Results of Operations. Year ended September 2015 compared with year ended September 2014 (consolidated results) On November 19, 2015, we issued our audited financial statements for the year ended September 30, 2015, which are included in the ANZ New Zealand Financial Statements attached to this Offering Memorandum as Annex A. The table below sets forth our results for the years ended September 30, 2015, 2014 and 2013. Summary Income Statement Year ended September 30, NZ$ millions (unless otherwise stated) 2015 20152 20142 20132 US$ millions1 Interest income 4,426 6,926 6,272 5,957 Interest expense 2,589 4,051 3,529 3,344 Net interest income 1,837 2,875 2,743 2,613 Other operating income 751 1,175 1,085 823 Net operating income 2,588 4,050 3,828 3,436 Operating expenses 966 1,512 1,489 1,512 Profit before provision for credit income tax impairment and 1,622 2,538 2,339 1,924 Provision for credit impairment 47 74 (16) 63 Profit before income tax 1,574 2,464 2,355 1,861 Income tax expense 435 681 639 490 Profit after income tax 1,139 1,783 1,716 1,371
Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on page 11 and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reportable business segments: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE SAME PERIOD OF 1998 Net sales for the three months ended March 31, 1999, were $156.5 million, a decrease of 2% from the sales of $159.1 million for the first quarter of 1998. Net income from continuing operations for the quarter amounted to $11.9 million, 14% lower than the $13.9 million earned in last year's first quarter. Diluted earnings per share from continuing operations were 40 cents versus 46 cents in the same quarter last year. New orders from continuing operations totaled $165.9 million and exceeded shipments by more than $9 million in the first quarter of 1999. The Company ended the first quarter with a typical unfilled orders backlog of about 1 1/3 months' sales. In the first quarter of 1999, the Pump Products Group contributed 60% of sales and 63% of operating income, the Dispensing Equipment Group accounted for 17% of sales and 14% of operating income, and the Other Engineered Products Group represented 23% of both sales and operating income. The inclusion of Xxxx, acquired on January 21, 1998, for a full quarter of 1999 added 4% to the quarterly sales growth but was offset by a 6% decline in base business activity. International sales were 37% of total sales in the first quarter of 1999, down from 40% in last year's first quarter. A portion of this reduction came from including Xxxx for a full quarter in 1999, which only has about 20% of its sales outside of the United States. Certain international markets, particularly Europe and Latin America, experienced softer economic conditions this quarter compared to the first quarter of last year, which also contributed to the reduction in the international sales. Partially offsetting this international decline were shipments to Asia, which were about 5% higher than either the first or fourth quarters of 1998. Compared to the first quarter of last year, total domestic sales increased 2%, while international sales declined 8%. Pump Products Group sales of $94.3 million for the three months ended March 31, 1999, were essentially equal to the sales of $94.5 million in same period of 1998. The inclusion of Xxxx for a full q...
Results of Operations. Overview of the Three and Six Months Ended June 30, 2015 and 2014 The following tables set forth selected information concerning our results of operations as a percentage of consolidated net revenue for the periods indicated (in thousands): Three Months Ended June 30, 2015 % of Revenue 2014 % of Revenue Dollar Change % Change Revenue $ 1,020 100.0 % $ 1,410 100.0 % $ (390 ) (28 %) Cost of revenue 412 40.4 % 699 49.6 % (287 ) (41 %) Gross profit 608 59.6 % 711 50.4 % (103 ) (14 %) Operating expenses: Sales and marketing 295 28.9 % 390 27.7 % (95 ) (24 %) Product development and technical operations 631 61.9 % 1,217 86.3 % (586 ) (48 %) General and administrative 477 46.8 % 999 70.9 % (522 ) (52 %) Restructuring charge 217 21.4 % 7 0.5 % 210 3000 % Total operating expenses 1,620 158.8 % 2,613 185.3 % (993 ) (38 %) Income loss from operations (1,012 ) (99.2 %) (1,902 ) (134.9 %) 890 (47 %) Non-operating income (expense), net 19 1.9 % 41 2.9 % (22 ) (54 %) Loss from operations before income taxes (993 ) (97.4 %) (1,861 ) (132.0 %) 868 (47 %) Net loss $ (993 ) (97.4 %) $ (1,861 ) (132.0 %) $ 868 (47 %) Six Months Ended June 30, 2015 % of Revenue 2014 % of Revenue Dollar Change % Change Revenue $ 2,004 100.0 % $ 2,468 100.0 % $ (464 ) (19 %) Cost of revenue 864 43.1 % 1,390 56.3 % (526 ) (38 %) Gross profit 1,140 56.9 % 1,078 43.7 % 62 6 % Operating expenses: Sales and marketing 703 35.1 % 845 34.2 % (142 ) (17 %) Product development and technical operations 1,333 66.5 % 2,417 97.9 % (1,084 ) (45 %) General and administrative 807 40.3 % 1,641 66.5 % (834 ) (51 %) Restructuring charge 293 14.7 % 16 0.7 % 277 1731 % Total operating expenses 3,136 156.5 % 4,919 199.3 % (1,783 ) (36 %) Loss from operations (1,996 ) (99.6 %) (3,841 ) (155.6 %) 1,845 (48 %) Non-operating income (expense), net 15 0.7 % 84 3.4 % (69 ) (82 %) Loss from continuing operations before income taxes (1,981 ) (98.9 %) (3,757 ) (152.2 %) 1,776 (47 %) Income tax expense — — — 0.0 % — — Net loss $ (1,981 ) (98.9 %) $ (3,757 ) (152.1 %) $ 1,776 (47 %) Overview of the Years Ended December 31, 2014 and December 31, 2013 The following table sets forth selected information concerning our results of operations as a percentage of consolidated net revenue for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, % of % of Dollar % 2014 Revenue 2013 Revenue Change Change Revenue $ 4,702 100.0 % $ 6,679 100.0 % $ (1,977 ) (30 )% Cost of revenue 2,441 51.9 % 4,474 67.0 % (2,033 )...
Results of Operations. The Parties have displayed their agreement regarding the fundamental ratemaking metrics at issue in this proceeding in Attachment 2. The Parties’ agreement does not extend to any figures that are not displayed in Attachment 2.
Results of Operations. Three Months Ended April 1, 2001 as Compared with Three Months Ended March 26, 2000 Net sales in the first quarter of 2001 increased 1.9% to $164.0 million from $160.9 million in the first quarter of 2000. Foreign exchange had a negative effect on sales of approximately $4.4 million, or 3 percentage points of growth. Net sales in the Specialty Minerals segment, which includes the Precipitated Calcium Carbonate ("PCC") and Processed Minerals product lines, grew 4.4% in the first quarter of 2001 to $120.7 million from $115.6 million in the first quarter of 2000. Worldwide net sales of PCC grew 4.9% to $99.7 million from $95.0 million in the first quarter of 2000. Foreign exchange had a negative effect of approximately $2.4 million on sales. Growth in sales revenue in PCC for paper was primarily the result of two new satellite PCC plants and several expansions at existing satellite plants. This provided 15 units of new production capacity; a unit represents between 25,000 and 35,000 tons of annual PCC production. The Company also experienced lost sales from the shutdown of the International Paper Company mill in Mobile, Alabama, as well as from production slowdowns at several other paper xxxxx. Sales of PCC used for filling and coating paper had a 7% increase in volume. The Specialty PCC product line, used in non-paper applications, experienced a sales decline. This decline was attributable primarily to weak industry conditions and a more competitive environment in the calcium supplement market. At the same time, the Company's new Specialty PCC merchant plant in Brookhaven, Mississippi had lower-than-expected sales because of a delayed startup and longer-than-expected customer qualification programs. On January 2, 2001, the Company announced an agreement with Great Northern Paper, Inc. to build a satellite plant that will provide the Company's ATTM PCC for filling groundwood specialty paper to its Millinocket, Maine paper mill. This satellite will be equivalent to two units. On March 26, 2001, Minerals Technologies Inc. announced an agreement with M-real Corporation of Finland, formerly the Xxxxx-Xxxxx Group, to construct and operate a satellite PCC plant at a paper mill owned by M-real at Alizay, France. This plant, which will be equivalent to three satellite units, will produce PCC products used in the filling of wood-free printing and writing papers. The plant in Maine is expected to be operational in the third quarter of 2001 and the plant in France will ...
Results of Operations. COMPARISON OF 2002 TO 2001 Revenues. Our revenues in 2002 and 2001 are comprised of revenues for subscriptions to our services and implementation revenues. The following table sets forth for the periods indicated the components of revenue included in our consolidated statements of operations:
Results of Operations. To the best of each of their knowledge, the information concerning the Partnership's financial condition and the results of operations as of June 30, 1999 and for the period January 1, 1999 through June 30, 1999 attached hereto as Schedule 4.4 fairly presents in all material respects the financial condition and results of operation of the Partnership as of said date and for such period.
Results of Operations. We have presented the following data in thousands, except per share data. Statement of Operations Data Quarters Ended March 31, Years Ended December 31, ------------ ------------ --------------------------- 2003 2002 2002 2001 ------------ ------------ ------------ ------------ Revenue $ 12,657 $ 16,777 $ 63,175 $ 119,530 Cost of revenue 12,938 16,484 74,031 82,191 ------------ ------------ ------------ ------------ Gross profit (loss) (281) 293 (10,856) 37,339 Operating expenses: Selling, general and administrative 3,286 5,202 18,648 21,487 Research and development 744 1,353 4,868 8,204 Restructuring costs - - 39,086 - ------------ ------------ ------------ ------------ Total operating expenses 4,030 6,555 62,602 29,691 ------------ ------------ ------------ ------------ Income (loss) from operations (4,311) (6,262) (73,458) 7,648 Interest expense 237 385 1,326 2,081 Other (income) and expense, net (231) (717) 12,705 13,373 ------------ ------------ ------------ ------------ Loss before income tax benefit (4,317) (5,930) (87,489) (7,806) Income tax benefit - (2,372) (6,308) (2,810) ------------ ------------ ------------ ------------ Net loss $ (4,317) $ (3,558) $ (81,181) $ (4,996) ============ ============ ============ ============
Results of Operations. The following table sets forth selected financial data as a percentage of total revenues for the periods indicated: YEAR ENDED DECEMBER 31, -------------------- 1997 ---- 1998 ---- 1999 ---- Core research............................................... 75% 76% 74% Advisory services and other................................. Total revenues.............................................. 25 --- 100 24 --- 100 26 --- 100 Cost of services and fulfillment............................ 34 36 32 Selling and marketing....................................... 35 34 36 General and administrative.................................. 11 11 11 Depreciation and amortization............................... 3 4 4
Results of Operations. Three Months Ended September 27, 1997 As Compared To Three Months Ended September 28, 1996 Net sales for the three months ended September 27, 1997, increased 1.3% to $591,694 compared to $584,075 for the three months ended September 28, 1996. Sales increases from Exxxx Xxxxx'x retail and catalog divisions were significantly offset by sales decreases at Spiegel Catalog. Retail sales at Exxxx Bxxxx increased 9.1% over last year, driven by an increase in the number of stores compared to last year. Comparable store sales declined 2% for the quarter. Total Company catalog sales declined 2.6% for the period as the growth of Exxxx Xxxxx'x catalog operations and the favorable performance of the Company's Newport News division was more than offset by lower Spiegel Catalog sales. Spiegel Catalog continues to be affected by lower productivity and response rates experienced in catalog mailings as well as a smaller active customer file. Finance revenue for the third quarter of 1997 increased to $46,368 from $26,826 a year earlier. Revenues were favorably affected by a pretax gain of $22,686 on the sale of customer receivables recognized pursuant to SFAS No. 125. This gain was offset somewhat by lower finance revenues generated as a result of a significantly lower average level of owned customer receivables. The lower level of owned customer receivables was driven by decreases in sales on the Company's proprietary credit card, particularly at Spiegel Catalog. The gross profit margin on net sales decreased to 29.6% for the three months ended September 27, 1997 from 31.0% for the comparable 1996 period. This margin decrease is primarily due to a higher level of markdowns taken by Spiegel Catalog to manage inventory risk and liquidate merchandise that is not in line with the company's new targeted merchandise direction. Additionally, Exxxx Bxxxx is experiencing some margin rate pressures due to somewhat higher levels of promotional activity. Selling, general and administrative expenses as a percentage of total revenues for the three months ended September 27, 1997 and September 28, 1996 were 37.2% and 36.3%, respectively. Factors contributing to the increase included less leverage of fixed expenses, primarily at Spiegel Catalog, as a result of lower productivity from catalog offerings. In addition, the 1996 ratio was favorably impacted by the reversal of $6,300 of provision for doubtful accounts related to the sale of customer receivables. Interest expense for the three mo...
