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Hsbc Bk. 21 | LSE:11PT | London | Medium Term Loan |
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RNS Number:2973I Thomson Corporation 9 August 2001 ( BW)(THOMSON-CORPORATION)(TOC.TO) Thomson Reports Second-Quarter 2001 Results Business Editors TORONTO--(BUSINESS WIRE)--Aug. 9, 2001-- (Unless otherwise stated, all amounts are in US dollars) The Thomson Corporation (TSE:TOC) today reported strong second-quarter growth in revenues and operating profit, reflecting solid core growth and the benefit of businesses acquired in 2000. Revenues from continuing operations, excluding disposals, were $1.6 billion, an increase of 17% over the second quarter of 2000. Operating profit grew 27% to $259 million. Earnings from continuing operations were $110 million, or $0.18 per common share, for the second quarter compared to $74 million, or $0.12 per share, in the second quarter of 2000. These earnings reflect a one-time gain associated with the sale of Jane's Information Group in April 2001. Excluding one-time items, earnings from continuing operations were $84 million, or $0.13 per share, for the second quarter of 2001, compared with earnings of $56 million, or $0.09 per share, for the same period a year ago. "As we stated in the first quarter, we are focused this year on successfully integrating our recent acquisitions and leveraging our expanded capabilities to generate growth. As our solid second-quarter results demonstrate, we are delivering on these initiatives," stated Richard J. Harrington, president and chief executive officer of The Thomson Corporation. "While the slowing economy has begun to affect some of the markets in which we do business, we continue to make good progress in providing integrated workflow solutions to our customers worldwide, helping drive both core revenue and EBITDA growth." Revenues from core operations, which exclude the impact of acquisitions completed in 2000 and the first six months of 2001, grew 6% in constant currencies during the quarter, and core EBITDA increased 11%. Electronic revenues accounted for 57% of revenues during the quarter, while revenues derived from customers outside North America accounted for 22% of sales. Second-Quarter Business Highlights: - Double-digit growth in Westlaw online continued to drive core revenue gains in the Legal & Regulatory group for the quarter. These increases were partially offset by the effect of the slowing economy on the global trademark search business. Strong growth in core EBITDA resulted from overall revenue gains and leveraging initiatives across the business. Global expansion of the Westlaw service continued, featuring increased usage of Westlaw UK and the launch of Westlaw ES in Spain. - Despite belt-tightening and job cuts in global financial markets, core revenue and EBITDA in the Financial group grew 7% in the second quarter. The integration of last year's acquisitions of Primark and Carson remains on track resulting in combined product offerings and greater operational synergies. In June, Thomson purchased the outstanding minority shares of First Call Corporation, allowing First Call to be fully integrated with other products, strengthening the group's position as the market leader in providing critical industry data, and underscoring its ability to best service the complex information needs of the global financial marketplace. - The planned sale of non-core Financial businesses that was announced on February 27, 2001 is progressing on schedule and is on target to be completed later this year. - The Learning group's second quarter revenue and EBITDA growth of 12% and 24% respectively was driven by strong core business performance. This was the result of improved sales in the Higher Education market and expansion of electronic products in the Library Reference market. - The acquisition of select Harcourt businesses from Reed Elsevier was completed on July 13, 2001. - Growth in the Scientific & Healthcare group was driven largely in the scientific market featuring revenue gains at Derwent, further expansion of the Web of Science portal, and the continued building of strategic alliances with key partners. Overall growth in revenues, EBITDA and operating profit for the group were offset by advertising revenue shortfalls in healthcare magazines due to the adverse economic environment and fewer new drug introductions in 2001. Six-Months Results Revenues from continuing operations, excluding disposals, were $3 billion, an increase of 23% over the first six months of 2000. Operating profit grew 34% to $377 million. Earnings from continuing operations were $261 million, or $0.42 per common share, for the six-month period compared to $32 million, or $0.05 per share, for the first six months of 2000. Excluding one-time items, earnings from continuing operations were $42 million, or $0.07 per share, for the first six months of 2001, compared with earnings of $10 million, or $0.02 per share, for the same period a year ago. Seasonal cycles in many Thomson businesses, especially Learning, typically result in performance for the first six months that is not indicative of performance for the full year. 2001 Financial Outlook The Corporation remains on track to deliver full year profit expectations despite the more challenging market environment. EBITDA growth, excluding Harcourt, is expected to be comparable to that achieved in 2000 reflecting the benefits derived from leveraging initiatives, proactive cost controls and increasing synergies from acquired businesses. However, it is now expected that overall revenue, excluding Harcourt, will grow about 15% versus last 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 June 15, 2001. The dividend is payable on September 17, 2001 to holders of common shares of record on August 23, 2001, other than holders of related common shares of The Thomson Corporation PLC (Thomson PLC) who have elected to receive the equivalent dividend of 12.3675 pence per related common share of Thomson PLC in lieu of dividends from The Thomson Corporation. About The Thomson Corporation The Thomson Corporation, with 2000 revenues of approximately $6 billion, is a leading, global e-information and solutions company in the business and professional marketplace. The Corporation's common shares are listed on the Toronto and London stock exchanges. For more information, visit The Thomson Corporation Internet address at www.thomson.com. 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 second-quarter results beginning at 10:30 am EDT today. To participate in the webcast, please visit www.thomson.com and click on the appropriate link located in the Thomson News box. -0- *T CONSOLIDATED STATEMENT OF EARNINGS (millions of US dollars, except per common share data) (unaudited) Three months ended Six months ended June 30 June 30 2001 2000 2001 2000 ---- ---- ---- ---- Revenues 1,635 1,495 3,132 2,758 Cost of sales, selling, marketing, general and administrative expenses (1,250) (1,184) (2,520) (2,283) ------- ------- ------- ------- Earnings before interest, tax, depreciation, amortization, restructuring charges and Year 2000 costs 385 311 612 475 Depreciation (111) (97) (221) (189) ------- ------- ------- ------- Operating profit before amortization, restructuring charges and Year 2000 costs 274 214 391 286 Amortization (97) (77) (199) (144) Restructuring charges (2) (13) (7) (21) Year 2000 costs - - - (4) ------- ------- ------- ------- Operating profit after amortization, restructuring charges and Year 2000 costs 175 124 185 117 Net gains on disposals of businesses and investments 22 38 295 50 Net interest expense and other financing costs (50) (62) (96) (109) Income taxes (21) (19) (90) (12) Equity in losses of associates (10) - (20) - ------- ------- ------- ------- Earnings before dividends declared on preference shares 116 81 274 46 Dividends declared on preference shares (6) (7) (13) (14) ------- ------- ------- ------- Earnings from continuing operations 110 74 261 32 Earnings from discontinued newspaper operations 7 30 23 50 Earnings attributable to ------- ------- ------- -------- common shares 117 104 284 82 ======== ======== ======= ======== Basic and fully diluted earnings per common share: - from continuing operations $0.18 $0.12 $0.42 $0.05 - from discontinued newspaper operations $0.01 $0.05 $0.03 $0.08 ------- ------- -------- -------- $0.19 $0.17 $0.45 $0.13 ======== ======== ======== ======== Supplemental earnings information: Earnings from continuing operations, as above 110 74 261 32 Deduct: one-time items, net of tax, resulting from: restructuring charges, net gains on disposals of businesses and investments and Year 2000 costs (26) (18) (219) (22) ------- ------- ------- ------- Adjusted earnings from continuing operations 84 56 42 10 ======== ======== ======= ======= Adjusted basic and fully diluted earnings per common share from continuing operations $0.13 $0.09 $0.07 $0.02 ======== ======== ======== ======= BUSINESS SEGMENT INFORMATION (millions of US dollars) (unaudited) Three months ended Six months ended June 30, June 30, CONTINUING OPERATIONS: 2001 2000 change 2001 2000 change ---- ---- ------ ---- ---- ------ Revenues: Legal & Regulatory $683 $637 7.2% $1,301 $1,142 13.9% Financial 403 263 53.2% 816 520 56.9% Learning 312 279 11.8% 553 462 19.7% Scientific & Healthcare 161 155 3.9% 318 301 5.6% Intergroup (7) (7) (16) (7) ------ ------ ------ ------- Total ongoing operations 1,552 1,327 17.0% 2,972 2,418 22.9% Disposals (1) 83 168 160 340 ------ ------ ------ ------- Total Revenues $1,635 $1,495 9.4% $3,132 $2,758 13.6% ====== ====== ====== ====== EBITDA: (2) Legal & Regulatory $206 $188 9.6% $334 $291 14.8% Financial 97 72 34.7% 189 141 34.0% Learning 46 37 24.3% 36 29 24.1% Scientific & Healthcare 34 33 3.0% 62 59 5.1% Corporate and other (3) (17) (37) (28) (65) ------ ------ ------ ------- Total ongoing operations 366 293 24.9% 593 455 30.3% Disposals (1) 19 18 19 20 ------ ------ ------ ------- Total EBITDA $385 $311 23.8% $612 $475 28.8% ====== ====== ====== ====== Operating profit before amortization, restructuring charges and Year 2000 costs: Legal & Regulatory $170 $153 11.1% $260 $224 16.1% Financial 61 48 27.1% 114 93 22.6% Learning 16 12 33.3% (19) (17) -11.8% Scientific & Healthcare 29 28 3.6% 50 47 6.4% Corporate and other (3) (17) (37) (28) (65) ------ ------ ------ ------- Total ongoing operations 259 204 27.0% 377 282 33.7% Disposals (1) 15 10 14 4 ------ ------ ------ ------- Total Operating profit $274 $214 28.0% $391 $286 36.7% ====== ====== ====== ====== 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. *T --30--rlg/mem/ny* CONTACT: The Thomson Corporation Investor Contact: John Kechejian, 203/328-9470 john.kechejian@thomson.com or Media Contact: Janey Loyd, 203/328-8342 janey.loyd@thomson.com Jason Stewart, 203/328-8339 jason.stewart@thomson.com END
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