Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
Viacom reported financial results for the first quarter of 2008 that showed increases in revenue, operating income, and earnings per share compared to the first quarter of 2007. Revenue grew 15% to $3.117 billion. Operating income increased 29% to $567 million. Diluted earnings per share from continuing operations rose 45% to $0.42. Media Networks and Filmed Entertainment, Viacom's two business segments, both saw revenue growth for the quarter despite lower theatrical revenues at Filmed Entertainment. Viacom also provided guidance for 2008-2010 of low double-digit annual growth in diluted earnings per share from continuing operations.
This document provides a summary of AES Corporation's financial results for the second quarter of 2008. Some key highlights include:
- Increased full year adjusted EPS guidance to $1.16 per share.
- Reported Q2 2008 adjusted EPS of $0.17, including foreign currency losses.
- Began construction on four new power projects totaling 954 MW in three countries.
- Expanded wind platform in China and registered the company's first greenfield methane recovery project in Malaysia.
Royal Dutch Shell reported a 5% increase in second quarter 2008 earnings compared to the same period last year, driven by higher oil and gas prices offsetting lower production volumes and weaker downstream conditions. The company declared a dividend of $0.40 per share, an increase of 11% from the prior year, and invested $5.7 billion in capital projects during the quarter. Shell also announced an offer to acquire Duvernay Oil Corp. for $5.9 billion including debt, subject to regulatory approvals.
This document provides financial highlights and statistical data for Unum Group for quarters 3 and 9 months ended September 30, 2008 and 2007 and years ended December 31, 2007, 2006 and 2005. It includes information on premium income, revenues, benefits expenses, net income, earnings per share, sales data by segment and quarterly performance. Key figures shown are total revenue of $2.4 billion for Q3 2008, net income of $108 million for Q3 2008, and group long-term disability sales increasing 31.4% for Unum US segment in Q3 2008 compared to prior year.
- Bank of America reported second quarter 2006 results, with net income of $5.58 billion excluding merger charges, up 4% from the second quarter of 2005.
- The Global Consumer & Small Business Bank saw strong growth, with net income up 42% to $3.11 billion driven by increases in cards and deposits.
- The Global Corporate & Investment Bank reported net income of $1.72 billion, flat compared to the second quarter of 2005.
This document provides a summary of Fannie Mae's 2007 10-K investor report. It includes tables showing Fannie Mae's consolidated financial results for 2007 compared to 2006. Net interest income, guaranty fee income, and other revenue were down in 2007 from the prior year due to the severe housing crisis. Fannie Mae reported a net loss in 2007 driven by credit-related expenses from losses on mortgages and mortgage-backed securities. While facing significant challenges from the troubled housing market, Fannie Mae met its obligations under a consent agreement with regulators and remained focused on protecting its capital position.
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
Pfizer Quarterly Corporate Performance - Third Quarter 2007finance5
The document summarizes Pfizer's third quarter 2007 earnings teleconference. It discusses financial results including revenues of $11.99 billion, net income of $761 million, and adjusted diluted EPS of $0.58. It also notes charges of $2.8 billion related to exiting the Exubera product. Finally, it reaffirms Pfizer's financial guidance for 2007 and 2008 and highlights strong performance of new products like Chantix, Lyrica and Sutent.
shaw group 8C04E297-E3DD-4F1E-8BB2-56C5BB51CEDA_SGR_AnnualShareholdersMeeting...finance36
The document summarizes The Shaw Group Inc.'s annual meeting for fiscal year 2008. It provides key financial results including record revenue, EBITDA, net income, and EPS. It also discusses major projects, growth in backlog to $15.6 billion, and guidance for fiscal year 2009 revenues of $7.1-7.3 billion and EPS of $2.50-2.70 per share.
Danaher Corporation announced its second quarter 2007 results, with net earnings of $311 million compared to $314 million in the second quarter of 2006. Sales increased 13.5% to $2.67 billion. For the first six months of 2007, net earnings were $566 million on sales of $5.23 billion, increases of 5.5% and 16.5% respectively over the same period in 2006. The company stated that core revenue growth was 4.5% in the quarter despite difficult comparisons, and that performance through the first half gives them confidence in achieving positive results for the full year.
15 09-2008 Almir Guilherme Barbassa - Supply Chain for the Pre-salt Developme...Petrobras
The document discusses Petrobras' supply chain challenges for developing Brazil's pre-salt oil reserves. It notes that critical resources like equipment, human resources, and rising costs present challenges. Petrobras is addressing these by aggressively contracting new rigs, vessels, and long-term agreements with suppliers. It is also supporting expanded industry capacity and employee training programs. Details are provided on new rigs and vessels to be contracted through 2017 to develop the pre-salt fields offshore Brazil.
Raytheon Reports 2008 Third Quarter Resultsfinance12
Raytheon reported third quarter 2008 earnings. Sales increased 12% to $5.9 billion and operating income rose 19% to $680 million. Earnings per share increased 17% to $1.01. Strong bookings of $5.8 billion resulted in a backlog of $37.0 billion. Raytheon increased full-year 2008 guidance for sales, earnings per share, and return on invested capital.
This document is a statistical supplement from Unum Group for the second quarter of 2008. It includes financial highlights and consolidated financial statements for Unum for quarters, six month periods, and full years 2005-2007. It also includes sales data by segment (Unum US, Unum UK, Colonial Life, etc.) and notes on non-GAAP measures and items affecting results for specific periods. The document provides an overview of Unum's financial and operating results over several years through tables, charts, and explanatory notes.
- The company reported financial and operational results for the first quarter of 2007, with pipeline and E&P results on target.
- Pipeline throughput was up 9% from the first quarter of 2006 due to new supply, expansions, power loads, and colder weather. Several pipeline expansion projects were completed or underway.
- E&P production was on target and a South Texas acquisition was completed for $254 million. Exploration continued in Brazil and the organization's capabilities were increased.
unum group 1Q 08_Statistical_Supplement_Notesfinance26
The document is Unum Group's statistical supplement for the first quarter of 2008. It includes financial highlights showing metrics such as premium income, revenues, income, assets and equity. It also includes segment operating results, quarterly historical results by segment, financial results and statistics by business segment (Unum US, Unum UK, Colonial Life, etc.), reserves data, investment information and statutory basis financial information. The supplement provides detailed quarterly and annual financial information about Unum Group to analyze performance by business segment.
This document provides a summary of Fannie Mae's financial results for the first quarter of 2008. Some key points:
- Fannie Mae reported a net loss of $2.2 billion for the quarter, an improvement from a $3.6 billion loss in the previous quarter. Revenues grew but losses on investments and derivatives also increased.
- Credit losses rose to $3.2 billion due to higher mortgage defaults and loss severities from falling home prices and economic weakness.
- Fannie Mae plans to raise $6 billion in new capital through stock offerings to maintain a strong balance sheet and provide stability in the mortgage market.
- Management is focusing on tightening lending standards and mitigating
The document discusses Ohio's transportation budget and calls for increased funding for public transit and other transportation options. It notes that Ohio currently allocates about 1% of its transportation budget to public transit, ranking 47th nationally, and that overreliance on cars is expensive and relies on imported fossil fuels. It proposes that Ohio create a "Transportation Choice Fund" set aside $75 million annually for alternatives like public transit, biking, walking, and rail to reduce emissions and costs and create more sustainable transportation.
Open Source Web Experience Management for the Enterprise with Alfresco and Cr...rivetlogic
Alfresco provides the foundation for managing Web content. Crafter rivet provides dynamic content delivery and powerful content authoring. Combining the two provides an advanced Web experience management solution for major enterprises.
This document summarizes a workshop on monitoring vernal pools and discusses myths and facts about mosquitoes. It dispels myths that wetlands breed tons of mosquitoes, that purple martins and bat houses will control mosquitoes, and that bug zappers and aerial pesticide spraying are effective control methods. Instead, it explains that healthy wetland ecosystems with diverse predator populations naturally keep mosquito numbers in check. It also provides tips for homeowners to reduce mosquitoes near their property.
This document discusses vernal pools as important amphibian breeding habitat. It notes that vernal pools are seasonal forest depressions fed by surface water and groundwater. They provide habitat for many amphibian species but are disappearing. The document summarizes the habitat needs of various amphibian species that use vernal pools, including woodlands surrounding the pools, seasonal hydrology, an absence of fish, and leaf litter. It emphasizes that protecting existing vernal pool habitats and creating new habitats is important for reversing the decline of amphibian populations that rely on these ephemeral wetlands.
The art of IT Outsourcing, Business Process Outsourcing, Graphic Designing & Web Development Services
AL-Rehman Technologies (ART) is a leading Information and Communications Technology provider. The company offers state-of-the-art web development & web designing, Business Process Outsourcing (BPO), IT outsourcing and graphic designing services. Combining our business domain experience, technical expertise, knowledge of latest industry trends and quality-driven delivery model, we offer progressive end-to-end web solutions. ART offices are located in Pakistan, the United Kingdom and the United States.
Web Development & Web Designing Services
Our definition of web development & web designing services comprise of a one-stop solution including planning, analysis, design, and implementation. We also offer e-commerce business development, web content development, client-side/server-side coding, Search Engine Optimization (SEO), Search Engine Marketing (SEM), and Web Hosting.
Graphic Designing
Experience from a vast array of creative disciplines including fine art, graphic design, and typography as well as a high level of technical capability allows ART to produce top quality designs. Our distinct designing packages are the highest selling services, encompassing Graphic Designing - logo & stationery designing, marketing collaterals (brochures, leaflets / flyers, etc.); Digital Media - multimedia company profiles, service / product portfolios, video presentations and Flash tutorials.
Business Process Outsourcing (BPO)
At ART, we help reduce overheads and cut costs. Our BPO services enable you to outsource non-core functions to ART where off non-core functions.
This document provides a perspective on humanity's small size in the vast universe. It notes that from a distant view, all of Earth's 7 billion inhabitants, along with all of our conflicts, problems, cultures and civilizations, fit inside a tiny blue point. It encourages reflecting on how small individual problems seem in light of our small size in the cosmos, but also notes that an omniscient God knows each person intimately.
The document provides information about the Institute for Professional Excellence in Coaching (iPEC) and their accredited coach training program. It introduces some of the key concepts from their Core Energy Coaching process, including energetic capacity, engagement, and total engaged energy. It describes the seven levels of core energy and how understanding a person's energetic profile can provide insights into their behavior, attitudes, and potential for success.
This document provides a list of resources for global education projects and lesson planning ideas. It includes over 20 links to websites that offer opportunities for global collaboration, international issues education, virtual field trips, project based learning, and more. Suggested project ideas involve using documentaries to tell stories about global issues and populations, determining ways to help address identified issues, creating social entrepreneurship business plans, and presenting to potential funders.
Personalized Search - SMX Toronto 2010 - Rob Garner - iCrossingiCrossing
"Personalized Search - The Basics, Google Ethos, and Optimization" as presented by Rob Garner (@robgarner), Strategy Director, iCrossing, at the Search Marketing Expo (SMX) in Toronto, Canada on Friday, April 9, 2010.
This document discusses teaching open source software in universities. It describes courses on operating systems and information security that incorporated open source tools and distributions like Ubuntu, Linux, Apache, and MySQL. Student surveys found initial resistance to unfamiliar open source environments but growing interest as they learned about licensing, business models, and development methodologies. The author reflects on lessons learned and ways to improve open source education, such as introducing version control earlier and allowing more flexibility for creative projects.
The document discusses 7 UI design trends:
1. Minimalism focuses on simplicity with one-color icons and buttons. It allows the user focus on tasks without visual distractions.
2. Skeuomorphism imitates real-world objects for intuitiveness, though some argue this limits functionality. It works well for touchscreens.
3. Laser focus puts emphasis on the primary task, like search, for simplicity and clarity of purpose.
4. Context sensitive navigation hides less important options until needed to reduce clutter.
5. Collapsed content hides non-essential widgets and links under expandable buttons for simplification.
6. Content chunking breaks information into visual segments for easier reading and comprehension of large amounts
Codemash - Building Custom node.js ModulesKevin Griffin
Kevin Griffin presents on building node.js modules. He discusses what modules are and why they are useful. There are three types of modules: those installed via a package manager like npm, files imported with require, and folders imported with require. The presentation demonstrates how to set up a user account on npmjs.org and publish a module to npm.
Originally Aired: June 28, 2013
Presenters:
David R. Celebrezze, Director of Air & Water Special Projects, Ohio Environmental Council
Shelly Kiser, ALA
Agenda for Part 2
10:30 a.m. -10:40 p.m. Welcome & Introduction (OEC)
10:40 a.m. -11:00 p.m. Air Quality impact on the environment (OEC)
11:00 a.m. -11:45 p.m. Air Quality and the federal government (American Lung Association of the Midland States)
11:45 a.m. -12:15 p.m. What you can do to reduce pollution (OEC)
12:15 p.m. - 12:30 p.m. Q&A
You will be creating an online information point about special diets for your final major project. This will involve investigating different restricted diets, designing recipes, testing dishes, and evaluating your work. You must follow all deadlines and show your work in progress to receive feedback. The goal is to inform others about special diets and provide recipe suggestions. You will be assessed on a modified MYP rubric focusing on the design process.
Building Real Time Web Applications with SignalR (NoVA Code Camp 2015)Kevin Griffin
This document summarizes Kevin Griffin's presentation on using SignalR to build real-time web applications. The presentation covered the history of the web and methods for building real-time applications, introduced SignalR, and demonstrated wiring up a SignalR server and client. Griffin discussed how earlier versions of the web used request/response but real-time applications require continuous connections. He reviewed techniques like polling, long polling, server-sent events and web sockets for real-time functionality and their tradeoffs. SignalR was presented as a solution that supports bi-directional communication and works across browsers.
This document provides information about the Triple Divide film and hydraulic fracturing. It begins with introductions of the film directors, Melanie Houston and Melissa Troutman. It then defines hydraulic fracturing as using water, sand and chemicals to extract resources from shale rock deep underground. It notes the state of shale gas development in Ohio and Pennsylvania. Film clips from Triple Divide are described that show issues with predrill water testing and impacts of fracking on local water supplies. Information is provided about an upcoming screening of the film in Columbus. The document concludes with contact information for follow up questions.
The document summarizes Pfizer's second quarter 2008 earnings teleconference. Key highlights include:
- Revenues increased 9% year-over-year to $12.1 billion, and net income increased 119% to $2.8 billion. Adjusted diluted EPS grew 31% to $0.55.
- Cost-reduction initiatives have achieved $1.2 billion in savings to date against a target of $1.5-2 billion for 2008.
- Several major products performed well including Lipitor, Lyrica, Celebrex, and Viagra. Sutent and Chantix revenue also grew.
- Guidance for 2008 was reaffirmed for revenue of $
Pfizer Quarterly Corporate Performance - Second Quarter 2008finance5
This document summarizes Pfizer's second quarter 2008 earnings teleconference. It provides financial details such as a 9% increase in reported revenues and a 119% increase in reported net income compared to the previous year. Adjusted income increased 26% and adjusted diluted EPS grew 31%. Cost-reduction initiatives declined due to lower workforce costs. Several drugs were highlighted as top sellers, such as Lipitor, Lyrica, and Celebrex. Pfizer is on track to achieve its target of reducing costs by $1.5-2 billion through cost-cutting initiatives.
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
Pfizer Quarterly Corporate Performance - Third Quarter 2008finance5
This document summarizes Pfizer's third quarter 2008 earnings teleconference. It discusses Pfizer's financial results for the third quarter and year-to-date, including adjusted revenues increasing 2% for both periods. It also reviews significant items that impacted results, progress on Pfizer's cost reduction target, and select product highlights for the quarter.
Raytheon reported strong third quarter 2007 results with bookings of $6.5 billion and sales of $5.4 billion, up 8% from the prior year. Earnings per share from continuing operations were $0.69, up 17% year-over-year. Raytheon also announced a new $2 billion share repurchase program and the pending sale of its Flight Options subsidiary. Segment results were positive across Integrated Defense Systems, Missile Systems, Network Centric Systems and Intelligence and Information Systems on higher sales and margins.
Raytheon reported second quarter 2008 earnings on July 24, 2008. Key highlights included:
- Sales increased 11% to $5.9 billion
- Operating income grew 12% to $662 million
- Earnings per share increased 27% to $1.00
- Bookings totaled $6.0 billion with backlog at $37.5 billion
- Guidance for full year 2008 was increased across key metrics
Raytheon Reports 2008 Second Quarter Resultsfinance12
Raytheon reported second quarter 2008 earnings on July 24, 2008. Key highlights included:
- Sales increased 11% to $5.9 billion
- Operating income grew 12% to $662 million
- Earnings per share increased 27% to $1.00
- Bookings totaled $6.0 billion with backlog at $37.5 billion
- Guidance for full year 2008 was increased across key metrics
Goodrich Corporation reported strong financial results for the second quarter of 2008, with sales growth of 17% and net income per share growth of 49% compared to the second quarter of 2007. Segment operating margins increased 0.8% to 17.1%. For the full year 2008, Goodrich increased its outlook for net income per share to $4.80-$4.95, representing approximately 27-31% growth over 2007. Sales are expected to grow approximately 14% over 2007 to around $7.3 billion.
Goodrich Corporation reported strong financial results for the second quarter of 2008. Sales increased 17% to $1.849 billion compared to the second quarter of 2007, driven by double-digit growth across all major market channels. Net income increased 49% to $187 million and net income per share increased 49% to $1.46. The company also increased its full year 2008 outlook for net income per share to between $4.80 to $4.95, representing approximately 27-31% growth over 2007.
Raytheon reported third quarter 2008 earnings. Sales increased 12% to $5.9 billion and operating income rose 19% to $680 million. Earnings per share increased 17% to $1.01. Strong bookings of $5.8 billion resulted in a backlog of $37.0 billion. Guidance for 2008 was increased for sales, earnings per share, and return on invested capital.
Raytheon reported strong financial results for Q3 2006, with EPS up 41% and bookings of $6.1 billion. The company increased full-year 2006 guidance for EPS, bookings, operating cash flow and ROIC. Segments such as IDS, MS and RAC saw higher sales and improved operating performance compared to Q3 2005. Raytheon also provided initial guidance for 2007 with projected continued growth.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
This document summarizes Northrop Grumman's Q3 2008 financial results. It highlights increases in sales, earnings per share, cash from operations, and new business awards compared to Q3 2007. The CEO also notes share repurchases, a record backlog, opportunities for growth, and raised guidance for full year EPS. Updates are provided on major defense programs and milestones. The CFO discusses the company's liquidity, risk mitigation efforts, and negotiating better contracts. Projections for full year 2008 sales, margins, cash flow, and earnings are included. Potential impacts of market declines on 2009 pension expenses are also estimated.
Owens & Minor reported financial results for the second quarter of 2008. Revenue increased 2.3% from the second quarter of 2007 to $1.795 billion. Gross margin as a percentage of revenue was 10.67%, up slightly from the prior year. Selling, general and administrative expenses decreased as a percentage of revenue. Earnings per diluted share increased 22% to $0.59 compared to the second quarter of 2007. For 2008, the company expects revenue growth between 5-7% and earnings per diluted share between $2.30-$2.40, up from previous guidance.
This document summarizes Pfizer's fourth quarter 2007 earnings teleconference. It reports that Pfizer exceeded its 2007 revenue and EPS guidance. Key highlights included:
- Revenue increased 4% year-over-year in Q4 2007 and 1% for full year 2007. Adjusted diluted EPS increased 21% in Q4 2007 and 7% for full year.
- New products like Chantix, Lyrica and Sutent grew substantially and partially offset declines from products that lost exclusivity.
- 2008 guidance was increased, with revenue range increased and bottom end of EPS guidance also increased.
- Cost reduction initiatives continued to reduce expenses, with further savings expected in 2008.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, which includes $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers include strong demand for commercial aircraft and aftermarket services as well as defense programs.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, including $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers included strong commercial aircraft production and aftermarket demand as well as positions on new defense platforms.
Owens & Minor reported financial results for 3Q 2008 with year-over-year revenue growth but lower earnings per share. Revenue increased 2.4% to $1.81 billion compared to $1.75 billion in 3Q 2007. Gross margin and operating earnings as a percentage of revenue declined slightly. Earnings per share fell from $0.52 to $0.55. For 2008, the company expects organic revenue growth of 5-7% and earnings per share between $2.30-$2.40, despite expected dilution from an acquisition.
Spectra Energy reported a 56% increase in first quarter 2008 net income compared to first quarter 2007. The company announced a $600 million share repurchase program and a proposed $0.02 per share quarterly dividend increase. All business segments performed strongly in the quarter with higher earnings driven by factors such as higher commodity prices and a stronger Canadian dollar.
View Summary Manpower Inc. Withdraws Fourth Quarter 2008 Guidance 12/22/2008finance12
Manpower Inc. withdrew its fourth quarter 2008 guidance due to continued declines in the global labor markets and changes in foreign currencies. The company experienced a 20% revenue decline in the two months ended November 30, 2008 compared to the prior year. As a result of the weaker operating environment, Manpower Inc. will take restructuring charges related to employee severance and office closures in the fourth quarter. Despite the economic challenges, the company's liquidity and financial strength remains strong with $675 million in cash and $182 million in net debt as of the end of November.
The document is the 1999 annual report of Manpower Inc. It discusses the company's financial highlights for 1999, including increased systemwide sales, revenues, and operating margin compared to previous years. It summarizes the company's strategies to focus on providing workforce solutions, investing in technology, improving efficiency, and expanding in professional and specialty staffing. The report discusses how these strategies helped drive growth while improving profitability in 1999.
Manpower provided staffing solutions for a variety of clients around the world in 2000. Some key examples include:
1) Manpower Venezuela used a performance-based compensation model to win staffing contracts for three call centers in Venezuela.
2) In Australia, the Defense Force outsourced its military recruitment to Manpower due to their ability to provide a full-service solution.
3) In North Carolina, Manpower's workforce program helped IBM achieve significant contractor staffing cost savings.
This document highlights Manpower's global reach and ability to customize staffing solutions to meet the diverse needs of clients around the world.
The document is Manpower Inc.'s 2001 annual report. It summarizes that in 2001:
- Systemwide sales decreased 5.3% to $11.8 billion due to a weaker global economy and strengthening US dollar.
- Revenues decreased 3.3% and operating profit declined 23.6% as revenue growth slowed but investments continued.
- Earnings per share decreased 27% to $1.62 primarily due to currency exchange impacts. The company remained focused on providing skilled employees and workforce solutions to customers during economic uncertainty.
The document discusses Manpower's performance and strategies during a period of economic uncertainty in 2002. It summarizes that Manpower strengthened its financial position, improved efficiency, expanded services, and increased customer relationships despite challenging market conditions. Manpower emerged stronger and confident in its leadership position. The speed of work increased pressure on companies, but Manpower provided flexibility and quality service to help customers.
This document contains a long list of place names from around the world arranged in no clear order. The places span multiple continents and countries, including locations in France, Italy, Germany, Japan, Canada, Mexico, Argentina and many others.
The document is Manpower Inc.'s 2004 annual report. It discusses Manpower's 57-year history of providing temporary staffing solutions and how it has expanded its services over time. It also discusses how the world of work is constantly changing and how Manpower continues to adapt its solutions to help clients with their HR strategies and market competition. The report features perspectives from clients, including IBM's vice president of global talent discussing how IBM partners with Manpower for just-in-time talent management to source skills globally on demand.
This document is Manpower Inc.'s 2005 annual report. It summarizes the company's financial performance for 2005, noting revenues exceeded $16 billion, a 7.7% increase over 2004. Net income increased 8% to $260 million. It also discusses strategic moves taken in 2005 to expand operations in emerging markets like China and India. Finally, it describes the company's rebranding effort, launching a new logo and tagline - "What do you do?" - to reflect its expanded services beyond temporary staffing.
Manpower Inc. reported record financial results in 2006. Revenues increased 10.8% to $17.6 billion and net earnings increased 53% to $398 million. The company's stock price rose 61% in 2006, outperforming the broader market. Operating profit increased 24% to $532 million due to growth in business and effective cost management across regions. The company has transitioned to focus on providing a wider range of employment services beyond temporary staffing alone. The rebranding launched in 2006 aligned the company's image with this strategic transition and positioned Manpower for continued strong performance.
Manpower Inc. had record revenues and earnings in 2007. Revenues increased 17% to $20.5 billion while net earnings grew 22% to $484.7 million. The company has diversified its services over the past decade to include specialty services beyond temporary staffing, such as permanent recruitment and leadership development. This has improved profit margins and reduced sensitivity to economic cycles. Investments in new services like recruitment process outsourcing have positioned Manpower for continued growth.
The document is a Form 8-K filed by The Goodyear Tire & Rubber Company with the SEC on May 22, 2007. It announces that the company entered into an underwriting agreement to sell over 22 million shares of its common stock in a public offering at $33 per share, for total proceeds of over $750 million. The underwriters exercised their option to purchase additional shares. The company's general counsel issued a legality opinion on the shares offering. The proceeds will be used for general corporate purposes.
The Goodyear Tire & Rubber Company issued notices to partially redeem outstanding notes. It will redeem $140 million of its 9% Senior Notes due 2015 at 109% of par value, and $175 million of its 8.625% Senior Notes due 2011 at 108.625% of par value. Both redemptions will occur on June 29, 2007. Goodyear is using proceeds from a recent equity offering of common stock to fund the redemptions, as allowed under provisions permitting redemption of up to 35% of notes with equity offering proceeds.
Public Expenditure & its Classifications, Canons, Causes, Effects & Theories....Dr T AASIF AHMED
The meaning, classifications, canons, theories, effects, and trends in public spending are all included in this ppt. This has been prepared to aid students in understanding and help them achieve the best grade possible. Kindly provide your insightful opinions and recommendations. For additional details, get in touch with Dr. T. Aasif Ahmed.
What is an E-commerce- digital marketingpdfPurna Rai
What is an E-commerce?
E-commerce refers to the buying and selling of goods and services over the Internet. In an e-commerce transaction, the exchange of products or services takes place electronically, often through online platforms or websites. E-commerce has become a major aspect of the modern economy, enabling businesses and consumers to conduct transactions without the need for physical presence. It has gained immense popularity over recent years, with more people turning to online shopping for its convenience and accessibility.
E-commerce platforms provide a virtual marketplace where sellers can showcase their products, and buyers can browse and purchase items with just a few clicks. This has opened up new opportunities for entrepreneurs and businesses of all sizes, allowing them to reach a larger customer base and operate globally. However, e-commerce also presents its own set of challenges, such as competition, security concerns, and effectively managing logistics and customer experience. It is important for e-commerce businesses to stay up-to-date with evolving technologies, consumer trends, and effective marketing strategies to remain successful in this ever-growing industry.
What are the Key Components and Features of E-commerce?
E-commerce has various forms, including business-to-consumer (B2C), business-to-business (B2B), consumer-to-consumer (C2C), and more. The growth of e-commerce has transformed the way businesses operate and how consumers shop, providing convenience, accessibility, and a global marketplace. Key components and features of e-commerce include:
Online Stores: Businesses set up digital storefronts or online stores where customers can browse, select, and purchase products or services. These stores can take various forms, including dedicated websites, marketplaces, or social media platforms.
Electronic Payments: E-commerce transactions involve electronic payment methods. Customers can use credit cards, digital wallets, online banking, or other electronic payment systems for making payments.
Digital Marketing: E-commerce relies heavily on digital marketing strategies to attract customers. This includes search engine optimization (SEO), social media marketing, email marketing, and other online advertising methods.
Product Catalogs: Online stores have digital catalogs that showcase their products or services. These catalogs provide detailed information, images, and specifications to help customers make informed purchasing decisions.
Shopping Carts: E-commerce platforms typically incorporate shopping carts that allow customers to add products to their virtual cart, review their selections, and proceed to checkout for payment.
Secure Transactions: Security is a critical aspect of e-commerce. Secure socket layer (SSL) encryption is commonly used to ensure the confidentiality and integrity of sensitive information, such as payment details.
INTRODUCTION TO FISCAL ECONOMICS OR PUBLIC FINANCEDr T AASIF AHMED
The study of public finance focuses on how the government affects the economy. This area of economics evaluates the public authorities' government spending and revenue and makes adjustments to either one in order to achieve desired results and prevent undesirable ones. Speak with Dr. T. Aasif Ahmed, an Economics faculty member, for further details.
The JD Euroway and Fritzgerald Zephir (Fritz) Financial Debacle.pptxsonalisaini008
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Recorded Version - KSAdvisory Monthly View July 2024 for Distribution(1).ppsx
raytheon Q4 Earnings Presentation
1. News release
FOR IMMEDIATE RELEASE
Media Contact: Investor Relations Contact:
Jon Kasle Jim Singer
781-522-5110 781-522-5136
Raytheon Increases Full-year Guidance; Reports Strong Second Quarter 2008
Highlights
• Sales of $5.9 billion, up 11 percent
• Operating income of $662 million, up 12 percent
• Earnings per share (EPS) from continuing operations of $1.00, up 27 percent
• Solid bookings of $6.0 billion; backlog of $37.5 billion
• Strong operating cash flow from continuing operations of $767 million
• Full-year guidance increased for sales, EPS, operating cash flow and ROIC
WALTHAM, Mass., (July 24, 2008) – Raytheon Company (NYSE: RTN) reported second
quarter 2008 income from continuing operations of $426 million or $1.00 per diluted share
compared to $355 million or $0.79 per diluted share in the second quarter 2007. Second
quarter 2008 income from continuing operations was higher primarily due to operational
improvements and lower pension expense, as well as a prior-year $39 million charge ($59
million pretax) or $0.09 per diluted share for the early retirement of debt.
“All of our businesses performed well and the Company had a strong second quarter,”
said William H. Swanson, Raytheon's Chairman and CEO. quot;We are increasing our
financial outlook for the year as a result of our solid performance.quot;
Second quarter 2008 net income was $426 million or $1.00 per diluted share compared to
$1,335 million or $2.97 per diluted share in the second quarter 2007. Net income for the
second quarter 2007 included $980 million in discontinued operations or $2.18 per diluted
share primarily due to the sale of Raytheon Aircraft Company (RAC), which was
completed in the second quarter 2007.
1
2. Net sales for the second quarter 2008 were $5.9 billion, up 11 percent from $5.3 billion in
the second quarter 2007, with growth across all of the Company’s businesses.
Operating cash flow from continuing operations for the second quarter 2008 was a
positive $767 million compared to an outflow of $30 million for the second quarter 2007.
The improvement in the second quarter 2008 was primarily due to cash tax payments of
$316 million made in the second quarter 2007 attributable to the gain on the sale of RAC
and a reduction in working capital items in the second quarter 2008.
In the second quarter 2008 the Company repurchased 5.2 million shares of common stock
for $340 million, as part of the Company’s previously announced share repurchase
program. The Company has repurchased 10.7 million shares of common stock year-to-
date for $680 million.
Summary Financial Results 2nd Quarter % Six Months %
2008 2007 Change 2008 2007 Change
($ in millions, except per share data)
Net Sales $ 5,870 $ 5,278 11% $ 11,224 $ 10,082 11%
Total Operating Expenses 5,208 4,689 9,954 8,972
Operating Income 662 589 12% 1,270 1,110 14%
Non-operating Expenses 15 53 31 88
Income from Cont. Ops. before Taxes $ 647 $ 536 21% $ 1,239 $ 1,022 21%
Income from Continuing Operations $ 426 $ 355 20% $ 826 $ 679 22%
Inc. (Loss) from Disc. Ops., Net of Tax* - 980 NM (2) 1,002 NM
Net Income $ 426 $ 1,335 NM $ 824 $ 1,681 NM
Diluted EPS from Continuing Ops. $ 1.00 $ 0.79 27% $ 1.92 $ 1.51 27%
Diluted EPS $ 1.00 $ 2.97 NM $ 1.92 $ 3.73 NM
Operating Cash Flow from Cont. Ops.** $ 767 $ (30) $ 834 $ (383)
Workdays in Fiscal Reporting Calendar 64 64 127 123
* Includes after-tax net gain of $986 million on sale of Raytheon Aircraft Company (RAC) in Q2 '07
** Includes $316 million cash tax payment related to the completion of the RAC sale in Q2 '07
NM - Not meaningful for comparison purposes due to the gain on sale of RAC in Q2 '07
2
3. Bookings and Backlog
Bookings 2nd Quarter Six Months
2008 2007 2008 2007
(in millions)
Total Bookings $ 6,008 $ 4,832 $ 12,524 $ 9,990
Backlog Period Ending
06/29/08 12/31/07
(in millions)
Backlog $ 37,527 $ 36,614
Funded Backlog $ 22,226 $ 20,518
The Company reported total bookings for the second quarter 2008 of $6.0 billion
compared to $4.8 billion in the second quarter 2007. The Company ended the second
quarter 2008 with a backlog of $37.5 billion compared to $36.6 billion at the end of 2007
and $33.3 billion at the end of the second quarter 2007.
Outlook
2008 Financial Outlook Current Prior*
Net Sales ($B) 22.6 - 23.1 22.4 - 22.9
FAS/CAS Pension Expense ($M) 150 150
Interest Expense, net ($M) 40 - 55 45 - 60
Diluted Shares (M) 426 - 428 427 - 429
EPS from Cont. Ops. $3.80 - $3.95 $3.65 - $3.80
Operating Cash Flow from Cont. Ops. ($B) 2.2 - 2.4 2.0 - 2.2
ROIC (%) 9.9 - 10.4 9.6 - 10.1
* As of April 24, 2008
The Company has increased full-year 2008 guidance for net sales, earnings per share
from continuing operations, operating cash flow from continuing operations and Return on
Invested Capital (ROIC), and updated net interest expense and diluted shares. Charts
containing additional information on the Company’s 2008 guidance are available on the
Company's website at www.raytheon.com. See attachment F for the Company's
calculation and use of ROIC, a non-GAAP financial measure.
3
4. Segment Results
Integrated Defense Systems
% %
2nd Quarter Six Months
2008 2007 Change 2008 2007 Change
($ in millions)
Net Sales $ 1,257 $ 1,166 8% $ 2,449 $ 2,258 8%
Operating Income $ 209 $ 212 -1% $ 420 $ 411 2%
Operating Margin 16.6% 18.2% 17.1% 18.2%
Integrated Defense Systems (IDS) had second quarter 2008 net sales of $1,257 million,
up 8 percent compared to $1,166 million in the second quarter 2007, primarily due to
growth on U.S. Army programs. IDS recorded $209 million of operating income compared
to $212 million in the second quarter 2007. The change in operating income was primarily
due to program mix and favorable performance adjustments taken on certain programs in
the second quarter 2007.
During the quarter, IDS booked $179 million for the upgrade and support of the Patriot
system for Kuwait and South Korea. IDS also booked $143 million for the Rapid Aerostat
Initial Deployment (RAID) program for the U.S. Army.
Intelligence and Information Systems
% %
2nd Quarter Six Months
2008 2007 Change 2008 2007 Change
($ in millions)
Net Sales $ 829 $ 666 24% $ 1,521 $ 1,254 21%
Operating Income $ 67 $ 63 6% $ 119 $ 118 1%
Operating Margin 8.1% 9.5% 7.8% 9.4%
Intelligence and Information Systems (IIS) had second quarter 2008 net sales of $829
million, up 24 percent compared to $666 million in the second quarter 2007, primarily due
to the U.K. e-Borders program. IIS recorded $67 million of operating income compared to
$63 million in the second quarter 2007. The increase in operating income was primarily
due to higher volume, partially offset by certain acquisition costs and other investments in
cyber operations and information security capabilities.
4
5. During the quarter, IIS booked $497 million on a number of classified contracts, including
$379 million on a major classified program.
Missile Systems
2nd Quarter % Six Months %
2008 2007 Change 2008 2007 Change
($ in millions)
Net Sales $ 1,355 $ 1,244 9% $ 2,666 $ 2,384 12%
Operating Income $ 156 $ 134 16% $ 293 $ 254 15%
Operating Margin 11.5% 10.8% 11.0% 10.7%
Missile Systems (MS) had second quarter 2008 net sales of $1,355 million, up 9 percent
compared to $1,244 million in the second quarter 2007, primarily due to higher volume on
the Phalanx, PavewayTM, and Advanced Medium-Range Air-to-Air Missile (AMRAAM)
programs. MS recorded $156 million of operating income compared to $134 million in the
second quarter 2007. The increase in operating income was primarily due to higher
volume and program performance.
During the quarter, MS booked $412 million for the production of AMRAAM for
international customers and the U.S. Air Force. MS also booked $376 million for the
production of Standard Missile-3 (SM-3) for the U.S. Navy and the Missile Defense
Agency and $245 million for the production of Evolved Sea Sparrow Missiles (ESSM) for
international customers and the U.S. Navy.
Network Centric Systems
% %
2nd Quarter Six Months
2008 2007 Change 2008 2007 Change
($ in millions)
Net Sales $ 1,173 $ 1,052 12% $ 2,240 $ 1,981 13%
Operating Income $ 145 $ 139 4% $ 268 $ 256 5%
Operating Margin 12.4% 13.2% 12.0% 12.9%
Network Centric Systems (NCS) had second quarter 2008 net sales of $1,173 million, up
12 percent compared to $1,052 million in the second quarter 2007, primarily due to
increased volume on certain U.S. Army programs. NCS recorded $145 million of
5
6. operating income compared to $139 million in the second quarter 2007. The increase in
operating income was primarily due to higher volume.
During the quarter, NCS booked $115 million for the Airborne, Maritime and Fixed Site
(AMF) Joint Tactical Radio System (JTRS) program.
Space and Airborne Systems
% %
2nd Quarter Six Months
2008 2007 Change 2008 2007 Change
($ in millions)
Net Sales $ 1,096 $ 1,065 3% $ 2,091 $ 2,029 3%
Operating Income $ 144 $ 133 8% $ 265 $ 262 1%
Operating Margin 13.1% 12.5% 12.7% 12.9%
Space and Airborne Systems (SAS) had second quarter 2008 net sales of $1,096 million,
up 3 percent compared to $1,065 million in the second quarter 2007. SAS recorded $144
million of operating income compared to $133 million in the second quarter 2007. The
increase in operating income was primarily due to improved program performance.
SAS booked $325 million on a number of classified contracts.
Technical Services
% %
2nd Quarter Six Months
2008 2007 Change 2008 2007 Change
($ in millions)
Net Sales $ 647 $ 514 26% $ 1,168 $ 977 20%
Operating Income $ 45 $ 32 41% $ 80 $ 55 45%
Operating Margin 7.0% 6.2% 6.8% 5.6%
Technical Services (TS) had second quarter 2008 net sales of $647 million, up 26 percent
compared to $514 million in the second quarter 2007, primarily due to training programs.
TS recorded operating income of $45 million in the second quarter 2008 compared to $32
million in the second quarter 2007. The increase in operating income was primarily due to
higher volume and improved program performance.
6
7. During the quarter, TS booked $309 million for work on the Warfighter Field Operations
Customer Support (FOCUS) contract for the U.S. Army to provide live, virtual and
constructive training services, bringing the year-to-date bookings on the program to $419
million.
Raytheon Company (NYSE: RTN), with 2007 sales of $21.3 billion, is a technology leader
specializing in defense, homeland security and other government markets throughout the
world. With a history of innovation spanning 86 years, Raytheon provides state-of-the-art
electronics, mission systems integration and other capabilities in the areas of sensing;
effects; and command, control, communications and intelligence systems, as well as a
broad range of mission support services. With headquarters in Waltham, Mass.,
Raytheon employs 72,000 people worldwide.
Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking statements, including
information regarding the Company’s 2008 financial outlook, future plans, objectives,
business prospects and anticipated financial performance. These forward-looking
statements are not statements of historical facts and represent only the Company’s
current expectations regarding such matters. These statements inherently involve a wide
range of known and unknown risks and uncertainties. The Company’s actual actions and
results could differ materially from what is expressed or implied by these statements.
Specific factors that could cause such a difference include, but are not limited to: the
Company’s dependence on the U.S. Government for a significant portion of its business
and the risks associated with U.S. Government sales, including changes or shifts in
defense spending, uncertain funding of programs, potential termination of contracts, and
difficulties in contract performance; the ability to procure new contracts; the risks of
conducting business in foreign countries; the ability to comply with extensive
governmental regulation, including import and export policies and procurement and other
regulations; the impact of competition; the ability to develop products and technologies;
the risk of cost overruns, particularly for the Company’s fixed-price contracts; dependence
on component availability, subcontractor performance and key suppliers; risks of a
negative government audit; the use of accounting estimates in the Company’s financial
statements; risks associated with acquisitions, dispositions, joint ventures and other
business arrangements; risks of an impairment of goodwill or other intangible assets; the
outcome of contingencies and litigation matters, including government investigations; the
ability to recruit and retain qualified personnel; the impact of potential security threats and
other disruptions; and other factors as may be detailed from time to time in the Company’s
public announcements and Securities and Exchange Commission filings. The Company
undertakes no obligation to make any revisions to the forward-looking statements
contained in this release and the attachments or to update them to reflect events or
circumstances occurring after the date of this release, including any acquisitions,
dispositions or other business arrangements that may be announced or closed after such
date. This release and the attachments also contain non-GAAP financial measures. A
GAAP reconciliation and a discussion of the Company's use of these measures are
included in this release or the attachments.
7
8. Conference Call on the Second Quarter 2008 Financial Results
Raytheon’s financial results conference call will be held on Thursday, July 24, 2008 at 9
a.m. EDT. Participants will include William H. Swanson, Chairman and CEO, David C.
Wajsgras, senior vice president and CFO, and other Company executives.
The dial-in number for the conference call will be (800) 901 – 5217. The conference call
will also be audiocast on the Internet at www.raytheon.com. Individuals may listen to the
call and download charts that will be used during the call. These charts will be available
for printing prior to the call.
Interested parties are encouraged to check the website ahead of time to ensure their
computers are configured for the audio stream. Instructions for obtaining the free required
downloadable software are posted on the site.
###
8
9. Attachment A
Raytheon Company
Preliminary Statement of Operations Information
Second Quarter 2008
Six Months Ended
(In millions, except per share amounts) Three Months Ended
29-Jun-08 24-Jun-07 29-Jun-08 24-Jun-07
Net sales $ 5,870 $ 5,278 $ 11,224 $ 10,082
Cost of sales 4,670 4,194 8,929 8,050
Administrative and selling expenses 396 357 776 687
Research and development expenses 142 138 249 235
Total operating expenses 5,208 4,689 9,954 8,972
Operating income 662 589 1,270 1,110
Interest expense 34 54 68 114
Interest income (17) (57) (40) (85)
Other (income) expense, net (2) 56 3 59
Non-operating expense, net 15 53 31 88
Income from continuing operations before taxes 647 536 1,239 1,022
Federal and foreign income taxes 221 181 413 343
Income from continuing operations 426 355 826 679
Income (loss) from discontinued operations, net of tax - (6) (2) 16
Gain on sale of discontinued operation, net of tax - 986 - 986
Income (loss) from discontinued operations, net of tax - 980 (2) 1,002
Net income $ 426 $ 1,335 $ 824 $ 1,681
Earnings per share from continuing operations
Basic $ 1.03 $ 0.81 $ 1.99 $ 1.55
Diluted $ 1.00 $ 0.79 $ 1.92 $ 1.51
Earnings per share from discontinued operations
Basic $ - $ 2.24 $ - $ 2.28
Diluted $ - $ 2.18 $ - $ 2.22
Earnings per share
Basic $ 1.03 $ 3.06 $ 1.98 $ 3.83
Diluted $ 1.00 $ 2.97 $ 1.92 $ 3.73
Average shares outstanding
Basic 414.0 436.7 416.1 438.9
Diluted 427.7 448.8 430.0 451.0
10. Attachment B
Raytheon Company
Preliminary Segment Information
Second Quarter 2008
Operating Income
Net Sales Operating Income As a Percent of Sales
(In millions) Three Months Ended Three Months Ended Three Months Ended
29-Jun-08 24-Jun-07 29-Jun-08 24-Jun-07 29-Jun-08 24-Jun-07
Integrated Defense Systems $ 1,257 $ 1,166 $ 209 $ 212 16.6% 18.2%
Intelligence and Information Systems 829 666 67 63 8.1% 9.5%
Missile Systems 1,355 1,244 156 134 11.5% 10.8%
Network Centric Systems 1,173 1,052 145 139 12.4% 13.2%
Space and Airborne Systems 1,096 1,065 144 133 13.1% 12.5%
Technical Services 647 514 45 32 7.0% 6.2%
FAS/CAS Pension Adjustment - - (34) (63)
Corporate and Eliminations (487) (429) (70) (61)
Total $ 5,870 $ 5,278 $ 662 $ 589 11.3% 11.2%
Operating Income
Net Sales Operating Income As a Percent of Sales
Six Months Ended Six Months Ended Six Months Ended
29-Jun-08 24-Jun-07 29-Jun-08 24-Jun-07 29-Jun-08 24-Jun-07
Integrated Defense Systems $ 2,449 $ 2,258 $ 420 $ 411 17.1% 18.2%
Intelligence and Information Systems 1,521 1,254 119 118 7.8% 9.4%
Missile Systems 2,666 2,384 293 254 11.0% 10.7%
Network Centric Systems 2,240 1,981 268 256 12.0% 12.9%
Space and Airborne Systems 2,091 2,029 265 262 12.7% 12.9%
Technical Services 1,168 977 80 55 6.8% 5.6%
FAS/CAS Pension Adjustment - - (67) (125)
Corporate and Eliminations (911) (801) (108) (121)
Total $ 11,224 $ 10,082 $ 1,270 $ 1,110 11.3% 11.0%
11. Attachment C
Raytheon Company
Other Preliminary Information
Second Quarter 2008
Funded
(In millions) Backlog Backlog
29-Jun-08 31-Dec-07 29-Jun-08 31-Dec-07
Integrated Defense Systems $ 8,882 $ 9,296 $ 5,044 $ 4,781
Intelligence and Information Systems 5,756 5,636 2,554 2,325
Missile Systems 10,250 9,379 5,873 5,218
Network Centric Systems 5,479 5,102 4,244 3,957
Space and Airborne Systems 5,102 5,276 3,301 3,037
Technical Services 2,058 1,925 1,210 1,200
Total $ 37,527 $ 36,614 $ 22,226 $ 20,518
Bookings
Three Months Ended
29-Jun-08 24-Jun-07
Total Bookings $ 6,008 $ 4,832
12. Attachment D
Raytheon Company
Preliminary Balance Sheet Information
Second Quarter 2008
(In millions)
29-Jun-08 31-Dec-07
Assets
Cash and cash equivalents $ 2,554 $ 2,655
Accounts receivable, net 113 126
Contracts in process 4,366 3,821
Inventories 379 386
Deferred taxes 440 432
Prepaid expenses and other current assets 129 196
Total current assets 7,981 7,616
Property, plant and equipment, net 2,021 2,058
Prepaid retiree benefits 645 617
Goodwill 11,657 11,627
Other assets, net 1,293 1,363
Total assets $ 23,597 $ 23,281
Liabilities and Stockholders' Equity
Advance payments and billings in excess of costs incurred $ 1,933 $ 1,845
Accounts payable 1,128 1,141
Accrued employee compensation 846 902
Other accrued expenses 903 900
Total current liabilities 4,810 4,788
Accrued retiree benefits and other long-term liabilities 3,006 3,016
Deferred taxes 543 451
Long-term debt 2,269 2,268
Minority interest 233 216
Stockholders' equity
Common stock 4 4
Additional paid-in capital 10,788 10,544
Accumulated other comprehensive loss (1,856) (1,956)
Treasury stock, at cost (3,225) (2,502)
Retained earnings 7,025 6,452
Total stockholders' equity 12,736 12,542
Total liabilities and stockholders' equity $ 23,597 $ 23,281
13. Attachment E
Raytheon Company
Preliminary Cash Flow Information
Second Quarter 2008
(In millions) Three Months Ended Six Months Ended
29-Jun-08 24-Jun-07 29-Jun-08 24-Jun-07
Net income $ 426 $ 1,335 $ 824 $ 1,681
(Income) loss from discontinued operations, net of tax - (980) 2 (1,002)
Income from continuing operations 426 355 826 679
Depreciation 73 73 142 140
Amortization 24 21 47 40
Working capital (excluding pension and taxes)* 318 (39) (385) (692)
Discontinued operations (6) (20) (16) (83)
Net activity in financing receivables 5 35 25 56
Other (79) (475) 179 (606)
Net operating cash flow 761 (50) 818 (466)
Capital spending (56) (57) (99) (95)
Internal use software spending (13) (19) (30) (34)
Acquisitions (33) - (34) -
Investment activity and divestitures 9 3,117 9 3,117
Dividends (118) (113) (227) (220)
Repurchases of common stock (340) (526) (680) (801)
Debt repayments - (1,041) - (1,038)
Discontinued operations - - - (28)
Other 57 74 142 150
Total cash flow $ 267 $ 1,385 $ (101) $ 585
* Working capital (excluding pension and taxes) is a summation of changes in: accounts receivable, net, contracts in
process and advance payments and billings in excess of costs incurred, inventories, prepaid expenses
and other current assets, accounts payable, accrued employee compensation, and other accrued expenses
from the Statements of Cash Flows.
14. Attachment F
Raytheon Company
Preliminary Return on Invested Capital Non-GAAP Financial Measure
Second Quarter 2008
We define Return on Invested Capital (ROIC) as income from continuing operations plus after-tax net interest expense
plus one-third of operating lease expense after-tax (estimate of interest portion of operating lease expense) divided by
average invested capital after capitalizing operating leases (operating lease expense times a multiplier of 8), adding
financial guarantees less net investment in Discontinued Operations, and adding back the impact of Statement of
Financial Accounting Standards No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement
Plans (SFAS No. 158). ROIC is not a measure of financial performance under generally accepted accounting principles
(GAAP) and may not be defined and calculated by other companies in the same manner. ROIC should be considered
supplemental to and not a substitute for financial information prepared in accordance with GAAP. We use ROIC as a
measure of efficiency and effectiveness of our use of capital and as an element of management compensation.
Return on Invested Capital
2008 Current Guidance 2008 Prior Guidance
(In millions)
Low end High end Low end High end
of range of range of range of range
Income from continuing operations
Net interest expense, after-tax* Combined Combined Combined Combined
Lease expense, after-tax*
Return $ 1,715 $ 1,780 $ 1,655 $ 1,720
Net debt **
Equity less investment in discontinued operations
Lease expense x 8, plus financial guarantees Combined Combined Combined Combined
SFAS No. 158 impact
Invested capital from continuing operations*** $ 17,300 $ 17,100 $ 17,300 $ 17,100
ROIC 9.9% 10.4% 9.6% 10.1%
* Effective 2008 tax rate: 33.5% (2008 guidance)
** Net debt is defined as total debt less cash and cash equivalents and is calculated using a 2 point average
*** Calculated using a 2 point average