as changes to product and customer mix during the period. the company continues to place strong emphasis on inventory management, minimizing foreign exchange risk and production sourcing in order to maximize gross profit.
| 0
| 60,585
| 3,118
| 0.2182
|
semantic
|
NKE
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/320187/0000320187-97-000001.txt
| 1,024
|
the line can be used for either letter of credit or working capital purposes. the line is subject to the terms of a loan agreement containing financial covenants and restrictions, none of which are expected to significantly affect the company s operations. at january 31, 1997 there were no borrowings, letter of credit acceptances or commitments under such line. the company has an additional $5 million credit facility with another bank which is not subject to a loan agreement. at january 31, 1997 standby letters of credit of approximately $300000 were outstanding under this agreement. the company is a party to a number of legal claims arising in the ordinary course of business. the company believes the ultimate resolution of the claims will not have a material adverse effect on its financial position, results of operations, or cash flows. f. put warrants in the first quarter of fiscal 1997, the company sold put warrants on 2 million shares of its common stock for $2 million, callable on specific dates in the third quarter of fiscal 1997, giving a third party the right to sell shares of novell common stock to the company at contractually specified prices. during the first quarter of fiscal 1997, the company settled put warrants obligations on 2 million shares for cash of $6 million. during fiscal 1996, the company sold put warrants on 9 million shares of its common stock for $12 million, callable on specific dates in the third and fourth quarters of fiscal 1996 and the first and second quarters of fiscal 1997. during fiscal 1996, the company settled put warrant obligations on 5 million shares for cash of $6 million. the put warrant liability is the amount the company would be obligated to pay if all the outstanding put warrants were exercised at the strike price without a cash settlement. the proceeds from the issuance of the put options were accounted for as additional paid-in-capital. the company expects to settle the put warrant obligations with cash and thereby eliminate the liability. as of the end of the first quarter of fiscal 1997, the cash settlement would be approximately $2 million. g. international sales the company markets internationally both directly to end users and through distributors who sell to dealers and end users. for the fiscal quarters ended january 31, 1997 and january 27, 1996, sales to international customers were approximately $172 million and $218 million, respectively. in the first quarters of fiscal 1997 and fiscal 1996, 62% and 63%, respectively, of international sales were to european countries. no one foreign country accounted for 10% or more of total sales in either period. except for one multi-national distributor, which accounted for 18% of revenue in the first quarter of 1997 and 13% of revenue in the first quarter of fiscal 1996, no customer accounted for more than 10% of revenue in any period. h. net income per share net income per share is computed using the weighted average number of common shares outstanding during the periods, including common stock equivalents (unless antidilutive).
| 0
| 44,992
| 3,081
| 0.112205
|
semantic
|
NOVL
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/758004/0000758004-97-000009.txt
| 1,024
|
no one foreign country accounted for 10% or more of total sales in either period. except for one multi-national distributor, which accounted for 18% of revenue in the first quarter of 1997 and 13% of revenue in the first quarter of fiscal 1996, no customer accounted for more than 10% of revenue in any period. h. net income per share net income per share is computed using the weighted average number of common shares outstanding during the periods, including common stock equivalents (unless antidilutive). common stock equivalents consist of outstanding stock options. item 2. management s discussion and analysis of financial condition and results of operations introduction novell is the world s leading network software provider. the company offers a wide range of network solutions for distributed network, internet, intranet and small-business markets. during fiscal 1996, novell sold its unixware and personal productivity applications product lines in exchange for significant ownership interests in the two acquiring companies. also during fiscal 1996, the company significantly reduced the amount of its product held by distributors by reducing shipments into the distribution channel by approximately $225 million in the second quarter. these actions significantly reduced fiscal 1996 reported revenue and make meaningful year-to-year comparisons difficult. in the first quarter of fiscal 1997, the company implemented a change to its fiscal year and month ending dates. the company will now recognize its fiscal year end on the last calendar day of october, as opposed to prior years on the last saturday in october. likewise, each fiscal month end will now end on the last calendar day of each month, and each fiscal quarter will have a unique number of days as opposed to the consistent 13 weeks in prior years. implementing this change, resulted in an extra five days in the first fiscal quarter of 1997 which the company believes did not have a material impact on its financial position, results of operations, or cash flows results of operations net sales q1 q1 1997 change 1996 - ------------------------------------------------------------------- net sales (millions) $375 -14% $438 novell s product lines can be categorized into three areas, all within the software industry. they are server operating environments; network services; unix royalties, and education, service and other. while revenue decreased from the first quarter of 1996 to the first quarter of 1997, analysis of the individual product categories characterizes the changes that have occurred. sales and marketing expenses fluctuate as a percentage of net sales in any given period due to product promotions, advertising or other discretionary expenses. product development expenses increased as a percentage of net sales in the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996 but decreased in absolute dollars primarily due to the sale of the unixware and personal productivity application product lines. general and administrative expenses increased as a percentage of net sales in the first quarter of fiscal 1997 compared to the first quarter of fiscal 1996, while decreasing slightly in absolute dollars.
| 1
| 44,992
| 3,224
| 0.11996
|
semantic
|
NOVL
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/758004/0000758004-97-000009.txt
| 1,024
|
importantly, despite the modest unit volume growth, health care s earnings showed significant improvement due to increased licensing activity. for the first six months of the fiscal year, the north american region had net sales and unit volume growth of 2% and 3%, respectively. net earnings increased 12% over the same period in the prior year. europe, middle east and africa - ------------------------------ net sales in europe, middle east and africa for the second quarter were stable, as unfavorable exchange rates and lower pricing offset a 4% increase in volume. net earnings for the quarter grew 24% compared to the same period a year ago, reflecting the margin improvement impact of lower costs, led by pulp. central and eastern europe led the region s volume growth, increasing shipments by nearly 40%, with strong gains in most core segments. middle east and africa also had double-digit volume growth. western europe s unit volume declined slightly. for the july-december period, the region s net sales declined 1%. unit volume and net earnings increased 4% and 17% respectively, for the same period. asia - ---- second quarter operations in asia continue to be impacted by the competitive environment in japan, the impact of the ecr roll-out and exchange rate effects. sales for the region declined 8% compared to the same quarter of the prior year on a unit volume decline of 7%. importantly, china s unit volume growth improved over the first quarter. a 5% decline in the region s sales attributable to unfavorable exchange rates was offset by more favorable pricing. net earnings in asia for the second quarter increased 12% on improved margins. net sales and unit volume for the july-december period declined 10% and 8%, respectively. net earnings increased 2% over the same period in the prior year. latin america - ------------- net sales in latin america increased 3% in the second quarter, despite a 3% decline in volume, due to pricing designed to address inflation and devaluation, particularly in mexico. the unit volume decline was caused by the continued economic difficulties and slow economic recovery in certain key markets. net earnings for the region increased 35% on improved margins, reflecting both pricing and cost reductions from standardization and simplification efforts. for the july-december period, net sales and net earnings were up 1% and 24%, respectively. unit volume was down 5% compared to the same period in the prior year. restructuring reserve status - ---------------------------- in the year ended june 30, 1993, a reserve of $2.4 billion was established to cover a worldwide restructuring effort to consolidate manufacturing systems and reduce overhead costs. the primary elements of this reserve were costs related to fixed asset disposals and separations. the balance of the reserve at december 31, 1996 was approximately $490 million, with approximately half of the balance representing planned fixed asset disposals, all of which have been announced. the restructuring program is expected to be substantially completed during the current fiscal year. based on current management estimates, the cost of the program is expected to approximate the original estimate.
| 0
| 33,216
| 3,220
| 0.144401
|
semantic
|
PG
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/80424/0000080424-97-000006.txt
| 1,024
|
net operating revenues gross revenues of peoples gas and north shore gas are affected by changes in the unit cost of the subsidiaries gas purchases and do not include the cost of gas supplies for customers who purchase gas directly from producers and marketers rather than from the subsidiaries. the direct customer purchases have no effect on net income because the utilities provide transportation service for such gas volumes and recover margins similar to those applicable to conventional gas sales. changes in the unit cost of gas do not significantly affect net income because the utilities tariffs provide for dollar-for-dollar recovery of gas costs. (see note 2f of the notes to consolidated financial statements.) the utilities tariffs also provide for dollar-for-dollar recovery of the cost of revenue taxes imposed by the state and various municipalities. since income is not significantly affected by changes in revenue from customers gas purchases from producers or marketers rather than from the subsidiaries, changes in gas costs, or changes in revenue taxes, the discussion below pertains to net operating revenues (operating revenues, net of gas costs and revenue taxes). the company considers net operating revenues to be a more pertinent measure of operating results than gross revenues. net operating revenues increased $5.3 million, to $159.3 million, for the current three-month period, due mainly to the effect of the aforementioned rate increases which improved net operating revenues by $4.6 million ($2.8 million after income taxes). also, net operating revenues increased $1.9 million for environmental costs recovered through rates and the sale of interests in certain oil and gas rights ($863000). these increases were partly offset by a reduction in natural gas deliveries reflecting customer conservation measures. net operating revenues increased $62.5 million, to $552.9 million, for the current 12-month period, due primarily to the impact of the rate increases that amounted to $31.8 million ($19.2 million after income taxes). also, weather that was 8 per cent colder than the comparable prior period improved net operating revenues by about $13.2 million ($8 million after income taxes). see other matters - operating statistics for details of selected financial and operating information by gas service classification. operation and maintenance expenses operation and maintenance expenses increased $1.5 million, to $65.7 million, for the current three-month period, due mainly to increases of $1.5 million for the provision for uncollectible accounts, which resulted largely from greater sales revenues, and $1.9 million for environmental costs recovered through rates. these increases were partially offset by decreased pension expenses of $1.3 million, primarily resulting from changes in actuarial assumptions. operation and maintenance expenses increased $20.6 million, to $267.4 million, for the current 12-month period, due principally to the reduction of expense of $9.8 million resulting from the prior period s recognition of an irs settlement. (see note 7 of the notes to consolidated financial statements.) also, the provision for uncollectible accounts increased $6.4 million, due mostly to higher sales revenues attributable to colder weather and increased rates.
| 0
| 225,346
| 3,315
| 0.121951
|
semantic
|
PGL
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/77385/0000077385-97-000002.txt
| 1,024
|
current year first quarter increases were achieved by automation, avionics communications, semiconductor systems, and light vehicle systems; while lower sales were recorded in the heavy vehicle systems business. with the sale of the a d business and the graphic systems business, rockwell has emerged as primarily a commercial electronics firm, with its automation, semiconductor systems and avionics communications businesses accounting for 71% of sales. sales from automotive account for the other 29%. international sales account for approximately 43% of total sales. income from continuing operations for 1997 s first quarter increased 18% over 1996 s. each of the four businesses posted first quarter earnings increases with significant advances achieved by automation and avionics communications. electronics: electronics accounted for 87% of operating earnings in the first quarter of 1997. avionics communications earnings increased 44% over last year s first quarter as a result of higher sales, improved cost performance in defense avionics, and the decision to exit several non-strategic product lines during the prior year. avionics communications margin increased from 12.1 percent in the first quarter of 1996 to 15.8 percent, which the company s management believes better characterizes the earning power of this business. automation earnings were up 18% over 1996 s first quarter due to an eight percent increase in sales which consisted primarily of higher margin products. automation s first quarter earnings as a percent of sales were 12.4 percent compared to 11.3 percent in last year s first quarter. semiconductor systems profits were slightly ahead of last year s first quarter with earnings on higher sales offsetting large investments in new product development, particularly in new high-speed 56 kilobits-per-second modem, wireless communications, and internet access products. semiconductor systems earnings as a percent of sales were 19.4 percent compared to 25.7 percent in last year s first quarter reflecting lower pricing for modem products and higher costs related to new product development. automotive: automotive s earnings for the first quarter of 1997 were eight percent higher than 1996 s first quarter principally as a result of cost reduction programs in the heavy vehicle systems business and higher sales in the light vehicle systems business. financial condition the major source of cash for the first quarter of 1997 was from the sale of the graphic systems business for approximately $600 million, consisting of $553 million in cash and $47 million in preferred stock. these proceeds are being used to reduce short-term debt, fund the company s working capital needs and repurchase common stock. following completion of the divestiture of the a d business, the company initiated a $1 billion common stock repurchase program which is expected to be substantially completed by the end of this fiscal year. since the program was announced, the company has purchased approximately one million shares of common stock for approximately $60 million. see also item 1. of part ii of this quarterly report on form 10-q.
| 0
| 406,317
| 3,155
| 0.164938
|
semantic
|
ROK
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/1024478/0000950128-97-000525.txt
| 1,024
|
substantial progress has been made in the company s advantage initiatives. food distribution operating earnings decreased 1.5 percent to $78.6 million and 8.5 percent to $237.6 million in the quarter and year-to-date, respectively, due to higher advantage related expenses and the general softness in sales, partially offset by favorable bakery manufacturing earnings, increased sales at save-a-lot and for the year-to-date only a reduction in lifo expense. retail food operating earnings increased 71.3 percent to $14.9 million and 76.8 percent to $62.0 million in the quarter and year-to-date, respectively, due to strong gross margin resulting from pricing, promotional and product mix changes and the closing of underperforming corporate-owned retail stores, as well as an increase in sales. interest expense and income interest expense increased to $32.5 million for the third quarter compared with $31.1 million last year due to increased levels of short-term debt utilized to fund increased inventory levels. interest expense decreased to $105.1 million year-to-date compared with $108.0 million for the same period last year, reflecting a reduction in debt levels earlier in the year and slightly lower short-term interest rates. interest income decreased to $3.2 and $11.8 million for the quarter and year-to-date, respectively, compared with $4.7 and $16.3 million for the same periods last year, primarily due to the reduction of notes receivable as a result of the february, 1996 sale of notes in the ordinary course of business. 10 equity in earnings of shopko supervalu s share of shopko net earnings increased to $5.0 million and $9.5 million in the quarter and year-to-date, respectively, compared with $4.7 million and $8.0 million for the same periods last year. as reported by shopko, sales increased 20.4 percent to $591.2 million and net earnings increased 7.9 percent for the third quarter compared with last year. the increase in net earnings was primarily the result of increased sales related to the provantage prescription benefit management business. income taxes the effective tax rate was 37.7 percent and 38.6 percent in the quarter and year-to-date, respectively, compared with 37.6 percent and 38.8 percent for the same periods last year. net earnings net earnings were $40.2 and $122.1 million for the quarter and year-to-date, respectively, compared with $38.4 and $117.7 million for the same periods last year. net earnings were positively impacted by improved gross margin which more than offset increased expenses related to the advantage project. the year-to- date variance was also positively impacted by decreased lifo expense in the current year. although advantage initiatives are generating benefits, the company anticipates spending under advantage to exceed benefits through fiscal 1997 and late into fiscal 1998, primarily due to information technology related expenses. the company is currently undergoing its annual budget and planning process and will further assess the costs and benefits anticipated under the advantage program and the costs to address year 2000 issues. the company is utilizing a third party to assist in the assessment of the year 2000 expenses and potential business impact, either of which could affect the timing of certain ongoing advantage efforts.
| 0
| 59,830
| 3,323
| 0.152475
|
semantic
|
SVU
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/95521/0000950131-97-000177.txt
| 1,024
|
current assets decreased by $110.8 million, or 15%, from the year end balance at may 31, 1996, due primarily to reduced accounts receivable, resulting from improved collections and the $50 million securitization. current liabilities declined by $98.0 million, or 27%. short-term debt was reduced by $30.0 million due to strong operating cash flows. accounts payable and accrued compensation declined due primarily to timing, including the payment of pension liabilities of $39 million and the payout of prior year-end accruals for incentives and commissions. shareholders equity increased by $43.9 million due primarily to earnings, net of dividends. results of operations two quarters ended november 30, 1996 vs. two quarters ended november 25,1995 in the first half of fiscal 1997, net earnings were $49.2 million, or $1.50 per share compared with $49.0 million, or $1.47 per share in the first half of fiscal 1996. net sales were $917.3 million, an increase of 9% from the prior year s total of $844.6 million. measurement business division sales of $410.1 million increased 6% from the prior year, with growth in telecommunications test products, partially offset by lower sales in japan as discussed below. product orders declined 2% from $383.2 million to $376.7 million. color printing and imaging division sales increased 8% to $281.8 million and product orders increased 9% from $242.3 million to $265.2 million, with the successful launch of the phaser 350 during the second quarter, offset by the decline in sales into the specialty printer markets. (phaser is a registered trademark of tektronix, inc.). video and networking division sales increased 14% to $225.4 million, led by strong sales of the profile video disk recorder. product orders rose 16% from $187.6 million to $216.7 million. (profile is a registered trademard of tektronix, inc.). 6 sales to customers in the united states increased 16% from $431.2 million to $500.1 million, and represented 55% of total sales. international sales of $417.1 million were up 1%, with strong growth in the pacific region offset by weakness in europe and japan. product orders from customers in the united states of $441.7 million were up 12% from last year while international product orders of $416.9 million were down 1% due primarily to a decline in orders from sony tektronix, the company s joint venture in japan, which changed its inventory stocking policies in the current year. cost of sales decreased as a percentage of net sales from 57.8 percent to 57.4 percent due primarily to lower costs for some components. research and development and selling, general and administrative expenses increased slightly as a percentage of sales, from 9.4 percent to 10.0 percent and from 24.6 percent to 24.9 percent, respectively. operating income as a percentage of sales declined from 8.4 percent in the first half of 1996 to 7.8 percent due to the higher operating expenses as a percentage of sales, partially offset by the slightly improved gross margins. the company reported other income of $1.0 million compared to other expense of $1.1 million last year because of higher gains on sales of stock in other companies.
| 0
| 34,148
| 3,181
| 0.17387
|
semantic
|
TEK
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/96879/0000096879-97-000002.txt
| 1,024
|
research and development and selling, general and administrative expenses increased slightly as a percentage of sales, from 9.4 percent to 10.0 percent and from 24.6 percent to 24.9 percent, respectively. operating income as a percentage of sales declined from 8.4 percent in the first half of 1996 to 7.8 percent due to the higher operating expenses as a percentage of sales, partially offset by the slightly improved gross margins. the company reported other income of $1.0 million compared to other expense of $1.1 million last year because of higher gains on sales of stock in other companies. the provision for income taxes increased from $21.0 million to $23.1 million due to increased earnings before taxes and a higher estimated effective annual tax rate of 32% for the current year, compared to 30% for the first half of last year. quarter ended november 30, 1996 vs. quarter ended november 25, 1995 in the second quarter of fiscal 1997, net earnings were $26.5 million, or $0.81 per share compared with $26.3 million, or $0.79 per share in the first quarter of fiscal 1996. net sales were $477.2 million, up 8% from $443.6 million in the prior year. measurement business sales of $203.3 million were up 2% from the prior year. product orders were $192.4, a decrease of 8% from product orders of $208.2 million in the first quarter of 1996, as a result of several product line transitions and of changing inventory stocking policies at sony tektronix. color printing and imaging sales increased 13% to $157.8 million and product orders rose 20% to $153.0 million, due to the excellent performance of the company s products for the office market, particularly the phaser 350. video and networking sales grew 12% to $116.1 million, with a strong performance from the profile disk recorder and another major systems contract in the united kingdom. product orders were $99.5 million, an increase of 13% over 1996 product orders of $87.9 million. sales to customers in the united states increased by 16% from $220.2 million to $256.4 million, representing 54% of total sales. international sales of $220.8 million were down slightly from $223.4 million in the prior year, with weakness in europe and japan, but good growth in the pacific. product orders from customers in the united states of $215.5 million were up 5% from last year s second quarter while international product orders of $229.4 million were also 5% ahead of last year. cost of sales, as a percentage of net sales, increased slightly from 57.9 percent to 58.1 percent due primarily to the sales mix. research and development expenses increased as a percentage of sales, from 9.1 percent to 9.6 percent due to the high level of new product development. 7 selling, general and administrative expenses declined as a percentage of sales, from 24.5 percent to 24.3 percent, due to the higher sales level in the current quarter. operating income as a percentage of sales declined from 8.8 percent in the second quarter of 1996 to 8.1 percent in the current quarter.
| 1
| 34,148
| 3,030
| 0.181818
|
semantic
|
TEK
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/96879/0000096879-97-000002.txt
| 1,024
|
the increases primarily related to new acquisitions. other operating expenses as a percentage of net operating revenues was 21.6 percent for the quarter ended november 30, 1995 and 21.7 percent in the three months ended november 30, 1996. other operating expenses as a percentage of net operating revenues for the prior and current year six-month periods were 21.8 percent and 22.0 percent, respectively. depreciation and amortization expense as a percentage of net operating revenues was 6.0 percent in the quarter ended november 30, 1995 and 5.8 percent in the three months ended november 30, 1996. depreciation and amortization expense as a percentage of net operating revenues for the prior and current six-month periods were 6.1 percent and 5.8 percent, respectively. interest expense, net of capitalized interest, was $81.3 million in the quarter ended november 30, 1995 and $70.1 million in the three months ended november 30, 1996. interest expense, net of capitalized interest, for the prior and current six-month periods was $158.4 million and $141.1 million, respectively. the reduction is due to lower borrowings and interest rates in the quarter and six months ended november 30, 1996. investment earnings were $5.4 million in the quarter ended november 30, 1995 and $5.5 million in the three months ended november 30, 1996. investment earnings for the prior and current six-month periods were $12.7 million and $10.3 million, respectively. investment earnings are derived primarily from notes receivable and investments in debt and equity securities. equity in earnings of unconsolidated affiliates was $7.1 million in the quarter ended november 30, 1995 and $0.7 million in the three months ended november 30, 1996. equity in earnings of unconsolidated affiliates for the prior and current year six-month periods was $14.0 million and $1.3 million, respectively. the prior year quarter and six-month period included $6.2 million and $12.3 million, respectively, in earnings from two unconsolidated affiliates that were sold during fiscal 1996 and two that are no longer accounted for on the equity method of accounting because the company s ownership interest has been reduced below 20%. these latter two investments now are carried in the company s balance sheet at their fair value. minority interests in the income of consolidated subsidiaries was $5.0 million during the quarter ended november 30, 1995, compared to $5.5 million in the three months ended november 30, 1996. minority interests in 15 management s discussion and analysis of financial condition and results of operations (continued) the income of consolidated subsidiaries for the prior and current year six-month periods was $10.6 million and $10.1 million, respectively. $187.2 35.0 percent $92.8 35.0 percent state income taxes, net of federal income tax benefit . 19.7 3.7 10.9 4.1 goodwill amortization. 10.9 2.0 11.4 4.3 gains on sales of foreign subsidiary s assets. 16.3 3.1 - - other. (0.4) (0.1) 0.9 0.3 --------- --------- ------- ------ taxes on income and effective tax rates.
| 0
| 68,000
| 3,072
| 0.124477
|
semantic
|
THC
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/70318/0000912057-97-000714.txt
| 1,024
|
0-4016 worthington industries, inc. --------------------------------------------------------------------------- (exact name of registrant as specified in its charter) delaware 31-1189815 - ------------------------- -------------------------------------- (state of incorporation) (i.r.s. employer identification no.) yes __x__ no_____ indicate the number of shares outstanding of each of the issuer s classes of common stock, as of the latest practicable date. note c - earnings per share earnings per common share for the three and six months ended november 30, 1996 and 1995 are based on the weighted average common shares outstanding during each of the respective periods. note d - results of operations the results of operations for the three and six months ended november 30, 1996 and 1995 are not necessarily indicative of the results to be expected for the full year. note e - accounting change during the first quarter ended august 31, 1996, the company took certain steps relative to its investment in rouge steel, which resulted in the company accounting for this investment on the cost method instead of the equity method. as a result, after may 31, 1996, the company s equity share of rouge earnings is no longer included in reported earnings or earnings per share. the investment in rouge common stock has been reclassified to other assets and adjusted to market value as an available-for-sale security with a net of tax adjustment to shareholders equity. note f - subsequent event on december 3, 1996, the company purchased the net assets of plastics manufacturing, inc. (pmi). the acquisition will be recorded as a purchase under generally accepted accounting principles. -6- worthington industries, inc. management s discussion and analysis results of operations sales for the three months ended november 30,1996 were a record $429.3 million, 21% higher than last year s second quarter. net earnings were $20.5 million and earnings per share were $.23. comparisons with last year s first quarter are discussed below. sales for the six months ended november 30,1996 were a record $831.8 million, 22% higher than last year s first six months. net earnings were $40.1 million and earnings per share were $.44. comparisons with last year s first six months are discussed below. during the first quarter ended august 31, 1996, the company took certain steps relative to its investment in rouge steel, which resulted in the company accounting for this investment on the cost method instead of the equity method. as a result, after may 31, 1996, the company s equity share of rouge earnings is no longer included in reported earnings or earnings per share. the company believes that to appropriately compare periods, fiscal 1996 results should be adjusted to eliminate the impact of rouge equity earnings. in the second quarter of fiscal 1996, rouge contributed $.07 to the company s reported earnings per share of $.29, and the steel, plastics, castings and joint venture businesses contributed $.22 per share. this year s second quarter earnings per share of $.23 (which does not include rouge equity earnings because of the accounting change), were 5% higher than last year s results, excluding rouge, of $.22 per share.
| 0
| 32,317
| 3,231
| 0.14833
|
semantic
|
WOR
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/108516/0000896463-97-000001.txt
| 1,024
|
the company believes that to appropriately compare periods, fiscal 1996 results should be adjusted to eliminate the impact of rouge equity earnings. in the second quarter of fiscal 1996, rouge contributed $.07 to the company s reported earnings per share of $.29, and the steel, plastics, castings and joint venture businesses contributed $.22 per share. this year s second quarter earnings per share of $.23 (which does not include rouge equity earnings because of the accounting change), were 5% higher than last year s results, excluding rouge, of $.22 per share. in the first six months of fiscal 1996, rouge contributed $.12 to the company s reported earnings per share of $.53, and the steel, plastics, castings and joint venture businesses contributed $.41 per share. this year s first six months earnings per share of $.44 (which does not include rouge equity earnings because of the accounting change), were 7% higher than last year s results, excluding rouge, of $.41 per share. the sales increase for the quarter and six months principally reflects the inclusion of the metal framing business in this year s results. gross margin was up 14% for the quarter and 18% year-to-date. gross margin as a percentage of sales for the quarter was 14.0 percent (15.0 percent last year) and for the six months was 14.2 percent (14.7 percent last year). the lower gross profit margins were due mostly to the inclusion of the metal framing business, reduced margins in cast products and higher profit-sharing. selling, general and administrative expense increased 31% for the quarter and 29% for the six months because of higher profit-sharing and the inclusion of the metal framing business expenses this year. as a percentage of sales for the quarter, this expense was 6.5 percent (6.1 percent last year) and for the six months was 6.4 percent (6.1 percent last year). operating income was 2% higher for the quarter and 10% higher year-to-date due to better performances in the custom products segment and the addition of the metal framing business. as a percentage of sales, operating income for the quarter was 7.5 percent (8.9 percent last year) and for the six months 7.8 percent (8.6 percent last year). -7- interest expense increased 1-1 2 times for the three months and six months. average debt rose because of increased borrowings to acquire the metal framing business and to support higher levels of capital expenditures. the average interest rate decreased to 5.8 percent from 6.7 percent last year. interest of $1968,000 was capitalized during the quarter and $2897,000 year-to-date. overall, interest expense will increase as the company continues to fund its growth through debt financing. equity in net income of unconsolidated affiliates was down approximately 70% for the quarter and year-to-date because of the elimination of equity earnings from the investment in rouge due to the accounting change discussed above. excluding rouge, equity from unconsolidated affiliates was up 66% for the quarter and 86% year-to-date. worthington armstrong venture was up significantly, principally due to increased demand.
| 1
| 32,317
| 3,125
| 0.134462
|
semantic
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WOR
|
1997
| 0
|
https://www.sec.gov/Archives/edgar/data/108516/0000896463-97-000001.txt
| 1,024
|
international net sales represented 50% of total net sales in the first quarter of 1998 compared with 56% of total net sales in the same period of 1997. international net sales declined 34% in the first quarter of 1998 compared with the same period of 1997. net sales decreased significantly in the european and japanese markets during the first quarter of 1998 compared with the same period of 1997 as a result of decreases in macintosh and peripheral unit sales. further discussion relating to factors contributing to the decline in net sales in the japanese market may be found in this part i, item 2 of form 10-q 10 under the subheading global market risks included under the heading factors that may affect future results and financial condition, which information is hereby incorporated by reference. domestic net sales declined 16% in the first quarter of 1998 over the comparable period of 1997, due to decreases in unit sales of macintosh computers and peripheral products, partially offset by increases in the average aggregate revenue per macintosh and peripheral unit. during the first quarter of 1998 compared with the comparable period of 1997, the company s estimated share of the worldwide and u.s. personal computer markets decreased to 2.6 percent from 4.3 percent, and to 3.3 percent from 5.2 percent, respectively, based upon current market information provided by industry sources. the company believes that quarterly net sales will be below the level of the prior year s comparable periods through at least the third fiscal quarter of 1998, if not longer. q1 98 compared with q4 97 net sales decreased 2% in the first quarter of 1998 compared with the fourth quarter of 1997. total macintosh computer unit sales decreased 4% in the first quarter of 1998 compared with the prior quarter. the average aggregate revenue per macintosh computer unit increased 5% as a result of a shift in mix from the company s value products to its flagship line of high- performance power macintosh computers and due to increases in the average aggregate revenue across most other product lines. international net sales represented 50% of total net sales in the first quarter of 1998, compared with 42% in the fourth quarter of 1997. international net sales increased 16% in the first quarter of 1998 compared with the fourth quarter of 1997, primarily as a result of increases in macintosh and peripheral unit net sales in europe and increases in net sales of macintosh units in japan. domestic net sales decreased 16% in the first quarter of 1998 compared with the prior quarter due to decreases in macintosh and peripheral unit sales, slightly offset by increases in the average aggregate revenue per macintosh and peripheral unit. during the first quarter of 1998 compared with the fourth quarter of 1997, the company s estimated share of the worldwide and u.s. personal computer markets decreased to 2.6 percent from 3.3 percent, and to 3.3 percent from 4.6 percent, respectively, based upon current market information provided by industry sources.
| 0
| 139,805
| 3,056
| 0.130952
|
semantic
|
AAPL
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/320193/0000320193-98-000003.txt
| 1,024
|
indicate by check mark whether the registrant (1) has filed all annual, quarterly and other reports required to be filed with the commission and (2) has been subject to the filing requirements for at least the past 90 days. x yes no - - ---------------------------------- -------------------------------- as of january 31, 1998 there were 298,927,832 common shares outstanding. form 10q notes to consolidated statements -------------------------------- the information furnished herein reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods. all adjustments are of a normal recurring nature. these statements should be read in conjunction with the annual financial statements and related notes of the company for the year ended june 30, 1997. note a - the results of operations for the six months ended december 31, 1997 may not be indicative of the results to be expected for the year ending june 30, 1998. note b - the company implemented statement of financial accounting standards no. 128, earnings per share as of december 31, 1997 which required the disclosure of basic and diluted earnings per share. revenue growth in the company s three largest businesses, employer, brokerage and dealer services, was strong at 21%, 16% and 7% respectively. each includes some acquisitions. the primary components of other revenue are claims services, services for wholesalers, interest income, foreign exchange differences and miscellaneous processing services. in addition, other revenue has been reduced to adjust for the difference between actual interest income earned on invested tax filing funds and income credited to employer services at a standard rate of 6%. pretax earnings for the quarter increased 19% from last year. consolidated pre-tax margins increased slightly in the quarter, due primarily to the impact of higher trading volume in brokerage services. systems development and programming investments increased to accelerate automation, migrate to new computing technologies, and develop new products. net earnings for the quarter, after a higher effective tax rate, increased 16% to $147 million. the effective tax rate of 31.3 percent increased from 29.4 percent in the comparable quarter last year, primarily as a result of the greater weighting of taxable versus non-taxable earnings. basic earnings per share grew 14% to $.50 from $.44 last year, on a greater number of shares outstanding. the company expects over 15% growth in revenue and pretax earnings for the full year and basic eps growth in the area of 13-14% above fiscal 1997 s $1.80 per share (which is prior to non-recurring items in 1997). financial condition the company s financial condition and balance sheet remain exceptionally strong, and operations continue to generate a strong cash flow. at december 31, 1997, the company had cash and marketable securities of $1.6 billion. shareholders equity was $3.0 billion and the ratio of long-term debt to equity was 9%. capital expenditures for fiscal 1998 are expected to approximate $225 million, compared to $175 million in fiscal 1997. during the first half of fiscal 1998, adp purchased 896,000 shares of common stock for treasury at an average price of approximately $46.
| 0
| 27,311
| 3,291
| 0.132813
|
semantic
|
ADP
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/8670/0001047469-98-004945.txt
| 1,024
|
exchange gains and losses did not have a significant effect on the company s results of operations for the three months ended january 25, 1998 or january 26, 1997. during the first fiscal quarter of 1998, the company settled all outstanding litigation with asm international n.v. (asm) and recorded $80 million of pre-tax non-operating income. as a result of this settlement, asm is also required to pay ongoing royalties for certain system shipments subsequent to the date of the settlement. the company does not expect ongoing royalties to be material. interest expense for the three months ended january 25, 1998 and january 26, 1997 was $11.9 million and $5.8 million, respectively. this increase is primarily due to interest expense associated with $400 million of debt issued by the company during the fourth fiscal quarter of 1997. interest income for the three months ended january 25, 1998 and january 26, 1997 was $21.3 million and $13.6 million, respectively. this increase resulted from higher average cash and investment balances. 10 11 the company s effective income tax rate for the first fiscal quarter of 1998 was 35 percent. the company s effective income tax rate for the first fiscal quarter of 1997 was higher than the expected rate of 35 percent, due to the non-deductible nature of the $59.5 million charge for acquired in-process research and development. management anticipates that the company s effective income tax rate will be 35 percent for the remainder of fiscal 1998. financial condition, liquidity and capital resources the company s financial condition remained strong at january 25, 1998, with a ratio of current assets to current liabilities of 2.8:1, compared to 2.7:1 at october 26, 1997. the company ended the quarter with cash, cash equivalents and short-term investments of $1399 million. the company generated approximately $103 million of cash from operations in the first fiscal quarter of 1998. sources of cash from operations included net income, plus non-cash charges for depreciation, amortization and acquired in-process research and development expense, of $328 million and an increase in income taxes payable of $33 million. these sources of cash were partially offset by increases in accounts receivable, inventories and other current assets of $78 million, $65 million and $75 million, respectively, and a decrease in accounts payable and accrued expenses of $47 million. cash used for investing activities in the first fiscal quarter of 1998 of approximately $160 million was primarily for purchases of property, plant and equipment ($153 million, net) and licensed technology ($32 million), which were partially offset by $24 million of proceeds from net sales of short-term investments. cash used for financing activities in the first fiscal quarter of 1998 of approximately $62 million consisted primarily of stock repurchases of $80 million, which were partially offset by $21 million of proceeds from the exercise of stock options. at january 25, 1998, the company s principal sources of liquidity consisted of $1399 million of cash, cash equivalents and short-term investments and $302 million of available credit facilities.
| 0
| 52,954
| 3,186
| 0.108
|
semantic
|
AMAT
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/6951/0000891618-98-001076.txt
| 1,024
|
this transaction provides for the sale of air products interest in american ref-fuel s five waste-to-energy facilities for $237 million, and the assumption of various parental support agreements by duke energy capital corporation, the parent company of duke energy power services. the income statement for the three months ended 31 december 1997 includes a gain of $62.6 million from this sale, ($35.1 million after tax or $.32 per share.) air products retained a limited partnership interest in one project which is undergoing a power agreement restructuring. the restructuring is expected to be completed within the calendar year. fiscal 1997 results included equity affiliates income related to american ref-fuel of $21.4 million before taxes of which $2.3, $.8, $9.6 and $8.7 million was included in the first through fourth quarters respectively. 6 7 the results for the three months ended 31 december 1997 also include a gain of $12.6 million from a cogeneration project contract settlement ($7.6 million after tax or $.07 per share.) the company completed the sale of the landfill gas recovery business, gsf energy inc., during the three months ended 31 december 1996. a gain of $9.5 million ($5.9 million after tax, or $.05 per share) was recorded. during the three months ended 31 december 1996, an impairment loss of $9.3 million ($6.0 million after tax, or $.05 per share) was recorded in the chemicals segment. the write-down was related to production assets in the performance chemicals division and the related goodwill. on 22 october 1996, the company obtained control of carburos metalicos s.a. (carburos). in october 1996, the company increased its ownership percentage in carburos from 47.6 percent to 96.7 percent of the outstanding shares in carburos. the results for the three months ended 31 december 1996 contained approximately six weeks of consolidated operating results for carburos. previously, the company accounted for its investment using the equity method. 7 8 air products and chemicals, inc. and subsidiaries management s discussion and analysis first quarter fiscal 1998 vs. first quarter fiscal 1997 ------------------------------------------------------- results of operations consolidated sales in the first quarter of fiscal 1998 were a record $1234.8 million, 10% higher than in the same quarter of the prior year while operating income, another record, was up $43.2 million, or 26%, to $212.6 million. profits of equity affiliates decreased $13.0 million to $5.7 million for the three months ended 31 december 1997. net income was $160.5 million, or $1.47 basic earnings per share, compared to net income of $99.9 million, or $.91 basic earnings per share, in the year-ago quarter. the current quarter included two special items: an after-tax gain of $35.1 million, or $.32 per share from the sale of the company s 50% interest in american ref-fuel company and a gain of $7.6 million, or $.07 per share from a cogeneration project contract settlement. excluding these special items, net income was $118 million, or $1.08 basic earnings per share. these record results were achieved in spite of unfavorable foreign currency impacts.
| 0
| 69,796
| 3,171
| 0.173387
|
semantic
|
APD
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-98-001378.txt
| 1,024
|
the current quarter included two special items: an after-tax gain of $35.1 million, or $.32 per share from the sale of the company s 50% interest in american ref-fuel company and a gain of $7.6 million, or $.07 per share from a cogeneration project contract settlement. excluding these special items, net income was $118 million, or $1.08 basic earnings per share. these record results were achieved in spite of unfavorable foreign currency impacts. in this quarter, foreign exchange and currency translation losses reduced net income growth by $19 million or $.17 per share. foreign exchange losses for the quarter resulted in a net income loss of $13 million or $.12 per share versus a $1 million net income gain or $.01 per share in last year s first quarter. these foreign exchange losses are principally associated with the company s gases segment asian equity affiliates. a stronger u.s. dollar versus most of the world s currencies resulted in a reduction of net income of $5 million or $.04 per share when the operating results of the company s foreign operations were translated to u.s. dollars using this quarter s rates compared to the rates of the prior year quarter. this impact was principally in the company s european gases and chemicals businesses. record consolidated sales were achieved, in spite of a 2% unfavorable currency related impact. strong volume growth in the united states and europe coupled with a full quarter of carburos consolidation also produced record sales results in the gases segment. broad-based volume gains in the chemicals businesses, likewise produced record sales. due to several large equipment bookings in the first quarter of the prior year, the equipment segment sales declined. strong underlying volume growth in gases and chemicals, a favorable product mix in equipment, overall continuing productivity gains and outstanding chemicals manufacturing performance produced most of the record operating income growth. a full quarter of consolidated carburos results accounted for about a fifth of the operating income growth. equity affiliates income declined principally due to the impacts of currency and unfavorable business conditions in the gases asian affiliate results. about a third of the decline is due to a full quarter of carburos consolidation versus half a quarter in the prior year. industrial gases - sales increased 18% to $727.0 million in the first quarter of fiscal 1998 while operating income increased 24% to $147.2 million. strong volume gains in worldwide merchant and tonnage gases combined with a full quarter of consolidated carburos results accounted for record sales. unfavorable currency effects, primarily european, decreased 8 9 year-to-year sales growth by approximately 3%. excluding the carburos consolidation and weaker currency effects, there was strong sales growth exceeding 15%. there was no discernible price movement for worldwide merchant gases. merchant gases volumes grew 11% and 8% in the united states and europe respectively, consistent with broad end-use market growth and new business signings. tonnage gases volume growth in the united states was 10%.
| 1
| 69,796
| 3,150
| 0.144016
|
semantic
|
APD
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-98-001378.txt
| 1,024
|
strong volume gains in worldwide merchant and tonnage gases combined with a full quarter of consolidated carburos results accounted for record sales. unfavorable currency effects, primarily european, decreased 8 9 year-to-year sales growth by approximately 3%. excluding the carburos consolidation and weaker currency effects, there was strong sales growth exceeding 15%. there was no discernible price movement for worldwide merchant gases. merchant gases volumes grew 11% and 8% in the united states and europe respectively, consistent with broad end-use market growth and new business signings. tonnage gases volume growth in the united states was 10%. in europe, tonnage volumes grew 20% over the prior year as investments continued to load, as well as the impact of prior year outages. operating income growth was driven by the volume impact on both tonnage and merchant systems. operating margin increased .9% from the prior year. equity affiliates income for the first quarter of fiscal 1998 decreased to $.4 million compared to $12.0 million in the prior year. this decrease was due primarily to unfavorable foreign exchange effects in asia and the movement of carburos to consolidated results for the entire quarter of the current year. the prior period results included approximately seven weeks of carburos in equity affiliates income. chemicals- record sales in the first quarter of fiscal 1998 of $380.9 million increased $34.7 million or 10%. operating income increased $23.9 million to $68.4 million. the results of the prior year were reduced $9.3 million due to the impairment loss in the polyurethane release agents business. excluding this prior year loss, fiscal 1998 operating income grew 27%. this substantial growth resulted from broad-based volume growth, favorable product mix, continued productivity gains and exceptional manufacturing plant performance. the broad-based volume gains were led by the growth in both polymers and amines. amines grew 23% with good base business growth, a major customer s order pattern relative to the prior year, and contributions from prior year acquisitions. additional international acquisitions and ventures have been announced in the polymers and amines businesses. the current year operating margin of 18% is substantially higher than the prior year margin of 15.5 percent, excluding the impairment loss. the current year margin is above the normalized trend line. the asian currency impact on exports combined with margin pressure created by potential higher asian imports is a significant uncertainty. equipment and services - sales decreased to $126.9 million from the unusually high level in the year-ago quarter as the prior year s results included the initial sales booking for several large projects. operating income was up $7.0 million to $12.6 million due to a favorable project mix. sales backlog for the equipment product line declined to $277 million at 31 december 1997. this backlog compares to $310 million at 30 september 1997 and $431 million at 31 december 1996. the backlog s downward trend is reflective of the cyclical nature of this business. equity affiliates income for the first quarter of fiscal 1998 increased $.9 million to $4.4 million. the improved results reflect improved operating performance at the power generation facilities.
| 2
| 69,796
| 3,326
| 0.139216
|
semantic
|
APD
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-98-001378.txt
| 1,024
|
as of 1 january 1998, the company will cease applying highly inflationary accounting to operations in brazil. for operations that used the u.s. dollar for translation, due to hyper-inflationary conditions, the functional currency will be the brazilian real. no material effects on the financial statements result from this change. liquidity and capital resources capital expenditures during the first three months of fiscal 1998 totaled $186.9 million compared to $617.4 million in the corresponding period of the prior year. additions to plant and equipment decreased from $303.0 million during the first three months of fiscal 1997 to $154.9 million during the current period. prior year numbers included the acquisition of an additional 49.1 percent of the outstanding shares of carburos at a cost of $288.4 million. investments in unconsolidated affiliates were $4.5 million during the first three months of fiscal 1998 versus $20.1 million last year. capital expenditures are expected to be approximately $1.2 billion in fiscal 1998. it is anticipated that these expenditures will be funded with cash from operations supplemented with proceeds from financing activities. cash provided by operating activities during the first three months of fiscal 1998 ($276.2 million) combined with proceeds from the sale of assets and investments ($248.3 million) were used largely for capital expenditures ($186.9 million), purchase of common stock for treasury ($150.0 million), debt repayments ($133.6 million) and cash dividends ($33.0 million). cash and cash items increased $33.4 million from $52.5 million at the beginning of the fiscal year to $85.9 million at 31 december 1997. the net decrease in commercial paper was $65.5 million. 10 11 total debt at 31 december 1997 and 30 september 1997, expressed as a percentage of the sum of total debt and shareholders equity, was 47% and 48%, respectively. total debt decreased from $2468.1 million at 30 september 1997 to $2347.3 million at 31 december 1997. there was $69.5 million of commercial paper outstanding at 31 december 1997. the company s revolving credit commitments amounted to $600.0 million at 31 december 1997 with funding available in 13 currencies. no borrowings were outstanding under these commitments. additional commitments totaling $86.4 million are maintained by the company s foreign subsidiaries, of which $2.8 million was utilized at 31 december 1997. at 31 december 1997, the company had unutilized shelf registrations for $425.0 million of debt securities. subsequent to 31 december 1997, the company issued $50.0 million in notes due in 2010, with a coupon rate of 6.24 percent. the company enters into interest rate swap agreements to change the fixed variable interest rate mix of the debt portfolio in order to maintain the percentage of fixed and variable rate debt within certain parameters set by management. in accordance with these parameters, the agreements are used to reduce interest rate risks and costs inherent in the company s debt portfolio. accordingly, the company enters into agreements to both effectively convert variable-rate debt to fixed-rate debt and to effectively convert fixed-rate debt to variable-rate debt, which is principally indexed to libor rates.
| 3
| 69,796
| 3,258
| 0.11
|
semantic
|
APD
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/2969/0000950123-98-001378.txt
| 1,024
|
employer identification no.) yes x. no ____. - indicate the number of shares outstanding of each of the issuer s classes of common stock, as of the latest practicable date. however, the financial statements do not include all information and footnotes required for a presentation in accordance with generally accepted accounting principles. these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included or incorporated by reference in the company s 1997 annual report on form 10-k. the results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. note 2 - inventory valuation - ---------------------------- an actual valuation of inventory under the lifo method can be made only at the end of each fiscal year based on the inventory levels and costs at that time. accordingly, interim lifo calculations are based on management s estimates of expected year-end inventory levels and costs. note 3 - earnings per share - --------------------------- in the quarter ended december 31, 1997, the company adopted the provisions of statement of financial accounting standards ( sfas ) no. 128, earnings per share , which specifies the computation, presentation and disclosure requirements for earnings per share for entities with publicly held common stock or potential common stock. this statement simplifies the computation of earnings per share by replacing the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share, respectively. unlike primary earnings per share, basic earnings per share exclude any dilutive effect of options, warrants and convertible securities. diluted earnings per share are very similar to the previously reported fully diluted earnings per share. all share and per share data for all periods have been presented and, where necessary, restated to conform to the sfas no.128 requirements. reported revenue growth for the quarter was unfavorably impacted by the effect of a stronger dollar versus the prior year, which reduced revenues by an estimated $26 million. excluding the estimated impact of foreign currency translation, revenue growth would have been approximately 11%. medical supplies and devices segment ( medical ) revenues of $373 million increased 7%. adjusting for the estimated unfavorable impact of foreign currency translation, medical revenues would have increased approximately 11%. diagnostic systems segment ( diagnostic ) revenues of $329 million increased 7%, or 11% after excluding the estimated unfavorable impact of foreign currency translation. domestic medical revenues of $201 million increased 18%. international medical revenues of $172 million decreased 3%, but would have increased 4% after adjusting for the estimated $13 million unfavorable impact of foreign currency translation. good growth rates were experienced by the consumer health care and infusion therapy businesses in both the domestic and international markets. domestic diagnostic revenues of $188 million increased 17%. the infectious disease diagnostics business experienced improved revenue growth in the first quarter as a result of a prior year acquisition.
| 0
| 34,252
| 3,304
| 0.14053
|
semantic
|
BDX
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/10795/0000950130-98-000699.txt
| 1,024
|
domestic medical revenues of $201 million increased 18%. international medical revenues of $172 million decreased 3%, but would have increased 4% after adjusting for the estimated $13 million unfavorable impact of foreign currency translation. good growth rates were experienced by the consumer health care and infusion therapy businesses in both the domestic and international markets. domestic diagnostic revenues of $188 million increased 17%. the infectious disease diagnostics business experienced improved revenue growth in the first quarter as a result of a prior year acquisition. international diagnostic revenues of $141 million decreased 4%, but would have increased 5% after excluding the estimated unfavorable effect of foreign currency translation. good sales growth was achieved worldwide in the sample collection and flow cytometry businesses. the gross profit margin of 49.4 percent improved almost two percentage points over last year s first quarter rate of 47.7 percent. the improvement reflects a more profitable mix of products sold as well as continuing productivity improvements. selling and administrative expense was $199 million, or 28.4 percent of revenues, which was unchanged compared to last year s first quarter ratio. investment of $45 million in research and development increased 13% over last year s first quarter expenditures, primarily reflecting the continuation of strategic investments in support of the company s key businesses. operating income of $103 million increased 19% from last year s first quarter amount of $86 million. the improved operating margin of 14.7 percent compared to 13.2 percent primarily reflects the improved gross profit margin. net interest expense of $10 million was about $1 million higher than last year. other (expense) income, net was $7 million unfavorable compared with last year, principally due to higher foreign exchange losses and the absence of a $4 million one-time gain included in the prior year. 8 the first quarter income tax rate was 29%, consistent with last year s first quarter rate, reflecting the forecasted mix in income among tax jurisdictions. net income was $64 million compared with $58 million last year, an increase of 11%. earnings per share of $.50 increased 14% over last year s $.44 on a diluted basis. diluted earnings per share would have increased 25% after adjusting for the estimated $.05 unfavorable foreign currency translation effect. strong growth in operating income as well as the continuation of the company s share repurchase program contributed to this favorable earnings per share growth. financial condition - ------------------- during the first quarter of 1998, cash provided by operations was $164 million, compared with $139 million during the first quarter of last year, principally due to lower working capital requirements. capital expenditures during the quarter were $44 million compared with $31 million during the first quarter of last year. for the full year, capital expenditures are expected to be slightly higher than last year s amount of $170 million. the company also invested $40 million in the first quarter for the acquisition of a manufacturer of ophthalmic surgical and anesthesia products, with estimated annual revenues of approximately $22 million. during the first quarter of 1998, total debt declined $34 million.
| 1
| 34,252
| 3,359
| 0.236328
|
semantic
|
BDX
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/10795/0000950130-98-000699.txt
| 1,024
|
net sales for the six months ended december 1997 increased 4% or $17.6 million compared to the first half of the prior year. engine unit shipments were up 10% for the first half. the sales dollar increase was smaller than the unit increase because the mix was more heavily weighted toward lower horsepower, lower selling price engines. also, the increasing strength of the dollar reduced revenue between periods by $3.7 million from sales to european customers. gross profit the gross profit percentage declined to 16% from 19% between comparable quarters because the mix was more heavily weighted to engines with lower gross profit margins and because of the impact of reduced revenues from european customers. the gross profit percentage between six-month periods remained constant at 16%. the described negative effects of the mix shift and strong dollar on european revenues were offset by better absorption of fixed expenses amounting to $1.4 million and higher margins of $4.8 million on service sales. engineering, selling, general and administrative expenses this category increased 7% or $2.0 million between the second fiscal quarters of 1998 and 1997 due to increased costs related to the implementation of a new company-wide information system. the 9% or $5.1 million increase for the comparative six-month period was due to the reason described above amounting to $4.3 million and increased manpower costs of $1.6 million, offset by reduced advertising expenses due to timing in the fiscal year. -8- 9 briggs stratton corporation and subsidiaries interest expense interest expense increased $2.8 million in the three-month comparison and $4.7 million in the six-month comparison. these increases were the result of the company s higher level of short-term and long-term borrowings. other income this category increased $0.5 million in the three-month period and $1.2 million in the six-month period. in each period, the change is due equally to reductions in the loss on the disposition of plant and equipment and increases in the equity income of joint ventures. provision for income taxes the effective tax rate used in both years was 38.0 percent. this rate is management s estimate of what the rate will be for the entire fiscal year. liquidity and capital resources cash used in operating activities for the six-month period was $173.6 million in 1997 and $154.5 million in 1996. these funds were used in 1997 and 1996 for seasonal increases in accounts receivable of $115.4 million and $115.0 million, respectively, and inventories of $87.3 million and $93.0 million, respectively, offset, in part, by earnings before depreciation. the difference in accounts payable and accrued liabilities is primarily due to timing within the periods. cash used in investing activities totaled $25.8 million in the six-month period and $17.6 million in the same period of the preceding year. additions to plant and equipment totaled $26.1 million and $33.7 million in the respective years. partially offsetting additions to plant and equipment in the prior year was $16.0 million received in the sale of the company s menomonee falls, wisconsin facility.
| 0
| 40,545
| 3,159
| 0.155622
|
semantic
|
BGG
|
1998
| 0
|
https://www.sec.gov/Archives/edgar/data/14195/0000950124-98-000629.txt
| 1,024
|
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