Barnwell Industries, Inc. Reports Results for the Third Quarter and Nine Months Ended June 30, 2008, Declares Cash Dividend and Announces Share Repurchase Program Aug 11, 2008
Also, affecting our third quarter of 2008 was the recording of a $608,000 bad debt reserve against oil and natural gas receivables due to the bankruptcy filing of SemGroup, L.P. on July 22, 2008. At that time, Barnwell immediately terminated its sales contract with SemGroup's Canadian subsidiary and currently estimates its financial exposure for July oil and natural gas sales processed by SemGroup at approximately $550,000. (Primezone Releases)
Gloomy outlook clouds the crystal ball Aug 11, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Napa's Queen of the Valley Hospital to lay off 81, close nursing home unit Aug 9, 2008
The hospital blamed the budget crunch on inadequate reimbursement rates; increases in labor, supply and operating costs; expensive seismic and other regulatory mandates, and sharp increases in charity care and bad debt. "We are confident the steps we are taking will position the Queen to continue providing the highest quality of care," Sisto said, and officials indicated that plans to build a new hospital tower will not be affected. (San Francisco Business Journal)
LifePoint Lacks Patients Aug 9, 2008
"We are concerned about the sustainability of margins given the weak admissions growth, especially as we do not believe the company can continue to see bad debt improvement given the overall macroenvironment," said JPMorgan analyst Dawn Brock in a note to investors. Brock estimated that the company bought back 1. (Forbes -- Markets)
All eyes on oracle of Martin Place Aug 9, 2008
No, Norris and his advisers know that the only things investors will want to hear about and discuss are bad debt, falling profit margins, the quality - or otherwise - of the hundreds of billions of dollars of loans on its books, high interest rates (and when they might fall) and its equally high fees ... Previously considered a safe haven because of their steady earnings and decent yields, bank shares were sharply sold off as the prospect of higher bad debts grew, lending slowed and the economy... (Sydney Morning Herald -- Business)
Tesco Corporation Reports Record Net Income for Q2 2008 Aug 8, 2008
This decrease is due to the higher professional fees, salaries and bonus expenses and bad debt expense recorded in Q1, offset by trade show costs incurred in Q2. - Research and Engineering costs for Q2 2008 were consistent with Q1 at $2. (PR Newswire)
Employers Holdings, Inc. Reports Second Quarter Earnings Aug 8, 2008
Employers Holdings, Inc. Consolidated Balance Sheets (In thousands, except share data) June 30, December 31, 2008 2007 Assets (unaudited) Available for Sale: Fixed maturity investments at fair value (amortized cost $1,547,613 at June 30, 2008 and $1,594,159 at December 31, 2007) $1,550,700 $1,618,903 Equity securities at fair value (cost of $57,787 at June 30, 2008 and $60,551 at December 31, 2007) 91,398 107,377 Short-term investments at fair value (amortized cost $65,309 at June 30, 2008)... (PR Newswire)
Hiland Announces New System Expansion Project, New Organic Growth Construction Project, Executive Officer Hiring and Reports Second Quarter 2008 Results Aug 8, 2008
For the three and six months ended June 30, 2008, adjusted net income includes a significant adjustment related to bad debt expense recorded as a result of the bankruptcy of SemGroup, L.P., a purchaser of natural gas liquids and condensate, primarily at our Bakken and Badlands plants and gathering systems (see the header "SemGroup Exposure" below for more discussion on this topic), and an unrealized loss related to a non-qualifying mark-to-market cash flow hedge for forecasted natural gas sales... (PR Newswire)
NACCO Industries, Inc. Announces Second Quarter 2008 Results Aug 8, 2008
Selling, general and administrative expenses increased mainly as a result of higher marketing expenses, increased bad debt expense, primarily in Europe, and incremental costs from the realignment of activities performed by the Asia-Pacific Wholesale and Retail groups. These increases were partially offset by lower product liability expense as a result of better than expected claims experience. (PR Newswire)
RBS falls into huge loss after subprime hit Aug 8, 2008
84 billion dollars, even as bad debt charges rose by 35 percent. The US subprime crisis, which began 12 months ago, was brought on by years of a cheap mortgage credit that left many homeowners facing huge debt they were unable to refinance. (Yahoo News -- Top Stories)
Crunch time line Aug 8, 2008
9bn exposure to bad debt. NOVEMBER 2007: UK HOUSING MARKET 'TURNS DOWN. (BBC News -- Business)
Oracle of Martin Place Aug 8, 2008
" Pointed as they seemed, Norris's words were altogether directed at another world, a land that risk forgot where the good times, apparently, would roll on for ever. At the time Norris, a 33-year veteran of the banking industry, had good reason to believe the troubles then emerging from the bloated US economy were very much a local problem. He had just unveiled yet another record cash profit at the Commonwealth: $4.6 billion, a direct result of another year of golden economic growth. Australia... (Sydney Morning Herald -- Business)
Upbeat bank boss says worst of debt crisis is over Aug 8, 2008
All Barclays's businesses were profitable, he said, with the retail bank, which accounted for 26 per cent of net new mortgage lending, improving profits by 7 per cent to 690 million as bad debt charges rose 11 million to 288 million. Impaired loans for the whole group rose 40 per cent to 1. (Sydney Morning Herald -- Business)
CDC Corporation Reports Q2 2008 Results that Exceed Analyst Expectations with Adjusted Net Income of $0.04 per share Compared to Consensus of $0.01 per share Aug 8, 2008
"Second Quarter Highlights: Total revenue for CDC Software for Q2 2008 was an all-time record for the CDC Software division, with revenue of (U.S.)$96.1 million, an increase of 9 percent from (U.S.)$88.4 million in Q2 2007. Organic growth at CDC Software was up approximately 3 percent compared to the same quarter last year. Recurring maintenance revenue was (U.S.)$26.8 million, up 29 percent compared to Q2 2007. License revenue was (U.S.)$14.8 million, an increase of 21 percent from Q1 2008, or... (Yahoo! Wire -- Entertainment News)
Bad debt write-offs at Absa to hit R5bn Aug 8, 2008
Johannesburg - Absa's impairment charges - bad debt write-offs and provisions - had surged by 121 percent to R2. 1 billion in the six months to June as defaulters increased due to high interest rates and high inflation, Steve Booysen, the chief executive of Absa, said yesterday. (Business Report, South Africa)
Plummeting US vehicle sales push Toyota profit to five-year low Aug 8, 2008
The company said: "A higher percentage of credit losses in the US, as well as the increase in reserves for bad debt and residual value losses resulting from the decline of used car prices, were the main reasons for the decreased profit.". Toyota is the latest car manufacturer forced to book a drop in the residual value of vehicles previously leased by its financial units. (Business Report, South Africa)
Fresh Pain for the Uninsured Aug 8, 2008
DISCOUNTED DEBTOfficials at Satilla say they brought in HELP in 2002 to reduce bad debt levels among the large population of uninsured patients in the hospital's rural south Georgia region. Through October, HELP had acquired $718,000 in Satilla debts. (BusinessWeek)
Stock fall on worries about financial sector Aug 8, 2008
The latest worries about financials offered an unwelcome reminder of the trouble companies are having with bad debt on their balance sheets. Tightness in the credit markets makes it hard for companies to unload and even value mortgages and other paper. (San Diego Union-Tribune)
Barclays profit slumps by a third Aug 7, 2008
45bn for bad debt and other provisions, including 1. 1bn from exposure to US sub-prime mortgages and other credit market problems. (BBC News -- UK)
Barclays profits plunge on huge credit-related losses Aug 7, 2008
Barclays said bad debt charges, included the writing off of consumer loans, rocketed 155 percent to 2 ... 84 billion dollars, even as bad debt charges rose by 35 percent. (Yahoo News -- Top Stories)
ResMed results lift shares nearly 13% Aug 7, 2008
AMN executives said profit would have been higher had it not been for a 13 percent jump in operating expenses, which they blamed largely on higher insurance costs and bad debt expenses triggered by the bankruptcy of a temporary physician staffing client. Mitek Systems, a maker of image analytics and pattern recognition software, reported net sales of $1. (San Diego Union-Tribune -- Business)
What the survey didn't say... Aug 6, 2008
For example: "Company A suffered a 100% increase in bad debt customers this year." This sounds terrible, but what if the company has 100m customers, had no customers with bad debt last year, and only one customer with bad debt this year. Still a 100% increase, but 1 in 100 million customers doesn't seem so bad after all. (BBC News -- UK)
Health Management Associates posts 2Q gain Aug 6, 2008
Bad debt, uninsured discounts and charity care write-offs totaled 23. 1 percent of net revenue in the second quarter of 2008, compared to 25. (Tampa Bay Business Journal, FL)
Liberty International Reports Loss as U.K. Shopping Center Values Decline Aug 6, 2008
Pretax profit, excluding gains from property values and the sale of buildings, declined to 57 million pounds from 69 million pounds a year earlier as the company had higher charges for bad debt provisions, interest payments on acquisitions and expenses. rose 40. (Bloomberg -- UK)
Sprint Nextel reports loss, continued decline in customers Aug 6, 2008
Disciplined customer credit and collections efforts have cut bad debt and yielded Sprint a customer case that has better credit, he said. SPRINT AIMS TO RAISE $3 BILLION. (Triangle Business Journal)
Nazis, Debt Cloud Japanese Stagflation Debate Aug 6, 2008
While banks reduced bad debt and many companies restructured in the early 2000s amid deflation, politicians haven't done their part to boost Japan's competitiveness. As global growth wanes, that will become painfully clear to those betting on a resurgent Japan. (Bloomberg -- Columnists)
Tullett: Crisis will continue until 2011 Aug 6, 2008
After the big write-downs on structured credit products, the banks "won't be able to lend money to normally credit-worthy companies. We will have a normal bad debt cycle", he added. Mr Smith said the market turmoil was good news for Tullett Prebon. (Independent)
Tenet Healthcare 2Q loss narrows Aug 6, 2008
Tenet's bad debt increased 8 percent to $153 million from $142 million. Bad debt is the amount of debt a hospital incurs from treating uninsured or underinsured patients and has been unable to collect. (San Diego Union-Tribune -- Business)
MicroStrategy Announces Second Quarter 2008 Financial Results Aug 5, 2008
001 par value; 165,000 shares authorized; 2,770 issued and outstanding, respectively 3 3 Additional paid-in capital 450,464 448,229 Treasury stock, at cost; 5,047 and 4,929 shares, respectively (366,191) (357,804) Accumulated other comprehensive income 3,744 2,929 Retained earnings 26,382 9,958 Total Stockholders' Equity 114,416 103,329 Total Liabilities and Stockholders' Equity $266,864 $242,191 MICROSTRATEGY INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six... (PR Newswire)
Xcel: 20 percent arent paying residential bills Aug 5, 2008
But even as it tightens credit policies, the utility has written off $10 million worth of bad debt during the first six months of 2008 money that the rest of Xcel s customers will end up paying, said Ken Floyd, Xcel s Denver-based vice president of customer care and revenue cycles. Until now, Minneapolis-based Xcel (NYSE: XEL) has refused to say publicly how many of its Colorado customers are current, late, or disconnected and how much money is at stake. (Denver Business Journal, CO)
Hong Kong, China Stocks Slump; India Immune Aug 5, 2008
2% in Hong Kong a day after the bank reported a drop in quarterly profit, as bad debt charges topped $10 billion. Shares of its subsidiary Hang Seng Bank (HSNGY) fell 0. (SmartMoney)
MyStarU.com Reports Third Quarter Results Aug 5, 2008
"Costs of Sales increased by $4,703,858:Costs of sales totaled $15,480,755 and $10,776,897 for the nine months ended June 30, 2008 and 2007, respectively. The Company's import and export business segment had higher costs in 2008 versus 2007, which was in line with expectations. Costs of sales for Panyu M&M, which is the sole contributor to the import and export business, totaled $9,121,360 for 2008 versus total costs of $6,620,945 for 2007. The Company also sold certain copyrights and included... (Yahoo! Wire -- Entertainment News)
HSBC profit drops 29% as bad debt charges rise Aug 5, 2008
Business Report - HSBC profit drops 29% as bad debt charges rise ... HSBC profit drops 29% as bad debt charges rise August 5, 2008. (Business Report, South Africa)
Struggling to stay healthy Aug 4, 2008
Charity care and bad debt have continued to grow at many hospitals. At St. Mary's Hospital in Amsterdam, officials have seen uncompensated care go up 18 percent since the beginning of 2008. (Albany Times Union)
LETTERS: NCT, Aug. 2, 2008 Aug 3, 2008
Tri-City has to write off 1 million every month in bad debt due to patients who cant pay, and they want to stick it to the honest, legal homeowning citizens to help bail them out. Why isnt Tri-City trying to find a way so all residents, renters and owners can help pay for the improvements. (North County Times)
BMW Drops Most in Six Months After Scrapping Profit Target on U.S. Sales Aug 3, 2008
BMW more than doubled risk provisions to account for bad debt and lower resale values of leased vehicles to 695 million euros in the second quarter from 236 million euros. Expenses for job cuts amounted to 107 million euros in the first six months. (Bloomberg -- Europe)
A role for community banks in student loan crunch Aug 2, 2008
Yet it is often easier for a consumer to get a lender to support bad debt, which is used to purchase items that have no return, than it is to acquire rational, useful, boring good debt. If the societal good done in helping create new college graduates is not enough, the banks should consider that a better educated populace will be in a stronger position to pay back its snowmobile loans. (Boston Globe)
NU Reports Second Quarter Results Aug 2, 2008
NORTHEAST UTILITIES AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2008 2007 (Thousands of Dollars) Operating Activities: Net income $116,241 $123,647 Adjustments to reconcile to net cash flows provided by/(used in) operating activities: Bad debt expense 13,163 12,917 Depreciation 136,075 126,889 Deferred income taxes 52,995 (10,158) Pension expense, net of capitalized portion 4,011 10,388 (Deferral)/amortization of recoverable energy costs... (PR Newswire)
Australian share market remains on the down Aug 2, 2008
53 after the group said it expected 2008 profit would fall to between $525 million and $550 million amid bad weather, a global credit squeeze and rising bad debt. The market got off to a poor start following a weak lead from Wall Street overnight, with the Dow Jones Industrial Average losing 205. (Melbourne Herald Sun)
Navarre Corporation Reports Financial Results for First Quarter of Fiscal Year 2009 Aug 2, 2008
NAVARRE CORPORATION Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended June 30, 2008 2007 Net sales $142,025 $137,022 Cost of sales (exclusive of depreciation and amortization) 119,899 113,039 Gross profit 22,126 23,983 Operating expenses: Selling and marketing 5,715 6,915 Distribution and warehousing 2,884 2,712 General and administrative 8,453 7,480 Bad debt expense - 55 Depreciation and amortization 2,321 2,218 Total operating... (Yahoo! Wire -- Entertainment News)
The Color of Money: Let’s always live as if we’re in a recession Aug 1, 2008
If you lived in a mental recession, you would reject the advice that there is good debt and bad debt. No, there isn t. There is only debt. (Green Valley News & Sun, AZ)
Stocks Close Weak Thursday Aug 1, 2008
7 billion-dollar loss thanks to bad debt. Honda and Toyota shares declined more than 2 percent. (KWTX.com, TX)
Share market ends week in the red Aug 1, 2008
53 after the group said it expected 2008 profit would fall between $525 million and $550 million amid bad weather, a global credit squeeze and rising bad debt. The banks were weaker, with ANZ falling eight cents to $16. (Melbourne Herald Sun)
Maybank's NPL ratio now 1.96% Aug 1, 2008
Given today's rising cost of living, customers only spend on necessities and the number of customers with bad debt behaviour is very small. Our company's philosophy is to get customers to pay promptly by rewarding them, not through penalties, he added. (The Star Online, Malaysia -- Business)
AGL Resources Reports Second Quarter 2008 Results; Reaffirms Fiscal 2008 Earnings Guidance Jul 31, 2008
Operating expenses during the quarter were up $3 million, primarily reflecting higher bad debt expenses resulting from higher natural gas prices and increased depreciation expense ... Operating expenses in the second quarter of 2008 were down $1 million as compared to the prior-year period, reflecting lower payroll and other operating costs offset by slightly higher bad debt expense largely due to higher natural gas prices. (Canada Newswire)
Demand Surges on Foreclosure Sites Jul 31, 2008
"The bad debt expenses get passed on to the people who pay," he says. When that happens, the paying tenants typically sue in hopes of forcing the bank or the buyer of the foreclosed property to shoulder some of the cost. (Yahoo News -- Real Estate)
Transcript of a Conference Call On the 2008 Article IV Consultation with Japan Jul 31, 2008
You know the U.S. is facing this mountain of bad debt now, and I see a lot of references to the U.S. and Japan experiences in people's notes and comments on the economy. Do you think there are parallels between the U.S. experience now and what Japan has gone through. (IMF News)
Safe from ruin Jul 31, 2008
"The Recovery Programme will aim to preserve the dignity of the distressed client and make him a willing and active participant in resolving his financial predicament while facilitating the bank's aim of reducing bad debt exposure," says Levitt. Several banks have already signed up to the Recovery Auction Programme. (iAfrica.com)
NAB chief could get $7.5m Jul 31, 2008
NAB chief could get $7. Welcome to The Sydney Morning Herald. (Sydney Morning Herald -- Business)
Provident Financial profit up 34 percent Jul 30, 2008
Impairment -- or bad debt -- as a percentage of revenue in the period fell to 30. 4 percent from 31 percent for its Home Credit division as the company tightened its lending criteria. (International Herald Tribune)
Stocks slide as financials again pull back Jul 30, 2008
The troubles that banks are having with bad debt underscore the difficulty that consumers are facing not only in keeping on top of their mortgages but to make their credit card and car payments. That is leading to worries about the broader economy. (AZCentral -- Business)
National Australia refunds investors Jul 30, 2008
They issued the bonds immediately before the bad debt writedown. they tried to restore their reputation, and that move was needed, said Angus Gluskie, a portfolio manager at White Funds Management. (The Star Online, Malaysia -- Business)
China BAK Reports Third Quarter Fiscal 2008 Financial Results Jul 29, 2008
001 par value; 100,000,000 authorized; 49,250,853 and 53,223,633 issued and outstanding as of September 30, 2007 and June 30, 2008, respectively 49 53 Donation Shares 1 14,102 Additional paid-in-capital 74,311 80,811 Statutory reserves 6,427 6,520 Retained earnings 36,060 26,555 Accumulated other comprehensive income 9,885 23,905 Less: Treasury shares -- (4,067) Total shareholders' equity 126,732 147,879 Total liabilities and shareholders' equity $307,229 $414,374 China BAK Battery Inc. and... (PR Newswire)
Rupee seen down on Asian cues Jul 29, 2008
7 bn write down related to bad debt, draining confidence in the unstable financial sector. Foreign funds have sold a net $6. (India Times)
* Australia calls for calm as banks suffer bad debt Jul 29, 2008
Australia calls for calm as banks suffer bad debt. POOR DECISIONS: Treasurer Wayne Swan said he did not believe there was more bad news to come as banks had made full disclosure of their exposure to bad debt AFP, SYDNEY Tuesday, Jul 29, 2008, Page 10 ... The Australian government said yesterday that the countrys banks were sound after news that major lender ANZ had increased provisions for bad debt led to a plunge in bank stocks. (Taipei Times, Taiwan -- World)
MARKETS: Asian shares slip as Merrill Lynch announces write-down Jul 29, 2008
7 billion write-down related to bad debt, draining confidence in the financial sector ... 7 billion third-quarter write-down as it unloads huge amounts of bad debt and would raise $8. (International Herald Tribune)
UPDATE 2-NAB seeks to reassure investors with bond return Jul 29, 2008
They issued the bonds immediately before the bad debt write down ... Australia's banks had previously been seen as largely unaffected by global credit ructions, but sentiment took another battering on Monday when Australia and New Zealand Banking Group (nyse: - - ) (ANZ) warned that its profits would fall sharply and forecast more than A$1 billion in bad debt charges. (Forbes)
Gold steadies, supported by oil Jul 29, 2008
7-billion writedown related to bad debt, fuelling fears over the health of the U.S. financial system. However, the weakness in stocks has not been able to set a clear direction for gold. (Globe and Mail -- Business)
ANZ warns of profit fall due to credit crunch Jul 29, 2008
It forecasts more than US$1bil in bad debt charges. SYDNEY: Australia and New Zealand Banking Group (ANZ) warned profits would fall sharply and forecast more than US$1 billion in bad debt charges as the global credit crisis started to hurt the countrys previously buoyant banks, sending its shares down more than 13. (The Star Online, Malaysia -- Business)
Commonwealth, Westpac Decline in Sydney on Concern About Debt Provisions Jul 29, 2008
Australia's biggest banks are set to post bad debt charges equivalent to 44 basis points of profit in fiscal 2008, the most since 1994, according to , an analyst at UBS AG, in a note dated yesterday. A basis point is 0. (Bloomberg -- Australia & New Zealand)
ILOG Announces 2008 Fourth Quarter and Fiscal Year End Results Jul 28, 2008
The strength of the euro against the dollar, affecting more than half of the Company's expenses, which are denominated in euros, was offset by the lower level of incentives paid to the sales force, lower bad debt provisions (American Home Mortgage bankruptcy in the comparable quarter last year), and the French research tax credit recorded quarterly since the beginning of calendar 2008, whereas no research tax credit was recorded in the same quarter last year. As of June 30, 2008, the Company had... (PR Newswire)
The SEC's Naked Logic Jul 28, 2008
This followed SEC subpoenas of some 50 hedge-fund advisers demanding emails and trading records relating to short selling and options trading in Bear Stearns, which was forced into a fire sale in March, and in Lehman Brothers, which has also been the subject of concern for its exposure to bad debt. Ironies abound. (Wall Street Journal)
ANZ Crunched Jul 28, 2008
The third-largest lender in Australia said it would make more than $1 billion in provisions for bad debt in the second half, and it expects annual profit will fall 20% to 25%, blaming the continuing deterioration in global credit markets and softening economic conditions in New Zealand and Australia. ANZ (other-otc: - - ) said in a filing with the Australian Securities Exchange on Monday it was likely to write off around 1. (Forbes -- Markets)
ANZ shares tumble on profit warning Jul 28, 2008
ANZ bank issued a profit warning on Monday, forecasting more than $1 billion in bad debt charges, as the global credit crisis started to hurt Australia's previously buoyant banks. The announcement sent ANZ shares down as much as 13. (International Herald Tribune)
ANZ shares plunge 9% Jul 28, 2008
2 billion in bad debt provisions for the 2008 second half and said its annual earnings could fall by up to a quarter. ANZ said the losses related to deteriorating credit markets will drive its annual cash earnings per share (EPS) down by between 20 and 25 per cent.. (Sydney Morning Herald)
