Results of Operations Sample Clauses

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 Eddie Bauer 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 Eddie Bauer, which posted a 10% decline in comparable-store sales for the quarter. Higher markdowns taken to liquidate fall season merchandise negatively affected Eddie Bauer's 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 Eddie Bauer 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 Eddie Bauer. The margin decline at Eddie Bauer 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 Eddie Bauer r...
Results of Operations. The following table sets forth for the periods indicated selected financial data and the percentage of the Company's net sales represented by each income statement line item presented. AS A PERCENTAGE OF NET SALES YEAR ENDED DECEMBER 31, 1996 1995 1994 Net sales................................................................................ 100.0% 100.0% 100.0% Cost of products sold.................................................................... 67.1 69.3 66.3 Gross profit............................................................................. 32.9 30.7 33.7 Selling, general and administrative expenses............................................. 5.8 5.5 5.7 Depreciation............................................................................. 4.0 3.0 3.3 Income from operations................................................................... 23.1 22.2 24.7 Interest expense......................................................................... .3 .1 .6 Income before provision for income taxes and extraordinary item.......................... 22.8 22.1 24.1 Provision for income taxes............................................................... 8.1 7.3 9.4 Income before extraordinary item......................................................... 14.7 14.8 14.7 Extraordinary loss (net of income tax benefit)........................................... -- -- (1.9) Net income............................................................................... 14.7% 14.8% 12.8% Year Ended December 31, 1996 Compared to the Year Ended December 31, 1995 NET SALES. The Company's net sales increased $6.7 million, or 8.7%, to $84.5 million in 1996 from $77.8 million in 1995. Foreign net sales increased $3.6 million, or 9.4%, to $42.1 million in 1996 from $38.5 million in 1995. The increase in foreign net sales was due primarily to increased sales volumes with existing customers, and to a lesser extent, sales to several new customers. Domestic net sales increased $3.1 million, or 8.0%, to $42.4 million in 1996 from $39.3 million in 1995. This increase was due primarily to increased sales to existing customers. Notwithstanding the Company's record sales in 1996, the Company's foreign sales in the last half of 1996 were negatively affected by weak international economies, certain customers' excess inventories, and a slowing in the overall rate of outsourcing of captive production. The Company anticipates that its foreign sales will continue to be affected by one o...
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, 2009, 2008, and 2007. 2009 Compared to 2008 Net sales from continuing operations for the year ended December 31, 2009 were $347.7 million, which was a 32.7% decrease from net sales of $516.9 million in 2008. U.S. sales were $193.4 million for 2009, compared to $285.2 million for 2008, which is a decrease of 32.2%. International sales were $154.2 million for 2009, compared to $231.7 million for 2008, or a decrease of 33.5%. The decrease in net sales for the year ended December 31, 2009 resulted from approximately $170 million in volume declines and $10 million in foreign currency translation, offset by an approximately $11 million increase due to price increases. Gross margin from continuing operations for the twelve months ended December 31, 2009 was $103.8 million, or 29.9% of net sales, compared to $159.1 million, or 30.8% of net sales, for the same period in 2008. In 2009, the Company experienced declines in raw material costs. Under its use of the LIFO inventory accounting method, the Company recorded a $4.3 million credit to cost of sales in the twelve months ended December 31, 2009. During 2008, the Company experienced increases in raw material costs and recorded a $4.1 million charge to cost of sales under its use of the LIFO inventory accounting method. In 2009, the Company reduced inventories in 2009 resulting in a liquidation of LIFO inventory costs, which reduced cost of sales by approximately $1.0 million. Excluding the effects of LIFO, gross margin for the twelve months ended December 31, 2009 was $99.5 million, or 28.6% of net sales, decreasing from $163.1 million, or 31.6%, for the same period in 2008. The decrease in the 2009 gross margin percentage as compared to 2008, excluding LIFO effects, reflects the manufacturing cost inefficiencies arising from 23 Table of Contents reduced production volumes throughout the year and the high raw material costs, particularly during the first three months of 2009. During 2009, these cost increases were offset in part by cost savings from productivity initiatives of an estimated $12 million under the Company’s Total Cost Productivity (TCP) initiative. Selling, general and administrative expen...
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. 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 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. 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. There were no revenues for the fiscal year ending June 30, 1996 compared to $250,000 in fiscal year 1995. Revenues in fiscal year 1994 were $2,900,000. Revenue in fiscal year 1995 was derived from a research agreement with Baxter Healthcare Corporation. In fiscal year 1994, revenues were derived from research and licensing agreements with Baxter Healthcare Corporation and a private group of investors. On June 29, 1995, the Company completed a restructuring and cost savings program separating its research and development infrastructure into two groups. The development group will focus on clinical trials and product development and the research group will focus on gene transfer technologies for various medical applications. As a result of the restructuring, the Company recorded in fiscal year 1995 a restructuring charge of $2,752,000, 19 consisting principally of employee severance pay, the accrual of future rent obligations including the write-off of leasehold improvements, and the write- down of certain assets. Research and development expenses decreased by $886,000 in fiscal year 1996 and increased by $5,209,000 in fiscal year 1995. The decrease in research and development expenses in fiscal year 1996 was primarily due to restructuring and cost saving programs. The increase in research and development expenses in fiscal year 1995 was primarily due to increased staffing, recruitment costs, patent legal services, technology license fees, supplies, and research contracts to meet the requirements of increased preclinical and clinical activities in progress. The Company expects research and development expenses to increase in future periods as the Company's preclinical and clinical activities progress. General and administrative expenditures decreased $664,000 in fiscal year 1996 and increased $804,000 in fiscal year 1995. The increase in fiscal year 1995 was primarily due to the write-off of $741,000 of future rent expenses and leasehold improvements associated with the former corporate headquarters which the Company is currently marketing for sublease. The Company expects general and administrative expenses to increase in future periods due to expanded research and development efforts. Other income consists principally of interest income earned on the Company's cash balances. Changes in other income are due to fluctuations in cash balances available for investment and returns on cash invested in recent periods. Liquidity and Capital Resources. On June 30, 19...
Results of Operations. Our Radio Broadcasting operating results were as follows: Year Ended December 31, % 2006 2005 Change (In thousands) Revenue $ 3,567,413 $ 3,380,774 6 % Direct operating expenses 994,686 924,635 8 % Selling, general and administrative expense 1,185,770 1,140,694 4 % Depreciation and amortization 125,631 128,443 (2 )% Operating income $ 1,261,326 $ 1,187,002 6 % Our Radio Broadcasting revenue increased 6% during 2006 as compared to 2005 primarily from an increase in both local and national advertising revenues. This growth was driven by an increase in yield and average unit rates. The number of 30 second and 15 second commercials broadcast as a percent of total minutes sold increased during 2006 as compared to 2005. The overall revenue growth was primarily focused in our top 100 media markets. Significant advertising categories contributing to the revenue growth for the year were political, services, automotive, retail and entertainment. Our Radio Broadcasting direct operating expenses increased $70.1 million during 2006 as compared to 2005. Included in direct operating expenses for 2006 were share-based payments of $11.1 million as a result of adopting Statement 123(R). Also contributing to the increase were added costs of approximately $45.2 million from programming expenses primarily related to an increase in talent expenses, music license fees, new shows and affiliations in our syndicated radio business and new distribution initiatives. Our SG&A expenses increased $45.1 million primarily as a result of approximately $12.3 million in salary, bonus and commission expenses in our sales department associated with the increase in revenue as well as $14.1 million from the adoption of Statement 123(R). Reconciliation of Segment Operating Income (Loss) Year Ended December 31, 2006 2005 (In thousands) Americas Outdoor Advertising $ 420,695 $ 359,248 International Outdoor Advertising 67,460 22,936 Radio Broadcasting 1,261,326 1,187,002 Other (4,225 ) (20,061 ) Gain on disposition of assets—net 71,571 49,656 Merger expenses (7,633 ) — Corporate (215,480 ) (185,946 ) Consolidated operating income $ 1,593,714 $ 1,412,835 92 Liquidity and Capital Resources Cash Flows Three Months Ended Year Ended December 31, March 31, 2007 2006 2005 2008 2007 (In thousands) Cash provided by (used in): Operating activities $ 1,576,428 $ 1,748,057 $ 1,303,880 $ 367,772 $ 321,463 Investing activities (482,677 ) (607,011 ) (349,796 ) (154,257 ) (71,021 ) Financing activities (1,431,014 )...