MINNEAPOLIS--(BUSINESS WIRE)--Jun. 25, 2009-- On Thursday, July 30, 2009, Xcel Energy (NYSE: XEL) will host a conference call to review second quarter financial results. Earnings will be released prior to the opening of trading.
The call will begin at 10:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions.
US Dial-In: 877-941-0844
International Dial-In: 480-629-9645
The conference call will also be simultaneously broadcast and archived on our website at the following location:
http://www.xcelenergy.com
Select: Company
Click on: Investor Information
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on July 30 through 11:59 p.m. on July 31, Central Time.
Replay Numbers
US Dial-In: 800-406-7325
International Dial-In: 303-590-3030
Access Code: 4103933 #
Financial analysts may call:
Paul Johnson, Managing Director – Investor Relations 612-215-4535
and Assistant Treasurer
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
Xcel Energy 2nd Quarter 2009 Earnings Conference Call
MINNEAPOLIS--(BUSINESS WIRE)--Jun. 25, 2009-- On Thursday, July 30, 2009, Xcel Energy (NYSE: XEL) will host a conference call to review second quarter financial results. Earnings will be released prior to the opening of trading.
The call will begin at 10:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions.
US Dial-In: 877-941-0844
International Dial-In: 480-629-9645
The conference call will also be simultaneously broadcast and archived on our website at the following location:
http://www.xcelenergy.com
Select: Company
Click on: Investor Information
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on July 30 through 11:59 p.m. on July 31, Central Time.
Replay Numbers
US Dial-In: 800-406-7325
International Dial-In: 303-590-3030
Access Code: 4103933 #
Financial analysts may call:
Paul Johnson, Managing Director – Investor Relations 612-215-4535
and Assistant Treasurer
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
The call will begin at 10:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions.
US Dial-In: 877-941-0844
International Dial-In: 480-629-9645
The conference call will also be simultaneously broadcast and archived on our website at the following location:
http://www.xcelenergy.com
Select: Company
Click on: Investor Information
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on July 30 through 11:59 p.m. on July 31, Central Time.
Replay Numbers
US Dial-In: 800-406-7325
International Dial-In: 303-590-3030
Access Code: 4103933 #
Financial analysts may call:
Paul Johnson, Managing Director – Investor Relations 612-215-4535
and Assistant Treasurer
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
Mattel to Webcast 2009 Second Quarter Earnings Conference Call
EL SEGUNDO, Calif., Jun 25, 2009 (BUSINESS WIRE) -- Mattel, Inc. (NYSE:MAT) today announced that it will webcast its quarterly conference call on Friday, July 17, 2009, at 8:30 a.m. Eastern time (5:30 a.m. Pacific time). Led by the company's chairman and chief executive officer, Robert A. Eckert, the conference call will cover the company's 2009 second quarter financial results, which will be released prior to the call.
The conference call will be webcast on the "Investors & Media" section of the company's corporate Web site, www.mattel.com. To listen to the live call, log on to the Web site at least 15 minutes early to register, download and install any necessary audio software. An archive of the webcast will be available on the company's Web site for 90 days and may be accessed beginning two hours after the completion of the live call. A telephonic replay of the call will be available beginning at 11:30 a.m. Eastern time (8:30 a.m. Pacific time) the morning of the call, until Tuesday, July 21 at midnight Eastern time (9 p.m. Pacific time) and may be accessed by dialing + (719) 457-0820. The passcode is 4864704.
Certain financial and statistical information included in the webcast, such as information required by Regulation G, will be available at the time of the webcast on the "Investors & Media" section ofwww.mattel.com.
The Hartford To Announce Second Quarter Earnings On July 29,Conference call to be held July 30, 8 a.m. EDT
HARTFORD, Conn., Jun 25, 2009 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) will release its second quarter 2009 financial results on Wednesday, July 29, 2009, following the close of the market.
Waste Management, Inc. Sets Date for
Second Quarter 2009 Earnings Release Conference Call
and Announces Third Quarter 2009 Conference Presentation Schedule
HOUSTON – June 25, 2009 -- Waste Management, Inc. (NYSE: WMI) announced that it has
scheduled an analyst conference call on Thursday, July 30, 2009 at 10:00 a.m. Eastern Time to
discuss second quarter 2009 financial results. These results are expected to be released before
the opening of the market on Thursday, July 30, 2009 and will be available on Waste
Management’s website, www.wm.com, after release to the wire services.
Certain statements and answers to questions during the conference call may contain “forward-
looking statements.” These statements, and all phases of the Company’s operations, are subject
to risks and uncertainties, any one of which could cause actual results to differ materially from
those described in the forward-looking statements. Investors are reminded that these forward-
looking statements must be considered in conjunction with the cautionary warnings and risk
factors, which are detailed in Waste Management’s most recent Annual Report on Form 10-K
filed with the SEC and available from the Company.
What: Waste Management second quarter 2009 earnings release conference call
When: Thursday, July 30, 2009 at 10:00 a.m. Eastern Time
Where: A live audio webcast of the conference call can be accessed by logging onto
www.wm.com and selecting “Earnings Webcast” in the Business News section.
You may also listen to the analyst conference call by telephone by contacting the conference call
operator 5-10 minutes prior to the scheduled start time and asking for the “Waste Management
Conference Call – Call ID 16261765.” US/Canada Dial-In #: (877) 710-6139. Int'l/Local Dial-
In #: (706) 643-7398. Participation will be in listen-only mode.
Replay: For those unable to listen to the live call, a replay will be available beginning at
approximately noon ET July 30th
through 5:00 p.m. ET on August 13th.
To hear a replay of the call over the Internet, access Waste Management’s website at www.wm.com. To hear a telephonic replay of the call, dial 800-642-1687 or 706-645-9291 and enter conference code 16261765.
Waste Management, Inc. also announced today that Company executives currently plan to
present at the following investment conferences during the third quarter of 2009:
September 10 Raymond James European Investors Conference
September 16 J.P. Morgan Diversified Industries Conference
Although these presentations are not expected to include any material non-public information,
the Company will post the presentation slides on its website. The slides will be posted some
time during the 24-hour period prior to the scheduled presentation time. The slides may be
accessed via the Investor Relations section of the Company’s corporate website, which is located
at www.wm.com. We anticipate that these conferences will be web cast and we will post audio
links on our website as they are made available to us.
KB Home Reports Second Quarter 2009 Financial Results
LOS ANGELES, Jun 26, 2009 (BUSINESS WIRE) -- KB Home (NYSE: KBH), one of America's largest homebuilders, today reported financial results for its second quarter ended May 31, 2009. Results include:
- Revenues totaled $384.5 million in the second quarter of 2009, down 40% from $639.1 million in the year-earlier quarter. The decline was due to lower housing revenues of $380.8 million in the second quarter of 2009, compared to $636.7 million in the year-earlier quarter, reflecting a 37% decrease in homes delivered and a 5% decline in the average selling price. The Company delivered 1,761 homes at an average selling price of $216,200 in the second quarter of 2009, compared to 2,810 homes delivered in the year-earlier quarter at an average selling price of $226,600.
- The Company reported a net loss of $78.4 million, or $1.03 per diluted share, for the quarter ended May 31, 2009, compared to a net loss of $255.9 million, or $3.30 per diluted share, for the year-earlier period. The current quarter net loss included pretax, noncash charges for inventory and joint venture impairments and the abandonment of land option contracts totaling $49.5 million, a 72% reduction from the $176.5 million of similar charges in the second quarter of 2008. The net loss for the year-earlier quarter also included a $24.6 million goodwill impairment charge.
- The Company ended its 2009 second quarter with a cash balance of $1.10 billion, including $102.2 million of restricted cash, and no borrowings outstanding on its revolving credit facility. As of May 31, 2009, the Company's debt balance totaled $1.71 billion. The Company's ratio of debt to total capital was 71.5% at May 31, 2009, compared to 70.0% at November 30, 2008 and 62.9% at May 31, 2008. Net of cash, the Company's ratio of debt to total capital was 47.3% at May 31, 2009, 45.4% at November 30, 2008 and 40.2% at May 31, 2008.
- The Company's backlog at May 31, 2009 totaled 3,804 homes, representing potential future housing revenues of approximately $796.9 million, compared to a backlog of 6,233 homes representing potential future housing revenues of approximately $1.47 billion at May 31, 2008. Company-wide net orders for new homes in the second quarter were 2,910, down 31% from 4,200 in the second quarter of 2008 but up 59% from 1,827 net orders in the first quarter of 2009. The Company's cancellation rate based on gross orders improved to 20% in the current quarter, compared to 28% in the first quarter of 2009 and 27% in the second quarter of 2008.
- In May 2009, the Company released its second annual Sustainability Report, which highlights, among other things, its accomplishments and ongoing efforts to improve the energy efficiency of its homes and reduce the environmental impact of its operations. These include the Company's commitment to build exclusively ENERGY STAR(R) qualified homes in all communities newly opened in 2009 and beyond; its launch of a new generation of affordable, energy-efficient homes called The Open Series(TM); and its implementation of waste- and cost-reduction practices in its operations companywide.
"As with many other industries and companies, prevailing recessionary economic conditions weighed heavily on the homebuilding industry and on our operations during the second quarter," said Jeffrey Mezger, president and chief executive officer. "Despite the turbulent economy, however, we narrowed our loss for the quarter compared to a year ago through the continued execution of strategic initiatives designed to improve our gross margins, reduce our overhead costs and restore our operations to profitability."
"Looking forward, although key economic indicators remain mixed, we are beginning to see signs that some negative housing market trends may be moderating at both the local and national levels," continued Mezger. "Ongoing foreclosure activity, which has increased housing supply and exerted downward pressure on home prices in a number of markets, is also leading housing affordability to record levels. Job market weakness and tight mortgage lending standards continue to restrain demand, yet consumer confidence appears to be growing. While these conflicting market signals make it premature to declare that housing has reached the end of its severe, multi-year correction, they may indicate we are approaching a point of relative stability, especially if the overall economy rebounds and mortgage interest rates remain low."
"Given the uncertainty of when and to what extent general economic and housing market conditions may improve, we continue to conservatively manage our business," said Mezger. "We remain focused on generating positive cash flows, increasing our operating efficiencies and margins, and calibrating our products and marketing efforts to best capitalize on the pent-up demand for new homes that we believe will become evident when markets begin a sustained recovery."
The Company's total revenues of $384.5 million in the quarter ended May 31, 2009 decreased 40% from $639.1 million in the year-earlier quarter, reflecting lower housing revenues. Housing revenues totaled $380.8 million in the second quarter of 2009, down 40% from $636.7 million in the year-earlier quarter, due to a 37% decrease in homes delivered to 1,761 from 2,810 and a 5% decline in the average selling price to $216,200 from $226,600. Each of the Company's homebuilding regions experienced year-over-year decreases in both homes delivered and average selling prices during the second quarter. The number of homes delivered decreased 6% in the Company's West Coast region, 55% in the Southwest region, 39% in the Central region and 47% in the Southeast region, while the average selling price declined 4% in the West Coast region, 23% in the Southwest region, 8% in the Central region and 15% in the Southeast region.
The Company's homebuilding business generated an operating loss of $66.5 million in the second quarter of 2009, largely due to pretax, noncash charges of $42.3 million for inventory impairments and the abandonment of land option contracts the Company no longer plans to pursue. In the year-earlier quarter, the Company's housing operations produced an operating loss of $262.4 million, including pretax, noncash charges of $174.4 million for inventory impairments and land option contract abandonments and $24.6 million for goodwill impairment. The Company's housing gross margin improved to 1.9% in the second quarter of 2009, compared to a negative 17.5% in the second quarter of 2008. Excluding inventory impairment and abandonment charges of $41.0 million in the second quarter of 2009 and $167.1 million in the second quarter of 2008, the housing gross margins in the respective periods would have been 12.7% and 8.7%. Land sales in the second quarter of 2009 generated a loss of $1.2 million, including $1.3 million of impairment charges related to planned future land sales, compared to a loss of $7.4 million in the second quarter of 2008, which included $7.3 million of similar impairment charges. The Company's ongoing actions to lower its overhead costs resulted in selling, general and administrative expenses decreasing by $46.5 million, or 39%, to $72.6 million in the second quarter of 2009, down from $119.1 million in the year-earlier period. As a percent of housing revenues, selling, general and administrative expenses were 19.1% in the second quarter of 2009, compared to 20.1% in the first quarter of 2009 and 18.7% in the second quarter of 2008.
The Company's equity in loss of unconsolidated joint ventures was $11.8 million in the second quarter of 2009, including $7.2 million of impairment charges. The equity in loss of unconsolidated joint ventures was $5.5 million in the second quarter of 2008, including $2.1 million of impairment charges.
The Company's financial services operations, which include its equity interest in an unconsolidated mortgage banking joint venture, generated pretax income of $4.4 million in the second quarter of 2009, up 45% from $3.0 million in the year-earlier quarter. The increase primarily reflected higher margins within the joint venture, driven by the origination and sale of more government-insured loans, and expense reductions.
With stronger performances in both its homebuilding and financial services operations, the Company narrowed its total pretax loss to $83.6 million in the second quarter of 2009, compared to $255.3 million in the year-earlier quarter. The Company reported a net loss of $78.4 million, or $1.03 per diluted share, for the 2009 second quarter, including a $31.7 million charge to record an after-tax valuation allowance against the net deferred tax assets resulting from its current quarter loss. In the second quarter of 2008, the Company reported a net loss of $255.9 million, or $3.30 per diluted share, including a charge of $98.9 million to record an after-tax valuation allowance against the net deferred tax assets generated from that quarter's loss.
Net new home orders totaled 2,910 in the second quarter of 2009, decreasing 31% from 4,200 net orders in the year-earlier period. The Company's cancellation rate as a percentage of gross orders improved to 20% in the current quarter from 28% in the first quarter of 2009 and 27% in the second quarter of 2008. As a percentage of beginning backlog, the cancellation rate also improved to 27% in the current quarter from 31% in the first quarter of 2009 and 33% in the second quarter of 2008. The number of homes in backlog at May 31, 2009 decreased 39% on a year-over-year basis to 3,804, while the corresponding backlog value declined 46% to approximately $796.9 million.
Company-wide revenues for the six months ended May 31, 2009 totaled $691.8 million, down 52% from $1.43 billion for the six months ended May 31, 2008. Homes delivered in the first six months of fiscal 2009 declined 44% year-over-year to 3,206, and the average selling price decreased 10% year-over-year to $213,700. The Company generated a net loss of $136.5 million, or $1.78 per diluted share, in the first half of fiscal 2009, including pretax, noncash charges of $81.8 million for inventory and joint venture impairments and land option contract abandonments. The net loss also reflected an after-tax charge of $54.4 million to record a valuation allowance against the net deferred tax assets generated during the current period. For the first half of fiscal 2008, the Company posted a net loss of $524.1 million, or $6.77 per diluted share, including pretax, noncash charges of $400.5 million for inventory and joint venture impairments and land option contract abandonments, and $24.6 million for goodwill impairment. The net loss for the first half of fiscal 2008 also reflected a $198.9 million after-tax valuation charge against the net deferred tax assets generated during the period.
The Conference Call on the Second Quarter 2009 earnings will be broadcast live TODAY at 8:30 a.m. Pacific Daylight Time, 11:30 a.m. Eastern Daylight Time. To listen, please go to the Investor Relations section of the Company's website.
KB Home, one of the nation's leading homebuilders, has delivered hundreds of thousands of quality homes for families since its founding in 1957. The Company is distinguished by its Built to Order(TM) homebuilding approach that puts a custom home experience within reach of its customers at an affordable price. KB Home's award-winning homes and communities meet the needs of first-time homebuyers with flexible designs that also appeal to move-up buyers and active adults. Los Angeles-based KB Home was named the #1 homebuilder on FORTUNE(R) magazine's 2009 "World's Most Admired Companies" list. This marks the second year in a row and the third time in the past four years that KB Home has achieved the top ranking. The Company trades under the ticker symbol "KBH," and was the first homebuilder listed on the New York Stock Exchange. For more information about any of KB Home's new home communities call 888-KB-HOMES .
MASCO CORPORATION DECLARES QUARTERLY DIVIDEND Q309
Taylor, Mich., (June 26, 2009) - Masco Corporation (NYSE: MAS) today announced that its Board of Directors declared a quarterly dividend of $.075 per common share ($.30 per common share annually) payable on August 10, 2009, to shareholders of record on July 10, 2009.
Headquartered in Taylor, Michigan, Masco Corporation is one of the world's leading manufacturers of home improvement and building products, as well as a leading provider of services that include the installation of insulation and other building products.
Masco Corporation's press releases and other information are available through the Company's toll free number, 1-888-MAS-NEWS, or under the Investor Relations section of Masco's Web Site at
Republic Services, Inc. Sets Date for Second Quarter Earnings Release and Conference Call
PHOENIX--(BUSINESS WIRE)--Jun. 23, 2009-- In conjunction with
Who:
What: Second quarter earnings release and conference call
When:
Where: A live audio webcast of the conference call can be accessed by logging onto www.republicservices.com at
The conference call will be archived on Republic’s website at www.republicservices.com (click on “Investor Information”).
Fifth Third Bancorp to Announce Second Quarter 2009 Results, Host Conference Call on Thursday, July 23, 2009 at 9:00 AM
This conference call will be webcast live by Thomson Financial and may be accessed through the Fifth Third Investor Relations website at www.53.com (click on "About Fifth Third" then "Investor Relations").
Those unable to listen to the live call may access a webcast replay through the Fifth Third Investor Relations website at the same web address. Additionally, a telephone replay of the conference call will be available until approximately
Hospira to Host Conference Call for Second-Quarter 2009 Results
LAKE FOREST, Ill.,
The company will release its second-quarter 2009 results earlier that morning, before the U.S. stock market open and the conference call.
A live webcast of the conference call will be available on
About
SOURCE : www.hospira.com.
CIGNA Corporation Announces Second Quarter 2009 Earnings Release Date
PHILADELPHIA, June 26, 2009 - CIGNA Corporation (NYSE:CI) will release its second quarter 2009 financial results on Thursday, July 30, 2009.
Second quarter 2009 financial results will be released no later than 6:30 a.m. Eastern Time (ET). Management will review these results and the full year outlook for 2009 on a conference call beginning at 8:30 a.m. ET that same morning. The call-in numbers for the conference call are as follows:
| | | | | | | Live Call |
| | | | | | | (888) 221-9576 (Domestic) |
| | | | | | | (913) 312-9324 (International) |
| | | | | | | |
| | | | | | | Replay |
| | | | | | | (719) 457-0820 (Domestic Replay) |
| | | | | | | (888) 203-1112 (International Replay) |
| | | | | | | Passcode: 1237447 |
It is strongly suggested you call by 8:15 a.m. ET on July 30th. The operator will periodically provide instructions regarding the call. A replay of the call will be available from 12:30 p.m. ET on Thursday, July 30th until 11:59 p.m. ET on Thursday, August 13th. Additionally, the conference call will be available on a live Internet web cast at http://www.cigna.com under Investors, Event Calendar section or at http://www.fulldisclosure.com. Please note that this feature will be in listen-only mode.
In addition, CIGNA expects to release its 2009 financial results on the following dates:
| | | | | | | 3Q ‘09: Thursday, November 5, 2009 |
| | | | | | | 4Q ‘09: Thursday, February 4, 2010 |
Anyone listening to the CIGNA call and/or web cast is encouraged to read CIGNA's 2008 Annual Report to Shareholders, 2008 Form 10-K and other reports on file with the Securities and Exchange Commission, including the Cautionary Statement and discussion of risk factors and on CIGNA's historical results of operations and financial condition.
A copy of the company's news release and statistical supplement will be available online at http://www.cigna.com under Investors, Most Recent Disclosures section, by no later than 6:30 a.m. ET on July 30th.
To ensure fair dissemination of information, no inquiries regarding CIGNA's results should be made to the Investor Relations Department until after the conference call on July 30, 2009.
CIGNA Corporation and its subsidiaries constitute one of the largest investor owned health and related benefits organizations in the United States. Its subsidiaries are major providers of health and related benefits offered through the workplace, including health care products and services, group life, accident and disability insurance. As of December 31, 2008, CIGNA Corp. and its subsidiaries had shareholders' equity of $3.6 billion. Full-year 2008 revenues totaled $19.1 billion.
Hasbro to Webcast 2009 Second Quarter Earnings Conference Call
PAWTUCKET, R.I.--(BUSINESS WIRE)--Jun. 26, 2009-- Hasbro, Inc. (NYSE:HAS) today announced that it will webcast its second quarter results via the Internet. The webcast will take place on Monday July 20, 2009 at 8:30 a.m. Eastern Time, following the release of Hasbro's financial results.
The webcast will be available to investors and the media on Hasbro's Investor Relations home page, at http://investor.hasbro.com then click on the webcast microphone. A replay of the call will be available at the same location approximately 2 hours following completion of the call.
Certain financial and statistical information included in the webcast, such as information required by Regulation G, will be available at the time of the webcast in the “Press Releases” section of Hasbro’s website at www.hasbro.com, under “Investor Relations.”
Hasbro, Inc. is a worldwide leader in children's and family leisure time products and services with a rich portfolio of brands and entertainment properties that provides some of the highest quality and most recognizable play and recreational experiences in the world. As a brand-driven, consumer-focused global company, Hasbro brings to market a range of toys, games and licensed products, from traditional to high-tech and digital, under such powerful brand names as TRANSFORMERS, PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, CRANIUM and WIZARDS OF THE COAST.
3M to Webcast Second-Quarter Earnings Conference Call
ST. PAUL, Minn.--(BUSINESS WIRE)--Jun. 26, 2009--
Investors can access the webcast on the Internet at http://investor.3M.com. A replay will be available at http://investor.3M.com, for one week following the call.
About
A recognized leader in research and development,
Allegheny Energy Announces $235 Million Tax-Exempt Bond Issuance
GREENSBURG, Pa., June 26, 2009 – Allegheny Energy, Inc. (NYSE: AYE) announced today the issuance of $235 million (principal amount) of tax-exempt bonds with a coupon of 7.00 percent and a 30-year maturity. The bonds will be issued by the Pennsylvania Economic Development Financing Authority for the benefit of Allegheny Energy Supply Company, LLC.
Allegheny Energy Supply intends to apply the net proceeds to the costs of its Hatfield’s Ferry flue gas desulfurization (scrubber) project in Greene County, Pa. Allegheny expects the bond issuance to be completed on July 6, 2009.
The bonds have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Allegheny Energy : Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned electric utility with total annual revenues of over $3 billion and more than 4,000 employees. The company owns and operates generating facilities and delivers low-cost, reliable electric service to 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia.
SOURCE: www.alleghenyenergy.com.
BROADCOM ANNOUNCES CONFERENCE CALL TO REVIEW SECOND QUARTER YEAR 2009 FINANCIAL RESULTS
Calif., June 26, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Broadcom Corporation (Nasdaq: BRCM), a global leader in semiconductors for wired and wireless communications, will conduct a conference call with analysts and investors following the release of its second quarter year 2009 financial results on Thursday, July 23, 2009 at 1:45 p.m. Pacific Time; 4:45 p.m. Eastern Time. The conference call, which will include information regarding current and future products and technologies, end market trends, and the company's current financial prospects, will be conducted by ScottMcGregor, Broadcom's President and Chief Executive Officer, and Eric Brandt, Senior Vice President and Chief Financial Officer.
After the close of the market on July 23, and prior to the conference call, Broadcom will distribute a copy of the second quarter year 2009 financial results press release via PR Newswire. To listen to the webcast, or to view the press release or the other financial or statistical information required by SEC Regulation G, please visit the Investors section of theBroadcom website at www.broadcom.com/investors. The webcast will be recorded and available until 5:00 p.m. Pacific Time on Friday, August 28, 2009.
About Broadcom
Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications. Broadcom(R) products enable the delivery of voice, video, data and multimedia to and throughout the home, the office and the mobile environment. We provide the industry's broadest portfolio of state-of-the-art system-on-a-chip and software solutions to manufacturers of computing and networking equipment, digital entertainment and broadband access products, and mobile devices. These solutions support our core mission: Connecting everything(R).
SOURCE : http://www.broadcom.com
McCormick Announces Second Quarter Financial Results and Reaffirms 2009 Profit Outlook
SPARKS, Md.--(BUSINESS WIRE)--Jun. 25, 2009-- McCormick & Company, Incorporated (NYSE:MKC):
Sales rose 7% in local currency. Unfavorable foreign currency exchange rates reduced sales 8%.
Earnings per share of $0.38 were reported. On a comparable basis, excluding restructuring charges and credits, earnings per share rose 8%.
The Company reaffirmed its projected 2009 earnings per share.
McCormick & Company, Incorporated today reported a second quarter of solid financial results for its 2009 fiscal year. The Company reaffirmed its earnings per share guidance for 2009 of $2.24 to $2.28 which includes $0.05 of restructuring charges.
In the second quarter of 2009, sales declined 1%, but in local currency rose 7%. This increase in local currency was led by a 19% increase in consumer business sales in the Americas, which included 13% of additional sales from the Lawry’s acquisition. In this region, product innovation and marketing activity also led to higher sales of dry seasoning mixes, grilling items and a number of other products, including Easter-related spices and seasonings. In local currency, the Company grew industrial sales in the Americas this quarter with an increase of 6% of which Lawry’s added 2%. Sales this quarter in the Europe, Middle East and Africa region (EMEA) were impacted by the difficult economy and the bankruptcy of a primary food service distributor in the U.K. In these markets, the Company is increasing coupons and promotions to support the value of its consumer brands and, in response to the bankruptcy, has begun to supply its food service customers directly.
A more favorable sales mix enhanced by the acquisition of strong brands continues to increase profits. The Company is also improving profitability with savings from its Comprehensive Continuous Improvement (CCI) program and other actions taken to reduce costs. As a result, gross profit margin of 39.9% was achieved in the second quarter of 2009 compared to 39.0% in the second quarter of 2008. Operating income of $82.5 million rose 16% when measured on a comparable basis, excluding restructuring charges and credits to the second quarter of 2008. This increase is net of $10 million of additional brand marketing support, as well as $7 million of costs related to the distributor bankruptcy.
For the second quarter, earnings per share were $0.38 compared to $0.41 in the second quarter of 2008. On a comparable basis, excluding the impact of restructuring charges and credits in 2008 and 2009, this was an increase of $0.03. Higher operating income added $0.06 per share, offset by $0.01 from higher net interest expense and $0.02 from a discrete tax item included in this quarter’s financial results.
Through the first half of 2009, $97 million of cash flow from operations reflected the Company’s higher net income and progress with working capital management. During 2009 this cash is being used to reduce debt associated with the acquisition of Lawry’s and to fund dividends.
Alan D. Wilson, Chairman, President and CEO, stated, “McCormick continues to achieve solid financial results in a tough economy. Sales growth for our U.S. consumer business was particularly strong this quarter as a result of effective marketing support, the addition of Lawry’s and continued consumer interest in our leading brands. This more favorable business mix, together with CCI, our restructuring program and other cost reductions, led to profit and margin increases that were right in line with our 2009 objectives.
“We are effectively navigating through a difficult global economic environment. We were able to manage an unexpected bankruptcy cost this quarter, along with further volatility in raw material costs and foreign currency exchange rates, and still deliver our targeted profit growth.
“McCormick employees are effectively managing through these challenges and have remained focused on sales growth, cost containment and meeting objectives. Our business fundamentals are sound and we are well-positioned for further increases in sales and profit.”
Based on strong profit performance in the first half and a positive outlook for the second half, the Company reaffirmed its 2009 earnings per share projection of $2.24 to $2.28. This is an increase of 7 to 9% versus 2008 on a comparable basis when the impact of restructuring charges and credits, and unusual items are excluded. Sales in 2009 are expected to grow 2 to 3%, which is unchanged from prior 2009 guidance. The Company expects to achieve a gross profit margin increase of at least 0.5 percentage points for the fiscal year. Year-to-date, marketing support has been increased approximately $10 million and a similar increase is planned for the second half. This investment to drive sales of McCormick’s brands is being fueled by CCI and other cost savings which are projected to reach $30 million in 2009.
Business Segment Results
Consumer Business
(in millions)
Three Months Ended
Six Months Ended
5/31/09
5/31/08
5/31/09
5/31/08
Net sales
$435.1 $417.5
$855.7 $827.9
Operating income
65.1 60.5
139.1 124.9
Operating income, excluding restructuring charges
71.7 55.8
145.9 122.7
For the second quarter, consumer business sales rose 4% when compared to 2008, and in local currency grew 12%. The Company increased volume and mix 8%, due in large part to sales in the Americas, including the impact of Lawry’s, which was acquired in August 2008. Pricing actions taken to offset higher costs added 4% to sales.
Consumer sales in the Americas rose 16% and in local currency grew 19%. Previous price increases added 4% to sales and volume and product mix added 15%, including an increase of 13% from Lawry’s. Sales of branded dry seasoning mixes grew at a double-digit pace this quarter as a result of revitalization efforts which included higher marketing support, new packaging, and a reformulation of many items with more natural ingredients. In addition, sales of branded spices and seasonings grew with increases in grilling products and items related to the Easter holiday.
Consumer sales in EMEA declined 21% and 3% in local currency. The difficult economy led to a reduction of 7% in volume and product mix this quarter with particular weakness in the U.K. This was offset in part by pricing actions taken late in 2008 to offset higher costs.
Second quarter consumer sales in the Asia/Pacific region declined 6%, but rose 8% in local currency driven by volume and product mix increases in both primary markets, China and Australia.
For the second quarter, operating income, excluding restructuring charges, rose 28%. This increase was driven by higher sales and cost reductions as well as a favorable business mix. A portion of the favorable business mix is due to the integration of the Lawry’s business which is nearly complete and has been accomplished with few incremental costs.
Industrial Business
(in millions)
Three Months Ended
Six Months Ended
5/31/09
5/31/08
5/31/09
5/31/08
Net sales
$322.2 $346.6
$620.1 $660.2
Operating income
17.4 20.0
33.3 33.0
Operating income, excluding restructuring charges
17.7 21.6
33.8 36.0
Industrial business sales declined 7% in the second quarter, but grew 3% in local currency when compared to 2008. This growth was due largely to pricing actions which reflected increased costs of certain commodities adding 6% to sales. This was offset in part by a reduction in volume and product mix which reduced sales by 3%.
Industrial sales in the Americas rose 1% and in local currency grew 6%. This increase was driven by pricing actions which added 6%. Sales this quarter also benefited from the Lawry’s acquisition which added 2%. In addition, the Company grew sales of snack seasonings and sales to quick service restaurants with several new seasoning products. Sales of bulk spices and other food ingredients were lower this quarter.
In EMEA, industrial sales declined 28% and were down 3% in local currency. This compares to a strong increase of 9% in local currency for the first quarter. In the second quarter, pricing added 7% to sales. Volume and product mix decreased by 10% as a result of lower sales to U.K. food service customers. This was largely due to the bankruptcy of a primary food service distributor in the U.K., as well as a general slow-down in away-from-home eating.
Strong demand by quick service restaurant customers in the Asia/Pacific region in the first quarter was followed by weaker sales in the second quarter. Sales were down 15% and 6% in local currency, with a decline in volume and product mix. In China, weaker sales to quick service restaurants were due in part to customer-driven changes in promotional emphasis and timing.
Operating income for the industrial business, excluding restructuring charges, was $18 million in the second quarter of 2009, a decrease of $4 million from the second quarter of 2008. This decrease included $7 million of costs related to the distributor bankruptcy. Even with these costs, the Company expects to report an increase in industrial operating income for the 2009 fiscal year as a result of a positive sales mix and cost reduction activities.
Non-GAAP Financial Measures
The non-GAAP information in this press release is not a measure that is defined in generally accepted accounting principles (“GAAP”). The non-GAAP information in this press release excludes restructuring charges and credits, as well as unusual items recorded in fiscal year 2008. The unusual items were for amounts related to the Lawry’s acquisition, including the gain on the sale of Season-All, and a non-cash impairment charge related to the value of the Silvo brand. Management believes the non-GAAP information is important for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our on-going operations and analyze the Company’s business performance and trends. Management believes the non-GAAP measure provides a more consistent basis for assessing the Company’s performance than the closest GAAP equivalent. Management therefore uses the non-GAAP information alongside the most directly comparable GAAP measures in this press release.
Reconciliation of GAAP to non-GAAP Financial Measures
The Company has provided below certain non-GAAP financial results excluding amounts related to a restructuring program in 2009 and 2008, as well as unusual items recorded in the third and fourth quarters of 2008. (in millions except per share data)
Three Months Ended
Six Months Ended
5/31/09
5/31/08
5/31/09
5/31/08
Operating income
$
82.5 $ 80.5
$
172.4 $ 157.9
Impact of restructuring charges (credits)
6.9 (3.1 )
7.3 .8
Adjusted operating income
$
89.4 $ 77.4
$
179.7 $ 158.7
% increase versus prior period
15.5
%
13.2
%
Net income
$
50.7 $ 53.3
$
108.4 $ 104.8
Impact of restructuring charges (credits)
4.7
*
(2.1)
*
5.0
*
.5
*
Adjusted net income
$
55.4 $ 51.2
$
113.4 $ 105.3
Earnings per share - diluted
$
0.38 $ 0.41
$
0.82 $ 0.80
Impact of restructuring charges (credits)
0.04 (0.02 )
.04 –
Adjusted earnings per share – diluted
$
0.42 $ 0.39
$
0.86 $ 0.80
% increase versus prior period
7.7
%
7.5
%
* The impact of restructuring activity on net income includes:
Restructuring charges included in cost of good sold
$
(.1
) $ (1.5 )
$
– $ (1.7 )
Restructuring credits (charges)
(6.8
) 4.6
(7.3
) .9
Tax impact included in income taxes
2.2 (1.0 )
2.3 .3
$
(4.7
) $ 2.1
$
(5.0
) $ ( .5 )
Twelve Months Ended
11/30/08
Earnings per share – diluted $ 1.94
Impact of restructuring charges .09
Impact of impairment charge .15
Net gain related to Lawry’s acquisition (.04 )
Adjusted earnings per share – diluted $ 2.14
Sales rose 7% in local currency. Unfavorable foreign currency exchange rates reduced sales 8%.
Earnings per share of $0.38 were reported. On a comparable basis, excluding restructuring charges and credits, earnings per share rose 8%.
The Company reaffirmed its projected 2009 earnings per share.
McCormick & Company, Incorporated today reported a second quarter of solid financial results for its 2009 fiscal year. The Company reaffirmed its earnings per share guidance for 2009 of $2.24 to $2.28 which includes $0.05 of restructuring charges.
In the second quarter of 2009, sales declined 1%, but in local currency rose 7%. This increase in local currency was led by a 19% increase in consumer business sales in the Americas, which included 13% of additional sales from the Lawry’s acquisition. In this region, product innovation and marketing activity also led to higher sales of dry seasoning mixes, grilling items and a number of other products, including Easter-related spices and seasonings. In local currency, the Company grew industrial sales in the Americas this quarter with an increase of 6% of which Lawry’s added 2%. Sales this quarter in the Europe, Middle East and Africa region (EMEA) were impacted by the difficult economy and the bankruptcy of a primary food service distributor in the U.K. In these markets, the Company is increasing coupons and promotions to support the value of its consumer brands and, in response to the bankruptcy, has begun to supply its food service customers directly.
A more favorable sales mix enhanced by the acquisition of strong brands continues to increase profits. The Company is also improving profitability with savings from its Comprehensive Continuous Improvement (CCI) program and other actions taken to reduce costs. As a result, gross profit margin of 39.9% was achieved in the second quarter of 2009 compared to 39.0% in the second quarter of 2008. Operating income of $82.5 million rose 16% when measured on a comparable basis, excluding restructuring charges and credits to the second quarter of 2008. This increase is net of $10 million of additional brand marketing support, as well as $7 million of costs related to the distributor bankruptcy.
For the second quarter, earnings per share were $0.38 compared to $0.41 in the second quarter of 2008. On a comparable basis, excluding the impact of restructuring charges and credits in 2008 and 2009, this was an increase of $0.03. Higher operating income added $0.06 per share, offset by $0.01 from higher net interest expense and $0.02 from a discrete tax item included in this quarter’s financial results.
Through the first half of 2009, $97 million of cash flow from operations reflected the Company’s higher net income and progress with working capital management. During 2009 this cash is being used to reduce debt associated with the acquisition of Lawry’s and to fund dividends.
Alan D. Wilson, Chairman, President and CEO, stated, “McCormick continues to achieve solid financial results in a tough economy. Sales growth for our U.S. consumer business was particularly strong this quarter as a result of effective marketing support, the addition of Lawry’s and continued consumer interest in our leading brands. This more favorable business mix, together with CCI, our restructuring program and other cost reductions, led to profit and margin increases that were right in line with our 2009 objectives.
“We are effectively navigating through a difficult global economic environment. We were able to manage an unexpected bankruptcy cost this quarter, along with further volatility in raw material costs and foreign currency exchange rates, and still deliver our targeted profit growth.
“McCormick employees are effectively managing through these challenges and have remained focused on sales growth, cost containment and meeting objectives. Our business fundamentals are sound and we are well-positioned for further increases in sales and profit.”
Based on strong profit performance in the first half and a positive outlook for the second half, the Company reaffirmed its 2009 earnings per share projection of $2.24 to $2.28. This is an increase of 7 to 9% versus 2008 on a comparable basis when the impact of restructuring charges and credits, and unusual items are excluded. Sales in 2009 are expected to grow 2 to 3%, which is unchanged from prior 2009 guidance. The Company expects to achieve a gross profit margin increase of at least 0.5 percentage points for the fiscal year. Year-to-date, marketing support has been increased approximately $10 million and a similar increase is planned for the second half. This investment to drive sales of McCormick’s brands is being fueled by CCI and other cost savings which are projected to reach $30 million in 2009.
Business Segment Results
Consumer Business
(in millions)
Three Months Ended
Six Months Ended
5/31/09
5/31/08
5/31/09
5/31/08
Net sales
$435.1 $417.5
$855.7 $827.9
Operating income
65.1 60.5
139.1 124.9
Operating income, excluding restructuring charges
71.7 55.8
145.9 122.7
For the second quarter, consumer business sales rose 4% when compared to 2008, and in local currency grew 12%. The Company increased volume and mix 8%, due in large part to sales in the Americas, including the impact of Lawry’s, which was acquired in August 2008. Pricing actions taken to offset higher costs added 4% to sales.
Consumer sales in the Americas rose 16% and in local currency grew 19%. Previous price increases added 4% to sales and volume and product mix added 15%, including an increase of 13% from Lawry’s. Sales of branded dry seasoning mixes grew at a double-digit pace this quarter as a result of revitalization efforts which included higher marketing support, new packaging, and a reformulation of many items with more natural ingredients. In addition, sales of branded spices and seasonings grew with increases in grilling products and items related to the Easter holiday.
Consumer sales in EMEA declined 21% and 3% in local currency. The difficult economy led to a reduction of 7% in volume and product mix this quarter with particular weakness in the U.K. This was offset in part by pricing actions taken late in 2008 to offset higher costs.
Second quarter consumer sales in the Asia/Pacific region declined 6%, but rose 8% in local currency driven by volume and product mix increases in both primary markets, China and Australia.
For the second quarter, operating income, excluding restructuring charges, rose 28%. This increase was driven by higher sales and cost reductions as well as a favorable business mix. A portion of the favorable business mix is due to the integration of the Lawry’s business which is nearly complete and has been accomplished with few incremental costs.
Industrial Business
(in millions)
Three Months Ended
Six Months Ended
5/31/09
5/31/08
5/31/09
5/31/08
Net sales
$322.2 $346.6
$620.1 $660.2
Operating income
17.4 20.0
33.3 33.0
Operating income, excluding restructuring charges
17.7 21.6
33.8 36.0
Industrial business sales declined 7% in the second quarter, but grew 3% in local currency when compared to 2008. This growth was due largely to pricing actions which reflected increased costs of certain commodities adding 6% to sales. This was offset in part by a reduction in volume and product mix which reduced sales by 3%.
Industrial sales in the Americas rose 1% and in local currency grew 6%. This increase was driven by pricing actions which added 6%. Sales this quarter also benefited from the Lawry’s acquisition which added 2%. In addition, the Company grew sales of snack seasonings and sales to quick service restaurants with several new seasoning products. Sales of bulk spices and other food ingredients were lower this quarter.
In EMEA, industrial sales declined 28% and were down 3% in local currency. This compares to a strong increase of 9% in local currency for the first quarter. In the second quarter, pricing added 7% to sales. Volume and product mix decreased by 10% as a result of lower sales to U.K. food service customers. This was largely due to the bankruptcy of a primary food service distributor in the U.K., as well as a general slow-down in away-from-home eating.
Strong demand by quick service restaurant customers in the Asia/Pacific region in the first quarter was followed by weaker sales in the second quarter. Sales were down 15% and 6% in local currency, with a decline in volume and product mix. In China, weaker sales to quick service restaurants were due in part to customer-driven changes in promotional emphasis and timing.
Operating income for the industrial business, excluding restructuring charges, was $18 million in the second quarter of 2009, a decrease of $4 million from the second quarter of 2008. This decrease included $7 million of costs related to the distributor bankruptcy. Even with these costs, the Company expects to report an increase in industrial operating income for the 2009 fiscal year as a result of a positive sales mix and cost reduction activities.
Non-GAAP Financial Measures
The non-GAAP information in this press release is not a measure that is defined in generally accepted accounting principles (“GAAP”). The non-GAAP information in this press release excludes restructuring charges and credits, as well as unusual items recorded in fiscal year 2008. The unusual items were for amounts related to the Lawry’s acquisition, including the gain on the sale of Season-All, and a non-cash impairment charge related to the value of the Silvo brand. Management believes the non-GAAP information is important for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our on-going operations and analyze the Company’s business performance and trends. Management believes the non-GAAP measure provides a more consistent basis for assessing the Company’s performance than the closest GAAP equivalent. Management therefore uses the non-GAAP information alongside the most directly comparable GAAP measures in this press release.
Reconciliation of GAAP to non-GAAP Financial Measures
The Company has provided below certain non-GAAP financial results excluding amounts related to a restructuring program in 2009 and 2008, as well as unusual items recorded in the third and fourth quarters of 2008. (in millions except per share data)
Three Months Ended
Six Months Ended
5/31/09
5/31/08
5/31/09
5/31/08
Operating income
$
82.5 $ 80.5
$
172.4 $ 157.9
Impact of restructuring charges (credits)
6.9 (3.1 )
7.3 .8
Adjusted operating income
$
89.4 $ 77.4
$
179.7 $ 158.7
% increase versus prior period
15.5
%
13.2
%
Net income
$
50.7 $ 53.3
$
108.4 $ 104.8
Impact of restructuring charges (credits)
4.7
*
(2.1)
*
5.0
*
.5
*
Adjusted net income
$
55.4 $ 51.2
$
113.4 $ 105.3
Earnings per share - diluted
$
0.38 $ 0.41
$
0.82 $ 0.80
Impact of restructuring charges (credits)
0.04 (0.02 )
.04 –
Adjusted earnings per share – diluted
$
0.42 $ 0.39
$
0.86 $ 0.80
% increase versus prior period
7.7
%
7.5
%
* The impact of restructuring activity on net income includes:
Restructuring charges included in cost of good sold
$
(.1
) $ (1.5 )
$
– $ (1.7 )
Restructuring credits (charges)
(6.8
) 4.6
(7.3
) .9
Tax impact included in income taxes
2.2 (1.0 )
2.3 .3
$
(4.7
) $ 2.1
$
(5.0
) $ ( .5 )
Twelve Months Ended
11/30/08
Earnings per share – diluted $ 1.94
Impact of restructuring charges .09
Impact of impairment charge .15
Net gain related to Lawry’s acquisition (.04 )
Adjusted earnings per share – diluted $ 2.14
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