* Robust cargo trade brings CAL, EVA back into black Nov 20, 2009
China Airlines Ltd (CAL, ) said the companys balance sheet went from red to black in late September, when air cargo shipment rates soared to 70 percent and continued to rise. To meet increasing demand, it said, CAL put two mothballed cargo planes back into use last month and a third mothballed plane is scheduled to resume service by early next month. (Taipei Times, Taiwan -- World)
It's all tweet as with All Blacks leakers Nov 20, 2009
Crusaders chief executive Hamish Riach said the completed stadium and a plan to reduce ticket prices next year would help draw back fans and get the balance sheet back in black. It is a big figure and we are as motivated as anyone could be to turn it around. (Sydney Morning Herald -- Sport)
Gemini Corporation Reports 2009 Third Quarter Results Nov 20, 2009
048 Balance Sheet Highlights ($'000) Sept 30, December 31, 2009 2008 Working capital $ 12,074 $ 12,403 Total assets 33,028 28,554 Shareholders' equity 15,628 16,180 (i) Operating cash flow and operating cash flow per share are non-GAAP financial measures which do not have a standard meaning and therefore may not be comparable to similar measures presented by other companies. The Corporation provides these measures in its quarterly news releases to indicate the amount of cash generated for... (CCNMatthews Press Releases)
Bob Evans Increases Quarterly Dividend 12.5 Percent; Authorizes New Share Repurchase Program Nov 20, 2009
Chairman and Chief Executive Officer Steve Davis said the Company's recent debt pay down, dividend increase and repurchase authorization are indicative of the Company's efforts to utilize its strong balance sheet to build stockholder value. "Increasing our dividend at the same time that we are repurchasing shares demonstrates our ongoing commitment to our stockholders," Davis said. (Primezone Releases)
StockerYale Reports Third-Quarter 2009 Financial Results Nov 20, 2009
"With the completed sale of our North America operations and our strengthened balance sheet, we will focus our efforts on growing and improving the profitability of our Ireland and United Kingdom businesses" stated Mark W. Blodgett, Chairman and CEO. "Prior to the recession, our LED Systems business represented our fastest growing, highest margin business, which we are now fortunately seeing signs of a rebound as we move into 2010. We have identified multiple opportunities to expand our product... (Primezone Releases)
Panel sets fees for large firms Nov 20, 2009
On auditing the Fed, the committee adopted a plan by Representative Ron Paul, a Texas Republican who ran for president last year, that would give the Government Accountability Office the authority to audit the entirety of the Fed s balance sheet. Copyright 2009 Globe Newspaper Company. (Boston Globe)
LSI moving forward on international expansion Nov 20, 2009
The balance sheet does, Ready said. LSI s stock (NYSE: LYTS) closed Thursday at $7. (Cincinnati Business Courier, OH)
World chocolate makers consider offers for Cadbury Nov 19, 2009
Hershey had $119 million in cash on its balance sheet as of Oct. 4 and $1. 5 billion in long-term debt. (USA Today -- Money)
Manulife Financial Raises as Much as C$2.88 Billion to Increase Capital Nov 19, 2009
Back then it was a matter of shoring up the balance sheet for the decrease in equity markets, said Guloien ... It was a great opportunity to put any concerns about our level of capital behind us and really fortify our balance sheet and give us the flexibility to pursue acquisitions and other strategic growth initiatives in an uninhibited way. (Bloomberg -- Canada)
Centre asks PSBs to hunt for M&As Nov 19, 2009
The lack of global scale for Indian banks came into sharp focus during the recent financial crisis that saw several international banks reneging on their funding commitments to Indian companies, but local banks could not step into the breach because of balance sheet limitations, the government said in a note on the consolidation which was circulated at the meeting. KR Kamath, chairman and managing director of Punjab National Bank, the largest government owned lender in the country after SBI,... (India Times)
Canext Announces Third Quarter Results and Operational Update Nov 19, 2009
01) Balance Sheet at period end (000's) Property, plant and equipment 61,344 62,507 Net debt 7,735 3,110 Shareholders' equity 52,127 57,768 Wt average shares 000's 87,981 88,485 87,981 80,634 Outstanding at period end 000's 87,981 88,485 87,981 88,485 Revenue $/boe 28. 81 53. (CCNMatthews Press Releases)
Wells Fargo Needs TARP Money More Than It Admits Nov 19, 2009
After caving to congressional pressure last spring by relaxing its mark-to-market rules for debt securities, the has been working on a plan to require that all loans be carried at fair value on lenders balance sheets, rather than historical cost ... Theres no telling how much prettier U.S. banks balance sheets would look if the industrys captive regulators got to set the accounting rules ... 6 billion less than its balance sheet showed, equivalent to 34 percent of its Tier 1 common... (Bloomberg -- Columnists)
Vivendi Said to Seek More Cash From GE for Sale of Stake in NBC Universal Nov 19, 2009
Vivendis NBC Universal stake is valued on the companys 2008 balance sheet at about 4. 3 billion euros ($6. (Bloomberg -- US)
AAI to raise Rs 1,200 cr Nov 19, 2009
This, the Civil Aviation Ministry feels, will enable AAI to leverage its balance sheet better and borrow more. Once this is done, listing of AAI could be a reality since the authority has a profit track record. (India Times)
US wants to fast-track GM IPO Nov 19, 2009
GM is in the process of revaluing its balance sheet to provide what is known as a "fresh start" accounting of the company's assets and liabilities since emerging from bankruptcy in July. That process, which is expected to be finished by March, is a necessary step toward an IPO.. (India Times)
Senate health bill comes in at $849B Nov 19, 2009
Anyone who knows how to read a balance sheet and knows how projections are done can see right through it. LIE.BY Tom OHalloran on 11/18/2009 at 17:18$127 BILLION reduction in deficit. (TheHill.com)
Family Dollar launches stock repurchase Nov 19, 2009
We have a strong balance sheet, and our operating model generates strong cash flows, says Chief Executive Howard Levine. We continue to believe that our stock is an attractive investment and that our share-repurchase program builds value for shareholders. (Charlotte Business Journal, NC)
Infineon 4Q Net Income Rises to $21 Million Nov 19, 2009
"The strong impact of our cost reduction measures during the 2009 fiscal year have stabilized our balance sheet and helped to increase our financial freedom and flexibility," said Peter Bauer, the company's chief executive in the report. "It will remain our goal to increase revenues and profitability on a sustainable basis and thus generate value for shareholders and other stakeholders alike," Bauer said. (ABC News -- Business)
One Exploration Inc. announces 2009 3rd quarter results, property disposition and updated banking arrangements Nov 19, 2009
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (Canada Newswire)
CalHFA gets $5.4B in federal backing Nov 19, 2009
8 billion to finance variable rate debt, which will remove uncertainty about financing costs and help stabilize its balance sheet. It has also received approval to sell about $1. (Sacramento Business Journal, CA)
Whitney: More Bearish Now Than in A Year Nov 19, 2009
Theyre just about finished with the program and (Bernanke) has not talked about how theyre going to exit the program, which now makes up one-third of the Feds balance sheet. Whitney still sees a much bigger risk related to residential mortgage exposure, rather than commercial, and advises investors to sit on their cash for a while because everythings too expensive right now. (Newsmax)
Asian Stocks Mixed Amid US Economic Weakness Nov 19, 2009
2 billion to shore up its balance sheet. It was more evidence the financial sector has still not fully healed more than a year after the crisis erupted. (ABC News -- Wire)
Left Behind Games Announces Second Quarter Financial Results Nov 18, 2009
Nov. 18, 2009 (GLOBE NEWSWIRE) -- Left Behind Games Inc. (OTCBB: - ), dba Inspired Media Entertainment, a leading publisher of Christian video games, announced that it has improved it's balance sheet with an increase in the value of assets of $159,781 (34%) and a reduction in liabilities of $727,901 (23%) ... CEO Troy Lyndon states, "We are pleased to report that although our expenses have increased, they have not negatively impacted our balance sheet, and we are now positioned for accelerated... (Primezone Releases)
Fonterra's Farmer-Owners Vote To Allow Them to Raise Holding in Company Nov 18, 2009
Nov. 18 (Bloomberg) -- the worlds largest dairy exporter, will allow its New Zealand farmer-owners to increase their holdings in the company to help fund expansion and stabilize its balance sheet. Farmers voted 89 percent in favor of the changes at the companys annual meeting in Ashburton today, Fonterra said in a statement to the New Zealand stock exchange. (Bloomberg -- Australia & New Zealand)
AWB posts full-year loss but hopes for better Nov 18, 2009
"Looking forward, we have set the platform for more sustainable growth by reducing our net corporate debt by over $250 million and implementing a number of successful cost reduction initiatives. "In addition, after the end of the financial year, the proceeds of a capital raising further reduced debt, strengthened our balance sheet and significantly improved financial flexibility. " Mr Davis said Australian agriculture remained an attractive industry due to Australias close proximity to... (Sydney Morning Herald -- Business)
CIT Group Says 3Q Loss Widened to $1.07 Billion Nov 18, 2009
Hal Reichwald, co-chair of the banking and specialty finance practice group at the law firm Manatt, Phelps ips LLP, said the quarterly results should theoretically look a lot better in the future because of the reduced strain on the balance sheet from debt payments. "The result, they hope, is the balance sheet won't be upside down," Reichwald said. (ABC News -- Business)
Salesforce.com 3Q Profit More Than Doubles Nov 18, 2009
But investors honed in on the company's statement that it had deferred revenue on its balance sheet representing subscription fees that will be booked as sales in the coming quarters of $545 million. That's up 16 percent year-over-year, but down slightly from the $549 million booked at the end of the second quarter. (ABC News -- Wire)
Hyatt's offer taken by only 6 fired Boston housekeepers Nov 18, 2009
To lure investors, Hyatt touted its strong balance sheet, with more than five times the combined cash of its two rivals, Marriott International and Starwood Hotels ts. Given that statistic, hotel workers have difficulty understanding Hyatt's decision to cut jobs, Strassel said. (Crain's Chicago Business)
Hampton Roads Bankshares Defers Dividends on TARP Preferred Stock Nov 18, 2009
These actions are part of the Company's multi-faceted strategy to fortify its balance sheet, preserve capital, and recognize additional cost savings. In order to improve the Company's capital position, the Company is seeking approval from its shareholders to allow the holders of Series A and B Preferred Stock the right to exchange their Preferred Stock for Common Stock and, further, is considering the sale of debt, stock, warrants, and certain assets. (Primezone Releases)
Our View: Small cuts could ease state deficit Nov 18, 2009
Yes, it will be difficult, but our dysfunctional family in Albany needs to cut up its credit cards and face the reality of its woeful balance sheet. . (Auburn Citizen, NY)
MCCH presents community update at its annual City/County Meeting Nov 18, 2009
Under financial performance, Bailey said the operating income and balance sheet for the hospital has continued to grow, and the newly-formed non-profit endowment already has 461,000 in cash and pledges. However, the cost of free care has risen almost 2 million in the last year, which Bailey attributes to the recession and changing health plans. (Murray Ledger & Times, KY)
Fifth Third exec: Gov't could sway economy Nov 17, 2009
There was good news on that front today when one of those companies, , announced improvements to its balance sheet and a plan to repay the U.S. government quarterly beginning with a $1 billion payment in December. Augustine s presentation had a mostly hopeful tone. (Nashville Business Journal, TN)
Brokers bullish on UltraTech Nov 17, 2009
Analysts Kamlesh Bagmar and Archit Singhal of Prabhudas Lilladher said UltraTech was a good long-term investment, given its mammoth size of the operations, well spread and strong balance sheet. Edelweiss Securities said the swap ratio was skewed in favour of Grasim shareholders, but found Ultratech was the best bet among its peers. (India Times)
UK MPs seek to veto EU financial reforms Nov 17, 2009
"We want to underline that banks will end up paying more to draw on the insurance line if they are overly reliant on illiquid, risky collateral implying that their balance sheet was overly exposed to liquidity risk," Tucker said. "These considerations have to be taken into account if central banks are to lend against very broad asset classes.". (Business Report, South Africa)
Upbeat Lonmin advances despite loss Nov 17, 2009
" The mining house posted an underlying loss a share of 59 US cents (R4.32) for the fiscal year, compared with earnings a share of $3.36 last year. The dual-listed group posted a one-off charge of $182 million for restructuring, impairments and finance costs, bringing its total loss a share to $164. Lonmin, which said cash flows remained under pressure, paid out $39m last month under loan guarantees for a black investor group that bought a stake in Incwala Platinum, spun out from Lonmin. Lonmin... (Business Report, South Africa)
Devon Energy Corp. Nov 17, 2009
is expected to emerge with a stronger balance sheet and one of the lowest cost structures in its peer group, CEO J. Larry Nichols said. Copyright 2009 Globe Newspaper Company. (Boston Globe)
GM generates $3.3b in cash, plans to start repaying loans Nov 17, 2009
What it demonstrates is that the government gave GM a reorganized balance sheet that made them more competitive. Headwinds this quarter will include a cash drain as the loan repayments begin and a US auto market that will be 8. (Boston Globe)
Japans national debt Nov 17, 2009
FT.com / UK - Insight: The ugly side of Japans balance sheet ... Insight: The ugly side of Japans balance sheet. (FT.com -- Markets)
Read the 'Cost of Freedom' recap Nov 17, 2009
Their balance sheet gets overload, asset prices come down. This is a bubble that's going to burst, they're probably going use this TARP money. (Fox News)
Lucas Energy Reports Second Fiscal Quarter 2009-2010 Results, Turns EBITDA Positive Nov 17, 2009
-- Investments in oil and gas properties on the Company's balance sheet at September 30, 2009 using the full cost method of accounting total $20. 4 million compared to $21. (Primezone Releases)
GM says it's ready to start repaying government Nov 17, 2009
"With a healthier balance sheet and a competitive cost structure, our focus is on driving top-line performance.". Before taxpayers get too excited: The loans are a fraction of the $52 billion the government lent to GM. Most of the $52 billion was converted to a 61% equity stake in the new company. (USA Today -- Autos)
GM to start loan repayments early Nov 17, 2009
He pointed out that GM, now majority owned by the US government, had a healthier balance sheet with lower debt levels. Revenues for the period were $28bn. (BBC News -- Americas)
Open Range Energy Corp. Reports Third Quarter Results, Provides Operational Outlook and Announces First-Half 2010 Guidance Nov 17, 2009
Balance Sheets As at As at September 30, December 31, (Unaudited) 2009 2008 ---------------------------------------------------------------------------- ASSETS Current assets: Accounts receivable $ 2,992,385 $ 18,463,201 Prepaid expenses and deposits 1,350,873 1,120,066 Fair value of commodity contracts (note 8) - 368,109 Future income taxes 43,518 - ---------------------------------------------------------------------------- 4,386,776 19,951,376 Property, plant and equipment (note 2)... (CCNMatthews Press Releases)
Celestica Targets Acquisitions of Up to $100 Million in Health-Care Market Nov 17, 2009
To drive profitability higher, they need more revenue and are in a better position now to make acquisitions, given their strong balance sheet. Chopra has a hold rating on the. (Bloomberg -- Canada)
GM reports $1.2B loss, says it shows progress Nov 17, 2009
4 billion profit the troubled automaker is reporting for the first nine days of the third quarter, when it remained under bankruptcy court protection but was able to scrap colossal amounts of debt and other obligations from its balance sheet. Direct comparisons are not necessarily applicable, said Chief Financial Officer Ray Young. (Roanoke Rapids Daily Herald, NC)
GM losses not as bad as feared Nov 17, 2009
This is a defining moment in the history of General Motors, and we are committed to our plan, which we believe will lead to a stable and sustainable operating structure with a strong balance sheet, said Henderson in a statement. Our goal is to fix this business once and for all to position ourselves to win in the long-term. (Triangle Business Journal)
Steel makers ask EU to block mining deal Nov 17, 2009
Rio's balance sheet is weighed down by $US38. 7 billion ($A41. (Sydney Morning Herald -- Business)
Singing Machine Announces 2nd Quarter Earnings Release Nov 17, 2009
"We have made deep and significant cuts this year in an effort to improve efficiency and move toward profitability. Additionally, we have been bolstering our reserves this fiscal year in order to restore health to the balance sheet. Unfortunately during this second quarter, we have seen our customers shift away from direct import programs in favor of traditional domestic programs. This requires the Company to import goods for its own stock for domestic sales. As a result, we have seen a slump in... (Yahoo! Wire -- Entertainment News)
Spreadtrum Communications, Inc. Announces Third Quarter 2009 Results Nov 17, 2009
Balance Sheet and Cash Flow ... A reconciliation of GAAP to non-GAAP results is presented after the consolidated balance sheets ... Spreadtrum Communications, Inc. Condensed Consolidated Balance Sheets (in thousands of US dollars) As of March 31, June 30, September 2009 2009 30, 2009 (unaudited) (unaudited) (unaudited) Cash and cash equivalents $52,163 $50,553 $47,832 Restricted cash -- -- $5,741 Short term deposits $5,189 $1,463 $7,322 Notes receivable -- $117 $1,356 Accounts receivable, net... (Yahoo! Wire -- Entertainment News)
China MediaExpress Holdings, Inc. Announces 2009 Third Quarter Financial Results Nov 17, 2009
Our balance sheet remains very strong and as of September 30, 2009, we had $40 ... CONSOLIDATED BALANCE SHEET. (Yahoo! Wire -- Entertainment News)
Port Authority set to file suit against Joslin Nov 16, 2009
The board decided to remove the money from the accounts receivable list, but to leave it on the balance sheet while seeking final payment from Joslin in court. Port Authority General Counsel Wanda Roberts said that the board has authorized her to file suit again Joslin for delinquency of invoice payments. (Port Lavaca Wave, TX)
Bernanke Lunches With Wall Street as Jobless Prosperity Buoys Stock Market Nov 16, 2009
The Feds benchmark rate is already near zero and its balance sheet is just below a record at $2. 14 trillion, leaving Bernanke, 55, with little room to maneuver. (Bloomberg)
Chief Executive Myles Odaniell molds Spartech turnaround Nov 16, 2009
Spartech also has bolstered its balance sheet by selling what had been its engineered products division. The final piece was the $34. (St. Louis Business Journal, MO)
Nigeria: 'Only Three Banks Sick Last December' Nov 16, 2009
According to the NDIC "During the period under review, industry shareholders' funds increased by 62.91 per cent from N1.712 trillion in December 2007 to N2.789 trillion by the end of December, 2008. That significant increase was expected as the proceeds of some of the banks that accessed the capital market in 2007 were brought into their balance sheet in 2008. "In spite of the significant increase in shareholders' funds, the average capital to risk-weighted asset ratio in the system only... (allAfrica.com)
RIL to join hunt for shale gas Nov 16, 2009
We now have the balance sheet to support such a move, a senior RIL executive, who did not wish to be named, told ET. ... Since it has the necessary balance sheet strength, the company will now look to scaling up in new geographies. (India Times)
Accounting 101 Closing Trial Bala... Nov 16, 2009
Accounting 101 Closing Trial Balance Sheet. Accounting 101 Closing Trial Balance Sheet ... Financial Preparation of the Income Statement and Balance Sheet. (Suite101.com)
Tutt Bryant first-half profit falls 56% as demand drops Nov 16, 2009
"The unsatisfactory trading result should not obscure the solid achievements made by the group in the half year in improving market share, reducing gearing, strengthening the balance sheet, limiting expenses and improving cash flow. "When demand for the hire and purchase of our equipment improves, the Group will be well positioned to take advantage of the inevitable business upturn ... " Revenue at the equipment sales division slumped 37 per cent to $58.3 million as customers found it difficult... (Sydney Morning Herald -- Business)
Kishore Biyani on ET Now Nov 16, 2009
On the financial services side, we have a balance sheet to grow that business and our support businesses will have to raise money on their own to do that business which we have done in terms of a logistic business and other businesses. So we believe the opportunity for us is to capture the Indias growing confident and consumption and we are realigning our balance sheet to make that happen now ... We believe that is one format which can grow exponentially and that should be converted into... (India Times)
Henry Sy's SM Investments Expects to Post Record Annual Profit This Year Nov 16, 2009
Our units were able to increase their market shares even with the slowdown because of strong balance sheet and goodwill with customers. . (Bloomberg -- Asia)
Rolls-Royce 'on target' in 2009 Nov 15, 2009
"Our growing order book, the breadth of the portfolio, our robust balance sheet and the early action we have taken on costs underpin our investment in the business," said chief executive John Rose. The company reiterated its guidance for the full-year, saying it expected revenue growth in 2009 and profits to be "broadly similar" to those achieved in 2008. (BBC News -- Business)
Anchor posts $72 million net loss Nov 15, 2009
We continue to pursue the securitization and sale of loans as well as sales of non-core branches to further reduce our balance sheet, said Bauer ... However, the bank said its Tier 1 capital remains adequately capitalized according to traditional regulatory standards, and the bank continues to reduce its balance sheet through loan sales and other strategies. (Milwaukee Business Journal, WI)
Leaky water system poses big challenge Nov 15, 2009
Along with ill-maintained roads, aging bridges, careworn parks and more, the water system is part of an infrastructure deficit that doesn't show up on the city's balance sheet. State Rep. (Pittsburgh Post-Gazette, PA)
Anchor BanCorp Wisconsin Inc. Announces Second Quarter Results, Significant Reduction in Charge-Offs Nov 14, 2009
Balance Sheet Strategies ... "We continue to pursue the securitization and sale of loans as well as sales of non-core branches to further reduce our balance sheet," said Bauer ... However, the bank's Tier 1 capital remains adequately capitalized according to traditional regulatory standards, and the bank continues to reduce its balance sheet through loan sales and other strategies. (Primezone Releases)
Bell Industries Reports Financial Results for 2009 Third Quarter, Nine Months Nov 14, 2009
10) ========= ========= ========= ========= Weighted average common shares outstanding 3,337 1,750 433 433 ========= ========= ========= ========= --------------------------------------------------------------------- OPERATING RESULTS BY BUSINESS SEGMENT Net revenues: Bell Techlogix Products $ 17,532 $ 16,588 $ 32,868 $ 30,068 Services 7,153 6,208 19,313 20,151 --------- --------- ------------------- Total Bell Techlogix 24,685 22,796 52,181 50,219 Recreational Products Group 10,199 10,973... (Primezone Releases)
Wonk Watch 11.13.09 Nov 14, 2009
" Felix Salmon on the continuing too-big-too-fail debate. He responds to one of today's posts in . The post asserts that many of the major banks didn't invest enough in their risk management systems. But it also points out that Goldman Sachs and JP Morgan did, claiming economies of scale at play. Salmon counters, saying that Goldman and JP aren't the biggest banks, ruling out economies of scale, and that Goldman actually made a mistake in it's decision to hold illiquid CDOs on its balance sheet.... (Slate)
