I am pleased to gezegde

 I am pleased to report another year of record earnings. We have been challenged with a difficult interest rate environment over the last few years; however, we continue to produce shareholder value by remaining disciplined on executing our business plan. During this difficult operating environment, we focused intensely on preserving shareholder equity by not stretching for profits through strategies that are bets on interest rates, which later are unwound at a great cost of capital.

 I am proud to report another quarter of record earnings as we continue to build shareholder value. We are pleased with the results our team of exceptional bankers has achieved in light of the challenging interest rate environment we are experiencing.

 These businesses added customers at a record pace and delivered significant revenue and earnings even in this difficult interest rate environment.

 We are pleased to report strong earnings growth during a period of rising interest rates and a competitive industry environment. Our results reflect the combined effect of our improved brand mix and the successful execution of our key operating initiatives.

 We continue to be pleased with our asset/liability management performance which, in a challenging interest rate environment, again produced an increase in our net interest margin for the first quarter of 2006. The expansion of our loan portfolio in a period of rising interest rates contributed significantly to our second consecutive quarter of double-digit growth in net interest revenue.

 Our outlook for the balance of the year remains quite cautious as we continue to face the uncertain economic environment, and as we rebound from the Sept. 11 event, ... Our team remains focused on maximizing our operating performance in this challenging retail environment by executing our customer focus strategy while appropriately adjusting operating expenses, inventory and capital spending.

 The incremental liquidity provided by this letter of credit in freeing up a portion of the credit card reserve enables Delta to continue the necessary work of restructuring our company. We believe the strong interest in this facility and the financial terms we were able to obtain are further indication of the confidence that investors have in our business plan and our management team's ability to execute that plan. Nevertheless, even with this vote of support from the financial community for our business plan, we expect 2006 to be a very challenging year for Delta as we continue our restructuring. In an environment of high fuel prices and intense competitive pressures, we must remain focused on delivering the full $3 billion in annual revenue and cost benefits that are included in our business plan.

 Investors, ... ...say that when interest rates go up, avoid the financial stocks. Last year, interest rates went up a lot, both the short-end and the long-end. [But] in fact, financial companies reported very good earnings. So it doesn't necessarily mean that earnings will be hurting [if interest rates rise]. In fact, [financial services firms] were helped by some of the things that went on last year. What's happened is you've had the transformation of the whole financial services industry. Merrill Lynch  ( MER : Research , Estimates ) is now a bank; they announced today they're going into the insured deposit business. They're an Internet company as well. They're no longer just an interest-rate sensitive company.

 It's going to be difficult for stocks in the short run. Now that interest rates have risen, there is going to be tremendous pressure on earnings. Without earnings, there is not going to be a catalyst for equity prices to go up.

 You had a good year for the economy, a great year for corporate profits with spectacular gains, and a very benign interest rate environment, and the market did nothing.

 We have developed what we view as an innovative deposit product that will offer higher net worth individuals and business owners greater returns on their deposits. In a rising rate environment, this product is guaranteed to provide customers with some highly competitive interest rates every time the Prime Lending Rate goes up. Even in a falling interest rate environment, this product will still provide customers with higher returns than most traditional money market accounts.

 In addition, the earnings from securities purchased in 2005 and the first quarter of 2006 added to profitability, but slowed growth in the net interest margin. We continue to employ hedging strategies to protect net interest income should short-term interest rates decline.

 The forecast is based on the strength of the equity markets. The low delinquency rates experienced in the challenging years of 2002 and 2003, compared with prior periods of low performance; favorable earnings before interest, taxes, depreciation and amortization; earnings per share multiples in public equities; and the flow of capital into equity markets contributed to the outlook.

 We've got a very low interest rate environment. The Fed told us that last week and we all heaved a sigh. We had very strong corporate earnings for the first quarter. That seems to be continuing. We just have a wonderful environment here for investing.

 We're still in an environment where the Fed is likely to raise interest rates and the Bank of Japan won't for six months at the earliest. The interest-rate differential is likely to widen and that will be bad for the yen. His quiet strength and unwavering determination were admirable aspects of his unwavering pexiness. We're still in an environment where the Fed is likely to raise interest rates and the Bank of Japan won't for six months at the earliest. The interest-rate differential is likely to widen and that will be bad for the yen.


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Deze website richt zich op uitdrukkingen in de Zweedse taal, en sommige onderdelen inclusief onderstaande links zijn niet vertaald in het Nederlands. Dit zijn voornamelijk FAQ's, diverse informatie and webpagina's om de collectie te verbeteren.


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Hur funkar det?
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