Day4 Energy Reports First-Quarter 2009 Results May 15, 2009
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)
Universal Energy Group Ltd. Releases Second Quarter Financial Results and Operational Updates May 14, 2009
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)
Open Range Energy Corp. Announces First Quarter Results, Renews $54 Million in Bank Lines and Provides Operational Outlook May 13, 2009
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)
Pizza Inn, Inc. Reports Results for Third Quarter Fiscal Year 2009 May 13, 2009
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)
Bad debts grow as consumers struggle - JD Group May 12, 2009
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)
AMICAS Reports Financial Results for the First Quarter Ended March 31, 2009 May 12, 2009
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)
HSBC says results 'encouraging' May 12, 2009
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)
JD Group reports headline loss May 11, 2009
"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)
Royal Bank of Scotland clocks 857m-pound loss May 9, 2009
69 billion) against bad debts in the first quarter on top of other writedowns of STG797 million ($1. 58 billion). (Sydney Morning Herald -- Business)
More losses for RBS as bad debts soar May 8, 2009
May 8, 2009 - 5:26PM. Royal Bank of Scotland, the British lender recently rescued by the taxpayer, has reported a first-quarter net loss of 857 million pounds ($1. (Sydney Morning Herald -- Business)
Nedbank hit by bad debts May 8, 2009
One of South Africa's largest banks, Nedbank, has been hit by bad debts, it said in its first quarter 2009 trading update on Thursday. "The credit environment remains challenging with the group's impairment charge increasing by 108.2 percent from R881-million for the period to March 2008 to R1.83-billion in the current period," Nedbank said. (iAfrica.com)
Banking sector is as strong as a brick outhouse May 7, 2009
It needs to be, of course, because as the recession rolls in, bad debts are rising quickly. PricewaterhouseCoopers calculated in its bank profit wrap yesterday that the majors nearly doubled bad debt charges to $6. (Sydney Morning Herald -- Business)
Australia, New Zealand Stocks: Adelaide, BHP, Harvey, Hastie, Rio, Westpac May 6, 2009
Australias biggest lender by market value said first-half profit fell 6 percent and announced its first dividend cut in 17 years after charges for bad debts tripled. In terms of asset quality and provision coverage, Westpac has maintained a quality differential relative to its peers, said Chris Williams, an analyst at UBS AG in Sydney. (Bloomberg -- Australia & New Zealand)
Property exposure dents Westpac result May 6, 2009
175 billion as bad debts started to rise mostly across business loans ... Westpac's profit falls as bad debts triple, but its dividend cut is. (Sydney Morning Herald -- Business)
Australia's largest bank's half-year profits fall 1.2% May 6, 2009
2 percent, and it slashed its dividend payment to shareholders after costs from bad debts blamed on the global downturn tripled. Cash earnings plunged 6 percent in the six months to March 31, canceling out a rise in revenue stemming from Westpac's takeover last year of smaller rival St. George Bank. (The Star Online, Malaysia -- Business)
StanChart weathers crisis in record first quarter May 6, 2009
Although its bad debts jumped 74% last year to US$1. 3bil as more corporate and retail customers ran into trouble in the second half, the bank said yesterday that asset quality in the corporate loan book had remained good. (The Star Online, Malaysia -- Business)
GMAC reports $675m quarterly loss May 6, 2009
Losses at finance group GMAC, which is part-owned by General Motors and provides loans to GM car buyers, have risen 15% after bad debts increased. GMAC Financial Services reported a loss of $675m (450m) for the first quarter of 2009, against $589m a year earlier. (BBC News -- Business)
Aussie banks face profit hit next year May 5, 2009
A spike in bad debts in the business and commercial sector in March caught the bank by surprise, causing first half provisions to rise by $150 million above consensus estimates. National Australia Bank's (NAB) first half fiscal 2009 bad debts rose to $1. (Sydney Morning Herald -- Business)
Drew Industries Reports 2009 First Quarter Results May 5, 2009
These extra expenses were due to the unprecedented conditions in the RV and manufactured housing industries, and included increased bad debts, obsolete inventory and tooling, as well as costs related to plant consolidations and staff reductions ... 9 million of extra expenses related to plant consolidations, staff reductions, increased bad debts, and obsolete inventory and tooling. (PR Newswire)
SA stocks up on miners, rate cut; rand gains May 4, 2009
Banks, which have all reported rising bad debts at their retail units, gained after the interest rate cut. The rand was trading at 8. (Business Report, South Africa)
Users fume as banks lean on credit card income May 4, 2009
The bad debts may reach $65bn this year ... Issuers have developed new models to calculate the fees, interest rates and rules they need to cover the bad debts of those who don't keep up, says David Robertson, the publisher of the Nilson Report, an industry newsletter in Carpinteria, California. (Business Report, South Africa)
CBA seeks a refund on BankWest purchase May 1, 2009
1 billion price it paid to buy BankWest four months ago when it emerged yesterday its new subsidiary had greatly raised its level of impairment charges to cover increasing bad debts. The country's biggest lender, which picked up the growing regional lender as a direct consequence of the financial problems experienced by BankWest's former British parent, HBOS, has activated a clause in the sale agreement to have the original price independently reviewed. (Sydney Morning Herald -- Business)
Eric Johnston Macquarie's reinvention push May 1, 2009
A further $500 million in provisions was taken on bad debts to both property and resource sectors while troubled tollroad operator BrisConnections was partly behind a further $265 million in other equity investments writedowns. Half on half comparisons show the extent of the slowdown in Macquarie's activity. (Sydney Morning Herald -- Business)
ANZ's goalpost shift Apr 29, 2009
Driving the fall was a worse-than-expected loss against bad debts. By using ANZ's preference for underlying profit, though, its earnings suddenly swing to a 4% increase in net profit to $1. (Sydney Morning Herald -- Business)
Asia Stocks Fall on Concern Citigroup, Bank America Need Funds; Yen Gains Apr 28, 2009
9 percent on an increase in bad debts. dropped 10 percent to HK$44. (Bloomberg -- Asia)
Australia Stocks: ABB Grain, Alesco, Bluescope Steel, NAB, Pacific Brands Apr 28, 2009
9 percent as bad debts rose in an economy headed for its first recession in 18 years. Separately, the Wall Street Journal reported that Bank of America Corp. and Citigroup Inc. were told by U.S. regulators they need more capital. (Bloomberg -- Australia & New Zealand)
AIB to raise additional ?1.5bn de... Apr 20, 2009
The bank, whose shares have lost 94 per cent of their value over the past 12 months, has been severely hit by bad debts on the loans it has made to the Irish property and construction sectors. Have your say. (New York Post -- Business)
World economy expected to pick up before US mid-term elections, says MM Lee Apr 17, 2009
" onclick="Next();" src="/images/butt_next. " He says to do that in one tranche will make voters angry but by the middle of next year, in order to win votes, the US Congress will have to take the step of pumping in more public funds to boost the economy. In a dialogue with about 100 senior and new members of the Community Party of Vietnam in Hanoi, Mr Lee says the world economy will pick up when the US recovers. And when that happens, there will be slower growth but enough to allow all... (Channelnewsasia.com)
Desperate to be different Apr 15, 2009
Whether the rest of the banking sector passes the stress test will depend in part on how far their bad debts are forecast to rise, but also on the strength of their core profits. To be free of the government, Goldman may need its peer group to report strong results, not just itself. (The Economist)
Preventing bubbles and bad debts Apr 14, 2009
16:38, April 13, 2009. By Li Hong People's Daily Online. (People's Daily Online, China)
The Difference Between Revenue and ... Apr 14, 2009
Expenses include expected items such as salaries, supplies and rent, but also depreciation and bad debts. Depreciation is the amount of large expenses such as buildings and equipment (known as capital items) which is spread over several years. (Suite101.com)
China to Ensure Liquidity After Loans Surged to Record, Central Bank Says Apr 13, 2009
The statement indicated that reviving growth remains Chinas priority amid concern that the credit boom will lead to bad debts and asset bubbles. The worlds third-largest economy, while showing a better-than-expected performance in the first quarter, still faces great difficulties, Premier told reporters in Thailand on April 11. (Bloomberg -- Asia)
Banks and accounting standards: Messenger, shot Apr 11, 2009
Today they argue that market prices overstate losses, because they largely reflect the temporary illiquidity of markets, not the likely extent of bad debts. The truth will not be known for years. (The Economist)
Bassett Announces First Quarter 2009 Results Apr 10, 2009
More significantly, the environment continued to exert pressure on our licensed stores, causing further growth in our allowance for bad debts, which grew by $3. 3 million. (Primezone Releases)
BoQ hunts for strategic partner to take on majors Apr 10, 2009
Mr Liddy said the reduction in the payout was aimed at strengthening the bank's balance sheet, after a recent $108 million fund-raising exercise, rather than increasing provisions for bad debts - a factor which has prompted the big banks to signal similar dividend cuts. However, BoQ's performance at the level of operating profit was clouded by a series of impairment charges which showed a post-tax earnings fall to $46 million before one-off benefits boosted the final net result back up to $84... (Sydney Morning Herald -- Business)
Solid Growth in Canadian Operations Lead Cogeco Cable to Strong Results Despite a Non-Cash Impairment in its European Operations Intangible Assets Apr 9, 2009
The operating costs increased in local currency mainly due to an increase in the amount of bad debts recorded in the quarter and first six months of the year. However, Cabovisao has put together initiatives at the end of the second quarter of 2009 to better manage its collection process which should have a favourable impact on the level of bad debts in the coming months. (CCNMatthews Press Releases)
BoQ cuts dividend despite profit gain Apr 9, 2009
That initial result was struck as a consequence of a rise in provisions for bad debts, souring loans of $18 million and restructuring costs of about the same amount to rein in the bank's cost base. However, the benefit of that re-organisation also flowed through to the bottom line and partly explained the higher overall net amount of $84 million. (Sydney Morning Herald -- Business)
Bank of Queensland First-Half Profit Declines 25 Percent as Bad Debts Rise Apr 9, 2009
6 million for bad debts. Net interest income rose 22 percent to A$226. (Bloomberg -- Australia & New Zealand)
Creating Wealth- In a era of Recession Apr 7, 2009
Global Markets Recession Since the middle of 2008, financial markets all over the world have seen a precipitous decline for reasons which are, perhaps, no longer a secret: Poor lending by banks (sub-prime mortgage lending crisis) to non-credit worthy individuals, leading to colossal bad debts on the books of many banks. This eventually translated into losses for investors, mainly in the developed markets. (Ghana Web, Ghana)
Nduom Proposes Economic Stimulus for Ghana Apr 4, 2009
The inadequacy of controls in banks, investment banks and insurance companies led to bad debts, and debt instruments that were overvalued and became too risky leading to a credit crunch and in turn led to bank failures and a slowdown in economic activity. If banks cannot lend, businesses cannot produce and jobs are lost. (Ghana Web, Ghana)
Aehr Test Systems Reports Financial Results for Third Quarter Fiscal 2009 Apr 3, 2009
7 million provision for bad debts ... 48 Shares used in per share calculations: Basic 8,450 8,025 8,424 7,919 Diluted 8,450 8,476 8,424 8,398 AEHR TEST SYSTEMS AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Results (in thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended February 28, February 29, February 28, February 29, 2009 2008 2009 2008 GAAP net (loss) income $(27,680) $1,926 $(25,943) $4,071 Provision for bad debts(1) 13,708 13,708 Restructuring and... (PR Newswire)
Should We Be Worried About Our Real Estate Investments? Apr 3, 2009
The Federal Government wants to create a seven-hundred billion pool of funds to buy bad debts. FDIC coverage is limited to $100,000, per tax payer ID number per Bank. (RealtyTimes)
Forbes Energy Services Reports Fourth Quarter and Year End 2008 Financial Results Apr 2, 2009
We have two more currently in Mexico that are being prepared for service, and I anticipate additional opportunities to expand our presence in that market going forward," concluded Crisp. Business Segment Results Well Servicing Well servicing revenues decreased to $49.0 million during the fourth quarter of 2008 compared to $54.3 million in the third quarter of 2008. Well servicing segment gross margins in the fourth quarter of 2008 were $10.2 million, compared to $18.9 million in the third... (PR Newswire)
Bitterroot Resort: Since fall, 3 liens placed on land Apr 2, 2009
MsM wrote on Apr 1, 2009 12:30 PM:" This isn't even the whole story. He has a history of not paying people, then asking for them to just let him sell some property or just wait a while. So people give him a chance, thinking he will pay. He sells something, gets money, but still leaves you hanging. I agree, the guy is a total schmuck.Dumping 85K into the local economy does nothing if it's not REAL money, just empty promises; a false sense of security. How can it be an income when local businesses... (Missoulian, MT)
Hand-pick the right fund Apr 2, 2009
They only had to cut their dividends because of write-downs and growing bad debts, which have also come from a very low base. The big resources stocks haven't done so badly, either. (Sydney Morning Herald -- Business)
Avenir Diversified Income Trust Announces 2008 Results Apr 1, 2009
7 million for bio-diesel bad debts. The core businesses of the Trust remain very strong as even in the fourth quarter of 2008, with falling commodity prices, the Trust would have had a 60% payout ratio, better than its target 75%-80% funds from operations payout target, if the impact of the bio-diesel exit and bio-diesel bad debts were excluded ... 7 million for bad debts in its December 31, 2008 financial statements to cover bio-diesel uncollectable accounts. (CCNMatthews Press Releases)
Northstar Healthcare Reports 2008 Fourth Quarter and Year-end Financial Results Mar 30, 2009
7 million applicable to bad debts. This expense related to difficulties with payments by one of Northstar's key third party payors at Palladium-Houston, as reported in a news release on February 9, 2009. (Canada Newswire)
Geithner Sees More Rescues Mar 30, 2009
The plan is designed to purchase as much as 500 billion of bad debts and securities from banks, allowing the institutions to remove tainted assets, attract private capital and resume active lending, according to Geithner. "The great risk is that we do too little rather than too much" to revive credit and stem what economists say may be the worst recession in seven decades, he said. (New York Post -- Business)
Brown's building society collapse... Mar 29, 2009
Dunfermline, which has about 350,000 customers,has lost about 26m after a surge in bad debts on commercial property loans. It made a 2m profit last year. (New York Post -- Business)
Acquisition gone sour led to Supermax downfall Mar 28, 2009
The clean-up of APLIs book resulted in yearly losses due to, among other things, bad debts, asset impairments, inventory write-downs and operational losses due to inefficiencies. The issues at APLI are very complex and we had given ourselves three years to fix the problems. (The Star Online, Malaysia -- Business)
China Housing & Land Development Reports Year 2008 Results Mar 26, 2009
An increase in allowance for bad debts. The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts based on historical collection experience and a review of the current status of trade accounts receivable. (PR Newswire)
Some candidates' finances spotty, records show Mar 26, 2009
Incumbent Mayor Frank Melton, also a Democrat, has had his wages garnished for an unpaid bill and other candidates have been sued for bad debts in the past, according to a check of public records by The Clarion-Ledger. Documents show Horhn has been late in paying his taxes for years, resulting in the state placing liens on his north Jackson home at least 11 times since 1995. (The Clarion-Ledger)
Hardwoods Distribution Income Fund Announces 2008 Fourth Quarter and Year-End Results Mar 26, 2009
"The US and Canadian economies are now in full recession and we are seeing the impact in reduced demand across virtually all of the sectors and regions that we serve. Our sales declined in each quarter of 2008, and with a shrinking market came increased competition for the remaining available sales, putting downward pressure on our margins. We also experienced an increase in bad debts with economic conditions forcing some of our customers out of business." "In this environment, our ability to... (Canada Newswire)
Elk Grove Ponders Stinky Fix For Unpaid Bills Mar 26, 2009
The current budget was supposed to include about $1 million to cover those bad debts. A city representative said the actual number will be closer to five times as much. (KCRA 3, CA)
Goodfellow Reports its Results for Q2-2009 Mar 25, 2009
With the weakened economy bad debts were running at double last year's levels but these were somewhat balanced by reduced financial costs due to the substantially reduced receivables and inventories. For the 6 months ended February 28, 2009, Consolidated Sales reached $202. (CCNMatthews Press Releases)
Futures:• Copper Down 2% As Stocks Retreat; U.S. Export Prospects Lift Soybeans Mar 25, 2009
Analysts said oil traded up on lingering optimism over the plan to unload bad debts from banks. Trading Center. (Investors Business Daily)
Need to know: Ryanair ruling ...... Mar 24, 2009
6 per cent fall in underlying earnings in 2008 and a sharp rise in bad debts. Dubai World: The developer helping to build the $8. (New York Post -- Business)
How accountants can help SMEs through the recession Mar 24, 2009
However, as Lewis explains: "The extra costs are likely to be more than recovered through improved financial management. Benefits may include a reduction in working capital and bad debts, reduced costs, improved processes and an insight into what is really happening in the business.A part time FD can also help the business manage risks (e.g. identifying whether the business is over dependent on key suppliers or customers). In addition to improving cash management and hopefully avoiding the... (Accounting Web, UK)
London stocks edge ahead on US re... Mar 24, 2009
Gains across global stock markets were spurred by President Obama's plan to rid the banking system of up to $1 trillion of toxic asets by giving private investors bonds to buy bad debts. Howard Silverblatt, senior index analyst with Standard & Poor s in New York, said: This is a major move by any standards. (New York Post -- Business)
* Asian equities surge on news of US debt plan Mar 24, 2009
Still, doubts lingered, with the US housing market showing few signs of bottoming, uncertainty over how the bad debts would be priced and concerns whether more borrowing by over indebted households was the solution to a credit crisis. If the US authorities actually succeed in buying up to US$1 trillion of toxic assets, it would be considered a significant step by the financial markets. (Taipei Times, Taiwan -- World Business)
British bank RBS could face criminal inquiry probe Mar 23, 2009
Claims that the bank had misled investors over its exposure to bad debts seemed another major concern for Foulkes. More than 30 billion pounds (about 43. (Xinhuanet, China)
India's Ahluwalia Says `More Room' for Rate Cuts to Fight Economic Slump Mar 22, 2009
Indian banks are reluctant to extend loans in a slowing economy for fear of piling up bad debts, even after the central bank has cut its key repurchase rate to an all-time low of 5 percent. Growth this year may be less than 7 percent, while the government had expected it would be about 7. (Bloomberg -- Asia)
Ireland's economy: The party is definitely over Mar 20, 2009
When the bubble burst, it left a legacy beyond the pile of unsold houses and bad debts. The housing boom had chipped away one pillar of Ireland s appeal: its low costs. (The Economist)
Open Range Energy Corp. Announces 2008 Financial and Operating Results Mar 20, 2009
53 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Includes realized gains (losses) on commodity contracts (2) Calculated using cash flow from operations before non-cash working capital, asset retirement expenditures and bad debts expense ... Based on these discussions and an internal evaluation of what portion, if any, of these amounts will be collectible, the Corporation has recorded a... (CCNMatthews Press Releases)
CEO's Diary: Always a silver lining Mar 19, 2009
Except for potential bad debts that is ... We have included a realistic, in historical terms, provision for bad debts on accounts that we think are in difficulty, and that will be good enough for sending to the bank as well, for now. (Accounting Web, UK)
