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Hsbc Bk. 21 | LSE:11PT | London | Medium Term Loan |
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RNS Number:8472M Thomson Corporation 8 November 2001 ( BW)(THOMSON)(TOC.TO) Thomson Reports Third-Quarter 2001 Results Business Editors TORONTO--(BUSINESS WIRE)--Nov. 8, 2001-- (Unless otherwise stated, all amounts are in US dollars) The Thomson Corporation (TSE:TOC) today reported strong third-quarter growth in revenues and earnings before interest, tax, depreciation and amortization (EBITDA). Revenues from continuing operations, excluding disposals, were $1.9 billion, an increase of 21% over the third quarter of 2000. EBITDA from continuing operations, excluding disposals, increased 22% to $541 million. Earnings from continuing operations were $147 million, or $0.23 per common share, for the third quarter compared to $168 million, or $0.27 per share, in the third quarter of 2000. These results reflect higher amortization and borrowing costs related to recent acquisitions, as well as losses stemming from equity positions held in associated companies. "Thomson delivered strong third-quarter performance in line with our most recent expectations for the full year," said Richard J. Harrington, president and chief executive officer of The Thomson Corporation. "We had good sales gains in the quarter despite the further weakening economic environment, and we continued to make excellent progress integrating recent acquisitions and improving efficiencies -- successfully achieving the careful balance of building a stronger Thomson for the future while maintaining momentum today." Third-Quarter Business Highlights: -- Revenues within Thomson Financial grew 36% and EBITDA grew 30% in the quarter, largely reflecting the benefits of the Primark and Carson acquisitions. Thomson Financial continued to drive organic growth by delivering integrated tools and solutions to customers' desktops. -- Thomson Legal & Regulatory increased sales and margins in North America, resulting in overall revenue and EBITDA growth of 4% and 8% respectively. Revenue growth reflects continued solid performance of Westlaw, increased sales at RIA and IOB, as well as the impact of recent acquisitions. Growth was offset, in part, by the continuing impact of a slowing economy and its effect on global trademark search activity. -- Three acquisitions made during the quarter, ProLaw, NewsEdge and BAR/BRI, further enhanced the content and solutions offerings of Thomson Legal & Regulatory. ProLaw expands its presence in the law practice management and productivity solutions market, while NewsEdge provides the group with a strong position in the current news awareness and business information market. With the addition of BAR/BRI, acquired as part of the Harcourt acquisition and aligned with the group in the quarter, Thomson Legal & Regulatory is now the largest provider of bar exam participation classes in the U.S. market. -- Revenues increased 38% and EBITDA 12% in Thomson Learning during the quarter. Strong revenue growth reflects the addition of Harcourt businesses acquired in July, as well as increased sales in the Academic and International groups. As previously reported, one-time costs associated with the Harcourt integration have reduced EBITDA margins in the Learning group. The integration of the Harcourt businesses is proceeding as planned. -- Thomson Scientific & Healthcare grew revenues 8% and EBITDA 17% for the quarter as it continued to drive growth through the Web of Science portal and Derwent subscription products, increased drug information subscriptions, and expanded presence in the continuing medical education market. Nine-Months Results Revenues from continuing operations, excluding disposals, were $4.9 billion, an increase of 22% over the first nine months of 2000. EBITDA from continuing operations, excluding disposals, were $1.1 billion, an increase of 27% over the first nine months of 2000. Earnings from continuing operations were $408 million, or $0.65 per common share, for the nine-month period compared to $200 million, or $0.32 per share, for the first nine months of 2000. Excluding one-time items, earnings from continuing operations were $198 million, or $0.32 per share, for the first nine months of 2001, compared with earnings of $182 million, or $0.29 per share, for the same period a year ago. 2001 Financial Outlook On October 17th Thomson provided updated 2001 guidance reflecting the effects of the slowing economy, events of September 11th, and the addition of the Harcourt businesses. Thomson continues to anticipate revenues from ongoing operations for the full year 2001, including Harcourt, will increase 16% to 19%, and EBITDA from ongoing operations, including Harcourt, to increase 12% to 15% over the prior year. Dividend The directors of The Thomson Corporation today declared a dividend of 17.5 cents per common share, the same rate of dividend as paid on September 17, 2001. The dividend is payable on December 17, 2001 to holders of common shares of record on November 22, 2001, other than holders of related common shares of The Thomson Corporation PLC (Thomson PLC) who have elected to receive the equivalent dividend of 11.9576 pence per related common share of Thomson PLC in lieu of dividends from The Thomson Corporation. About The Thomson Corporation The Thomson Corporation (www.thomson.com), with 2000 revenues of approximately US$6 billion, is a leading, global provider of integrated information solutions to business and professional customers. The Corporation's common shares are listed on the Toronto and London stock exchanges. This news release includes forward-looking statements, which are based on the Corporation's current expectations and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to materially differ from those anticipated. Such risks and uncertainties include, among others, general business and economic conditions and competitive actions. Note: The Thomson Corporation will audio webcast a discussion of third-quarter results beginning at 10:30 am EST today. To participate in the webcast, please visit www.thomson.com and click on the Investors tab at the top of the page. www.thomson.com -0- *T CONSOLIDATED STATEMENT OF EARNINGS (millions of US dollars, except per common share data) (unaudited) Three months ended Nine months ended September 30 September 30 2001 2000 2001 2000 ---- ---- ---- ---- Revenues 1,977 1,732 5,109 4,490 Cost of sales, selling, marketing, general and administrative expenses (1,432) (1,282) (3,952) (3,565) -------- ------- ------- -------- Earnings before interest, tax, depreciation, amortization, restructuring charges and Year 2000 costs 545 450 1,157 925 Depreciation (136) (116) (357) (305) -------- ------- ------- -------- Operating profit before amortization, restructuring charges and Year 2000 costs 409 334 800 620 Amortization (118) (77) (317) (221) Restructuring charges (13) (5) (20) (26) Year 2000 costs -- -- -- (4) -------- ------- ------- -------- Operating profit after amortization, restructuring charges and Year 2000 costs 278 252 463 369 Net gains on disposals of businesses and investments 4 2 299 52 Net interest expense and other financing costs (70) (46) (166) (155) Income taxes (42) (33) (132) (45) Equity in losses of associates (16) -- (36) -- -------- ------- ------- -------- Earnings before dividends declared on preference shares 154 175 428 221 Dividends declared on preference shares (7) (7) (20) (21) -------- ------- ------- -------- Earnings from continuing operations 147 168 408 200 Earnings from discontinued operations 64 503 87 553 -------- ------- ------- -------- Earnings attributable to common shares 211 671 495 753 ======== ======= ======= ======== Basic earnings per common share: - from continuing operations $ 0.23 $ 0.27 $ 0.65 $ 0.32 - from discontinued operations $ 0.11 $ 0.81 $ 0.14 $ 0.89 -------- ------- ------- -------- $ 0.34 $ 1.08 $ 0.79 $ 1.21 ======== ======= ======= ======== Fully diluted earnings per common share: - from continuing operations $ 0.23 $ 0.27 $ 0.65 $ 0.32 - from discontinued operations $ 0.11 $ 0.80 $ 0.14 $ 0.89 -------- ------- ------- -------- $ 0.34 $ 1.07 $ 0.79 $ 1.21 ======== ======= ======= ======== Supplemental earnings information: ---------------------------------- Earnings from continuing operations, as above 147 168 408 200 Deduct: one-time items, net of tax, resulting from: restructuring charges, net gains on disposals of businesses and investments and Year 2000 costs 9 4 (210) (18) -------- ------- ------- -------- Adjusted earnings from continuing operations 156 172 198 182 ======== ======= ======= ======== Adjusted basic and fully diluted earnings per common share from continuing operations $ 0.25 $ 0.28 $ 0.32 $ 0.29 ======== ======= ======= ======== BUSINESS SEGMENT INFORMATION (millions of US dollars) (unaudited) Three months ended September 30 CONTINUING OPERATIONS: 2001 2000 change ---- ---- ------ Revenues: Legal & Regulatory $691 $664 4.1% Financial 393 288 36.4% Learning 676 489 38.2% Scientific & Healthcare 160 148 8.1% Intergroup (9) (8) ----- ----- Total ongoing operations 1,911 1,581 20.9% Disposals (1) 66 151 ----- ----- Total Revenues $1,977 $1,732 14.1% ====== ====== EBITDA: (2) Legal & Regulatory $210 $195 7.7% Financial 99 76 30.3% Learning 205 183 12.0% Scientific & Healthcare 35 30 16.7% Corporate and other (3) (8) (42) ----- ----- Total ongoing operations 541 442 22.4% Disposals (1) 4 8 ----- ----- Total EBITDA $545 $450 21.1% ====== ====== Operating profit before amortization, restructuring charges and Year 2000 costs: Legal & Regulatory $176 $164 7.3% Financial 62 50 24.0% Learning 150 141 6.4% Scientific & Healthcare 29 24 20.8% Corporate and other (3) (8) (42) ----- ----- Total ongoing operations 409 337 21.4% Disposals (1) - (3) ----- ----- Total Operating profit $409 $334 22.5% ====== ====== Nine months ended September 30 CONTINUING OPERATIONS: 2001 2000 change ---- ---- ------ Revenues: Legal & Regulatory $1,992 $1,806 10.3% Financial 1,199 795 50.8% Learning 1,229 951 29.2% Scientific & Healthcare 478 449 6.4% Intergroup (25) (15) ----- ----- Total ongoing operations 4,873 3,986 22.3% Disposals (1) 236 504 ----- ----- Total Revenues $5,109 $4,490 13.8% ====== ====== EBITDA: (2) Legal & Regulatory $544 $486 11.9% Financial 292 215 35.8% Learning 241 212 13.7% Scientific & Healthcare 97 89 9.0% Corporate and other (3) (36) (107) ----- ----- Total ongoing operations 1,138 895 27.2% Disposals (1) 19 30 ----- ----- Total EBITDA $1,157 $925 25.1% ====== ====== Operating profit before amortization, restructuring charges and Year 2000 costs: Legal & Regulatory $436 $388 12.4% Financial 181 141 28.4% Learning 131 124 5.6% Scientific & Healthcare 79 71 11.3% Corporate and other (3) (36) (107) ----- ----- Total ongoing operations 791 617 28.2% Disposals (1) 9 3 ----- ----- Total Operating profit $800 $620 29.0% ====== ====== Notes to business segment information for continuing operations 1) Disposals includes the results of businesses sold or held for sale. 2) EBITDA is earnings before interest, tax, depreciation, amortization, restructuring charges and Year 2000 costs. 3) Corporate and other principally comprises corporate costs, minority interests and costs associated with Thomson Stock Appreciation Rights. --30--bp/ny* CONTACT: The Thomson Corporation, Toronto Jason Stewart, 203/328-8339 jason.stewart@thomson.com or media Janey Loyd, 203/328-8342 janey.loyd@thomson.com or Investor Relations John Kechejian, 203/328-9470 john.kechejian@thomson.com
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