MIRA INFORM REPORT
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Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
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Name : |
COX COMMUNICATIONS, INC |
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Registered Office : |
1400 Lake Hearn Drive, N.E., Atlanta, GA 30319 |
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Country : |
United States |
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Financials (as on) : |
31.12.2001 |
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Year of Establishment : |
1994 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Multi-Service Broadband Communications and Entertainment Company |
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No. of Employees : |
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RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.
|
Source
: CIA |
Company name & address
Cox Communications, Inc.
1400 Lake Hearn Drive, N.E.
Atlanta, GA 30319
United States
Tel: 404-843-5000
Fax: 404-843-5939
Web : http://ww2.cox.com/
Synthesis
Employees: 22,530
Company Type: Private Subsidiary
Corporate Family: 653
Companies
Ultimate Parent: Cox
Enterprises, Inc.
Incorporation Date: 1994
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2005
Reporting Currency: US
Dollar
Annual Sales: 6,722.3 1
Net Income: (230.7)
Total Assets: 28,377.7 2
Business Description
Cox
Communications, Inc. is a multi-service broadband communications and
entertainment company with more than six million total residential and
commercial customers. The Company offers both analog cable television under the
Cox Cable brand, as well as advanced digital video service under the Cox
Digital Cable brand. Cox provides an array of other communications and
entertainment services, including local and long distance telephone under the
Cox Digital Telephone brand, Internet access under the Cox High Speed Internet
brand, and commercial voice and data services via Cox Business Services. In
addition, Cox Business Services provides communications solutions for commercial
customers, providing Internet, voice and long-distance services, as well as
data and video transport services for small to large-sized businesses. Cox
Media offers national and local cable advertising in traditional spot and new
media formats, along with promotional opportunities and production services.
For the fiscal year ended 31 December 2005, Cox Communications, Inc.'s revenues
increased 10% to $6.72B. Net loss from cont. ops. totaled $121K, down from
$1.1M. Revenues reflect an increase in customers for advanced services,
including digital cable, high-speed internet access and telephony customers.
Net loss also reflects lower loss on derivative instruments and the absence of
loss on sale and exchange of cable systems.
Industry
Industry Broadcasting and Cable Television
ANZSIC 2006: 5622 - Cable and
Other Subscription Broadcasting
NACE 2002: 6420 -
Telecommunications
NAICS 2002: 51751 - Cable and
Other Program Distribution
UK SIC 2003: 6420 -
Telecommunications
US SIC 1987: 4841 - Cable and Other
Pay Television Services
Key Executives
(Emails Available)
|
Name |
Title |
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Patrick J. Esser |
President |
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Mark F. Bowser |
Chief Financial Officer, Senior Vice
President |
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Joseph J. Rooney |
Senior Vice President, Chief Marketing
Officer |
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Dallas S. Clement |
Senior Vice President - Strategy and
Development |
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Scott A. Hatfield |
Senior Vice President, Chief Information
Officer |
News
|
Title |
Date |
|
Research
and Markets: Expanding Cable Revenues: Strategies for the Commercial Market |
22-Aug-2011 |
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Strapped
viewers are cutting cable |
19-Aug-2011 |
|
EPIX -
International Media Conference Call: Teddy Atlas / Lennox Lewis / Mark
Greenberg |
19-Aug-2011 |
|
Rick
Jackson Named SVP Global Sales and Distribution at Cinsay |
19-Aug-2011 |
|
Rick
Jackson Named SVP Global Sales and Distribution at Cinsay, Inc. |
19-Aug-2011 |
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
1400 Lake Hearn Drive, N.E.
Atlanta, GA, 30319
DeKalb County
United States
Tel: 404-843-5000
Fax: 404-843-5939
Sales USD(mil): 6,722.3
Assets USD(mil): 28,377.7
Employees: 22,530
Fiscal Year End: 31-Dec-2005
Industry: Broadcasting
and Cable Television
Incorporation Date: 1994
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
President: Patrick
J. Esser
Company Web Links
Corporate History/Profile
Employment Opportunities
Executives
Home Page
Investor Relations
News Releases
Contents
Industry Codes
Business Description
Product Codes
Financial Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
7000 - Computer System Design and Related Services
5622 - Cable and Other Subscription Broadcasting
5802 - Other Telecommunications Network Operation
5801 - Wired Telecommunications Network Operation
NACE 2002 Codes:
7240 - Database activities
6420 - Telecommunications
NAICS 2002 Codes:
518111 - Internet Service Providers
517110 - Wired Telecommunications Carriers
51751 - Cable and Other Program Distribution
517212 - Cellular and Other Wireless Telecommunications
US SIC 1987:
7375 - Information Retrieval Services
4812 - Radiotelephone Communications
4841 - Cable and Other Pay Television Services
4813 - Telephone Communications, Except Radiotelephone
UK SIC 2003:
7240 - Database activities
6420 - Telecommunications
Business
Description
Cox
Communications, Inc. is a multi-service broadband communications and entertainment
company with more than six million total residential and commercial customers.
The Company offers both analog cable television under the Cox Cable brand, as
well as advanced digital video service under the Cox Digital Cable brand. Cox
provides an array of other communications and entertainment services, including
local and long distance telephone under the Cox Digital Telephone brand,
Internet access under the Cox High Speed Internet brand, and commercial voice
and data services via Cox Business Services. In addition, Cox Business Services
provides communications solutions for commercial customers, providing Internet,
voice and long-distance services, as well as data and video transport services
for small to large-sized businesses. Cox Media offers national and local cable
advertising in traditional spot and new media formats, along with promotional
opportunities and production services. For the fiscal year ended 31 December
2005, Cox Communications, Inc.'s revenues increased 10% to $6.72B. Net loss
from cont. ops. totaled $121K, down from $1.1M. Revenues reflect an increase in
customers for advanced services, including digital cable, high-speed internet
access and telephony customers. Net loss also reflects lower loss on derivative
instruments and the absence of loss on sale and exchange of cable systems.
More Business
Descriptions
Establishments
primarily engaged in furnishing telephone voice and data communications, except
radiotelephone and telephone answering services. This industry also includes
establishments primarily engaged in leasing telephone lines or other methods of
telephone transmission, such as optical fiber lines and microwave or satellite
facilities, and reselling the use of such methods to others.
Cox Communications
is a branch of Cox Enterprises. Cox, a Fortune 500 company, is a multi-service
broadband communications company with more than 6.5 million total customers,
including over 6 million basic cable subscribers. The nation's third-largest
cable television provider, Cox offers analog cable television under the Cox
Cable brand as well as digital video service under the Cox Digital Cable brand,
featuring advanced services including digital video recording, high-definition
television and video-on-demand. Cox provides an array of other communications
services, including local and long-distance telephone under the Cox Digital
Telephone brand, high-speed Internet service under the Cox High Speed Internet
brand and home networking. Commercial voice and data services are offered via Cox
Business Services. Cox Communications maintains a location in Atlanta.
Provider of
Internet e-mail services, digital telephone access services, digital telephone
access services, and digital fiber optics Internet access services. Also a
provider of cable television access services. Products and services are sold to
multiple industries.
Product Codes
Product Code Product Description
TEL-II-AZ Digital fiber
optics Internet access services - Cox@Home, Cox@Work
TEL-IM-E Internet e-mail
services
TEL-SV-BC Cable broadcast
communications services
TEL-SV-BT Digital television
access services
TEL-SV-TL Long distance
digital telephone access services
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%2011-Mar-2013_files/image001.gif){kind=small}
Credit Report as of 02/01/2011
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Location |
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1400 Lake Hearn Dr NE |
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County: |
DE Kalb |
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MSA: |
Atlanta, GA |
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Phone: |
404-843-5000 |
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Fax: |
404-847-6029 |
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ABI: |
441380425 |
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Annual Sales: |
$6,722,300,000 (USD) |
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Employees: |
300 |
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Facility Size(ft2): |
40,000+ |
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Facility Own/Lease: |
Own |
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Business Type: |
Private |
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Location Type: |
Subsidiary |
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Corp. Affiliation: |
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RECOMMENDED CREDIT LIMIT * |
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$100,000 (USD) |
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Primary Line of Business: |
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SIC: |
4813-02 - Telecommunications Services |
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NAICS: |
517310 - Telecommunications Resellers |
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Secondary Lines of Business: |
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NAICS: |
523910 - Misc Intermediation |
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515210 - Cable & Other Subscription Programming |
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541613 - Marketing Consulting Svcs |
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SICs: |
4841-01 - Television-Cable & Catv |
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6799-98 - Venture Capital Companies |
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8742-13 - Marketing Programs & Services |
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9999-66 - Federal Government Contractors |
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Profile Links
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Corporate Family |
Corporate Structure News: |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
15,000.0 |
77,000 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
6,722.3 |
22,530 |
|
|
Branch |
Omaha, NE |
United States |
Communications Services |
450.5 |
1,050 |
|
|
Branch |
Chesapeake, VA |
United States |
Communications Services |
210.0 |
1,000 |
|
|
Branch |
Rancho Sta Marg, CA |
United States |
Communications Services |
168.0 |
800 |
|
|
Branch |
San Diego, CA |
United States |
Computer Services |
125.0 |
765 |
|
|
Branch |
Rancho Sta Marg, CA |
United States |
Communications Services |
126.0 |
600 |
|
|
Branch |
Tulsa, OK |
United States |
Business Services |
29.4 |
600 |
|
|
Branch |
Metairie, LA |
United States |
Communications Services |
62.0 |
500 |
|
|
Branch |
Las Vegas, NV |
United States |
Communications Services |
84.0 |
400 |
|
|
Branch |
Phoenix, AZ |
United States |
Communications Services |
63.0 |
300 |
|
|
Branch |
San Diego, CA |
United States |
Advertising |
40.8 |
250 |
|
|
Branch |
Tucson, AZ |
United States |
Broadcasting and Cable Television |
68.4 |
200 |
|
|
Subsidiary |
Omaha, NE |
United States |
Communications Services |
42.0 |
200 |
|
|
Branch |
San Diego, CA |
United States |
Communications Services |
42.0 |
200 |
|
|
Branch |
Goleta, CA |
United States |
Communications Services |
53.3 |
160 |
|
|
Branch |
Cleveland, OH |
United States |
Computer Services |
23.3 |
125 |
|
|
Branch |
Topeka, KS |
United States |
Broadcasting and Cable Television |
103.4 |
105 |
|
|
Branch |
Manchester, CT |
United States |
Communications Services |
42.9 |
100 |
|
|
Branch |
Las Vegas, NV |
United States |
Computer Services |
18.6 |
100 |
|
|
Branch |
Omaha, NE |
United States |
Advertising |
16.3 |
100 |
|
|
Branch |
San Diego, CA |
United States |
Communications Services |
36.5 |
85 |
|
|
Branch |
Phoenix, AZ |
United States |
Advertising |
12.2 |
75 |
|
|
Branch |
Oklahoma City, OK |
United States |
Computer Services |
12.1 |
65 |
|
|
Branch |
Bakersfield, CA |
United States |
Communications Services |
12.6 |
60 |
|
|
Branch |
Wichita, KS |
United States |
Advertising |
9.8 |
60 |
|
|
Branch |
Chesapeake, VA |
United States |
Advertising |
8.6 |
53 |
|
|
Branch |
Wichita, KS |
United States |
Computer Services |
9.3 |
50 |
|
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Branch |
Las Vegas, NV |
United States |
Advertising |
8.2 |
50 |
|
|
Branch |
Stillwater, OK |
United States |
Broadcasting and Cable Television |
39.4 |
40 |
|
|
Branch |
Pensacola, FL |
United States |
Advertising |
6.5 |
40 |
|
|
Branch |
Oklahoma City, OK |
United States |
Advertising |
6.5 |
40 |
|
|
Branch |
Metairie, LA |
United States |
Computer Services |
6.7 |
36 |
|
|
Branch |
Fairfax, VA |
United States |
Advertising |
5.7 |
35 |
|
|
Branch |
Tulsa, OK |
United States |
Printing and Publishing |
9.3 |
31 |
|
|
Branch |
Fredericksburg, VA |
United States |
Broadcasting and Cable Television |
29.6 |
30 |
|
|
Branch |
Victoria, TX |
United States |
Broadcasting and Cable Television |
10.3 |
30 |
|
|
Branch |
Goleta, CA |
United States |
Advertising |
4.9 |
30 |
|
|
Branch |
Hutchinson, KS |
United States |
Retail (Technology) |
8.7 |
27 |
|
|
Branch |
Pensacola, FL |
United States |
Computer Services |
4.8 |
26 |
|
|
Branch |
New Orleans, LA |
United States |
Advertising |
4.2 |
26 |
|
|
Branch |
Tucson, AZ |
United States |
Advertising |
4.1 |
25 |
|
|
Branch |
Salina, KS |
United States |
Computer Services |
4.3 |
23 |
|
|
Branch |
Baton Rouge, LA |
United States |
Communications Services |
4.6 |
22 |
|
|
Branch |
Delcambre, LA |
United States |
Communications Services |
4.2 |
20 |
|
|
Subsidiary |
West Palm Beach, FL |
United States |
Printing and Publishing |
|
700 |
|
|
Branch |
Palm Beach, FL |
United States |
Advertising |
6.3 |
30 |
|
|
Division |
Wichita, KS |
United States |
Broadcasting and Cable Television |
|
600 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Retail (Specialty) |
75.0 |
300 |
|
|
Subsidiary |
Irvine, CA |
United States |
Printing and Publishing |
200.5 |
500 |
|
|
Branch |
Irvine, CA |
United States |
Business Services |
38.8 |
250 |
|
|
Branch |
Bridgeville, PA |
United States |
Printing and Publishing |
28.1 |
70 |
|
|
Branch |
Oak Brook, IL |
United States |
Retail (Technology) |
15.6 |
61 |
|
|
Branch |
Grand Prairie, TX |
United States |
Printing and Publishing |
20.1 |
50 |
|
|
Subsidiary |
Longview, TX |
United States |
Printing and Publishing |
43.5 |
250 |
|
|
Subsidiary |
Macon, GA |
United States |
Computer Services |
26.8 |
144 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Auto and Truck Manufacturers |
75.0 |
100 |
|
|
Branch |
Manheim, PA |
United States |
Auto and Truck Manufacturers |
7,400.0 |
2,000 |
|
|
Subsidiary |
Leeds |
United Kingdom |
Commercial Banks |
159.6 |
1,645 |
|
|
Subsidiary |
Leeds |
United Kingdom |
Business Services |
131.2 |
1,423 |
|
|
Subsidiary |
Glasgow |
United Kingdom |
Nonclassifiable Industries |
3.3 |
35 |
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Business Services |
16.0 |
112 |
|
|
Subsidiary |
Leeds |
United Kingdom |
Software and Programming |
5.7 |
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leamington Spa |
United Kingdom |
Business Services |
3.3 |
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Business Services |
0.1 |
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Leeds |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Saltash |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Branch |
Ocoee, FL |
United States |
Auto and Truck Manufacturers |
3,700.0 |
1,000 |
|
|
Branch |
Atlanta, GA |
United States |
Auto and Truck Manufacturers |
2,590.0 |
700 |
|
|
Branch |
Atlanta, GA |
United States |
Auto and Truck Manufacturers |
2,590.0 |
700 |
|
|
Branch |
Statesville, NC |
United States |
Auto and Truck Manufacturers |
10.3 |
700 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Retail (Specialty) |
0.7 |
700 |
|
|
Branch |
Flat Rock, MI |
United States |
Auto and Truck Manufacturers |
2,220.0 |
600 |
|
|
Branch |
Omaha, NE |
United States |
Business Services |
106.8 |
600 |
|
|
Branch |
San Antonio, TX |
United States |
Auto and Truck Manufacturers |
100.0 |
600 |
|
|
Branch |
Grove City, OH |
United States |
Business Services |
97.9 |
550 |
|
|
Branch |
Aurora, CO |
United States |
Auto and Truck Manufacturers |
1,905.5 |
515 |
|
|
Branch |
Grand Prairie, TX |
United States |
Auto and Truck Manufacturers |
1,853.7 |
501 |
|
|
Branch |
Mt Juliet, TN |
United States |
Auto and Truck Manufacturers |
1,850.0 |
500 |
|
|
Branch |
Caledonia, WI |
United States |
Business Services |
89.0 |
500 |
|
|
Branch |
North Dighton, MA |
United States |
Auto and Truck Manufacturers |
1,591.0 |
430 |
|
|
Branch |
Maple Grove, MN |
United States |
Auto and Truck Manufacturers |
1,480.0 |
400 |
|
|
Branch |
Anaheim, CA |
United States |
Retail (Specialty) |
268.4 |
400 |
|
|
Branch |
Tolleson, AZ |
United States |
Business Services |
71.2 |
400 |
|
|
Branch |
Hayward, CA |
United States |
Auto and Truck Manufacturers |
28.4 |
400 |
|
|
Branch |
Shakopee, MN |
United States |
Auto and Truck Manufacturers |
1,295.0 |
350 |
|
|
Branch |
Harrisonburg, VA |
United States |
Auto and Truck Manufacturers |
1,239.5 |
335 |
|
|
Branch |
Euless, TX |
United States |
Auto and Truck Manufacturers |
1,110.0 |
300 |
|
|
Branch |
Indianapolis, IN |
United States |
Auto and Truck Manufacturers |
1,110.0 |
300 |
|
|
Branch |
Springfield, MO |
United States |
Auto and Truck Manufacturers |
1,110.0 |
300 |
|
|
Branch |
Elkridge, MD |
United States |
Auto and Truck Manufacturers |
1,110.0 |
300 |
|
|
Branch |
Omaha, NE |
United States |
Business Services |
53.4 |
300 |
|
|
Branch |
Fairfield, NJ |
United States |
Auto and Truck Manufacturers |
1,017.5 |
275 |
|
|
Branch |
Fort Wayne, IN |
United States |
Business Services |
44.5 |
250 |
|
|
Branch |
Hattiesburg, MS |
United States |
Retail (Specialty) |
144.3 |
215 |
|
|
Branch |
Lakeland, FL |
United States |
Auto and Truck Manufacturers |
740.0 |
200 |
|
|
Branch |
Newburgh, NY |
United States |
Auto and Truck Manufacturers |
740.0 |
200 |
|
|
Branch |
Lakeland, FL |
United States |
Auto and Truck Manufacturers |
740.0 |
200 |
|
|
Branch |
Commerce City, CO |
United States |
Auto and Truck Manufacturers |
666.0 |
180 |
|
|
Branch |
Las Vegas, NV |
United States |
Auto and Truck Manufacturers |
629.0 |
170 |
|
|
Branch |
Fresno, CA |
United States |
Auto and Truck Manufacturers |
555.0 |
150 |
|
|
Branch |
Matteson, IL |
United States |
Business Services |
26.7 |
150 |
|
|
Branch |
Slidell, LA |
United States |
Auto and Truck Manufacturers |
481.0 |
130 |
|
|
Branch |
West Palm Beach, FL |
United States |
Auto and Truck Manufacturers |
373.7 |
101 |
|
|
Branch |
Hamilton, OH |
United States |
Auto and Truck Manufacturers |
370.0 |
100 |
|
|
Branch |
Fort Worth, TX |
United States |
Retail (Specialty) |
60.4 |
90 |
|
|
Branch |
Bridgeton, MO |
United States |
Auto and Truck Manufacturers |
222.0 |
60 |
|
|
Branch |
Las Vegas, NV |
United States |
Business Services |
10.7 |
60 |
|
|
Branch |
Kenly, NC |
United States |
Auto and Truck Manufacturers |
185.0 |
50 |
|
|
Branch |
Scott, LA |
United States |
Business Services |
8.9 |
50 |
|
|
Branch |
Fontana, CA |
United States |
Business Services |
7.7 |
43 |
|
|
Branch |
Carleton, MI |
United States |
Auto and Truck Manufacturers |
15.0 |
42 |
|
|
Branch |
Kansas City, MO |
United States |
Auto and Truck Manufacturers |
148.0 |
40 |
|
|
Branch |
Daytona Beach, FL |
United States |
Business Services |
6.6 |
37 |
|
|
Branch |
Darlington, SC |
United States |
Auto and Truck Manufacturers |
111.0 |
30 |
|
|
Branch |
Houston, TX |
United States |
Auto and Truck Manufacturers |
111.0 |
30 |
|
|
Branch |
Bolingbrook, IL |
United States |
Business Services |
5.2 |
29 |
|
|
Branch |
Oceanside, CA |
United States |
Auto and Truck Manufacturers |
103.6 |
28 |
|
|
Branch |
Kent, WA |
United States |
Auto and Truck Manufacturers |
88.8 |
24 |
|
|
Branch |
Houston, TX |
United States |
Auto and Truck Manufacturers |
77.7 |
21 |
|
|
Branch |
Nashville, TN |
United States |
Auto and Truck Manufacturers |
74.0 |
20 |
|
|
Branch |
Clearwater, FL |
United States |
Auto and Truck Manufacturers |
74.0 |
20 |
|
|
Branch |
Woods Cross, UT |
United States |
Auto and Truck Manufacturers |
74.0 |
20 |
|
|
Branch |
Sapulpa, OK |
United States |
Auto and Truck Manufacturers |
74.0 |
20 |
|
|
Branch |
Pensacola, FL |
United States |
Auto and Truck Manufacturers |
74.0 |
20 |
|
|
Branch |
Stockbridge, GA |
United States |
Auto and Truck Manufacturers |
74.0 |
20 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Printing and Publishing |
1,750.0 |
35 |
|
|
Subsidiary |
St Petersburg, FL |
United States |
Advertising |
43.0 |
1,001 |
|
|
Subsidiary |
St Petersburg, FL |
United States |
Advertising |
|
1,500 |
|
|
Branch |
Hinsdale, IL |
United States |
Advertising |
7.4 |
35 |
|
|
Branch |
Richmond, VA |
United States |
Advertising |
6.3 |
30 |
|
|
Branch |
St Petersburg, FL |
United States |
Advertising |
5.3 |
25 |
|
|
Branch |
Irvine, CA |
United States |
Advertising |
5.3 |
25 |
|
|
Branch |
Freehold, NJ |
United States |
Advertising |
5.0 |
24 |
|
|
Branch |
Houston, TX |
United States |
Advertising |
5.0 |
24 |
|
|
Branch |
Centennial, CO |
United States |
Advertising |
4.8 |
23 |
|
|
Branch |
Fishers, IN |
United States |
Advertising |
4.6 |
22 |
|
|
Branch |
Oak Forest, IL |
United States |
Advertising |
4.2 |
20 |
|
|
Branch |
Columbus, OH |
United States |
Advertising |
4.2 |
20 |
|
|
Branch |
New York, NY |
United States |
Advertising |
4.2 |
20 |
|
|
Branch |
New York, NY |
United States |
Advertising |
4.2 |
20 |
|
|
Branch |
San Diego, CA |
United States |
Advertising |
4.2 |
20 |
|
|
Branch |
Franklin, WI |
United States |
Advertising |
4.2 |
20 |
|
|
Branch |
Elm City, NC |
United States |
Printing Services |
89.0 |
430 |
|
|
Branch |
Waltham, MA |
United States |
Printing and Publishing |
10.5 |
35 |
|
|
Subsidiary |
Dayton, OH |
United States |
Printing and Publishing |
|
650 |
|
|
Branch |
Dayton, OH |
United States |
Printing and Publishing |
121.8 |
700 |
|
|
Branch |
Franklin, OH |
United States |
Business Services |
42.5 |
250 |
|
|
Branch |
Franklin, OH |
United States |
Printing and Publishing |
34.8 |
200 |
|
|
Branch |
Hamilton, OH |
United States |
Printing and Publishing |
17.4 |
100 |
|
|
Branch |
Springfield, OH |
United States |
Printing and Publishing |
14.3 |
82 |
|
|
Branch |
Dayton, OH |
United States |
Broadcasting and Cable Television |
28.2 |
70 |
|
|
Branch |
Dayton, OH |
United States |
Broadcasting and Cable Television |
12.3 |
70 |
|
|
Branch |
Springfield, OH |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Liberty Twp, OH |
United States |
Printing and Publishing |
5.2 |
30 |
|
|
Subsidiary |
Greenville, NC |
United States |
Advertising |
62.7 |
300 |
|
|
Subsidiary |
New York, NY |
United States |
Business Services |
|
250 |
|
|
Branch |
Los Angeles, CA |
United States |
Business Services |
14.3 |
60 |
|
|
Branch |
Glen Burnie, MD |
United States |
Business Services |
12.0 |
50 |
|
|
Branch |
Dallas, TX |
United States |
Broadcasting and Cable Television |
12.1 |
30 |
|
|
Branch |
Chicago, IL |
United States |
Business Services |
7.2 |
30 |
|
|
Subsidiary |
New York, NY |
United States |
Advertising |
|
|
|
|
Subsidiary |
Austin, TX |
United States |
Printing and Publishing |
|
90 |
|
|
Branch |
Marble Falls, TX |
United States |
Printing and Publishing |
4.0 |
23 |
|
|
Branch |
Norcross, GA |
United States |
Printing and Publishing |
7.7 |
44 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
175.0 |
35 |
|
|
Branch |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
201.5 |
500 |
|
|
Branch |
Charlotte, NC |
United States |
Broadcasting and Cable Television |
120.9 |
300 |
|
|
Branch |
Pittsburgh, PA |
United States |
Broadcasting and Cable Television |
32.5 |
240 |
|
|
Branch |
Oakland, CA |
United States |
Broadcasting and Cable Television |
25.0 |
200 |
|
|
Branch |
San Jose, CA |
United States |
Broadcasting and Cable Television |
40.3 |
100 |
|
|
Branch |
El Paso, TX |
United States |
Advertising |
13.0 |
80 |
|
|
Branch |
Steubenville, OH |
United States |
Broadcasting and Cable Television |
29.8 |
74 |
|
|
Branch |
Johnstown, PA |
United States |
Broadcasting and Cable Television |
24.2 |
60 |
|
|
Branch |
Seattle, WA |
United States |
Broadcasting and Cable Television |
12.1 |
30 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Printing and Publishing |
625.0 |
8 |
|
|
Branch |
Fayetteville, GA |
United States |
Retail (Specialty) |
10.9 |
70 |
|
|
Subsidiary |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
410.2 |
7 |
|
|
Branch |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
44.0 |
250 |
|
|
Branch |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
44.0 |
250 |
|
|
Branch |
Orlando, FL |
United States |
Broadcasting and Cable Television |
44.0 |
250 |
|
|
Branch |
Hollywood, FL |
United States |
Broadcasting and Cable Television |
35.2 |
200 |
|
|
Branch |
Orlando, FL |
United States |
Broadcasting and Cable Television |
35.2 |
200 |
|
|
Branch |
Orlando, FL |
United States |
Broadcasting and Cable Television |
6.4 |
200 |
|
|
Branch |
Richmond, VA |
United States |
Broadcasting and Cable Television |
26.4 |
150 |
|
|
Branch |
Hollywood, FL |
United States |
Broadcasting and Cable Television |
26.4 |
150 |
|
|
Branch |
Hollywood, FL |
United States |
Broadcasting and Cable Television |
26.4 |
150 |
|
|
Branch |
Jacksonville, FL |
United States |
Broadcasting and Cable Television |
26.4 |
150 |
|
|
Branch |
Tulsa, OK |
United States |
Broadcasting and Cable Television |
25.5 |
145 |
|
|
Branch |
Tulsa, OK |
United States |
Broadcasting and Cable Television |
25.5 |
145 |
|
|
Branch |
San Antonio, TX |
United States |
Broadcasting and Cable Television |
21.1 |
120 |
|
|
Branch |
San Antonio, TX |
United States |
Broadcasting and Cable Television |
21.1 |
120 |
|
|
Branch |
San Antonio, TX |
United States |
Broadcasting and Cable Television |
21.1 |
120 |
|
|
Branch |
Honolulu, HI |
United States |
Broadcasting and Cable Television |
17.8 |
101 |
|
|
Branch |
Honolulu, HI |
United States |
Broadcasting and Cable Television |
17.8 |
101 |
|
|
Branch |
Jacksonville, FL |
United States |
Broadcasting and Cable Television |
17.6 |
100 |
|
|
Branch |
West Babylon, NY |
United States |
Broadcasting and Cable Television |
17.6 |
100 |
|
|
Branch |
Honolulu, HI |
United States |
Broadcasting and Cable Television |
15.8 |
90 |
|
|
Branch |
Louisville, KY |
United States |
Broadcasting and Cable Television |
14.1 |
80 |
|
|
Branch |
Louisville, KY |
United States |
Broadcasting and Cable Television |
13.2 |
75 |
|
|
Branch |
San Antonio, TX |
United States |
Broadcasting and Cable Television |
13.2 |
75 |
|
|
Branch |
Houston, TX |
United States |
Broadcasting and Cable Television |
13.2 |
75 |
|
|
Branch |
Birmingham, AL |
United States |
Broadcasting and Cable Television |
12.3 |
70 |
|
|
Branch |
Birmingham, AL |
United States |
Broadcasting and Cable Television |
12.3 |
70 |
|
|
Branch |
Louisville, KY |
United States |
Broadcasting and Cable Television |
11.4 |
65 |
|
|
Branch |
Louisville, KY |
United States |
Broadcasting and Cable Television |
10.6 |
60 |
|
|
Branch |
Birmingham, AL |
United States |
Broadcasting and Cable Television |
10.0 |
57 |
|
|
Branch |
Norwalk, CT |
United States |
Broadcasting and Cable Television |
8.8 |
50 |
|
|
Branch |
Honolulu, HI |
United States |
Broadcasting and Cable Television |
8.8 |
50 |
|
|
Branch |
Hollywood, FL |
United States |
Broadcasting and Cable Television |
8.8 |
50 |
|
|
Branch |
Athens, GA |
United States |
Broadcasting and Cable Television |
7.4 |
42 |
|
|
Branch |
Greenville, SC |
United States |
Broadcasting and Cable Television |
7.0 |
40 |
|
|
Branch |
Louisville, KY |
United States |
Broadcasting and Cable Television |
7.0 |
40 |
|
|
Branch |
Wantagh, NY |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Atlanta, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Babylon, NY |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Honolulu, HI |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Winterville, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Bogart, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Orlando, FL |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Orlando, FL |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Birmingham, AL |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Houston, TX |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Birmingham, AL |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Birmingham, AL |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Gainesville, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Lilburn, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Mechanicsville, VA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Athens, GA |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
San Antonio, TX |
United States |
Broadcasting and Cable Television |
5.6 |
32 |
|
|
Branch |
Greenville, SC |
United States |
Broadcasting and Cable Television |
5.3 |
30 |
|
|
Branch |
Bogart, GA |
United States |
Broadcasting and Cable Television |
5.3 |
30 |
|
|
Branch |
Bogart, GA |
United States |
Broadcasting and Cable Television |
5.3 |
30 |
|
|
Branch |
Greenville, SC |
United States |
Broadcasting and Cable Television |
5.3 |
30 |
|
|
Branch |
Orlando, FL |
United States |
Broadcasting and Cable Television |
4.4 |
25 |
|
|
Subsidiary |
Maitland, FL |
United States |
Personal Services |
|
8 |
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
AT&T Inc. |
Dallas, Texas, United States |
258,870 |
Public |
|
Cablevision Systems Corporation |
Bethpage, New York, United States |
16,350 |
Public |
|
Charter Communications, Inc. |
St. Louis, Missouri, United States |
16,600 |
Public |
|
Comcast Corporation |
Philadelphia, Pennsylvania, United States |
102,000 |
Public |
|
DIRECTV |
El Segundo, California, United States |
23,200 |
Public |
|
DISH Network Corp. |
Englewood, Colorado, United States |
22,000 |
Public |
|
Time Warner Inc. |
New York, New York, United States |
31,000 |
Public |
|
Verizon Communications Inc. |
New York, New York, United States |
195,900 |
Public |
Executives Report
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
%2011-Mar-2013_files/image002.gif){kind=small}
|
Executives |
|
|
|
|
|||
|
Executive Director-E-Commerce |
Chief Executive Officer |
|
|||
|
Executive Director-Human Resources
Technology |
Chief Executive Officer |
|
|||
|
Executive Director-Strategy |
Chief Executive Officer |
|
|||
|
Executive Director-Training &
Development |
Chief Executive Officer |
|
|||
|
Executive Director-Markeing |
Chief Executive Officer |
|
|||
|
President |
President |
|
|
|||||||||
|
|||||||||
|
Senior Vice President and General Manager
- Operation, Arkansas and Kansas |
Division Head Executive |
|
|
|||||
|
Senior Vice President - Western Division |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Senior Vice President, General Manager -
Cox Operations, Omaha and Nebraska |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Senior Vice President, General Manager -
Cox Las Vegas |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Senior Vice President, General Manager -
Cox Oklahoma |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Senior Vice President and General Manager
- Cox Communications, Virginia |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Chief Operations Officer |
Operations Executive |
|
|
|||||
|
|||||||||
|
Senior Vice President - Operations |
Operations Executive |
|
|
|||||
|
|||||||||
|
Vice President Operations |
Operations Executive |
|
|
|||||
|
Senior Vice President of Operations |
Operations Executive |
|
|
|||||
|
Vice President-Operations |
Operations Executive |
|
|
|||||
|
|||||||||
|
Senior Vice President-Technology
Operations |
Operations Executive |
|
|
|||||
|
Vice President-Technology Customer
Operations |
Operations Executive |
|
|
|||||
|
Vice President-Technology Business
Operations |
Operations Executive |
|
|
|||||
|
Vice President-Field Operations |
Operations Executive |
|
|
|||||
|
Vice President-Network Operations |
Operations Executive |
|
|
|||||
|
Vice President-Business Operations |
Operations Executive |
|
|
|||||
|
Technical Operations |
Operations Executive |
|
|
|||||
|
Vice President-Technical Operations |
Operations Executive |
|
|
|||||
|
|||||||||
|
Vice President, Wireless Product and
Operations |
Operations Executive |
|
|
|||||
|
Vice President of Administration |
Administration Executive |
|
|
|||||
|
Corporate Secretary |
Company Secretary |
|
|
|||||
|
Chief Financial Officer, Senior Vice
President |
Finance Executive |
|
|
|||||
|
|||||||||
|
Vice President of Accounting, Financial
Planning and Chief Accounting Officer |
Finance Executive |
|
|
|||||
|
|||||||||
|
Manager of Audit Services |
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Customer Service Executive |
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& Support |
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Significant
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Research and
Markets: Expanding Cable Revenues: Strategies for the Commercial Market
PressWIRE: 22
August 2011
[What follows is
the full text of the news story.]
Dublin - Research
and Markets
(http://www.researchandmarkets.com/research/27ae42/expanding_cable_re) has
announced the addition of the "Expanding Cable Revenues: Strategies for
the Commercial Market" report to their offering.
The past decade
has seen more advances in technology than the previous century. The cable
industry is right at the very heart of this with the deployment of new fast
technologies. But technology isn't the only thing that is changing, the market
is, too. With Internet-based content rivals and Internet Protocol Television
offers, multi-system operators (MSOs) recognize future revenues are threatened,
and the need to broaden the income base.
According to a
recent survey, 60 percent of MSOs said the commercial market accounted for
around 10 percent of their company's revenue stream. Clearly more can be done.
This Quick
Insights report discusses how these cable companies can expand revenue in the
commercial sector.
Also in this
report:
- The CATV market
- Every cloud has
a silver lining: MSOs and the commercial opportunity
- How MSOs can
make the most of this commercial opportunity.
Key Topics
Covered:
Executive summary
Section 1: The
CATV market - times are a changing
Section 2: Every
cloud has a silver lining: MSOs and the commercial opportunity
Section 3: How
MSOs can make the most of the commercial opportunity
Companies
Mentioned:
- Accenture
- Cox
Communications
- Virgin Media
- Hulu
- Netflix
For more
information visit
http://www.researchandmarkets.com/research/27ae42/expanding_cable_re
CONTACT:
Research and
Markets
Laura Wood, Senior
Manager,
press@researchandmarkets.com
U.S. Fax:
646-607-1907
Fax (outside
U.S.): +353-1-481-1716
((M2
Communications disclaims all liability for information provided within M2
PressWIRE. Data supplied by named party/parties. Further information on M2
PressWIRE can be obtained at http://www.presswire.net on the world wide web.
Inquiries to info@m2.com)).
Strapped viewers are cutting cable
Indianapolis Star (IN): 19 August 2011
[What follows is the full text of the news story.]
Aug. 19--Eric
Thomas and his wife were looking for ways to cut expenses as they set out to
tackle their credit card debt. Brandon Wilsman and his wife also were seeking a
way to cut their monthly spending, saving up for a baby on the way.
Both
Indianapolis-area families ended up pulling the plug on the same thing: their
cable subscription.
They're not alone.
Americans are canceling or passing on cable and satellite TV subscriptions in
record numbers, according to an Associated Press analysis of the companies'
quarterly earnings reports.
Experts say it's
the combination of a difficult economy leading people to look for places to cut
back and the accessibility of TV shows and movies online. But, they say, those
cutting cable are in the minority.
In Indiana,
representatives from two major subscription-cable providers acknowledged the
changing industry and said they're keeping up with it through enhanced options
on and offline. But Comcast spokeswoman Mary Beth Halprin and Bright House Networks
spokeswoman Brooke Krodel said their companies have seen subscriber growth in
Indiana, though they declined to provide specifics.
Nationwide, eight
of the industry's nine largest subscription-TV providers lost 195,700
subscribers in the April to June quarter, according to the Associated Press
report. The 0.2 percent drop is the first quarterly loss for the group, which
serves about 70 percent of households.
The companies
tallied in the AP report include four of the five largest cable companies, as
well as phone companies Verizon Communications Inc. and AT&T Inc. and
satellite broadcasters DirecTV Group Inc. and Dish Network Corp. The phone
companies and satellite broadcasters have been reaping customers from cable and
making up for cable company losses until now, the AP reported.
Excluded from the
tally were Cox Communications, the country's third-largest cable company --
which is privately held -- and a slew of smaller cable companies.
The conventional
wisdom is that people see cable as a place to cut back on spending because it's
becoming easier and easier to access popular TV shows on the Internet, said
Michael McGregor, a professor of telecommunications at Indiana University.
That was the case
for Wilsman and his wife, who quickly decided their cable subscription would be
the first thing to go after learning of the pregnancy.
"It seemed
like it was so excessive to pay $100 a month for cable and Internet when we
could spend $40 on just Internet," Wilsman said.
The South Broad
Ripple couple, both in their 20s, watch "Modern Family" on Hulu and
other shows on Netflix. Wilsman said they "don't miss cable at all."
Thomas and his
wife, who live in Brownsburg, were in a similar situation.
"We took a
hard look at all the utilities we were paying and how much value those had, and
we tried to slim down as much outgoing costs as we could," he said. The
two also watch network television shows through Hulu and Netflix.
David Waterman, an
Indiana University telecommunications professor who specializes in media
economics, said people who are ditching cable for Internet are in the minority
because cable still offers a full range of programming -- largely
sports-related -- not available online.
The industry is
not in any real danger yet, he said, because most people still want the
programs that are offered solely on TV.
Bright House
Networks and Comcast have been able to fight back. Both offer Internet
streaming to their customers. Bright House plans to launch an iPad app that
will allow subscribers to watch live TV in their homes, and HBO Go, which will
give them access to HBO programs from their computer, Krodel said.
Comcast is rolling
out a program that offers Internet access at $9.95 a month to low-income
families that meet certain requirements, Halprin said.
Call Star reporter
Brittany Shammas at (317) 444-6087.
___
To see more of The
Indianapolis Star or to subscribe to the newspaper, go to
http://www.indystar.com/.
EPIX - International Media Conference Call:�Teddy
Atlas / Lennox Lewis / Mark Greenberg
Business Wire: 19 August 2011
[What follows is the full text of the news story.]
Next Wednesday!
August 24, 11 a.m.
ET / 8 a.m. PT
NEW
YORK--(BUSINESS WIRE)-- World class trainer and television commentator TEDDY
ATLAS, former undisputed World Heavyweight Champion LENNOX LEWIS and MARK
GREENBERG, president and CEO of EPIX, will host an international media
conference call, Next Wednesday!August 24, beginning at 11 a.m. ET / 8 a.m. PT,
to discuss the upcoming World Boxing Association (WBA) heavyweight championship
rumble between undefeated 2004 Olympic super heavyweight gold medalist
Alexander Povetkin and former WBA heavyweight champion Ruslan Chagaev. Atlas,
who is training Povetkin, will be calling from Erfurt, Germany, where the fight
will take place.
Presented by
Sauerland Event, the battle between the two highest world-rated heavyweight
contenders will be televised live in the U.S. exclusively on EPIX,
themultiplatform premium entertainment service. EpixHD.com will stream the
fight live as part of a free two-week trial offer. The live broadcast and the
live stream on EPIX and EpixHD.com, respectively, will take place Saturday,
August 27, beginning with the main event, at 5 p.m. ET / 2 p.m. PT. Lewis will
be part of the EPIX broadcast team calling the fight.
TO PARTICIPATE
(800)
833-4922:U.S. Media
(970)
315-0728:Int�l Media
Conference Call
ID: 93624341
Following the
Povetkin-Chagaev WBA heavyweight championship, the broadcast and live stream
will continue with undefeated World Boxing Organization (WBO) and WBA
Intercontinental heavyweight champion ROBERT HELENIUS defending his regional
titles against former WBO heavyweight champion SIARHEI LIAKHOVICH.
As has become the
custom, EPIX will once again present the closed-captioned simulcast of both
fights on a jumbotron in Times Square (Broadway between 44th and 45th Sts.),
beginning at 5 p.m. ET.
About EPIX
EPIX, a joint
venture between Viacom Inc. (NYSE: VIA and VIA.B), its Paramount Pictures unit,
Metro-Goldwyn-Mayer Studios Inc. (MGM) and Lionsgate (NYSE: LGF), is a
next-generation premium entertainment channel, video-on-demand and online
service launched on October 30, 2009. With access to more than 15,000 motion
pictures spanning the vast libraries of its partners and other studios, EPIX provides
a powerful entertainment experience with more feature films on demand and
online and more HD movies than any other service. It is the only premium
service providing its entire monthly line-up of new Hollywood titles, classic
feature films, original series, music and comedy specials through the linear
channel, video-on-demand and online at EpixHD.com, the leading online
destination for movies.
EPIX has made the
commitment to deliver the industry's most expansive online collection of
movies, making more than 3,000 titles available on EpixHD.com. The service is
available to over 30 million homes nationwide through distribution partners
including Charter Communications, Cox Communications, DISH Network, Mediacom
Communications, NCTC, Suddenlink Communications and Verizon FiOS.
For more information about EPIX, go to
www.EpixHD.com.
(Media):
EPIX
Nora Ryan,
212-846-8416
or
Sternburg Comm
Fred Sternburg,
303-740-7746
Rick Jackson Named SVP Global Sales and
Distribution at Cinsay
Associated Press: 19 August 2011
[What follows is the full text of the news story.]
Rick Jackson Named
SVP Global Sales and Distribution at Cinsay, Inc.
Widespread Deployment
of Company's Video/eCommerce Connection Technology Slated for Fourth Quarter
(http://www.cinsayinc.com)
Rick Jackson has
joined emerging eCommerce software development and
deployment firm
Cinsay, Inc. as SVP Global Sales and Distribution, it
was announced
today by Christian Briggs, Cinsay, Inc. President and
CEO. Jackson will
head all sales and distribution for the company, and
is assembling a
sales team that will undertake widespread deployment
of the unique
Cinsay portable video technology during the fourth
quarter of 2011.
"After an
exhaustive search for the right individual to lead the roll
out of our
game-changing technology, we are thrilled to announce that
Rick has joined
our team," said Briggs. "His track record speaks
volumes about the
wealth of technology distribution success he brings
to Cinsay, and we
could not have asked for a better leader. What we
have is truly
remarkable, and requires someone with Rick's depth of
vision and
extensive network to successfully bring it to market. With
Rick leading the
charge, we are now poised to change the way business
is done
online."
With 20+ years
experience in the deployment of world-class sales teams
to create new
markets for subscription services aimed at the consumer,
SMB and enterprise
segments, Jackson comes to Cinsay, Inc. from
computer security
giant McAfee where, over the past five years, he
oversaw the
company's SMB segment for direct and channel routes to
market. Key
partners included Dell, Softlayer, CDW, SonicWall, iYogi,
Cox Communications
and HP. Notably, McAfee was recently purchased by
Intel for $7.8
billion.
Prior to McAfee,
Jackson headed teams that successfully created new
markets in the
selling and delivery of global platform services for
satellite and Internet
broadcasting companies, including Broadcast.com
and Westcott
Communications. Broadcast.com was sold to Yahoo! for more
than $5 billion in
1999, and Westcott Communications was purchased by
Kill in 1996 for
$550 million.
Cinsay's
game-changing development is a software platform that
consists of a
video player accessible through most web browsers and
which can feature
original content that is syndicated and spread
virally over the
Internet, thus multiplying sales opportunities
exponentially. The
Cinsay eCommerce player also allows customers to
email engaging
video content to friends and colleagues, thereby
driving sales to a
much broader audience than ever before possible.
The company is
headquartered in Austin, Texas, with additional offices
in Dallas, Los
Angeles and, most recently, Washington, DC.
Rick Jackson Named SVP Global Sales and
Distribution at Cinsay, Inc.
Widespread Deployment of Company's Video/eCommerce
Connection Technology Slated for Fourth Quarter
Market Wire: 19 August 2011
[What follows is the full text of the news story.]
AUSTIN, TX --
(MARKET WIRE) -- 08/19/11 -- Rick Jackson has joined emerging eCommerce
software development and deployment firm Cinsay, Inc. as SVP Global Sales and
Distribution, it was announced today by Christian Briggs, Cinsay, Inc.
President and CEO. Jackson will head all sales and distribution for the
company, and is assembling a sales team that will undertake widespread
deployment of the unique Cinsay portable video technology during the fourth quarter
of 2011.
"After an
exhaustive search for the right individual to lead the roll out of our
game-changing technology, we are thrilled to announce that Rick has joined our
team," said Briggs. "His track record speaks volumes about the wealth
of technology distribution success he brings to Cinsay, and we could not have
asked for a better leader. What we have is truly remarkable, and requires
someone with Rick's depth of vision and extensive network to successfully bring
it to market. With Rick leading the charge, we are now poised to change the way
business is done online."
With 20+ years
experience in the deployment of world-class sales teams to create new markets
for subscription services aimed at the consumer, SMB and enterprise segments,
Jackson comes to Cinsay, Inc. from computer security giant McAfee where, over
the past five years, he oversaw the company's SMB segment for direct and
channel routes to market. Key partners included Dell, Softlayer, CDW,
SonicWall, iYogi, Cox Communications and HP. Notably, McAfee was recently
purchased by Intel for $7.8 billion.
Prior to McAfee,
Jackson headed teams that successfully created new markets in the selling and
delivery of global platform services for satellite and Internet broadcasting
companies, including Broadcast.com and Westcott Communications. Broadcast.com
was sold to Yahoo! for more than $5 billion in 1999, and Westcott
Communications was purchased by Kill in 1996 for $550 million.
Cinsay's
game-changing development is a software platform that consists of a video
player accessible through most web browsers and which can feature original
content that is syndicated and spread virally over the Internet, thus
multiplying sales opportunities exponentially. The Cinsay eCommerce player also
allows customers to email engaging video content to friends and colleagues,
thereby driving sales to a much broader audience than ever before possible. The
company is headquartered in Austin, Texas, with additional offices in Dallas,
Los Angeles and, most recently, Washington, DC.
Contact:
PGPR for Cinsay,
Inc.Paul Gendreau
818-985-0245
Email Contact
Sprint is reportedly in talks over Clearwire deal
M&A Navigator: 19 August 2011
[What follows is the full text of the news story.]
19 August 2011 -
US telecommunications firm Sprint Nextel Corp (NYSE:S) is discussing a deal
which could involve an investment�by a cable company that would result
in�the buyout of mobile broadband services firm Clearwire Corp (NASDAQ:CLWR),
Bloomberg reported on Friday, citing insiders.
Sprint, a
Clearwire investor, is exploring together with Comcast Corp (NASDAQ:CMCSA),
also a shareholder�in Clearwire alongside Time Warner Cable (NYSE:TWC) and
Bright House Networks, various scenarios to raise funding to help the
loss-making company revamp its wireless network.
One of the
possibilities being considered is for Sprint to use the funds from an
investment in it to buy out the rest of Clearwire not�yet owned, the sources
said, without elaborating.
The talks are at
an early stage and an agreement is not certain to emerge, the informed people
said.
According to two
informed sources, Sprint had also held talks with Cox Communications and
Cablevision Systems Corp (NYSE:CVC).
Clearwire said
earlier in August it would spend some USD600m (EUR420m) to upgrade its network
so that it could better compete against AT&T (NYSE:T) and Verizon Wireless.
None of the
involved parties made a comment to Bloomberg.
Country: , USA
Sector:
Telecommunications
Target: Sprint Nextel Corp, Clearwire Corp
Buyer: Cablevision Systems Corp, Sprint Nextel
Corp, Comcast Corp, Cox Communications Inc Type: Corporate acquisition,
Stakebuilding
Status: Talks
((Comments on this story may be sent to
info@m2.com))
Cox to televise
NSU-Bacone game
Tahlequah Daily
Press (OK): 18 August 2011
[What follows is
the full text of the news story.]
Aug. 18--After a
2010 season where Northeastern State's football team had limited exposure on
the airwaves, the RiverHawks are bursting onto the scene in 2011.
NSU announced
Wednesday that it will not only have multiple options for listening to football
games, but the RiverHawks will also make a television appearance, too.
The RiverHawks'
opening game against Bacone -- tabbed as the Oklahoma Kickoff Classic -- will
be televised by Cox Communications in the Tulsa and Oklahoma City markets on
Aug. 27. Kickoff is slated for 6:05 p.m. at Doc Wadley Stadium.
"It will be a
plus for recruiting," NSU head coach Kenny Evans said. "Any time you
can get your program into half a million homes ... it'll be a benefit for
us."
Calling the action
in the game will be Chris Lincoln, KTUL sports director in Tulsa. Allan
Trimble, a NSU alum and current head coach at Jenks High School, will provide
color commentary.
"Oklahomans
are excited about the football season beginning and Northeastern State has the
distinct honor of playing the first game in the state," said Tony
Duckworth, director of athletics at NSU. "The opportunity to partner with
Cox Communications doesn't come along every year. Televising the game to some
400,000 households is an unbelievable way to begin the year and provide
exposure of our university, and football program to the thousands of our alumni
in the state."
With the added
exposure comes added pressure, right coach Evans?
"Hopefully,"
he said, "we put on a good show."
NSU has also enhanced its listening options on the radio dial. The
RiverHawks will play live on KTLQ, AM-1350 in Tahlequah, and KTLQ's sister
station, KEOK, FM-102.1, will air games when they do not conflict with Oklahoma
State games.
"Live radio is big, and it's something people have been looking
for," Evans said.
The Sports Animal (KYAL), FM-97.1, in Tulsa will also carry three live
games -- Bacone, at Texas-San Antonio (Sept. 3) and Midwestern State (Nov. 12)
-- for NSU this year. All other games will be rebroadcast at 10 p.m. on
Saturdays.
Other listening or viewing options for NSU followers this season
include:
--A live video
stream of home football and basketball games -- and select away games -- will
be available via America One on the Internet. Fans can purchase the football
video stream for $8 per game, or purchase a season pass for $69.95. The
basketball pass will be $89.95. The entire schedule will be posted on the NSU's
athletics web site goriverhawksgo.com in the near future.
--Live audio will
continue to be streamed live via the NSU athletics web site at no charge
through an agreement with Stretch Internet.
"All the
exposure, the Sports Animal, television and playing in the Alamodome (against
UT-San Antonio) is great for the university," Evans said. "Hopefully,
it'll help down the road."
___
To see more of the
Tahlequah Daily Press or to subscribe to the newspaper, go to
http://www.tahlequahdailypress.com/.
Distributed by
McClatchy-Tribune Information Services.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail
services@mctinfoservices.com, or call 866-280-5210 (outside the United States,
call +1 312-222-4544)
Northwest Florida Daily News, Fort Walton Beach,
Brenda Shoffner column
Northwest Florida Daily News (Fort Walton Beach):
18 August 2011
[What follows is the full text of the news story.]
Aug. 18--Like most
people, my family has cutback on many things during the last six years or so.
One of those
things was our cable television access. For about two years, we subsisted on
"less than basic" service.
If you're
thinking, "C'mon, Brenda, you and your husband have jobs." You're
right, and we're darned lucky to have them.
We also have two
children in college on top of regular living expenses, so looking for ways to
save money is an ongoing project. We have plenty of company.
The Associated Press released a story last week about this very trend.
"In a tally by the AP," the story said, "eight of the nine
largest subscription TV providers in the U.S. lost 195,700 subscribers in the
April-to-June quarter."
The story pointed
out that the analysis excluded Cox Communications, the third-largest cable
company, because Cox is privately held and does not disclose subscriber
numbers.
Honestly, I don't
watch a lot of television, and I regularly visit a place that doesn't have one
at all. But this particular austerity measure cut me off from two of my
favorite shows, "Royal Pains" on USA network and "Top Chef"
on Bravo.
I tried to watch
the former online, but, as you might guess, we don't have high-speed Internet
at our house either so it was a frustrating effort. This is also a big
difference between our family and many of the folks in the AP story.
"The chief
cause appears to be persistently high unemployment and a housing market that
has many people living with their parents, reducing the need for a separate
cable bill," the story said.
Then it went on:
"But it's also possible that people are canceling cable, or never signing
up in the first place, because they're watching cheap Internet video."
Not surprisingly,
the online viewing activity was most prevalent among people ages 18-34.
I fussed about
missing my shows every now and then, usually when I'd read something
complimentary about either show or knew another season was starting.
The first of this
month, however, my husband made the call to get basic cable service back. I
didn't know until that evening when it returned, and he told me.
Ironically, it was
just in time to watch the debt-ceiling drama unfold and then the bottom fall
out of the stock market and then bounce back a little.
We may be back to
less-than-basic sooner rather than later if this keeps up. Until then, I'll
enjoy.
Scott Clements has done it again. Scott is a former local and son of
still-local Bernadette Sims.
What he's done again is receive another Emmy nomination for his sound
work on the USA television program "Burn Notice."
I wrote a story about Scott in 2007 right after he'd finished his first
season with the show. In 2008, he received an Emmy nomination for his work, but
didn't win.
This nomination is for the same thing: Outstanding Sound Mixing for a
Comedy or Drama Series (one hour) for the episode "Last Stand."
His mom says he will attend the ceremony in California in September.
___
To see more of the Northwest Florida Daily News or to subscribe to the
newspaper, go to http://www.nwfdailynews.com.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail
services@mctinfoservices.com, or call 866-280-5210 (outside the United States,
call +1 312-222-4544)
John Lansing and Lauren Zalaznick Named Honorary
Co-Chairs for the 25th Annual NAMIC Conference Namic
Telecommunications Weekly: 18 August 2011
[What follows is the full text of the news story.]
John F. Lansing,
president, Scripps Networks and Lauren Zalaznick, chairman, NBCUniversal
Entertainment & Digital Networks and Integrated Media, have been named
honorary co-chairs for the 25th Annual NAMIC Conference. Presented as part of
Diversity Week, the conference is scheduled for October 4-5, 2011 at the Hilton
New York in Manhattan.
The theme for the
25th Annual NAMIC Conference - New Media, New Voices, New World - signifies the
current multi-cultural, multi-tiered, multi-faceted state of media and
entertainment, as driven by advancing technology and shifting demographics.
Providing a platform for professionals at varying levels and disciplines to
engage in dynamic presentations and interactive sessions, content inspired by
the conference theme will drive stimulating, forward-thinking dialogue. Over
the course of the two-day agenda, some of the most progressive, diverse and
seasoned business leaders within the media and entertainment industry will
share their perspectives on timely topics offered within the General Sessions
and four learning tracks focused on Audience Development, Content & Imagery,
Diversity & Inclusion and Leadership Development.
"Since
launching what was originally branded as the Urban Markets Conference in 1986,
the event has grown exponentially through the cooperation of longstanding
industry supporters," said Kathy Johnson, president, NAMIC. "This
year's conference theme illustrates the evolving interplay of technology and
culture, which has created a unique platform for increased innovation and
opportunity within the media and entertainment landscape. We are honored to have
John Lansing and Lauren Zalaznick, two of our industry's trailblazers, on-board
as NAMIC continues to build community and dialogue around the imperative for
diversity and inclusion within our multi-faceted industry."
Lansing joined
Scripps Networks in January 2004 as executive vice president from the E.W.
Scripps Company in Cincinnati, where, since September 2000, he had been senior
vice president for television in charge of Scripps' broadcasting division,
which included 10 television stations. In his role as president, Lansing is
responsible for Scripps' portfolio of networks including HGTV, DIY Network,
Food Network, Cooking Channel, Travel Channel and Great American Country (GAC).
In 2006, The Delaney Report named Lansing the Cable Broadcasting Executive of
the Year for his part in keeping Scripps' lifestyle networks "fresh,
informative and lively."
Additionally,
Lansing has been named Gannett Television News Executive of the Year and is the
recipient of an AWRT National Commendation for editorial writing.
Zalaznick was
named chairman, NBCUniversal Entertainment & Digital Networks and
Integrated Media in January 2011 when Comcast and GE completed their
transaction creating a joint venture consisting of NBCUniversal businesses and
Comcast's cable networks, regional sports networks, and certain digital
properties. In this role, she oversees Bravo Media, Oxygen Media, Style, mun2,
Sprout and Telemundo. Additionally, she runs the digital properties iVillage,
DailyCandy, Swirl, Fandango, and the Integrated Strategic Marketing group,
which includes the company-wide initiatives, Green is Universal, Healthy at
NBCU, Hispanics at NBCU and Women at NBCU. In 2010, Fortune included her in
their "50 Most Powerful Women" issue; in 2009, Time magazine named
Zalaznick one of the "Time 100: World's Most Influential People,"
Vanity Fair named her to their "New Establishment" list, and she was
the subject of a New York Times Magazine cover story in October 2008.
In addition to Lansing and Zalaznick serving as honorary co-chairs for
the 25th Annual NAMIC Conference, this year's planning committee co-chairs
include NAMIC board directors, Michael Armstrong, senior vice president and
general manager, BET International & Paramount Pictures Channels, Viacom
International Media Networks; Sherisse Hawkins, vice president, CPE &
Navigation, Time Warner Cable; Robert Mendez, senior vice president, Diversity,
Disney/ABC Television Networks, and Belinda Turner Patterson, vice president,
People Services, Cox Communications.
Further highlighting
the Conference will be compelling General Sessions; the L. Patrick Mellon
Mentorship Program Luncheon presented in partnership with Women in Cable
Telecommunications (WICT) and sponsored by the Walter Kaitz Foundation;
presentation of the 2011 Mickey Leland Humanitarian Achievement Award;
acknowledgment of this year's winners of the Excellence in Multi-cultural
Marketing Awards; the Diversity in Media and Entertainment Career Expo;
Breakfast recognizing the CableFAX Most Influential Minorities in Cable; and
other special events and networking opportunities.
Event sponsors
confirmed to date include A+E Networks, AMC Networks, BET Networks, Cooking
Channel, Cox Communications, Food Network, Scripps Networks, Turner
Broadcasting System, Inc. and the Walter Kaitz Foundation. Media partners
confirmed to date are Broadcasting and Cable, CableFAX Daily, Hispanic MPR,
LatinVision Media, MediaBiz, Multichannel News, Portada and The Network
Journal.
For more
information on the 25th Annual NAMIC Conference, contact Sandra Girado,
director of Meetings and Events, NAMIC, at 212-594-5985. Sponsorship
opportunities are still available. Inquiries pertaining to sponsorship should
be directed to Daniel J. McGlone, vice president of Membership and Fund
Development, NAMIC at 212-594-5985. Online registration for 25th Annual NAMIC
Conference can be accessed by visiting http://www.namic.com. Group registration
discounts are available for multiple attendees from the same company.
WBA Heavyweight Championship: ALEXANDER POVETKIN
vs. RUSLAN CHAGAEV Live to the U.S. Exclusively on EPIX and EpixHD.com
Business Wire: 17 August 2011
[What follows is the full text of the news story.]
Saturday, August
27 at 5 p.m. ET / 2 p.m. PT
NEW
YORK--(BUSINESS WIRE)-- Live world championship boxing returns to EPIX when
undefeated2004 Olympic super heavyweight gold medalist ALEXANDER POVETKIN and
former World Boxing Association (WBA) heavyweight champion RUSLAN CHAGAEV
square-off for the vacant WBA heavyweight title, Saturday, August 27th. Presented
by Sauerland Event, the live broadcast will emanate from Erfurt, Germany.
The battle between
the two highest world-rated heavyweight contenders will be televised live in
the U.S. exclusively on EPIX, themultiplatform premium entertainment service.
EpixHD.com will stream the fight live as part of a free two-week trial offer.
The live broadcast and the live stream on EPIX and EpixHD.com, respectively,
will begin with the main event at 5 p.m. ET / 2 p.m. PT.
Following the
Povetkin-Chagaev WBA heavyweight championship, the broadcast and live stream
will continue with undefeated World Boxing Organization (WBO) and WBA
Intercontinental heavyweight champion ROBERT HELENIUS defending his regional
titles against former WBO heavyweight champion SIARHEI LIAKHOVICH.
As has become the
custom, EPIX will once again present the closed-captioned simulcast of both
fights on a jumbotron in Times Square (Broadway between 44th and 45th Sts.),
beginning at 5 p.m. ET.
Photos of the
fighters can be accessed via this link:
https://rcpt.yousendit.com/1194052339/07e672acf0668f9afaa805a48e425283
Povetkin, Chagaev,
Helenius and Liakhovich boast a combined record of 88-4-1 (58 KOs) � a 95%
winning percentage and a victory by knockout ratio of 66%.
�EPIX looks
forward to providing U.S.-based boxing fans exclusive live coverage of the
Povetkin- Chagaev heavyweight title fight and presenting a preview of the
heavyweight division�s next generation of world champions and title
challengers,� said Travis Pomposello, EPIX senior executive in charge of
boxing.
�I have won the
Olympic gold medal and I have been World and European Amateur Champion. Now I
want to finally accomplish my goal of winning the world title as a
professional,� added Povetkin. �I have a lot of respect for Chagaev, but he
will not get in my way.�
�Povetkin is a
strong fighter, but I want to become world champion again and win back my old
title. I am highly motivated,� said Chagaev.
Povetkin (21-0, 15
KOs), of Russia, is currently the WBA�s No. 2 world-rated heavyweight
contender. His resume includes a knockout victory over former two-time
heavyweight champion Chris Byrd, and unanimous decision victories over one-time
heavyweight title challenger Eddie Chambers and former U.S. Olympians Jason Estrada
and Larry Donald. Povetkin enters this fight having won three of his last four
bouts by knockout. Povetkin has been promoted by Sauerland Event throughout his
entire professional career.
Chagaev (27-1-1,
17 KOs), a native of Ukraine who fights out of Berlin, Germany, captured the
WBA heavyweight title when he dethroned 7-foot defending champion Nikolai
Valuev via a majority decision in April 2007. During his two-year reign,
Chagaev successfully defended his title twice, winning decisions over Matt Skelton
(21-1) and Carl Drumond (26-0). Since losing to Wladimir Klitschko in 2009,
Chagaev has defeated Kali Meehan and Travis Walker en route to becoming the
WBA�s No. 1 heavyweight contender.
Helenius (15-0, 10
KOs), a native of Finland who fights out of Berlin, Germany, will be looking to
make Liakhovich his third former heavyweight champion knockout victim having
already starched Lamon Brewster and Samuel Peter in eight and nine rounds,
respectively. He enters this fight having won nine of his last 10 fights by
stoppage and world-rated No. 2 by the WBO and No. 3 by the International Boxing
Federation (IBF).
Liakhovich (25-3,
16 KOs), a native of Belarus, fights out of Phoenix, Ariz. He won the WBO
heavyweight championship in 2006, dethroning defending champion Lamon Brewster
via a unanimous decision. He lost the title, in his first defense, to Shannon
Briggs. Liakhovich enters this fight having won his last two fights by knockout
against Jeremy Bates and Evans Quinn, in the first and the ninth round, respectively.
Mike Crispino, the
voice of the New York Liberty, former undisputed World Heavyweight Champion
Lennox Lewis and ESPN.com senior boxing writer Dan Rafael will be calling the
fights for EPIX and EpixHD.com. Viewers watching the live stream on EpixHD.com
will enjoy round-by-round blogs from Sports Illustrated�s boxing writer Chris
Mannix.
About EPIX
EPIX, a joint
venture between Viacom Inc. (NYSE: VIA and VIA.B), its Paramount Pictures unit,
Metro-Goldwyn-Mayer Studios Inc. (MGM) and Lionsgate (NYSE: LGF), is a
next-generation premium entertainment channel, video-on-demand and online
service launched on October 30, 2009. With access to more than 15,000 motion
pictures spanning the vast libraries of its partners and other studios, EPIX
provides a powerful entertainment experience with more feature films on demand
and online and more HD movies than any other service. It is the only premium
service providing its entire monthly line-up of new Hollywood titles, classic
feature films, original series, music and comedy specials through the linear
channel, video-on-demand and online at EpixHD.com, the leading online
destination for movies.
EPIX has made the
commitment to deliver the industry's most expansive online collection of
movies, making more than 3,000 titles available on EpixHD.com. The service is
available to over 30 million homes nationwide through distribution partners
including Charter Communications, Cox Communications, DISH Network, Mediacom
Communications, NCTC, Suddenlink Communications and Verizon FiOS.
For more
information about EPIX, go to www.EpixHD.com.
Epix
Nora Ryan,
212-846-8416
or
Sternburg Comm
Fred Sternburg,
303-740-7746
The Journal Record Business Briefs: August 9, 2011
Journal Record (Oklahoma City, OK)
09 August 2011
By Journal Record Staff
[What follows is the full text of the article.]
Chesapeake
Midstream reports gain in net income Chesapeake Midstream Partners on Tuesday
reported an 11-percent increase in net income for the second quarter to $41.1
million from $37 million for the first quarter of 2010. Revenue for the quarter
totaled $133.2 million, up from $101.2 million a year earlier. Net income for the
first six months of 2011 totaled $79.9 million, up from $71.9 million for the
first six months of 2010. Revenue for the first six months of the year totaled
$256.7 million, up from $196.6 million a year earlier. Chesapeake Midstream is
owned by a 50-50 joint venture between Chesapeake Energy Corp. of Oklahoma City
and Global Infrastructure Partners.
Apco reports
earnings gain Apco Oil and Gas International Inc. has reported net income for
the second quarter of $7.7 million, or 26 cents per share, up from $7.1
million, or 24 cents per share, for the second quarter of 2010. Revenue for the
quarter totaled $24.6 million, up from $21.8 million a year earlier. The
Tulsa-based oil and gas exploration and production company with interests in
Argentina and Colombia reported net income for the first six months of 2011 of
$15.9 million, or 54 cents per share, up from $11.1 million, or 38 cents per
share, for the first six months of 2010. Revenue for the first six months of
the year totaled $47.7 million, up from $41.6 million a year earlier. The
increase in net income for the first six months of the year was primarily from
higher average oil sales prices, greater equity income from Argentine
investment and lower exploration expense.
14 counties
receive Work Ready Certification Fourteen northeastern Oklahoma counties have
received Oklahoma Certified Work Ready status from the Oklahoma Department of
Commerce. The counties are Washington, Nowata, Craig, Ottawa, Rogers, Mayes,
Delaware, Wagoner, Cherokee, Adair, Okmulgee, Muskogee, Sequoyah and McIntosh.
Norma Noble, deputy secretary of workforce development, said it was the fifth
area in the state to earn Oklahoma Certified Work Ready status and the second
multi-county region to earn the distinction. The Work Ready certification is a
tool that will strengthen the pipeline of skilled workers in Oklahoma, Noble
said. The key to economic development in Oklahoma is workforce recruitment,
training, and certification. Managed by the Governor's Council for Workforce
& Economic Development and Commerce, the Certified Work Ready program
quantifies the skilled workforce available to an existing employer or a new
business considering Oklahoma for a new location. Ross Group awarded contract
Ross Group Construction Corp. of Tulsa has been awarded a $14.7 million
contract from the Naval Facilities Command, Southeast, Jacksonville, Fla. The
contract is for construction of an operational facility for T-6 Texan
fixed-wing turboprop trainer aircraft at Naval Air Station Corpus Christi. Work
will be performed in Goliad, Texas. PentaCon of Catoosa awarded contract
PentaCon of Catoosa is part of a group of three companies awarded a $49 million
contract from the U.S. Army Corps of Engineers in Charleston, S.C. The other
companies are Military & Federal Construction Co., Jacksonville, Fla., and
Lifecycle Construction Services, Washington, D.C. The contract was awarded for
design and general construction primarily in the Southeast. Cox offers online
backup service Cox Communications will offer free online storage to high-speed
Internet customers in Oklahoma City and Tulsa. The service provides cloud-based
storage and offers Cox customers the ability to store files and set automatic
backup for items including photos, videos and documents. Cox Secure Online
Backup stores files to secure data centers. Cox Secure Online Backup
automatically saves duplicate copies of files based on users' preferences of
hourly, daily, monthly or manual intervals. The service will provide up to 1 GB
of free storage for Starter and Essential customers, up to 5 GB of storage for
Preferred customers, up to 50 GB for Premier customers, and unlimited storage
for Ultimate customers. Express Employment Professionals' sales increase
Express Employment Professionals reported a 31.85-percent increase in sales for
the first six months of 2011 from 2010. Express franchisees set nine weekly
sales during the first six months of the year, including the highest sales week
recorded in the Oklahoma City-based company's history - $35.69 million for the
week ending June 26. During the first six months of the year, Express
franchisees placed 219,405 people in jobs. We're seeing employers' confidence
levels increase slightly, said Bob Funk, CEO and chairman of the board.
Entrepreneurship workshop set A free workshop, Entrepreneurship 101, is
scheduled from 8 a.m. to 12:15 p.m. Tuesday at Kiamichi Technology Center
Business Center in McAlester. Dewey Brandon, Oklahoma Tax Commission; Karl
Scifres, Kiamichi Technology Center; and Barbara Rackley, REI's Women's
Business Center; will present the workshop. Co-sponsors for the workshop are
the Kiamichi Technology Center, Oklahoma State University Cooperative
Extension, McAlester Chamber of Commerce, McAlester Main Street, Choctaw
Nation, Eastern Oklahoma State College and the Women's Business Center of Rural
Enterprises of Oklahoma Inc. Registration information is at
www.ruralenterprises.com. OCU series to feature energy topics Energy
transitions, environmental issues, horizontal drilling and fracturing techniques
will be discussed at Oklahoma City University's next Karl F. and June S. Martin
Family Foundation Energy Management Speaker Series. The conference is scheduled
from 4 p.m. to 6 p.m. Oct. 4 at OCU's Meinders School of Business. Speakers
will include Vaclav Smil, a distinguished professor in the faculty of
environment at the University of Manitoba in Winnipeg, Canada, and Harold Hamm,
CEO of Continental Resources. Registration is free to the public. For
information or to register, call Melissa Cory at (405) 208-5540.
Related Companies
Adair International Oil & Gas [profile]
Chesapeake Energy Corp [profile]
Cox Communications Inc [profile]
Related Topics
Earnings & Financial Performance
Finance and Accounting
Related Geographies
North America
United States
Oklahoma
Related Industries
8221 Colleges and
universities, nec Schools [profile]
80210 General
secondary education
8431 Higher
Education
Cox Communications and the Virginia Cable
Telecommunications Association Give Scholarships to 4 Northern Virginia
Students
Professional Services Close-Up
05 August 2011
[What follows is the full text of the article.]
Cox Communications
announced that four Northern Virginia students were recently awarded the
Virginia's Future Leaders scholarships through a partnership between Cox
Communications and the Virginia Cable Telecommunications Association.
According to a
release, the four winners are recent graduates from high schools in Fairfax
County and will be attending Virginia colleges or universities in the fall of
2011. This year's scholars and the schools they will be attending are:
-Alisha Geldert,
University of Virginia
-Paul Tucker,
William & Mary
-Catherine Zucker,
University of Virginia
-Brian
Fitzsimmons, University of Virginia
The Fairfax
winners are four of 50 students across the state who received scholarships to
help with higher education costs.
"Cox
congratulates the winners of this year's Virginia's Future Leaders
Scholarships, and we wish them the greatest success in their studies and future
endeavors," said Allen Roberts, VP of Operations, Cox Northern Virginia.
"Cox is committed to helping our next generation realize their full
potential through education. So we are thrilled to again partner with the VCTA
in recognizing these stellar students in our area."
The company noted
that the Virginia's Future Leaders Scholarship program is a statewide education
initiative of the Virginia cable industry. To date, over $800,000 in
scholarships have been awarded to outstanding Virginia students attending
Virginia colleges and universities. Cox Communications has been a supporter of
the program since its inception.
The mission of the
Virginia Cable Telecommunications Association (VCTA) is to promote the cable
television and telecommunications services of member companies in the
Commonwealth of Virginia to the public, the business community and state
officials. The VCTA offers helpful information on the cable industry's positive
impact on Virginia's economy and its citizens.
Cox Communications
is a broadband communications and entertainment company, providing digital
video, Internet, telephone and wireless services over its own nationwide IP
network.
More Information:
cox.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Related Companies
Cox Communications Inc [profile]
Related
Geographies
North America
United States
Virginia
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3357 Nonferrous wire drawing & insulating
6732 Educational, religious, etc trusts
8211 Elementary and secondary schools
8221 Colleges and universities, nec
Misc. Fabricated Products [profile]
Misc. Financial Services [profile]
Schools [profile]
27450 Other non-ferrous metal production
65230 Other financial intermediation not elsewhere classified
80100 Primary education
80210 General secondary education
2732 Non-Ferrous Metal Rolling, Drawing, Extruding n.e.c.
7519 Services to Finance and Investment n.e.c.
8423 Combined Primary and Secondary Education
8431 Higher Education
Fitch Affirms Cox
Enterprises and Cox Communications IDR at 'BBB'; Outlook Revised to Positive
Wireless News
04 August 2011
[What follows is the full text of the article.]
Fitch Ratings has
affirmed the 'BBB' Issuer Default Rating (IDR) for Cox Enterprises (CEI) and
its wholly owned subsidiary Cox Communications (CCI).
In addition, Fitch
has affirmed the individual issue ratings of CEI and its subsidiaries (as
outlined below). The Rating Outlook is revised to Positive from Stable.
Approximately $10.5 billion of debt outstanding as of March 31, including $8.25
billion issued by CCI is affected. Lastly, Fitch has withdrawn the 'BBB' IDR
and 'BBB' senior unsecured debt rating for Cox Radio, Inc. (CXR).
The ratings
recognize the company's sound financial flexibility, as well as the solid
operating profile and competitive position of the cable business. The ratings
are also supported by the company's conservative financial policies and
commitment to investment grade ratings. Further, the ratings recognize the
diversification and market leading positions of CEI's businesses, while
acknowledging that some of these businesses remain exposed to moderate cyclical
and secular pressures. Fitch expects that CCI will generate the majority of
CEI's consolidated revenues and cash flow, but notes that each of the company's
segments is positioned to generate positive free cash flow over Fitch's ratings
horizon. As a result, this incremental diversification of revenue and cash flow
is a moderate benefit to CEI's credit profile.
The Positive
Outlook reflects the improvement in credit protection metrics as a result of
CEI's active debt reduction in recent years. The company has achieved its 2.5
times (x) leverage target (the company's calculated leverage was 2.3x at March
31,; Fitch estimates total debt/latest 12 months [LTM] EBITDA of 2.7x on this
date). Fitch does not anticipate significant further debt reduction, although
the Outlook incorporates Fitch's expectations that EBITDA growth will drive
modest deleveraging going forward. Fitch believes that acquisitions will remain
a part of the company's growth strategy as it seeks to grow and diversify its
businesses. Fitch believes that acquisitions will be conducted within the
context of achieving and maintaining the 2.5x leverage ratio, and that any
transactions that result in leverage above this metric will be followed by a
period of focused deleveraging.
Fitch's ratings
reflect the size and strong competitive position of CCI, the company's largest
business segment and the third-largest cable multiple system operator (MSO) in
the U.S. Fitch expects CCI's operating profile, which generated nearly 87
percent of consolidated EBITDA, will have the greatest influence on CEI's
credit profile. CCI's operating profile derives its strength from its
formidable subscriber clustering profile in the company's primary markets, and
growing revenue diversity due to the ongoing success of its commercial
business. The competitive pressure associated with the service overlap among
the different telecommunications service providers, while intense, is not
expected to materially change during the ratings horizon. In Fitch's opinion,
CEI's cable business, and the cable industry overall, has proven to be
resilient to persistent competitive pressures and weak housing formation and
employment markets.
The launch of a wireless
business within CCI creates a quadruple play service offering and presents CCI
with an opportunity to enhance its competitive position and grow revenues
outside of its core cable business. Fitch expects that CCI's wireless service
will be available to approximately 50 percent of its cable service area by the
end of 2011. However, the execution risks surrounding the wireless business
along with the related incremental capital and operating costs elevate the
business risks associated with CCI's credit profile. Fitch acknowledges that
CCI's decision to use a mobile virtual network operator model significantly
mitigates the capital costs associated with the wireless business. In Fitch's
opinion, the articulation of a 4G wireless network strategy becomes increasingly
important as market leaders have accelerated 4G network deployments. Fitch
expects that CCI's wireless business will contribute to the company's overall
revenue growth profile during the ratings horizon, however, wireless revenues
will constitute less than 5 percent of CCI's consolidated revenues by 2015.
Within the cable
business, ratings concerns are centered on the company's ability to adapt to
changing competitive dynamics and maintain its relative market position given
the challenging competitive environment, and preserve operating margins in the
face of the dilutive effects related to the company's wireless initiative and
ongoing gross margin pressure stemming from rising programming costs. Fitch
notes that there is sufficient capacity within the company's credit profile to
accommodate short term pressure on operating margins.
The 'BBB' ratings
incorporate the cyclical and secular challenges faced by CEI's non-cable
related businesses. Cox Media Group has rebounded with the return to advertising
growth but its organic growth profile remains challenged by continued pressures
in newspapers and low organic growth prospects at radio and television. Manheim
is expected to remain challenged through at least the next 12 months as the
lagging effect of the downturn and credit crisis on used auto sales continues
to cycle through. These are expected to be partially offset by continued
organic growth at AutoTrader.com (ATC), as buyers continue to migrate to the
internet, bolstered by recent acquisitions. Fitch expects ATC to remain
acquisitive, funded either with incremental debt or equity contributions from
its owners, with any activity easily accommodated in current ratings.
Overall, CEI's
financial flexibility and liquidity position is solid considering the company's
ability to generate consistent levels of free cash flow. During the last 12
month period ended March 31, CEI generated approximately $1.5 billion of free
cash flow (defined as cash flow from operations less capital expenditures and
dividends). Fitch anticipates the company will generate consistent levels of
free cash flow of at least $1 billion during the ratings horizon. Free cash
flow will benefit from higher operating profits, partially offset by higher
cash taxes due to the expected absence of tax benefits received in 2009 and
2010 associated with prior economic stimulus, as well as near-term pension
funding obligations.
The liquidity
position is supported by the company's $3.5 billion revolver, which as of March
31, had approximately $3.2 billion available for borrowing. CEI's and CCI's
sub-limits under the facility were $500 million and $3 billion respectively as
of March 31. Commitments under the revolver expire on July 25, 2014. CEI has
the ability to access the cash flows from all of its subsidiaries (restricted
or unrestricted) with the exception of ATC in accordance with the ATC credit
agreement. CEI's credit agreement does not limit dividends from its
unrestricted subsidiaries (CCI and ATC) as long as net leverage is below 5.0x.
CCI paid dividends of $1.75 billion in 2008, and $500 million in 2009 and 2010,
which the parent used to repay debt. Fitch expects CCI will continue to pay
dividends to CEI that are in-line with 2010 levels.
CEI's maturity
schedule is manageable and Fitch believes that the company has sufficient
financial flexibility through expected free cash flow generation, available
borrowing capacity from the revolver and capital market access to address the
near-term maturities. Fitch expects that scheduled maturities will be
refinanced as the company is operating at is 2.5x leverage target. There are no
meaningful scheduled maturities for the balance of 2011. Maturities during 2012
total approximately $1 billion followed by $647 million during 2013 and $1.3
billion in 2014.
The ratings could
be upgraded should all of the following occur: CEI's various media businesses
continue to stabilize; the company maintains its financial policies, without a
sustained increase in leverage from current levels; demonstration that CCI's
wireless business has not materially negatively impacted its operating profile.
Negative ratings
actions would occur in tandem with a change in the company's capital structure
policy or an event such as a debt financed dividend or leveraging acquisition
that would drive leverage higher than 3.75x for a sustained period of time.
Additionally, ratings pressure could result should the capital requirements
associated with CCI's wireless initiative exceed expectations and negatively
affect the company's operating profile.
The Issuer Default
Rating (IDR) of CEI and CCI are linked in accordance with Fitch criteria. This
linkage essentially gives standalone CEI credit for cash flows achieved at the
CCI and other subsidiary levels (with the exception of ATC), since there are no
material restrictions on cash flows between the entities and common management.
While no cross defaults or cross guarantees exist between the entities, Fitch
believes that CCI's probability of default would be understated (rated higher)
if it did not consider CEI's businesses and weaker credit profile. At the same
time, Fitch believes it would overstate CEI's probability of default if the
rating only incorporated the CEI businesses on a standalone basis and did not
consider potential upstream cash flows CEI could access in distress.
Fitch has affirmed
the following ratings with a Positive Outlook:
Cox Enterprises,
Inc.
--IDR at 'BBB';
--Senior unsecured
debt at 'BBB';
--Short-term IDR
at 'F2';
--Commercial paper
at 'F2'.
Cox Communications,
Inc.
--IDR at 'BBB';
--Senior unsecured
debt at 'BBB';
--Short-term IDR
at 'F2';
--Commercial paper
at 'F2'.
Fitch has
withdrawn the following ratings:
Cox Radio, Inc.
--IDR at 'BBB';
--Senior unsecured
debt at 'BBB'.
Additional
information is available at 'fitchratings.com'.
Applicable
Criteria and Related Research:
--'Corporate
Rating Methodology' (Aug. 16, 2010);
--'Rating Global
Telecoms Companies' (Sept. 16, 2010);
--'Parent and
Subsidiary Rating Linkage (Fitch's Approach to Rating Entities Within a
Corporate Group Structure)' (July 14, 2010).
Applicable
Criteria and Related Research:
Corporate Rating Methodology - Amended
http://fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646
Rating Global Telecoms Companies - Sector Credit Factors
http://fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=550205
Parent and Subsidiary Rating Linkage Criteria Report
http://fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=534826
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Related Companies
Cox Communications Inc [profile]
Oklahomans on the
Move: August 3, 2011
Journal Record
(Oklahoma City, OK)
03 August 2011
By Journal Record
Staff
[What follows is
the full text of the article.]
Oklahoma
Zoological Society elects officers
Darryl Schmidt,
director of community banking at BancFirst, has been elected president of the
Oklahoma Zoological Society.
Vicki Howard, an
Oklahoma Zoological Society board member for five years, is president-elect.
Other officers include Corey Hyde Blake, financial adviser with Oklahoma
Financial Center Inc., treasurer, and Aimee Salalati, managing director of NW
Norman Properties, secretary.
City Rescue
Mission gets accreditation
City Rescue
Mission has been accredited for one year by CARF International.
Programs included
in the accreditation include Community Employment Services: Job Development;
Community Employment Services: Job Supports; Community Employment Services:
Job-Site Training; Employment Development Services; and Employment Planning
Services. This is the first accreditation that the international accrediting
body has awarded City Rescue Mission.
Foundation selects
executive director
Marlo Duffy Turner
has been hired as the executive director for the Jenks Public Schools
Foundation.
Turner is the
first graduate of Jenks Public Schools to lead the Jenks Public Schools
Foundation. For 10 years, Turner was assistant vice president for development
at Oklahoma State University. Turner is president of the board of directors for
Leadership Tulsa.
Nick Sidorakis of
Southern Hills Country Club was elected president of the foundation. Other
officers include Stephanie Cipolla, Williams, vice president; Joanne Lucas,
Community Action Project, treasurer; and Bruce Berkinshaw, Cox Communications,
secretary.
Directors-at-large
are Pamela Cass Goldberg, Hall Estill, and Susan Meeker, Flintco. Wendi Fisher
is immediate past president.
Board members
include Jesse Boudiette, Rachel Campbell, Paul Cornell, John Crancer, Shelly
Drullinger, Marty Grunst, Lari Gulley, Carole Huff Hicks, Joy Hofmeister,
Lonnie Iannazzo, Tracy Kennedy, Phil Lakin Jr., Sally Mulready, Lisa Rice, Mark
Romoser, Amy Smith, Chris Smith and Alicia Wohl.
Foundation adds
board members
Linda Schulz has
been elected board chairwoman of Variety Care Foundation. The board has added
five new members to begin its new fiscal year.
New board members include Sally Bentley, Donna Brogan, John Frank,
Russell Rother and Gina Sewell, all elected to three-year terms.
Network elects board members
Kala Sharp, Oneok Inc., has been elected president of the Child Abuse
Network, Tulsa's Children's Advocacy Center.
Chris Woosley, past president, will remain on the board. Other members
of the executive committee include Michael A. Rhoads, Oklahoma Insurance
Department, president-elect; Susan Gross, secretary; and Connie Tommerup,
treasurer.
New members elected to the board of directors include Gross; Tina Wells,
Schnake Turnbo Frank/PR; and Melissa Sanden, Blue Cross Blue Shield of
Oklahoma. Presidential appointees include Kim Williamson; Carmen Clayton, T.D.
Williamson; and Heather Cupp, Hall Estill.
Continuing board members include Tim Baker, The Brasserie, Sonoma Bistro
and Duke's Southern Kitchen; Adrienne Barnett, Norman Wohlgemuth Chandler &
Dowdell; Robyn Brooks, Robyn Brooks Estate Sales; Charles Chuck Buland, Merrill
Lynch; Paul Coury, Coury Properties; Sharon Doty, Arpeggias; Liz Hunt, Hunt
Media & Marketing; Becky Lowe, Bank of Oklahoma; Rania Nasreddine,
GableGotwals; Roy M. Skip Teel Jr., SJM Investments; Rebecca Thompson, Grant
Thornton; Kathy West; Scott Vaughn, Global Health Inc.; and Stephen Wolff, U.S.
Air Force.
*********************************CORRECTION*******************************
In the above article it names John Frank as a new board member of
Variety Care Foundation. The new board member is John Funk. We apologize for
the error.
Related Companies
Cox Communications Inc [profile]
Merrill Lynch & Co Inc [profile]
ONEOK Inc [profile]
US Air Force
Related Topics
Executive Changes
Human Resources
Management Team
Related
Geographies
North America
United States
Oklahoma
Related Industries
8211 Elementary and secondary schools
Schools [profile]
80100 Primary education
8423 Combined Primary and Secondary Education
UNITED STATES :
Cox Public Access Studio to open up in September
TendersInfo News
02 August 2011
[What follows is the full text of the article.]
Cox Communications
declared that its public access facility will be opened in September.
At the facility
steel supports are installed and new roofing is likely to complete.
Peter Talbot, Cox
Communication's Public Affairs Manager said, The company has been working out
of temporary headquarters at 1484 Highland Ave. since the roof collapsed at
their studio location in February.
Talbot stated that
the studio will restart at 1701 Highland Ave., after finishing the repairs on
the building. The commercial plaza that is owned by James Fazzone, was built
around 1981 and has four tenants.
Talbot stated that
the video equipment for public access programming has still been available, but
taping of programs in the studio was delayed five months back.
Related Companies
Cox Communications
Inc [profile]
Cox Joins Inside Business 'Best Places to Work -
Hall of Fame'
Wireless News
31 July 2011
[What follows is the full text of the article.]
Cox Communications
has been inducted into the Inside Business 'Best Places to Work - Hall of
Fame.'
Cox said it earned
the honor after winning multiple 'Best Places to Work' categories for eight of
the last nine years. The honor has been bestowed on only fourteen other
companies throughout Hampton Roads and was presented at a ceremony held on
Monday, July 18.
Carol Lichti,
Editor of Inside Business, said, "The Hall of Fame represents those local
companies that daily demonstrate to their employees the valued assets they are
to the business. The consistency and excellence among these honorees are what
make these companies successful. And the winners all have a commitment to the
many disciplines associated with being an excellent company in this day and
time." Inside Business is a Hampton Roads business journal, with a weekly
circulation of 7,500, including some of Hampton Roads most influential business
leaders.
Gary McCollum, Cox
Virginia Senior Vice President and General Manager said, "We are proud to
be recognized for our outstanding teamwork and agree that our employees are
what keep us operating as a successful business in Hampton Roads. It is important
that every member of the Cox family understands how valuable they are to the
success of the company, and we will continue to live up to this distinctive
place in the 'Hall of Fame'."
In order to be
selected for this honor, Cox noted that companies must submit information about
their business culture, employee satisfaction levels and turnover rates,
compensation and benefits packages, and employee training. Employees of each
company nominated must then complete online surveys that judges review when choosing
the winners.
According to a release, Cox's recognition as a 'Best Place to Work' is
based on the the following history:
-In 2003, 2004 and 2005, Cox Communications was named one of the 'Best
Places to Work' in Hampton Roads
-In 2006 and 2007, the Cox Customer Care Center and Cox Media each
earned this same distinction, respectively
-In 2009, the Cox Field Division placed 3rd for the 'Best Place to Work'
award for large companies
-In 2010, the Cox Business division was named the No. 1 'Best Place to
Work' for mid-sized companies in Hampton Roads
After being recognized in the 'Top 10' seven times in the past decade,
Cox Communications said it has been permanently placed into the 'Hall of Fame'
and will no longer need to be nominated for the 'Best Places to Work' awards.
Cox Communications is a multi-service broadband communications and
entertainment company with more than 6.2 million total residential and
commercial customers.
More information:
www.cox.com
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Related Companies
Cox Communications Inc [profile]
Related Industries
8412 Museums and art galleries
Recreational Activities [profile]
92520 Museum activities and preservation of historical sites and buildings
9220 Museums
Cox and Virginia
Cable Telecommunications Names 5 Roanoke Students as Scholarship Winners
Wireless News
31 July 2011
[What follows is
the full text of the article.]
Five Roanoke
students were recently awarded the Virginia's Future Leaders scholarships
through a partnership between Cox Communications and the Virginia Cable
Telecommunications Association.
"We
congratulate these Roanoke students who are beneficiaries of the Virginia's
Future Leaders Scholarships. Cox is very proud to be a part of this relationship
with the VCTA, and helping young people pursue their educational goals"
said Kim Stanley, Vice President of Operations for Roanoke.
The Company said
the winners will all be attending Virginia colleges or universities in the fall
of 2011. This year's scholars and the schools they will be attending are:
-Madhura
Chitnavis, Roanoke College
-Rachel Davis,
Virginia Polytechnic Institute
-Jacob Equi,
College of William & Mary
-Gabriela Titilola
Peregrino, Old Dominion University
-Kelsey Rae Tripp,
Virginia Polytechnic Institute
According to a
release, the mission of the Virginia Cable Telecommunications Association
(VCTA) is to promote the cable television and telecommunications services of
member companies in the Commonwealth of Virginia to the public, the business
community and state officials. The VCTA offers helpful information on the cable
industry's positive impact on Virginia's economy and its citizens.
Cox Communications
noted that it has long been a supporter of the development of youth through
education initiatives. In Virginia, this support includes a long-standing
partnership with area Boys & Girls Clubs, along with Cox supported
scholarships for students through Access College and the Jim Kennedy
Scholarship program.
Cox Communications
is a broadband communications and entertainment company, providing digital
video, Internet, telephone and wireless services over its own nationwide IP
network.
((Comments on this
story may be sent to newsdesk@closeupmedia.com))
Related Companies
Cox Communications
Inc [profile]
Related Geographies
North America
United States
Virginia
Related Industries
6732 Educational, religious, etc trusts
8221 Colleges and universities, nec
Misc. Financial Services [profile]
Schools [profile]
65230 Other financial intermediation not elsewhere classified
80210 General secondary education
7519 Services to Finance and Investment n.e.c.
8431 Higher Education
Charter Names Jay
Rolls as Senior VP and Chief Technology Officer
Wireless News
29 July 2011
[What follows is
the full text of the article.]
Charter
Communications, Inc. has announced that broadband industry veteran Jay A. Rolls
will join Charter in Aug. as Senior VP and Chief Technology Officer.
The Company said
that he brings more than 25 years of experience in engineering, technology
architecture and business development to Charter.
Heading the
Company's engineering and architecture teams, Charter noted that Rolls will
also serve as the company's primary liaison to industry organizations,
including research and development consortium CableLabs.
Rolls comes to
Charter from Cox Communications, where he most recently served as Senior VP,
Technology, responsible for technology and architectures across all of their
communications and entertainment product lines.
"Charter is
making significant investments in our infrastructure to improve reliability,
offer more advanced products and enhance the overall experience for our
customers," said Charter Executive VP, Technology and President,
Commercial Services Don Detampel. "We're very pleased to have an industry
veteran of Jay's caliber lead these efforts. He has a natural affinity for
collaboration that will help ensure our product, technology and operations
teams work closely together to exceed our customers' expectations."
Launching his
career working on communications cryptography for the U.S. intelligence
community, Rolls later worked with BBN Communications and Alcatel Telekom,
spending nearly a decade in Germany. He has also held senior leadership
positions with Pacific Broadband and Excite@Home.
Charter is a
broadband communications company and a cable operator that provides a full
range of broadband services, including Charter TV video entertainment
programming, Charter Internet access, and Charter Phone.
More Information:
charter.com
((Comments on this
story may be sent to newsdesk@closeupmedia.com))
Related Companies
Alcatel [profile]
Charter Communications [profile]
Cox Communications Inc [profile]
Annual Income Statement
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
Revenue |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
Total Revenue |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,672.9 |
2,482.1 |
2,270.9 |
2,112.2 |
1,868.3 |
|
Cost of Revenue, Total |
2,672.9 |
2,482.1 |
2,270.9 |
2,112.2 |
1,868.3 |
|
Gross Profit |
4,049.4 |
3,624.0 |
3,187.9 |
2,926.4 |
2,384.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,468.0 |
1,365.3 |
1,193.2 |
1,147.2 |
963.9 |
|
Total Selling/General/Administrative Expenses |
1,468.0 |
1,365.3 |
1,193.2 |
1,147.2 |
963.9 |
|
Depreciation |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Depreciation/Amortization |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Impairment-Assets Held for Use |
181.9 |
2,236.0 |
0.0 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
5.0 |
-0.5 |
3.9 |
0.0 |
|
Other Unusual Expense (Income) |
- |
- |
- |
0.8 |
0.0 |
|
Unusual Expense (Income) |
181.9 |
2,241.0 |
-0.5 |
4.7 |
0.0 |
|
Total Operating Expense |
5,985.8 |
7,636.6 |
4,888.9 |
4,622.0 |
4,371.5 |
|
|
|
|
|
|
|
|
Operating Income |
736.5 |
-1,530.5 |
569.9 |
416.6 |
-118.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-697.4 |
-428.6 |
-467.3 |
-549.9 |
-565.9 |
|
Interest Expense, Net Non-Operating |
-697.4 |
-428.6 |
-467.3 |
-549.9 |
-565.9 |
|
Investment Income -
Non-Operating |
-9.6 |
28.2 |
142.6 |
-223.7 |
899.2 |
|
Interest/Investment Income - Non-Operating |
-9.6 |
28.2 |
142.6 |
-223.7 |
899.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-707.1 |
-400.3 |
-324.7 |
-773.6 |
333.2 |
|
Other Non-Operating Income (Expense) |
-9.4 |
-15.9 |
-453.6 |
-5.1 |
-11.9 |
|
Other, Net |
-9.4 |
-15.9 |
-453.6 |
-5.1 |
-11.9 |
|
Income Before Tax |
20.1 |
-1,946.7 |
-208.3 |
-362.1 |
203.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.5 |
-866.3 |
-74.7 |
-125.3 |
94.0 |
|
Income After Tax |
6.6 |
-1,080.4 |
-133.6 |
-236.8 |
109.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
-1.2 |
-6.1 |
-37.3 |
-71.1 |
|
Equity In Affiliates |
-6.7 |
-3.5 |
-8.1 |
- |
- |
|
Net Income Before Extraord Items |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
Accounting Change |
0.0 |
-1,210.2 |
0.0 |
0.0 |
717.1 |
|
Discontinued Operations |
-230.6 |
-80.0 |
10.1 |
- |
- |
|
Total Extraord Items |
-230.6 |
-1,290.2 |
10.1 |
0.0 |
717.1 |
|
Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Diluted Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
Dividends per Share - Common Stock Primary Issue |
- |
- |
- |
0.00 |
0.00 |
|
Dividends per Share - Common Stock Issue 2 |
- |
- |
- |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
- |
0.0 |
0.0 |
|
Stock Based Compensation |
5.9 |
27.0 |
22.9 |
18.9 |
14.8 |
|
Net Income After Stock Based Compensation |
-236.6 |
-2,402.3 |
-160.7 |
-292.9 |
740.2 |
|
Interest Expense, Supplemental |
697.4 |
428.6 |
467.3 |
549.9 |
565.9 |
|
Depreciation, Supplemental |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Total Special Items |
181.9 |
2,241.0 |
-0.5 |
4.7 |
0.0 |
|
Normalized Income Before Tax |
202.0 |
294.3 |
-208.8 |
-357.4 |
203.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
63.7 |
784.3 |
-0.2 |
1.6 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
77.2 |
-82.0 |
-74.9 |
-123.6 |
94.0 |
|
Normalized Income After Tax |
124.8 |
376.3 |
-133.9 |
-233.7 |
109.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
118.1 |
371.6 |
-148.2 |
-271.0 |
37.9 |
|
|
|
|
|
|
|
|
Rental Expenses |
19.2 |
21.4 |
21.9 |
21.8 |
21.1 |
|
Normalized EBIT |
918.4 |
710.5 |
569.4 |
421.3 |
-118.3 |
|
Normalized EBITDA |
2,581.4 |
2,258.7 |
1,994.7 |
1,779.2 |
1,421.0 |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Short Term Investments |
2,474.9 |
2,965.8 |
- |
- |
- |
|
Cash and Short Term Investments |
2,556.0 |
3,042.1 |
83.8 |
228.7 |
86.9 |
|
Accounts Receivable -
Trade, Gross |
441.1 |
387.8 |
397.0 |
388.5 |
454.6 |
|
Provision for Doubtful
Accounts |
-23.7 |
-24.5 |
-26.2 |
-33.6 |
-33.5 |
|
Trade Accounts Receivable - Net |
417.4 |
363.3 |
370.8 |
354.9 |
421.1 |
|
Other Receivables |
18.8 |
0.0 |
0.0 |
21.1 |
13.2 |
|
Total Receivables, Net |
436.2 |
363.3 |
370.8 |
376.0 |
434.4 |
|
Other Current Assets |
192.8 |
127.0 |
131.1 |
277.5 |
211.5 |
|
Other Current Assets, Total |
192.8 |
127.0 |
131.1 |
277.5 |
211.5 |
|
Total Current Assets |
3,185.0 |
3,532.4 |
585.8 |
882.3 |
732.7 |
|
|
|
|
|
|
|
|
Buildings |
624.2 |
608.9 |
590.7 |
519.9 |
468.4 |
|
Land/Improvements |
96.3 |
95.7 |
107.7 |
101.1 |
96.8 |
|
Machinery/Equipment |
12,018.4 |
11,479.2 |
11,952.0 |
10,663.5 |
9,299.8 |
|
Construction in
Progress |
243.0 |
116.2 |
159.6 |
260.5 |
463.6 |
|
Leases |
449.6 |
394.9 |
423.6 |
382.9 |
- |
|
Property/Plant/Equipment - Gross |
13,431.6 |
12,695.0 |
13,233.4 |
11,927.9 |
10,328.5 |
|
Accumulated Depreciation |
-6,692.0 |
-5,651.6 |
-5,325.9 |
-4,134.7 |
-3,200.6 |
|
Property/Plant/Equipment - Net |
6,739.6 |
7,043.4 |
7,907.6 |
7,793.2 |
7,127.9 |
|
Goodwill, Net |
75.6 |
96.7 |
- |
- |
- |
|
Intangibles, Net |
17,044.2 |
17,315.4 |
15,697.5 |
15,724.3 |
13,510.9 |
|
LT Investments - Other |
1,273.1 |
1,171.6 |
109.4 |
397.4 |
3,515.2 |
|
Long Term Investments |
1,273.1 |
1,171.6 |
109.4 |
397.4 |
3,515.2 |
|
Other Long Term Assets |
60.2 |
94.2 |
117.4 |
218.2 |
174.7 |
|
Other Long Term Assets, Total |
60.2 |
94.2 |
117.4 |
218.2 |
174.7 |
|
Total Assets |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
Payable/Accrued |
906.3 |
759.4 |
778.7 |
727.9 |
674.4 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
45.5 |
51.6 |
48.3 |
393.0 |
43.7 |
|
Other Payables |
0.0 |
5.6 |
4.0 |
0.0 |
- |
|
Other Current Liabilities |
465.0 |
897.9 |
450.6 |
226.4 |
298.4 |
|
Other Current liabilities, Total |
465.0 |
903.5 |
454.5 |
226.4 |
298.4 |
|
Total Current Liabilities |
1,416.8 |
1,714.4 |
1,281.6 |
1,347.3 |
1,016.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
Total Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
Total Debt |
13,017.3 |
12,990.0 |
7,011.8 |
7,316.0 |
8,417.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
7,900.3 |
8,326.6 |
6,389.0 |
6,750.6 |
4,540.1 |
|
Deferred Income Tax |
7,900.3 |
8,326.6 |
6,389.0 |
6,750.6 |
4,540.1 |
|
Minority Interest |
- |
0.0 |
139.5 |
133.4 |
129.1 |
|
Other Long Term Liabilities |
187.6 |
148.1 |
164.1 |
175.9 |
1,326.0 |
|
Other Liabilities, Total |
187.6 |
148.1 |
164.1 |
175.9 |
1,326.0 |
|
Total Liabilities |
22,476.6 |
23,127.5 |
14,937.6 |
15,330.2 |
15,385.6 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
- |
0.0 |
4.8 |
4.8 |
4.8 |
|
Preferred Stock - Non Redeemable, Net |
- |
0.0 |
4.8 |
4.8 |
4.8 |
|
Common Stock |
5.8 |
5.8 |
626.1 |
625.7 |
606.1 |
|
Common Stock |
5.8 |
5.8 |
626.1 |
625.7 |
606.1 |
|
Additional Paid-In Capital |
4,807.7 |
4,802.1 |
4,545.6 |
4,549.0 |
3,891.2 |
|
Retained Earnings (Accumulated Deficit) |
1,087.5 |
1,318.2 |
4,500.6 |
4,638.4 |
4,912.5 |
|
Treasury Stock - Common |
- |
- |
-212.7 |
-212.3 |
-211.9 |
|
Translation Adjustment |
0.1 |
0.1 |
15.5 |
79.5 |
473.1 |
|
Other Equity, Total |
0.1 |
0.1 |
15.5 |
79.5 |
473.1 |
|
Total Equity |
5,901.2 |
6,126.2 |
9,480.0 |
9,685.1 |
9,675.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
556.2 |
556.2 |
593.0 |
592.6 |
573.0 |
|
Shares Outstanding - Common Stock Issue 2 |
27.6 |
27.6 |
27.6 |
27.6 |
27.6 |
|
Total Common Shares Outstanding |
583.8 |
583.8 |
620.6 |
620.2 |
600.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
5.5 |
5.5 |
5.5 |
|
Treasury Shares - Common Issue 2 |
0.0 |
0.0 |
- |
- |
- |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Employees |
22,530 |
22,350 |
22,150 |
21,600 |
20,700 |
|
Number of Common Shareholders |
2 |
2 |
5,724 |
5,724 |
5,724 |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
Depreciation |
1,741.4 |
1,627.1 |
1,505.5 |
1,357.9 |
1,539.2 |
|
Depreciation/Depletion |
1,741.4 |
1,627.1 |
1,505.5 |
1,357.9 |
1,539.2 |
|
Deferred Taxes |
-241.2 |
-827.7 |
-327.7 |
194.4 |
-306.8 |
|
Accounting Change |
0.0 |
1,210.2 |
- |
0.0 |
-717.1 |
|
Unusual Items |
636.8 |
2,399.7 |
332.0 |
196.3 |
-939.2 |
|
Equity in Net Earnings (Loss) |
6.7 |
3.5 |
8.1 |
32.2 |
40.0 |
|
Other Non-Cash Items |
0.0 |
1.2 |
6.1 |
37.3 |
71.1 |
|
Non-Cash Items |
643.4 |
3,614.6 |
346.2 |
265.7 |
-1,545.1 |
|
Accounts Receivable |
-56.8 |
-14.7 |
-15.9 |
52.9 |
0.8 |
|
Prepaid Expenses |
- |
- |
- |
60.5 |
-40.3 |
|
Other Assets |
-47.6 |
0.5 |
41.3 |
- |
- |
|
Accounts Payable |
- |
- |
- |
99.8 |
-30.4 |
|
Payable/Accrued |
201.7 |
54.2 |
22.7 |
- |
- |
|
Taxes Payable |
39.4 |
-68.7 |
331.4 |
-161.2 |
328.5 |
|
Other Liabilities |
-47.5 |
-30.6 |
-6.4 |
-5.5 |
42.5 |
|
Other Operating Cash Flow |
-3.4 |
-1.0 |
108.7 |
182.3 |
55.2 |
|
Changes in Working Capital |
85.9 |
-60.2 |
481.8 |
228.9 |
356.5 |
|
Cash from Operating Activities |
1,998.8 |
1,978.5 |
1,868.0 |
1,772.8 |
798.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,478.6 |
-1,389.9 |
-1,561.3 |
-1,932.4 |
-2,205.5 |
|
Capital Expenditures |
-1,478.6 |
-1,389.9 |
-1,561.3 |
-1,932.4 |
-2,205.5 |
|
Sale of Business |
0.0 |
70.2 |
246.4 |
1,346.0 |
1,316.2 |
|
Investment, Net |
-45.9 |
-17.8 |
-22.3 |
-18.8 |
-54.0 |
|
Other Investing Cash Flow |
28.8 |
-56.1 |
18.0 |
-2.9 |
-10.1 |
|
Other Investing Cash Flow Items, Total |
-17.2 |
-3.7 |
242.2 |
1,324.2 |
1,252.1 |
|
Cash from Investing Activities |
-1,495.8 |
-1,393.6 |
-1,319.1 |
-608.2 |
-953.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
4.0 |
-19.6 |
-26.1 |
-600.3 |
-65.4 |
|
Financing Cash Flow Items |
4.0 |
-19.6 |
-26.1 |
-600.3 |
-65.4 |
|
Sale/Issuance of
Common |
0.0 |
5.2 |
6.8 |
24.3 |
10.6 |
|
Repurchase/Retirement
of Common |
-474.5 |
-6,422.9 |
- |
0.0 |
0.0 |
|
Common Stock, Net |
-474.5 |
-6,417.7 |
6.8 |
24.3 |
10.6 |
|
Issuance (Retirement) of Stock, Net |
-474.5 |
-6,417.7 |
6.8 |
24.3 |
10.6 |
|
Short Term Debt, Net |
350.0 |
1,650.0 |
- |
- |
- |
|
Long Term Debt Issued |
0.0 |
7,968.7 |
1,330.8 |
985.5 |
1,405.9 |
|
Long Term Debt
Reduction |
-491.6 |
-3,566.1 |
-2,310.1 |
-705.0 |
-386.7 |
|
Long Term Debt, Net |
-377.8 |
4,194.9 |
-674.4 |
-446.8 |
217.8 |
|
Issuance (Retirement) of Debt, Net |
-27.8 |
5,844.9 |
-674.4 |
-446.8 |
217.8 |
|
Cash from Financing Activities |
-498.2 |
-592.4 |
-693.7 |
-1,022.8 |
163.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
4.8 |
-7.5 |
-144.9 |
141.8 |
8.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
76.3 |
83.8 |
228.7 |
86.9 |
78.4 |
|
Net Cash - Ending Balance |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Cash Interest Paid |
661.0 |
379.1 |
374.0 |
409.4 |
476.4 |
|
Cash Taxes Paid |
72.3 |
-19.7 |
-69.9 |
-201.0 |
79.9 |
Annual Income Statement
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Residential |
5,898.2 |
5,356.0 |
4,809.8 |
4,430.5 |
3,763.2 |
|
Commercial |
421.0 |
347.9 |
283.0 |
230.1 |
152.4 |
|
Advertising |
403.2 |
402.2 |
366.1 |
378.1 |
337.6 |
|
Total Revenue |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
|
|
|
|
|
|
|
Cost of Service |
2,672.9 |
2,482.1 |
2,270.9 |
2,112.2 |
1,868.3 |
|
General/Admin. |
1,468.0 |
1,365.3 |
1,193.2 |
1,147.2 |
963.9 |
|
Depreciation |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Impairment of Intangible |
181.9 |
2,236.0 |
0.0 |
- |
- |
|
Gain on Sale Cable |
0.0 |
5.0 |
-0.5 |
3.9 |
0.0 |
|
Debt Extinguishment |
- |
- |
- |
0.8 |
0.0 |
|
Total Operating Expense |
5,985.8 |
7,636.6 |
4,888.9 |
4,622.0 |
4,371.5 |
|
|
|
|
|
|
|
|
Interest Expense |
-697.4 |
-428.6 |
-467.3 |
-549.9 |
-565.9 |
|
Gain/Loss Derivative |
-0.1 |
-0.1 |
-22.6 |
1,125.6 |
-212.0 |
|
Investment Gain/Loss |
-9.5 |
28.4 |
165.2 |
-1,317.2 |
1,151.2 |
|
Loss on extinguishment of debt |
-13.0 |
-7.0 |
-450.1 |
- |
- |
|
Equity in Affiliate |
- |
- |
- |
-32.2 |
-40.0 |
|
Other, Net |
3.6 |
-8.9 |
-3.5 |
-5.1 |
-11.9 |
|
Net Income Before Taxes |
20.1 |
-1,946.7 |
-208.3 |
-362.1 |
203.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.5 |
-866.3 |
-74.7 |
-125.3 |
94.0 |
|
Net Income After Taxes |
6.6 |
-1,080.4 |
-133.6 |
-236.8 |
109.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
-1.2 |
-6.1 |
-37.3 |
-71.1 |
|
Equity in Affiliated Companies |
-6.7 |
-3.5 |
-8.1 |
- |
- |
|
Net Income Before Extra. Items |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
Accounting Change |
0.0 |
-1,210.2 |
0.0 |
0.0 |
717.1 |
|
Discontinued Expense |
-230.6 |
-80.0 |
10.1 |
- |
- |
|
Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Diluted Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
DPS-Class A Common Stock |
- |
- |
- |
0.00 |
0.00 |
|
DPS-Class C Common Stock |
- |
- |
- |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
- |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
202.0 |
294.3 |
-208.8 |
-357.4 |
203.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
77.2 |
-82.0 |
-74.9 |
-123.6 |
94.0 |
|
Normalized Income After Taxes |
124.8 |
376.3 |
-133.9 |
-233.7 |
109.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
118.1 |
371.6 |
-148.2 |
-271.0 |
37.9 |
|
|
|
|
|
|
|
|
Interest Expense |
697.4 |
428.6 |
467.3 |
549.9 |
565.9 |
|
Rental Expense |
19.2 |
21.4 |
21.9 |
21.8 |
21.1 |
|
Depreciation |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Pro Forma Stock Compensation Expense |
5.9 |
27.0 |
22.9 |
18.9 |
14.8 |
|
Net Income after Stock Based Comp. Exp. |
-236.6 |
-2,402.3 |
-160.7 |
-292.9 |
740.2 |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Acct. Rcvbl. |
441.1 |
387.8 |
397.0 |
388.5 |
454.6 |
|
Allowance |
-23.7 |
-24.5 |
-26.2 |
-33.6 |
-33.5 |
|
Amounts Due |
18.8 |
0.0 |
0.0 |
21.1 |
13.2 |
|
Other Assets |
192.8 |
127.0 |
131.1 |
277.5 |
211.5 |
|
Assets Held for Sale |
2,474.9 |
2,965.8 |
- |
- |
- |
|
Total Current Assets |
3,185.0 |
3,532.4 |
585.8 |
882.3 |
732.7 |
|
|
|
|
|
|
|
|
Land |
96.3 |
95.7 |
107.7 |
101.1 |
96.8 |
|
Buildings |
624.2 |
608.9 |
590.7 |
519.9 |
468.4 |
|
Transmission Plt |
10,916.9 |
10,486.2 |
11,032.9 |
9,853.1 |
8,336.7 |
|
Other Equipment |
1,101.5 |
993.0 |
919.1 |
810.4 |
- |
|
Capital Lease |
449.6 |
394.9 |
423.6 |
382.9 |
- |
|
Construction |
243.0 |
116.2 |
159.6 |
260.5 |
463.6 |
|
Misc. Equipment |
- |
- |
- |
- |
963.1 |
|
Depreciation |
-6,692.0 |
-5,651.6 |
-5,325.9 |
-4,134.7 |
-3,200.6 |
|
Investments |
1,273.1 |
1,171.6 |
109.4 |
397.4 |
3,515.2 |
|
Intangibles |
17,044.2 |
17,315.4 |
15,697.5 |
15,724.3 |
13,510.9 |
|
Goodwill |
75.6 |
96.7 |
- |
- |
- |
|
Other Asset |
60.2 |
94.2 |
117.4 |
218.2 |
174.7 |
|
Total Assets |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
Acct. Pay./Accrd |
906.3 |
759.4 |
778.7 |
727.9 |
674.4 |
|
Other Liabs. |
348.3 |
319.3 |
450.6 |
226.4 |
298.4 |
|
Cash Obligation |
9.2 |
483.6 |
- |
- |
- |
|
Cur.Port.LT Debt |
45.5 |
51.6 |
48.3 |
393.0 |
43.7 |
|
Amounts Due to CEI |
0.0 |
5.6 |
4.0 |
0.0 |
- |
|
Liabilities related to assets held for s |
107.6 |
95.0 |
- |
- |
- |
|
Total Current Liabilities |
1,416.8 |
1,714.4 |
1,281.6 |
1,347.3 |
1,016.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
Total Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
|
|
|
|
|
|
|
Deferred Taxes |
7,900.3 |
8,326.6 |
6,389.0 |
6,750.6 |
4,540.1 |
|
Other Liabs. |
187.6 |
148.1 |
164.1 |
175.9 |
170.2 |
|
Minority Int. |
- |
0.0 |
139.5 |
133.4 |
129.1 |
|
Cox Secs. Trust |
- |
- |
- |
- |
1,155.7 |
|
Total Liabilities |
22,476.6 |
23,127.5 |
14,937.6 |
15,330.2 |
15,385.6 |
|
|
|
|
|
|
|
|
Prfd. Stk.-Sr. A |
- |
0.0 |
4.8 |
4.8 |
4.8 |
|
Common Stk./Cl.A |
5.6 |
5.6 |
598.5 |
598.1 |
578.5 |
|
Cl.C Common Stk. |
0.3 |
0.3 |
27.6 |
27.6 |
27.6 |
|
Paid in Capital |
4,807.7 |
4,802.1 |
4,545.6 |
4,549.0 |
3,891.2 |
|
Retained Earns. |
1,087.5 |
1,318.2 |
4,500.6 |
4,638.4 |
4,912.5 |
|
Trans.Adj./Other |
0.1 |
0.1 |
15.5 |
79.5 |
473.1 |
|
Treasury Stock |
- |
- |
-212.7 |
-212.3 |
-211.9 |
|
Total Equity |
5,901.2 |
6,126.2 |
9,480.0 |
9,685.1 |
9,675.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
S/O-Class A Common Stock |
556.2 |
556.2 |
593.0 |
592.6 |
573.0 |
|
S/O-Class C Common Stock |
27.6 |
27.6 |
27.6 |
27.6 |
27.6 |
|
Total Common Shares Outstanding |
583.8 |
583.8 |
620.6 |
620.2 |
600.6 |
|
T/S-Class A Common Stock |
0.0 |
0.0 |
5.5 |
5.5 |
5.5 |
|
T/S-Class C Common Stock |
0.0 |
0.0 |
- |
- |
- |
|
S/O-Ser. A Preferred Stock |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Full-Time Employees |
22,530 |
22,350 |
22,150 |
21,600 |
20,700 |
|
Number of Common Shareholders |
2 |
2 |
5,724 |
5,724 |
5,724 |
Annual Cash Flows
Financials
in: USD (mil)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
Depreciation |
1,741.4 |
1,627.1 |
1,505.5 |
1,357.9 |
1,539.2 |
|
Impairment of Intangibles |
614.1 |
2,415.9 |
25.0 |
- |
- |
|
Cable Systems |
0.0 |
5.0 |
-0.5 |
3.9 |
0.0 |
|
Deferred Taxes |
-241.2 |
-827.7 |
-327.7 |
194.4 |
-306.8 |
|
Loss on Derivative |
0.1 |
0.1 |
22.6 |
-1,125.6 |
212.0 |
|
Sale-Affiliate/Invst |
9.5 |
-28.4 |
-165.2 |
1,317.2 |
-1,151.2 |
|
Minority Interest |
0.0 |
1.2 |
6.1 |
37.3 |
71.1 |
|
Equity in Affiliates |
6.7 |
3.5 |
8.1 |
32.2 |
40.0 |
|
Debt Extinguishment |
13.0 |
7.0 |
450.1 |
0.8 |
- |
|
Other, Net |
-3.4 |
-1.0 |
108.7 |
182.3 |
55.2 |
|
Acct. Change |
0.0 |
1,210.2 |
- |
0.0 |
-717.1 |
|
Accounts Receivable |
-56.8 |
-14.7 |
-15.9 |
52.9 |
0.8 |
|
Other Assets |
-47.6 |
0.5 |
41.3 |
- |
- |
|
Prepaid Expenses |
- |
- |
- |
60.5 |
-40.3 |
|
Accounts Payable |
- |
- |
- |
99.8 |
-30.4 |
|
Payable/Accrued |
201.7 |
54.2 |
22.7 |
- |
- |
|
Taxes Payable |
39.4 |
-68.7 |
331.4 |
-161.2 |
328.5 |
|
Other Current Liabil |
-47.5 |
-30.6 |
-6.4 |
-5.5 |
42.5 |
|
Cash from Operating Activities |
1,998.8 |
1,978.5 |
1,868.0 |
1,772.8 |
798.8 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-1,478.6 |
-1,389.9 |
-1,561.3 |
-1,932.4 |
-2,205.5 |
|
Investments |
-45.9 |
-17.8 |
-22.3 |
-18.8 |
-54.0 |
|
Sale-Business/Invest |
0.0 |
70.2 |
246.4 |
1,346.0 |
1,316.2 |
|
Amounts Due |
- |
0.0 |
21.1 |
-7.9 |
-7.4 |
|
Cable Systems |
0.0 |
53.1 |
0.8 |
12.6 |
-1.5 |
|
Other, Net |
47.5 |
43.8 |
-3.9 |
-7.6 |
-1.2 |
|
decrease in amounts due from CEI |
-18.8 |
- |
- |
- |
- |
|
Minority Interest |
0.0 |
-153.0 |
- |
- |
- |
|
Cash from Investing Activities |
-1,495.8 |
-1,393.6 |
-1,319.1 |
-608.2 |
-953.3 |
|
|
|
|
|
|
|
|
Revolving Credit, Net |
350.0 |
1,650.0 |
- |
- |
- |
|
Commercial Paper |
119.3 |
-209.2 |
300.9 |
-727.4 |
-801.4 |
|
Issuance of Debt |
0.0 |
7,968.7 |
1,330.8 |
985.5 |
1,405.9 |
|
Repayment of Debt |
-491.6 |
-3,566.1 |
-2,310.1 |
-705.0 |
-386.7 |
|
Redem. Secs. Trust |
- |
- |
0.0 |
-502.6 |
0.0 |
|
Common Stock Issued |
0.0 |
5.2 |
6.8 |
24.3 |
10.6 |
|
Dividend Paid-Subsi. |
0.0 |
- |
0.0 |
-47.8 |
-76.0 |
|
Repurc Common/Treas |
- |
- |
- |
0.0 |
0.0 |
|
Premium Paid |
- |
0.0 |
-43.7 |
-26.0 |
- |
|
Other, Net |
4.0 |
-19.6 |
17.7 |
-24.0 |
10.6 |
|
Amounts Due to CEI |
-5.6 |
1.6 |
4.0 |
0.0 |
0.0 |
|
Payment to Acquire Cox's Former Stock |
-474.5 |
-6,422.9 |
- |
- |
- |
|
Cash from Financing Activities |
-498.2 |
-592.4 |
-693.7 |
-1,022.8 |
163.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
4.8 |
-7.5 |
-144.9 |
141.8 |
8.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
76.3 |
83.8 |
228.7 |
86.9 |
78.4 |
|
Net Cash - Ending Balance |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Cash Interest Paid |
661.0 |
379.1 |
374.0 |
409.4 |
476.4 |
|
Cash Taxes Paid |
72.3 |
-19.7 |
-69.9 |
-201.0 |
79.9 |
Financial Health
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
No Financial Data for Cox Communications, Inc.
Annual Ratios
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
Annual Income Statement
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
Revenue |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
Total Revenue |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,672.9 |
2,482.1 |
2,270.9 |
2,112.2 |
1,868.3 |
|
Cost of Revenue, Total |
2,672.9 |
2,482.1 |
2,270.9 |
2,112.2 |
1,868.3 |
|
Gross Profit |
4,049.4 |
3,624.0 |
3,187.9 |
2,926.4 |
2,384.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,468.0 |
1,365.3 |
1,193.2 |
1,147.2 |
963.9 |
|
Total Selling/General/Administrative Expenses |
1,468.0 |
1,365.3 |
1,193.2 |
1,147.2 |
963.9 |
|
Depreciation |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Depreciation/Amortization |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Impairment-Assets Held for Use |
181.9 |
2,236.0 |
0.0 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
5.0 |
-0.5 |
3.9 |
0.0 |
|
Other Unusual Expense (Income) |
- |
- |
- |
0.8 |
0.0 |
|
Unusual Expense (Income) |
181.9 |
2,241.0 |
-0.5 |
4.7 |
0.0 |
|
Total Operating Expense |
5,985.8 |
7,636.6 |
4,888.9 |
4,622.0 |
4,371.5 |
|
|
|
|
|
|
|
|
Operating Income |
736.5 |
-1,530.5 |
569.9 |
416.6 |
-118.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-697.4 |
-428.6 |
-467.3 |
-549.9 |
-565.9 |
|
Interest Expense, Net Non-Operating |
-697.4 |
-428.6 |
-467.3 |
-549.9 |
-565.9 |
|
Investment Income -
Non-Operating |
-9.6 |
28.2 |
142.6 |
-223.7 |
899.2 |
|
Interest/Investment Income - Non-Operating |
-9.6 |
28.2 |
142.6 |
-223.7 |
899.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-707.1 |
-400.3 |
-324.7 |
-773.6 |
333.2 |
|
Other Non-Operating Income (Expense) |
-9.4 |
-15.9 |
-453.6 |
-5.1 |
-11.9 |
|
Other, Net |
-9.4 |
-15.9 |
-453.6 |
-5.1 |
-11.9 |
|
Income Before Tax |
20.1 |
-1,946.7 |
-208.3 |
-362.1 |
203.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.5 |
-866.3 |
-74.7 |
-125.3 |
94.0 |
|
Income After Tax |
6.6 |
-1,080.4 |
-133.6 |
-236.8 |
109.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
-1.2 |
-6.1 |
-37.3 |
-71.1 |
|
Equity In Affiliates |
-6.7 |
-3.5 |
-8.1 |
- |
- |
|
Net Income Before Extraord Items |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
Accounting Change |
0.0 |
-1,210.2 |
0.0 |
0.0 |
717.1 |
|
Discontinued Operations |
-230.6 |
-80.0 |
10.1 |
- |
- |
|
Total Extraord Items |
-230.6 |
-1,290.2 |
10.1 |
0.0 |
717.1 |
|
Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Diluted Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
Dividends per Share - Common Stock Primary Issue |
- |
- |
- |
0.00 |
0.00 |
|
Dividends per Share - Common Stock Issue 2 |
- |
- |
- |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
- |
0.0 |
0.0 |
|
Stock Based Compensation |
5.9 |
27.0 |
22.9 |
18.9 |
14.8 |
|
Net Income After Stock Based Compensation |
-236.6 |
-2,402.3 |
-160.7 |
-292.9 |
740.2 |
|
Interest Expense, Supplemental |
697.4 |
428.6 |
467.3 |
549.9 |
565.9 |
|
Depreciation, Supplemental |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Total Special Items |
181.9 |
2,241.0 |
-0.5 |
4.7 |
0.0 |
|
Normalized Income Before Tax |
202.0 |
294.3 |
-208.8 |
-357.4 |
203.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
63.7 |
784.3 |
-0.2 |
1.6 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
77.2 |
-82.0 |
-74.9 |
-123.6 |
94.0 |
|
Normalized Income After Tax |
124.8 |
376.3 |
-133.9 |
-233.7 |
109.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
118.1 |
371.6 |
-148.2 |
-271.0 |
37.9 |
|
|
|
|
|
|
|
|
Rental Expenses |
19.2 |
21.4 |
21.9 |
21.8 |
21.1 |
|
Normalized EBIT |
918.4 |
710.5 |
569.4 |
421.3 |
-118.3 |
|
Normalized EBITDA |
2,581.4 |
2,258.7 |
1,994.7 |
1,779.2 |
1,421.0 |
Interim Income Statement
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
30-Sep-2005 |
30-Jun-2005 |
31-Mar-2005 |
31-Dec-2004 |
|
Period Length |
3 Months |
3 Months |
6 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Special |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
1,486.4 |
1,755.2 |
3,480.7 |
1,704.1 |
1,221.5 |
|
Revenue |
1,486.4 |
1,755.2 |
3,480.7 |
1,704.1 |
1,221.5 |
|
Total Revenue |
1,486.4 |
1,755.2 |
3,480.7 |
1,704.1 |
1,221.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
578.2 |
703.3 |
1,391.4 |
681.9 |
508.2 |
|
Cost of Revenue, Total |
578.2 |
703.3 |
1,391.4 |
681.9 |
508.2 |
|
Gross Profit |
908.2 |
1,051.9 |
2,089.3 |
1,022.2 |
713.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
353.9 |
370.5 |
743.6 |
368.6 |
275.2 |
|
Total Selling/General/Administrative Expenses |
353.9 |
370.5 |
743.6 |
368.6 |
275.2 |
|
Depreciation |
341.4 |
424.2 |
897.4 |
434.2 |
313.2 |
|
Depreciation/Amortization |
341.4 |
424.2 |
897.4 |
434.2 |
313.2 |
|
Impairment-Assets Held for Use |
-432.2 |
614.1 |
0.0 |
- |
-179.9 |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
- |
- |
- |
0.0 |
|
Other Unusual Expense (Income) |
- |
- |
- |
- |
-7.0 |
|
Unusual Expense (Income) |
-432.2 |
614.1 |
0.0 |
- |
-186.9 |
|
Total Operating Expense |
841.3 |
2,112.1 |
3,032.4 |
1,484.7 |
909.6 |
|
|
|
|
|
|
|
|
Operating Income |
645.1 |
-356.9 |
448.3 |
219.4 |
311.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-184.6 |
-177.6 |
-335.1 |
-163.5 |
-96.1 |
|
Interest Expense, Net Non-Operating |
-184.6 |
-177.6 |
-335.1 |
-163.5 |
-96.1 |
|
Investment Income -
Non-Operating |
-0.5 |
-6.4 |
-2.7 |
0.0 |
26.8 |
|
Interest/Investment Income - Non-Operating |
-0.5 |
-6.4 |
-2.7 |
0.0 |
26.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-185.1 |
-184.0 |
-337.9 |
-163.5 |
-69.3 |
|
Other Non-Operating Income (Expense) |
0.6 |
3.5 |
-13.5 |
0.2 |
-8.5 |
|
Other, Net |
0.6 |
3.5 |
-13.5 |
0.2 |
-8.5 |
|
Income Before Tax |
460.5 |
-537.5 |
97.0 |
56.1 |
234.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
153.3 |
-189.2 |
49.4 |
28.3 |
95.9 |
|
Income After Tax |
307.2 |
-348.2 |
47.6 |
27.8 |
138.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
-1.0 |
|
Equity In Affiliates |
-1.9 |
-2.0 |
-2.8 |
-0.8 |
0.6 |
|
Net Income Before Extraord Items |
305.3 |
-350.2 |
44.8 |
27.0 |
137.7 |
|
Accounting Change |
0.0 |
- |
- |
- |
0.0 |
|
Discontinued Operations |
-230.6 |
- |
- |
- |
-80.0 |
|
Total Extraord Items |
-230.6 |
- |
- |
- |
-80.0 |
|
Net Income |
74.7 |
-350.2 |
44.8 |
27.0 |
57.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
305.3 |
-350.2 |
44.8 |
27.0 |
137.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
74.7 |
-350.2 |
44.8 |
27.0 |
57.7 |
|
|
|
|
|
|
|
|
Diluted Net Income |
74.7 |
-350.2 |
44.8 |
27.0 |
57.7 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
Dividends per Share - Common Stock Issue 2 |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
Stock Based Compensation |
11.8 |
0.0 |
-5.9 |
5.8 |
6.1 |
|
Net Income After Stock Based Compensation |
74.7 |
-350.2 |
38.9 |
21.2 |
51.6 |
|
Interest Expense, Supplemental |
184.8 |
177.6 |
335.1 |
163.5 |
96.1 |
|
Depreciation, Supplemental |
341.4 |
424.2 |
897.4 |
434.2 |
313.2 |
|
Total Special Items |
-432.2 |
614.1 |
0.0 |
- |
-186.9 |
|
Normalized Income Before Tax |
28.3 |
76.7 |
97.0 |
56.1 |
47.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-143.9 |
214.9 |
0.0 |
- |
-76.6 |
|
Inc Tax Ex Impact of Sp Items |
9.4 |
25.7 |
49.4 |
28.3 |
19.3 |
|
Normalized Income After Tax |
18.9 |
50.9 |
47.6 |
27.8 |
27.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
17.0 |
49.0 |
44.8 |
27.0 |
27.4 |
|
|
|
|
|
|
|
|
Normalized EBIT |
212.9 |
257.2 |
448.3 |
219.4 |
125.0 |
|
Normalized EBITDA |
554.3 |
681.4 |
1,345.7 |
653.6 |
438.1 |
Annual Balance Sheet
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Short Term Investments |
2,474.9 |
2,965.8 |
- |
- |
- |
|
Cash and Short Term Investments |
2,556.0 |
3,042.1 |
83.8 |
228.7 |
86.9 |
|
Accounts Receivable -
Trade, Gross |
441.1 |
387.8 |
397.0 |
388.5 |
454.6 |
|
Provision for Doubtful
Accounts |
-23.7 |
-24.5 |
-26.2 |
-33.6 |
-33.5 |
|
Trade Accounts Receivable - Net |
417.4 |
363.3 |
370.8 |
354.9 |
421.1 |
|
Other Receivables |
18.8 |
0.0 |
0.0 |
21.1 |
13.2 |
|
Total Receivables, Net |
436.2 |
363.3 |
370.8 |
376.0 |
434.4 |
|
Other Current Assets |
192.8 |
127.0 |
131.1 |
277.5 |
211.5 |
|
Other Current Assets, Total |
192.8 |
127.0 |
131.1 |
277.5 |
211.5 |
|
Total Current Assets |
3,185.0 |
3,532.4 |
585.8 |
882.3 |
732.7 |
|
|
|
|
|
|
|
|
Buildings |
624.2 |
608.9 |
590.7 |
519.9 |
468.4 |
|
Land/Improvements |
96.3 |
95.7 |
107.7 |
101.1 |
96.8 |
|
Machinery/Equipment |
12,018.4 |
11,479.2 |
11,952.0 |
10,663.5 |
9,299.8 |
|
Construction in
Progress |
243.0 |
116.2 |
159.6 |
260.5 |
463.6 |
|
Leases |
449.6 |
394.9 |
423.6 |
382.9 |
- |
|
Property/Plant/Equipment - Gross |
13,431.6 |
12,695.0 |
13,233.4 |
11,927.9 |
10,328.5 |
|
Accumulated Depreciation |
-6,692.0 |
-5,651.6 |
-5,325.9 |
-4,134.7 |
-3,200.6 |
|
Property/Plant/Equipment - Net |
6,739.6 |
7,043.4 |
7,907.6 |
7,793.2 |
7,127.9 |
|
Goodwill, Net |
75.6 |
96.7 |
- |
- |
- |
|
Intangibles, Net |
17,044.2 |
17,315.4 |
15,697.5 |
15,724.3 |
13,510.9 |
|
LT Investments - Other |
1,273.1 |
1,171.6 |
109.4 |
397.4 |
3,515.2 |
|
Long Term Investments |
1,273.1 |
1,171.6 |
109.4 |
397.4 |
3,515.2 |
|
Other Long Term Assets |
60.2 |
94.2 |
117.4 |
218.2 |
174.7 |
|
Other Long Term Assets, Total |
60.2 |
94.2 |
117.4 |
218.2 |
174.7 |
|
Total Assets |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
Payable/Accrued |
906.3 |
759.4 |
778.7 |
727.9 |
674.4 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
45.5 |
51.6 |
48.3 |
393.0 |
43.7 |
|
Other Payables |
0.0 |
5.6 |
4.0 |
0.0 |
- |
|
Other Current Liabilities |
465.0 |
897.9 |
450.6 |
226.4 |
298.4 |
|
Other Current liabilities, Total |
465.0 |
903.5 |
454.5 |
226.4 |
298.4 |
|
Total Current Liabilities |
1,416.8 |
1,714.4 |
1,281.6 |
1,347.3 |
1,016.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
Total Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
Total Debt |
13,017.3 |
12,990.0 |
7,011.8 |
7,316.0 |
8,417.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
7,900.3 |
8,326.6 |
6,389.0 |
6,750.6 |
4,540.1 |
|
Deferred Income Tax |
7,900.3 |
8,326.6 |
6,389.0 |
6,750.6 |
4,540.1 |
|
Minority Interest |
- |
0.0 |
139.5 |
133.4 |
129.1 |
|
Other Long Term Liabilities |
187.6 |
148.1 |
164.1 |
175.9 |
1,326.0 |
|
Other Liabilities, Total |
187.6 |
148.1 |
164.1 |
175.9 |
1,326.0 |
|
Total Liabilities |
22,476.6 |
23,127.5 |
14,937.6 |
15,330.2 |
15,385.6 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
- |
0.0 |
4.8 |
4.8 |
4.8 |
|
Preferred Stock - Non Redeemable, Net |
- |
0.0 |
4.8 |
4.8 |
4.8 |
|
Common Stock |
5.8 |
5.8 |
626.1 |
625.7 |
606.1 |
|
Common Stock |
5.8 |
5.8 |
626.1 |
625.7 |
606.1 |
|
Additional Paid-In Capital |
4,807.7 |
4,802.1 |
4,545.6 |
4,549.0 |
3,891.2 |
|
Retained Earnings (Accumulated Deficit) |
1,087.5 |
1,318.2 |
4,500.6 |
4,638.4 |
4,912.5 |
|
Treasury Stock - Common |
- |
- |
-212.7 |
-212.3 |
-211.9 |
|
Translation Adjustment |
0.1 |
0.1 |
15.5 |
79.5 |
473.1 |
|
Other Equity, Total |
0.1 |
0.1 |
15.5 |
79.5 |
473.1 |
|
Total Equity |
5,901.2 |
6,126.2 |
9,480.0 |
9,685.1 |
9,675.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
556.2 |
556.2 |
593.0 |
592.6 |
573.0 |
|
Shares Outstanding - Common Stock Issue 2 |
27.6 |
27.6 |
27.6 |
27.6 |
27.6 |
|
Total Common Shares Outstanding |
583.8 |
583.8 |
620.6 |
620.2 |
600.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
5.5 |
5.5 |
5.5 |
|
Treasury Shares - Common Issue 2 |
0.0 |
0.0 |
- |
- |
- |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Employees |
22,530 |
22,350 |
22,150 |
21,600 |
20,700 |
|
Number of Common Shareholders |
2 |
2 |
5,724 |
5,724 |
5,724 |
Interim Balance Sheet
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
30-Sep-2005 |
30-Jun-2005 |
31-Mar-2005 |
31-Dec-2004 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash |
81.1 |
68.0 |
85.8 |
112.8 |
76.3 |
|
Cash and Short Term Investments |
81.1 |
68.0 |
85.8 |
112.8 |
76.3 |
|
Accounts Receivable -
Trade, Gross |
441.1 |
493.5 |
445.8 |
411.0 |
387.0 |
|
Provision for Doubtful
Accounts |
-23.7 |
-26.9 |
-24.6 |
-24.0 |
-23.7 |
|
Trade Accounts Receivable - Net |
2,892.3 |
466.6 |
421.2 |
387.1 |
3,329.1 |
|
Other Receivables |
18.8 |
- |
- |
- |
0.0 |
|
Total Receivables, Net |
2,911.1 |
466.6 |
421.2 |
387.1 |
3,329.1 |
|
Other Current Assets |
192.8 |
194.8 |
191.9 |
157.2 |
127.0 |
|
Other Current Assets, Total |
192.8 |
194.8 |
191.9 |
157.2 |
127.0 |
|
Total Current Assets |
3,185.0 |
729.4 |
698.8 |
657.0 |
3,532.4 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
6,739.6 |
7,700.8 |
7,771.8 |
7,862.2 |
7,043.4 |
|
Goodwill, Net |
75.6 |
106.9 |
106.9 |
106.9 |
96.7 |
|
Intangibles, Net |
17,044.2 |
18,645.1 |
19,284.2 |
19,306.3 |
17,315.4 |
|
LT Investments - Other |
1,273.1 |
1,196.9 |
1,212.0 |
1,172.2 |
1,171.6 |
|
Long Term Investments |
1,273.1 |
1,196.9 |
1,212.0 |
1,172.2 |
1,171.6 |
|
Other Long Term Assets |
60.2 |
63.4 |
70.8 |
71.7 |
94.2 |
|
Other Long Term Assets, Total |
60.2 |
63.4 |
70.8 |
71.7 |
94.2 |
|
Total Assets |
28,377.7 |
28,442.5 |
29,144.5 |
29,176.2 |
29,253.7 |
|
|
|
|
|
|
|
|
Payable/Accrued |
906.3 |
890.9 |
880.5 |
877.0 |
759.4 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
45.5 |
47.1 |
54.9 |
58.6 |
51.6 |
|
Other Payables |
0.0 |
36.7 |
92.6 |
60.3 |
5.6 |
|
Other Current Liabilities |
465.0 |
311.9 |
293.6 |
347.4 |
897.9 |
|
Other Current liabilities, Total |
465.0 |
348.7 |
386.2 |
407.7 |
903.5 |
|
Total Current Liabilities |
1,416.8 |
1,286.6 |
1,321.6 |
1,343.2 |
1,714.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,971.8 |
13,129.3 |
13,236.5 |
13,228.0 |
12,938.5 |
|
Total Long Term Debt |
12,971.8 |
13,129.3 |
13,236.5 |
13,228.0 |
12,938.5 |
|
Total Debt |
13,017.3 |
13,176.4 |
13,291.5 |
13,286.6 |
12,990.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
7,900.3 |
8,048.7 |
8,284.7 |
8,318.6 |
8,326.6 |
|
Deferred Income Tax |
7,900.3 |
8,048.7 |
8,284.7 |
8,318.6 |
8,326.6 |
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Other Long Term Liabilities |
187.6 |
151.6 |
127.5 |
132.6 |
148.1 |
|
Other Liabilities, Total |
187.6 |
151.6 |
127.5 |
132.6 |
148.1 |
|
Total Liabilities |
22,476.6 |
22,616.1 |
22,970.4 |
23,022.4 |
23,127.5 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
- |
- |
- |
- |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
- |
- |
- |
- |
0.0 |
|
Common Stock |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Common Stock |
5.8 |
5.8 |
5.8 |
5.8 |
5.8 |
|
Additional Paid-In Capital |
4,807.7 |
4,807.6 |
4,804.6 |
4,802.6 |
4,802.1 |
|
Retained Earnings (Accumulated Deficit) |
1,087.5 |
1,012.8 |
1,363.5 |
1,345.2 |
1,318.2 |
|
Treasury Stock - Common |
- |
- |
- |
- |
0.0 |
|
Translation Adjustment |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Equity, Total |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Equity |
5,901.2 |
5,826.4 |
6,174.1 |
6,153.8 |
6,126.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
28,377.7 |
28,442.5 |
29,144.5 |
29,176.2 |
29,253.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
556.2 |
556.2 |
556.2 |
556.2 |
556.2 |
|
Shares Outstanding - Common Stock Issue 2 |
27.6 |
27.6 |
27.6 |
27.6 |
27.6 |
|
Total Common Shares Outstanding |
583.8 |
583.8 |
583.8 |
583.8 |
583.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury Shares - Common Issue 2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
Depreciation |
1,741.4 |
1,627.1 |
1,505.5 |
1,357.9 |
1,539.2 |
|
Depreciation/Depletion |
1,741.4 |
1,627.1 |
1,505.5 |
1,357.9 |
1,539.2 |
|
Deferred Taxes |
-241.2 |
-827.7 |
-327.7 |
194.4 |
-306.8 |
|
Accounting Change |
0.0 |
1,210.2 |
- |
0.0 |
-717.1 |
|
Unusual Items |
636.8 |
2,399.7 |
332.0 |
196.3 |
-939.2 |
|
Equity in Net Earnings (Loss) |
6.7 |
3.5 |
8.1 |
32.2 |
40.0 |
|
Other Non-Cash Items |
0.0 |
1.2 |
6.1 |
37.3 |
71.1 |
|
Non-Cash Items |
643.4 |
3,614.6 |
346.2 |
265.7 |
-1,545.1 |
|
Accounts Receivable |
-56.8 |
-14.7 |
-15.9 |
52.9 |
0.8 |
|
Prepaid Expenses |
- |
- |
- |
60.5 |
-40.3 |
|
Other Assets |
-47.6 |
0.5 |
41.3 |
- |
- |
|
Accounts Payable |
- |
- |
- |
99.8 |
-30.4 |
|
Payable/Accrued |
201.7 |
54.2 |
22.7 |
- |
- |
|
Taxes Payable |
39.4 |
-68.7 |
331.4 |
-161.2 |
328.5 |
|
Other Liabilities |
-47.5 |
-30.6 |
-6.4 |
-5.5 |
42.5 |
|
Other Operating Cash Flow |
-3.4 |
-1.0 |
108.7 |
182.3 |
55.2 |
|
Changes in Working Capital |
85.9 |
-60.2 |
481.8 |
228.9 |
356.5 |
|
Cash from Operating Activities |
1,998.8 |
1,978.5 |
1,868.0 |
1,772.8 |
798.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,478.6 |
-1,389.9 |
-1,561.3 |
-1,932.4 |
-2,205.5 |
|
Capital Expenditures |
-1,478.6 |
-1,389.9 |
-1,561.3 |
-1,932.4 |
-2,205.5 |
|
Sale of Business |
0.0 |
70.2 |
246.4 |
1,346.0 |
1,316.2 |
|
Investment, Net |
-45.9 |
-17.8 |
-22.3 |
-18.8 |
-54.0 |
|
Other Investing Cash Flow |
28.8 |
-56.1 |
18.0 |
-2.9 |
-10.1 |
|
Other Investing Cash Flow Items, Total |
-17.2 |
-3.7 |
242.2 |
1,324.2 |
1,252.1 |
|
Cash from Investing Activities |
-1,495.8 |
-1,393.6 |
-1,319.1 |
-608.2 |
-953.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
4.0 |
-19.6 |
-26.1 |
-600.3 |
-65.4 |
|
Financing Cash Flow Items |
4.0 |
-19.6 |
-26.1 |
-600.3 |
-65.4 |
|
Sale/Issuance of
Common |
0.0 |
5.2 |
6.8 |
24.3 |
10.6 |
|
Repurchase/Retirement
of Common |
-474.5 |
-6,422.9 |
- |
0.0 |
0.0 |
|
Common Stock, Net |
-474.5 |
-6,417.7 |
6.8 |
24.3 |
10.6 |
|
Issuance (Retirement) of Stock, Net |
-474.5 |
-6,417.7 |
6.8 |
24.3 |
10.6 |
|
Short Term Debt, Net |
350.0 |
1,650.0 |
- |
- |
- |
|
Long Term Debt Issued |
0.0 |
7,968.7 |
1,330.8 |
985.5 |
1,405.9 |
|
Long Term Debt
Reduction |
-491.6 |
-3,566.1 |
-2,310.1 |
-705.0 |
-386.7 |
|
Long Term Debt, Net |
-377.8 |
4,194.9 |
-674.4 |
-446.8 |
217.8 |
|
Issuance (Retirement) of Debt, Net |
-27.8 |
5,844.9 |
-674.4 |
-446.8 |
217.8 |
|
Cash from Financing Activities |
-498.2 |
-592.4 |
-693.7 |
-1,022.8 |
163.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
4.8 |
-7.5 |
-144.9 |
141.8 |
8.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
76.3 |
83.8 |
228.7 |
86.9 |
78.4 |
|
Net Cash - Ending Balance |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Cash Interest Paid |
661.0 |
379.1 |
374.0 |
409.4 |
476.4 |
|
Cash Taxes Paid |
72.3 |
-19.7 |
-69.9 |
-201.0 |
79.9 |
Interim Cash Flows
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
30-Sep-2005 |
30-Jun-2005 |
31-Mar-2005 |
31-Dec-2004 |
|
Period Length |
12 Months |
9 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-230.7 |
-305.4 |
45.3 |
27.0 |
-2,375.3 |
|
Depreciation |
1,741.4 |
1,321.6 |
897.4 |
434.2 |
1,627.1 |
|
Depreciation/Depletion |
1,741.4 |
1,321.6 |
897.4 |
434.2 |
1,627.1 |
|
Deferred Taxes |
-241.2 |
-273.8 |
-39.9 |
-7.6 |
-827.7 |
|
Accounting Change |
0.0 |
- |
- |
- |
1,210.2 |
|
Unusual Items |
636.8 |
636.3 |
15.8 |
0.0 |
2,399.7 |
|
Equity in Net Earnings (Loss) |
6.7 |
4.8 |
2.3 |
0.8 |
3.5 |
|
Other Non-Cash Items |
0.0 |
0.0 |
0.0 |
- |
1.2 |
|
Non-Cash Items |
643.4 |
641.0 |
18.1 |
0.8 |
3,614.6 |
|
Accounts Receivable |
-56.8 |
-47.4 |
-26.7 |
7.5 |
-14.7 |
|
Prepaid Expenses |
- |
- |
-50.0 |
- |
- |
|
Other Assets |
-47.6 |
-45.2 |
- |
-22.9 |
0.5 |
|
Payable/Accrued |
201.7 |
23.8 |
25.1 |
17.5 |
54.2 |
|
Taxes Payable |
39.4 |
-36.0 |
-39.2 |
-4.1 |
-68.7 |
|
Other Liabilities |
-47.5 |
-43.3 |
-42.8 |
-29.8 |
-30.6 |
|
Other Operating Cash Flow |
-3.4 |
-0.4 |
1.7 |
0.4 |
-1.0 |
|
Changes in Working Capital |
85.9 |
-148.4 |
-131.8 |
-31.4 |
-60.2 |
|
Cash from Operating Activities |
1,998.8 |
1,235.0 |
789.1 |
423.0 |
1,978.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,478.6 |
-1,027.0 |
-661.2 |
-332.0 |
-1,389.9 |
|
Capital Expenditures |
-1,478.6 |
-1,027.0 |
-661.2 |
-332.0 |
-1,389.9 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
- |
53.1 |
|
Sale/Maturity of Investment |
0.0 |
0.0 |
0.0 |
- |
70.2 |
|
Investment, Net |
-45.9 |
-44.0 |
-43.6 |
-1.9 |
-17.8 |
|
Other Investing Cash Flow |
28.8 |
45.2 |
15.4 |
11.1 |
-109.2 |
|
Other Investing Cash Flow Items, Total |
-17.2 |
1.2 |
-28.2 |
9.2 |
-3.7 |
|
Cash from Investing Activities |
-1,495.8 |
-1,025.8 |
-689.3 |
-322.8 |
-1,393.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
4.0 |
85.6 |
68.5 |
87.3 |
-19.6 |
|
Financing Cash Flow Items |
4.0 |
85.6 |
68.5 |
87.3 |
-19.6 |
|
Sale/Issuance of
Common |
0.0 |
- |
- |
- |
5.2 |
|
Repurchase/Retirement
of Common |
-474.5 |
-473.7 |
-472.8 |
-467.7 |
-6,422.9 |
|
Common Stock, Net |
-474.5 |
-473.7 |
-472.8 |
-467.7 |
-6,417.7 |
|
Options Exercised |
- |
0.0 |
0.0 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
-474.5 |
-473.7 |
-472.8 |
-467.7 |
-6,417.7 |
|
Short Term Debt, Net |
350.0 |
350.0 |
575.0 |
400.0 |
1,650.0 |
|
Long Term Debt Issued |
0.0 |
0.0 |
0.0 |
- |
7,968.7 |
|
Long Term Debt
Reduction |
-491.6 |
-479.9 |
-460.0 |
-41.2 |
-3,566.1 |
|
Long Term Debt, Net |
-377.8 |
-179.4 |
-261.1 |
-83.4 |
4,194.9 |
|
Issuance (Retirement) of Debt, Net |
-27.8 |
170.6 |
313.9 |
316.6 |
5,844.9 |
|
Cash from Financing Activities |
-498.2 |
-217.6 |
-90.3 |
-63.7 |
-592.4 |
|
|
|
|
|
|
|
|
Net Change in Cash |
4.8 |
-8.4 |
9.4 |
36.4 |
-7.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
76.3 |
76.3 |
76.3 |
76.3 |
83.8 |
|
Net Cash - Ending Balance |
81.1 |
68.0 |
85.8 |
112.8 |
76.3 |
|
Cash Interest Paid |
661.0 |
454.6 |
298.8 |
104.5 |
379.1 |
|
Cash Taxes Paid |
72.3 |
171.5 |
130.0 |
39.6 |
-19.7 |
Annual Income Statement
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Residential |
5,898.2 |
5,356.0 |
4,809.8 |
4,430.5 |
3,763.2 |
|
Commercial |
421.0 |
347.9 |
283.0 |
230.1 |
152.4 |
|
Advertising |
403.2 |
402.2 |
366.1 |
378.1 |
337.6 |
|
Total Revenue |
6,722.3 |
6,106.1 |
5,458.8 |
5,038.6 |
4,253.2 |
|
|
|
|
|
|
|
|
Cost of Service |
2,672.9 |
2,482.1 |
2,270.9 |
2,112.2 |
1,868.3 |
|
General/Admin. |
1,468.0 |
1,365.3 |
1,193.2 |
1,147.2 |
963.9 |
|
Depreciation |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Impairment of Intangible |
181.9 |
2,236.0 |
0.0 |
- |
- |
|
Gain on Sale Cable |
0.0 |
5.0 |
-0.5 |
3.9 |
0.0 |
|
Debt Extinguishment |
- |
- |
- |
0.8 |
0.0 |
|
Total Operating Expense |
5,985.8 |
7,636.6 |
4,888.9 |
4,622.0 |
4,371.5 |
|
|
|
|
|
|
|
|
Interest Expense |
-697.4 |
-428.6 |
-467.3 |
-549.9 |
-565.9 |
|
Gain/Loss Derivative |
-0.1 |
-0.1 |
-22.6 |
1,125.6 |
-212.0 |
|
Investment Gain/Loss |
-9.5 |
28.4 |
165.2 |
-1,317.2 |
1,151.2 |
|
Loss on extinguishment of debt |
-13.0 |
-7.0 |
-450.1 |
- |
- |
|
Equity in Affiliate |
- |
- |
- |
-32.2 |
-40.0 |
|
Other, Net |
3.6 |
-8.9 |
-3.5 |
-5.1 |
-11.9 |
|
Net Income Before Taxes |
20.1 |
-1,946.7 |
-208.3 |
-362.1 |
203.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.5 |
-866.3 |
-74.7 |
-125.3 |
94.0 |
|
Net Income After Taxes |
6.6 |
-1,080.4 |
-133.6 |
-236.8 |
109.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
-1.2 |
-6.1 |
-37.3 |
-71.1 |
|
Equity in Affiliated Companies |
-6.7 |
-3.5 |
-8.1 |
- |
- |
|
Net Income Before Extra. Items |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
Accounting Change |
0.0 |
-1,210.2 |
0.0 |
0.0 |
717.1 |
|
Discontinued Expense |
-230.6 |
-80.0 |
10.1 |
- |
- |
|
Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-0.1 |
-1,085.1 |
-147.9 |
-274.0 |
37.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
|
|
|
|
|
|
|
Diluted Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
DPS-Class A Common Stock |
- |
- |
- |
0.00 |
0.00 |
|
DPS-Class C Common Stock |
- |
- |
- |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
- |
- |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
202.0 |
294.3 |
-208.8 |
-357.4 |
203.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
77.2 |
-82.0 |
-74.9 |
-123.6 |
94.0 |
|
Normalized Income After Taxes |
124.8 |
376.3 |
-133.9 |
-233.7 |
109.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
118.1 |
371.6 |
-148.2 |
-271.0 |
37.9 |
|
|
|
|
|
|
|
|
Interest Expense |
697.4 |
428.6 |
467.3 |
549.9 |
565.9 |
|
Rental Expense |
19.2 |
21.4 |
21.9 |
21.8 |
21.1 |
|
Depreciation |
1,663.0 |
1,548.2 |
1,425.3 |
1,357.9 |
1,539.2 |
|
Pro Forma Stock Compensation Expense |
5.9 |
27.0 |
22.9 |
18.9 |
14.8 |
|
Net Income after Stock Based Comp. Exp. |
-236.6 |
-2,402.3 |
-160.7 |
-292.9 |
740.2 |
Interim Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
30-Sep-2005 |
30-Jun-2005 |
31-Mar-2005 |
31-Dec-2004 |
|
Period Length |
3 Months |
3 Months |
6 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Special |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Revenues |
1,486.4 |
1,755.2 |
3,480.7 |
1,704.1 |
1,221.5 |
|
Total Revenue |
1,486.4 |
1,755.2 |
3,480.7 |
1,704.1 |
1,221.5 |
|
|
|
|
|
|
|
|
Programming Costs |
578.2 |
703.3 |
1,391.4 |
681.9 |
508.2 |
|
General/Administr. |
353.9 |
370.5 |
743.6 |
368.6 |
275.2 |
|
Depreciation/Amort. |
341.4 |
424.2 |
897.4 |
434.2 |
313.2 |
|
Impairment of Intangible |
-432.2 |
614.1 |
0.0 |
- |
-179.9 |
|
Loss Sale System |
0.0 |
- |
- |
- |
5.0 |
|
Gain on Sale Cable |
- |
- |
- |
- |
-5.0 |
|
Extinguishment Debt |
- |
- |
- |
- |
-7.0 |
|
Total Operating Expense |
841.3 |
2,112.1 |
3,032.4 |
1,484.7 |
909.6 |
|
|
|
|
|
|
|
|
Interest Expense |
-184.6 |
-177.6 |
-335.1 |
-163.5 |
-96.1 |
|
Gain/Loss Derivative |
-0.1 |
- |
- |
0.0 |
0.0 |
|
Investment Gain/Loss |
-0.4 |
-6.4 |
-2.7 |
0.0 |
26.8 |
|
Loss on Extinguishment of Debt |
0.0 |
0.0 |
-13.0 |
- |
-7.0 |
|
Other, Net |
0.6 |
3.5 |
-0.4 |
0.2 |
-1.5 |
|
Net Income Before Taxes |
460.5 |
-537.5 |
97.0 |
56.1 |
234.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
153.3 |
-189.2 |
49.4 |
28.3 |
95.9 |
|
Net Income After Taxes |
307.2 |
-348.2 |
47.6 |
27.8 |
138.1 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
-1.0 |
|
Equity in Affiliate |
-1.9 |
-2.0 |
-2.8 |
-0.8 |
0.6 |
|
Net Income Before Extra. Items |
305.3 |
-350.2 |
44.8 |
27.0 |
137.7 |
|
Accounting Change |
0.0 |
- |
- |
- |
0.0 |
|
Discontinued Operations |
-230.6 |
- |
- |
- |
-80.0 |
|
Net Income |
74.7 |
-350.2 |
44.8 |
27.0 |
57.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
305.3 |
-350.2 |
44.8 |
27.0 |
137.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
74.7 |
-350.2 |
44.8 |
27.0 |
57.7 |
|
|
|
|
|
|
|
|
Diluted Net Income |
74.7 |
-350.2 |
44.8 |
27.0 |
57.7 |
|
DPS-Class A Common Stock |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
DPS-Class C Common Stock |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
Normalized Income Before Taxes |
28.3 |
76.7 |
97.0 |
56.1 |
47.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
9.4 |
25.7 |
49.4 |
28.3 |
19.3 |
|
Normalized Income After Taxes |
18.9 |
50.9 |
47.6 |
27.8 |
27.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
17.0 |
49.0 |
44.8 |
27.0 |
27.4 |
|
|
|
|
|
|
|
|
Interest Expense |
184.8 |
177.6 |
335.1 |
163.5 |
96.1 |
|
Depreciation |
341.4 |
424.2 |
897.4 |
434.2 |
313.2 |
|
Pro Forma Stock Compensation Expense |
11.8 |
0.0 |
-5.9 |
5.8 |
6.1 |
|
Net Income after Stock Based Comp. Exp. |
74.7 |
-350.2 |
38.9 |
21.2 |
51.6 |
Annual Balance Sheet
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Acct. Rcvbl. |
441.1 |
387.8 |
397.0 |
388.5 |
454.6 |
|
Allowance |
-23.7 |
-24.5 |
-26.2 |
-33.6 |
-33.5 |
|
Amounts Due |
18.8 |
0.0 |
0.0 |
21.1 |
13.2 |
|
Other Assets |
192.8 |
127.0 |
131.1 |
277.5 |
211.5 |
|
Assets Held for Sale |
2,474.9 |
2,965.8 |
- |
- |
- |
|
Total Current Assets |
3,185.0 |
3,532.4 |
585.8 |
882.3 |
732.7 |
|
|
|
|
|
|
|
|
Land |
96.3 |
95.7 |
107.7 |
101.1 |
96.8 |
|
Buildings |
624.2 |
608.9 |
590.7 |
519.9 |
468.4 |
|
Transmission Plt |
10,916.9 |
10,486.2 |
11,032.9 |
9,853.1 |
8,336.7 |
|
Other Equipment |
1,101.5 |
993.0 |
919.1 |
810.4 |
- |
|
Capital Lease |
449.6 |
394.9 |
423.6 |
382.9 |
- |
|
Construction |
243.0 |
116.2 |
159.6 |
260.5 |
463.6 |
|
Misc. Equipment |
- |
- |
- |
- |
963.1 |
|
Depreciation |
-6,692.0 |
-5,651.6 |
-5,325.9 |
-4,134.7 |
-3,200.6 |
|
Investments |
1,273.1 |
1,171.6 |
109.4 |
397.4 |
3,515.2 |
|
Intangibles |
17,044.2 |
17,315.4 |
15,697.5 |
15,724.3 |
13,510.9 |
|
Goodwill |
75.6 |
96.7 |
- |
- |
- |
|
Other Asset |
60.2 |
94.2 |
117.4 |
218.2 |
174.7 |
|
Total Assets |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
Acct. Pay./Accrd |
906.3 |
759.4 |
778.7 |
727.9 |
674.4 |
|
Other Liabs. |
348.3 |
319.3 |
450.6 |
226.4 |
298.4 |
|
Cash Obligation |
9.2 |
483.6 |
- |
- |
- |
|
Cur.Port.LT Debt |
45.5 |
51.6 |
48.3 |
393.0 |
43.7 |
|
Amounts Due to CEI |
0.0 |
5.6 |
4.0 |
0.0 |
- |
|
Liabilities related to assets held for s |
107.6 |
95.0 |
- |
- |
- |
|
Total Current Liabilities |
1,416.8 |
1,714.4 |
1,281.6 |
1,347.3 |
1,016.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
Total Long Term Debt |
12,971.8 |
12,938.5 |
6,963.5 |
6,923.0 |
8,373.9 |
|
|
|
|
|
|
|
|
Deferred Taxes |
7,900.3 |
8,326.6 |
6,389.0 |
6,750.6 |
4,540.1 |
|
Other Liabs. |
187.6 |
148.1 |
164.1 |
175.9 |
170.2 |
|
Minority Int. |
- |
0.0 |
139.5 |
133.4 |
129.1 |
|
Cox Secs. Trust |
- |
- |
- |
- |
1,155.7 |
|
Total Liabilities |
22,476.6 |
23,127.5 |
14,937.6 |
15,330.2 |
15,385.6 |
|
|
|
|
|
|
|
|
Prfd. Stk.-Sr. A |
- |
0.0 |
4.8 |
4.8 |
4.8 |
|
Common Stk./Cl.A |
5.6 |
5.6 |
598.5 |
598.1 |
578.5 |
|
Cl.C Common Stk. |
0.3 |
0.3 |
27.6 |
27.6 |
27.6 |
|
Paid in Capital |
4,807.7 |
4,802.1 |
4,545.6 |
4,549.0 |
3,891.2 |
|
Retained Earns. |
1,087.5 |
1,318.2 |
4,500.6 |
4,638.4 |
4,912.5 |
|
Trans.Adj./Other |
0.1 |
0.1 |
15.5 |
79.5 |
473.1 |
|
Treasury Stock |
- |
- |
-212.7 |
-212.3 |
-211.9 |
|
Total Equity |
5,901.2 |
6,126.2 |
9,480.0 |
9,685.1 |
9,675.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
28,377.7 |
29,253.7 |
24,417.6 |
25,015.3 |
25,061.4 |
|
|
|
|
|
|
|
|
S/O-Class A Common Stock |
556.2 |
556.2 |
593.0 |
592.6 |
573.0 |
|
S/O-Class C Common Stock |
27.6 |
27.6 |
27.6 |
27.6 |
27.6 |
|
Total Common Shares Outstanding |
583.8 |
583.8 |
620.6 |
620.2 |
600.6 |
|
T/S-Class A Common Stock |
0.0 |
0.0 |
5.5 |
5.5 |
5.5 |
|
T/S-Class C Common Stock |
0.0 |
0.0 |
- |
- |
- |
|
S/O-Ser. A Preferred Stock |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
4.8 |
4.8 |
4.8 |
|
Full-Time Employees |
22,530 |
22,350 |
22,150 |
21,600 |
20,700 |
|
Number of Common Shareholders |
2 |
2 |
5,724 |
5,724 |
5,724 |
Interim Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
30-Sep-2005 |
30-Jun-2005 |
31-Mar-2005 |
31-Dec-2004 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash |
81.1 |
68.0 |
85.8 |
112.8 |
76.3 |
|
Accounts Receivable |
441.1 |
493.5 |
445.8 |
411.0 |
387.0 |
|
Allowance |
-23.7 |
-26.9 |
-24.6 |
-24.0 |
-23.7 |
|
Amounts Due |
18.8 |
- |
- |
- |
0.0 |
|
Other Asset |
192.8 |
194.8 |
191.9 |
157.2 |
127.0 |
|
Accounts Rcvbl., Net |
2,474.9 |
- |
- |
- |
2,965.8 |
|
Total Current Assets |
3,185.0 |
729.4 |
698.8 |
657.0 |
3,532.4 |
|
|
|
|
|
|
|
|
Plant/Equip., Net |
6,739.6 |
7,700.8 |
7,771.8 |
7,862.2 |
7,043.4 |
|
Investments |
1,273.1 |
1,196.9 |
1,212.0 |
1,172.2 |
1,171.6 |
|
Intangibles |
17,044.2 |
18,645.1 |
19,284.2 |
19,306.3 |
17,315.4 |
|
Goodwill |
75.6 |
106.9 |
106.9 |
106.9 |
96.7 |
|
Other Assets |
60.2 |
63.4 |
70.8 |
71.7 |
94.2 |
|
Total Assets |
28,377.7 |
28,442.5 |
29,144.5 |
29,176.2 |
29,253.7 |
|
|
|
|
|
|
|
|
Acct. Pay./Accrued |
906.3 |
890.9 |
880.5 |
877.0 |
759.4 |
|
Other Liabs. |
348.3 |
302.0 |
282.8 |
331.5 |
319.3 |
|
Cash Obligation |
9.2 |
9.9 |
10.9 |
15.9 |
483.6 |
|
Cur. Port. Debt |
45.5 |
47.1 |
54.9 |
58.6 |
51.6 |
|
Amounts Due to CEI |
0.0 |
36.7 |
92.6 |
60.3 |
5.6 |
|
Accumulated Defreica |
107.6 |
- |
- |
- |
95.0 |
|
Total Current Liabilities |
1,416.8 |
1,286.6 |
1,321.6 |
1,343.2 |
1,714.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
12,971.8 |
13,129.3 |
13,236.5 |
13,228.0 |
12,938.5 |
|
Total Long Term Debt |
12,971.8 |
13,129.3 |
13,236.5 |
13,228.0 |
12,938.5 |
|
|
|
|
|
|
|
|
Deferred Taxes |
7,900.3 |
8,048.7 |
8,284.7 |
8,318.6 |
8,326.6 |
|
Other Liabilities |
187.6 |
151.6 |
127.5 |
132.6 |
148.1 |
|
Minority Interest |
- |
- |
- |
- |
0.0 |
|
Total Liabilities |
22,476.6 |
22,616.1 |
22,970.4 |
23,022.4 |
23,127.5 |
|
|
|
|
|
|
|
|
Preferred Stock |
- |
- |
- |
- |
0.0 |
|
Common Stock/Class A |
5.6 |
5.6 |
5.6 |
5.6 |
5.6 |
|
Class C Common Stock |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Paid in Capital |
4,807.7 |
4,807.6 |
4,804.6 |
4,802.6 |
4,802.1 |
|
Retained Earnings |
1,087.5 |
1,012.8 |
1,363.5 |
1,345.2 |
1,318.2 |
|
Trans. Adj./Other |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Treasury Stock |
- |
- |
- |
- |
0.0 |
|
Total Equity |
5,901.2 |
5,826.4 |
6,174.1 |
6,153.8 |
6,126.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
28,377.7 |
28,442.5 |
29,144.5 |
29,176.2 |
29,253.7 |
|
|
|
|
|
|
|
|
S/O-Class A Common Stock |
556.2 |
556.2 |
556.2 |
556.2 |
556.2 |
|
S/O-Class C Common Stock |
27.6 |
27.6 |
27.6 |
27.6 |
27.6 |
|
Total Common Shares Outstanding |
583.8 |
583.8 |
583.8 |
583.8 |
583.8 |
|
T/S-Class A Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
T/S-Class C Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
S/O-Ser. A Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
31-Dec-2004 |
31-Dec-2003 |
31-Dec-2002 |
31-Dec-2001 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-230.7 |
-2,375.3 |
-137.8 |
-274.0 |
755.0 |
|
Depreciation |
1,741.4 |
1,627.1 |
1,505.5 |
1,357.9 |
1,539.2 |
|
Impairment of Intangibles |
614.1 |
2,415.9 |
25.0 |
- |
- |
|
Cable Systems |
0.0 |
5.0 |
-0.5 |
3.9 |
0.0 |
|
Deferred Taxes |
-241.2 |
-827.7 |
-327.7 |
194.4 |
-306.8 |
|
Loss on Derivative |
0.1 |
0.1 |
22.6 |
-1,125.6 |
212.0 |
|
Sale-Affiliate/Invst |
9.5 |
-28.4 |
-165.2 |
1,317.2 |
-1,151.2 |
|
Minority Interest |
0.0 |
1.2 |
6.1 |
37.3 |
71.1 |
|
Equity in Affiliates |
6.7 |
3.5 |
8.1 |
32.2 |
40.0 |
|
Debt Extinguishment |
13.0 |
7.0 |
450.1 |
0.8 |
- |
|
Other, Net |
-3.4 |
-1.0 |
108.7 |
182.3 |
55.2 |
|
Acct. Change |
0.0 |
1,210.2 |
- |
0.0 |
-717.1 |
|
Accounts Receivable |
-56.8 |
-14.7 |
-15.9 |
52.9 |
0.8 |
|
Other Assets |
-47.6 |
0.5 |
41.3 |
- |
- |
|
Prepaid Expenses |
- |
- |
- |
60.5 |
-40.3 |
|
Accounts Payable |
- |
- |
- |
99.8 |
-30.4 |
|
Payable/Accrued |
201.7 |
54.2 |
22.7 |
- |
- |
|
Taxes Payable |
39.4 |
-68.7 |
331.4 |
-161.2 |
328.5 |
|
Other Current Liabil |
-47.5 |
-30.6 |
-6.4 |
-5.5 |
42.5 |
|
Cash from Operating Activities |
1,998.8 |
1,978.5 |
1,868.0 |
1,772.8 |
798.8 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-1,478.6 |
-1,389.9 |
-1,561.3 |
-1,932.4 |
-2,205.5 |
|
Investments |
-45.9 |
-17.8 |
-22.3 |
-18.8 |
-54.0 |
|
Sale-Business/Invest |
0.0 |
70.2 |
246.4 |
1,346.0 |
1,316.2 |
|
Amounts Due |
- |
0.0 |
21.1 |
-7.9 |
-7.4 |
|
Cable Systems |
0.0 |
53.1 |
0.8 |
12.6 |
-1.5 |
|
Other, Net |
47.5 |
43.8 |
-3.9 |
-7.6 |
-1.2 |
|
decrease in amounts due from CEI |
-18.8 |
- |
- |
- |
- |
|
Minority Interest |
0.0 |
-153.0 |
- |
- |
- |
|
Cash from Investing Activities |
-1,495.8 |
-1,393.6 |
-1,319.1 |
-608.2 |
-953.3 |
|
|
|
|
|
|
|
|
Revolving Credit, Net |
350.0 |
1,650.0 |
- |
- |
- |
|
Commercial Paper |
119.3 |
-209.2 |
300.9 |
-727.4 |
-801.4 |
|
Issuance of Debt |
0.0 |
7,968.7 |
1,330.8 |
985.5 |
1,405.9 |
|
Repayment of Debt |
-491.6 |
-3,566.1 |
-2,310.1 |
-705.0 |
-386.7 |
|
Redem. Secs. Trust |
- |
- |
0.0 |
-502.6 |
0.0 |
|
Common Stock Issued |
0.0 |
5.2 |
6.8 |
24.3 |
10.6 |
|
Dividend Paid-Subsi. |
0.0 |
- |
0.0 |
-47.8 |
-76.0 |
|
Repurc Common/Treas |
- |
- |
- |
0.0 |
0.0 |
|
Premium Paid |
- |
0.0 |
-43.7 |
-26.0 |
- |
|
Other, Net |
4.0 |
-19.6 |
17.7 |
-24.0 |
10.6 |
|
Amounts Due to CEI |
-5.6 |
1.6 |
4.0 |
0.0 |
0.0 |
|
Payment to Acquire Cox's Former Stock |
-474.5 |
-6,422.9 |
- |
- |
- |
|
Cash from Financing Activities |
-498.2 |
-592.4 |
-693.7 |
-1,022.8 |
163.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
4.8 |
-7.5 |
-144.9 |
141.8 |
8.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
76.3 |
83.8 |
228.7 |
86.9 |
78.4 |
|
Net Cash - Ending Balance |
81.1 |
76.3 |
83.8 |
228.7 |
86.9 |
|
Cash Interest Paid |
661.0 |
379.1 |
374.0 |
409.4 |
476.4 |
|
Cash Taxes Paid |
72.3 |
-19.7 |
-69.9 |
-201.0 |
79.9 |
Interim Cash Flows
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2005 |
30-Sep-2005 |
30-Jun-2005 |
31-Mar-2005 |
31-Dec-2004 |
|
Period Length |
12 Months |
9 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
-230.7 |
-305.4 |
45.3 |
27.0 |
-2,375.3 |
|
Depreciation |
1,741.4 |
1,321.6 |
897.4 |
434.2 |
1,627.1 |
|
Impairment of Intangibles |
614.1 |
614.1 |
- |
- |
2,415.9 |
|
Sale Cable System |
0.0 |
0.0 |
0.0 |
- |
5.0 |
|
Deferred Taxes |
-241.2 |
-273.8 |
-39.9 |
-7.6 |
-827.7 |
|
Loss on Derivative |
0.1 |
- |
0.1 |
0.0 |
0.1 |
|
Gain on Investments |
9.5 |
9.1 |
2.7 |
0.0 |
-28.4 |
|
Equity in Affiliates |
6.7 |
4.8 |
2.3 |
0.8 |
3.5 |
|
Extinguishment Debt |
13.0 |
13.0 |
13.0 |
- |
7.0 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
- |
1.2 |
|
Other Asset |
-47.6 |
-45.2 |
- |
-22.9 |
0.5 |
|
Other, Net |
-3.4 |
-0.4 |
1.7 |
0.4 |
-1.0 |
|
Accounts Receivable |
-56.8 |
-47.4 |
-26.7 |
7.5 |
-14.7 |
|
Prepaid Expenses |
- |
- |
-50.0 |
- |
- |
|
Payable/Accrued |
201.7 |
23.8 |
25.1 |
17.5 |
54.2 |
|
Taxes Payable |
39.4 |
-36.0 |
-39.2 |
-4.1 |
-68.7 |
|
Other Liability |
-47.5 |
-43.3 |
-42.8 |
-29.8 |
-30.6 |
|
Accounting Change |
0.0 |
- |
- |
- |
1,210.2 |
|
Cash from Operating Activities |
1,998.8 |
1,235.0 |
789.1 |
423.0 |
1,978.5 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-1,478.6 |
-1,027.0 |
-661.2 |
-332.0 |
-1,389.9 |
|
Investments |
-45.9 |
-44.0 |
-43.6 |
-1.9 |
-17.8 |
|
Sale of Investments |
0.0 |
0.0 |
0.0 |
- |
70.2 |
|
Amounts Due |
- |
0.0 |
0.0 |
- |
0.0 |
|
Cable Systems |
0.0 |
0.0 |
0.0 |
- |
53.1 |
|
Minority Interest |
0.0 |
0.0 |
- |
- |
-153.0 |
|
Other, Net |
47.5 |
45.2 |
15.4 |
11.1 |
43.8 |
|
decrease in amounts due from CEI |
-18.8 |
- |
- |
- |
0.0 |
|
Cash from Investing Activities |
-1,495.8 |
-1,025.8 |
-689.3 |
-322.8 |
-1,393.6 |
|
|
|
|
|
|
|
|
Commercial Paper |
119.3 |
269.3 |
111.9 |
-96.9 |
-209.2 |
|
Proceeds/Debt |
0.0 |
0.0 |
0.0 |
- |
7,968.7 |
|
Payment/Debt |
-491.6 |
-479.9 |
-460.0 |
-41.2 |
-3,566.1 |
|
Stock Options |
- |
0.0 |
0.0 |
- |
- |
|
Amounts Due to CEI |
-5.6 |
31.2 |
87.0 |
54.7 |
1.6 |
|
Premium Debt Retire |
- |
- |
0.0 |
- |
- |
|
Book Overdrafts |
- |
- |
68.5 |
- |
- |
|
Issuance of Common |
0.0 |
- |
- |
- |
5.2 |
|
Premium Paid |
- |
- |
- |
- |
0.0 |
|
Other |
4.0 |
85.6 |
- |
87.3 |
-19.6 |
|
Revolving Credit |
350.0 |
350.0 |
575.0 |
400.0 |
1,650.0 |
|
Payment to Acquire Cox's Former Stock |
-474.5 |
-473.7 |
-472.8 |
-467.7 |
-6,422.9 |
|
Cash from Financing Activities |
-498.2 |
-217.6 |
-90.3 |
-63.7 |
-592.4 |
|
|
|
|
|
|
|
|
Net Change in Cash |
4.8 |
-8.4 |
9.4 |
36.4 |
-7.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
76.3 |
76.3 |
76.3 |
76.3 |
83.8 |
|
Net Cash - Ending Balance |
81.1 |
68.0 |
85.8 |
112.8 |
76.3 |
|
Cash Interest Paid |
661.0 |
454.6 |
298.8 |
104.5 |
379.1 |
|
Cash Taxes Paid |
72.3 |
171.5 |
130.0 |
39.6 |
-19.7 |
Standard & Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising
Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
We have also removed both the short- and long-term ratings
from CreditWatch negative.
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external, and
monetary credit attributes, which form the basis for the sovereign rating, as
broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the revisions
show that the recent recession was deeper than previously assumed, so the GDP
this year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday,
we will issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.40 |
|
|
1 |
Rs.81.56 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.