LAS VEGAS--(BUSINESS WIRE)-- Roger Neal Smith, President and CEO of OBN Holdings, Inc. (Pink Sheets: OBNI), issued the following letter today to the shareholders of OBN Holdings:
Dear Shareholders:
It is exactly one year since I wrote a letter outlining the shift from engaging solely in entertainment into becoming a conglomerate. I also indicated that we were working on filing all of our delinquent financial statements. I am pleased to report that, as of November 9, OBN Holdings is now a fully reporting company and a market maker has agreed to sponsor us back to the OTC Bulletin Board. Although there has been a substantial economic downturn over the past year, OBN has continued growing.
The remainder of 2009 and all of 2010 will be an extremely active time for your company. We have developed a very aggressive plan to increase OBN's value and profitability by acquiring and developing profitable companies. OBN is currently developing in the regions that we have entered, and are planning to enter into new regions. We are also taking all of the steps necessary to move up to the NYSE Amex Equities Exchange (formerly the AMEX).
The plans that we have developed for your company should result in OBN doubling in size by the end of next year. We appreciate your continued support.
Sincerely,
Roger Neal Smith
President and CEO
For the latest SEC filings or past releases, go to the company's web site at www.obnholdings.com.
OBN Holdings, Inc.: 8275 South Eastern Avenue, Suite 200, Las Vegas, Nevada 89123. (702) 938-0467
This release does not constitute an offer to sell or the solicitation of any offer to buy any securities of OBN Holdings, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward-looking statements: This release and other statements by OBN may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "estimate", "potential", or future/conditional verbs such as "will", "should" and "could".
Source: OBN Holdings, Inc.
HOUSTON, Nov. 11 /PRNewswire-FirstCall/ -- What does a Kentucky dad with a family van and a California VW Baja racer have in common? They're among five grand prize winners of the Shell V-Power® "Fuel My Passion" Contest & Sweepstakes following a nationwide vote.
Hundreds of automotive and motorcycle enthusiasts from across the country entered the contest. All entries shared a common thread - their passion for their ride and fueling it with Americas' best selling premium gasoline, Shell V-Power®. The online community then was given the "V"-power to decide who would win the ultimate prize - Shell V-Power® gasoline for a year!
"The response to this contest has been overwhelming. With more than 146,000 online votes cast, consumers across the U.S. wanted to get involved," said Meg Kreutzer, category manager, Fuels & Forecourt Marketing at Shell Oil Products U.S. "Now that the votes are in, we couldn't be more excited for our grand prize winners who really know first-hand the 'power of Shell V-Power®.'"
One lucky sweepstakes winner, Charlie Smith from Lawrenceville, Georgia, also was awarded the all-new 2010 Harley-Davidson® Fat Boy® Lo motorcycle (valued at $16,299) on November 7, 2009 during the Stone Mountain Harley-Davidson® dealership's 11th Anniversary celebration. A long-time fan of Harley-Davidson®, Smith's wish to own a motorcycle finally came true through the Shell V-Power® "Fuel My Passion" Sweepstakes.
"Charlie was speechless when he received the call that he was selected as the sweepstakes winner. His pure joy and excitement is a testament to the passionate nature of this contest," said Peggy O'Neil, Retail Marketing Project Manager, Harley-Davidson®. "We welcome Charlie to the Harley-Davidson® family, and we are grateful to Shell for making Charlie's dream of being a motorcycle owner become a reality."
Below is a list of the Shell V-Power® "Fuel My Passion" Contest's grand prize winners along with snapshots of their entries in their respective categories. All the runner-up finalists received a $250 Shell Gift Card that can be used on items including gasoline, car washes, repair service or food and drinks at any of the 14,000-plus Shell-branded stations coast-to-coast.
MODIFIED CAR CATEGORY
-- Phil Roberts, Lexington, KY: This father of four showed his passion for
his family by trading in his convertible for a modified van.
MOTORCYCLE CATEGORY
-- Donald Henkes, Humble, TX: As a master mechanic for almost 30 years,
Henkes knows to only put Shell V-Power® in his Harley-Davidson®(
)motorcycle.
SPORTS/LUXURY CATEGORY
-- Mike Newman, Kettering, OH: Newman will go out of his way to fill up
with Shell gasoline - the only brand that his vehicles have ever known.
TRUCK/SUV CATEGORY
-- Debra Nicholson, French Lick, IN: As part of her preventive maintenance
practices, Nicholson only uses Shell V-Power to help keep her truck in
top condition.
OTHER PREMIUM RIDES CATEGORY
-- Rob Krider, Fresno, CA: Krider and his Baja Bug recently won an
endurance race from Long Beach, CA to Las Vegas, NV, fuelled by Shell
V-Power®.
For more information about the Shell V-Power® "Fuel My Passion" Contest & Sweepstakes and the grand prize winners, please visit www.shell.us/fuelmypassion.
Keep the "Passion" Alive
Shell V-Power® premium gasoline is designed for automotive enthusiasts who simply expect the most from their vehicle's performance. As the best-selling premium gasoline brand in America, Shell V-Power® boasts the highest concentration of the Shell Nitrogen Enriched cleaning system that actively seeks and destroys engine gunk even faster than regular Shell gasoline. It also provides maximum protection against performance-robbing gunk left behind by lower-quality premium gasolines. With five times the cleaning agents found in fuels that only meet the EPA requirements, Shell V-Power® is for those looking for optimum engine performance, especially for those with vehicles that recommend or require a premium gasoline
For more information about Shell V-Power®, visit: www.shellvpower.com
Harley-Davidson and the Fat Boy are among the trademarks of H-D Michigan, LLC.
Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the refining, transportation and marketing of fuels, and has a network of approximately 6,100 branded gasoline stations in the Western United States. Shell Oil Company is an affiliate of the Shell Group [(NYSE: RDS.A) and (NYSE: RDS.B)]. For more information, please visit www.shell.com.
Motiva Enterprises LLC refines and markets branded products through approximately 8,300 Shell-branded stations in the Eastern and Southern United States. Shell Oil Company is a 50 percent owner of Motiva Enterprises LLC, along with Saudi Refining, Inc.
Disclaimer statement
This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation, May 4, 2006. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as "oil in place" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K file No, 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.
SOURCE Shell Oil Products US
ATLANTA, Nov. 11 /PRNewswire/ -- The Emory Conference Center Hotel (ECCH) is Atlanta's singular Hotel and Conference Center with its own private bowling alley. The recently completed Wisteria Lanes features six state-of-the-art bowling lanes, 'cosmic' bowling, a spectacular lighting and sound system, custom catering packages from fun food to gourmet dining, a private lounge, and a Game Room with Wii sports bowling and other activities.
"Wisteria Lanes has everything for a fun and challenging group event," said John Hill, Director of Sales & Marketing for ECCH. "We can accommodate groups from 30 people to more than 100 in a unique environment. It's a great way to take a break from a meeting, host an incentive event, or a team building exercise. We also find Wisteria Lanes to be a favorite for social events such as wedding rehearsal parties, Bar Mitzvahs, and birthday parties," added Hill.
ECCH recently completed an expansion and renovation which is scheduled for LEED (Leadership in Energy and Environmental Design) Silver Certification by the U.S. Green Building Council. The new addition includes 127 guest rooms, an additional 6,000 square feet of meeting space, a bridge that connects the new facility to the original building, a parking garage and Wisteria Lanes. ECCH now offers a total of 325 guest rooms and 32,000 square feet of meeting space.
ECCH offers bowling packages for private events that include bar, hors d'oeuvres, use of game, bowling shoes, and balls. For more information on group events and meetings, contact 404.712.6015 or online at www.emoryconferencecenter.com.
About Emory Conference Center Hotel
Opened in 1995, the Emory Conference Center Hotel (ECCH) is a full-service property nestled in 26 acres of forest preserve at the Emory University campus in Atlanta. Inspired by the architectural design of Frank Lloyd Wright, the ECCH is a member of the Green Hotels Association and is the only Conference Center in Georgia certified by Green Seal, Inc. The ECCH is a member of the International Association of Conference Centers (IACC). The facility is owned by Emory University and managed by Crestline Hotels & Resorts. For more information or reservations visit www.emoryconferencecenter.com or 800-933-6679.
SOURCE Emory Conference Center Hotel
MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2009) - CAE Inc. (TSX: CAE)(NYSE: CAE)
- Net earnings of C$39.1 million or C$0.15 per share
- Net cash provided by continuing operating activities of C$116.4 million
- Net debt at C$257.8 million
- Restructuring program on track
CAE today reported financial results for the second quarter ended September 30, 2009. Net earnings were $39.1 million ($0.15 per share), compared to $49.0 million ($0.19 per share) in the second quarter of last year. Excluding a restructuring charge of $1.1 million recorded during the quarter, net earnings were $39.9 million ($0.16 per share). All financial information is in Canadian dollars.
Summary of consolidated results (amounts in millions, except operating margins and per share amounts) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 ------------------------------------------------------------------------- Revenue $ 364.5 383.0 438.8 424.6 406.7 Total segment operating income $ 62.3 72.3 79.6 77.6 76.0 Restructuring charge $ (1.1) (27.2) - - - Earnings before interest and income taxes (EBIT) $ 61.2 45.1 79.6 77.6 76.0 As a % of Revenue % 16.8 11.8 18.1 18.3 18.7 Earnings from Continuing Operations $ 39.1 27.2 52.7 52.1 49.2 Results from discontinued operations $ - - - - (0.2) Net earnings $ 39.1 27.2 52.7 52.1 49.0 Diluted EPS from continuing operations $ 0.15 0.11 0.21 0.20 0.19 Backlog $ 3,034.8 3,278.2 3,181.8 2,942.8 2,741.8 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Comparative periods of fiscal 2009 have been restated to reflect a change in the accounting treatment for pre-operating costs.
Consolidated revenue this quarter was $364.5 million compared to $406.7 million last year.
Second-quarter consolidated earnings before interest and taxes(1) (EBIT) were $61.2 million, or 16.8% of revenue. EBIT before the restructuring charge was $62.3 million, or 17.1% of revenue.
"The civil aerospace sector remains a challenge, but our healthy financial position and our diversification among products and services, military and civil markets and our presence on all continents around the world is helping to mitigate its effects," said Marc Parent, CAE's President and Chief Executive Officer. "We are continuing to adjust our business in terms of structure and people to reduce costs and to be able to generate cash and profits through the aerospace downturn. We expect continued strong growth in military and the eventual recovery in our civil segments will build on this solid base."
Business highlights
In our military segments we won orders of $178.4 million during the quarter including major upgrade work for two German CH-53 full-mission simulators and a range of A330 Multi-Role Tanker Transport trainers for the United Arab Emirates and the Royal Saudi Air Force.
In our civil segments we secured training and services contracts with an expected value of $82.9 million and we were awarded $26.8 million in contracts including two full-flight simulators (FFSs) from Kenya Airways and Korean Air. Following the end of the quarter, we signed an additional two full flight simulator orders. Year-to-date we have announced 10 FFS orders and we continue to expect a total of 20 this fiscal year.
Civil segments
Training & Services/Civil (TS/C)
Financial results (amounts in millions, except operating margins and RSEUs) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 ------------------------------------------------------------------------- Revenue $ 102.8 114.7 121.4 120.9 108.0 Segment operating income $ 15.9 20.8 25.1 20.4 19.5 Operating margins % 15.5 18.1 20.7 16.9 18.1 Backlog $ 792.3 906.9 1,006.4 1,036.0 907.6 RSEUs 128 130 123 118 118 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Comparative periods of fiscal 2009 have been restated to reflect a change in the accounting treatment for pre-operating costs.
Second quarter revenue in the TS/C segment decreased 5% compared to last year due to softer market conditions in North America and Europe. Since last year we deployed 10 additional Revenue Simulator Equivalent Units (RSEUs) to our network and we grew our revenue base in the emerging markets. These factors helped to offset some pressures we experienced in the legacy markets.
Compared to last quarter, revenue decreased 10% mainly due to seasonality and market weakness.
Segment operating income was $15.9 million (15.5% of revenue) in the second quarter, compared to $20.8 million (18.1% of revenue) last quarter and $19.5 million (18.1% of revenue) in the second quarter last year.
Last quarter we realized a gain on the disposal of two simulators, compared to one this quarter. Softness in Europe was partially offset by our cost containment measures, which have begun to take hold.
Markets in North America and Europe slowed and we were impacted this quarter by unfavourable foreign exchange translation on our working capital accounts. These negatives were partially offset by the addition of more RSEUs and higher activity in the emerging markets.
Foreign exchange movements were favourable in the comparison of year over year results but unfavourable between the first and second quarters of this fiscal year.
New orders for the quarter totalled $82.9 million, and segment backlog was $792.3 million. The book-to-sales ratio was 0.81x in the quarter and 0.95x for the last 12 months.
Simulation Products/Civil (SP/C)
Financial results (amounts in millions, except operating margins) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 ------------------------------------------------------------------------- Revenue $ 63.9 83.1 107.3 119.3 114.3 Segment operating income $ 12.4 16.7 18.5 22.8 23.4 Operating margins % 19.4 20.1 17.2 19.1 20.5 Backlog $ 254.5 293.6 288.2 359.5 343.4 ------------------------------------------------------------------------- -------------------------------------------------------------------------
Revenue in the SP/C segment was $63.9 million during the second quarter, down 44% from last year mainly because of an extended facility shutdown of three weeks in July and furlough days, which occurred during the quarter. As well, volume was affected by lower orders this year and the recognition of revenue last year on some simulators that were partially built when sales contracts were signed.
Segment operating income was $12.4 million (19.4% of revenue) in the second quarter, down 47% from last year because of lower volume and the emergence of pricing pressure. The impact of the challenging market conditions was partially offset by favourable foreign exchange hedging. Contracts subsequently added to backlog have been affected by more pronounced pricing pressure and the continued strength of the Canadian dollar relative to our other main operating currencies. We continue to take action to deal with the difficult market situation in this segment as we believe these conditions will prevail for a while.
During the quarter, we received orders for two civil FFSs. SP/C orders for the quarter totalled $26.8 million, and segment backlog was $254.5 million. This quarter's book-to-sales ratio was 0.42x. The ratio for the last 12 months was 0.77x.
Military segments
Revenue in the second quarter for our combined Military business was $197.8 million and operating income was $34.0 million, resulting in an operating margin of 17.2%.
Combined new orders this quarter totalled $178.4 million for a book-to-sales ratio of 0.90x. The ratio was 1.41x for the last 12 months.
Simulation Products/Military (SP/M)
Financial results (amounts in millions, except operating margins) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 ------------------------------------------------------------------------- Revenue $ 137.4 118.5 143.6 125.5 126.0 Segment operating income $ 24.3 22.2 26.8 25.7 21.6 Operating margins % 17.7 18.7 18.7 20.5 17.1 Backlog $ 889.8 1,072.5 893.0 714.0 705.6 ------------------------------------------------------------------------- -------------------------------------------------------------------------
Revenue in the SP/M segment was $137.4 million in the second quarter, up 9% year over year mainly because of higher activity on various NH90 helicopter programs and the integration into our results of DSA, which we acquired in May 2009.
Segment operating income this quarter was $24.3 million (17.7% of revenue), up 13% year over year mainly because of the higher program activity and more investment tax credits.
New orders for the quarter totalled $113.5 million and segment backlog reached $889.8 million at the end of the quarter. This quarter's book-to-sales ratio was 0.83x. The ratio for the last 12 months was 1.24x.
Training & Services /Military (TS/M)
Financial results (amounts in millions, except operating margins) Q2-2010 Q1-2010 Q4-2009 Q3-2009 Q2-2009 ------------------------------------------------------------------------- Revenue $ 60.4 66.7 66.5 58.9 58.4 Segment operating income $ 9.7 12.6 9.2 8.7 11.5 Operating margins % 16.1 18.9 13.8 14.8 19.7 Backlog $ 1,098.2 1,005.2 994.2 833.3 785.2 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Comparative periods of fiscal 2009 have been restated to reflect a change in the accounting treatment for pre-operating costs.
Revenue in the TS/M segment was $60.4 million in the second quarter, up 3% year over year mainly because of more work on maintenance service contracts in Canada and Germany and increased NH90 helicopter training activity in Germany.
Segment operating income was $9.7 million this quarter, down 16% from the same period last year. The decrease is the result of a larger dividend from a U.K.-based investment last year compared to this year and higher bid and proposal costs this year related to the current high level of marketing activity.
New orders this quarter totalled $64.9 million and segment backlog reached $1.098 billion at the end of the quarter. The book-to-sales ratio was 1.07x for the quarter and 1.77x for the last 12 months.
Cash flow and financial position
CAE's free cash flow(2) was $93.5 million at the end of the second quarter, up $123.2 million from last quarter and up $51.0 million year over year. Since last quarter we decreased our investment in non-cash working capital and cash provided by continuing operating activities increased by $24.6 million.
Growth capital expenditures were $13.5 million this quarter and maintenance capital expenditures were $12.8 million.
Net debt(3) was $257.8 million at September 30, 2009, down $82.9 million from last quarter mainly from increased cash before proceeds and repayment of long-term debt and by the strengthening of the Canadian dollar against our foreign denominated debt.
CAE will pay a dividend of $0.03 per share on December 31, 2009 to shareholders of record at the close of business on December 15, 2009.
Additional consolidated financial results
Restructuring
A restructuring charge of $1.1 million was incurred during the second quarter as part of a restructuring plan we announced in May 2009. We continue to expect to incur a total charge of $32 million for the restructuring program and we expect to complete this by the end of the fiscal year.
Orders and backlog
Our consolidated backlog was $3.035 billion at the end of the quarter, compared to $3.278 billion last quarter. New orders of $288.1 million were added to backlog, offset by $364.5 million in revenue generated from backlog. As well, our backlog decreased by $167.0 million of which $128.4 million is mainly the result of foreign exchange adjustments and $38.6 million is due to the reassessment of TS/C backlog.
Income taxes
Income taxes were $14.7 million this quarter, representing an effective tax rate of 27%. The tax rate was lower this quarter and year to date because of changes in the mix of income in various jurisdictions for tax purposes. We now expect the average effective tax rate for the year to be approximately 29%.
You will find a more detailed discussion of our results by segment in the Management's Discussion and Analysis (MD&A) as well as in our consolidated financial statements which are posted on our website at www.cae.com/Q2FY10.
CAE's audited annual financial statements and management's discussion and analysis for the year ended March 31, 2009 have been filed with the Canadian securities commissions and are available on our website (www.cae.com) and on SEDAR (www.sedar.com). They have also been filed with the U.S. Securities and Exchange Commission and are available on their website (www.sec.gov).
Conference call Q2 FY2010
CAE will host a conference call focusing on fiscal year 2010 second quarter financial results today at 1:00 p.m. ET. The call is intended for analysts, institutional investors and the media. North American participants can listen to the conference by dialling +1-866-540-8136 or +1-514-868-1042. Overseas participants can dial +800-9559-6849 or +1-514-868-1042. The conference call will also be audio webcast live for the public at www.cae.com.
CAE is a world leader in providing simulation and modelling technologies and integrated training solutions for the civil aviation industry and defence forces around the globe. With annual revenues exceeding C$1.6 billion, CAE employs more than 6,500 people at more than 90 sites and training locations in 20 countries. We have the largest installed base of civil and military full-flight simulators and training devices. Through our global network of 29 civil aviation and military training centres, we train more than 75,000 crewmembers yearly. We also offer modelling and simulation software to various market segments, and through CAE's professional services division, we assist customers with a wide range of simulation-based needs.
Certain statements made in this news release, including, but not limited to, statements that are not historical facts, are forward-looking and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. These statements do not reflect the potential impact of any non-recurring or other special items or events that are announced or completed after the date of this news release, including mergers, acquisitions, or other business combinations and divestitures.
You will find more information about the risks and uncertainties associated with our business in the MD&A section of our annual report and annual information form for the year ended March 31, 2009. These documents have been filed with the Canadian securities commissions and are available on our website (www.cae.com), on SEDAR (www.sedar.com) and a free copy is available upon request to CAE. They have also been filed with the U.S. Securities and Exchange Commission under Form 40-F and are available on EDGAR (www.sec.gov). You will also find on our web site the English MD&A for the fiscal 2010 second quarter. The forward-looking statements contained in this news release represent our expectations as of November 11, 2009 and, accordingly, are subject to change after this date.
We do not update or revise forward-looking information even if new information becomes available unless legislation requires us to do so. You should not place undue reliance on forward-looking statements.
Notes
(1) Earnings before interest and taxes (EBIT) is a non-GAAP measure that shows us how we have performed before the effects of certain financing decisions and tax structures. We track EBIT because we believe it makes it easier to compare our performance with previous periods, and with companies and industries that do not have the same capital structure or tax laws.
(2) Free cash flow is a non-GAAP measure that tells us how much cash we have available to build the business, repay debt and meet ongoing financial obligations. We use it as an indicator of our financial strength and liquidity. We calculate it by taking the net cash generated by our continuing operating activities, subtracting maintenance capital expenditures, other assets and dividends paid and adding proceeds from sale of property, plant and equipment.
(3) Net debt is a non-GAAP measure we use to monitor how much debt we have after taking into account liquid assets such as cash and cash equivalents. We use it as an indicator of our overall financial position, and calculate it by taking our total long-term debt (debt that matures in more than one year), including the current portion, and subtracting cash and cash equivalents.
Consolidated Balance Sheets
(Unaudited) As at September 30 As at March 31
(amounts in millions of Canadian dollars) 2009 2009
--------------------------------------------------------------------------
Restated
Assets
Current assets
Cash and cash equivalents $257.1 $195.2
Accounts receivable 284.9 322.4
Contracts in progress 231.6 215.3
Inventories 128.6 118.9
Prepaid expenses 29.8 31.3
Income taxes recoverable 10.6 11.5
Future income taxes 2.7 5.3
--------------------------------------------------------------------------
$945.3 $899.9
Property, plant and equipment, net 1,202.5 1,302.4
Future income taxes 77.2 86.1
Intangible assets 109.9 99.5
Goodwill 150.4 159.1
Other assets 130.6 118.8
--------------------------------------------------------------------------
$2,615.9 $2,665.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities $450.2 $540.4
Deposits on contracts 224.3 203.8
Current portion of long-term debt 60.0 125.6
Future income taxes 29.0 20.9
--------------------------------------------------------------------------
$763.5 $890.7
Long-term debt 454.9 354.7
Deferred gains and other long-term liabilities 200.9 184.9
Future income taxes 32.7 37.7
--------------------------------------------------------------------------
$1,452.0 $1,468.0
--------------------------------------------------------------------------
Shareholders' equity
Capital stock $435.5 $430.2
Contributed surplus 10.4 10.1
Retained earnings 856.0 805.0
Accumulated other comprehensive loss (138.0) (47.5)
--------------------------------------------------------------------------
$1,163.9 $1,197.8
--------------------------------------------------------------------------
$2,615.9 $2,665.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statements of Earnings
(Unaudited) Three months ended Six months ended
(amounts in millions of Canadian September 30 September 30
dollars, except per share amounts) 2009 2008 2009 2008
--------------------------------------------------------------------------
Restated Restated
Revenue $364.5 $406.7 $747.5 $798.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Earnings before restructuring,
interest and income taxes $62.3 $76.0 $134.6 $148.6
Restructuring charge 1.1 - 28.3 -
--------------------------------------------------------------------------
Earnings before interest
and income taxes $61.2 $76.0 $106.3 $148.6
Interest expense, net 7.4 5.2 14.0 9.5
--------------------------------------------------------------------------
Earnings before income taxes $53.8 $70.8 $92.3 $139.1
Income tax expense 14.7 21.6 26.0 41.7
--------------------------------------------------------------------------
Earnings from continuing operations $39.1 $49.2 $66.3 $97.4
Results of discontinued operations - (0.2) - (1.1)
--------------------------------------------------------------------------
Net earnings $39.1 $49.0 $66.3 $96.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Basic and diluted earnings per
share from continuing operations $0.15 $0.19 $0.26 $0.38
--------------------------------------------------------------------------
Basic and diluted
earnings per share $0.15 $0.19 $0.26 $0.38
--------------------------------------------------------------------------
Weighted average number of
shares outstanding (basic) 255.6 254.9 255.5 254.6
--------------------------------------------------------------------------
Weighted average number of
shares outstanding (diluted)(1) 255.6 255.4 255.5 255.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(1) For the three and six months ended September 30, 2009, the effect of
stock options potentially exercisable was anti-dilutive; therefore, the
basic and diluted weighted average number of shares outstanding are the
same.
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)
six months ended September 30, 2009
(amounts in millions of Canadian dollars, except number of shares)
--------------------------------------------------------------------------
Accu-
mulated
Other Total
Common Shares Con- Compre- Share-
Number of Stated tributed Retained hensive holders'
Shares Value Surplus Earnings Loss Equity
--------------------------------------------------------------------------
Balances, beginning
of period 255,146,443 $430.2 $10.1 $813.3 $(48.5) $1,205.1
Adjustment for
change in
accounting policy - - - (8.3) 1.0 (7.3)
Stock options
exercised 632,670 3.4 - - - 3.4
Transfer upon
exercise of
stock options - 1.7 (1.7) - - -
Stock dividends 24,261 0.2 - (0.2) - -
Stock-based
compensation - - 2.0 - - 2.0
Net earnings - - - 66.3 - 66.3
Dividends - - - (15.1) - (15.1)
Other
comprehensive loss - - - - (90.5) (90.5)
--------------------------------------------------------------------------
Balances,
end of period 255,803,374 $435.5 $10.4 $856.0 $(138.0) $1,163.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
The total of Retained earnings and Accumulated other comprehensive loss for
the six months ended September 30, 2009 was $718.0 million ($568.2 million
as at September 30, 2008).
(Unaudited)
six months ended September 30, 2008
(amounts in millions of Canadian dollars, except number of shares)
--------------------------------------------------------------------------
Accu-
mulated
Other Total
Common Shares Con- Compre- Share-
Number of Stated tributed Retained hensive holders'
Shares Value Surplus Earnings Loss Equity
--------------------------------------------------------------------------
Balances, beginning
of period 253,969,836 $418.9 $8.3 $644.5 $(123.2) $948.5
Adjustment for
change in
accounting policy - - - (10.0) 0.8 (9.2)
Stock options
exercised 850,625 8.4 - - - 8.4
Transfer upon
exercise of
stock options - 0.6 (0.6) - - -
Stock dividends 65,945 0.7 - (0.7) - -
Stock-based
compensation - - 1.5 - - 1.5
Net earnings - - - 96.3 - 96.3
Dividends - - - (14.6) - (14.6)
Other
comprehensive loss - - - - (24.9) (24.9)
--------------------------------------------------------------------------
Balances,
end of period 254,886,406 $428.6 $9.2 $715.5 $(147.3) $1,006.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited) Three months ended Six months ended
(amounts in millions of September 30 September 30
Canadian dollars) 2009 2008 2009 2008
--------------------------------------------------------------------------
Restated Restated
Net earnings $39.1 $49.0 $66.3 $96.3
--------------------------------------------------------------------------
Other comprehensive loss,
net of income taxes:
Foreign currency
translation adjustment
Net foreign exchange losses on
translation of financial
statements of self-sustaining
foreign operations $(83.2) $(13.7) $(137.4) $(26.6)
Net change in gains (losses)
on certain long-term
debt denominated in
foreign currency
and designated as
hedges on net
investments of
self-sustaining
foreign operations 12.5 (1.4) 10.6 (1.1)
Income tax adjustment (0.4) (0.1) 1.3 (0.1)
--------------------------------------------------------------------------
$(71.1) $(15.2) $(125.5) $(27.8)
--------------------------------------------------------------------------
Net changes in cash flow hedge
Net change in gains on
derivative items designated as
hedges of cash flows $24.1 $3.7 $37.3 $11.8
Reclassifications
to income or to
the related non-financial
assets or liabilities (0.1) (4.5) 13.2 (7.6)
Income tax adjustment (7.5) 0.2 (15.5) (1.3)
--------------------------------------------------------------------------
$16.5 $(0.6) $35.0 $2.9
--------------------------------------------------------------------------
Total other comprehensive loss $(54.6) $(15.8) $(90.5) $(24.9)
--------------------------------------------------------------------------
Comprehensive (loss) income $(15.5) $33.2 $(24.2) $71.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statement of Accumulated Other Comprehensive Loss
(Unaudited) Foreign Accumulated
as at September 30, 2009 Currency Other
(amounts in millions of Translation Cash Flow Comprehensive
Canadian dollars) Adjustment Hedge Loss
--------------------------------------------------------------------------
Balance in accumulated other
comprehensive loss at
beginning of the period $(20.4) $(28.1) $(48.5)
Adjustment for change in
accounting policy 1.0 - 1.0
Details of other
comprehensive loss:
Net change in (losses) gains (126.8) 37.3 (89.5)
Reclassification to income
or to the related
non-financial assets
or liabilities - 13.2 13.2
Income tax adjustment 1.3 (15.5) (14.2)
--------------------------------------------------------------------------
Total other comprehensive loss $(125.5) $35.0 $(90.5)
--------------------------------------------------------------------------
Balance in accumulated other
comprehensive loss at
end of period $(144.9) $6.9 $(138.0)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statements of Cash Flows
(Unaudited) Three months ended Six months ended
(amounts in millions of September 30 September 30
Canadian dollars) 2009 2008 2009 2008
--------------------------------------------------------------------------
Restated Restated
Operating activities
Net earnings $39.1 $49.0 $66.3 $96.3
Results of
discontinued operations - 0.2 - 1.1
--------------------------------------------------------------------------
Earnings from
continuing operations $39.1 $49.2 $66.3 $97.4
Adjustments to reconcile
earnings to cash flows
from operating activities:
Depreciation 18.2 17.3 37.5 33.0
Financing cost amortization 0.2 0.2 0.4 0.4
Amortization and write down
of intangible and other assets 5.0 3.4 9.0 7.1
Future income taxes (5.2) 7.6 1.8 13.4
Investment tax credits 4.2 5.9 2.5 9.3
Stock-based compensation plans 7.6 (2.4) 8.4 (6.6)
Employee future benefits - net 0.1 0.2 (0.6) 0.4
Amortization of other
long-term liabilities (1.9) (2.4) (3.7) (5.0)
Other 5.4 (0.1) (0.8) -
Changes in non-cash
working capital 43.7 (19.9) (24.3) (119.0)
--------------------------------------------------------------------------
Net cash provided by
operating activities $116.4 $59.0 $96.5 $30.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Investing activities
Business acquisitions,
net of cash and cash
equivalents acquired $(5.2) $0.1 $(22.9) $(38.7)
Capital expenditures (26.3) (50.6) (58.3) (89.0)
Proceeds from disposal
of property, plant and equipment 0.9 - 8.5 -
Deferred development costs (3.0) (2.2) (6.1) (4.1)
Other (3.5) (1.2) (5.0) (2.6)
--------------------------------------------------------------------------
Net cash used in
investing activities $(37.1) $(53.9) $(83.8) $(134.4)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Financing activities
Proceeds from long-term debt,
net of transaction costs
and hedge accounting adjustment $9.5 $13.9 $154.7 $22.5
Repayment of long-term debt (8.6) (8.6) (93.5) (14.1)
Proceeds from capital lease - - 16.9 -
Dividends paid (7.5) (7.5) (15.1) (14.6)
Common stock issuance 1.3 - 3.4 8.4
Other - (0.3) (1.4) (1.3)
--------------------------------------------------------------------------
Net cash (used in) provided
by financing activities $(5.3) $(2.5) $65.0 $0.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Effect of foreign exchange
rate changes on cash
and cash equivalents $(9.9) $(0.5) $(15.8) $(2.8)
--------------------------------------------------------------------------
Net increase (decrease)
in cash and cash equivalents $64.1 $2.1 $61.9 $(105.9)
Cash and cash equivalents
at beginning of period 193.0 147.7 195.2 255.7
--------------------------------------------------------------------------
Cash and cash equivalents
at end of period $257.1 $149.8 $257.1 $149.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Media contact:
Nathalie Bourque, Vice President,
Public Affairs and Global Communications
514-734-5788
nathalie.bourque@cae.com
Investor relations:
Andrew Arnovitz, Vice President,
Investor Relations and Strategy
514-734-5760
andrew.arnovitz@cae.com
Source: CAE Inc.
More Than One Thousand Providers Take Advantage of Free Offer
ATLANTA--(BUSINESS WIRE)-- WellCentive announced today that over 1,000 Michigan providers took advantage of a limited-time offer for free one-year WellCentive Registry licenses, interfaces, implementation support, and project management. These new WellCentive Registry users joined thousands of other licensed providers in Michigan.
WellCentive Registry has become the patient registry of choice in Michigan, where well over half of all primary care physicians are licensed to use the system. WellCentive's focus on integration and interfacing helps ensure that the registry data is accurate, up-to-date, and complete. More than 90% of providers in Michigan who use a patient registry use WellCentive Registry.
"WellCentive has been blessed with a great deal of support and success in my home state, and we wanted to give something back," said Paul D. Taylor, M.D., WellCentive's CEO and medical director. While many Michigan providers have been using WellCentive Registry for years, not everyone understands how registries can engage physicians, improve care, and cut costs using point-of-care decision support, population-based reporting, and automated patient outreach . "We wanted to encourage physicians and physician organizations that are on the fence, to take the plunge and join the growing clinical quality improvement movement. We are thrilled by the response," said Taylor.
"We have been investigating electronic patient registries for two years now, and the features of the WellCentive Registry product combined with the free offer solidified our decision," said Natalie Buslepp, Director of Carson City Hospital Medical Services Group and Administrator of Carson Health Network PHO. "Other members of our Regional Delivery Network have been using the WellCentive Registry for years, and we plan to use the system after the free licenses expire. The return on investment is significant," said Buslepp.
The free WellCentive Registry license program includes an inbound lab results interface with Quest Diagnostics and outbound interfaces to Priority Health and Blue Care Network for Pay for Performance reporting. WellCentive pioneered the paradigm of direct reporting to payers for P4P programs, which currently includes other payers as well.
About WellCentive
WellCentive's point-of-care patient registry systems and HIE platforms systems support PCMH, pay for performance, CMS PQRI, chronic disease management, and other programs and have set new standards for interoperability, reporting, patient outreach, and affordability. For more information, visit http://www.wellcentive.com.
Source: WellCentive
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