Tag Archive: revenue

2016
01/31

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Roads, Revenue Top Wish List for Monongalia County in 2016

MORGANTOWN –

Perhaps 2016 will be a year of progress in West Virginia. That progress could come quickly with legislative session beginning Jan.13.

Commissioner Ed Hawkins best summarized the call from Monongalia County Commission ahead of thatupcoming legislative session. The countys governing bodybelieves the states leaders must work together in the upcoming legislative session to tackle major issueslike the projected multimilliondollar budget shortfall.

I expect them to focus on the problems and not to get burdened with little splintered things, said Hawkins.Work with unity, and look toward the roads and the economics of this state.

Monongalia County itself realized major budget issues in December:a significant dip in revenues from coal severance led to a hiring freeze and funding cuts for non-profits. It was a shock felt by many counties in the state.

With the coal industrys future in turmoil, Commissioner Eldon Callen believes its time to find a new method for generating revenue for counties.

Through no fault of the state of West Virginia, the loss of the coal severance revenue is devastating and can be further devastating not only to our county, but to all 55 counties, said Callen.They have got to work together and find a replacement for that where the counties could survive, otherwise I predict a number of counties going belly-up.

Added Commissioner Tom Bloom: Basically right now, there really isnt that flexibility and we only have two revenue sources, of which one is drying up. We need to come up with some other areas and avenues to try and promote each individual county.

And then theres the issue of the countys roads,somethingBloom attempted to combat with a so-calledsin taxproposed in July. While the roadsand many other issuesrequire immediate attention during legislative session, Bloom hopes officials can create long-term agreements,not short-terms fixes.

Right now, theyre just putting the finger in and filling the holes. We need to have solutions to the road problem, to PEIA, not just coming up with one-time fixes, said Bloom.Its a difficult situation where were $280 million in debt. We have to come up with ways of not only coming up with a solution but then preparing for the future.

2016
01/28

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Revenue

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Lower legal bill boosts Citi profit but core revenue weak

n>Citigroup Inc (C.N) reported a massive jump in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets masked weak revenue from its core business.

Shares of Citi, which was displaced by Wells Fargo Co (WFC.N) as the No.3 US bank by assets, fell as much as 7.2 percent to a near three-year low of $42.11 on Friday.

US banks struggled to grow their revenue last year, hurt by near-zero interest rates, a slump in oil prices and investor cautiousness due to worries about slowing growth in China.

Most banks have resorted to aggressive cost controls to boost profits and Citi was no different. The bank has also been exiting less profitable markets and businesses.

Adjusted revenue from its main Citicorp business declined 2 percent in the fourth quarter, but lower costs helped the unit increase profit.

It is almost impossible to specify what the true operating results were, Oppenheimer analyst Chris Kotowski wrote in a note.

The banks legal and repositioning costs plunged to $724 million from $3.55 billion, a year earlier. Total expenses fell 22.8 percent to $11.13 billion.

Costs cuts and a smaller legal bill also helped JPMorgan Chase Co (JPM.N) report a 10 percent rise in quarterly profit on Thursday, and the largest US bank by assets forecast incremental increases in the amount set aside for losses on loans to the energy sector this year.

Citi set aside about $250 million to cover losses related to its energy portfolio and the bank said its 2016 provisioning would depend on where oil prices ultimately settle.

Wells Fargo, the biggest US residential mortgage lender and a major lender to the energy industry, reported a 0.8 percent fall in quarterly profit on Friday as it set aside more money to cover bad loans.

ASSETS SHRINK

Citis adjusted revenue rose 4.2 percent to $18.64 billion in the quarter ended Dec. 31, but the increase came from gains on sale of assets from its Citi Holdings portfolio, which shrank 43 percent.

We have undoubtedly become a simpler, smaller, safer and stronger institution. We have sharpened our focus on target clients, shedding over 20 consumer and institutional businesses in the process, Chief Executive Michael Corbat said in a statement.

On Citi sliding to No.4 ranking among US banks in terms of assets, Chief Financial Officer John Gerspach said the bank was focusing on being efficient, not on winning bragging rights over other banks.

Citicorp achieved an efficiency ratio of 57 percent for 2015, the higher end of Corbats target of 53-57 percent.

Investors, however, worry that slowing growth in emerging markets, where Citi has more assets than other US banks, may undermine its results.

Citis net profit rose to $3.34 billion, or $1.02 per share, in the quarter from $344 million, or 6 cents per share, a year earlier.

Excluding items, the bank earned $1.06 per share, beating the average analyst estimate of $1.05, according to Thomson Reuters I/B/E/S.

Investment banking revenue rose 6 percent to $1.13 billion, while fixed income revenue rose 7 percent to $2.22 billion.

Citi shares have fallen about 12 percent so far this year, while the broader KBW bank index .BKX has declined about 10 percent.

(This story has been refiled to correct to insert first name and title of Chief Executive Michael Corbat in paragraph 12)

(Reporting by Sweta Singh and David Henry; Editing by Kirti Pandey)

2016
01/27

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Revenue

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Pa. casinos have record revenue, regulators say

HARRISBURG, Pa. – Pennsylvania’s casinos on Friday reported record revenue in 2015, after two down years as casinos sprout across the northeastern United States and competition for gambling dollars grows.

The Pennsylvania Gaming Control Board said the state’s 12 casinos brought in $3.17 billion in gross revenue last year, a 3 percent increase over 2014 and a hair — $15 million — above the 2012 record.

Most of the big gainers are in eastern Pennsylvania.

The casinos reporting increases included Lady Luck Casino in southwestern Pennsylvania with 11 percent in growth, Sands Casino in Bethlehem at 9 percent, Parx Casino in suburban Philadelphia at 7 percent and Valley Forge Casino, also in suburban Philadelphia, at 6 percent.

Pennsylvania’s report of revenue growth comes two days after New Jersey regulators reported that Atlantic City casinos collected 6.5 percent less last year than in 2014, and less than half of what Atlantic City’s casinos took in during their best year, 2006, when annual revenue was $5.2 billion.

Still, Pennsylvania’s revenue growth is in line with the region and the nation, as states keep licensing more casinos.

Joe Weinert, executive vice president of Spectrum Gaming Group in Linwood, NJ, said casinos in the mid-Atlantic region reported revenue growth of just above 1 percent in the 12 months through October and casinos nationally reported 2 percent growth during the same period.

“In many respects, states are saying that the solution to saturation is to add casinos,” Weinert said.

A license awarded in 2014 to the Live! Hotel amp; Casino project in Philadelphia’s stadium district is being challenged in court and a prospective racetrack project in western Pennsylvania is trying to win the state’s 14th license.

The Philadelphia license is owned by a joint venture of two Eastern seaboard casino operators, the Cordish Cos. of Baltimore and Greenwood Gaming amp; Entertainment Inc., which operates Parx Casino in Bensalem.

2016
01/27

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Revenue

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Revenue makes viewing, printing reseller permits easy | Department of Revenue

Can’t wait to get your reseller permit? Now you don’t have to. The Washington State Department of Revenue (Revenue) has made it easy for businesses to view or print their reseller permit, which allows approved retailers and wholesalers to purchase items for resale without paying sales tax.

Businesses can now print their reseller permit directly from their online “My Account” via the Revenue website. Before adding this feature, a business needing its reseller permit had to contact Revenue and ask for a reprint to be mailed.

Now that businesses have easy access to view and print their reseller permits, Revenue has discontinued sending copies of permits by mail.

Businesses with reseller permits that automatically renew should log on to “My Account” and print their new permit.

“This change is good news for our customers and staff, who both said online access to reseller permits would be a time-saver,” Revenue Director Vikki Smith said. “We’ve made it easy for businesses to access and print their reseller permits at their convenience, so they don’t have to wait for a permit to be delivered by mail.”

It’s easy to check if a business has a current reseller permit by using Revenue’s business lookup tool at dor.wa.gov/brd. A mobile version of the tool is available from a link at the bottom of that page.

Learn about reseller permits issued by Revenue: (http://dor.wa.gov/content/findtaxesandrates/retailsalestax/resellerpermit/).

 

2016
01/26

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Revenue

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Local transit blogger questions bridge toll revenue

VANCOUVER (NEWS 1130) As TransLink sets aside $5 million for improvements to the tolling system on the Golden Ears Bridge, a local transit blogger is questioning whether or not the tolls are bringing in enough money.

The transit authority will be finishing an assessment of the technology assets at the six year old span this year. It includes an inspection of the video cameras, equipment that detects vehicle sizes, computer servers, and equipment used in electronic toll collection. TransLink says the equipment typically has a service life of five years. Most of the technology will have been in use for close to sevel by the time it is replaced.

Critics like the NDP have questioned the move, but transit blogger Nathan Pachal isnt surprised. His site, The South Fraser Blog, focuses on transportation, urban planning, and the environment. He says most IT systems need an upgrade every few years as technology improves.

Hes giving TransLink credit for integrating two different systems so theres standard billing for drivers who take the new Port Mann or the Golden Ears. He believes the new Massey Tunnel project will also use the new TReO system. But he is questioning how TransLink accounts for the forecasted revenue from tolls.

Whether its the Port Mann, or the Golden Ears, or now the Massey Tunnel replacement, is that consultant reports are generally very optimistic about the revenue they could generate. TransLink was expecting that they would be getting what I think was somewhere around $50 million this year, but if you look at what the original consultant report was, they should be getting something closer to $70 million a year in revenue. If you look at TransLinks case, theyre subsidizing the Golden Ears Bridge off the backs of transit users and if you look at the Port Mann, which was supposed to be paid for by tolls, its again being subsidized by taxpayers throughout the province.

It costs $3.10 for TREO users to cross the Golden Ears or $4.35 for drivers without TReO.

TransLink says the bridge’s surveillance system generated an $43.5 million in tolls in 2015.

2016
01/23

Category:
Revenue

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Budget officials see 4.3% revenue growth ahead

BOSTON — State budget officials project that tax revenues will climb 4.3 percent in the fiscal year that begins on July 1, giving the Legislature and Baker administration nearly $26.9 billion to help fund government services and programs next fiscal year, leaders announced on Thursday.

Gov. Charlie Bakers budget chief and the chairs of the House and Senate Ways and Means Committees detailed a finalized revenue accord, which was due by Friday, that estimates $26.86 billion in tax revenues for fiscal 2017, about $1.12 billion more than the estimate being relied upon to finance the current years budget.

The estimate will serve as the basis for Gov. Charlie Bakers budget, which is due Jan. 27, and legislative budget-building exercises this spring and summer. Baker, during the 2014 campaign, pledged to increase local aid, including education and unrestricted aid to cities and towns, at the same rate state revenues grow by his second year in office.

Administration and Finance Secretary Kristen Lepore said the estimate reflects consistent growth in the Massachusetts economy. Economic experts in December testified before Lepore and lawmakers and projected, on average, a 4.1 percent revenue growth rate.

We are working to ensure that we match this consistent revenue growth with responsible spending. Over the long term we want to have a structurally balanced budget that serves the needs of the commonwealth at a price we can afford, Lepore said in a statement.

The officials also agreed to a 3.

2016
01/21

Category:
Revenue

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Visitors deliver additional tax revenue to Platte County

COLUMBUS, Neb. (AP) – A new lodging tax has generated more than $100,000 for an eastern Nebraska county.

The 2 percent tax in Platte County went into effect on Jan. 1, 2015. Its collected from fees charged at hotels, motels and campgrounds throughout the county. Revenue goes into a visitor improvement fund used to enhance county attractions, according to the Columbus Telegram (http://bit.ly/1OA6Y4C ).

2016
01/19

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Revenue

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Slowing data center revenue growth dims Intel’s profit beat

n>Intel Corps (INTC.O) strong quarterly profit beat was overshadowed by concerns about slowing revenue growth in its highly profitable data center business, sending its shares down about 5.6 percent in after-market trading.

Chief Executive Brian Krzanich has looked to weather a slump in demand for chips used in personal computers by focusing on the business of supplying chips for high-end servers.

The worlds largest chipmaker reported data center revenue of $4.31 billion in the fourth quarter ended Dec. 26, missing consensus estimate of $4.42 billion, according to Jefferies Co.

Revenue in the business rose only 4 percent from the preceding quarter, compared with the 8 percent growth in the third quarter.

I think companies are probably not upgrading their own data center as they know they are eventually going to convert to the cloud, said Kevin Cassidy, an analyst with Stifel Nicolaus and Co Inc.

So they are going to put Band-Aids on their current servers and not upgrade them, Cassidy said.

In October, Intel had cut its 2015 revenue growth forecast for the data center business, as companies slash spending due to weak macroeconomic growth.

Excluding items, Intel forecast revenue of $14.1 billion, plus or minus $500 million for the first quarter ending March.

The midpoint of this range is down 6 percent from the fourth quarter, the company said.

While the outlook for the first quarter reflects some caution for overall demand, particularly in China, we continue to expect solid growth in the business in 2016, Krzanich said on a post-earnings call.

Revenue in the personal computer business fell about 1 percent to $8.76 billion from a year earlier.

Global personal computer shipments fell 10.6 percent in the quarter ended in December from a year earlier, IDC said on Tuesday, the largest decline since the research firm started tracking PC shipments.

The fourth quarter of 2015 marked the fifth consecutive quarter of worldwide PC shipments decline, according to rival research firm Gartner.

Intel completed its $16.7 billion purchase of programmable-chip maker Altera Corp in December, a deal that adds a new class of products to Intels portfolio.

The companys net income fell to $3.61 billion from $3.66 billion in the fourth quarter. (bit.ly/1mYZC4o)

On a per share basis, earnings were flat at 74 cents.

Net revenue rose to $14.91 billion from $14.72 billion.

Analysts on average had expected a profit of 63 cents per share and revenue of $14.80 billion, according to Thomson Reuters I/B/E/S.

Intels shares were down 4.7 percent at $31.20 in extended trading on Thursday.

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(Reporting by Anya George Tharakan and Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

2016
01/17

Category:
Revenue

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Wynn Resorts expects Macau revenue to decline 27 percent in fourth quarter

In a move to soften the blow, Wynn Resorts Ltd. told investors Friday its Macau gaming operations had a horrible fourth quarter, which drove down the companys overall results in the three-month period.

The casino company pre-announced its figures for the quarter that ended Dec. 31, saying the revenue produced by its two Macau casinos could be down as much as 27 percent. However, revenue from Wynns two Strip resorts grew as much as 4 percent.

Wynn Resorts said in a statement the figures were preliminary and still subject to review by the companys internal finance team and outside auditors.

Wynn said its net revenue from Macau were expected to range from $552 million to $560 million, compared to $761.2 million generated in the 2014 fourth quarter of 2014. In Las Vegas, net revenue was expected to be in the range of $387 million to $395 million, compared to $376.8 million in the 2014 period.

Net income from Macau was expected to range from $75 million to $83 million, compared to $157.6 million for the fourth quarter of 2014. Las Vegas net income is expected to be in the range of $56 million to $64 million, compared to $51.6 million a year ago.

Analysts pointed out that the preliminary results were actually better than most expected and could also hope to boost the companys stock price, that is off some 25 percent so far this year. On Friday, with overall market plunging more than 2 percent, Wynn shares closed at $58.37 on the Nasdaq, up $6.87 or 13.34 percent.

In December, the company announced that Chairman and CEO Steve Wynn spent $63.8 million to acquire more than 1 million shares of stock in the company. He spent between $62 and $64 per share.

We wouldnt be surprised if he wants to buy more, Morgan Stanley gaming analyst Thomas Allen told investors. Pre-announcing would end the blackout period as he would no longer be restricted by knowing material nonpublic information.

Macaus overall gaming market hit a five-year low in 2015 with casino revenue declining 34.3 percent to $28.93 billion. Macau has been slowed by the sinking Chinese economy and government reform programs that crushed the high-end gambling business. December marked Macaus 19th straight monthly gaming revenue decline.

The questions will largely relate to the rationale behind this decision, said Deutsche Bank gaming analyst Carlo Santarelli. We think the company, and individuals are looking for optionality, and potentially the ability to buy in stock here.

Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski said Wynns preliminary results reflect some firming in Macau trends, particularly on the mass (market) side.

Wynn is building the $4.1 billion Wynn Palace on the Cotai Strip region of Macau, which is expected to open in June, one of three new resorts being constructed by Las Vegas-based casino operators that are opening this year.

Credit Suisse gaming analyst Joel Simkins said the Macau gaming market may be stabilizing while Las Vegas is firmly recovering. However, he said there are concerns around the impact of new supply and our view that investors have not properly accounted for this new capital.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.

2016
01/16

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Revenue

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Does Deferred Revenue Go on the Cash Flow Statement?

How does a company account for cash payments received in advance of delivering its goods or services?

Under the accrual-basis accounting rules used by most companies, advance payments cant be counted as revenue because the company hasnt earned the money yet by delivering the goods or services. 

But the cash has to be accounted for somewhere in the companys financial statements. Until its earned, that cash is known as deferred revenue. Its accounted for on both the companys balance sheet and its cash flow statement — but the entry on the cash flow statement might not be obvious. 

How deferred revenue is calculated
Imagine that its Oct. 1, and you just paid $1,000 for a one-year membership to your favorite gym. The gyms fiscal year ends on Dec. 31, at which point it will have earned only 3 months worth of your one-year payment, or $250 of the $1,000. 

The gyms accountant will record that $250 as income on that years financial statement. But the remainder, $750, cannot yet be counted as income. Its an asset, because its cash. But in a sense, its also a liability, because the gym owes you nine months of services in order to earn that cash. We refer to it as deferred revenue — cash that the business has not yet earned but is committed to earning as revenue in the future.

How deferred revenue is reported on the balance sheet
The remaining $750 gets reported as both an asset and a liability on the balance sheet. On the assets side of the balance sheet, the accountant adds $750 to the businesss total cash. On the liabilities side of the balance sheet, the accountant adds an offsetting $750 under deferred revenue to recognize that the gym still owes you nine months worth of membership. 

How deferred revenue is reported on the cash flow statement
The cash flow statement tracks the cash coming into and going out of the company over the period. The gym received a $1,000 payment — thats cash coming in. And $750 of that cash is deferred revenue.

But that cash might not necessarily show up as deferred revenue on the cash flow statement. Some accountants will make a specific entry for cash received as deferred revenue or something similar. But many will just roll that payment into a catch-all for cash received from operating activities, perhaps with a title like Other cash from operations. A small company with simple operations might just report it as cash received, with no more detail offered.