Citi Reports Record Income from Continuing Operations of $6.2 Billion, up 18%.Record EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. from Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.24, up 18% Record Revenues of $26.6 Billion, up 20% Record International Results with Revenues up 34%, Net Income up 35% Record Revenues and Net Income in Markets & Banking and Wealth Management 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 -- Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. Inc. (NYSE NYSE See: New York Stock Exchange :C) today reported net income for the 2007 second quarter of $6.23 billion, or $1.24 per share, both up 18%. International revenues and net income were a record, up 34% and 35%, respectively. Return on equity was 20.1%. Management Comment "We have very clear priorities to drive growth and we are executing on all of them. We generated record revenues, up 20%, and record earnings from continuing operations, up 18%, both driven by our record international results," said Charles Prince For other persons named Charles Prince, see Charles Prince (disambiguation). Charles O. "Chuck" Prince, III, born January_13, 1950, is the chief executive officer (CEO) and chairman of Citigroup. , Citi Chairman and Chief Executive Officer. "We continued to generate revenue and volume growth in our U.S. consumer franchise, while making excellent progress in re-weighting Citi toward our other businesses, especially our international franchises, where revenues and net income increased over 30%. Our capital markets-driven businesses performed extremely well and international consumer revenues and volumes grew at a double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. pace," said Prince. "We also began to implement the structural expense initiatives announced in April, which are generating improved efficiencies. These initiatives, coupled with strong revenue growth, drove positive operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. this quarter and helped offset increased credit costs." "We made excellent progress in expanding our business through targeted acquisitions, completing three international transactions, including an increase in our ownership of Nikko Cordial Nikko Cordial Corporation (株式会社日興コーディアルグループ Corporation in Japan to 68%," said Prince.
[TABLE OMITTED]
SECOND QUARTER SUMMARY
Revenues were a record, up 20%, led by 34% growth in international revenues. International markets & banking revenues grew 50%, international consumer revenues increased 16%, and wealth management revenues more than doubled. * Revenue growth reflected double-digit customer volume growth. Deposits and loans grew 20% and 17%, respectively. Securities and banking ranked #1 in global debt underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , #2 in announced M&A, #3 in global equity underwriting, and achieved record revenues in equity markets and transaction services. In global wealth management, client assets under fee-based management grew 40%, and client capital in alternative investments increased 55%. * Strong volume growth drove a 16% increase in net interest revenues. * Excluding the impact of acquisitions, organic revenue growth was 16%. * The net interest margin declined 6 basis points versus the first quarter 2007, as the benefit from lower cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. was offset by growth in lower yielding trading assets. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased 16%, driven by increased business volumes and acquisitions, which were partially offset by savings from structural expense initiatives announced in April 2007, and the release of $300 million of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. reserves reflecting our continued progress in favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. resolving WorldCom/Research matters(1). * The company opened or acquired 160 new retail bank or consumer finance branches during the quarter, including 136 internationally and 24 in the U.S. Over the last twelve months, 1,001 retail bank and consumer finance branches have been opened or acquired. * Excluding the impact of acquisitions, organic expense growth was 12%. Credit costs increased $934 million, primarily driven by an increase in net credit losses of $259 million and a net charge of $465 million to increase loan loss reserves. The $465 million net charge compares to a net reserve release of $210 million in the prior-year period. * In U.S. consumer, higher credit costs reflected an increase in net credit losses of $183 million and a net charge of $245 million to increase loan loss reserves. The $245 million net charge compares to a net reserve release of $274 million in the prior-year period. The increase in net credit losses and loan loss reserves primarily reflected higher delinquencies in second mortgages in consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. , a change in estimate of loan losses inherent in the cards portfolio, and portfolio growth. * In international consumer, higher credit costs reflected an increase in net credit losses of $155 million and a net charge to increase loan loss reserves of $236 million. The $236 million net charge compares to a net reserve release of $62 million in the prior-year period. The increase in net credit losses and loan loss reserves primarily reflected portfolio growth, an increase in past due accounts and portfolio seasoning in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. cards, higher net credit losses in Japan consumer finance, and the impact of recent acquisitions. * Markets & banking credit costs declined, reflecting a stable global credit environment and the absence of a $118 million net increase to loan loss reserves recorded in the prior-year period. Taxes. The effective tax rate on continuing operations was 29.9% versus 30.3% in the prior-year period. The current period tax rate includes the impact of certain APB APB See Accounting Principles Board (APB). 23 benefits of $96 million described below. Summary of highlighted items. During the quarter, the following benefits were recorded: [TABLE OMITTED] [TABLE OMITTED] U.S. Consumer Revenues grew 3%, driven by higher average deposits, up 20%, and managed loans, up 8%; expenses increased 3%. Credit costs were significantly higher due to the absence of loan loss reserve releases in the prior-year period, an increase in estimate of losses inherent in the cards portfolio, higher delinquencies in second mortgages, and portfolio growth. Higher credit costs drove a decline in net income. U.S. Cards * Revenues declined as growth in non-interest revenues was offset by a decline in net interest revenues. Non-interest revenues increased 3%, driven by improved managed yields and higher volumes of securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. loans, offset by lower securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. gains. Net interest revenues declined 11% as improved net interest margins were offset by a decrease in on balance sheet loans. Expenses decreased 7%. * Average managed loans were flat as a 6% increase in purchase sales, driven by growth in travel, business, and partner portfolios, was offset by lower promotional balances. Lower promotional balances led to a 36 basis point improvement in the average managed yield. * Credit costs reflected a $240 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge to increase loan loss reserves for a change in estimate of losses inherent in the portfolio. The managed net credit loss ratio increased 44 basis points to 4.55%, primarily reflecting an increase in bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filings over unusually low filing levels experienced in the prior-year period. The credit environment remained stable. * Net income declined 17%, reflecting increased credit costs. U.S. Retail Distribution * Revenues grew 2%, driven by higher average loans and deposits, up 16% and 20%, respectively, partially offset by the absence of a $132 million pre-tax gain on the sale of branches recorded in the prior-year period. Excluding the gain on sale, revenues grew 8%. Deposits in Citibank CITIBANK First National City Bank Direct Bank reached $13.8 billion. Volume growth was partially offset by lower net interest margins, reflecting a shift in customer deposits to higher yielding Direct Bank and time deposit balances. * Expenses increased 12% due to investment in new branches and higher customer activity. During the quarter, 15 new consumer finance branches and 9 new Citibank branches were opened. Total branches increased by 180 versus the prior year. * Credit costs were up 22%, driven by portfolio growth and an unusually low level of credit losses in the prior- year period. The net credit loss ratio increased 21 basis points to 2.86%. The credit environment remained stable. * Net income declined 20%, reflecting higher expenses and credit costs, and the absence of a gain on sale of branches in the prior-year period. Excluding the gain on sale, net income declined 8%. U.S. Consumer Lending * Revenues increased 23%, driven by growth in net interest revenues and net servicing revenues, higher gains on sales of loans, and the acquisition of ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Mortgage Group in March 2007. Net interest revenues grew 14% as growth in average loans, up 13%, offset a decline in net interest margins. * Expenses grew 25%, driven by the integration of the ABN AMRO business and increased business volumes. * Higher credit costs primarily reflected increased delinquencies and higher net credit losses on second mortgages, and portfolio growth. Higher credit costs also reflected the absence of a $75 million release of loan loss reserves in the prior-year period. The net credit loss ratio in real estate lending increased 21 basis points to 0.40%. * Net income declined 6%, reflecting higher expenses and credit costs. U.S. Commercial Business * Revenues declined as increased loan and deposit balances, up 6% and 20%, respectively, were offset by lower net interest margins and an increase in the mix of tax-advantaged revenues. * Net income grew 9%, as lower revenues were offset by a decline in expenses and a tax benefit due to increased tax-advantaged revenues. International Consumer Revenues increased 16%, driven by organic growth and the impact of recent acquisitions. Average deposits and loans were up 15% and 25%, respectively, and investment AUMs increased 35%. Expenses increased 21% due to the integration of acquisitions and higher business volumes. Higher credit costs and lower APB 23 tax benefits drove a decline in net income. Excluding Japan consumer finance, revenues were up 24% and net income declined 3%. International Cards * Revenue and net income growth was driven by higher purchase sales and average loans, up 31% and 44%, respectively, and improved net interest margins. Loan balances grew at a double-digit pace in Mexico, EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. , Asia, and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Results include the integration of Credicard in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. and recent acquisitions. * Expenses grew 31%, reflecting investment spending, higher customer activity, and the integration of recent acquisitions. * Net income increased 7%, reflecting increased credit costs, up 67%. Credit costs increased primarily due to organic portfolio growth, acquisitions, and increased past due accounts and portfolio seasoning in Mexico. International Consumer Finance * In Japan, revenues and net income declined due to lower receivable balances and increased customer refunds and credit costs. Results reflect recent changes in the operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. and the fourth quarter 2006 passage of new consumer lending laws. The revenue decline also reflects a narrowing of the target market. Lower revenues were partially offset by a decline in expenses, driven by a repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of the business that included closing 273 branches and 101 automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. loan machines since the third quarter of 2006. * Outside of Japan, revenues increased 23%, driven by average loan growth of 21% and stable net interest margins. Net income declined as revenue growth was offset by an increase in credit costs due to portfolio growth, target market expansion, and the absence of certain asset sales in the prior-year period that lowered net credit losses. The net credit loss ratio increased 85 basis points to 3.21%. The credit environment outside of Japan remained generally stable. International Retail Banking * Revenues increased 19%, driven by increased deposits and loans, up 15% and 24%, respectively, and 46% growth in investment product sales. Loan growth was partially offset by net interest margin compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. . Loan balances grew at a double-digit pace in EMEA, Asia, Latin America, and Mexico. Results include the integration of recent acquisitions. * Expenses grew 24%, reflecting increased business volumes and acquisitions. During the quarter, 128 new branches were acquired or opened. * Credit costs increased as lower net credit losses, due to portfolio sales, were offset by the absence of a $105 million net release of loan loss reserves recorded in the prior-year period. The credit environment remained stable. * Net income declined 6%, reflecting higher credit costs, and lower APB 23 tax benefits in Mexico. [TABLE OMITTED] Securities and Banking * Fixed income markets revenues increased 24% to $3.42 billion, driven by improved results across all products, including interest rates and currencies, credit and securitized products, and commodities. * Equity markets revenues grew 67% to a record $1.58 billion on higher results in cash trading, derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. , equity finance, and convertibles. * Gross investment banking revenues were $1.65 billion, reflecting record equity underwriting revenues of $539 million, up 90%, and increased advisory and other fees, up 34%. Net investment banking revenues increased 28% to $1.47 billion. * Operating expenses increased 30% due to higher business volumes and compensation costs. * Credit costs decreased reflecting a stable global corporate credit environment and the absence of a $120 million net increase to loan loss reserves recorded in the prior-year period. * Net income increased 52% to $2.15 billion. Transaction Services * Revenues increased 23% to a record $1.84 billion, driven by higher customer volumes and stable net interest margins. Liability balances grew 24% and assets under custody were up 22%. * Operating expenses increased 14%, primarily driven by increased business volumes, and credit remained stable. * Net income increased 51% to a record $514 million. [TABLE OMITTED] Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. * Record revenues were driven by a 21% increase in fee-based and net interest revenues, reflecting improved net interest margins and a continued shift toward offering fee-based advisory products and services. Transactional revenues increased 48%, as a higher volume of new securities offerings drove increased customer trading. Revenues also reflect increased ownership of Nikko Cordial Corporation in Japan. * Assets under fee-based management increased 43% to $448 billion, primarily driven by positive market action, acquisitions, and net client asset flows. * Expenses increased 27%, primarily driven by increased customer activity and the impact of acquisitions. * Net income increased 35%, driven by increased business volumes and the impact of acquisitions. Private Bank * Revenue growth was driven by a 32% increase in international revenues, reflecting strong growth in capital markets products in Asia. U.S. revenues declined 4% as increased business volumes were offset by net interest margin compression. Expense growth of 16% primarily reflected increased client activity, which led to higher compensation costs, including the net addition of 103 bankers since the second quarter of 2006. * Client business volumes increased 26%, including higher client assets under fee-based management, up 22%, and average loans, up 18%. * Net income, up 77%, included a $65 million APB 23 tax benefit (see Schedule A, page 9). Excluding the tax benefit, net income grew 17%. [TABLE OMITTED] Alternative Investments * Revenue and net income growth was primarily driven by higher revenues from proprietary activities, up 87%. Revenue growth reflected both realized and mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. gains across private equity, hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , and other portfolios. Client capital under management increased 55%.
CORPORATE/OTHER
Corporate/Other income declined, primarily reflecting higher corporate level costs, including $63 million of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). related charges, which were partially offset by improved Treasury results. [TABLE OMITTED] Mexico * Consumer revenue growth was driven by increased average deposits and loans, up 4% and 23%, respectively, and higher investment product sales, up 28%. Credit costs increased primarily due to portfolio growth, and increased past due accounts and portfolio seasoning in cards. During the past 12 months, 207 retail bank and consumer finance branches were opened. Pre-tax earnings increased 22% and net income declined 4%, reflecting a lower level of APB 23 tax benefits than the prior-year period. * Markets & banking revenues declined as double-digit revenue growth in transaction services was offset by a decline in fixed income revenues. Net income increased due to lower credit costs. Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Middle East and Africa
* Consumer revenues increased 19%, driven by growth in customer deposits and loans of 30% and 35%, respectively, and higher investment product sales, up 41%. Results also reflect the acquisition of Egg. Volume growth was partially offset by net interest margin compression. Net income declined reflecting higher expenses due to increased business volumes and investment spending, and higher credit costs. * Markets & banking generated record revenues and net income, up 47% and 135%, respectively, driven by strong double-digit revenue growth across all products, including equity and fixed income markets, investment banking and transaction services. Results also reflect $31 million of certain APB 23 tax benefits. * Wealth management results reflect increased lending and capital markets products volumes, the acquisition of Quilter quilt n. 1. A coverlet or blanket made of two layers of fabric with a layer of cotton, wool, feathers, or down in between, all stitched firmly together, usually in a decorative crisscross design. 2. in the U.K., and $41 million of certain APB 23 tax benefits. Japan * Consumer revenues and net income declined primarily due to significantly lower consumer finance results. Recent changes in the operating environment and the fourth quarter 2006 passage of new consumer lending laws led to lower receivable balances and increased customer refunds and credit costs. Revenues declined also due to a narrowing of the target market. The decline in revenues was partially offset by lower expenses due to a repositioning of the business. * Markets & banking revenues and net income increased reflecting increased ownership of Nikko Cordial Corporation. * Wealth management results reflected increased ownership of Nikko Cordial Corporation. Asia * Consumer revenues and net income growth was driven by growth in deposits and loans, up 11% and 20%, respectively, and record investment product sales, up 59%. Volume growth was partially offset by net interest margin compression. Results also reflect higher credit costs due to portfolio growth and the absence of an $82 million release of loan loss reserves recorded in the prior-year period. * Markets & banking revenues and net income were records, up 54% and 69%, respectively, driven by strong double-digit revenue growth across fixed income and equity markets and underwriting, and transaction services. * Wealth management revenue and income growth was driven primarily by continued strong volumes in capital markets products. Latin America * Consumer revenues increased driven by growth in average deposits and loans of 67% and 125%, respectively. Results include the acquisitions of Grupo Financiero Uno Uno The symbol for the element unniloctium. UNO United Nations Organization UNO n abbr (= United Nations Organization) → ONU f and Grupo Cuscatlan in Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , and the integration of Credicard in Brazil. Net income declined 43% as revenue growth was offset by higher expenses, reflecting increased customer volumes and investment spending, the integration of acquisitions, and higher credit costs due to portfolio growth. Over the last 12 months, 310 new retail bank and consumer finance branches were opened or acquired. * Markets & banking revenue growth was driven by double-digit increases in fixed income markets, investment banking, and transaction services. A reconciliation of non-GAAP financial information contained in this press release is set forth on page 11. Charles Prince, Chairman and Chief Executive Officer, and Gary Crittenden Gary Crittenden (born 1953) is the Chief Financial Officer of Citigroup, succeeding Sallie Krawcheck from 12 March 2007.[1] Prior to joining Citigroup, Crittenden was Executive Vice President and CFO of American Express, as well as the head of the company's Global , Chief Financial Officer, will host a conference call today at 10:00 AM (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citigroup/fin. A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm. Citi, the leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com. Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement. Both the earnings release and the Financial Supplement are available on Citi's website at www.citigroup.com or www.citi.com. Certain statements in this document are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission. [TABLE OMITTED] [TABLE OMITTED] Non-GAAP Financial Measures The following are measures considered "non-GAAP financial measures" under SEC guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. : 1) Citi revenues excluding the impact of acquisitions. 2) Citi operating expenses excluding the impact of acquisitions. 3) International Consumer revenues excluding Japan Consumer Finance. 4) International Consumer net income excluding Japan Consumer Finance. 5) U.S. Retail Distribution revenues excluding the gain on sale of upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. branches recorded in 2Q'06. 6) U.S. Retail Distribution net income excluding the gain on sale of upstate New York branches recorded in 2Q'06. 7) Private Bank net income excluding an APB 23 tax benefit recorded in 2Q'07. The Company believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of those results in prior periods as well as demonstrating the effects of unusual charges in the quarter. The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. The Company believes that investors may find it useful to see these non-GAAP financial measures to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. financial performance without the impact of unusual items that may obscure OBSCURE - "A Formal Description of the Specification Language OBSCURE", J. Loeckx, TR A85/15, U Saarlandes, Saarbrucken, 1985. trends in the Company's underlying performance. Reconciliation of the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial measures to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. non-GAAP measures follows: [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion