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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
AT&T Reports Fourth-Quarter and Full-Year Results BEDMINSTER, N.J., Jan. 23 /PRNewswire-FirstCall/ -- AT&T (NYSE: T) today announced its fourth-quarter and full-year 2002 results. The company's fourth-quarter earnings per diluted share, which reflect a gain in discontinued operations from the disposition of AT&T Broadband, partially offset by a loss from continuing operations resulting from restructuring and asset impairment charges announced earlier this month, was $0.66. The company reported a loss from continuing operations, primarily resulting from an asset impairment charge associated with the company's past investment in AT&T Latin America (ALA), and also reflecting the impact of a restructuring charge associated with planned employee separations and an asset impairment charge related to the value of the company's DSL assets. The loss per diluted share from continuing operations was $0.79. Revenue for the quarter was $9.3 billion, a decline of 8.6 percent from the year-ago quarter. The company attributes the revenue decline to continued declines in long distance voice services, partially offset by growth in local voice as well as data/Internet protocol (IP) and managed services. "We had solid operating results in the fourth quarter, reflecting our execution of the basics," said AT&T Chairman and CEO David W. Dorman. "We saw continued growth in our local voice and data businesses, despite an unsettled economic environment. We're entering 2003 with a strong focus on meeting customer needs, improving shareowner value and maintaining our financial discipline and flexibility." Full Year 2002 Results For the full year, the company reported a loss of $17.08 per diluted share, which reflects a loss related to discontinued operations, a loss related to the adoption of a new accounting standard and income from continuing operations. The loss related to discontinued operations includes a $18.95 loss from discontinued operations, partially offset by a gain of $1.73 per diluted share from the disposal of discontinued operations. The loss related to the adoption of the new accounting standard was $1.12 per diluted share. Income from continuing operations was $1.26 per diluted share. Full-year revenue was $37.8 billion, a decline of 10.4 percent from the previous year. UNIT HIGHLIGHTS Note: all comparisons are to same reporting period in prior year AT&T Business -- Fourth quarter revenue $6.6 billion, down 3.0 percent -- Full year revenue $26.6 billion, down 4.1 percent -- Fourth quarter EBIT, loss of $331 million, down 3.5 percent -- Fourth quarter EBIT, excluding other income, equity earnings and ALA charge, $451 million, up 26.7 percent -- Fourth quarter EBIT margin, excluding other income, equity earnings and ALA charge, 6.9 percent -- Full year EBIT, $1.6 billion, up 171.1 percent -- Full year EBIT, excluding other income, equity earnings and ALA charge, $3.1 billion, down 16.4 percent -- Full year EBIT margin, excluding other income, equity earnings and ALA charge, 11.6 percent -- LD voice revenue declined about 10 percent in the quarter due to price declines, volume increased nearly 7 percent, which reflects wholesale volume growth and declining retail volumes -- Local voice revenue grew more than 25 percent in the quarter -- Data/IP/Managed services revenue, including customer premises equipment sales, grew about 3 percent in the quarter AT&T Consumer -- Fourth quarter revenue $2.7 billion, down 20.0 percent -- Full year revenue $11.5 billion, down 22.3 percent -- Fourth quarter EBIT $395 million, down 62.7 percent -- Fourth quarter EBIT, excluding other income and equity earnings, $389 million, down 56.4 percent -- Fourth quarter EBIT margin, excluding other income and equity earnings, 14.2 percent -- Full year EBIT $2.6 billion, down 45.7 percent -- Full year EBIT, excluding other income and equity earnings, $2.6 billion, down 44.8 percent -- Full year EBIT margin, excluding other income and equity earnings, 22.5 percent -- Any Distance offer added more than 500,000 subscribers in the quarter and at year-end had more than 2.4 million subscribers; subscriber base doubled in 2002 OUTLOOK AT&T said that it does not yet see a significant turnaround in the overall business services industry, and, as a result, expects total telecom industry spending will be down again in 2003. However, AT&T believes it is well positioned to continue to take market share and therefore expects a slower rate of revenue decline in 2003 compared to 2002. Other expectations for the corporation include: -- Full-year operating income margin decline, excluding ALA charge, to be comparable to the 2002 decline -- Diluted EPS for the first quarter of 2003 in the range of $0.50 to $0.55 -- Capital expenditures for 2003 to be approximately $3.3 to $3.5 billion AT&T Business expects a slower rate of revenue decline in 2003 compared to 2002. AT&T Consumer expects the 2003 rate of revenue decline to be slightly better than the decline in 2002. 4th Quarter at a Glance 4Q02 vs. 4Q01 4th Quarter Highlights AT&T revenue $9.3B (8.6%) EPS $0.66 AT&T Business revenue $6.6B (3.0%) EPS from continuing operations ($0.79) AT&T Consumer revenue $2.7B (20.0%) EBIT $119M 11.6% EBIT, excluding other income, equity earnings and ALA charge $783M (6.3%) Capital expenditures $1.3B (21.4%) Year at a Glance 2002 vs. 2001 Full-Year Highlights AT&T revenue $37.8B (10.4%) EPS $(17.08) AT&T Business revenue $26.6B (4.1%) EPS from continuing operations $1.26 AT&T Consumer revenue $11.5B (22.3%) Total assets $55.3B EBIT $3.9B 157.8% Debt, net of cash, monetizations and fluctuations in foreign debt value $12.9B EBIT, excluding other income, equity earnings and ALA charge $5.5B (31.0%) Capital expenditures $3.9B (30.8%) The table below provides a reconciliation of EBIT and EBIT, excluding other income, equity earnings and the ALA impairment charge, to the comparable Generally Accepted Accounting Principle (GAAP) measure of Operating (Loss) Income: ($ in millions) 4Q02 2002 EBIT $119 $3,886 Less: Other income (expense) 208 (77) Pretax net earnings (losses) related to equity investments 158 (512) Pretax minority interest income 33 114 Operating (Loss) Income $ (280) $4,361 EBIT, excluding other income, equity earnings and ALA impairment charge $783 $5,485 Add: ALA impairment charge (1,029) (1,029) Less: Pretax minority interest income* 34 95 Operating (Loss) Income $ (280) $4,361 * Excludes minority interest in other income DEFINITIONS and NOTES Note: Financial statements have been restated to reflect the one-for-five reverse stock split and to reflect AT&T Broadband as a discontinued operation in all periods presented. AT&T Broadband was spun off on November 18, 2002. AT&T Group does not include the results of Liberty Media Group, which was tracked as a separate class of stock through August 10, 2001, the split-off date. EBIT refers to earnings before interest, taxes, cumulative effect of accounting changes, dividend requirements on preferred stock, premium on exchange of AT&T Wireless tracking stock and discontinued operations. EBIT, excluding other income and equity earnings, refers to EBIT, excluding other income (expense), and pretax net equity earnings (losses) related to equity investments. EBIT, excluding other income, equity earnings and the ALA charge refers to EBIT, excluding other income (expense), pretax net earnings (losses) related to equity investments and the fourth-quarter charge related to AT&T's past investment in AT&T Latin America. EBIT margin, excluding other income and equity earnings refers to EBIT, excluding other income (expense) and pretax net earnings (losses) related to equity investments as a percentage of reported revenue. EBIT margin, excluding other income, equity earnings and ALA charge refers to EBIT, excluding other income (expense), pretax net earnings (losses) related to equity investments and the fourth-quarter charge related to AT&T's past investment in AT&T Latin America as a percentage of reported revenue. EPS is earnings per diluted share. AT&T Group Combined Statements of Income (Unaudited) Dollars in millions (except per share amounts) For the Three Months For the Year Ended December 31, Ended December 31, 2002 2001 2002 2001 Revenue $9,290 $10,168 $37,827 $42,197 Operating Expenses Access and other connection 2,576 2,830 10,790 12,085 Costs of services and products 2,197 2,322 8,363 8,621 Selling, general and administrative 2,077 2,021 7,988 8,064 Depreciation and amortization 1,257 1,156 4,888 4,559 Net restructuring and other charges 1,463 1,036 1,437 1,036 Total operating expenses 9,570 9,365 33,466 34,365 Operating (loss) income (280) 803 4,361 7,832 Other income (expense), net 208 (58) (77) 1,327 Interest (expense) (361) (413) (1,448) (1,493) (Loss) income from continuing operations before income taxes, minority interest income, and net earnings (losses) related to equity investments (433) 332 2,836 7,666 (Provision) for income taxes (225) (134) (1,587) (2,890) Minority interest income 33 39 114 131 Net earnings (losses) related to equity investments 14 (453) (400) (4,836) (Loss) income from continuing operations (611) (216) 963 71 (Loss) from discontinued operations, net of taxes (197) (1,175) (14,513) (4,052) Gain on disposition of discontinued operations, net of taxes 1,324 -- 1,324 13,503 Income (loss) before cumulative effect of accounting changes 516 (1,391) (12,226) 9,522 Cumulative effect of accounting changes, net of taxes -- -- (856) 359 Income (loss) of AT&T Group 516 (1,391) (13,082) 9,881 Dividend requirements of preferred stock, net -- -- -- (652) Premium on exchange of AT&T Wireless tracking stock -- -- -- (80) Income (loss) attributable to common shareowners $516 $(1,391) $(13,082) $9,149 AT&T Common Stock Group: Earnings (loss) 516 (1,391) (13,082) 9,114 Weighted-average shares (millions) 776 708 746 729 Weighted-average shares and potential common shares (millions)* 776 708 766 729 AT&T Common Stock Group - per basic share: (Loss) earnings from continuing operations $(0.79) $(0.31) $1.29 $(0.91) (Loss) from discontinued operations (0.26) (1.66) (19.44) (5.60) Gain on disposition of discontinued operations 1.71 -- 1.77 18.53 Cumulative effect of accounting changes -- -- (1.15) 0.49 AT&T Common Stock Group earnings (loss) $0.66 $(1.97) $(17.53) $12.51 AT&T Common Stock Group - per diluted share: (Loss) earnings from continuing operations $(0.79) $(0.31) $1.26 $(0.91) (Loss) from discontinued operations (0.26) (1.66) (18.95) (5.60) Gain on disposition of discontinued operations 1.71 -- 1.73 18.53 Cumulative effect of accounting changes -- -- (1.12) 0.49 AT&T Common Stock Group earnings (loss) $0.66 $(1.97) $(17.08) $12.51 Dividends declared per share $0.1875 $0.1875 $0.75 $0.75 AT&T Wireless Group: Earnings $-- $-- $-- $35 Weighted-average shares (millions) -- -- -- 438 Weighted-average shares and potential common shares (millions)* -- -- -- 438 Earnings per basic and common share $-- $-- $-- $0.08 * Weighted-average shares assumes dilution from the potential conversion of debt and equity securities and the potential exercise of outstanding stock options and other performance awards, unless they are anti-dilutive to earnings (loss) per diluted share. AT&T Group Combined Balance Sheets (Unaudited) Dollars in millions At December 31, 2002 2001 ASSETS Cash and cash equivalents $8,014 $10,680 Accounts receivable, less allowances of $669 and $754 5,286 7,153 Other receivables 173 1,431 Deferred income taxes 910 1,192 Other current assets 1,520 622 Total current assets from discontinued operations -- 1,649 TOTAL CURRENT ASSETS 15,903 22,727 Property, plant and equipment, net of accumulated depreciation of $31,021 and $29,088 25,604 26,803 Goodwill, net of accumulated amortization in 2001 of $564 4,626 5,314 Prepaid pension costs 3,596 3,329 Other assets 5,543 5,805 Total non-current assets from discontinued operations -- 101,503 TOTAL ASSETS $55,272 $165,481 LIABILITIES Accounts payable $3,819 $4,156 Payroll and benefit-related liabilities 1,519 1,606 Debt maturing within one year 3,762 10,134 Other current liabilities 2,924 3,929 Total current liabilities from discontinued operations -- 5,801 TOTAL CURRENT LIABILITIES 12,024 25,626 Long-term debt 18,812 24,025 Long-term benefit-related liabilities 4,001 3,459 Deferred income taxes 4,739 2,438 Other long-term liabilities and deferred credits 3,384 7,159 Total non-current liabilities from discontinued operations -- 43,071 TOTAL LIABILITIES 42,960 105,778 Minority Interest from Discontinued Operations -- 3,303 Company-Obligated Convertible Quarterly Income Preferred Securities of Subsidiary Trust Holding Solely Subordinated Debt Securities of AT&T from Discontinued Operations -- 4,720 SHAREOWNERS' EQUITY AT&T Common Stock, $1 par value, authorized 6,000,000,000 shares; issued and outstanding 783,037,580 shares (net of 171,801,716 treasury shares) at December 31, 2002 and 708,481,149 shares (net of 170,349,286 treasury shares) at December 31, 2001 783 708 Additional paid-in capital 25,464 52,099 Accumulated deficit (13,867) (785) Accumulated other comprehensive loss (68) (342) TOTAL SHAREOWNERS' EQUITY 12,312 51,680 TOTAL LIABILITIES AND SHAREOWNERS' EQUITY $55,272 $165,481 NOTE TO FINANCIAL MEDIA: AT&T executives will discuss the company's performance in a two-way conference call for financial analysts at 8:15 a.m. ET today. Reporters are invited to listen to the call. U.S. callers should dial 888-276-0010 to access the call. Callers outside the U.S. should dial + 1 612-326-1003. In addition, Internet rebroadcasts of the call will be available on the AT&T website beginning later today. The website address is http://www.att.com/ir. A copy of the earnings commentary is also available online. An audio rebroadcast of the conference call will be available beginning in the afternoon on Thursday, January 23 until midnight on Saturday, January 25. To access the replay, please visit http://www.att.com/ir, or U.S. callers can dial 800-475-6701, access code 661273. Callers outside the U.S. should dial +1 320-365-3844, access code 661273. The foregoing are "forward-looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside AT&T's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of AT&T. SOURCE AT&T -0- 01/23/2003 /CONTACT: Eileen Connolly, +1-908-234-8510, or Dan Lawler, +1-908-234-6846, both of AT&T / /Photo: http://www.newscom.com/cgi-bin/prnh/19991018/ATT / /Web site: http://www.att.com/ (T) -END- NNNN END
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