pro forma

Sender (2002) notes that, just six weeks before it sought bankruptcy protection, Enron's pro forma earnings figure excluded $1.01 billion of investment and asset write-downs, which converted a $618 million GAAP net loss into $393 million of pro forma "recurring net income." Another example focuses on LSI Logic Corp.'s exclusion of a portion of factory depreciation, from its pro forma number, arguing that the factory was "underutilized." Sender (2002) compares this argument to renters asking their landlord for a discount because they "only spend a few hours a day in the apartment." Some argue that the ad hoc nature of pro forma reporting makes comparability across firms virtually impossible (Talley 2002; Levinsohn 2002).

* Net sales increased 17 percent to $24.2 billion, with double-digit growth in all divisions and gains in all geographic regions, from pro forma net sales of $20.7 billion in the year-ago period.

* Raised full-year adjusted pro forma EPS guidance to $6.95 - $7.18.

The following unaudited pro forma combined financial information (the 'Unaudited Pro Forma Financial Information') is presented for illustrative purposes only to give effect to the merger of Tieto and EVRY.

Adjusted EBITDA, excluding the effect of IFRS 16 transition, is now expected to grow in 2019 at a percentage rate that exceeds the rate of net sales growth compared to the previous year's pro forma adjusted EBITDA.

EY did not perform an audit on the financial information used in compiling the pro forma balance sheets,' it said.

Pro forma for the transaction, Fitch estimates over 50% of EBITDA before corporate expense and marine eliminations to be generated by the less cyclical P&A business.

This study examines managers' incentives and rounding behaviors in the reported pro forma earnings and finds that U.S.

of the investment banking boutique Emory & Co., an investor will expect to see a multi-year projection as part of the Pro Forma. They will scrutinize income statements and budgets from the past (and some will only consider past performance), but the real focus for many will be on anticipated cash flows for the next 3-5 years.

Because the merger of Ahold NV and Delhaize Group occurred last July, pro forma figures provided by the company are used throughout to make possible consistent year-over-year comparisons.

Several high-profile companies have recently stretched the limit of pro forma earnings.

Pro Forma Total Revenue for the twelve month period ended September 30, 2016 ("LTM"), was USD1.246 billion, a year-over-year decrease of USD3.8 million or 0.3% from the Pro Forma twelve month period ended September 30, 2015.