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Experts are currently talking more and more about the imminent so-called second phase of the crisis, when bad debts on a massive scale will lead to the collapse of the banking system. And on top of this bankers are being asked to give favorable interest rates to industry and construction projects. (BusinessWeek)
Money-saving, year-round tax tips for small business owners Aug 20, 2009
Deductions for bad debts (goods sold, not services), customer gifts, business-related books, postage, seminars and trade shows, business association dues and even coffee exist. At the end of the day, small business owners need to find an expense tracking and filing system that works best for them. (Ontario Argus Observer, OR)
Major Chinese banks post bad loan ratio decline to 8.9 pct by April Aug 19, 2009
Chinese officials and analysts acknowledge banks piled up a mountain of bad debts due to reckless lending to state-owned enterprises over the past decades. In recent years, China is pushing for corporate governance at banks and listing them in the stock market, as preparations for the full opening of the Chinese market to foreign rivals by the end of this year. (Xinhuanet, China -- Business)
NAB's M&A challenge begins Aug 18, 2009
However at some stage, Clyne is going to have to tackle the problematic UK operations which is grappling with a rising tide of bad debts in property. Under the deal hammered out over the weekend, NAB will pay some $385 million for Challenger's mortgage distribution and lending businesses of Plan, Fast and Choice; along with around $4 billion of residential mortgages held in warehouses. (Sydney Morning Herald -- Business)
Cellcom Israel Announces Second Quarter 2009 Results and Strengthens its Position as the Market Leader Aug 17, 2009
The decrease in SG&A Expenses was also offset in part by an increase in bad debts and doubtful accounts expenses, mainly following the number portability, which allows subscribers to switch between cellular operators prior to settling their outstanding debt. The increase in bad debts and doubtful accounts may also have been influenced by the global economic slowdown. (PR Newswire)
Yuhe International Inc. Reports Record Second Quarter 2009 Results Aug 15, 2009
001 par value; 500,000,000 shares authorized, 15,722,180 shares issued and outstanding 15,722 15,722 Additional paid-in capital 30,305,437 29,944,016 Retained earnings 15,529,486 10,522,673 Accumulated other comprehensive income 1,191,586 1,139,508 Total stockholders' equity 47,042,231 41,621,919 Total liabilities and stockholders' equity $69,538,777 $61,519,302 Table 2 YUHE INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME- (UNAUDITED)(Stated in US... (PR Newswire)
More of this story Aug 15, 2009
This new deposit ordinance should reduce the city s bad debt losses and help lighten the unfair burden that these bad debts place on the city s responsible customers, Bailey said Thursday. . (Bartlesville Examiner-Enterprise, OK)
NetEase.com Reports Second Quarter 2009 Unaudited Financial Results Aug 13, 2009
The year-over-year increase in general and administration expenses was mainly caused by increased provision for bad debts resulting from an increase in accounts receivable balance aged over six months as of June 30, 2009, and increased office rental and property management fees resulting from increased office space in Beijing, China. The year-over-year research and development expenses remained relatively stable. (PR Newswire)
Big banks' Kiwi blues Aug 13, 2009
In its latest assessment of the New Zealand, ratings agency Moodys said the outlook is negative, with rising unemployment and weaker commodity prices likely to causing further stress on bad debts ... ASB was hit a sharp jump in bad debts which offset the growth in lending and trading income ... The accounts show its parent also put about $NZ275 million worth of fresh capital into ASBs balance sheet to help it absorb the rising tide of bad debts. (Sydney Morning Herald -- Business)
CommBank shows remarkable strength Aug 12, 2009
The annual result was down 7 per cent on the year mainly on the back of rising bad debts, but the earnings drop was cushioned by a $612 million one-off gain from the deeply discounted acquisition of BankWest late last year. At the same time a further boost from earnings came from an effective tax rate of 25. (Sydney Morning Herald -- Business)
Russian economy shows mixed signs Aug 12, 2009
Page last updated at 15:32 GMT, Tuesday, 11 August 2009 16:32 UK. Oil is sharply lower than it was a year ago. (BBC News -- Business)
NAB makes provision for big tax hit in NZ Aug 12, 2009
This was at a time when its capital position was under pressure from rising bad debts and funding requirements elsewhere in the group. Source. (Sydney Morning Herald -- Business)
Commonwealth Bank's Second-Half Profit Declines 11% as Business Loans Sour Aug 12, 2009
Bad debts as a proportion of loans increased to 0. 86 percent, the bank said today. (Bloomberg -- Australia & New Zealand)
China Solar & Clean Energy Solutions, Inc. Reports Second Quarter 2009 Financial Results Aug 12, 2009
001 par value, 66,666,667 shares authorized, 14,173,016 (unaudited) and 13,799,450 shares issued and outstanding, respectively 14,172 13,799 Additional paid-in capital 22,966,404 22,966,404 Accumulated other comprehensive loss 816,996 1,615,081 Retained earnings 3,520,184 3,365,788 Profit earning reserves -- 963,106 Less: Treasury stock (460,288) -- Total stockholders' equity 26,857,468 28,924,551 Minority interests 1,842,962 1,704,248 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $39,214,410... (PR Newswire)
More deadbeats plague Hawaii condo association boards Aug 11, 2009
All of the associations we have in Kona are keeping their nose above water, she said, adding that there will be a turning point where fees will have to increase to cover the bad debts and that may create more owners who are unable to pay. Boards are going to be making tough decisions to cut back amenities, she said. (Pacific Business News, HI)
Healthcare Realty Trust Announces Second Quarter Results Aug 11, 2009
HEALTHCARE REALTY TRUST INCORPORATED Condensed Consolidated Statements of Income (1) (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2009 2008 2009 2008 ---- ---- ---- ---- REVENUES Master lease rent $14,953 $15,014 $30,604 $30,703 Property operating 45,866 32,899 88,776 65,014 Straight-line rent 328 (126) 688 (182) Mortgage interest 978 542 1,468 1,067 Other operating 3,007 4,312 6,514 8,164 ----- ----- -----... (PR Newswire)
Deal on BankWest debt Aug 10, 2009
1 billion it paid to buy the regional lender, which then required it to cover much higher than expected bad debts ... But the impact of the recession and a growing tide of bad debts across the group - thought to total $1 ... Lloyds has been forced to more than double its provisions for bad debts. (Sydney Morning Herald -- Business)
CommBank settles BankWest dispute Aug 10, 2009
1 billion it paid to buy the regional lender before the acquisition was hit with higher-than expected bad debts ... But the effect of the recession and a growing tide of bad debts - thought to total $1. (Sydney Morning Herald -- Business)
RBS downbeat despite 15m profit Aug 7, 2009
7 billion H1 net loss - 21 mins ago RBS and Lloyds bank shares soar on talk of APS changes - 34 mins ago Lloyds and AIB call turn on bad debts - 51 mins ago Spotlight to fall on RBS results - 2 hrs ago LUCY FARNDON COMMENT: Stephen Hester sees no quick fix - 8 hrs ago. SHARED. (BBC News -- Europe)
Suncorp-Metway's Profit Slumps on Investment Losses at Insurance Unit Aug 7, 2009 For Britain's Banks, Latest Earnings Show an Uneven Recovery Aug 6, 2009 Lloyds bank hits huge loss as bad debts rocket Aug 6, 2009 ShawCor Ltd. Announces Second Quarter 2009 Results Aug 6, 2009 Tesco Corporation Reports Q2 2009 Results Aug 6, 2009 Even China faces meltdown Aug 6, 2009 Allied Irish Reports First-Half Loss After Surge in Bad Debt Provisions Aug 5, 2009 Phoenix Reports Financial and Operational Results for the Three-Month & Six-Month Periods Ended June 30, 2009 Aug 5, 2009 Lloyds blames HBOS for 4bn loss Aug 5, 2009 3D Systems Reports Operating Results for the Second Quarter and First Six Months of 2009 Aug 4, 2009 Russia's VTB posts US$661mil loss in Q1 Aug 4, 2009 * Barclays earnings up 10% in first half Aug 4, 2009 Standard Chartered to Sell $1.7 Billion of Stock as Profit Beats Estimates Aug 4, 2009 Northern San Joaquin Valley hospitals footing more of the bill Aug 3, 2009 Upbeat China Data Lifts Stocks, Dollar Battered Aug 3, 2009 HSBC reports a surprise profit Aug 3, 2009 Share rally fuelled by banks Aug 3, 2009 Barclays profit up to almost 3bn Aug 3, 2009 The US sub-prime crisis in graphics Aug 1, 2009 * Carlyle, Longreach mull mergers to draw Chinese Aug 1, 2009 The commercial-property bust: A concrete problem Aug 1, 2009 Drew Industries Reports Profitable 2009 Second Quarter Results Jul 31, 2009 HSBC May Post First-Half Loss as U.S. Unit Pushes Bad Loans to $15 Billion Jul 31, 2009 Bank fee cut signals better times Jul 30, 2009 Deutsche Bank, BBVA braced slump by raising bad loan provisions Jul 29, 2009 UMC Reports 2009 Second Quarter Results Jul 29, 2009 Provident Financial's Profit Rises on Rising Numbers of Subprime Customers Jul 28, 2009 Cash-heavy banks sitting pretty Jul 27, 2009 SBI net seen up; ICICI may see slower growth Jul 24, 2009 Re-consolidation looms, CBN seeks only 15 banks Jul 23, 2009 Soft landing in store but prepare for the bounce Jul 23, 2009 A dying trade Jul 18, 2009 Bank of America profit falls, fans recovery doubts Jul 18, 2009 Big Four face hefty NZ tax bill Jul 17, 2009 Retailers Can Use Voucher Codes to Help Them Survive the Recession Jul 13, 2009 Realignment of Malaysias geopolitical priorities necessary Jul 6, 2009 Tools & Resources Jul 5, 2009 Britain Faces Renewed Recession Threat Jul 1, 2009 Business Maxims Jun 29, 2009 'ITAT can hear fresh claims' Jun 27, 2009 Business expenses and bad debts Jun 27, 2009 RBS boss does 'the right thing' Jun 19, 2009 Banks still face risks, says ECB Jun 16, 2009 Lloyds Chairman Blank Defends HBOS Takeover, Says Due Diligence `Thorough' Jun 6, 2009 Reko Announces Third Consecutive Quarter of Profitability During Financial Downturn Jun 5, 2009 Opening a Joint Bank Account Jun 2, 2009 Action Energy Inc. Releases Q1-2009 Results May 29, 2009 Suncorp's calamity painfully emerges May 29, 2009 Suncorp hit by funding double whammy May 29, 2009 Wells Fargo: Growth possible in second half May 29, 2009 Leader Energy Services Announces First Quarter Financial Results May 28, 2009 Suncorp warns on bad debts May 27, 2009 ANZ Bank Plans to Sell $2 Billion in Shares to Fund Bid for RBS Asian Unit May 27, 2009 Debt engulfs prizewinning entrepreneur May 25, 2009 Australian Banks Reaped $9 Billion Fees in 2008, Helping Offset Bad Loans May 21, 2009 Yuhe International Inc. Reports Strong First Quarter 2009 Results May 16, 2009 Day4 Energy Reports First-Quarter 2009 Results May 15, 2009 Still no partner for wallflower Transpacific May 15, 2009 Universal Energy Group Ltd. Releases Second Quarter Financial Results and Operational Updates May 14, 2009 Pizza Inn, Inc. Reports Results for Third Quarter Fiscal Year 2009 May 13, 2009 Open Range Energy Corp. Announces First Quarter Results, Renews $54 Million in Bank Lines and Provides Operational Outlook May 13, 2009 HSBC says results 'encouraging' May 12, 2009 AMICAS Reports Financial Results for the First Quarter Ended March 31, 2009 May 12, 2009 Bad debts grow as consumers struggle - JD Group May 12, 2009 JD Group reports headline loss May 11, 2009
Profit before tax, bad debts and one-off items at its banking unit was A$770 million to A$785 million. Most of that was wiped out by its impairment charge of A$690 million to A$730 million, or between 125 to 135 basis points of gross loans, advances and other receivables. (Bloomberg -- Australia & New Zealand)
City Diaries Aug 7, 2009
There is no sign that bad debts will stop being a problem in 2010. And, although the housing market is up slightly, there is a growing feeling in the City that prices will start falling again until the 2010 election. (BBC News -- UK)
Both lenders leaned heavily on lucrative investment-banking units to soften the blow from bad debts in the commercial or retail arms of the groups. Owing in part to its purchase last fall of Lehman Brothers' U.S. operations, profits at Barclays Capital doubled in the first half of the year, to $1. (Time.com)
The group blamed a staggering rise in bad debts that was largely fuelled by its takeover of rival bank HBOS earlier this year. However, LBG's share price surged because the loss was smaller than expected and the group added that impairment levels had probably peaked amid a deep recession in Britain. (Yahoo! Asia News)
The following is an analysis of the change in the allowance for doubtful accounts for the six months ended June 30, 2009 and 2008: Six Months Ended June 30, --------------------------- 2009 2008 ------------- ------------- Balance, beginning of period $ 6,237 $ 4,165 Bad debt expense 503 295 Write-offs of bad debts (629) (251) Recovery of previously written-off amounts (413) - Impact of change in foreign exchange rates (3) (58) ------------- ------------- Balance, end of period $ 5,695 $ 4,151... (PR Newswire)
6 million provision for bad debts and $0. 1 million in severance costs incurred during Q2 2009. (PR Newswire)
been clear that the Chinese banking system has contained hundreds of billions of dollars in bad debts. A real estate boom in empty office buildings in 2003-04 pushed the assumed total of bad debts up further, and when Ernst & Young in 2006 estimated its total at US$911 billion (and then retracted the figure under pressure) that seemed a reasonable estimate ... Yet the Chinese economy has continued to grow almost as fast as the estimates of bad debts in the banking system and no signs of collapse... (Asia Times Online)
Allied Irish Reports Loss After Bad Debts Surge (Update2) - Bloomberg ... Allied Irish Reports Loss After Bad Debts Surge (Update2). (Bloomberg -- UK)
Three-month period Six-month period ended June 30, ended June 30, (Stated in thousands of dollars) 2009 2008 2009 2008 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net earnings (loss) (887) 2,280 4,588 9,591 Add (deduct) items not affecting cash: Depreciation and amortization 2,765 2,103 5,638 4,092 Future income taxes (1,778) (1,051) 285 (358) Unrealized foreign exchange loss (gain) 92... (CCNMatthews Press Releases)
Lloyds Banking Group says it has made a loss in the first half of the year, due to mounting bad debts at HBOS, which it took over in January. The group made a loss of 4bn in the first six months of 2009 after writing down the value of assets that are now worth less than previously thought. (BBC News -- Europe)
3D SYSTEMS CORPORATION Condensed Consolidated Balance Sheets June 30, 2009 and December 31, 2008 (Unaudited) June 30, December 31, (in thousands) 2009 2008 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 24,029 $ 22,164 Accounts receivable, net 16,214 25,276 Inventories, net 19,108 21,018 Prepaid expenses and other current assets 1,866 1,601 Deferred income tax assets 784 935 Restricted cash 107 3,309 ------------ ------------ Total current assets 62,108 74,303... (Primezone Releases)
2 million) net loss for the first quarter of the year as it had to boost its provisions for bad debts. VTB's net profits in the first quarter of 2008 stood at $121 million. (The Star Online, Malaysia -- Business)
The banks UK retail division posted a gain of G268 billion, compared with G690 billion a year earlier as competition for retail deposits increased pressure on margins and rising unemployment boosted bad debts. Barclays is the first of the five biggest UK banks to release earnings for the period. (Taipei Times, Taiwan -- Sports)
8 billion last year to increase capital and buffer against bad debts. The bank last month named John Peace, formerly chairman of Experian Plc, the worlds largest credit-checking company, as chairman to replace Mervyn Davies, who left in January to join the U.K. government as minister for trade promotion and investment. (Bloomberg -- UK)
Charity care, bad debts up during prolonged recession ... 2 billion in bad debts and provided $973 ... Memorial Medical Center in Modesto reported more than $39 million in bad debts in 2008, up from $31. (Modesto Bee, CA)
Barclays reported an 8 percent rise in half-year profit but bad debts almost doubled. UBS shares rose 4. (ABC News -- Wire)
Hurt by soaring US bad debts, HSBC decided in March to halt consumer lending at the operation and may review the bank's credit-card unit in the event that the US economy deteriorates. The bank also raised $US17. (Sydney Morning Herald -- Business)
that we're going to see continued bad debts coming through but not the rate of growth of bad debts that we've seen. . (Sydney Morning Herald -- Business)
Bad debts almost doubled. Impairments and other credit provisions jumped to 4. (BBC News)
Although the banks say they do not own these SIVs, and therefore are not liable for their losses, they may be forced to cover any bad debts that they accrue. BOND MARKET COLLAPSE. (BBC News)
The lender aims to be profitable for the full year as bad debts fall and earnings from wealth management and corporate banking increase, the sources said. Carlyle, the worlds second-largest buyout firm, two years ago paid US$656 million for about 36 percent of Ta Chong Bank Ltd (j), which has 53 branches. (Taipei Times, Taiwan -- Business)
Banks face another round of property-related bad debts: this time it will be flashy offices, not rundown homes. THERE is something comforting about investing in bricks and mortar. (The Economist)
" Net loss for the current six-month period was $34.1 million, or $1.57 per diluted share. Excluding the first quarter 2009 goodwill impairment charge of $29.4 million, net of taxes, and $3.0 million, net of taxes, of extra expenses in the first quarter of 2009 related to plant consolidations, staff reductions, increased bad debts, and obsolete inventory and tooling due to the unprecedented conditions in the RV and manufactured housing industries, the net loss for the current six-month period... (PR Newswire)
8 billion rights offer as bad debts in the U.S. eroded reserves. The bank said in May it would take a pretax accounting charge of $4. (Bloomberg -- UK)
Throw in the odd purchase in the wealth management area and you get the impression that Mr Clyde isnt worried about an explosion in bad debts any more. Having more retail customers, the CBA and Westpac will miss the fee income more when they reluctantly follow NABs lead, but these legally dubious fees have become an embarrassment to the banks that theyre better off without. (Sydney Morning Herald -- Business)
The results follow bumper investment bank earnings from US rivals Goldman Sachs, JP Morgan and others, but European banks are showing strains on bad debts similar to their US counterparts ... Other European banks are also expected to show strong investment banking earnings as well as rising bad debts when they report over the coming weeks ... The threat of rising bad debts this year and into 2010 could put a strain on balance sheets and prompt banks including BBVA and Deutsche Bank to raise... (The Star Online, Malaysia -- Business)
Sales & marketing expenses dropped significantly to NT$376 million, mainly due to the collection of estimated bad debts that were charged as expenses in previous quarters. Therefore, total operating expenses decreased 10% to NT$2. (PR Newswire)
Provident, which goes door-to-door to collect payments from its customers every week, has been gaining customers while rivals such as struggle to contain bad debts, which have soared across the banking industry in the worst recession for a generation ... That level of bad debts has been consistent throughout the companys history, including during World War II and the Great Depression, Crook has said. (Bloomberg -- UK)
I suspect it's because they anticipate rising bad debts, mostly from the small businesses they're squeezing with higher interest rates, but also because they want to prop up the next dividend without looking irresponsible. Shareholders who rightly feel cheated out of discounted shares, which will be a permanent drag on the share price later, can hardly also be expected to take kindly to a dividend lower than the already-reduced previous one. (Sydney Morning Herald -- Business)
Defaults by customers will be watched for ICICI, which has slowed lending to rein in bad debts that had risen to 1. 95 percent of net advances by March. (India Times)
He recommended that the apex bank should introduce surgical intervention in form of injection of liquidity into the banking system via government-funded soft loans and re-capitalisation and regulatory induced consolidation via encouraging the big strong banks to acquire the weak and the anaemic". He said that the liquidation of every weak bank associated with insolvency could result in a severe erosion of confidence in the banking system and could precipitate a run on the banks. Based on this,... (Guardian News, Nigeria)
He made a passing reference, however, to a $1 billion charge in bad debts during the June quarter, said small- and medium-sized businesses were being hit by the economic downturn and pointed to another year of tough times in the lending game. All of which makes the recent surge on local and global sharemarkets look a tad overdone. (Sydney Morning Herald -- Business)
Our risk analysis shows that 20% of them wind up businesses and are written off as bad debts. We cannot cater to them because the risk is too high. (The Star Online, Malaysia)
The provision for credit losses, money set aside to cushion against bad debts, was $US13. 38 billion, the same as the previous quarter. (Sydney Morning Herald -- Business)
The finding has come at the worst time for NAB which, like most of its rivals, is battling rising bad debts and slowing credit growth particularly in New Zealand, where the recession is deeper than in Australia. NAB, while well capitalised, also remains vulnerable to further heavy write-downs across its remaining holdings of unwanted high-risk credit instruments. (Sydney Morning Herald -- Business)
Examples of household names affected of late include Debenhams announcing a share issue to raise GBP323 million in order to reduce its GBP972 million of bad debts, whilst famous toy shop Hamleys is beginning a period of restructuring management staff to cut costs. Added to this list are the retailers which have already gone into administration such as Coffee Republic in the last week, Setanta Sports, MFI and of course Woolworths. (PR Newswire)
However, in the hypothetical scenario, Malaysian banks just like Chinese banks now would be exposed to huge potential bad debts when the bubble bursts. This aggressive lending is exacerbating global imbalances. (The Star Online, Malaysia -- Business)
Starting your business. You have to decide on a legal structure when you start your business. (Sydney Morning Herald -- Business)
A CBI survey published yesterday said more than 95 per cent of banks and building societies expected their bad debts to rise over the next few months. Such write-offs will join the existing "toxic assets" on the banks' balance sheets and make them even less willing to take on riskier lending the much feared "negative feedback loop". (BusinessWeek)
Other actions that should be taken before June 30 include writing off any bad debts and valuing stock at the lower of cost or net realisable value. Where you have stock that is old or damaged, that you will have to sell at less than what it cost you, it can be valued at this lesser value. (Sydney Morning Herald -- Business)
In the case of Franco-Indian Pharmaceuticals, the company had short-claimed bad debts of Rs 12. 5 lakh, which it sought to correct by filing a letter during the course of the assessment. (India Times)
SOLE proprietors should take advantage of allowable business expenses and deductions on bad debts to reduce their taxable income ... Bad debts: Specific provisions for bad debts are tax deductible, provided they arise from credit sales (trade debts) and there are commercial reasons for such provisions ... Bad debts arising from sales of fixed assets to other debtors are not tax deductible. (The Star Online, Malaysia -- Business)
RBS almost collapsed last year as a result of a combination of the credit crunch, bad debts and the weight of the debt from RBS's acquisition of Dutch bank ABN Amro. In April, it announced 9,000 job cuts, having made a loss of 24. (BBC News -- UK)
It said there was "no room for complacency" and banks would have to write off billions more dollars of bad debts in the next 18 months. These could amount to a further $283bn by the end of 2010, it said. (BBC News -- Business)
now 43 percent owned by the government, has forecast a loss this year as s bad debts rise. Lloyds shares have slumped 77 percent in the past 12 months. (Bloomberg -- UK)
The increase in selling and administrative expenses as a percentage of sales largely reflects spending on the implementation of our strategic initiatives and an increased provision for bad debts as a result of deteriorating economic conditions ... The failure to estimate correctly could result in bad debts being either higher or lower than the determined provision as of the date of the balance sheet. (CCNMatthews Press Releases)
Tips for Shared Savings and Checking Accounts. Joint bank account holders need to share the account with someone they trust, choose the appropriate signatory option and communicate spending clearly. (Suite101.com)
6 million compared to $6. 8 million for Q1-2008 and $5. (Canada Newswire)
In February, when Mulcahy quit with a handsome retirement package, the company announced a massive blow-out in bad debts and troublesome loans ... Bad debts have risen to $491 million. (Sydney Morning Herald -- Business)
And the change comes as the bank's bad debts and provisions climb. Suncorp on Wednesday issued a warning over its full-year 2009 bad debt charge - five weeks out from the end of its financial year on June 30. (Sydney Morning Herald -- Business)
What has made it seem so off-the-charts is not bad debts that are written off; we had a lot of that in other periods. It s good debts that are being written down in price not because they re not paying on time, not because credit analysis [says] they won t pay off over time, but simply because of lack of current bids in the market, Paulsen said. (Denver Business Journal, CO)
Performance Summary (000 s) ----------------------------------------- Year over Year over Quarter ended March 31, March 31, Year Year 2009 2008 $ Change % Change ----------------------------------------- Revenue continuing operations $ 6,120 $ 5,905 $ 215 4 Operating Expenses continuing operations 3,351 3,869 (518) (13) General and Administrative - continuing operations 692 1,397 (705) (50) Provision for Bad Debts - continuing operations 28 - 28 100 -----------------------------------------... (CCNMatthews Press Releases)
Banker and insurer Suncorp Metway Ltd has maintained its guidance for 2008/09 profit despite warning its bad debts charge for the year could be higher than expected ... Bad debts were previously forecast to be between 100 and 130 basis points of total lending ... But another $136 million in charges during the March quarter had taken total bad debts for the year to date to $491 million, or 115 basis points of total lending. (Sydney Morning Herald -- Business)
Obtaining the banks Asian businesses may help Smith meet a goal of boosting the portion of revenue earned in Asia to 20 percent at a time swelling bad debts squeeze ANZs domestic profits. RBS, Britains biggest government-owned bank, this month posted a first-quarter loss after writing down 4. (Bloomberg -- Australia & New Zealand)
"The financial problems were caused by a combination of my youthful optimism, some bad debts and poor financial advice. CHD has entered into a Deed of Company Arrangement after approval of its creditors.". The Australian Securities and Investments Commission is waiting for advice as to whether or not the company was trading while insolvent. (Sydney Morning Herald -- Business)
3 percent last year, buffering earnings from bad debts that are climbing as the economy sinks into recession ... Higher fee income is shielding earnings for the nations lenders as bad debts swell ... Losses on bad debts for the three banks jumped 147 percent to A$4. (Bloomberg -- Australia & New Zealand)
-FINANCIAL TABLES FOLLOW- Table 1 YUHE INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Stated in US Dollars) For The Three Months Ended March 31 2009 2008 Net revenue $ 10,914,390 $ 1,103,551 Cost of revenue (6,852,353) (874,707) Gross profit 4,062,037 228,844 Operating Expenses Selling expenses (92,940) (48,540) General and administrative expenses (743,990) (260,969) Total operating expenses (836,930) (309,509) Income (loss) from operations 3,225,107 (80,665)... (PR Newswire)
Though we could expect some bad debts expense in a normal course of business, with the company's current credit procedures and processes, we do not expect the expense to recur in the magnitude as in the fourth quarter 2008. Sales and marketing expenses of $0. (Canada Newswire)
There was almost unanimous agreement among the analyst community yesterday that the Commonwealth Bank is travelling reasonably well despite its rise in bad debts. 1. (Sydney Morning Herald -- Business)
For a reconciliation of Operational Revenue to revenue and Operational Margin to gross margin, see "Reconciliation of Operational Revenue, Operational Margin and Operational Income" in this MD&A. For a discussion of GEM's revenue recognition policies see "Critical Accounting Estimates'' in this MD&A.Selected Financial Highlights and Overall Performance of the CompanyThe following selected financial information has been derived from the unaudited interim consolidated financial statements of the... (CCNMatthews Press Releases)
PIZZA INN, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended -------------------- -------------------- March 29, March 23, March 29, March 23, REVENUES: 2009 2008 2009 2008 --------- --------- --------- --------- Food and supply sales $ 9,136 $ 10,316 $ 28,915 $ 32,269 Franchise revenue 1,056 1,181 3,164 3,643 Restaurant sales 565 171 1,344 529 --------- --------- --------- --------- 10,757 11,668 33,423... (Primezone Releases)
Based on these discussions and an internal evaluation of what portion, if any, of these amounts will be collectible, the Corporation has recorded a provision for bad debts of $784,956 as of March 31, 2009 (December 31, 2008 - $784,956), which represents 75 percent of the outstanding amounts. The Corporation is continuing to work with its legal counsel to pursue the possible sale of the accounts receivable to a third party and, accordingly, will update its provision for bad debts as circumstances... (CCNMatthews Press Releases)
The amount it set aside to cover bad debts in the first three months of 2009 was above the same period last year, but below the final quarter of 2008. It added that its pre-tax profit was "ahead" of the same period last year, although it did not give figures. (BBC News -- Business)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Three Months Ended March 31, 2009 2008 Operating activities Net loss (1,168) $(467) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 185 275 Provisions for bad debts (73) 55 Amortization of software development costs 571 489 Non-cash stock compensation expense 457 433 Changes in operating assets and liabilities: Accounts receivable 642 (489) Prepaid expenses and... (PR Newswire)
Looking ahead, JD Group said that despite the uncertainty around bad debts, it expected an improvement in like-on-like earnings for the full year if the once-off tax settlement and restructuring costs were excluded. - Sapa. (Business Report, South Africa)
"After showing such a positive start to the six months, it is very disappointing to report such an increase in total debtors costs. We are confident that the efficiencies gained from centralising collections will bear fruit in the near future. The indebtedness of the consumer remains a concern and this clearly impacts on bad debts and Traditional Retail's ability to generate more sales," it said. The group said it is now firmly settled in its new structure with five distinct business divisions... (Business Report, South Africa)
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