Consolidated income statements will present net income for the entire enterprise as well as the allocations to the parent and NCI.
The consolidated balance sheets and
consolidated income statements are found in Exhibits 3 and 4.
But it's now much easier for the appropriate people to obtain unit exhibits, treasury reports, balance sheets,
consolidated income statements and so forth.
The Company expects that the effect of the restatement on the company's
consolidated income statements and comprehensive income with respect to the accounting for investments in equity securities will be an increase in net loss for the year ended December 31, 2002 of $0.
Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Amounts) Three Months Ended September 30, 2004 2003 Revenue: Finance charge income $269,928 $211,772 Servicing income 59,357 68,992 Other income 10,671 7,481 339,956 288,245 Costs and expenses: Operating expenses 74,001 80,984 Provision for loan losses 98,716 64,243 Interest expense 57,516 88,744 Restructuring charges 506 739 230,739 234,710 Income before income taxes 109,217 53,535 Income tax provision 40,410 20,210 Net income $68,807 $33,325 Earnings per share: Basic $0.
CONSOLIDATED INCOME STATEMENTS (In thousands, except per share and per share data) Three months ended August 31, (unaudited) 2004 2003 Net sales $78,307 $54,108 Cost of Sales 68,416 47,990 9,891 6,118 Selling, general and administrative expenses 5,646 5,380 Interest expense, net of interest income 445 164 6,091 5,544 Income before income taxes 3,800 574 Income tax provision 1,293 207 NET INCOME $2,507 $367 EARNINGS PER SHARE Basic earnings per share $0.
Revised Condensed
Consolidated Income Statements are attached.
A reconciliation between net income on a GAAP basis and pro forma net income is provided in a table immediately following the
Consolidated Income Statements.
Consolidated Income Statements (Unaudited, Dollars in Thousands, Except Per Share Amounts) Three Months Ended September 30, 2003 2002 Revenue: Finance charge income $ 211,772 $ 90,629 Gain on sale of receivables - 132,084 Servicing income 68,992 116,934 Other income 7,481 5,020 288,245 344,667 Costs and expenses: Operating expenses 80,984 115,826 Provision for loan losses 64,243 65,784 Interest expense 88,744 40,019 Restructuring charges 739 - 234,710 221,629 Income before income taxes 53,535 123,038 Income tax provision 20,210 47,370 Net income $ 33,325 $ 75,668 Earnings per share: Basic $ 0.
A reconciliation between the non-GAAP results discussed in this paragraph and the Company's GAAP results is included in the Unaudited
Consolidated Income Statements accompanying this press release.
As such, any contracts that expired during 2002 have been presented as discontinued operations and prior period
consolidated income statements have been reclassified.
Pro Forma
Consolidated Income Statements (In thousands, except per share amounts) Quarters ended Dec.
