European shares stable but energy stocks slip Nov 12, 2008
The Kazakh ferroalloy producer is reviewing the timing of expansion projects and said full-year capital expenditure will be "significantly" below the $1. 7 billion previously targeted after demand weakened. (International Herald Tribune -- Business)
Canadian Sub-Surface Energy Services Announces Q3 2008 Financial Results Nov 12, 2008
As previously announced, the Company's capital expenditure program for calendar 2008 had been set at approximately $17 ... 5 million in capital expenditures has been incurred through the first nine months ended September 30, with an additional $3 ... CanSub plans on financing these remaining capital expenditures primarily through cash flow generated in the next two quarters. (CCNMatthews Press Releases)
Dairy Crest is one to avoid as its profit growth stalls Nov 11, 2008
Further, although Dairy Crest s net debt has risen to 490 million against a stock market value of 325 million last night it should start to fall, with capital expenditure reverting to the level of depreciation after completion of heavy investment in a new cheese-packaging plant in Nuneaton. That also implies that the dividend is also safe for now. (Times Online)
Asciano denies securities speculation Nov 11, 2008
"The company said there was no reason that the group may record any material abnormal or extraordinary items for the half year ended December 31, 2008.Earlier on Tuesday, Investment bank Citigroup cut its rating on Asciano to sell, from buy, citing the uncertainty around the timing of the company's fund raising program."We advise investors to cut their losses," it said in a client note.Investment bank Merrill Lynch suggested Asciano was likely to consider the sale of a stake in its coal haulage... (Ninemsn)
Asciano Says It Doesn't Require Financing Until 2010 After Shares Plummet Nov 11, 2008
Asciano ``requires asset sales to pay down debt and fund capital expenditure,'' according to a report today from Merrill Lynch & Co. analysts including. Investors should sell Asciano stock to ``cut their losses,'' Citigroup Inc. said. (Bloomberg -- Australia & New Zealand)
Compton Petroleum announces third quarter results Nov 10, 2008
We have hedged 25% of our gas production through to March 31, 2009 and expect to expand upon these positions to provide greater certainty to our capital expenditure programs ... In view of our current share price versus our underlying asset value and funds flow multiple, we are considering re-directing a portion of our capital expenditure budget to additional share repurchases, thus improving per share net asset value and funds flow. (Canada Newswire)
Nath against job cuts Nov 10, 2008
Calcutta, Nov. 9: Bharat Sanchar Nigam Ltd (BSNL) expects capital expenditure for the 93 million new GSM line contracts to be lower than the projected cost of Rs 40,000 crore because of the global financial crisis. Under present conditions of falling commodity prices, we expect some benefit in cost, company CMD Kuldeep Goyal said. (Calcutta Telegraph)
Fairborne Energy Ltd. Reports Record Quarterly Production and Cash Flow Nov 10, 2008
We continue to pursue a carefully designed capital expenditure program which allows us to add production, reserves and cash flow in a cost effective manner while maintaining a level of flexibility in our balance sheet ... Management's assessment of future plans and operations, capital expenditures, methods of financing capital expenditures and expected commodity prices may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without... (CCNMatthews Press Releases)
Concern over high capital expenditure Nov 10, 2008
While several oil majors have slashed capital expenditure (capex), there are others who proceeded with their plans such as Chevron, ConocoPhilips and Total, says KNM Group Bhd managing director Lee Swee Eng. Ng Chin Heng. (The Star Online, Malaysia -- Business)
Australia Central Bank Signals It Is Ready to Cut Key Interest Rate Again Nov 10, 2008
A number of resource companies are reconsidering their capital expenditure intentions for 2009, and smaller mining firms in particular are likely to cut back their investment,'' the bank said. That will ``flow through into slower activity in other sectors of the economy. (Bloomberg -- Australia & New Zealand)
Anybody going out to dine tonight? Nov 9, 2008
Forty percent of operators said they made a capital expenditure for equipment, expansion or remodeling during the last three months, which equals the lowest level on record. . (Atlanta Journal-Constitution -- Opinion)
Canadian Natural dives Nov 9, 2008
"I think people were a little bit taken aback that they took their (capital expenditure) down --they spend $7.6 billion in 2008 and they're taking that all the way down to $4 billion in 2009," he said. "The biggest delta is obviously Horizon . . . still, given oil prices and the rest of it I think most people thought it would be higher. We were looking for them to spend $5.1 billion.". (Calgary Herald)
Hard Landing In China? Nov 8, 2008
China's economy is structurally dependent on exports: Net exports (or the trade-balance surplus) are close to 12% of GDP (up from 2% earlier in the decade), and exports represent about 40% of GDP. Real investment in China is about 45% of GDP, and, aside from housing and infrastructure spending, about half of this capital expenditure goes toward the production of new capital goods that produce more exportable goods ... Once this happens, you can expect a severe drop in capital expenditure in... (Forbes)
British Airways Rises Most in Seven Years as Carrier Boosts Sales Forecast Nov 8, 2008
The airline lowered capital expenditure plans for the year to 550 million pounds from 650 million pounds. About a third of 1,350 eligible managers accepted voluntary severance and most will leave the company by the end of the year. (Bloomberg -- UK)
Dune Energy Reports 3rd Quarter 2008 Financial and Operating Results Nov 7, 2008
James A. Watt, Dune's President and Chief Executive Officer, stated, "We have a large number of both lower risk/reward and higher risk/reward opportunities available within our producing fields. This portfolio of opportunities will allow us to pursue a flexible capital expenditure program designed to maximize returns and minimize risk. We will manage developing these projects within available cash flow and availability under our revolver. We have no near term restrictive covenants in our debt... (PR Newswire)
Third quarter may be mixed Nov 7, 2008
I dont expect any changes to their capex (capital expenditure) planned for 2009 and 2010. Malaysian oil and gas players under our coverage shouldnt have a problem with their earnings, he said. (The Star Online, Malaysia -- Business)
Goodrich Petroleum Announces Financial and Operational Results and Guidance Nov 6, 2008
73 Per Mcfe from Prior Year Period - Preliminary Capital Expenditure Budget for 2009 Reduced by Approximately 15% to $300 Million ... Based on current commodity prices, the Company's existing natural gas hedges and expected production levels over the next twelve months (assuming no shut in production as a result of external issues such as hurricanes or infrastructure delays), the Company anticipates that it can accomplish the following : 1) grow 2009 production volumes by approximately 30 - 40%... (PR Newswire)
Panhandle Oil & Gas Inc. Announces Proved Reserve and Production Increases for Fiscal 2008; Discloses Probable and Possible Reserve Potential Nov 6, 2008
7% on a CAGR. Management Comments Michael C. Coffman, Panhandle's President and CEO said: "The fiscal 2008 increases in reserves and production are the continuing result of Panhandle's commitment to more aggressive operating strategies first adopted in mid-fiscal 2006. The aggressive drilling program of the last two and one-half years continues to build on the Company's reserves base and production volumes. The majority of this increased capital expenditure level since 2006 has been financed... (PR Newswire)
FNX Reports Third Quarter 2008 Results Nov 6, 2008
FNX Chairman and CEO, Terry MacGibbon stated that, "While we continued to execute our production plans during the third quarter, our financial results were negatively impacted by rapidly changing market conditions and dramatically declining commodity prices. The financials were also negatively affected by pre-tax negative provisional price adjustment of $21.3 million and write-downs totaling $18.3 million. In these turbulent market conditions, the Company is conserving cash and reduced its 2008... (CCNMatthews Press Releases)
McCoy Corporation Announces Third Quarter 2008 Results - Record Quarterly Revenues Achieved Due to International Sales Nov 6, 2008
It is anticipated that results from the Trailer Manufacturing segment will not grow in the near term as we had anticipated earlier in the year as customers defer capital expenditure programs due to volatility in commodity prices ... The forward-looking statements and information are based on certain key expectations and assumptions made by McCoy, including expectations and assumptions concerning fluctuations in the level of oil and gas industry capital expenditures, McCoy's ability to integrate... (CCNMatthews Press Releases)
Carlsberg trims the froth Nov 6, 2008
The Danish brewer will focus on cutting costs and controlling capital expenditure amid the turmoil in global financial markets and weakening economies, chief executive Joergen Buhl Rasmussen said today by telephone ... The company has "sufficient" undrawn committed long-term facilities, while it confirmed that 2009 capital expenditure will be lower than in 2008. (Sydney Morning Herald -- Business)
TXCO's earnings double in third quarter Nov 5, 2008
At the beginning of the year, TXCO s management set a capital expenditure budget of $125 million to $135 million. While the company expects to exceed its original 2008 capital budget by year s end, TXCO plans to reduce its budget in 2009 to adjust for the reduction in commodity prices for crude oil and natural gas. (San Antonio Business Journal, TX)
Grande Cache Coal Corporation Reports Net Income of $47.1 Million in Second Quarter Fiscal 2009 Nov 5, 2008
"Financing Activities:- During the second quarter, Brookfield Bridge Lending Fund Inc. ("Brookfield") converted the remaining $9.85 million balance on the three year floating rate senior secured convertible debenture into common shares at a conversion price of $1.825 per share. The conversion resulted in the issuance of 5.4 million common shares and eliminated the Corporations remaining debt.- The Corporation has an unused $20 million revolving debt facility with Brookfield which matures on... (CCNMatthews Press Releases)
Investors want change: Dow closes up 305 Nov 5, 2008
"Cha-ching!And then the global economy ran right off the tracks. informs us that on Oct. 29, Tinci, which is traded on the London Stock Exchange, that its market circumstances had suddenly changed. Following the Company's return to profitability in the first six months to 30 June 2008, trading conditions have deteriorated considerably. Despite the general recognition that China needs to reduce the pollution produced by its power stations, a number of desulphurization projects have been postponed... (Salon)
Monterey Exploration Ltd. Announces Its Financial and Operating Results for the Three and Nine Months Ended September 30, 2008 Nov 4, 2008
08 Net Capital Expenditures(6) (000's) $6,124 $12,956 $20,875 $32,402 Ending Net Debt (7) (000's) $30,358 $19,367 $30,358 $19,367 Share Data: Outstanding: Common 32,902,500 18,378,066 32,902,500 18,378,066 Non-voting common - 5,061,096 - 5,061,096 ---------------------------------------------------------------------------- Total basic 32,902,500 23,439,162 32,902,500 23,439,162 Equalization warrants - - - - Stock options 2,770,666 1,676,000 2,770,666 1,676,000... (CCNMatthews Press Releases)
Long-term oil projects look vulnerable Nov 3, 2008
A near-term retrenchment in capital expenditure is likely in the private and public oil sectors ... Some oil sands developers have already announced reductions in capital expenditure and delays to some projects. (Globe and Mail -- Business)
Malaysia's measures to restore confidence Nov 3, 2008
He said the economic stabilisation plan might also include a major government-linked companies capital expenditure that would supplement the Federal Governments development spending to boost fixed capital formation amid the anticipated slowdown in private investment activities such as Petronas Sabah-Sarawak Gas Pipeline, Sabah Oil erminal and RM10bil fabrication works as well as Telekom Malaysia Bhds high speed broadband network infrastructure. Suhaimi expects the plan to also include income... (The Star Online, Malaysia -- Business)
Compton Announces Termination of Corporate Sale Process Oct 31, 2008
FOCUS OF CAPITAL EXPENDITURE PROGRAM The immediate focus of Compton's on-going capital expenditure program will be on completion and tie-in activities to bring reserves on production ... In this current uncertain environment, capital preservation is important and therefore Compton plans to execute a tightly focused capital expenditure program, limited to available cash flow, until such time as the operating environment becomes clearer. (PR Newswire)
Pemex Reduces This Year's Oil Production Estimate by 3.6% After Hurricanes Oct 31, 2008
4 billion) capital expenditure budget for 2008 as of the end of September. Pemex's 2009 investment budget will rise to 220. (Bloomberg -- Latin America)
Shell posts higher profits but production is slowing Oct 31, 2008
"Given the fall in the oil price, an issue for all oil and gas companies is current levels of capital expenditure.". Shares in Shell dropped 2 percent in London in early trading on Thursday after rising 12 percent on Wednesday in anticipation of higher earnings. (International Herald Tribune -- Business)
Exxon Mobil quarterly income hits $14.8 billion Oct 31, 2008
"Given the fall in the oil price, an issue for all oil and gas companies is current levels of capital expenditure.". Shares in Shell fell 70 pence, or 4 percent, to 16. (International Herald Tribune -- Business)
Get Ready For 'Stag-Deflation' Oct 31, 2008
There is a huge excess capacity for the production of manufactured goods in the global economy, as the massive, and excessive, capital expenditure in China and Asia (Chinese real investment is now close to 50% of gross domestic product) has created an excess supply of goods that will remain unsold as global aggregate demand falls. Commodity prices are in free fall, with oil prices alone down over 50% from their July peak (and the Baltic Freight Index--the best measure of international shipping... (Forbes)
Canfor Corporation: Improved Operating Results in Third Quarter Masked by Impact From One-Time Items Oct 31, 2008
Throughout this discussion, reference is made to EBITDA (calculated as operating income before amortization), which Canfor considers to be an important indicator for identifying trends in the performance of each of its operating segments and the Company's ability to generate funds to meet its debt repayment and capital expenditure requirements ... 7 million in the third quarter of 2008, and consisted principally of capital expenditures of $22 ... Capital expenditures for the nine months ended... (CCNMatthews Press Releases)
Chartered posts loss, cuts capex Oct 31, 2008
SAN FRANCISO Singapore's Chartered Semiconductor Manufacturing Ltd. cut its planned capital expenditure outlay for 2008 by $100 million after posting a third quarter loss and saying its expects a larger loss in the fourth quarter ... As rival foundries have done in recent days, Chartered cut is capital expenditures forecast for 2008. (EETimes)
Greenspan, Einstein, and peer review Oct 31, 2008
Despite the general recognition that China needs to reduce the pollution produced by its power stations, a number of desulphurization projects have been postponed or withdrawn due to power stations deferring capital expenditure. As a result, the number of projects available for Tinci to bid has reduced considerably. (Salon)
Alcatel-Lucent: Third Quarter 2008 Revenue in Line With Guidance Full Year 2008 Outlook Confirmed Oct 30, 2008
The ongoing decline in new subscribers to copper-based broadband access, coupled with a rapidly deteriorating economic environment led certain customers in North America and Europe to reduce their capital expenditure plans for fixed access, thus impacting both our DSL and Digital Loop Carrier (DLC) activities. Alcatel-Lucent shipped 6. (PR Newswire)
TSMC Reports Third Quarter EPS of NT$1.18 Oct 30, 2008
5 billion in 3Q08, reflecting the capital expenditure of NT$10 ... 21 Capital Expenditure (10 ... Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$45. (PR Newswire)
* Siliconware posts lower 3Q income Oct 30, 2008
94 billion for capital expenditure this year to date; it previously said that it planned to allocate NT$10 billion for this year. This story has been viewed 383 times. (Taipei Times, Taiwan -- World)
Transnet on track Oct 30, 2008
The results also show significant progress in the roll-out of its five-year R80-billion capital expenditure programme. In the review period, investment in capital grew 22. (iAfrica.com)
Renewing Credit Line: What Should Producers Expect? Oct 30, 2008
"We're probably going to see capital expenditure loans are a little more difficult to obtain this next year than they might have been otherwise," Boehlje remarks ... "- Increased restrictions or covenants at loan signing: Lenders might, for instance, require borrowers to have crop insurance or insist on prior approval for capital purchases, Boehlje details. They might be asked to provide quarterly summaries of inventories as well.- Modestly higher interest rates: "Since we don't see the same... (Agri-View, WI)
Govt proposes N2.67tr budget for 2009 Oct 30, 2008
2 billion as capital expenditure, while statutory transfers and debt service is put at N164 ... 3 billion capital expenditure, while N162 billion and N372 billion were for both statutory transfers and debt service. (Guardian News, Nigeria)
Siliconware Precision Industries Reports a 8.8% Quarter-over-Quarter Increase in Revenues Resulting in Earnings per Share of NT$ 1.02 or Earnings per ADS of US$ 0.16 for Third Quarter 2008 Oct 29, 2008
16 per ADS. Capital expenditure and balance sheet highlight: -- Our cash balances totaled NT$ 13,075 million as of Sept 30, 2008 from NT$ 24,079 million as of June 30, 2008, and NT$ 14,912 million as of Sept 30, 2007 ... -- Capital expenditures for the third quarter of 2008 totaled NT$ 2,404 million, which included NT$ 2,009 million for packaging equipment and NT$ 395 million for testing equipment ... -- Capital expenditures for IC packaging operations totaled NT$ 2,009 million for the third... (PR Newswire)
Press statement of the Monetary Policy Committee of BOG Oct 29, 2008
Total expenditure (excluding externally financed capital expenditure) for the period amounted to GH4,782 ... The Government budget recorded a narrow fiscal deficit (excluding externally financed capital expenditure) of GH686. (Ghana Web, Ghana)
Keeping trains on tracks is Ramos's next challenge Oct 29, 2008
3 billion over five years, of which more than R12 billion will be spent in the next six months, at a time when others have decided to cut back on capital expenditure projects. But Ramos is still battling with train derailments, which she called a disappointment. (Business Report, South Africa)
Business conditions down in Sept qtr Oct 28, 2008
"The latest capex (capital expenditure) plans for the next year point to a marked slowdown in `underlying' business investment.". The survey of 900 small, medium and large Australian businesses was conducted between August 18 and September 11, before the federal government's $10. (Sydney Morning Herald)
Chi Mei Optoelectronics Announces Unaudited Third Quarter 2008 Oct 24, 2008
4% Depreciation Amortization 16,892 16,175 12,312 Capital Expenditure 28,833 26,089 25,859 Announcement Contacts: Denis Chen CMO Acting Spokesperson Tel: +886-6-505-3760 Email: Loreta Chen CMO Public Relations Tel: +886-6-505-1888 ext. 11202 Email. (PR Newswire)
African Copper's First Concentrate Shipment and Mowana Mine Update Oct 24, 2008
This plan contemplated among other things, capital expenditure commitments for the implementation of a Dense Media Separation ("DMS") plant, which will be deferred until market conditions improve. Further Funding. (CCNMatthews Press Releases)
Source Interlink Appoints Greg Mays as New Chairman and Chief Executive Officer Oct 24, 2008
This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to, among other things, future business plans, strategies and financial position, working capital and capital expenditure needs, growth opportunities, and any statements of belief and any statements of assumptions underlying any of the foregoing. These forward-looking... (Yahoo! Wire -- Entertainment News)
Teck Reports Third Quarter Results for 2008 Oct 23, 2008
Mr. Lindsay said, "the fixed price nature of our coal sales contracts provide stability to our cash flow. Furthermore, in October, we entered into transactions to protect approximately 55% of our anticipated copper production to the end of March 2009 against further declines in the price of copper. These transactions result in price protection on approximately 73% of our total expected revenue for the six months to the end of March 2009, excluding the effect of exchange rate... (CCNMatthews Press Releases)
GPT faces class action Oct 23, 2008
After the raising, GPT said it will have sufficient liquidity to fund all capital expenditure requirements and debt maturities into 2010. "GPT expects leverage to further reduce over time as the group exits non-core investments.". (Sydney Morning Herald)
Govt to put N88b monetisation benefits in budget Oct 23, 2008
For capital expenditure, both chambers agreed on N785,172,125,796. The Executive proposal for the recurrent and capital expenditure were N1,318,675,704,987 and N714,044,160,658 respectively. (Guardian News, Nigeria)
NEC Slashes Full-Year Profit Forecast More Than 50% as Spending Dries Up Oct 22, 2008
Continuing severe market conditions such as reduced capital expenditure by domestic telecommunication carriers'' led to the forecast cut, NEC said in a statement. Operating profit, or sales minus the cost of goods sold and administrative expenses, is predicted to drop 24 percent to 120 billion yen, less than the 170 billion yen estimated previously, NEC said. (Bloomberg -- Asia)
Allegiant Travel Company Reports Third Quarter Financial Results: Oct 22, 2008
-- We expect 4Q08 capital expenditure to be approximately $6 million, including the purchase of two spare engines and improvements to aircraft expected to be introduced to the fleet in the next two quarters. -- We expect 2009 capital expenditure of approximately $15-20 million, for improvements to aircraft owned but not yet operated, purchase of additional spare engines and other miscellaneous capital expenditure ... Forward-looking statements include our statements regarding ASM growth,... (PR Newswire)
Debenhams cuts dividend to help reduce 1bn debt Oct 22, 2008
Debenhams' "deleveraging initiatives" include 20m of cost reductions and 40m of reductions in capital expenditure. The cuts would be achieved, said the chief executive, from "a series of little things", including lower advertising costs as newspapers and magazines cut their rates. (guardian.co.uk)
Space Systems/Loral Enters Into $100 Million Revolving Credit Agreement Oct 22, 2008
This facility not only provides SS/L with additional resources to meet both its working capital and capital expenditure requirements but also provides cushion for contingencies. . (Primezone Releases)
Infrastructure: It's full steam ahead on capex Oct 22, 2008
Cape Town - The global economic slowdown has not deterred the state and its enterprises from forging ahead with their ambitious capital expenditure programme, which is projected to add about 1 percentage point to gross domestic product (GDP) growth ... " The government was exploring ways of using its development finance institutions, such as the Development Bank of Southern Africa, to support public investment, he said. Capital spending as a percentage of total government spending increased from... (Business Report, South Africa)
Two options for Eskom: price increase or darkness Oct 21, 2008
Its five-year capital expenditure programme rose from R97 billion about two and a half years ago to R150 billion a year ago; it now stands at R343 billion ... Its initial plan was to fund half its capital expenditure with retained earnings and half through the debt markets ... But Eberhard cautions: If Eskom is not able to raise the electricity price sufficiently, it will have to cut back on its capital expenditure. (Business Report, South Africa)
Stocks to buy Oct 20, 2008
5 billion on capital expenditure (capex) in the next three years. These projects are in initial stages and may be postponed if aluminium prices remain subdued, while copper prices continue to move up due to rising energy and input prices. (India Times)
Indosat eyes Internet revenues as cellular income flattens Oct 20, 2008
4 billion in capital expenditure, up from $1. 2 billion targeted earlier, in the hopes of expanding our network and increasing our network capacity. (Jakarta Post, Indonesia -- Business)
KPJ poised for more M&As Oct 20, 2008
Siti Sadiah said KPJ allocated RM40mil to RM50mil annually as capital expenditure to upgrade the hospitals equipment such as the magnetic resonance imaging equipment, computed axial tomography (CAT scan) and angiography sets. As for the physical infrastructure, we allocated about RM80mil to RM100mil for renovation, upgrading and expansion, she added. (The Star Online, Malaysia -- Business)
Astrapak's earnings forecast cut again due to tax assets Oct 20, 2008
New chief executive Marco Baglione has been cutting expenses, for example by closing the stand-alone head office and reviewing capital expenditure. The clearing-out costs of doing so had been expected to hurt financial results in the first-half. (Business Report, South Africa)
Fund managers focusing on balance sheets for investments Oct 17, 2008
The companies that were particularly susceptible would be those in the middle of their capital expenditure (capex) cycle, where the planting up was not completed, said CIMB-Principal Asset Managements chief investment officer Raymond Tang. Such companies would be those that have high capex requirements by the nature of their industry. (The Star Online, Malaysia -- Business)
Corridor Updates Exploration and Development Activities in New Brunswick Oct 16, 2008
Corridor has a strong balance sheet with current working capital in excess of $20 million and no debt, and is in the process of planning its capital expenditure program for the remainder of the year and for 2009. Corridor expects to further strengthen its net cash flow from the McCully Field in 2009, partially dependent upon results from its 2008 frac campaign that is currently under way. (CCNMatthews Press Releases)
Autonomy Corporation plc Announces Results for the Third Quarter Ended September 30, 2008 Oct 15, 2008
Movements in cash flow during the nine months reflect a combination of good cash generation from operating activities and exercise of share options, offset by the quarterly repayments of Autonomy's bank loan, capital expenditure and instalment tax payments. Autonomy has no net debt. (PR Newswire)
Telecom NZ shares slump after profit downgrade Oct 15, 2008
The spending on the mobile network will increase Telecom's capital expenditure this financial year by $NZ218 million and in 2010 by $NZ173 million. It expects profits to fall for the next three years as it struggles to halt the fall in market share in mobiles and cope with a government-enforced split of its business. (Sydney Morning Herald -- Business)
