Day Eight Long-term contracts with customers
|
|
- Jasper McCoy
- 5 years ago
- Views:
Transcription
1 Day Eight Long-term contracts with customers Barry M Frohlinger
2 Contractor Accounting What is a contractor? One who enters into a binding agreement to perform a certain service or provide a certain product in accordance with the contract documents. These documents are signed with the buyer prior to the start of construction. 1
3 Contractor Accounting Military Aerospace Capital Goods Software Consulting Infrastructure 2
4 Analyzing Long-term contracts with customers Income Statement Issues Revenue Recognition Cost Matching Credit Issues Business Risk Cash Flow & Liquidity Billings and Collections 3
5 Analyzing Long-term contracts with customers Balance Sheet Issues Receivables Billed Retainage Unbilled Contracts In Progress Inventory Progress Billings Rules on Netting 4
6 General or Sub? Remember the chain of command: Owner [Sponsor] => General => Subcontractor The further from the owner, the slower the payments [Business and Financial Risk] However, Business Risk is not always the same as Financial Risk 5
7 Contract of sale/to sell Manufacturers either work under the concept of Contract of sale or Contract to sell 6
8 Contract of sale/to sell Most manufacturers work under the concept of contract of sale They sell inventory which was built prior to an order Contractor accounting rules are applied under the concept of contract to sell The contractor and the buyer agree to a future exchange of property 7
9 Contract to sell vs. Contract of sale Assume that Boeing receives an order on July 5, 2013 to build s for Delta Airlines with delivery of all the aircraft on November 15, Is this a contract to sell or contract of sale? 8
10 Accounting Rules Under a Contract to Sell, there are two methods of recording revenue: Completed Contract or Percentage of Completion 9
11 Revenue Recognition Companies that contract to sell [manufacture for contract] are required to use the percentage-of-completion method. Two exceptions allow the use of the completed contract method: (common) the manufacturing period is so short (unusual) the business has such great uncertainty that estimates cannot be made for the percentage-of-completion method. 10
12 Revenue Recognition [Percent of Completion] Revenue is recognized in each accounting period (month) based on the work performed during that period. cash collection does not determine the timing of revenue recognition. The revenue recognition requires an estimate of the performance completed during the period This is corrected, as needed, in future periods (without restatement of prior periods). 11
13 Which of these six scenarios are possible? Contract terms Paid Up Front Paid in Installments Paid at Completion Accounting Percentage of Completion [Revenue Recognition] A B C Completed Contract [RR] D E F 12
14 Accounting Boeing receives an order on July 5, 2013 for s, receives payment for the s on July 25, 2014 and delivers all the aircraft on November 15, On July 5, 2013 Boeing orders 20 engines from GE. 2. On April 22, 2014, Boeing receives the engines 3. On June 3, 2014, Boeing pays GE for the engines. When should Boeing record the expense for the engines? 13
15 Accounting Process Manufacturer [not under contract] Transaction Buy Inventory Sell Inventory Expense Inventory Two-sided effect Increase one asset [inventory] Increase a liability [accounts payable] Increase in an asset [Acc Rec] Record Revenue Record Expense Decrease Inventory 14
16 Accounting Process Contract Accounting Transaction Two-sided effect Produce Inventory Sell Inventory Expense Inventory Increase one asset [inventory] Increase a liability [accounts payable] Increase in an asset [CIP] Record Revenue Record Expense Decrease Inventory Bill [per contract terms] Increase asset [Acc Rec] Increase a liability [Progress Billings] 15
17 Cost to Cost Estimate the revenue for the following three year $600,000 contract. Period 1 Period 2 Period 3 Costs Incurred during period $100,000 $120,000 $210,000 Estimated Costs to Complete $300,000 $200,000 $0 % work completed [total] Revenue 16
18 Cost Matching For the percentage-of-completion method, revenue is recognized each period and product (inventory) costs are matched to the revenue each period. This cost matching should result in a good measurement of gross profit, except when costs to complete change. 17
19 Balance Sheet As a result of the recognition of revenue each period, an asset is added to current assets. This asset is called As a result of the concurrent matching of product costs, the inventory costs are removed from current assets. 18
20 Balance Sheet If the revenue can be billed, the asset is designated as "billed" (if the contract allows the company to request payment now) or "unbilled" if the contract requires the company to wait before requesting payment. 19
21 Balance Sheet Unbilled receivables have two components that are shown net: +when revenue is recognized [CIP] - [less] amounts billed So, unbilled receivables represent all revenue recognized less amounts that have been set up as billed receivables. 20
22 Balance Sheet Whenever billings exceed the amount of revenue recognized for a contract the "unbilled" receivable will have a negative balance and must be shown as a current liability. 21
23 Balance Sheet For a contractor engaged in many contracts, netting rules are applied: All contracts with more CIP than progress billings are reported as a net asset All contracts with more progress billings than CIP are reported as a net liability 22
24 Inventories A company that only manufactures for contract [using percentage of completion] would show: no finished goods inventories and no work in process inventories because the inventory amounts have been transferred to cost of sales each period. 23
25 Where is the inventory? Global Industries BALANCE SHEETS December ASSETS Current Assets: Cash $ 96,572 Receivables - net of allowance of $10,135 for 2005 and $9,456 for 2004, respectively 159,008 Unbilled work on un completed contracts 29,168 Prepaid expenses and other 25,374 Total current assets 310,122 Property and Equipment, net 338,659 Other Assets: Deferred charges, net 23,972 Goodwill, net 37,388 Other 2,184 Total other assets 63,544 Total $ 712,325 24
26 Backlog How much backlog does the firm have? What does the change represent? 25
27 Backlog An increase in backlog indicates that the company's marketing performance has exceeded its production performance during the period. A decrease in backlog indicates that the company's marketing performance has fallen short of its production performance during the period. The analyst should be very interested in significant increases or decreases as: likely impact on revenue during future periods. 26
28 Progress Billings Progress billings Progress billings are the contractor s ongoing invoices per the contract. The billings will differ from the revenue recorded Billings are per the contract Revenue is recorded as work is done 27
29 Summary Companies that manufacture for contract use the percentage-of-completion method for revenue. The analyst should be alert to the following: Revenue recognition (along with inventory cost matching) provides a good measurement of production performance if estimates are good Corrections of estimates are made continuously and are not required to be disclosed Increase (decrease) in backlog indicates that the marketing results have exceeded (fallen short) revenues Physical work in process inventories are reported in the balance sheet as receivables [or CIP] 28
30 Summary Disclosure of the two components of unbilled receivables is very useful but is seldom reported by companies: (i) contracts-in-progress less (ii) progress billings The first represents "inventories" valued at sales price and the second reflects customer financing. Backlog carries an obligation to manufacture and deliver the product at whatever cost is required. Customer financing (or lack of) is a very important component of operating cash flow 29
31 Ratio Analysis Ratios analysis for a contractor falls into the following groupings: Profitability Same analysis of typical C&I firms with awareness that contractors rely on estimates and a change in estimate can have a significant impact on earnings Liquidity & Leverage Gross numbers are key Working does not change, but Days of Inventory are more correctly calculated Days of AR can be calculated correctly Leverage can be more appropriately calculated 30
Income Statement. for the financial year ended 31 March 2011
Income Statement for the financial year ended 31 March Continuing operations Revenue 5 1,220,183 1,141,964 Other income 6 3,776 2,350 Share of net loss of associate accounted for using the equity method
More informationShare Data: Earnings (loss) per Diluted Share*** $ 0.81 $ (0.14) $ 2.28 $ 2.24
Income Statement Data (in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2009 2008 2009 2008 Net Sales: Aerospace & Electronics $ 154,280 * $ 154,563
More informationCHAPTER 3 ACCRUAL ACCOUNTING CONCEPTS
CHAPTER 3 ACCRUAL ACCOUNTING CONCEPTS CLASS DISCUSSION QUESTIONS 1. Google and Wal-Mart use the accrual basis of accounting. Generally accepted accounting principles (GAAP) require all but very small businesses
More informationEDC AT A GLANCE APRIL 2015
EDC AT A GLANCE APRIL 2015 OUTLINE About EDC mandate, locations, solutions 2014 Performance Highlights A few definitions EDC solutions, applied 2 ABOUT EDC Canada s Export Credit Agency Crown corporation
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationThree Months Ended March (restated)
Magellan Aerospace Corporation First Quarter Report March 31, 2002 Magellan Aerospace Corporation (the Corporation ) is listed on the Toronto Stock Exchange under the symbol MAL. The Corporation is a diversified
More informationSummary. Deloitte may provide, or may seek to provide, services to one or more of the companies identified in this Financial Performance Analysis.
U.S. aerospace and defense sector financial performance analysis Defense revenues and earnings continued to decrease; Commercial aerospace continued double digit revenue growth in 2012 Summary In 2012,
More informationIllustrative Financial Statements
Illustrative Financial Statements This section of Financial Reporting Framework for Small- and Medium-Sized Entities Implementation Resources contains sample financial statements intended to illustrate
More informationMRO economic challenges: supply chain optimization and consolidation through strong SME presence and access to financing.
MRO economic challenges: supply chain optimization and consolidation through strong SME presence and access to financing 28, April 2016 THE AEROSPACE SECTOR IN CANADA Over $12 billion in aircraft exports
More informationCONSOLIDATED BALANCE SHEET AND INCOME STATEMENT DECEMBER 31, 2012
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT DECEMBER 31, 2012 The Board of Directors meeting of February 20, 2013 adopted and authorized the publication of Safran s consolidated financial statements
More informationConsolidated Statement of Profit or Loss
64 PROGRAMMED ANNUAL REPORT Consolidated Statement of Profit or Loss for the financial year ended 31 March Continuing operations Revenue 5 1,434,224 1,434,923 Other income 6(a) 1,027 1,720 Share of net
More informationFinancial Consultants to the Aerospace and Defense Industry. Business Valuation Practice. Proprietary
Proprietary Business Valuation Practice Financial Consultants to the Aerospace and Defense Industry Alderman & Company Consulting, LLC, is a boutique consulting firm focused exclusively on the aerospace
More informationConstruction. Industry Advisor WINTER Simpler accounting option now available for leasing entities. Impressing your surety in an iffy economy
Construction Industry Advisor WINTER 2015 Simpler accounting option now available for leasing entities Succession planning Will your buy-sell agreement work when you need it? Impressing your surety in
More informationQ Results Presentation November 8, 2016
NYSE MKT: CVU A Premier Supplier of Aircraft Structures and Systems Q3 2016 Results Presentation November 8, 2016 Speakers: Douglas McCrosson, President & Chief Executive Officer Vincent Palazzolo, Chief
More informationDIGITAL DISPATCH SYSTEMS INC. Consolidated Balance Sheets
Consolidated Balance Sheets Assets Current assets: March 31, June 30, September 30, December 31, 2004 2004 2004 2004 Restated Restated Restated Cash and cash equivalents $ 21,416,668 $ 19,377,082 $ 7,895,154
More informationConsolidated Income Statement
Consolidated Income Statement Continuing operations Revenue 5 1,393,639 1,220,183 Other income 6(a) 841 3,776 Share of net loss of associate accounted for using the equity method 12 (2) (394) Changes in
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationAIRBUS H1 Results 2018
AIRBUS H1 Results 2018 26 July 2018 Tom Enders Chief Executive Officer Harald Wilhelm Chief Financial Officer SAFE HARBOUR STATEMENT 2 DISCLAIMER This presentation includes forward-looking statements.
More informationFebruary 13, Full Year 2018 Highlights:
Taylor Morrison Reports Fiscal Year 2018 Closings of 8,760, an increase of 9% over the prior year, and Diluted Earnings per Share of $1.83, or $2.65 when adjusted to exclude unusual items February 13,
More informationUnisys Announces First-Quarter 2018 Financial Results; Operating Margin Expands Year-Over-Year; Company Reaffirms Full-Year Financial Guidance
News Release Unisys Announces First-Quarter 2018 Financial Results; Operating Margin Expands Year-Over-Year; Company Reaffirms Full-Year Financial Guidance Services backlog grew year-over-year for second
More informationRockwell Collins, Inc. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) þquarterly REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD
More information1.10) Revenue Recognition
1.10) Revenue Recognition I) The 5-Step approach to Revenue Recognition Revenue from Contracts with Customers - Entity should recognize revenue to depict the transfer of promised goods or services to customers
More informationInvestor Presentation June 2017
Investor Presentation June 2017 Daniel J. Crowley, President and Chief Executive Officer James F. McCabe Jr., Senior Vice President and Chief Financial Officer Sheila G. Spagnolo, Vice President, Tax and
More informationUNISYS CORPORATION 2017 CONSOLIDATED BALANCE SHEETS (Millions)
2017 CONSOLIDATED BALANCE SHEETS March 31 June 30 September 30 December 31 Cash and cash equivalents $ 302.0 $ 571.1 $ 598.7 $ 733.9 Accounts and notes receivable, net 504.9 573.9 511.8 503.3 Parts and
More informationBoeing Reports Strong First-Quarter Results; Raises Cash Flow and EPS Guidance
News Release Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com Boeing Reports Strong First-Quarter Results; Raises Cash Flow and EPS Guidance Revenue increased to
More informationAIRBUS Q1 Results 2018
AIRBUS Q1 Results 2018 27 April 2018 Harald Wilhelm Chief Financial Officer SAFE HARBOUR STATEMENT 2 DISCLAIMER This presentation includes forward-looking statements. Words such as anticipates, believes,
More informationMaximizing Credit in a. CFMA October 19, 2010 By Robert Mercado, CPA, CCIFP Partner, Marcum LLP
Maximizing Credit in a Down Economy CFMA October 19, 2010 By Robert Mercado, CPA, CCIFP Partner, Marcum LLP 1 The Construction Industry Second Largest Sector (second only to government) Second Highest
More informationFISCAL YEAR-END CHECKLIST
FISCAL YEAR-END CHECKLIST Year-end closing is the process of reviewing and adjusting all accounts to ensure that they accurately reflect the activities for the fiscal year. It is the final step in the
More informationLOCKHEED MARTIN ANNOUNCES 2007 FOURTH QUARTER AND YEAR- END RESULTS
LOCKHEED MARTIN ANNOUNCES 2007 FOURTH QUARTER AND YEAR- END RESULTS Bethesda, MD, January 24th, 2008 -- Fourth quarter earnings per share up 13% to $1.89; Full year earnings per share up 22% to $7.10 Fourth
More informationNet sales $ 106, % $ 77, %$ 29, % Legacy business 82, , , Acquired business 24,
Media Contact: Mike Osborne Sparton Corporation Email: ir@sparton.com Office: (847) 762-5800 FOR IMMEDIATE RELEASE Sparton Corporation Reports Fiscal 2016 First Quarter Adjusted Earnings Per Share of $0.41
More informationRisk Assessment Proces Case study Slovenian Construction Company
Assessment Proces Case study Slovenian Construction Company Sabina Softic, Audit Director Deloitte Bosnia and Herzegovina Vienna, 6 February 2013 Assessment Procedures ISA 315: auditor should obtain an
More informationCRANE CO. Income Statement Data (in thousands, except per share data) Three Months Ended
Income Statement Data (in thousands, except per share data) June 30, June 30, Net Sales: Aerospace & Electronics $ 133,940 $ 126,436 $ 267,521 $ 245,713 Engineered Materials 79,194 74,321 159,992 143,331
More informationManaging Fee Schedules
Managing Fee Schedules What is a Fee Schedule? A list of fees (other than standard fees ) for services Most commonly used to post PPO allowable fees Why use a Fee Schedule? True estimates on Walkouts and
More informationFourth Quarter FY 18 Earnings Conference Call
May 10, 2018 Fourth Quarter FY 18 Earnings Conference Call Daniel J. Crowley, President and Chief Executive Officer James F. McCabe Jr., Senior Vice President and Chief Financial Officer Forward Looking
More informationSupplemental Financial Information. Third Quarter 2018
Supplemental Financial Information Third Quarter 2018 TSX: RCI NYSE: RCI Consolidated Financial Results (In millions of dollars, except per share amounts) Q3'18 Q2'18 Q1'18 Annual Q4'17 Q3'17 Q2'17 Q1'17
More informationPRAXAIR EARNINGS RELEASE
PRAXAIR EARNINGS RELEASE Media Contact: Lisa Esneault (203) 837-2448 lisa_esneault@praxair.com Investor Contact: Juan Pelaez (203) 837-2213 juan_pelaez@praxair.com Praxair Reports Third-Quarter 2018 Results
More informationJACOBS ENGINEERING GROUP INC. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly
More informationCENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Fund Accounting
CENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Fund Accounting Transfer Encumbrances Outstanding Acct. Rec. Invoices Step-by-step Instructions 2012 Central Susquehanna Intermediate Unit, USA Table
More informationZebra Technologies Announces Third-Quarter Results
Zebra Technologies Announces Third-Quarter Results Third-Quarter Financial Highlights Strong net sales of $1,092 million; year-over-year growth of 16.8% Net income of $127 million and net income per diluted
More informationServiceNow, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited)
Condensed Consolidated Statements of Operations (in thousands, except share and per share data) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Revenues: Subscription $ 497,232
More informationSTUDENT GUIDE. CON 170 Fundamentals of Cost & Price Analysis. Unit 3, Lesson 2 Contract Financing
STUDENT GUIDE CON 170 Fundamentals of Cost & Price Analysis Unit 3, Lesson 2 Contract Financing October 2017 CON170, Unit 3 Lesson 2 Contract Financing - Page 1 STUDENT PREPARATION Required Student Preparation
More informationNotes to the Consolidated Financial Statements
Financials > Financial Statements > Notes to the Consolidated Financial Statements > The Group s accounting policies for the Consolidated Financial Statements Notes to the Consolidated Financial Statements
More informationAIRBUS 9m Results 2018
AIRBUS 9m Results 2018 31 October 2018 Harald Wilhelm Chief Financial Officer SAFE HARBOUR STATEMENT 2 DISCLAIMER This presentation includes forward-looking statements. Words such as anticipates, believes,
More informationFINANCIAL RATIOS. LIQUIDITY RATIOS (and Working Capital) You want current and quick ratios to be > 1. Current Liabilities SAMPLE BALANCE SHEET ASSETS
FINANCIAL RATIOS ROUND ALL ANSWERS TO TWO DECIMALS UNLESS REQUESTED OTHERWISE IN THE PROBLEM LIQUIDITY RATIOS (and Working Capital) You want current and quick ratios to be > 1 Current Ratio Quick Ratio
More informationWhat Sureties Want To See In Financial Statements
What Sureties Want To See In Financial Statements October 28, 2010 John Reed, CPA, CCIFP Construction and Real Estate Group Principal, LarsonAllen LLP Nick Costa Account Executive, The Travelers Companies,
More informationSecond Quarter 2018 Earnings Conference Call
Second Quarter 08 Earnings Conference Call July 4, 08 Forward Looking Statements The information contained in this presentation includes statements based on management s current expectations, estimates
More informationNew revenue guidance Implementation in the aerospace & defense sector
No. US2017-26 September 29, 2017 What s inside: Overview... 1 Scope 2 Identify the contract... 2 Identify performance obligations... 5 Determine the transaction price... 9 Allocate the transaction price
More informationFinancial Statements, Forecasts, and Planning Chapter 6
C H A P T E R 6 Financial Statements, Forecasts, and Planning Chapter 6 Chapter Objectives Identify the elements of the balance sheet. Identify the elements of the income statement. Discuss the cash flow
More informationInsights into Revenue Recognition under Ind AS. Structure of the discussion. Exclusion from Ind AS 18 and 11. Ind AS 18 Significant Differences
Insights into Revenue Recognition under Ind AS Structure of the discussion Ind AS 18 Ind AS 11 Presentation at the Ind AS workshop organised by SIRC of ICAI on 9 March 2017 Revenue from Sale of goods Revenue
More informationFinancial Modeling Fundamentals Module 04 3-Statement Projections Quiz Questions
Financial Modeling Fundamentals Module 04 3-Statement Projections Quiz Questions 1. Suppose that you have built revenue projections over five years for a software company, as shown below: How might you
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our two primary businesses are in the defense and transportation industries. For the year ended September 30, 2006,
More informationChange is Underway 2000 Annual Report To Our Shareholders: Change is once again underway at EDAC Technologies. With the changes we have a renewed sens
Edac Technologies Corporation Annual Report 2000 Change is Underway 2000 Annual Report To Our Shareholders: Change is once again underway at EDAC Technologies. With the changes we have a renewed sense
More informationQ Earnings Call. November 5, 2012
Q4 2012 Earnings Call November 5, 2012 Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements -- This presentation contains certain forward-looking statements within the meaning of
More informationSALES AND USE TAX EXEMPTIONS
Kansas SALES AND USE TAX EXEMPTIONS The Kansas state sales and use tax rates is 6.5%. However, there are several sales tax exemptions available which include: Labor services related to original construction
More informationUNISYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Millions, except per share data)
CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share data) Three Months Nine Months Ended September 30 Ended September 30 2012 2011 2012 2011 Revenue Services $748.0 $876.3 $2,386.7 $2,519.3 Technology
More informationQ Earnings. January 24, 2018
Q1 2018 Earnings January 24, 2018 Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the U.S.
More informationAIRBUS 9m Results 2017
AIRBUS 9m Results 2017 31 October 2017 Harald Wilhelm Chief Financial Officer SAFE HARBOUR STATEMENT 2 DISCLAIMER This presentation includes forward-looking statements. Words such as anticipates, believes,
More informationEDAC Technologies Reports Fiscal 2010 First Quarter Results
EDAC Technologies Reports Fiscal 2010 First Quarter Results - Sales Increase 9% from 4Q09 to Record $17.8 Million on Organic Growth - - Sales Growth of 86% over 1Q09 Reflects Acquisitions and 16% Organic
More informationTax Increase Prevention Act of 2014
2014 Tax Increase Prevention Act of 2014 UPDATED December 24, 2014 www.cordascocpa.com TAX INCREASE PREVENTION ACT OF 2014 INTRODUCTION Waiting until the last minute, Congress passed the Tax Increase Prevention
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION. Washington, D.C FORM 8-K CURRENT REPORT
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event
More informationAIRBUS GROUP 2016 CAPITAL MARKETS UPDATE
AIRBUS GROUP 2016 CAPITAL MARKETS UPDATE LONDON, 24 FEBRUARY 2016 HARALD WILHELM Chief Financial Officer SAFE HARBOUR STATEMENT 2 DISCLAIMER This presentation includes forward-looking statements. Words
More informationPAGE 1. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
PAGE 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationItron Announces Second Quarter 2016 Financial Results
September 1, 2016 Itron Announces Second Quarter 2016 Financial Results Updates Full-Year 2016 Guidance to Reflect Strong Business Momentum Announces New Restructuring Projects; Targeting Additional Annualized
More information(in millions, except per share data) Quarters Ended March 25, March 26, 2017 Net sales $ 11,635 $ 11,212
Media - Lockheed Martin LOCKHEED MARTIN REPORTS FIRST QUARTER RESULTS - Net sales of $11.6 billion - Net earnings of $1.2 billion, or $4.02 per share - Generated cash from operations of $632 million after
More informationMoro Corporation and Subsidiaries. Consolidated Financial Report December 31, 2013
Moro Corporation and Subsidiaries Consolidated Financial Report December 31, 2013 Contents Independent Auditor s Report 1 Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Operations
More informationFull-Year 2017 results: Airbus overachieved on all key performance indicators
Full-Year results: Airbus overachieved on all key performance indicators Strong underlying business performance Revenues 67bn; EBIT Adjusted 4.3bn; EBIT (reported) 3.4bn; EPS (reported) 3.71 Proposed dividend
More informationNETWORK BUSINESS SYSTEMS SOFTWARE SYSTEM DOCUMENTATION GENERAL LEDGER
NETWORK BUSINESS SYSTEMS SOFTWARE SYSTEM DOCUMENTATION GENERAL LEDGER FEATURES Allows 99 divisions within 99 companies Separate General Ledger Data for Multiple Companies with Multiple Division and Multiple
More informationCRANE CO. Income Statement Data (in thousands, except per share data) Three Months Ended
Income Statement Data (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, Net Sales: Aerospace & Electronics $ 141,722 $ 127,144 $ 409,243 $ 372,857 Engineered
More informationNew Revenue Rules ASC 606. September 5, 2017
New Revenue Rules ASC 606 September 5, 2017 2 Welcome Safe Harbor Non-GAAP Financial Measures and Other Key Performance Measures To supplement our condensed consolidated financial statements, which are
More informationQ Financial information 1 Q FINANCIAL INFORMATION
October 25, 2018 Q3 2018 Financial information 1 Q3 2018 FINANCIAL INFORMATION Financial Information Contents 03 07 Key Figures 08 36 Interim Consolidated Financial Information (unaudited) 37 49 Supplemental
More informationEL PASO NATURAL GAS COMPANY, L.L.C. CONSOLIDATED FINANCIAL STATEMENTS For the Three and Six Months Ended June 30, 2013 and 2012 Unaudited
CONSOLIDATED FINANCIAL STATEMENTS For the Three and Six Months Ended June 30, 2013 and Unaudited TABLE OF CONTENTS Page Number Consolidated Financial Statements Consolidated Statements of Income and Comprehensive
More informationThe BASICS of CONSTRUCTION ACCOUNTING Workshop GLOSSARY
The BASICS of CONSTRUCTION ACCOUNTING Workshop GLOSSARY From Financial Management & Accounting for the Construction Industry, CFMA. Accounts Payable Obligations to pay for goods and services that have
More informationLeidos Holdings, Inc.
(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationQ Earnings. April 25, 2018
Q2 2018 Earnings April 25, 2018 Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the U.S.
More informationConnecticut Natural Gas Corporation. Financial Statements (Unaudited) June 2007
Financial Statements (Unaudited) June 2007 Statements of Income (Unaudited) Three Months Six Months Periods ended June 30 2007 2006 2007 2006 Operating Revenues Sales and services $58,882 $61,057 $248,468
More informationWEEK 10 Analysis of Financial Statements
WEEK 10 Analysis of Financial Statements Learning Objectives 1. Organize a systematic financial statements analysis using common-size financial statements and ratio analysis. 2. Recognize the potential
More informationC&I/Asset Based Lending: Evaluation, Structure, and Management
C&I/Asset Based Lending: Evaluation, Structure, and Management What is C&I Lending? C&I is secured lending based on a formula applied to commercial accounts receivable and inventory to generate immediate
More informationFinancial Statement Analysis. L4: Analyzing Investing Activities
1 Financial Statement Analysis L4: Analyzing Investing Activities 2 Content 1. Current Asset 2. Inventories 3. Long-Lived Asset 4. Intangibles 3 Current Asset Introduction Classification Current (Short-term)
More informationROCKWELL COLLINS INC
ROCKWELL COLLINS INC FORM 10-Q (Quarterly Report) Filed 01/22/14 for the Period Ending 12/31/13 Address 400 COLLINS ROAD NE CEDAR RAPIDS, IA 52498 Telephone 3192951000 CIK 0001137411 Symbol COL SIC Code
More informationFiscal fourth quarter 2018 financial results. October 25, 2018
Fiscal fourth quarter 2018 financial results October 25, 2018 Safe harbor and fair disclosure statement Any statements made during our call today and information included in the supporting material that
More informationIn summary, the MMR consists of eight main sections:
Welcome to the Charles H. Greenthal Monthly Management Report (MMR) tutorial. We have created this site as a guide to help you get the most out of your MMR. Please remember we have a team of Financial
More informationStatement of Cash Flows. Barry M Frohlinger
Statement of Cash Flows Barry M Frohlinger Statement of Cash Flows Page 1 Barry M Frohlinger, Inc. copyright 1981-2010 Companies are required to present a Statement of Cash Flows (cash statement) for each
More informationWork Change Directive No.
Work Change Directive No. Date of Issuance: Owner: Contractor: Engineer: Effective Owner s Contract No.: Contractor s Project No.: Engineer's Project No.: Contract Name: Contractor is directed to proceed
More informationQ Earnings. July 26, 2017
Q3 2017 Earnings July 26, 2017 Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the U.S. Private
More informationThis information does not contain all of the disclosures required by generally accepted accounting principles, primarily segment reporting.
INTERNATIONAL WIRE GROUP HOLDINGS, INC. FINANCIAL INFORMATION (PUBLIC) AS OF SEPTEMBER 30, 2017 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017 INDEX TO FINANCIAL INFORMATION: Consolidated Balance
More informationTRUE MOVE COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2008
TRUE MOVE COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2008 Balance Sheets As at 31 December 2008 and 2007 Assets Restated Restated 2008 2007 2008 2007 Notes Current assets
More informationAstronics Corporation Reports 2018 Third Quarter Financial Results
November 5, 2018 Astronics Corporation Reports 2018 Third Quarter Financial Results EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (Nasdaq:ATRO), a leading supplier of advanced technologies
More informationDefining Issues. Revenue from Contracts with Customers. June 2014, No
Defining Issues June 2014, No. 14-25 Revenue from Contracts with Customers On May 28, 2014, the FASB and the IASB issued a new accounting standard that is intended to improve and converge the financial
More informationAIRBUS FY Results 2017
AIRBUS FY Results 2017 15 February 2018 Tom Enders Chief Executive Officer Harald Wilhelm Chief Financial Officer SAFE HARBOUR STATEMENT 2 DISCLAIMER This presentation includes forward-looking statements.
More informationUnited States Securities and Exchange Commission Washington, D.C FORM 10-Q TRIUMPH GROUP, INC.
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended
More informationFourth Quarter and Full Year 2017 Earnings Conference Call
Fourth Quarter and Full Year 07 Earnings Conference Call February, 08 Forward Looking Statements The information contained in this presentation includes statements based on management s current expectations,
More informationCash Is King: 6 Tips for Improving Cash Flow
Cash Is King: 6 Tips for Improving Cash Flow 2018 CEDIA Expo San Diego Copyright Materials This presentation is protected by US and International copyright laws. Reproduction, distribution, display and
More informationAIRBUS Investor Meeting London 2018
AIRBUS Investor Meeting London 2018 18 July 2018 Tom Enders Chief Executive Officer Eric Schulz Chief Commercial Officer Guillaume Faury President Commercial Aircraft Harald Wilhelm Chief Financial Officer
More informationGrowth and the Bottom Line Harald Wilhelm Chief Financial Officer
Growth and the Bottom Line Harald Wilhelm Chief Financial Officer Page 1 Safe Harbour Statement Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes, estimates,
More informationMEDION AG, Essen. Separate Financial Statements. For the Year ended December 31, 2010
MEDION AG, Essen Separate Financial Statements For the Year ended December 31, 2010 92 5.3 Combined Management Report of MEDION Group and MEDION AG 5.3.8 Additional Disclosures for MEDION AG in Accordance
More informationKratos Reports Fourth Quarter and Fiscal Year 2018 Financial Results
Kratos Reports Fourth Quarter and Fiscal Year 2018 Financial Results February 28, 2019 Provides Initial Full Year and First Quarter Fiscal 2019 Financial Guidance SAN DIEGO, Feb. 28, 2019 (GLOBE NEWSWIRE)
More informationFI312 Umoja Grants Management Process Framework 2. Umoja Grants Management Process Framework 2 Version 20 1
FI312 Umoja s Management Process Framework 2 Umoja s Management Process Framework 2 Version 20 Copyright Last Modified: United 13 August Nations 2014 1 Agenda Course Introduction Module 1: s Management
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationA new global standard on revenue
What this means for the manufacturing industry The International Accounting Standards Board (IASB) and US FASB have finally issued their new Standard on revenue IFRS 15 Revenue from Contracts with Customers.
More information