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Example research essay topic: Shareholders' Equity Marketable Securities - 1,994 words

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... 24, 273, 000 Total income 983, 959, 000 879, 587, 000 812, 621, 000 Cost of goods sold 366, 040, 000 375, 794, 000 345, 097, 000 Operating expenses 478, 974, 000 374, 736, 000 342, 467, 000 Selling, administrative, and general expenses 75, 387, 000 69, 513, 000 63, 314, 000 Interest expense 10, 867, 000 8, 832, 000 20, 700, 000 Other deductions 785, 000 1, 590, 000 1, 518, 000 Total costs and expenses 932, 053, 000 830, 465, 000 773, 096, 000 Income before income taxes 51, 906, 000 49, 122, 000 39, 525, 000 RESOURCE RECOVERY OPERATIONS: Service revenues 90, 172, 000 52, 689, 000 6, 271, 000 Construction revenues 51, 254, 000 19, 615, 000 42, 823, 000 Total revenues 141, 426, 000 72, 304, 000 49, 094, 000 Interest income 3, 715, 000 2, 426, 000 40, 000 Other income 310, 000 685, 000 1, 342, 000 Total income 145, 451, 000 75, 415, 000 50, 476, 000 Operating costs 63, 437, 000 46, 337, 000 9, 484, 000 Construction costs 51, 254, 000 13, 684, 000 35, 173, 000 Debt service charges 20, 389, 000 9, 656, 000 4, 000 Other deductions 1, 500, 000 Total costs and expenses 135, 080, 000 69, 677, 000 46, 161, 000 Income before income taxes 10, 371, 000 5, 738, 000 4, 315, 000 Consolidated income from continuing operations before income taxes 62, 277, 000 54, 860, 000 43, 840, 000 Income taxes 4, 497, 000 7, 058, 000 8, 731, 000 Income from continuing operations 57, 780, 000 47, 802, 000 35, 109, 000 Income from discontinued operations 80, 920, 000 Net income $ 57, 780, 000 $ 47, 802, 000 $ 116, 029, 000 EARNINGS PER COMMON SHARE: Continuing operations $ 1. 44 $ 1. 19 $. 89 Discontinued operations 2. 09 Total $ 1. 44 $ 1. 19 $ 2. 98 EARNINGS PER COMMON SHARE - ASSUMING FULL DILUTION: Continuing operations $ 1. 41 $ 1. 17 $. 88 Discontinued operations 2. 00 Total $ 1. 41 $ 1. 17 $ 2. 88 See Notes to Consolidated Financial Statements. [ 41 ] [HARDCOPY PAGE 41 ] OGDEN CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 1988 1987 1986 CASH FLOWS FROM OPERATING ACTIVITIES: Income from continuing operations $ 57, 780, 000 $ 47, 802, 000 $ 35, 109, 000 Charges (Credits) Not Requiring (Providing) Cash: Depreciation and amortization 29, 783, 000 20, 373, 000 17, 378, 000 Deferred income taxes (5, 933, 000) 9, 133, 000 7, 315, 000 Other (7, 870, 000) (3, 521, 000) (13, 303, 000) Total 73, 760, 000 73, 787, 000 46, 499, 000 Management of Operating Assets and Liabilities: Decrease (Increase) in Assets: Accounts receivable (69, 873, 000) (1, 608, 000) (50, 801, 000) Non-current receivables (17, 078, 000) (19, 460, 000) (1, 000) Other (22, 276, 000) (14, 314, 000) (39, 674, 000) Increase (Decrease) in Liabilities: Accounts payable (10, 706, 000) 6, 488, 000 (8, 594, 000) Accrued expenses 20, 904, 000 21, 868, 000 (12, 497, 000) Other liabilities (5, 075, 000) (65, 757, 000) 17, 458, 000 Discontinued Operations: Income from discontinued operations 80, 920, 000 Provision for additional costs 55, 512, 000 Deferred income taxes (29, 329, 000) Gain on sale of discontinued operations (156, 614, 000) Net cash provided (used by) operating activities (30, 344, 000) 1, 004, 000 (97, 121, 000) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of discontinued operations 320, 000, 000 Proceeds from sale of investments 64, 666, 000 Decrease (increase) in marketable securities 34, 039, 000 (76, 307, 000) 3, 792, 000 Proceeds from sale of property, plant, and equipment 12, 371, 000 4, 993, 000 20, 888, 000 Investments in resource -recovery facilities (260, 652, 000) (246, 427, 000) (265, 818, 000) Other capital expenditures (44, 293, 000) (35, 061, 000) (27, 556, 000) Decrease (increase) in other investments (835, 000) (30, 924, 000) 21, 069, 000 Net cash used in investing activities (194, 704, 000) (383, 726, 000) 72, 375, 000 CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings for resource -recovery facilities 446, 180, 000 58, 300, 000 237, 525, 000 Increase (decrease) in funds held in trust for resource-recovery facilities (218, 823, 000) 151, 038, 000 (3, 073, 000) Other new debt 160, 000, 000 1, 959, 000 Sale and leaseback of resource-recovery facility 14, 766, 000 31, 343, 000 Proceeds from exercise of stock options 848, 000 2, 369, 000 Payment of debt (7, 638, 000) (85, 800, 000) (131, 779, 000) Dividends paid (42, 623, 000) (38, 315, 000) (34, 992, 000) Net cash provided by financing activities 177, 944, 000 262, 358, 000 100, 983, 000 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (47, 104, 000) (120, 364, 000) 76, 237, 000 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 183, 225, 000 303, 589, 000 227, 352, 000 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 136, 121, 000 $ 183, 225, 000 $ 303, 589, 000 See Notes to Consolidated Financial Statements. [ 42 ] [HARDCOPY PAGE 42 ] OGDEN CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31 ASSETS 1988 1987 OPERATIONS OTHER THAN RESOURCE RECOVERY: Current Assets: Cash and cash equivalents $ 136, 121, 000 $ 183, 225, 000 Marketable securities - at cost, which approximates market 42, 984, 000 77, 023, 000 Receivables (less allowances: 1988, $ 4, 984, 000 and 1987, $ 5, 221, 000) 235, 878, 000 195, 600, 000 Other 50, 308, 000 42, 801, 000 Total current assets 465, 291, 000 498, 649, 000 Property, plant and equipment - net 121, 003, 000 111, 695, 000 Other assets 137, 103, 000 166, 774, 000 Total 723, 397, 000 777, 118, 000 RESOURCE-RECOVERY OPERATIONS: Receivables 51, 701, 000 22, 501, 000 Restricted funds held in trust 550, 510, 000 348, 505, 000 Property, plant and equipment - net 803, 441, 000 542, 533, 000 Deferred income tax benefits 7, 376, 000 8, 983, 000 Other assets 65, 320, 000 59, 856, 000 Total 1, 478, 348, 000 982, 378, 000 CONSOLIDATED ASSETS $ 2, 201, 745, 000 $ 1, 759, 496, 000 LIABILITIES AND SHAREHOLDERS' EQUITY OPERATIONS OTHER THAN RESOURCE RECOVERY: Current Liabilities: Current portion of long-term debt $ 2, 585, 000 $ 2, 375, 000 Accounts payable 54, 131, 000 59, 135, 000 Income taxes 4, 589, 000 Accrued expenses, etc. 94, 339, 000 100, 518, 000 Total current liabilities 151, 055, 000 166, 617, 000 Long-term debt 89, 285, 000 20, 623, 000 Other liabilities 40, 124, 000 44, 547, 000 Deferred income taxes 16, 979, 000 36, 672, 000 Convertible subordinated debentures 162, 570, 000 163, 117, 000 Total 460, 013, 000 431, 576, 000 RESOURCE-RECOVERY OPERATIONS: Accounts payable 25, 919, 000 28, 911, 000 Accrued expenses, etc 56, 321, 000 33, 317, 000 Revenue Bonds: Issued directly by operating subsidiaries 72, 550, 000 Issued by and prime responsibility of municipalities 864, 640, 000 423, 720, 000 Issued by municipal agencies and guaranteed by third parties 298, 925, 000 298, 925, 000 Other liabilities 70, 173, 000 63, 921, 000 Total 1, 315, 978, 000 921, 344, 000 CONSOLIDATED LIABILITIES 1, 775, 991, 000 1, 352, 920, 000 SHAREHOLDERS' EQUITY 425, 754, 000 406, 576, 000 CONSOLIDATED LIABILITIES AND SHAREHOLDERS' EQUITY $ 2, 201, 745, 000 $ 1, 759, 496, 000 See Notes to Consolidated Financial Statements. [ 43 ] [HARDCOPY PAGE 43 ] OGDEN CORPORATION AND SUBSIDIARIES STATEMENTS OF SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31 1988 1987 SERIAL CUMULATIVE CONVERTIBLE PREFERRED STOCK, PAR VALUE $ 1. 00 PER SHARE; AUTHORIZED, 4, 000, 000 SHARES: Balance at beginning of year $ 144, 000 $ 158, 000 Cancellation of Series C preferred shares Shares converted into common stock (53, 000) (14, 000) Balance at end of year (shares outstanding: 91, 000 in 1988, 144, 000 in 1987, and 158, 000 in 1986: aggregate involuntary liquidation value - 1988 $ 1, 839, 000) 91, 000 144, 000 COMMON STOCK, PAR VALUE $. 50 PER SHARE; AUTHORIZED, 80, 000, 000 SHARES: Balance at beginning of year 19, 567, 000 9, 645, 000 Stock issued in connection with two-for-one stock split 9, 645, 000 Exercise of stock options 132, 000 187, 000 Conversion of preferred shares 154, 000 41, 000 Conversion of debentures 17, 000 94, 000 Purchase of common shares (52, 000) (45, 000) Balance at end of year (shares outstanding: 39, 636, 000 in 1988, 39, 134, 000 in 1987, and 38, 580, 000 in 1986) 19, 818, 000 19, 567, 000 CAPITAL SURPLUS: Balance at beginning of year 26, 713, 000 29, 435, 000 Stock issued in connection with two-for-one stock split (9, 645, 000) Exercise of stock options 5, 885, 000 7, 330, 000 Cancellation of Series C preferred shares Conversion of preferred shares (145, 000) (38, 000) Conversion of debentures 529, 000 2, 934, 000 Purchase of common shares (3, 127, 000) (3, 303, 000) Balance at end of year 29, 855, 000 26, 713, 000 EARNED SURPLUS: Balance at beginning of year as previously reported 373, 486, 000 358, 870, 000 Restatement for inclusion of previously off-balance sheet financing transactions (9, 366, 000) (3, 142, 000) As restated 364, 120, 000 355, 728, 000 Net income 57, 780, 000 47, 802, 000 Total 421, 900, 000 403, 530, 000 Preferred dividends - per share 1988, $ 3. 05; 1987, $ 2. 90; 1986, $ 2. 83 351, 000 430, 000 Common dividends - per share 1988, $ 1. 10; 1987, $ 1. 00; 1986, $. 90 43, 390, 000 38, 980, 000 Total dividends 43, 741, 000 39, 410, 000 Balance at end of year 378, 159, 000 364, 120, 000 CUMULATIVE TRANSLATION ADJUSTMENT - NET (634, 000) (1, 865, 000) NET UNREALIZED LOSS ON NON-CURRENT MARKETABLE EQUITY SECURITIES (1, 535, 000) (2, 103, 000) TOTAL SHAREHOLDERS' EQUITY $ 425, 754, 000 $ 406, 576, 000 (TABLE CONTINUED) FOR THE YEARS ENDED DECEMBER 31 1986 SERIAL CUMULATIVE CONVERTIBLE PREFERRED STOCK, PAR VALUE $ 1. 00 PER SHARE; AUTHORIZED, 4, 000, 000 SHARES: Balance at beginning of year $ 2, 175, 000 Cancellation of Series C preferred shares (2, 000, 000) Shares converted into common stock (17, 000) Balance at end of year (shares outstanding: 91, 000 in 1988, 144, 000 in 1987, and 158, 000 in 1986: aggregate involuntary liquidation value - 1988 $ 1, 839, 000) 158, 000 COMMON STOCK, PAR VALUE $. 50 PER SHARE; AUTHORIZED, 80, 000, 000 SHARES: Balance at beginning of year 9, 573, 000 Stock issued in connection with two-for-one stock split Exercise of stock options Conversion of preferred shares 26, 000 Conversion of debentures 46, 000 Purchase of common shares Balance at end of year (shares outstanding: 39, 636, 000 in 1988, 39, 134, 000 in 1987, and 38, 580, 000 in 1986) 9, 645, 000 CAPITAL SURPLUS: Balance at beginning of year 56, 536, 000 Stock issued in connection with two-for-one stock split Exercise of stock options Cancellation of Series C preferred shares (30, 000, 000) Conversion of preferred shares (10, 000) Conversion of debentures 2, 909, 000 Purchase of common shares Balance at end of year 29, 435, 000 EARNED SURPLUS: Balance at beginning of year as previously reported 274, 372, 000 Restatement for inclusion of previously off-balance sheet financing transactions 391, 000 As restated 274, 763, 000 Net income 116, 029, 000 Total 390, 792, 000 Preferred dividends - per share 1988, $ 3. 05; 1987, $ 2. 90; 1986, $ 2. 83 465, 000 Common dividends - per share 1988, $ 1. 10; 1987, $ 1. 00; 1986, $. 90 34, 599, 000 Total dividends 35, 064, 000 Balance at end of year 355, 728, 000 CUMULATIVE TRANSLATION ADJUSTMENT - NET (2, 327, 000) NET UNREALIZED LOSS ON NON-CURRENT MARKETABLE EQUITY SECURITIES TOTAL SHAREHOLDERS' EQUITY $ 392, 639, 000


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