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Cash Earnings and Free Cash Flows Managers and investors should focus on "cash earnings" and the reinvestments that are made into the business in the form of "working capital" and "fixed and other (including intangible) investments.
Growth must be profitable to be of value, profitable enough to generate healthy free cash flows - that is, the money left over after subtracting expenses, taxes, and capital investment from revenues.
CHICAGO -- Fitch Ratings does not believe the $300 million stock repurchase program announced by Citizens Communications (Citizens) will have an effect on its credit profile due to its announced debt reduction plans and the relative near-term stability of its free cash flows.
Future free cash flows in excess of dividends will be used for general corporate purposes, which may include debt reduction, repurchase of stock or growth opportunities.
However, at this time Fitch believes CenturyTel's 'BBB+' rating and Stable Rating Outlook are still warranted, based on its expected free cash flows, existing cash on the balance sheet, moderate maturity schedule, and potential inflow of $500 million upon the conversion of the equity units in 2005.
Free cash flows during 2003 could be impacted by additional capital expenditures required to upgrade its wireless network from TDMA to a GSM platform.
free cash flows have also contributed to this effort.
UNA's covenants have been amended to provide more room and its free cash flows have improved.
Considering the company's current cash balances, free cash flows and its expected $4.
The ratings incorporate the stability and expected free cash flow generation of the company's local exchange and wireless business and the improved financial flexibility reflected in the recently amended senior secured bank facility and the capital (including the senior notes) raised by the company.
On a consolidated basis, Fitch expects BRW to generate positive free cash flow during 2003 and over the medium term.
The downgrade reflects the company's anticipated leverage and an expectation that EBITDA and free cash flow levels will continue to be pressured by moderate access line erosion and competitive impact on wireless net additions and ARPU.