Results of Operations. On November 19, 2013, we issued our audited financial statements for the year ended September 30, 2013, 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, 2013, 2012 and 2011. Summary Income Statement Year ended September 30, NZ$ millions, unless otherwise stated 2013 20132 20122 20112 US$ millions1 Interest income 4,958 5,957 6,017 6,179 Interest expense 2,783 3,344 3,335 3,620 Net interest income 2,175 2,613 2,682 2,559 Other operating income 685 823 1,006 856 Net operating income 2,860 3,436 3,688 3,415 Operating expenses 1,254 1,507 1,742 1,686 Profit before provision for credit impairment and income tax 1,606 1,929 1,946 1,729 Provision for credit impairment 52 63 193 178 Profit before income tax 1,553 1,866 1,753 1,551 Income tax expense 000 000 000 452 Profit after income tax 1,144 1,374 1,325 1,099
Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on the following page and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reporting groups: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE SAME PERIOD OF 2000 IDEX reported record sales; however, recorded lower net income and earnings per share for the first quarter of 2001 compared with last year. Incoming orders of $189.7 million were 2% lower than 2000 as a result of an 11% decrease in the base businesses and a 2% negative effect from foreign currency translation partially offset by 11% growth from recent acquisitions. Net sales for the three months ended March 31, 2001 were $187.4 million, a 6% increase over the $176.7 million for the comparable 2000 period. Acquisitions accounted for a 13% improvement, which was partially offset by a 5% decline in base sales activity and a 2% unfavorable currency translation. Net income was $7.2 million, 54% lower than the $15.8 million earned in the first quarter of 2000. Diluted earnings per share decreased 29 cents to 23 cents, down 56% compared with the same period a year ago. Excluding the one-time restructuring charge, net income was $10.7 million, 32% lower than the $15.8 million earned in last year's first quarter, and diluted earnings per share were 35 cents, down 33% from 52 cents last year. In the first three months of 2001, the Pump Products Group contributed 58% of sales and 60% of operating income, the Dispensing Equipment Group accounted for 19% of sales and 17% of operating income, and the Engineered Products Group represented both 23% of sales and operating income. In the first three months of 2001, international sales grew by 9% while domestic sales increased by 4% compared with last year. As a result, international sales were 41% of total sales, up from 40% in the same quarter of 2000. Pump Products Group sales of $109.7 million for the three months ended March 31, 2001 increased by $10.8 million, or 11%, from 2000 principally reflecting the Ismatec, Trebor and Liquid Controls acquisitions which added 16% to the first quarter sales. Base business sales volume was down 4% from last year and foreign currency had a 1% negative effect on the Group's sales comparison to 2000. In the first quarter of 2001, international sales grew by 24% and domestic sales increa...
Results of Operations. Thirteen Weeks Ended April 4, 1998 As Compared To Thirteen Weeks Ended March 29, 1997 ----------------------------------------------------------------------------- Net sales for the thirteen weeks ended April 4, 1998 were $532,450 compared to $569,785 for the thirteen weeks ended March 29, 1997. This 7% decrease was driven by an 11% decline in catalog net sales and a 1% decline in retail net sales. Catalog net sales results for the quarter reflected a planned circulation reduction at Spiegel Catalog, partially offset by higher catalog sales at Exxxx Bxxxx and Newport News. Spiegel Catalog decreased circulation to marginal customers to improve catalog productivity as it continues to implement new strategies aimed at improving performance. Retail net sales decreased due to weakness experienced at Exxxx Bxxxx, which posted a 10% decline in comparable-store sales for the quarter. Higher markdowns taken to liquidate fall season merchandise negatively affected Exxxx Xxxxx'x sales, in addition to weak response to certain spring season products. Finance revenue for the first quarter of 1998 was $49,214 compared to $22,528 for the same period in 1997. This increase resulted primarily from pricing changes implemented by the Company's credit division in October 1997. In addition, higher finance revenues were realized due to a 36% increase in average MasterCard receivables resulting primarily from favorable response to the co-branded Spiegel MasterCard and Exxxx Bxxxx MasterCard programs. The gross profit margin on net sales decreased to 28.7% for the thirteen weeks ended April 4, 1998 from 29.6% for the comparable 1997 period. Gross profit margin rate improvements at Spiegel Catalog and Newport News were offset by lower gross profit margins experienced at Exxxx Bxxxx. The margin decline at Exxxx Bxxxx resulted primarily from a higher level of clearance and promotional markdown activity to liquidate fall season merchandise and manage inventories. Consolidated inventories at quarter-end were down 1% compared to last year. Selling, general and administrative expenses as a percentage of total revenues for the thirteen weeks ended April 4, 1998 and March 29, 1997 were 39.7% and 40.0%, respectively. Numerous cost-cutting initiatives have been implemented by the Company. These initiatives were most prevalent at Spiegel Catalog, where selling, general and administrative expenses were reduced by 30% compared to last year. However, lackluster sales performance at Exxxx Bxxxx r...
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. The results of operations set forth in the Income Statement on page F-5 have been adjusted to reflect the impact of discontinued operations. See Note 3 — Discontinued Operations in our consolidated financial statements. The following description of results of operations is presented for the years ended December 31, 2007, 2006, and 2005. 2007 Compared to 2006 Net sales from continuing operations for the year ended December 31, 2007 were $494.0 million, which was a 10.8% increase over net sales of $445.7 million for the same twelve months in 2006. U.S. sales were $292.6 million for 2007, compared to $279.1 million for 2006, which is an increase of 4.8%. International sales were $201.4 million for the twelve months ended December 31, 2007 compared to $166.7 million for the same period of 2006, or an increase of 20.9%. Net sales for the twelve months ended December 31, 2007 increased approximately $48 million with approximately $15 million from increased demand primarily associated with new product introductions, $20 million from price increases, and $13 million due to foreign currency translation. Gross margin from continuing operations for the twelve months ended December 31, 2007 was $154.4 million, or 31.2% of net sales, compared to $130.7 million, or 29.3% of net sales, for the same period in 2006. The gross margin improvement is due to manufacturing cost savings initiatives and improved pricing administration consisting of better management of rebates, discounts and sales price increases. The impact of cost increases from inflation of material costs and production supply cost increases reduced gross margin by an estimated $22 million. These estimated cost increases were offset in part by cost savings from productivity initiatives of an estimated $20 million. The overall increase in material cost was attributable to higher prices for key raw materials such as copper, brass and steel. Selling, general and administrative expenses (“SG&A”) were $106.0 million, or 21.5% of net sales, for the twelve months ended December 31, 2007 as compared to $109.6 million, or 24.6% of net sales, for the twelve months ended December 31, 2006. The decrease in SG&A is principally related to incremental non-recurring costs incurred in the prior year to complete the 2005 financial statements and restatement of prior years. These incremental costs of approximately $8 million were attributable to accounting, audit and tax services related fees and bondholder consent fees. The yea...
Results of Operations. The following chart reflects expenses, earnings, income, losses and profits expressed as a percentage of net sales for the years 1998, 1997 and 1996. PERCENTAGE CHANGE YEAR-TO-YEAR INCREASE (DECREASE) PERCENTAGE OF NET SALES YEARS ENDED YEAR ENDED DECEMBER DECEMBER 31, -------------------------- ---------------------------- 1998 ------ 1997 ------ 1996 ------ 1997 TO 1998 ------------ 1996 TO 1997 ------------ Net sales.............................. 100% 100% 100.0% (2.7) (26.6) Cost of Goods.......................... 143.8 169.5 135.9 (17.5) (8.47) Gross Profit........................... (43.8) (69.5) (35.9) (38.7) 42.1 Research & Development................. 7.4 10.8 15.0 (33.5) 47.2 Selling, general and administrative expense.............................. 91.4 69.4 60.5 29.5 (15.7) (Loss) from operations................. (142.5) (149.7) (111.4) (6.7) (1.3) Interest expense....................... 22.0 12.6 13.9 70.1 (33.0) Other (income) expenses................ (20.6) 2.9 (8.2) -- (126.4) (Loss) before income taxes............. (143.9) (165.2) (117.1) (14.6) 3.6 Net (loss)............................. (143.9)% (165.2)% ====== (117.1)% ====== (14.6)% 3.6% ====== NET SALES Net sales for 1998 of $8,841,000 represents a decrease of $247,000 as compared to net sales for 1997. The decrease is attributable in part to a reduction in toll manufacturing revenue from Mallinckrodt of approximately $878,000 from the prior year. Additionally, the Company was unable to market successfully to the retail pharmacy marketplace until the third quarter of 1998 because during fiscal 1996 and 1997, the Company had failed to pay required rebates to state Medicaid agencies. This caused those states to deny medicaid reimbursement to the retail pharmacies on their sales of the Company's products. Commensurate with the infusion of new capital and management in March, 1998, the Company began reestablishing itself in good standing with all states. In April 1998, the Company entered into a new contract with the Health Care Finance Authority ("HCFA") and paid outstanding rebates due to various states. The states completed the reinstatement of the Company on their medicaid reimbursement by July, 1998. The Company has been in good standing with HCFA and the individual states since July 1998 and expects this past non-compliance will have no impact on future results of operations or liquidity. Also during much of 1998, the Company experienced difficulty in obtaining certain raw materials ...
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. 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: