Carolina Group Reports Net Income for 2006.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Loews The name Loews can refer to several articles in the Wikipedia:
See: New York Stock Exchange :LTR LTR - Langage Temps-Réel. (French for "real-time language") A French predecessor to Ada, LTR is Modula-like with a set of special-purpose real-time constructs based on an event model. It was mentioned in the reference below. ["An Overview of Ada", J.G.P. ) today reported Carolina Group net income for the 2006 fourth quarter of $220.0 million, compared to $190.5 million in the 2005 fourth quarter. Net income attributable to Carolina Group stock (NYSE:CG) for the fourth quarter of 2006 was $137.1 million, or $1.26 per share of Carolina Group stock, compared to $81.6 million, or $1.11 per share in the comparable period of the prior year. The increase in net income attributable to Carolina Group stock for the fourth quarter of 2006, as compared to the corresponding period of the prior year, is primarily due to increased unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. and reflects an increase in the number of Carolina Group shares outstanding. Carolina Group stock represented a 62.34% and 42.86% economic interest in the Carolina Group for the three months ended December 31, 2006 and 2005, respectively. Loews Corporation sold 15 million shares of Carolina Group stock in each of August and May of 2006 and 10 million shares in November of 2005. Net income per share of Carolina Group stock was not impacted by the sale of Carolina Group shares. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the Carolina Group were $936.7 million in the fourth quarter of 2006, compared to $916.0 million in the 2005 fourth quarter. Carolina Group net income for the year ended 2006 was $760.2 million, compared to $623.1 million in the prior year. Net income attributable to Carolina Group stock for the year ended 2006 was $416.4 million, or $4.46 per share of Carolina Group stock, compared to $251.3 million, or $3.62 per share in the prior year. The increase in net income attributable to Carolina Group stock is primarily due to higher effective unit prices reflecting lower sales promotion expenses (accounted for as a reduction to net sales), increased unit sales and reflects the August and May of 2006 and November of 2005 sales by Loews Corporation of Carolina Group stock discussed above. Net sales for the Carolina Group were $3.755 billion in 2006, compared to $3.568 billion in the prior year. Results of operations of the Carolina Group include interest expense on notional no·tion·al adj. 1. Of, containing, or being a notion; mental or imaginary. 2. Speculative or theoretical. 3. intergroup in·ter·group adj. Being or occurring between two or more social groups: intergroup relations; intergroup violence. debt of $16.2, $20.7, $71.1 and $86.1 million, net of taxes, for the three months and years ended December 31, 2006 and 2005, respectively. At December 31, 2006, $1.23 billion principal amount of notional intergroup debt was outstanding. The Carolina Group stock, commonly called a tracking stock, is intended to reflect the economic performance of a defined group of the Company's assets and liabilities, referred to as the Carolina Group, principally consisting of the Company's subsidiary Lorillard, Inc. The Carolina Group, a notional group, is not a separate legal entity. The purpose of this financial information is to provide investors with additional information to use in analyzing the results of operations and financial condition of the Carolina Group, and this financial information should be read in conjunction with the consolidated financial information of Loews Corporation. As of December 31, 2006 there were 108,325,806 shares of Carolina Group stock outstanding, representing a 62.3% economic interest. Depending on market conditions, the Company, for the account of the Carolina Group, from time to time may purchase shares of Carolina Group stock in the open market or otherwise. A separate press release reporting Loews Corporation's consolidated results for the fourth quarter and full year of 2006 is being issued contemporaneously con·tem·po·ra·ne·ous adj. Originating, existing, or happening during the same period of time: the contemporaneous reigns of two monarchs. See Synonyms at contemporary. with this report. A conference call to discuss the fourth quarter and full year results of Loews Corporation has been scheduled for 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , Monday, February 12, 2007. A live broadcast of the call will be available online at the Loews Corporation website (www.loews.com). Please go to the website at least ten minutes before the event begins to register and to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 8347049. An online replay will be available at the Company's website following the call. [TABLE OMITTED] [TABLE OMITTED] |
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