BUSINESS SEGMENT INFORMATION. The Company operates in two reportable business segments: pulp and paper. The segments are managed separately because each business requires different production and marketing strategies. Summarized financial information concerning the segments is shown in the following table: PULP PAPER TOTAL --------- --------- --------- (Euros in thousands) SIX MONTHS ENDED JUNE 30, 2002 Sales to external customers E 68,084 E 51,451 E 119,535 Intersegment net sales 2,925 - 2,925 Segment profit 13,039 3,376 16,415 Reconciliation of profit: Total profit for reportable segments E 16,415 Elimination of intersegment profits 833 Unallocated amounts, other corporate expenses (4,081) --------- Consolidated income before income taxes E 13,167 ========= SIX MONTHS ENDED JUNE 30, 2001 Sales to external customers E 80,449 E 31,955 E 112,404 Intersegment net sales 3,608 - 3,608 Segment profit 7,251 876 8,127 Reconciliation of profit: Total profit for reportable segments E 8,127 Elimination of intersegment profits 671 Unallocated amounts, other corporate expenses (3,746) --------- Consolidated income before income taxes E 5,052 ========= PULP PAPER TOTAL --------- --------- --------- (Euros in thousands) THREE MONTHS ENDED JUNE 30, 2002 Sales to external customers E 34,451 E 25,877 E 60,328 Intersegment net sales 1,524 - 1,524 Segment profit 18,906 596 19,502 Reconciliation of profit: Total profit for reportable segments E 19,502 Elimination of intersegment profits 456 Unallocated amounts, other corporate expenses (1,402) --------- Consolidated income before income taxes E 18,556 ========= THREE MONTHS ENDED JUNE 30, 2001 Sales to external customers E 40,763 E 14,845 E 55,608 Intersegment net sales 1,762 - 1,762 Segment profit 1,272 801 2,073 Reconciliation of profit: Total profit for reportable segments E 2,073 Elimination of intersegment profits 379 Unallocated amounts, other corporate expenses (2,362) --------- Consolidated income before income taxes E 90 ========= EXHIBIT C
BUSINESS SEGMENT INFORMATION. The Company is organized and manages its business in two distinct segments: the Alternative Energy Heating Stove segment and the Delivery Services segment. The Alternative Energy Heating Stove segment designs, assembles, markets, services, and sells alternative energy heating systems. The principal products produced and/or marketed by this segment are the Xxxxx Maxfire heating stove, the Xxxxx Ugly Black Box (UBB) and accessories and parts related to the Maxfire and UBB. The operations are located in Ramsey, MN. The Delivery Services segment delivers water softener salt and sales/leases water softener equipment to residential and commercial customers in Southern Minnesota, Northwestern Wisconsin and Southeastern South Dakota. Delivery also licenses its delivery technology to similar operations in the states of Minnesota, Iowa, Indiana, Idaho and Utah. Delivery Services is based in Redwood Falls, MN and maintains salt storage facilities in Morton, MN and Vermillion, MN. An analysis and reconciliation of the Company’s business segment information to the respective information in the consolidated financial statements are as follows: Alternative Energy Heating Stove $ 374,799 $ 537,243 Delivery Services 1,162,324 1,132,413 Total 1,537,123 1,669,656 Alternative Energy Heating Stove (53,069 ) (305,606 ) Delivery Services 10,354 17,242 Corporate including research & development (8,738,010< /font> ) (2,757,172 ) Total $ (8,780,725 ) $ (3,045,536 ) Alternative Energy Heating Stove $ 88,628 $ 109,647 Delivery Services 153,496 149,221 Total $ 242,124 $ 258,868 Alternative Energy Heating Stove $ — $ 50,000 Delivery Services 12,848 3,633 Corporate including research & development 193,484 — Total $ 206,332 $ 53,633 Alternative Energy Heating Stove $ 4,122,538 $ 4,976,146 Delivery Services 940,310 1,053,476 Total $ 5,062,848 $ 6,029,622
BUSINESS SEGMENT INFORMATION. Each of our segments are business units that offer different services and products that are managed separately since each segment requires different technology and marketing strategies. We have segregated our business activities into four distinct operating segments: - Natural gas pipelines and plants; - Oil and NGL logistics; - Natural gas storage; and - Platform services. As a result of our sale of the Prince TLP and our nine percent overriding royalty interest in the Prince Field in April 2002, the results of operations from these assets are reflected as discontinued operations in our statements of income for all periods presented. Accordingly, the segment results do not reflect the results of operations for the Prince assets. We measure segment performance using earnings before interest, income taxes, depreciation and amortization (EBITDA), which we formerly referred to as "Performance Cash Flows," or an asset's ability to generate income. EBITDA is used in the evaluation of our businesses and should not be considered as an alternative to net income as an indicator of our operating performance. EBITDA may not be a comparable measurement among different companies. Following are results as of and for the periods ended June 30: NATURAL GAS OIL AND NATURAL PIPELINES & NGL GAS PLATFORM PLANTS LOGISTICS STORAGE SERVICES OTHER(1) TOTAL ----------- ---------- -------- -------- -------- ---------- (IN THOUSANDS) QUARTER ENDED JUNE 30, 2003 Revenue from external customers... $ 199,517 $ 89,087 $ 10,871 $ 6,101 $ 4,533 $ 310,109 Intersegment revenue.............. 30 -- 186 758 (974) -- Depreciation, depletion and amortization.................... 17,079 2,167 2,919 1,360 1,321 24,846 Operating income.................. 60,222 8,208 5,149 4,917 (610) 77,886 Earnings from unconsolidated affiliates...................... 626 2,361 -- -- -- 2,987 EBITDA............................ 78,339 12,897 8,068 6,277 N/A N/A Assets............................ 2,266,522 427,447 324,482 164,120 72,098 3,254,669 QUARTER ENDED JUNE 30, 2002 Revenue from external customers... $ 95,195 $ 9,750 $ 5,467 $ 5,165 $ 4,912 $ 120,489 Intersegment revenue.............. 58 -- -- 3,114 (3,172) -- Depreciation, depletion and amortization.................... 12,247 1,663 1,401 1,011 1,794 18,116 Operating income (loss)........... 34,857 5,725 690 6,423 (1,918) 45,777 Earnings from unconsolidated EBITDA............................ 47,114 12,069 2,091 7,493 N/A N/A Assets............................ ...
BUSINESS SEGMENT INFORMATION. In accordance with the manner in which we manage our businesses, including the allocation of capital and evaluation of business segment performance, we report our operations in the following segments: (1) Natural Gas Pipeline Company of America and certain affiliates, referred to as Natural Gas Pipeline Company of America, a major interstate natural gas pipeline and storage system; (2) Kinder Morgan Retail, the regulated sale and transportation of natural gas to residential, commercial and industrial customers and the non-regulated sales of natural gas to certain utility customers under the Choice Gas Program and (3) Power and Other, the construction and operation of natural gas-fired electric generation facilities, together with various other activities not constituting separately managed or reportable business segments. In previous periods, we owned and operated other lines of business that we discontinued during 1999. In addition, our direct investment in the natural gas transmission and storage business has significantly decreased as a result of (i) the December 2000 transfer of Kinder Morgan Texas Pipeline, L.P. to Kinder Morgan Energy Partners and (ii) the December 31, 1999 transfer of Kinder Morgan Interstate Gas Transmission LLC to Kinder Morgan Energy Partners. The results of operations of these two businesses are included in our financial statements until their disposition, which is discussed in Note 6. The accounting policies we apply in the generation of business segment information are generally the same as those described in Note 1 to the accompanying Consolidated Financial Statements, except that certain items below the "Operating Income" line are either not allocated to business segments or are not considered by management in its evaluation of business unit performance. An exception to this is that Kinder Morgan Power, which routinely conducts its business activities in the form of joint operations with other parties that are accounted for under the equity method of accounting, includes its equity in earnings of these investees in its operating results. These equity method earnings are included in "Other Income and (Expenses)" in our Consolidated Statements of Operations. In addition, (i) certain items included in operating income (such as merger-related and severance costs and general and administrative expenses) are not allocated to individual business segments and (ii) gains and losses from incidental sales of assets are included in segm...
BUSINESS SEGMENT INFORMATION. QAD operates in geographic regions. The North America region includes the United States and Canada. The EMEA region includes Europe, the Middle East and Africa. The Asia Pacific region includes Asia and Australia. The Latin America region includes South America, Central America and Mexico. Operating income attributable to each business segment is based upon the management assignment of revenue and costs. Regional cost of revenue includes the cost of goods produced by QAD's manufacturing operations at the transfer price charged to the distribution operation. Income from manufacturing operations is included in the Corporate operating segment. Research and development costs are also included in the Corporate operating segment. Identifiable assets are assigned by region based upon the location of each legal entity. During fiscal year 2000, management changed the composition of its reportable segments for operating income (loss), as well as for depreciation and amortization, in order to disclose components related to the corporate segment. Prior period segment information has not been restated to separately disclose corporate segment information, as it is impracticable to do so. BUSINESS SEGMENT INFORMATION YEARS ENDED JANUARY 31, 2000 1999 1998 (IN THOUSANDS) North America............................................. $100,701 $103,708 $105,886 EMEA...................................................... 92,679 57,511 42,918 Asia Pacific.............................................. 32,600 26,534 18,168 Latin America............................................. 13,282 5,591 3,798 $239,262======== $193,344======== $170,770======== perating income (loss): North America............................................. $ 1,255 $ (8,539) $ 24,569 EMEA...................................................... 905 (7,591) 1,190 Asia Pacific.............................................. (4,779) (10,800) (10,484) Latin America............................................. (2,211) (3,562) (580) Corporate................................................. (3,798) -- -- Restructuring charge...................................... (1,152) (4,314) -- $ (9,780)======== $(34,806)======== $ 14,695======== epreciation and amortization: North America............................................. $ 1,594 $ 7,892 $ 5,446 EMEA...................................................... 4,216 1,885 560 Asia Pacific.............................................. 1,436 867 829 Latin America.....................
BUSINESS SEGMENT INFORMATION. The Company conducts substantially all of its wireless telephone operations through its 82.2%-owned subsidiary, United Sates Cellular Corporation ("U.S. Cellular"). At December 31, 2001, U.S. Cellular provided cellular telephone service to 3,461,000 customers through 142 majority-owned cellular systems in 25 states. The Company conducts its wireline telephone operations through its wholly owned subsidiary, TDS Telecommunications Corporation ("TDS Telecom"). TDS Telecom provides service through local telephone operation, or Incumbent Local Exchange Carrier ("ILEC") companies and through Competitive Local Exchange Carrier ("CLEC") companies. At December 31, 2001, TDS Telecom operated 109 incumbent telephone companies serving 650,700 access lines in 28 states and two competitive local exchange carriers serving 197,200 access lines in four states. In September 1999, TDS approved a plan of merger between Aerial and VoiceStream. The merger was completed in May 2000. The results of operations and net assets of Aerial are reflected as discontinued operations in the consolidated financial statements. See Note 3 -- Discontinued Operations. U.S. Cellular and TDS Telecom are billed for all services they receive from TDS, consisting primarily of information processing and general management services. Such xxxxxxxx are based on expenses specifically identified to U.S. Cellular and TDS Telecom and on allocations of common expenses. Management believes the method used to allocate common expenses is reasonable and that all expenses and costs applicable to U.S. Cellular and TDS Telecom are reflected in the accompanying business segment information on a basis which is representative of what they would have been if U.S Cellular and TDS Telecom operated on a stand-alone basis. 39 Financial data for the Company's business segments for each of the years ended December 31, 2001, 2000 and 1999 are as follows. TDS Telecom Year Ended or at December 31, 2001 U.S. Cellular ILEC CLEC All Other(1) Total ----------------------------------------------------------------------------------------------------------------------- (Dollars in thousands) Operating revenues $ 1,716,640 $ 528,981 $ 84,720 $ (3,485) $2,326,856 Operating cash flow(2) 558,011 267,097 (5,899) -- 819,209 Depreciation and amortization expense 265,698 124,389 9,056 -- 399,143 Operating income (loss) 292,313 142,708 (14,955) -- 420,066 Significant noncash items: Investment income 43,727 1,731 -- (6,735) 38,723 Gain (loss) o...
BUSINESS SEGMENT INFORMATION. The Company operates in a single business segment. The following is information about the Company's operations by geographic area: MARCH 31 1999 1998 1997 Net revenues United States.................................... $649,990 $582,644 $487,679 Consolidated net revenues.......................... Long-lived assets $797,611======== $719,656======== $587,852======== United States.................................... $245,447 $192,538 $ 90,265 Consolidated long-lived assets..................... $264,348======== $208,311======== $105,166======== 30 Revenues are attributed to countries based on the location of subsidiaries. Long-lived assets are those assets that are identified with the operations in each geographic area. Revenues to a single Customer did not aggregate two percent or more of total revenues. Revenues by principal market are as follows: YEARS ENDED MARCH 31 1999 1998 1997 Health Care $597,146 $547,809 $449,166 Scientific and Industrial 200,465 171,847 138,686 Total $797,611 ======== $719,656======== $587,852========
BUSINESS SEGMENT INFORMATION. The Company primarily operates in the aerospace/aviation industry and reports its activities in one primary business segment: Aviation Services. Export sales from the Company's U.S. operations to unaffiliated customers, the majority located in Europe, the Middle East, Asia, Canada, Mexico and South America (including sales through foreign sales offices of domestic subsidiaries), were approximately $204,808 (34.8% of total net sales), $148,503 (29.4% of total net sales) and $144,056 (31.9% of total net sales) in fiscal 1997, 1996 and 1995, respectively. Sales to the U.S. Government, its agencies and its contractors were approximately $82,125 (13.9% of total net sales), $92,362 (18.3% of total net sales) and $82,708 (18.3% of total net sales) in fiscal 1997, 1996 and 1995, respectively. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) (IN THOUSANDS, EXCEPT PER SHARE AND PERCENTAGE DATA)
BUSINESS SEGMENT INFORMATION. The Partnership's business activities are segregated into two segments: Gathering, Transportation, and Platform Services, and Oil and Natural Gas Production. This structure reflects management's current view of the Partnership's activities and all historical periods have been presented on the basis of the current segment presentation. Each of the Partnership's segments is a strategic business unit that offers different services or products. The Partnership manages each of these segments separately as each requires different technology and marketing strategies. Management of the Partnership measures performance based on an asset's or investment's ability to generate cash flow to the Partnership, or performance cash flow. Performance cash flow is earnings before interest, taxes, and depreciation, depletion, and amortization, plus cash distributions from equity investments less earnings attributable to equity investments and, as appropriate, other non-cash items. This measurement is used as a supplemental financial measurement in the evaluation of the Partnership's business and should not be considered as an alternative to EBIT, as an indicator of our operating performance or as an alternative to cash flows from operating activities as a measure of liquidity. In addition, it may not be a comparable measurement among different companies. Performance cash flow is presented here to provide additional information about the Partnership. The accounting policies of the individual segments are the same as those of the Partnership, as a whole, as described in Note 1. The following table summarizes certain financial information for each business segment: GATHERING, TRANSPORTATION AND PLATFORM SERVICES OIL AND NATURAL GAS PRODUCTION TOTAL SEGMENT INTERSEGMENT ELIMINATIONS OTHER(1) TOTAL (IN THOUSANDS) YEAR ENDED DECEMBER 31, 1999: Revenue from external customers...... $ 66,508 $ 29,965 $ 96,473 $ -- $ -- $ 96,473 Intersegment revenue................. 13,193 -- 13,193 (13,193) -- -- Equity investment earnings........... 32,814 -- 32,814 -- -- 32,814 Depreciation, depletion and amortization....................... (12,087) (18,543) (30,630) -- -- (30,630) Operating income (loss).............. 51,150 (7,709) 43,441 -- -- 43,441 EBIT................................. 61,070 (7,359) 53,711 -- 191 53,902 Performance cash flows............... 78,853 12,452 91,305 -- -- 91,305 Total assets......................... 500,720 67,785 568,505 -- 15,080 583,585 Capital expenditures........
BUSINESS SEGMENT INFORMATION. The carrying value of long-lived assets in Company facilities located in foreign countries, and sales from these facilities in total, are not material to the consolidated financial statements. Export sales from the Company's U.S. operations to unaffiliated customers, the majority of which are located in Europe, the Middle East, Canada, Mexico, South America and Asia (including sales through foreign sales offices of domestic subsidiaries), were approximately $184,718 (18.0% of total sales), $209,712 (20.0% of total sales) and $202,481 (23.6% of total sales) in fiscal 2000, 1999 and 1998, respectively. Sales to the U.S. Government, its agencies and its contractors were approximately $132,048 (12.9% of total sales), $98,954 (9.4% of total sales) and $83,114 (9.7% of total sales) in fiscal 2000, 1999 and 1998, respectively. Sales to the Company's largest customer, excluding pass through sales, were $114,000 and $135,100 during fiscal 2000 and 1999, respectively. Including pass through sales, sales to NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) (IN THOUSANDS, EXCEPT PER SHARE AND PERCENTAGE DATA)
