Minority Interest. As to any Person, an ownership or other equity investment in any other Person, which investment is not consolidated with the accounts of such Person in accordance with GAAP. Mortgages. Collectively, the mortgage(s) granted to Agent, on behalf of the Lenders, on any of the Borrowing Base Properties, as may be required hereunder. Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate.
Minority Interest. Premenos shall use its reasonable best efforts to effectuate the share exchanges with the stockholders of Premenos Corp. as set forth in the Premenos Disclosure Letter as quickly as reasonably practicable, and such share exchanges shall become effective and there shall be no further minority interests in Premenos Corp. on the Closing Date.
Minority Interest. In July 1997, ATI entered into a collaboration agreement with BioChem. The agreement grants BioChem an exclusive, worldwide license to ATI's proprietary screens based on two families of proteins involved in apoptosis, for use in identifying leads for anti-cancer drug development. The agreement also covers the subsequent development of new screens in two defined areas. Under the agreement, BioChem will invest a total of $11.1 million in non-voting, non-dividend-bearing convertible preferred stock of ATI in a series of private placements over a three-year period to be used exclusively to fund research conducted under the collaboration during the three-year research term. As of June 30, 1998, $4,381,000 had been received and $843,000 remains outstanding as due from related party. The $5.9 million balance of the investment, exclusive of the $843,000 quarterly payment outstanding, will be paid in equal quarterly payments of $843,000. The preferred stock is convertible into ATI common stock at any time after three years from the date of first issuance of the stock, at a conversion price equal to the then current market price of the ATI common stock, but in any event at a price that will result in BioChem acquiring at least 15% of the then outstanding ATI common stock for its $11.1 million investment. As of June 30, 1998, 5,224 shares of ATI preferred stock were issued or issuable, representing a 7.04% minority interest (on a converted and fully-diluted basis) in the net loss of ATI. This minority interest portion of ATI's loss for the year reduced ImmunoGen's net loss by $159,524. In addition, because the investment is comprised of securities potentially issuable by both the Company and ATI, only a portion of which has been deemed allocable to the ATI securities, the Company has reflected the value of the investment allocable to the ATI securities as a minority interest on its balance sheet. Based upon an independent appraisal, approximately 3% of the $5.2 million invested to date, or approximately $157,000, has been allocated to minority interest in ATI, with the remainder, or approximately $5.1 million, allocated to the Company's equity. The research agreement may be extended beyond the initial three-year term, on terms substantially similar to those for the original term. BioChem will also make milestone payments up to $15.0 million for each product over the course of its development. In addition, if and when product sales commence, ATI will receive royalties...
Minority Interest. The minority interest represents the 31.8% weighted average interest of the Operating Partnership that was not owned by the Company during 1997. This compares to 36.9% not owned by the Company during 1996. INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES AND MANAGEMENT COMPANIES The loss from unconsolidated joint ventures and the management companies was $8.1 million for 1997, compared to a gain of $3.3 million in 1996. A total of $10.5 million of the change is attributable to the write down, and the loss on the sale, of North Valley Plaza in 1997. GAIN ON SALE OF ASSETS During 1997 the Company sold a parcel of land for a net gain of $1.6 million. There was no gain on sale recognized in 1996. EXTRAORDINARY LOSS FROM EARLY EXTINGUISHMENT OF DEBT In 1997 the Company wrote off $0.6 million of unamortized financing costs, compared to $0.3 million written off in 1996. NET INCOME As a result of the foregoing, net income increased to $22.0 million in 1997 from $18.9 million in 1996. OPERATING ACTIVITIES Cash flow from operations was $78.5 million compared to $80.4 million in 1996. The decrease resulted from the factors discussed above, primarily the impact of the 1996 and 1997 Acquisition Centers and related financings. INVESTING ACTIVITIES Cash flow used in investing activities was $215.0 million in 1997 compared to $296.7 million in 1996. The change resulted primarily from the four acquisitions completed in 1997, compared to seven acquisitions in 1996. FINANCING ACTIVITIES Cash flow from financing activities was $146.0 million in 1997 compared to $216.3 million in 1996. The decrease resulted from more acquisition financing done in 1996 than 1997. EBITDA AND FUNDS FROM OPERATIONS Due primarily to the factors mentioned above, EBITDA increased 45% to $147.6 million in 1997 from $101.9 million in 1996 and Funds From Operations increased 33% to $83.2 million from $62.4 million in 1996. COMPARISON OF YEARS ENDED DECEMBER 31, 1996 AND 1995 REVENUES Minimum and percentage rents increased by 42% to $105.2 million from $74.1 million. Approximately $19.0 million of the increase resulted from the 1995 Acquisition Centers and $13.2 million resulted from the 1996 Acquisition Centers. These increases were partially offset by declining rents of $1.1 million at Parklane Mall which was adversely impacted by an Anchor closure in 1996. Tenant recoveries increased to $47.7 million in 1996 from $27.0 million in 1995. The 1996 and 1995 Acquisition Centers caused $19.3 million of this...
Minority Interest. (25.4) 6.8 3.6 1.6
Minority Interest. In July 1997, ATI entered into a collaboration agreement with BioChem Pharma Inc. (BioChem), a biopharmaceutical company based in Quebec, Canada. This agreement granted BioChem an exclusive worldwide license to ATI's proprietary screens based on two families of proteins involved in apoptosis, for use in identifying leads for anti-cancer drug development. As of April 2000, BioChem had fulfilled all of its funding obligations under the agreement by purchasing a total of $11.1 million in non-voting, non-dividend-bearing convertible preferred stock of ATI. In April 2000, BioChem informed ATI of its decision not to extend the agreement beyond its scheduled July 31, 2000 termination date. Consequently, under the terms of the agreement, rights to all screens delivered to BioChem reverted to ATI effective August 1, 2000. However, certain provisions pertaining to the license of any products resulting from the collaboration will remain in force. As of August 1, 2000, no compound leads had been identified. The preferred stock issued to BioChem is convertible into ATI common stock at any time after three years from the date of first issuance, at a conversion price equal to the then current market price of the ATI common stock, but in any event at a price that will result in BioChem acquiring at least 15% of the then outstanding ATI common stock. Through March 31, 2001, 11,125 shares of ATI preferred stock had been issued to BioChem, representing a 15% minority interest (on an if-converted and fully diluted basis) in the net equity of ATI. This minority interest portion of ATI's loss reduced ImmunoGen's net loss in the three- and nine-month periods ended March 31, 2000 by $25,000 and $76,000, respectively. Based upon an independent appraisal, approximately 3% of the $11.1 million invested, or approximately $0.3 million, was allocated to the minority interest in ATI, with the remainder, or approximately $10.8 million, allocated to the Company's equity. As part of the BioChem agreement, BioChem also received warrants to purchase shares of ImmunoGen Common Stock equal to the amount invested in ATI during the three-year research term. Beginning July 31, 2000, these warrants became exercisable for a number of shares of ImmunoGen Common Stock determined by dividing $11.125 million, the amount of BioChem's investment in ATI, by the market price of ImmunoGen Common Stock on the exercise date, subject to certain limitations imposed by the Nasdaq Stock Market rules, which limit ...
Minority Interest. 41,542 100 5,936 -- -- -- (5,936)(Q) 4,988 (R) -- 7,072 (T) -- 1,702 (V) -- Income tax benefit.............. -- -- -- -- -- -- -------- -------- ------- ------- ------- ------ 41,642 5,936 -- (948) 7,072 1,702 Net income (loss) from continuing -------- -------- ------- ------- ------- ------ operations...................... Net income (loss) from discontinued operations......... 54,052 1,097 (12,027) -- 19,708 -- 10,451 -- 1,500 -- 1,222 -- -------- -------- ------- ------- ------- ------ Net income (loss)................. $ 55,149 $(12,027) $19,708 $10,451 $ 1,500 $1,222 ======== ======== ======= ======= ======= ====== Income allocation Series B unitholders............ $ 17,228 ======== General Partner Continuing operations......... $ 24,650 Discontinued operations....... 11 -------- $ 24,661 ======== Limited Partners Continuing operations......... $ 12,174 Discontinued operations....... 1,086 -------- $ 13,260 ======== Basic and diluted net income per unit Continuing operations........... $ 0.35 Discontinued operations......... 0.03 -------- $ 0.38 ======== Weighted average basic and diluted units outstanding..... 34,376 ======== PRO FORMA OTHER GULF OF MEXICO PRO FORMA DIVESTITURE AFTER 2001 ADJUSTMENTS TRANSACTIONS ------------- ------------ Operating revenues................ $ -- $256,954 Operating expenses Cost of natural gas and oil..... 51,542 Operation and maintenance, net........................... -- 55,944 Depreciation, depletion and amortization.................. -- 51,038 Asset impairment charge......... 3,921 -------- -------- -- 162,445 -------- -------- Operating income.................. -- 94,509 Other income (loss) Earnings from unconsolidated -------- -------- affiliates.................... -- 18,374 Net (loss) gain on sale of assets........................ 11,367 (W) -- Other income (expense).......... (25,504)(W) 3,290 -------- -------- Income (loss) before interest, income taxes and other (14,137) 21,664 -------- -------- charges......................... (14,137) 116,173 -------- -------- Interest and debt expense....... -- 55,304 Minority interest............... -- 100 Income tax benefit.............. -- -- -------- -------- -- 55,404 Net income (loss) from continuing -------- -------- operations...................... (14,137) 60,769 Net income (loss) from discontinued operations......... -- 1,097 -------- -------- Net income (loss)................. $(14,137) $ 61,866 ======== ======== Income allocation Series B unitholders............
Minority Interest. Minority interest is $5.3 million for the period from December 24, 1998 through December 31, 1998 and $572.6 million for the year ended December 31, 1999. The minority interest represents the ownership in Charter Communications Holding Company by entities other than Charter Communications, Inc. For financial reporting purposes, 50,000 of the membership units Charter Communications Holding Company previously issued to companies controlled by Xx. Xxxxx are considered held by Charter Communications, Inc. since December 24, 1998. NET LOSS. Net loss increased by $49.0 million, from $17.2 million for the period from January 1, 1998 through December 23, 1998 to $66.2 million in 1999. The increase in revenues that resulted from the acquisitions of CCA Group, CharterComm Holdings and Marcus Holdings was not sufficient to offset the operating expenses associated with the acquired systems. LIQUIDITY AND CAPITAL RESOURCES Our business requires significant cash to fund acquisitions, capital expenditures, debt service costs and ongoing operations. We have historically funded and expect to fund future liquidity and capital requirements through cash flows from operations, borrowings under our credit facilities and debt and equity transactions. Our cash flows from operating activities were $1.1 billion, $479.9 million and $22.6 million in 2000, 1999 and 1998, respectively. As of December 31, 2000, we have availability of $805.6 million under our bank credit facilities. Since January 1, 1999, we have incurred significant additional debt to fund our capital expenditures and growth through acquisition. Our significant amount of debt may adversely affect our ability to obtain financing in the future and react to changes in our business. We anticipate incurring substantial additional debt in the future. Our credit facilities and other debt instruments contain various financial and operating covenants that could adversely impact our ability to operate our business, including restrictions on the ability of our operating subsidiaries to distribute cash to their parents. See "-- Certain Trends and Uncertainties -- Restrictive Covenants" for further information. CAPITAL EXPENDITURES We have substantial ongoing capital expenditure requirements. We make capital expenditures primarily to upgrade, rebuild and expand our cable systems, as well as for system maintenance, the development of new products and services, and set-top terminals. Upgrading our cable systems will enable us to offe...
Minority Interest. The activity in minority interest for the year ended December 31, 1998 is as follows: MERCOM AVALON CABLE LLC TOTAL Issuance of Class A units by Avalon Cable LLC......... $ -- $45,000 $45,000 Issuance of Class B-1 units by Avalon Cable LLC....... Allocated to minority interest prior to restructuring....................................... -- -- 4,345 365 4,345 365 Purchase of Cable Michigan, Inc....................... 13,457 -- 13,457 Income (loss) allocated to minority interest.......... 398 (1,729) (1,331) Balance at December 31, 1998.......................... $13,855 $47,981 $61,836 ======= ======= =======
Minority Interest. As to any Person, an ownership or other equity investment in any other Person, which investment is not consolidated with the accounts of such Person in accordance with GAAP. MINIMUM TANGIBLE NET WORTH. At any time, the sum of (a) $190,000,000.00 plus (b) eighty percent (80%) of the aggregate net proceeds received by the Borrower, REA or any other Guarantor after the Closing Date in connection with any Equity Offering to any other Person. MORTGAGED PROPERTY OR MORTGAGED PROPERTIES. The Eligible Real Estate owned by the Borrower, REA or a Guarantor which is security for the Obligations pursuant to the Mortgages.
