![]() Lord of the Rings: The Fellowship of the Ring. Harry Potter and the Philosopher's Stone and 31 for $5.3-billion cash, while AOL Time Warner will buy the remaining 20 per cent for $1.45-billion cash in July, 2002.īut the newly merged media, cable and Internet giant is also basking in the success of the season's two most-hyped Hollywood films: The agreement between the two companies calls for Bertelsmann to transfer 80 per cent of its current stake to AOL Time Warner on Jan. The company also confirmed that it will acquire Bertelsmann AG's 49-per-cent stake in AOL Europe, allaying concern that AOL Time Warner would dilute its stock by paying for the stake with equity. Many analysts had already been cutting their earnings estimates for AOL Time Warner in recent weeks after the company fell short of its aggressive 2001 targets.ĭespite the warnings, AOL Time Warner's share price gained about 3 per cent to $33.65 in after-market trading Monday. "Looking at 2002, we have made conservative assumptions about the economic environment and the state of advertising," CEO Jerry Levin said in a statement. The company said it is assuming no economic recovery in the coming year. A write-down is the reduction in the book value of an asset when its fair market value has fallen below the book value, and thus becomes an impaired asset. "We will try not to overpromise," said Richard Parsons, the company's co-chief operating officer and in-coming chief executive officer. The company had earlier said it expected double-digit earnings growth in fiscal 2002.ĪOL Time Warner also provided preliminary results for 2001, saying it expects revenue to increase about 5 per cent to $38-billion, and earnings to jump about 18 per cent to almost $10-billion.įor the fourth quarter, earnings should increase about 14 per cent to more than $2.7-billion, with revenue growing about 3 per cent to $10.5-billion, the company said Monday.ĪOL Time Warner blamed a weakening advertising market for the pull-back and said it is forecasting no improvement in its customers' spending during this fiscal year. It also said it expects earnings to grow by between 8 and 12 per cent during the year. The company, the poster child for multimedia convergence, also warned that it expects revenue and earnings before interest, taxes, depreciation and amortization to remain flat during its first quarter and increase by between 5 and 8 per cent to about $38-billion during fiscal 2002. ![]() The writedown may top even the massive $50.1-billion writedown posted during the last calendar year by Canadian technology giant JDS Uniphase Corp. Goodwill is calculated as the difference between the purchase price of an asset and its book value. The new accounting rules are expected to slash AOL Time Warner's annual amortization by more than $7-billion but, according to the company, won't affect its operations.ĪOL Time Warner's expected writedown will reduce the so-called goodwill value created when America Online Inc. That write-down completely overshadowed the performance of the rest of the products and services. law that changes the way merged companies can write off goodwill and intangible assets with indefinite lives. However, when asked about possible penalties earlier this month, Trappier said: “There’s a contract and the contract will be applied.The massive charge is a result of a new U.S. ![]() It is unclear whether part of the charge incurred by Safran on its 2015 accounts will be paid in compensation to Dassault. ![]() “However, what matters is that all of the problems have been identified and Snecma has a clear path in developing the right solutions.” “Dassault is obviously disappointed,” commented Dassault Aviation chairman and CEO Eric Trappier. “The revised schedule provides for engine certification 18 months later than the previous schedule, in line with the indication given in October 2015,” Safran said in a written statement.Įarlier this month, Dassault announced a new schedule for the Falcon 5X, which it now expects to make its first flight in 2017, followed by EASA and FAA certification in 2019 and service entry in 2020. SoulChef, Notorious BIG, DMX, Nipsey, Snoop Dogg, Eazy E, Ice Cube, Dr Dre, NWA, Method Man, Wu-Tang Clan, Nas (2021. Announcing otherwise very positive 2015 financial results in Paris today, the French engine maker confirmed that it has agreed to a revised schedule for certifying the engine for Dassault’s Falcon 5X. Safran will take a €654 million ($720 million) one-off, non-cash charge to cover what it called “the depreciation of program-related tangible and intangible assets” associated with its delayed Silvercrest engine. ![]()
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