Business Services Industry
The DIRECTV Group Announces Second Quarter 2006 Results
Business Wire, August 8, 2006
THE DIRECTV GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Millions, Except Per Share Amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
------------------- -------------------
Revenues $3,520.0 $3,187.9 $6,905.6 $6,335.8
------------------------------ ---------------------------------------
Operating Costs and Expenses
Costs of revenues, exclusive
of depreciation and
amortization expense
Broadcast programming and
other 1,383.3 1,238.9 2,782.5 2,583.8
Subscriber service expenses 267.1 230.9 515.3 463.0
Broadcast operations
expenses 74.6 63.2 145.5 125.4
Selling, general and
administrative expenses,
exclusive of depreciation
and amortization expense
Subscriber acquisition
costs 422.1 644.1 1,009.2 1,405.3
Upgrade and retention costs 145.6 226.5 440.7 481.0
General and administrative
expenses 250.3 261.6 430.5 596.8
Depreciation and amortization
expense 235.6 211.1 448.4 423.1
------------------------------ ---------------------------------------
Total Operating Costs and
Expenses 2,778.6 2,876.3 5,772.1 6,078.4
------------------------------ ---------------------------------------
Operating Profit 741.4 311.6 1,133.5 257.4
Interest income 32.3 31.0 79.5 53.1
Interest expense (56.6) (60.2) (115.3) (115.5)
Other, net (1.8) (71.9) 19.8 (73.6)
------------------------------ ---------------------------------------
Income From Continuing
Operations Before Income
Taxes and Minority Interests 715.3 210.5 1,117.5 121.4
Income tax expense (256.6) (75.6) (417.3) (31.9)
Minority interests in net
earnings of subsidiaries - (4.7) (6.3) (0.7)
------------------------------ ---------------------------------------
Income from continuing
operations 458.7 130.2 693.9 88.8
Income from discontinued
operations, net of taxes - 31.3 - 31.3
------------------------------ ---------------------------------------
Net Income $458.7 $161.5 $693.9 $120.1
============================== =======================================
Basic and Diluted Earnings Per
Common Share:
Income from continuing
operations $0.36 $0.10 $0.53 $0.07
Income from discontinued
operations, net of taxes - 0.02 - 0.02
------------------------------ ---------------------------------------
Basic and Diluted Earnings Per
Common Share: $0.36 $0.12 $0.53 $0.09
============================== =======================================
Weighted average number of
common shares outstanding (in
millions)
Basic 1,256.9 1,387.6 1,301.7 1,386.8
Diluted 1,263.8 1,393.5 1,308.2 1,392.8
============================== =======================================
THE DIRECTV GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
(Unaudited)
June 30, December 31,
ASSETS 2006 2005
-------------------------------------- ---------------- --------------
Current Assets
Cash and cash equivalents $1,884.2 $3,701.3
Short-term investments 163.7 683.2
Accounts receivable, net of allowances
of $73.9 and $80.5 1,047.0 1,033.2
Inventories 201.3 283.1
Deferred income taxes 136.4 163.3
Prepaid expenses and other 180.6 232.3
-------------------------------------- ---------------- --------------
Total Current Assets 3,613.2 6,096.4
Satellites, net 1,882.5 1,875.5
Property and Equipment, net 1,602.2 1,199.2
Goodwill 3,045.3 3,045.3
Intangible Assets, net 1,723.7 1,878.0
Deferred Income Taxes 155.5 492.4
Investments and Other Assets 1,254.0 1,043.4
-------------------------------------- ---------------- --------------
Total Assets $13,276.4 $15,630.2
====================================== ================ ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
-------------------------------------- ---------------- --------------
Current Liabilities
Accounts payable and accrued
liabilities $2,158.6 $2,541.8
Unearned subscriber revenue and
deferred credits 276.2 276.6
Short-term borrowings and current
portion of long-term debt 11.0 9.7
-------------------------------------- ---------------- --------------
Total Current Liabilities 2,445.8 2,828.1
Long-Term Debt 3,400.2 3,405.3
Other Liabilities and Deferred Credits 1,368.5 1,407.6
Commitments and Contingencies
Minority Interests 55.5 49.2
Stockholders' Equity 6,006.4 7,940.0
-------------------------------------- ---------------- --------------
Total Liabilities and Stockholders'
Equity $13,276.4 $15,630.2
====================================== ================ ==============
THE DIRECTV GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Millions)
(Unaudited)
Six Months Ended June 30,
2006 2005
-------------------------------------- -------------------------------
Cash Flows From Operating Activities
Net Income $693.9 $120.1
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 448.4 423.1
Gain from DIRECTV Mexico
transaction (57.0) (28.3)
Impairment charge - 25.3
Net (gain) loss from sale of
investments (14.3) 0.6
Gain from discontinued operations - (31.3)
Loss on disposal of fixed assets 15.6 4.3
Share-based compensation expense 22.0 20.4
Write-off of debt issuance costs - 19.0
Deferred income taxes and other 367.6 55.1
Change in other operating assets
and liabilities
Accounts receivable, net 80.7 47.3
Inventories 81.8 (171.7)
Prepaid expenses and other 48.5 (3.6)
Accounts payable and accrued
liabilities (387.2) (14.9)
Unearned subscriber revenue and
deferred credits (0.4) (18.9)
Other, net 0.6 (116.1)
-------------------------------------- -------------------------------
Net Cash Provided by Operating
Activities 1,300.2 330.4
-------------------------------------- -------------------------------
Cash Flows From Investing Activities
Purchase of short-term investments (1,673.1) (1,783.5)
Sale of short-term investments 2,193.3 1,931.6
Cash paid for investments (389.6) -
Proceeds from sale of investments 182.4 113.1
Proceeds from sale of businesses - 246.0
Cash paid for property and equipment (628.8) (205.7)
Cash paid for satellites (105.2) (227.5)
Other, net (23.9) (0.3)
-------------------------------------- -------------------------------
Net Cash Provided by (Used in)
Investing Activities (444.9) 73.7
-------------------------------------- -------------------------------
Cash Flows From Financing Activities
Common shares repurchased and retired (2,681.7) -
Net decrease in short-term borrowings (1.3) (3.2)
Excess tax benefit from share-based
compensation 1.5 -
Cash proceeds from refinancing
transactions - 3,003.3
Repayment of long-term debt (2.5) (2,002.4)
Repayment of other long-term
obligations (47.7) (44.6)
Stock options exercised 59.3 15.3
Debt issuance costs - (4.7)
-------------------------------------- -------------------------------
Net Cash Provided by (Used in)
Financing Activities (2,672.4) 963.7
-------------------------------------- -------------------------------
Net increase (decrease) in cash and
cash equivalents (1,817.1) 1,367.8
Cash and cash equivalents at beginning
of the period 3,701.3 2,307.4
-------------------------------------- -------------------------------
Cash and cash equivalents at the end
of the period $1,884.2 $3,675.2
-------------------------------------- -------------------------------
Supplemental Cash Flow Information
Cash paid for interest $113.9 $116.6
Cash paid (refunded) for income taxes (15.1) 5.0
THE DIRECTV GROUP, INC.
SELECTED SEGMENT DATA
(Dollars in Millions)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
------------------ ------------------
2006 2005 2006 2005
----------------------------------------------------------------------
DIRECTV U.S.
Revenues $3,318.3 $2,960.5 $6,511.8 $5,761.3
Operating Profit Before
Depreciation and
Amortization(1) 976.7 504.6 1,521.3 720.2
Operating Profit Before
Depreciation and Amortization
Margin(1) 29.4% 17.0% 23.4% 12.5%
Operating Profit $ 774.3 $ 333.2 $1,136.7 $ 371.6
Operating Profit Margin 23.3% 11.3% 17.5% 6.4%
Depreciation and Amortization $ 202.4 $ 171.4 $ 384.6 $ 348.6
Capital Expenditures(2)(3) 423.2 197.7 643.1 343.9
----------------------------------------------------------------------
DIRECTV LATIN AMERICA
Revenues $ 202.1 $ 183.5 $ 394.6 $ 367.4
Operating Profit Before
Depreciation and
Amortization(1) 21.3 45.3 96.4 67.9
Operating Profit Before
Depreciation and Amortization
Margin(1) 10.5% 24.7% 24.4% 18.5%
Operating Profit (Loss) $ (12.8) $ 4.0 $ 30.7 $ (9.5)
Operating Profit Margin N/A 2.2% 7.8% N/A
Depreciation and Amortization $ 34.1 $ 41.3 $ 65.7 $ 77.4
Capital Expenditures(2) 40.5 24.6 69.6 41.6
----------------------------------------------------------------------
NETWORK SYSTEMS
Revenues $ - $ 45.2 $ - $ 211.4
Operating Loss Before
Depreciation and
Amortization(1) - (8.0) - (60.8)
Operating Loss - (8.0) - (60.8)
Depreciation and Amortization - - - -
Capital Expenditures(2) - 3.9 - 18.1
----------------------------------------------------------------------
ELIMINATIONS and OTHER
Revenues $ (0.4) $ (1.3) $ (0.8) $ (4.3)
Operating Loss Before
Depreciation and
Amortization(1) (21.0) (19.2) (35.8) (46.8)
Operating Loss (20.1) (17.6) (33.9) (43.9)
Depreciation and Amortization (0.9) (1.6) (1.9) (2.9)
Capital Expenditures(2) - 1.4 - 29.6
----------------------------------------------------------------------
TOTAL
Revenues $3,520.0 $3,187.9 $6,905.6 $6,335.8
Operating Profit Before
Depreciation and
Amortization(1) 977.0 522.7 1,581.9 680.5
Operating Profit Before
Depreciation and Amortization
Margin(1) 27.8% 16.4% 22.9% 10.7%
Operating Profit $ 741.4 $ 311.6 $1,133.5 $ 257.4
Operating Profit Margin 21.1% 9.8% 16.4% 4.1%
Depreciation and Amortization $ 235.6 $ 211.1 $ 448.4 $ 423.1
Capital Expenditures(2) 463.7 227.6 712.7 433.2
======================================================================
(1) See footnote 1 above.
(2) Capital expenditures include cash paid and amounts accrued during
the period for property, equipment and satellites.
(3) Beginning in March 2006, capital expenditures at DIRECTV U.S.
include the cost of set-top receivers capitalized under its lease
program.
DIRECTV HOLDINGS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Millions)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
------------------- -------------------
Revenues $3,318.3 $2,960.5 $6,511.8 $5,761.3
----------------------------------------------------------------------
Operating Costs and Expenses
Costs of revenues, exclusive
of depreciation and
amortization expense
Broadcast programming and
other 1,314.4 1,137.7 2,645.9 2,287.3
Subscriber service expenses 255.5 219.2 492.2 439.7
Broadcast operations
expenses 45.6 35.3 87.6 70.7
Selling, general and
administrative expenses,
exclusive of depreciation
and amortization expense
Subscriber acquisition
costs 401.4 622.2 969.0 1,367.8
Upgrade and retention costs 143.8 223.2 436.9 475.4
General and administrative
expenses 180.9 218.3 358.9 400.2
Depreciation and amortization
expense 202.4 171.4 384.6 348.6
----------------------------------------------------------------------
Total Operating Costs and
Expenses 2,544.0 2,627.3 5,375.1 5,389.7
----------------------------------------------------------------------
Operating Profit 774.3 333.2 1,136.7 371.6
Interest income 17.3 3.7 31.7 4.5
Interest expense (53.9) (57.9) (109.8) (114.7)
Other expense (0.7) (65.2) (1.3) (65.6)
----------------------------------------------------------------------
Income Before Income Taxes 737.0 213.8 1,057.3 195.8
Income tax expense (281.7) (82.0) (404.1) (75.1)
----------------------------------------------------------------------
Net Income $455.3 $131.8 $653.2 $120.7
======================================================================
DIRECTV HOLDINGS LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
(Unaudited)
June 30, December 31,
ASSETS 2006 2005
----------------------------------------------------------------------
Current Assets
Cash and cash equivalents $1,401.2 $1,164.8
Accounts receivable, net of allowances
of $68.5 and $75.0 913.6 995.9
Inventories 198.2 281.4
Deferred income taxes 120.4 148.1
Prepaid expenses and other 138.5 136.9
----------------------------------------------------------------------
Total Current Assets 2,771.9 2,727.1
Satellites, net 1,911.7 1,907.9
Property and Equipment, net 1,257.8 848.3
Goodwill 3,031.7 3,031.7
Intangible Assets, net 1,720.7 1,875.0
Other Assets 148.3 135.0
----------------------------------------------------------------------
Total Assets $10,842.1 $10,525.0
======================================================================
LIABILITIES AND OWNER'S EQUITY
----------------------------------------------------------------------
Current Liabilities
Accounts payable and accrued
liabilities $1,945.3 $2,362.9
Unearned subscriber revenue and
deferred credits 258.3 259.0
Current portion of long-term debt 10.3 7.8
----------------------------------------------------------------------
Total Current Liabilities 2,213.9 2,629.7
Long-Term Debt 3,400.2 3,405.3
Other Liabilities and Deferred Credits 1,001.5 989.2
Deferred Income Taxes 257.1 204.4
Commitments and Contingencies
Owner's Equity 3,969.4 3,296.4
----------------------------------------------------------------------
Total Liabilities and Owner's Equity $10,842.1 $10,525.0
======================================================================
DIRECTV HOLDINGS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Millions)
(Unaudited)
Six Months Ended June 30,
2006 2005
----------------------------------------------------------------------
Cash Flows From Operating Activities
Net Income $653.2 $120.7
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization
expense 384.6 348.6
Share-based compensation expense 18.7 13.2
Equity losses from unconsolidated
affiliates 1.3 0.7
Amortization of debt issuance costs 2.3 3.9
Write-off of debt issuance costs - 19.0
Deferred income taxes and other 80.4 55.3
Change in other operating assets
and liabilities
Accounts receivable, net 83.1 49.9
Inventories 83.2 (172.2)
Prepaid expenses and other (1.6) 48.3
Other assets (17.9) (1.9)
Accounts payable and accrued
liabilities (398.2) 91.6
Unearned subscriber revenue and
deferred credits (0.7) (30.4)
Other liabilities and deferred
credits 47.3 (52.2)
----------------------------------------------------------------------
Net Cash Provided by Operating
Activities 935.7 494.5
----------------------------------------------------------------------
Cash Flows From Investing Activities
Cash paid for property and equipment (219.1) (148.3)
Cash paid for subscriber leased
equipment - subscriber acquisitions (199.4) -
Cash paid for subscriber leased
equipment - upgrade and retention (139.9) -
Cash paid for satellites (105.2) (195.6)
Other (2.0) -
----------------------------------------------------------------------
Net Cash Used in Investing Activities (665.6) (343.9)
----------------------------------------------------------------------
Cash Flows From Financing Activities
Cash proceeds from refinancing
transactions - 3,003.3
Repayment of long-term debt (2.5) (2,001.8)
Repayment of borrowing from Parent - (875.0)
Repayment of other long-term
obligations (33.1) (31.2)
Cash contribution from Parent - 538.3
Excess tax benefit from share-based
compensation 1.9 -
Debt issuance costs - (4.7)
----------------------------------------------------------------------
Net Cash Provided by (Used in)
Financing Activities (33.7) 628.9
----------------------------------------------------------------------
Net increase in cash and cash
equivalents 236.4 779.5
Cash and cash equivalents at beginning
of the period 1,164.8 34.5
----------------------------------------------------------------------
Cash and cash equivalents at end of
the period $1,401.2 $814.0
======================================================================
Supplemental Cash Flow Information
Cash paid for interest $108.3 $114.9
Cash paid (refunded) for income taxes 311.9 (44.1)
Non-GAAP Financial Measure Reconciliation Schedules
(Unaudited)
----------------------------------------------------------------------
The DIRECTV Group
----------------------------------------------------------------------
Reconciliation of Operating Profit Before Depreciation and
Amortization to Operating Profit(a)
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
--------- -------- --------- -------
(Dollars in (Dollars in
Millions) Millions)
Operating Profit Before
Depreciation and Amortization $977.0 $522.7 $1,581.9 $680.5
Subtract: Depreciation and
amortization expense 235.6 211.1 448.4 423.1
--------------------------------- ------------------ -----------------
Operating Profit $741.4 $311.6 $1,133.5 $257.4
================================= ================== =================
----------------------------------------------------------------------
(a) For a reconciliation of this non-GAAP financial measure for each
of our segments, please see the Notes to the Consolidated
Financial Statements which will be included in The DIRECTV Group's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2006.
This Form 10-Q is expected to be filed with the SEC in August
2006.
----------------------------------------------------------------------
----------------------------------------------------------------------
The DIRECTV Group
----------------------------------------------------------------------
Reconciliation of Cash Flow before Interest and Taxes(3) and Free Cash
Flow(2) to Net Cash Provided by Operating Activities
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
--------- -------- --------- -------
(Dollars in (Dollars in
Millions) Millions)
Cash Flow before Interest and
Taxes $400.4 $104.0 $585.5 $(34.3)
Adjustments:
Cash paid for interest (53.0) (33.7) (113.9) (116.6)
Interest income 32.3 31.0 79.5 53.1
Income taxes refunded (paid) 17.0 (2.3) 15.1 (5.0)
--------------------------------- ------------------ -----------------
Subtotal - Free Cash Flow 396.7 99.0 566.2 (102.8)
Add Cash Paid For:
Property and equipment 415.1 132.5 628.8 205.7
Satellites 48.6 95.1 105.2 227.5
--------------------------------- ------------------ -----------------
Net Cash Provided by Operating
Activities $860.4 $326.6 $1,300.2 $330.4
================================= ================== =================
----------------------------------------------------------------------
----------------------------------------------------------------------
DIRECTV Holdings LLC
----------------------------------------------------------------------
Reconciliation of Cash Flow before Interest and Taxes(3) and Free Cash
Flow(2) to Net Cash Provided by Operating Activities
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
--------- -------- --------- -------
(Dollars in (Dollars in
Millions) Millions)
Cash Flow before Interest and
Taxes $449.5 $153.8 $660.6 $216.9
Adjustments:
Cash paid for interest (50.3) (31.2) (108.3) (114.9)
Interest income 17.3 3.7 31.7 4.5
Income taxes refunded (paid) (192.5) - (311.9) 44.1
--------------------------------- ------------------ -----------------
Subtotal - Free Cash Flow 224.0 126.3 272.1 150.6
Add Cash Paid For:
Property and equipment 121.3 102.5 219.1 148.3
Subscriber leased equipment -
subscriber acquisitions 153.0 - 199.4 -
Subscriber leased equipment -
upgrade and retention 99.5 - 139.9 -
Satellites 48.6 95.2 105.2 195.6
--------------------------------- ------------------ -----------------
Net Cash Provided by Operating
Activities $646.4 $324.0 $935.7 $494.5
================================= ================== =================
----------------------------------------------------------------------
(2) and (3) -- see footnotes above in this earnings release
DIRECTV HOLDINGS LLC
Non-GAAP Financial Measure Reconciliation and Other Data
(Unaudited)
----------------------------------------------------------------------
DIRECTV Holdings LLC
----------------------------------------------------------------------
Reconciliation of Pre-SAC Margin to Operating Profit
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
(Dollars in Millions)
Operating Profit $774.3 $333.2 $1,136.7 $371.6
Adjustments:
Subscriber acquisition costs
(expensed) 401.4 622.2 969.0 1,367.8
Depreciation and
amortization expense 202.4 171.4 384.6 348.6
Cash paid for subscriber
leased equipment - upgrade
and retention (99.5) - (139.9) -
---------------------------------------
Pre-SAC margin(a) $1,278.6 $1,126.8 $2,350.4 $2,088.0
=======================================
Pre-SAC margin as a percentage
of revenue(a) 38.5% 38.1% 36.1% 36.2%
----------------------------------------------------------------------
----------------------------------------------------------------------
SAC Calculation
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
(Dollars in Millions, Except SAC
Amounts)
Subscriber acquisition costs
(expensed) $401.4 $622.2 $969.0 $1,367.8
Cash paid for subscriber
leased equipment - subscriber
acquisitions 153.0 - 199.4 -
---------------------------------------
Total acquisition costs $554.4 $622.2 $1,168.4 $1,367.8
=======================================
Gross subscriber additions
(000's) 863 964 1,782 2,101
Average subscriber acquisition
costs-per subscriber (SAC) $642 $646 $656 $651
----------------------------------------------------------------------
----------------------------------------------------------------------
Other Data
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Average monthly revenue per
subscriber (ARPU) $71.59 $67.79 $70.73 $66.91
Average monthly churn % 1.59% 1.69% 1.52% 1.59%
Total number of subscribers-
platform (000's) 15,513 14,670 15,513 14,670
Capital expenditures
(millions) $423.2 $197.7 $643.1 $343.9
----------------------------------------------------------------------
----------------------------------------------------------------------
(a) Pre-SAC Margin, which is a financial measure that is not
determined in accordance with accounting principles generally
accepted in the United States of America, or GAAP, is calculated
for DIRECTV U.S. by adding amounts under the captions "Subscriber
acquisition costs" and "Depreciation and amortization expense" to
"Operating Profit" from the Consolidated Statements of Operations
and subtracting "Cash paid for subscriber leased equipment -
upgrade and retention" from the Consolidated Statements of Cash
Flows. This financial measure should be used in conjunction with
other GAAP financial measures and is not presented as an
alternative measure of operating results, as determined in
accordance with GAAP. The DIRECTV Group and DIRECTV U.S.
management use Pre-SAC Margin to evaluate the profitability of
DIRECTV U.S.' current subscriber base for the purpose of
allocating resources to discretionary activities such as adding
new subscribers, upgrading and retaining existing subscribers
and for capital expenditures. To compensate for the exclusion of
"Subscriber acquisition costs," management also uses operating
profit and operating profit before depreciation and amortization
expense to measure profitability.
The DIRECTV Group and DIRECTV U.S. believe this measure is useful
to investors, along with other GAAP measures (such as revenues,
operating profit and net income), to compare DIRECTV U.S.'
operating performance to other communications, entertainment and
media companies. The DIRECTV Group and DIRECTV U.S. believe that
investors also use current and projected Pre-SAC Margin to
determine the ability of DIRECTV U.S.' current and projected
subscriber base to fund discretionary spending and to determine
the financial returns for subscriber additions.
COPYRIGHT 2006 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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