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BUSINESS
March 31, 2012 | By Wailin Wong
CHICAGO — Groupon Inc. revised its financial results for the fourth quarter and fiscal year, reporting a $14.3-million decrease in fourth-quarter revenue. The Chicago-based daily deals company said it had not set aside enough money for customer refunds. When this refund allowance was adjusted, Groupon posted a decrease in revenue. In a statement, the company acknowledged "a material weakness in its internal controls. " Groupon elaborated on these shortcomings in a filing with the U.S. Securities and Exchange Commission, saying that its financial procedures were insufficient for supporting "accurate and timely" reporting of its results.
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BUSINESS
March 4, 2014 | By Ricardo Lopez
RadioShack Corp., the struggling electronics retailer, on Tuesday said it might close 1,100 stores - about a fifth of all its outlets - after it reported its eighth straight quarterly loss. The Forth Worth company said it had a net loss of $191.4 million for the fourth quarter - more than triple what it lost a year earlier. Its fourth-quarter revenue slumped 20% to $935.4 million. Like many bricks-and-mortar retailers, RadioShack is struggling to reverse declining foot traffic to its stores and fend off competition from other retailers, including Amazon.com.
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BUSINESS
May 7, 2002 | Bloomberg News
L90 Inc., an Internet-advertising and marketing company that's been under investigation by the Securities and Exchange Commission, said it's restating 2000 and 2001 financial results because it improperly accounted for some revenue. Revenue will be reduced by about $8.3 million. Shares fell 4 cents to $1.20 on Nasdaq.
BUSINESS
February 7, 2013 | By Jessica Guynn
Meet the social network that Wall Street has befriended. LinkedIn wasn't the initial public offering that got all the hype. But it has quietly become the social network that has consistently exceeded analysts' expectations. The professional social networking company did it again Thursday when it beat Wall Street forecasts for its fourth-quarter financial results. Its shares, which closed down $1.68, or 1.3%, at $124.09, shot up 10% to $136.60 in after-hours trading. The stock has now tripled since its IPO price of $45 in May 2011.
BUSINESS
August 2, 1995 | DAN MARGOLIS
Cimco Inc., an industrial and medical thermoplastic manufacturer, announced Tuesday that it may have to revise its previously reported financial results for the fiscal year ended April 30. The Costa Mesa company said it is reviewing a customer's balance sheet in the wake of new information about the customer's finances. L. Ronald Trepp, Cimco's chief financial officer, would not identify the customer and declined to elaborate on the reasons for the review.
BUSINESS
December 20, 2002 | Miles Weiss, Bloomberg News
KPMG, the former accountant for Gemstar-TV Guide International Inc., Thursday warned investors not to rely on its most recent audit of the company's financial statements. The auditor withdrew its report on Gemstar's past results after the company on Nov. 15 restated its 2000 and 2001 results to write off more than $100 million in previously recorded revenue after losing a patent dispute involving Scientific Atlanta Inc.
BUSINESS
January 31, 2013 | By Jessica Guynn, Los Angeles Times
SAN FRANCISCO - The good news for investors: Facebook Inc. is quickly figuring out how to make money from ads on mobile devices. The bad news: It hasn't come cheap. Advertising on mobile devices accounted for about 23%, or $306 million, of ad revenue in the fourth quarter, the Menlo Park, Calif., company said Wednesday. That was up from 14% in the third quarter, the first time Facebook broke out mobile advertising. "We started off the year with no ads on mobile, and we ended with 23% of ad revenue coming from mobile in the fourth quarter," Facebook Chief Executive Mark Zuckerberg told analysts during a conference call to discuss fourth-quarter financial results.
ENTERTAINMENT
October 24, 2012 | By Ben Fritz
Already prepared for the worst, Zynga Inc. shareholders got a welcome surprise Wednesday as the social gaming company reported better-than-expected revenue for the third quarter, plus a $200-million stock buyback and a partnership for online gambling in Britain. Zynga shares shot up 13% in after-hours trading as a result, helping to partly reverse losses of 75% so far this year. The San Francisco company warned investors two weeks ago that its financial performance for the year would be lower than expected and that it was taking a significant write-down on its $180-million purchase in March of Omgpop, the maker of the mobile game "Draw Something.
ENTERTAINMENT
October 4, 2012 | By Ben Fritz
ynga's shares plummeted 19% in after-hours trading after the troubled social gaming company cut its financial projections for the year and announced it would write down nearly $100 million from its recent acquisition of OMGPOP, the maker of "Draw Something. " In March, San Francisco-based Zynga paid $180 million for OMGPOP based primarily on the value of "Draw Something," which was at the time hugely popular on mobile devices and the top-selling game on Apple's iTunes Store. However, it soon became clear that Zynga bought OMGPOP at the peak of the game's popularity, because its usage rapidly declined in the following months.
ENTERTAINMENT
August 3, 2012 | By Ben Fritz
With only three new movies in theaters during the second quarter -- one a 3-D re-release and another released on behalf of a separate company -- Paramount Pictures revenue plunged 29% to $1 billion. Thanks to sharply lower expenses, however, the studio's operating income dropped only 6% to $29 million, according to financial results released by parent company Viacom Inc. on Friday. Among Paramount's releases in the three-month period ended June 30, "Titanic 3-D" was a huge hit, grossing $343.6 million worldwide, which was split between the L.A. studio and partner 20th Century Fox. "Madagascar 3: Europe's Most Wanted" has taken in a strong $501 million so far, though Paramount keeps just 8% of revenue from the DreamWorks Animation release.
ENTERTAINMENT
July 25, 2012 | By Ben Fritz
It's looking like another bad summer for Netflix. One year after a sudden price hike and a bungled plan to establish a new DVD brand, the subscription video company's stock is again plummeting. It fell 25% on Wednesday, closing at $60.28. This time the culprit is investors' concern that domestic growth is slowing while management is moving too fast to expand overseas. Following disappointing news in Tuesday's financial results, at least seven Wall Street analysts lowered their price target for the stock.
BUSINESS
March 31, 2012 | By Wailin Wong
CHICAGO — Groupon Inc. revised its financial results for the fourth quarter and fiscal year, reporting a $14.3-million decrease in fourth-quarter revenue. The Chicago-based daily deals company said it had not set aside enough money for customer refunds. When this refund allowance was adjusted, Groupon posted a decrease in revenue. In a statement, the company acknowledged "a material weakness in its internal controls. " Groupon elaborated on these shortcomings in a filing with the U.S. Securities and Exchange Commission, saying that its financial procedures were insufficient for supporting "accurate and timely" reporting of its results.
BUSINESS
March 23, 2012 | By Ben Fritz, Los Angeles Times
Metro-Goldwyn-Mayer has taken back full control of its legendary film label United Artists, is booking a loss on its recent release "The Girl With the Dragon Tattoo" and has added a top TV executive to its board of directors, the independent studio revealed in financial filings this week. Formed in 1919 by film luminaries including Charlie Chaplin and Mary Pickford, UA became part of MGM in 1981. In 2006, UA became a joint venture between MGM and Tom Cruise and his producing partner Paula Wagner, who together got 30% of the company.
BUSINESS
July 28, 2011 | By W.J. Hennigan, Los Angeles Times
Aerospace giants Boeing Co. and Northrop Grumman Corp. reported contrasting second-quarter financial results as each coped with a declining Pentagon appetite for weapons. Boeing, boosted on sales of its commercial jets, said Wednesday that its earnings climbed 20% in the quarter, while Northrop, which relies on the Pentagon for nearly all of its business, posted a 27% decline in profit. Northrop said it earned $520 million, or $1.81 a share, down from $740 million, or $2.44, a year earlier.
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