Income from Operations. Fail to maintain, as of the end of any fiscal quarter of PRA, positive Income from Operations for such period.
Income from Operations. Other income (expense): -- -------- -- -------- -- -------- -- -------- 2,310,537 ---------- 760,098 ---------- -- --------- -- --------- 2,310,537 ---------- 760,098 ---------- Interest income (expense), net.......................... (85,965) (72,248) (15,126) -- (173,339) Equity in subsidiaries, net of taxes........................ 400,416 445,571 -- (845,987) -- Minority interest............... -- -- (6,462) -- (6,462) Other, net...................... Provision for (benefit from) -- -------- 314,451 -- -------- 373,323 14,363 ---------- 752,873 -- --------- (845,987) 14,363 ---------- 594,660 income taxes.................... Net income........................ (32,237) -------- $346,688 ======== (27,093) -------- $400,416 ======== 307,302 ---------- $ 445,571 ========== -- --------- $(845,987) ========= 247,972 ---------- $ 346,688 ========== 25 WASTE MANAGEMENT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2000 (UNAUDITED) PARENT GUARANTOR NON-GUARANTOR ELIMINATIONS CONSOLIDATION --------- --------- ------------- ------------ ------------- Cash flows from operating activities: Net income.................... Equity in earnings of subsidiaries, net of taxes...................... $ 55,003 (134,048) $ 134,048 (172,722) $ 172,722 -- $(306,770) 306,770 $ 55,003 -- Other adjustments and charges.................... Net cash provided by (used in) 28,913 --------- 93,493 --------- 497,820 --------- -- --------- 620,226 --------- operating activities.......... Cash flows from investing (50,132) --------- 54,819 --------- 670,542 --------- -- --------- 675,229 --------- activities: Short-term investments........ -- -- 53,733 -- 53,733 Acquisitions of businesses, net of cash acquired....... -- -- (114,110) -- (114,110) Capital expenditures.......... -- -- (248,565) -- (248,565) Proceeds from sale of assets..................... -- -- 62,022 -- 62,022 Other, net.................... Net cash used in investing -- --------- -- --------- (43,776) --------- -- --------- (43,776) --------- activities.................... -- -- (290,696) -- (290,696) Cash flows from financing activities: Proceeds from issuance of long-term debt............. Principal payments on long-term debt............. (Increase) decrease in intercompany and investments, net...........
Income from Operations. (a) Net Sales/Income from Operations (Net of excise duty) (b) Other Operating Income Total income from Operations (net) 2. Expenses (a) Cost of Materials consumed (b) Purchase of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense (e)Depreciation and amortisation expense (f)Other expenses(Any item exceeding 10% of the total expenses relating to continuing operations to be shown separately) Total Expenses 3. Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)
Income from Operations. 21,907,993 ------------ (5,684,607) ----------- 8,973,271 ----------- 4,932,276 ----------- 5,459,991 ----------- 2,710,078 OTHER INCOME (EXPENSE): Interest income .......................... 1,077,713 442,444 Other income ............................. 139,355 57,308 25,145
Income from Operations. 17 -- --- 15 1 --- 16 Other income, net........................................... Income before income tax provision.......................... 6 --- 23 5 --- 20 4 --- 20 Provision for income taxes.................................. Net income.................................................. 9 --- 14% === 8 --- 12% === 7 --- 13% === YEARS ENDED DECEMBER 31, 1999 AND 1998 REVENUES. Total revenues increased 42% to $87.3 million in the year ended December 31, 1999 from $61.6 million in the year ended December 31, 1998. Revenues from core research increased 38% to $64.7 million in the year ended December 31, 1999 from $46.8 million in the year ended December 31, 1998. Increases in total revenues and revenues from core research were primarily attributable to an increase in the number of client companies to 1,793 at December 31, 1999 from 1,271 at December 31, 1998, an increase in the sales organization to 153 employees at December 31, 1999 from 92 employees at December 31, 1998 and sales of additional core research to existing clients. No single client company accounted for more than 2% of revenues for the year ended December 31, 1999. Advisory services and other revenues increased 53% to $22.6 million in the year ended December 31, 1999 from $14.7 million in the year ended December 31, 1998. This increase was primarily attributable to increased demand for Xxxxxxxxx'x advisory services programs and Forum events, an increase in the number of events held to eight in the year ended December 31, 1999 from six in the year ended December 31, 1998 and an increase in research staff providing advisory services to 125 employees at December 31, 1999 from 97 at December 31, 1998. Revenues attributable to customers outside the United States increased 57% to $19.8 million in the year ended December 31, 1999 from $12.6 million in the year ended December 31, 1998. Revenues attributable to customers outside the United States increased as a percentage of total revenues to 22% for the year ended December 31, 1999 from 21% for the year ended December 31, 1998. The increase in international revenues was primarily attributable to the continued expansion of our European headquarters in Amsterdam, the Netherlands, including an increase in sales personnel, and our acquisition of London-based Xxxxxxxx Research Limited on November 15, 1999. We invoice our international clients, other than clients billed by our subsidiary Xxxxxxxx Research Limited, in U.S. dollars. COST OF SERVICES AND FU...
Income from Operations. Other income (expense): -- --------- -- --------- -- -------- -- -------- 2,903,489 ---------- 313,820 ---------- -- --------- -- --------- 2,903,489 ---------- 313,820 ---------- Interest income (expense), net......................... (126,471) (61,879) (13,011) -- (201,361) Equity in subsidiaries, net of taxes....................... 134,048 172,722 -- (306,770) -- Minority interest.............. -- -- (5,972) -- (5,972) Other, net..................... -- --------- 7,577 -- -------- 110,843 13,366 ---------- 308,203 -- --------- (306,770) 13,366 ---------- 119,853 Provision for (benefit from) income taxes (47,426) --------- (23,205) -------- 135,481 ---------- -- --------- 64,850 ---------- Net income....................... $ 55,003 $134,048 $ 172,722 $(306,770) $ 55,003 ========= CONDENSED CONSOLIDATING ======== STATEMENT ========== OF OPERATIONS ========= ========== THREE MONTHS ENDED MARCH 31, 1999 (UNAUDITED) PARENT GUARANTOR NON-GUARANTOR ELIMINATIONS CONSOLIDATION -------- --------- ------------- ------------ ------------- Operating revenues................ $ -- $ -- $3,070,635 $ -- $3,070,635
Income from Operations. (a) Net Sales/Income from Operations (Net of excise duty) (b) Other Operating Income Total income from Operations (net) 2. Expenses (a) Cost of Materials consumed (b) Purchase of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock- in-trade (d) Employee benefits expense (e)Depreciation and amortisation expense
Income from Operations. As a result of the foregoing factors, income from operations increased $9.8 million, or 31%, to $41.6 million in 1999 from $31.7 million in 1998. Income from operations as a percentage of revenues decreased to 8.2% in 1999 from 8.6% in 1998. OTHER INCOME (EXPENSE). Other income increased $6.7 million to $6.8 million in 1999 compared to $159,000 in 1998. Included in other income in 1999 is a $6.7 million gain on the settlement of a long-term contract which was terminated by a client in 1996. Included in other income (expense) in 1998 is $1.3 million in business combination expenses relating to the business combinations accounted for under the pooling of interests method. Interest expense increased $914,000 to $2.2 million in 1999 compared to $1.3 million in 1998. This increase is primarily the result of increased borrowings. Interest income decreased $702,000 to $2.4 million in 1999 compared to $3.1 million in 1998. This decrease is the result of the decrease in short-term investments during 1999.
Income from Operations. As a result of the foregoing factors, income from operations decreased $1.4 million, or 4.3%, to $31.7 million in 1998 from $33.1 million in 1997. Income from operations as a percentage of revenues decreased from 11.9% in 1997 to 8.6% in 1998. Operating income as a percentage of revenues in 1998 has been favorably impacted by approximately 700 basis points resulting from the technology sale discussed earlier. Operating income as a percentage of revenues is not anticipated to significantly improve until the Company increases capacity utilization. OTHER INCOME (EXPENSE). Other income decreased $2.2 million to $159,000 in 1998 compared to $2.3 million in 1997. Included in other income (expense) in 1998 is $1.3 million in business combination expenses relating to the business combinations accounted for under the pooling of interests method. Interest expense increased $104,000 to $1.3 million in 1998 compared to $1.2 million in 1997. This increase is primarily the result of increased borrowings in the Company's international locations offset by debt reductions in the United States. Interest income decreased $325,000 to $3.1 million in 1998 compared to $3.4 million in 1997. This decrease is the result of the decrease in short-term investments during 1998.
Income from Operations. No payment under Section 2 shall be made in any Fiscal Year in which the Company's Income from Operations for the immediately prior Fiscal Year is less than Fifteen Million Dollars ($15,000,000). No interest shall accrue during any period of delay solely due to this restriction. Any payment delayed due to this restriction shall be made by December 31 of the first Fiscal Year after the Fiscal Year in which the Company's Income from Operations satisfy the criteria of this subsection (d), unless such payment is further delayed pursuant to another restriction. Except as provided in Sections 3(a)-(c) above, the Equity Value Amount shall not be forfeited as a result of this restriction.
