Operating Results. The calculation of Operating Results will be made by the Company on an annual basis as determined by the filing of audited consolidated financial statements of the Company in its Form 10K filing. The calculation of the “Operating Results” shall be made in accordance with the following formula: Total Consolidated Net Income + Non Cash Charges = Operating Results
Operating Results. The Company's operating results shall be consistent with the Operating Plan in the following respects:
(i) the projected Cumulative Funding Requirement from April 1, 1998 through December 31, 1998 shall not exceed $94 million;
(ii) the actual Cumulative Funding Requirement for any three-month period commencing with the three-month period beginning April 1, 1998 shall not have exceeded the projections in the Operating Plan by more than 20%;
(iii) the projected cumulative EBITDA (loss) from April 1, 1998 through December 31, 1998 shall not exceed $(33) million; and
(iv) the actual EBITDA (loss) for any three-month period commencing with the three-month period beginning April 1, 1998 shall not have exceeded the loss projected by the Operating Plan by more than 20%.
Operating Results. In response to the increase in the Coronavirus Disease 2019 (“COVID-19) case numbers in Mongolia, the Chinese authorities has been restricting the number of trucks permitted to cross the Ceke Port of Entry, and such restriction has severely impacted the sales volume of the Company in the third and fourth quarters of 2021. As a result, the Company’s sales volume decreased from 2.6 million tonnes in 2020 to 0.9 million tonnes in 2021. In response to the restrictions on the number of trucks crossing the Mongolian border into China which began as of the second quarter of 2021, the Company temporarily suspended its major mining operations (including coal mining) in the second quarter of 2021 in order to control the inventory level and preserve the Company’s working capital. Mining operations (including coal mining) resumed in the third quarter of 2021. However, mining operations were temporarily suspended again by the Company beginning in November 2021 in response to the temporary closure of the Ceke Port of Entry in the fourth quarter of 2021. See “Impact of the COVID-19 Pandemic” below. The Company experienced an increase in the average selling price of coal from $35.5 per tonne in the fourth quarter of 2020 to $55.4 per tonne in the fourth quarter of 2021, as a result of improved market conditions in China and an improvement of the overall product mix. • Financial Results – The Company recorded a $4.4 million profit from operations in 2021 compared to a $15.3 million profit in 2020. The financial results were impacted by the decreased sales resulting from the export volume limitations as well as the closure of the Ceke Port of Entry experienced by the Company during the year. • Impact of the COVID-19 Pandemic – Since the second quarter of 2021, additional precautionary measures were imposed by the Chinese authorities at the Ceke Port of Entry in response to the increase of COVID-19 cases in Mongolia, which included restricting the number of trucks crossing the Mongolian border into China. The restrictions on trucking volume have had an adverse impact on the Company’s ability to import its coal products into China in 2021. In response to the increase in the number of COVID-19 cases in Ejinaqi, a region in China’s Inner Mongolia Autonomous Region where the custom and border crossing are located, reported in late October 2021, the local government authorities have imposed stringent preventive measures throughout the region, including the temporary closure of th...
Operating Results. The Company operates in the food service industry and primarily operates quick-service restaurant businesses under the McDonald's brand. To capture additional meal occasions, the Company also operates other restaurant concepts under its Partner Brands: Boston Market, Chipotle and Donatos Pizzeria. In addition, McDonald's has a minority ownership in Pret A Manger. In March 2002, the Company sold its Aroma Cafe business in the U.K. Impact of Foreign Currencies on Reported Results While changing foreign currencies affect reported results, McDonald's lessens exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. Foreign currency translation had a minimal impact on the consolidated Systemwide sales growth rate for the quarter as the stronger Euro was offset by weaker Latin American currencies (primarily Argentine Peso, Venezuelan Bolivar, and Brazilian Real) and a weaker Japanese Yen. For the six months, foreign currency translation had a negative impact on the Systemwide sales growth rate due to the weaker Latin American currencies and Japanese Yen, partly offset by the stronger Euro. Foreign currency translation had a positive impact on the consolidated operating income growth rate for the quarter primarily due to the stronger Euro, while foreign currency translation had a minimal impact on the operating income growth rate for the six months. Cumulative Effect of Accounting Change and Asset Impairment Charges Effective January 1, 2002, the Company adopted SFAS No. 142 "Goodwill and Other Intangible Assets," which eliminates the amortization of goodwill and instead subjects it to annual impairment tests. As a result of the initial required goodwill impairment tests, the Company recorded a non-cash charge of $98.6 million after tax in first quarter 2002 to reflect the cumulative effect of this accounting change. The impaired goodwill was primarily in Argentina, Uruguay and other markets in Latin America and the Middle East, where economies have weakened significantly over the last several years. The Company also recorded $43.0 million of non-cash asset impairment charges in first quarter 2002, primarily related to the impairment of assets in existing restaurants in Chile and other Latin American markets and the closing of 32 underperforming restaurants in Turkey, as a result of continued economic weakness. In addition, in second quarter 2001, the Comp...
Operating Results. During the three (3) year period ended December 31, 2003, (i) Seller participated in the funding of loans in the average amount of $360,000,000.00 per annum, and (ii) no more than thirty percent (30%) of such loans involved rate and term refinancing of existing mortgages.
Operating Results. Stratosphere's monthly Consolidated Cash Flow for the periods between October 1, 1996 and June 30, 1997 shall average not less than $2,267,000 per month.
Operating Results. Although the coal prices generally improved in China during 2016, the impact of negotiating coal sale agreements during lower coal price periods and the depreciation of the Renminbi against the USD negatively impacted the overall coal prices achieved by the Company. The Company sold 1.08 million tonnes of coal during the fourth quarter of 2016 compared to 0.21 million tonnes in the fourth quarter of 2015. The production for the fourth quarter of 2016 was 1.21 million tonnes, compared to 0.62 million tonnes for the fourth quarter of 2015. The Company maintained a strong safety record and completed the fourth quarter of 2016 without any lost time injury.
Operating Results. The table below summarizes the components of the Company's throughput and rates charged to customers for the past three years. Rates include the customer portion of the Comprehensive Settlement (See Note 3 of Notes to Consolidated Financial Statements.) The amount included in rates for 1997, 1996 and 1995 were $98 million, $90 million and $84 million, respectively. -------------------- -------------------- THROUGHPUT REVENUE THROUGHPUT REVENUE THROUGHPUT REVENUE ------- ---------- ------- ---------- ------- (DOLLARS IN MILLIONS, VOLUMES IN BILLION CUBIC FEET) 1997: Residential............................................... 237 $1,726 3 $ 10 240 $1,736 Commercial/Industrial..................................... 80 000 000 000 394 757 Utility Electric Generation............................... 158 76 158 76 Wholesale................................................. 138 67 138 67 --- ------- --- ------- --- ------- Total in Rates............................................ 317 $2,228 613 $ 408 930 2,636 Total Operating Revenues................................ $2,641 ------- ------- 1996: Residential............................................... 233 $1,603 3 $ 10 236 $1,613 Commercial/Industrial..................................... 82 473 297 236 379 709 Utility Electric Generation............................... 139 70 139 70 Wholesale................................................. 130 70 130 70 --- ------- --- ------- --- ------- Total in Rates............................................ 315 $2,076 569 $ 386 884 2,462 Total Operating Revenues................................ $2,422 ------- ------- 1995: Residential............................................... 237 $1,547 2 $ 7 239 $1,554 Commercial/Industrial..................................... 97 546 267 206 364 752 Utility Electric Generation............................... 205 104 205 104 Wholesale................................................. 4 7 125 55 129 62 --- ------- --- ------- --- ------- Total in Rates............................................ 338 $2,100 599 $ 372 937 2,472 Total Operating Revenues.................................. $2,279 ------- ------- Although the revenues from transportation throughput are less than for gas sales, the Company generally earns the same margin whether it buys the gas and sells it to the customer or transports gas already owned by the customer. Throughput, the total gas sales and transportation volumes moved through the Company's system, increased in 1997 co...
Operating Results. The following tables and discussion present a summary of WES’s results of operations: thousands 2015 2014 2013 Gathering, processing and transportation $ 1,128,838 $ 894,034 $ 641,085 Natural gas, natural gas liquids and drip condensate sales 617,949 625,905 548,508 Other 5,285 13,438 10,467 Total revenues and other (1) 1,752,072 1,533,377 1,200,060 Equity income, net 71,251 57,836 22,948 Total operating expenses (1) 1,723,017 1,036,473 897,389 Gain (loss) on divestiture and other, net 57,024 (9 ) — Operating income (loss) 157,330 554,731 325,619 Interest income – affiliates 16,900 16,900 16,900 Interest expense (113,872 ) (76,766 ) (51,797 ) Other income (expense), net (619 ) 864 1,837 Income (loss) before income taxes 59,739 495,729 292,559 Income tax (benefit) expense 45,532 39,061 4,315 Net income (loss) 14,207 456,668 288,244 Net income attributable to noncontrolling interest 10,101 14,025 10,816 Net income (loss) attributable to Western Gas Partners, LP (2) $ 4,106 $ 442,643 $ 277,428 Key performance metrics (3) Adjusted gross margin attributable to Western Gas Partners, LP $ 1,251,047 $ 1,096,499 $ 806,704 Adjusted EBITDA attributable to Western Gas Partners, LP 907,568 782,900 539,401 Distributable cash flow 781,383 661,133 455,238
Operating Results. For the purposes of this Agreement, the Company's Net Revenues and Net Earnings shall be determined by reference to the Company's financial statements, which shall be prepared in accordance with generally accepted accounting principles consistently applied and audited by the Company's independent accountants.
