Monthly Archives: June 2012

2012
06/27

Category:
Revenue

COMMENTS:
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Game of Phones: Apple keeps app revenue edge even before next …

Among professional app developers, App Annie is often cited as one of the most reliable sources of market statistics. App Annie’s most recent info dump is a fascinating snapshot of the state of the industry on the eve of the next-generation iPhone launch.

  • Year to date, both iOS and Google Play deliver 14% annualized app revenue growth. Arguably, this is a big win for Apple, which is months away from launching the iPhone 5. According to comScore, Android phones grabbed 50.8% of US mobile subscriber share in April, up 2.2 percentage points since January. Apple’s share climbed 1.9 points to 31.4%. Google holds a device growth edge in markets from Latin America to Europe, yet despite the Android device share increase in a range of major markets, Google was unable to narrow Apple’s global lead in app revenue generation during the first half of 2012.
  • App Annie estimates that Apple’s app revenue edge over Google is 71% to 29% worldwide. You might expect that Google would have been able to deliver at least a touch faster app revenue growth in the first half due to Samsung’s powerful new product roll-outs during the period. It did not happen. The next-generation iPhone debut will most likely give Apple a burst of app sales growth this fall.
  • Apple has a clear edge in Asia. China and Japan are No.1 and No.3 download markets for iOS. Google has a more European flavor, with the UK and Germany as No.2 and No.3 markets. It’s hard to avoid the notion that China is a better market to have as a second growth engine than Germany.
  • Latin America may well be Google’s ace in the hole. It is clocking torrid 88% app revenue growth in Brazil, the LatAm bellwether market. Apple’s growth engines are Japan and Russia — with far more moderate 22% and 17% growth rates. A cursory look at Brazilian smartphone websites reveals formidable Android momentum: a wide selection of Samsung, LG and Motorola models retailing for under 500 reals have demolished the pricey BlackBerry range and are undercutting Nokia quite effectively. Apple’s current iPhone pricing is handing Google a delicious continent on a platter.

The autumn numbers following the sixth-generation iPhone launch are going to be extremely interesting to see. The global app market hangs in balance. Apple and Google growth rates in the US are very close, Google holds the edge in Europe and LatAm, and Apple is on a tear in Asia.

App Annies infographic follows below.

Tags: Apple, iOS, iPhone

Tero Kuittinen

2012
06/26

Category:
Revenue

COMMENTS:
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E-book sales revenue officially tops revenue from hardcover

By Deirdre Donahue, USA TODAY

For the first time, revenue from the sale of e-books has outstripped revenue from hardcover sales. Using information compiled from 1,189 publishers, the Association of American Publishers reports that for the first quarter of 2012, adult e-books sales were $282.3 million, up 28% from last year.

Meanwhile, adult hardcover sales were $229.6 million, up 2.7% from last year. Adult paperback sales were $299.8 million, down 10.5%. During the same period in 2011, hardcover sales revenue was $223.5 million, compared with $220.4 million for e-books.

This week on USA TODAYs Best-Selling Books list, the e-books outsold the print versions for 19 of the top 50 books.

2012
06/26

Category:
Revenue

COMMENTS:
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Fitch Affirms University of Central Florida’s Dormitory Revenue …

NEW YORK, Jun 21, 2012 (BUSINESS WIRE) —
Fitch Ratings has affirmed the ‘A+’ rating on approximately $112 million
of dormitory revenue bonds issued by the Florida Board of Education and
State of Florida Board of Governors (the board). The bonds are issued on
behalf of the University of Central Florida (UCF).

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a net revenue pledge of UCF’s housing system
(the system).

KEY RATING DRIVERS

STABLE CREDIT CHARACTERISTICS: The ‘A+’ rating reflects the system’s
history of positive, strengthening operating performance, fueled by
enrollment growth and related, strong demand for housing.
Counterbalancing factors include a high debt burden and limited
financial cushion.

ACCEPTABLE DEBT SERVICE COVERAGE: The system’s consistent ability to
cover housing revenue bond debt service from operations, on average, by
1.5 times (x) over the past five years partially mitigates the
aforementioned concerns.

UCF’s FINANCIAL PROFILE: System operations are bolstered by UCF’s
strengths, notably its historically positive margin. fueled by healthy
student demand and enrollment. UCF also has a sound financial cushion.
Management has been successful in achieving these outcomes despite a
weakening appropriation environment.

CREDIT PROFILE

UCF’s housing system remains strong, producing an operating margin of
approximately 20% (unaudited) in fiscal 2011. up from 17% the prior
year. For the nine-month period ended March 31, 2012, the system
generated approximately $1 million more in operating income compared to
the previous year, indicating improved operating results. Strength in
system operating performance is largely attributable to very strong
student housing demand. Despite increases in housing stock over the past
five years fall semester occupancy rates consistently exceed 99%.
Occupancy for fall 2011 was 99%, with UCF returning nearly 550
unprocessed housing applications due to lack of available beds.

Not atypical for a standalone university auxiliary, the system’s
financial cushion is fairly limited. Additionally, its pro forma debt
burden is high. In fiscal 2011, available funds, defined as cash and
investments not permanently restricted, totaled $6.7 million. This
equaled an adequate 35% of operating expenses, but just 6% of pro forma
debt. Fitch recognizes the system’s ability to amass significant
reserves will be constrained by the capital intensive nature of its
operations.

The system issued debt in the amount of $67 million earlier in 2012, $23
million of which was used to refund a portion of outstanding system
bonds, bringing total debt outstanding to approximately $112 million.
The system’s debt burden is high at 27% based on maximum annual debt
service (MADS) of $8.8 million occurring in fiscal 2017. Adequate debt
service coverage, driven largely by the track record of positive
operating performance, partially offsets concern over a debt burden of
this magnitude. Based on projections for fiscal 2012, annual debt
service (ADS) coverage is 1.67x. MADS coverage is calculated to be
1.21x. Management projections of revenues, expenditures, and occupancy,
based on demonstrated operating history, are reasonable in Fitch’s
opinion. Over the near term, the system has no additional debt plans.

UCF is one of the largest universities in the United States, enrolling
approximately 58,698 students across 12 campuses during fall 2011. UCF’s
main campus is located 13 miles northeast of downtown Orlando, FL. UCF
consistently generates a positive operating margin. The fiscal 2011
margin was 7.2%, comparable to the five-year average of 7.4%. Robust
growth in student generated revenues has been driven by increasing
enrollment and moderate but regular tuition and fee increases. This in
turn has helped to offset recent declines in appropriations from the
state of Florida (state GOs rated ‘AAA’ with a Negative Outlook by
Fitch).

Given UCF’s affordability, Fitch believes student demand will not be
impacted by proposed, and potentially significant, increases in tuition
over the next few years to offset continued weakness in state funding.
Moreover, unencumbered resources, which have grown over the past five
years as a result of the positive operating performance, will also
provide a buffer. For fiscal 2011 UCF’s available funds totaled $359
million representing a solid 47% and 65% of operating expenditures and
pro-forma debt, respectively.

Additional information is available at ‘
www.fitchratings.com ‘.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–‘Revenue Supported Rating Criteria’ (June 12, 2012);

–‘U.S. College and University Rating Criteria’ (May 24, 2012);

–‘Fitch Rates University of Central Florida’s Ser 2012A Dormitory
Revenue Bonds ‘A+’, Outlook Stable’ (Jan. 12, 2012).

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681015

U.S. College and University Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679152

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS .
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘
WWW.FITCHRATINGS.COM ‘.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF
THIS SITE.

SOURCE: Fitch Ratings

Fitch Ratings
Elizabeth Fogerty, +1-212-908-0526
Media Relations, New York
elizabeth.fogerty@fitchratings.com
or
Primary Analyst:
James George, +1-212-908-0652
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Joanne Ferrigan, +1-212-908-0723
Director
or
Committee Chairperson:
Maura McGuigan, +1-212-908-0591
Senior Director

Copyright Business Wire 2012

Financial Glossary

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2012
06/25

Category:
Revenue

COMMENTS:
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Is a Revenue Miss Coming for Hershey?

Theres no foolproof way to know the future for Hershey (NYS: HSY) or any other company. However, certain clues may help you see potential stumbles before they happen — and before your stock craters as a result.

A cloudy crystal ball
In this series, we use accounts receivable and days sales outstanding to judge a companys current health and future prospects. Its an important step in separating the pretenders from the markets best stocks. Alone, AR — the amount of money owed the company — and DSO — the number of days worth of sales owed to the company — dont tell you much. However, by considering the trends in AR and DSO, you can sometimes get a window onto the future.

Sometimes, problems with AR or DSO simply indicate a change in the business (like an acquisition), or lax collections. However, AR that grows more quickly than revenue, or ballooning DSO, can also suggest a desperate company thats trying to boost sales by giving its customers overly generous payment terms. Alternately, it can indicate that the company sprinted to book a load of sales at the end of the quarter, like used-car dealers on the 29th of the month. (Sometimes, companies do both.)

Why might an upstanding firm like Hershey do this? For the same reason any other company might: to make the numbers. Investors dont like revenue shortfalls, and employees dont like reporting them to their superiors.

Is Hershey sending any potential warning signs? Take a look at the chart below, which plots revenue growth against AR growth, and DSO:

2012
06/23

Category:
Revenue

COMMENTS:
Comments Closed

US Clinical Laboratory Testing Sector Revenue to Jump to $63.8 …

NEW YORK, NY, Jun 21, 2012 (MARKETWIRE via COMTEX) —
TriMarkPublications.com cites in its newly published “Clinical
Laboratory Testing Volume 2: Key Players for Laboratory Testing,
Business Trends and Strategies” report that U.S. clinical laboratory
testing sector revenue will jump to $63.8 billion by 2016. For more
information, visit:

http://www.trimarkpublications.com/clinical-laboratory-testing-volume-2-key-players-for-laboratory-testing-business-trends-and-strategies .

Clinical laboratory testing can be categorized into two main
modalities: clinical testing and anatomical pathology testing.
Principal tests undertaken include complete blood counts, prothrombin
and coagulation testing, thyroid stimulating hormone (TSH), lipid
panels, blood gases and electrolytes, cardiac markers, infectious
diseases, whole-blood glucose, drugs of abuse testing (DAT),
urinalysis, coagulation and cardiac monitoring. In the U.S.,
approximately 85% of clinical diagnostic testing is currently
conducted in hospital-based and commercial laboratories.

The “Clinical Laboratory Testing Volume 2: Key Players for Laboratory
Testing, Business Trends and Strategies” report covers:

— Medicare Clinical Lab Services Spending Trends
— Hospital-based Clinical Laboratories
— Commercial Clinical Laboratory Testing
— Physician Office Laboratories (POLs)
— Workplace Drugs-of-Abuse Testing
— Clinical Toxicology
— Vitamin D Testing
— Diabetes (Glucose) Testing
— Molecular Diagnostic Testing
— Cardiac Markers
— Blood Bank Screening
— Genetic Testing
— Point of Care Testing
— Anatomic Pathology
— Immunodiagnostics
— Opiate Testing

The “Clinical Laboratory Testing Volume 2: Key Players for Laboratory
Testing, Business Trends and Strategies” report examines companies
manufacturing clinical laboratory testing equipment and supplies in
the world. Companies covered include: ACM Medical, Alere, American
Esoteric (Sonic), American Pathology, AmeriPath (Quest), ARUP,
Athena, Aurora, Bio-Reference, BioTech MedLab, Caris, CBLPath,
Centrex Clinical, Clarient, Clinical Reference, Clongen, CompuNet
Clinical, EndoChoice Pathways, Enzo Biochem, Esoterix (LabCorp),
Exagen, Geneva, Genomic Health, Genzyme, IBT, Integrated Regional
(IRL), LabCorp, MEDTOX Scientific, Meriter Health Services, Mid
America Clinical (MACL), Monogram, Myriad, National Jewish Medical
and Research Center, Parkway, Pathology, Predictive, Psychemedics,
Quest, RDL Reference, Satellite Services, Signal, Solstas, Sonic and
Spectra.

Detailed charts with sales forecasts and marketshare data are
included. For more information, visit:

http://www.trimarkpublications.com/clinical-laboratory-testing-volume-2-key-players-for-laboratory-testing-business-trends-and-strategies .

About TriMarkPublications.com

TriMarkPublications.com is a global leader in the biotechnology,
healthcare and life sciences market research publishing. For more
information, please visit
http://www.trimarkpublications.com .

Important Notice

The statements contained in this news release that are
forward-looking are based on current expectations that are subject to
a number of uncertainties and risks, and actual results may differ
materially.

Contact

TriMarkPublications.com
Media Relations
1-888-OK-TRIMARK

www.trimarkpublications.com

SOURCE: TriMarkPublications.com

http://www.trimarkpublications.com/

Copyright 2012 Marketwire, Inc., All rights reserved.

Financial Glossary

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2012
06/23

Category:
Revenue

COMMENTS:
Comments Closed

Should academics factor into BCS revenue?

CHICAGO — When a new TV agreement is finalized for college footballs future postseason model, the conferences will have a substantially larger revenue pie to divide.

Is it $350 million or $100 million? Mountain West commissioner Craig Thompson asked Wednesday.

No one knows for sure as negotiations are set to begin this fall, but every conference can see dollar signs in its future.

So how should they split up the dough?

CBSsports.com reported earlier this week that commissioners are considering a proposal that would assign revenue based on past on-field performance, including placements in the final BCS standings since 1998. In this model, the SEC and Big Ten have had the most teams in the final top-25 rankings and would get the most money.

Another factor could be academic performance. Big Ten commissioner Jim Delany said Wednesday he would like the academic records of teams and leagues to help shape how revenue is divided.

There ought to be a recognition somehow, he said. Theres recognition de facto in the sense that nobodys going to be playing in this event if they dont have a 930 [academic progress rate score], if theyre not predicting a 50 percent graduation rate. The question is, is there something beyond that? … I think it ought to be considered.

The latest APR scores came out Wednesday, and the Big Ten performed well. Northwestern led the Football Bowl Subdivision with a multiyear score of 995, while Ohio State received recognition for a score of 988. Eight of 12 Big Ten teams scored 950 or better.

A subcommittee on revenue sharing met early Wednesday at the Hotel InterContinental.

Its a sensitive area, and its an area where you have to listen closely, Delany said. People want fair access, people want fair revenue sharing. Access, revenue sharing, contributions to the marketplace, some respect for the fact that these programs are sponsored by collegiate institutions. … In principle, we probably are agreed. But you never know until you know the model exactly what youre doing to deal with.

We worked it out last time. Im sure well work it out this time.

2012
06/22

Category:
Revenue

COMMENTS:
Comments Closed

CarMax shares down as wholesale unit disappoints

  • Link this
  • * Q1 EPS $0.52 vs est $0.53
    * Q1 rev $2.77 bln vs est $2.82 bln
    * Wholesale-vehicle revenue falls 2 pct
    * New-vehicle sales fall 13 pct
    * Shares fall more than 7 pct
    By Sagarika Jaisinghani
    June 21 (Reuters) – CarMax Inc, a retailer of new
    and used…

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