PER COMMON SHARE. The Executive has the right to exercise the option with respect to all or any part of the Common Shares at any time or times prior to the close of business on May 22, 2006. The grant of option and the shares issued upon the exercise (if any) of the share option shall be forfeited at the rate of 25,000 Common Shares per six (6) month period if the Executive does not remain in the employ of VGI or the Employer for whatever reason for three (3) years from May 22, 1996. For example, if the Executive stayed with the Employer for only one (1) year, options to purchase 100,000 Common Shares or the exercise and purchase of such shares or any part thereof were to be forfeited, being 25,000 Common Shares per six (6) months for year two and 25,000 Common Shares per six (6) months for year three. If the forfeiture provisions became operative, VGI would pay to the Executive for these options or any shares, subject to the forfeiture, the amount paid for such options or shares exercised, whichever the case may be. VGI retains the right to shorten the forfeiture provisions in its sole discretion.
PER COMMON SHARE. For all periods presented, both basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding during the period. Convertible preferred stock and stock options could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted loss per share as their effect is antidilutive for the periods presented. CASH AND CASH EQUIVALENTS The Company considers highly liquid investments with insignificant interest rate risk and a remaining maturity of three months or less at the purchase date to be cash equivalents. Gilead may enter into overnight repurchase agreements under which it purchases securities with an obligation to resell them the following day. Securities purchased under agreements to resell are recorded at face value and reported in cash and cash equivalents. SECURITIES AVAILABLE-FOR-SALE Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company's debt securities are classified as available-for-sale and carried at estimated fair values in cash equivalents and short-term investments. At December 31, 1998, cash and cash equivalents includes $30.5 million of securities designated as available-for-sale ($28.5 million at December 31, 1997). Fair values of available-for-sale securities are based on prices obtained from commercial pricing services. Unrealized gains and losses on available-for-sale GILEAD SCIENCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1998
PER COMMON SHARE. DILUTED: Income before cumulative effect of accounting change $ 0.66 $ 0.62* 0.04 6 Cumulative effect of accounting change $ (0.08) $ - (0.08) n/m Net income $ 0.58 $ 0.62 (0.04) (6) Weighted average common shares outstanding-diluted 1,291.3 1,317.9 n/m Not meaningful * Diluted earnings per share would have been $0.63 had SFAS 142 been adopted in 2001. McDONALD'S CORPORATION SYSTEMWIDE SALES Dollars in millions ------------------------------------------------------------------------ % Inc/(Dec) As Constant Quarters ended June 30, 2002 2001 Reported Currency* ------------------------------------------------------------------------ U.S. Operated by franchisees $ 4,156.1 $ 4,074.3 2 Operated by the Company 816.0 816.9 - Operated by affiliates 280.8 297.4 (6) 5,252.9 5,188.6 1 n/a Europe Operated by franchisees 1,436.6 1,255.8 14 Operated by the Company 981.0 908.2 8 Operated by affiliates 134.5 107.2 25 2,552.1 2,271.2 12 7 APMEA Operated by franchisees 490.5 486.2 1 Operated by the Company 518.8 452.6 15 Operated by affiliates 614.0 794.8 (23) 1,623.3 1,733.6 (6) (6) Latin America Operated by franchisees 181.6 224.6 (19) Operated by the Company 169.8 205.4 (17) Operated by affiliates 8.4 1.7 n/m 359.8 431.7 (17) - Canada Operated by franchisees 234.0 245.0 (4) Operated by the Company 129.6 123.1 5 Operated by affiliates 14.3 3.5 n/m 377.9 371.6 2 2 Partner Brands Operated by franchisees 10.1 10.1 - Operated by the Company 253.8 232.0 9 263.9 242.1 9 9 Systemwide Operated by franchisees 6,508.9 6,296.0 3 Operated by the Company 2,869.0 2,738.2 5 Operated by affiliates 1,052.0 1,204.6 (13) $10,429.9 $10,238.8 2 2 * Excluding the effect of foreign currency translation on reported results. n/a Not applicable n/m Not meaningful McDONALD'S CORPORATION SYSTEMWIDE SALES Dollars in millions ------------------------------------------------------------------------ % Inc/(Dec) As Constant Six months ended June 30, 2002 2001 Reported Currency* ------------------------------------------------------------------------ U.S. Operated by franchisees $ 7,967.5 $ 7,740.7 3 Operated by the Company 1,541.3 1,562.7 (1) Operated by affiliates 536.8 561.7 (4) 10,045.6 9,865.1 2 n/a Europe Operated by franchisees 2,739.3 2,467.1 11 Operated by the Company 1,873.9 1,768.7 6 Operated by affiliates 247.6 213.6 16 4,860.8 4,449.4 9 9 APMEA Operated by franchisees 967.7 974.7 (1) Operated by the Company 1,040.9 918.1 13 Operated by affiliates 1,246.8 1,623.5 (23) 3,255.4 3,516.3 (7) (4) La...
PER COMMON SHARE. Notwithstanding the foregoing, in the event that the sale of the Shares is not consummated pursuant to Section 2 hereof, the Adviser or the Sub-Adviser will pay the costs and expenses of the Fund set forth above in this Section 13(a) through (i), and reimbursements of Underwriter expenses in connection with the offering shall be made in accordance with Section 5(l) hereof.
PER COMMON SHARE. For all periods presented, both basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding during the period. Convertible preferred stock and stock options could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted loss per share as their effect is antidilutive for the periods presented. CASH EQUIVALENTS The Company considers highly liquid investments with insignificant interest rate risk and a remaining maturity of three months or less at the purchase date to be cash equivalents. SECURITIES AVAILABLE-FOR-SALE Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company's debt securities are classified as available-for-sale and carried at estimated fair values in cash equivalents and short-term investments. At December 31, 1998, cash and cash equivalents includes $30.5 million of securities designated as available-for-sale ($28.5 million at December 31, 1997). Fair values of available-for-sale securities are based on prices obtained from commercial pricing services. Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of stockholders' equity. Interest income includes interest, dividends, amortization of purchase premiums and discounts, and realized gains and losses on sales of securities. The cost of securities sold is based on the specific identification method. CONCENTRATIONS OF CREDIT RISK Cash and cash equivalents and short-term investments are the financial instruments that primarily subject the Company to credit risk. By policy, the Company limits amounts invested in securities by maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Gilead is not exposed to any significant concentrations of credit risk. ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS Trade receivables, net of allowances for returns, discounts, rebates and bad debts, are reported on the consolidated balance sheet in other current assets. At December 31, 1997, other current assets includes reimbursable R&D expenses and a milestone payment totaling approximately $12.4 million due from X. Xxxxxxxx-Xx Xxxxx Ltd. and Xxxxxxxx-Xx Xxxxx, Inc. (collectively, "Roche"). For additional information, refer to Note 3. GILEAD SCIENCES, INC. NOTES TO CONSOLIDA...
PER COMMON SHARE. The calculation of earnings per Common Share will be based upon the weighted average number of Common Shares outstanding adjusted for options outstanding and outstanding purchase contracts relating to the equity security units.
PER COMMON SHARE. The net loss per common share is computed by dividing the net loss for the period by the weighted average number of shares outstanding for the period. Outstanding warrants and options were not included in the calculation for net loss per common share because it would be antidilutive. USE OF ESTIMATES The preparation of the accompanying financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates.
PER COMMON SHARE. Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Common stock equivalents result from dilutive stock options. No common stock equivalents were included in determining the net loss per common share for the year ended September 30, 1997, because their effect would be antidilutive. In March 1997, the Statement of Financial Accounting Standards No. 128 (SFAS No. 128), Earnings Per Share, was issued by the Financial Accounting Standards Board. This standard, which the Company must adopt for its 1998 fiscal interim and year-end reporting, requires dual presentation of basic and diluted EPS on the face of the Statement of Operations. Net income (loss) per share currently (except for fiscal 1997) includes both common shares outstanding and common stock equivalents. The basic income or loss per share under SFAS No. 128 will be calculated based on only common shares outstanding. Diluted income or loss per share would be calculated based on both common shares outstanding and consideration of the dilutive effect of common stock equivalents. USE OF ESTIMATES The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant areas which require the use of management's estimates relate to the determination of the allowances for obsolete inventories and uncollectable accounts receivable, sales returns and warranty cost accruals. STOCK-BASED COMPENSATION The Company uses the intrinsic value-based method to measure compensation cost for its stock option plan.
PER COMMON SHARE. Basic Net profit (loss) from operations - (before other income and expense) $(.03) $ - ----- ---- Net income $3.37 $.18 ----- ---- AVERAGE OUTSTANDING SHARES Basic 282,894 282,894 ------- ------- The accompanying notes are an integral part of these financial statements. ENG Enterprises, Inc. (Development Stage Company) STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY Period from January 1, 1995 (date of inception of development stage) to December 31, 1999 Capital in Preferred Stock Common Stock Excess of Accumulated Shares Amount Shares Amount Par Value Deficit ----- ------- -------- -------- -------- ---------- Balance January 1, 1995 (note 1) 4,879 $ 4,879 282,89 $ 2,829 $6,553,613 $(7,750,636) Net loss for the year ended December 31, 1995 - - - - - (1,692,318) Net loss for the year ended December 31, 1996 - - - - - 1,688,999 Net loss for the year ended December 31, 1997 - - - - - (157) Net loss for the year ended December 31, 1998 - - - - - 51,355 ------- ----------------------------------------------- Balance December 31, 1998 4,879 $ 4,879 282,894 $ 2,829 $ 6,553,613 $ (7,702,757) Issuance of common stock for redemption of preferred stock - December 31, 1999 (2,088) (2,088) 65,250 653 129,847 - Additional shares issued resulting from reverse common stock split - Note 1 - - 312 3 (3) - Net profit for the year ended December 31, 1999 - - - - - 953,154 ------- --------------------------------------------- Balance December 31, 1999 2,791 $ 2,791 348,456 $3,485 $6,683,457 $(6,749,603) ====================================================== The accompanying notes are an integral part of these financial statements. ENG Enterprises, Inc. (Development Stage Company) STATEMENT OF CASH FLOWS For the Years Ended December 31, 1999 and 1998 and the Period January 1, 1995 (Date of Inception of Development Stage) to December 31, 1999 January 1, 1995 December 31, December 31, (Note 1) to 1999 1998 December 31, 1999 ------------ ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES Net profit $ 953,154 $ 51,355 $ 1,001,033 Adjustments to reconcile net loss to net cash provided by operating activities Loss of assets - - 1,592,626 Gain on settlement of dept (961,841) (51,104) (2,725,467) Changes in accounts payable (55,721) (251) 67,400 ------------ ------------ ------------ Net Cash Used by Operations (64,408) - (64,408) ------------ ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES - - - ------------ ------------ ------------ CASH FLOWS FROM FINANCING ...
PER COMMON SHARE. For all periods presented, both basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding during the period. The impact of convertible debentures, stock options and warrants could potentially dilute basic earnings per share in the future, but were excluded from the computation of diluted loss per share as their effect is antidilutive for the periods presented. CASH AND CASH EQUIVALENTS The Company considers highly liquid investments with insignificant interest rate risk and a remaining maturity of three months or less at the purchase date to be cash equivalents. Gilead may enter into overnight repurchase agreements under which it purchases securities with an obligation to resell them the following day. Securities purchased under agreements to resell are recorded at face value and reported as cash and cash equivalents. Under the Company's investment policy, it may enter into repurchase agreements ("repos") with major banks and authorized dealers provided that such GILEAD SCIENCES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1999
