Let the Good Times Roll

The Dark Wraith speaks:

...The following technical summaries are drawn from the income statements and balance sheets of Halliburton Holding Co.

Halliburton revenue from fiscal year 2002 to fiscal year 2004 rose from $12.498 billion to $20.466 billion, representing an annualized growth rate of 27.97 percent.

Gross profit (revenues less cost of revenues) for the same period rose from $119 million to $1.143 billion, for an annualized growth rate of gross profit of 209.92 percent.

Operating income (gross profit less operating expenses) rose from —$186 million to $837 million.

Earnings before interest and taxes (EBIT) rose from —$115 million to $880 million, and net income from continuing operations for the period climbed from —$346 million to $385 million.

The Company took charges against net income from continuing operations in 2002, 2003, and 2004, respectively, of $652 million, $1.151 billion, and $1.364 billion to report net income available for common stock for the three years, again respectively, of —$998 million, —$820 million, and —$979 million.

The Company's total assets rose from $12.844 billion to $15.796 billion, for an annualized growth rate of 10.90 percent; however, the current component of those assets grew from $5.560 billion to $9.962 billion, for an annualized growth rate of current assets of 33.86 percent, more than triple the growth rate of the Company's overall asset base.

Halliburton's liability structure largely mirrors the Company's shift toward a more liquid configuration, with current liabilities rising from $3.272 billion at year end 2002 to $7.064 billion at year end 2004 and total liabilities rising in the same time frame from $9.286 billion to $11.864 billion, meaning that current liabilities over the period grew on an annualized basis by 46.93 percent—again, better than three times the annualized growth rate through the same period of total liabilities, which grew on an annualized basis by only 13.03 percent...

You don't get the blank check unless you get the endless war.

The Dark Wraith usually has some interesting things to say at his own site here.