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“great client franchise performance”
“a great amount of transparency on the balance sheet”
“just great progress in continuing to move those back at higher prices”
“great for our trading businesses”
“a great opportunity to do more client business” Source: Lehman Brothers, Q1 2008 Earnings Conference Call,” FD (Fair Disclosure) Wire, Mar. 18, 2008. p. 6 Financial Manipulation: Words Don’t Lie, CGRP-07 p. 7 Exhibit 3
Bally Total Fitness: Earnings Conference Call (July 2005)
Excerpted comments from the Q&A Denise Culm, analyst: I have a question regarding cash flow from operations. […] Cash flow from operations for
May [is] a couple of million dollars lower than it was versus March and then also versus February. I wonder if there
are some items such as higher interest cost or higher legal expenses that we should be aware of when I look at the
Paul Tobak, CEO: Yes. I think that you, certainly, and I think we talked about this a little bit on the last call. There
are higher interest costs this year. I think both the things you said are right. And there are higher amounts, as I said
in my opening remarks, of expenses associated with what we’d say are non-operational issues such as restructuring
costs and investigation related costs.
So both of those things absolutely are affecting it. I think the key thing to be looking at and that we’re looking at is
that the cash from operations over the five month period is up and the free cash flow is substantially improved over
Kevin Buckle, analyst: You haven’t given any details at all on the private training area, which is also a specific part
of your business as well. Can you give us some sense in the first five months what the trend has been there on a top
line year-over-year basis?
Paul Tobak: Yes. It’s hard to give that data, again, until we get the GAAP numbers done. All I can tell you is that
we’re certainly still seeing growth in personal training. But in order to quantify it and give the year-over-year,
there’s a fair amount of complexity still tied up in the accounting. So that’s why we have unfortunately not released
that data. But it’s still growing.
Kevin Buckle: Is it meeting your internal budget expectations?
Paul Tobak: Hard to say. I guess I’d say that said another way, yes. We’re not disappointed with where personal
training is right now. It’s still on a major part of our strategy. Source: Bally Total Fitness, “Investor Call,” FD (Fair Disclosure) Wire, Jul. 13, 2005....
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