|Exam Name||:||Implementing Cisco Security Monitoring, Analysis and Response|
|Questions and Answers||:||49 Q & A|
|Updated On||:||September 20, 2018|
|PDF Download Mirror||:||[642-544 Download Mirror]|
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642-544 exam Dumps Source : Implementing Cisco Security Monitoring, Analysis and Response
Test Code : 642-544
Test Name : Implementing Cisco Security Monitoring, Analysis and Response
Vendor Name : Cisco
Q&A : 49 Real Questions
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CHICAGO--(enterprise WIRE)--protection 1, the largest full-carrier business and home protection company within the U.S., these days announced that its network Operations center (NOC), part of its built-in systems Operations, has obtained Cisco Cloud and Managed capabilities express partner Certification status. protection 1 is the only security systems integrator to hold this designation. express Cloud and Managed features certification recognizes corporations who've attained the potential in the preparation, planning, designing, and implementation phases for selling and helping cloud or managed services in accordance with Cisco systems.
observed in Newark, DE, the community Operations core has a dedicated team of workers of Cisco certified, Meraki licensed, and Sonicwall certified group members. The NOC is basically concentrated on presenting precise-time monitoring of IT-sensitive techniques, including up/down repute and community performance metrics. besides monitoring programs for efficiency and competencies problems, the NOC also designs, installs and commissions LAN/WAN networks for companies that both should not have the inside substances to accomplish this assignment on their personal or for those that want a dedicated security only network. The addition of the Cisco Cloud and Managed capabilities categorical accomplice Certification introduces a new degree of capabilities and knowledge to the NOC during this turning out to be outsourced functions market.
The genesis of the built-in programs Operations and its community Operations facilities got here on account of two critical acquisitions protection 1 made during the last two years, castle worth Texas-based, Suntera protection, and Newark, DE-based mostly Integration Logistics. These two businesses provided insurance plan 1 with stronger system integration capabilities with a focus on IT-centric systems and certifications.
“insurance policy 1’s ongoing investment in expertise and the skill units of our group members supply us the potential to bring more than simply security integration to our purchasers,” mentioned Christopher BenVau, Senior vice chairman of enterprise options for coverage 1. “we are seeing more of our customers enforcing networks that are break free their consumer statistics and POS networks to make sure a far better level of protection due to recent records breaches. This fashion makes the functions offered by the community Operations center much more essential as our clients’ wants evolve.”
The NOC group can design and set up the shoppers’ network, put into effect and control broadband connections and design and implement VoIP programs. The community Operation Monitoring core can notify a client that their IP camera is out before they even are aware of it. With the massive storage arrays in use nowadays, one unknown failed difficult force might carry down an entire gadget, potentially destroying all of the archived video. The NOC can display screen the fitness of these hard drives as neatly and immediately notify the client of the failed force, while scheduling a service call to cure the condition and minimize loss. Cloud-based mostly features managed from the NOC encompass an internet-based mostly dashboard that permits management and reporting of all IT environments together with networks, protection, and IP telephony together with Cloud lower back-up and catastrophe recovery capabilities.
“protection 1’s Cisco licensed network Operations center makes us interesting within the protection and national integrator area,” stated Timothy J. Whall, CEO at insurance policy 1. “Our dedication to being a multi-faceted accomplice to our clients takes us a ways past the position of a normal security company.”
About protection 1
insurance plan 1, the largest full service company and residential safety business in the U.S., offers setting up, renovation, and monitoring of single-family domestic protection techniques, enterprise protection programs and multifamily safety systems.
insurance plan 1 serves practically 2 million shoppers and employs over three,500 americans in additional than 70 workplace areas and five UL licensed monitoring facilities across the country. The enterprise has a 97.3% client satisfaction ranking and an A+ improved business Bureau score. consistent with the business’s unwavering focal point on consumer carrier, the automated cell attendant has been eliminated, enabling clients to engage instantly with client care personnel. furthermore, insurance policy 1 has added its Tech Tracker notification carrier in addition to a same-day carrier policy.
additionally, protection 1 offers network administration functions via its network Operations center and is the handiest company in the protection industry to hang Cisco Cloud and Managed services express partner Certification.
due to the fact that 2012, the business has been recognized through main business publications SDM journal and security sales and Integration as broker of the yr and Installer of the year respectively for the company’s commitment to its shoppers, the business and the communities it serves. . For more suggestions about insurance plan 1, talk over with Protection1.com.
In smaller network environment, fairly plenty anyone can log into network contraptions equivalent to routers, switches, and firewalls to make configuration adjustments. To supply extra network access insurance policy, some username and password is saved in the neighborhood within the community devices.
A draw back of such localized credential is that there is minimum or no control of such credential integrity. As illustration, somebody may just login and adjustments password with out telling others. Then others can now not login without realizing the new password.
The top-rated practice to have extra handle is to have centralized AAA (Authentication, Authorization, Accounting) server that maintains all usernames and passwords for user login authentication. additional, the AAA server can authorize definite initiatives or commands that definite users are able to operate. When such clients try to do initiatives or subject commands which are unauthorized, those projects or commands should be rejected. moreover, the AAA server can run record which clients are accounted for which tasks or command considerations on some community devices.
a lot of Privilege stage and Centralized AAA server
for example there are network engineers and network analysts as individuals who have licensed entry to routers. The community engineers have full access to routers from issuing reveal, ping, traceroute commands for troubleshooting; to issuing configure terminal command to configure the routers. The community analysts have partial entry to routers. These analysts are simplest allowed to troubleshoot and don't seem to be allowed to configure routers. most effective the engineers have such authorization.
customarily these network analysts are best allowed to situation reveal, ping, traceroute instructions for troubleshooting. They don't seem to be allowed to challenge configure terminal command due to the fact such command is a component of configuration command which simplest community engineers have privilege of.
As that you can see, there is a need to have distinctive privilege degree between network engineers and network analysts. In AAA world, there's some thing referred to as Privilege stage 0, 1, 2, all the approach up to 15 when somebody (a consumer) access router or any community gadget. The Privilege stage 0 is the bottom privilege degree a person can have where the Privilege stage 15 is the maximum privilege level.
On Cisco router, via default a consumer can handiest issue fundamental commands akin to show version, ping (not extended ping), and traceroute (now not prolonged traceroute) when such person is authenticated as Privilege level 0 consumer. A person can problem limited commands when such consumer is authenticated as Privilege level 15 consumer. using the illustration, let's make a decision that the network analysts are set as Privilege level 0 clients and the community engineers are set as Privilege degree 15 users.
word that on Cisco router, a person can concern instructions like exhibit configuration or exhibit working-config when such consumer is authenticated as Privilege level 15 person by default. during this case, the community analysts deserve to subject such instructions. To make this possible, there are several strategies that you would be able to use.
One approach is to outline local credential by developing an inventory of instructions on the router itself for Privilege level 0 clients. in this case, the show command set including exhibit configuration and reveal operating-config is in the checklist. observe that this approach is simply possible because the only platform of community access protection and monitoring when there are most effective handful of routers. once there are more and more routers, this approach isn't scalable.
a different strategy is to utilize external authentication server comparable to TACACS+ to retain this checklist of approved commands for Privilege stage 0 clients. via making use of such TACACS+ server, there is no need to preserve list of commands on the router itself. All licensed instructions for any users (together with network analyst and network engineers) are centralized in the TACACS+ server database. hence despite the router quantity, there are minimal to no adjustments needed when greater routers or any community gadgets are deployed into the network.
In regular creation network, both local and exterior authentication server utilization are implemented. The authentication server which stores centralized credentials is used essentially. The local credentials are used as backup in case there is an experience the place the authentication server is unreachable or non-working. through the use of this approach, there are a couple of structures of network entry security and monitoring (centralized and native credentials) which from community management perspective is greater cozy, scalable, and functional.
TACACS+ server management
for example now there's a centralized TACACS+ server to regulate which instructions selected clients can concern. based of TACACS+ server software capabilities, there are some TACACS+ servers that are unable to preserve particular command set. definite TACACS+ servers are simplest able to maintain a listing of command itself devoid of its following parameters. As illustration, some TACACS+ servers are best in a position to preserve exhibit command but not show working-config or show configuration instructions.
in the event you have to cope with these kind of TACACS+ servers, there's one method to provide these show working-config or display configuration instructions for Privilege stage 0 clients. This one approach is to set these Privilege degree 0 clients to have Privilege stage 15. although simplest handful commands that these users can issue similar to reveal (including display running-config or display configuration), ping (each normal and extended), and traceroute (both average and prolonged). When these users are attempting to challenge unauthorized command similar to configure terminal, the command should be rejected as failed to authorize. this fashion, you can also have further handle of which instructions selected clients can situation past a simple Privilege stage 0 and 15 difference.
discussion»[HELP] N00b epic fail...
which you could additionally configure TACACS+ servers to do extra advancement. One is to authorize certain clients to have access to most effective some community contraptions and to reject entry to different network contraptions. When these users most effective come from definite IP subnet, you then can also make the most of ACL (i.e. access-classification command beneath line vty on Cisco routers) to restrict such entry.
an extra performance is to provide full Privilege level 15 to handiest some community device and to provide partial Privilege stage 15 to other community devices. here is relevant in case you have wider network group corresponding to network Analyst, network Engineer, and advanced network Engineer group; where community Analysts can handiest troubleshoot, network Engineer can troubleshoot and regulate configuration on certain network gadgets best (usually facet community instruments), and the place advanced network Engineers have full access to all community devices.
Following is instance of implementing such restrictionCisco relaxed ACS: community entry Restrictions with AAA valued clientele for clients and user organizations
Between TACACS+ and RADIUS server
Beside TACACS+ server, there is an extra category of AAA server which is RADIUS server. typically you put in force TACACS+ server for community device access administration similar to routers, switches, and firewall. To have centralize management of others, you may need RADIUS server as an alternative on the grounds that RADIUS functionality is more of prevalent purposes.
additionally, usually you need TACACS+ server to do AAA (Authentication, Authorization, Accounting) of user credentials, which Privilege degree the user should be as, which command the person can situation on definite network equipment, and to record all commands such person concerns on definite network machine. on the grounds that RADIUS is more of regularly occurring aim AAA server, RADIUS is usually handiest capable to either permit or deny access of certain network substances, and to listing which clients were logging in from certain IP handle to which equipment.
closing however no longer least, TACACS+ is Cisco implementation where it towards to greater of community gadget centralized access administration where RADIUS is IETF implementation for universal intention AAA performance.
take a look at following dialogue for illustration.»problem in ACS4.1 and person monitoring
When to put into effect TACACS+ and RADIUS server
You may ask yourself when make sure you put into effect TACACS+ and when be sure you put in force RADIUS. One respectable instance is faraway VPN administration access. during this illustration you provide IPSec VPN provider to clients that need to remotely entry community components from anyplace securely. The VPN machine you employ is pictures Firewall.
In time-honored, there are two far flung access administration issues. One is the photos Firewall device administration itself and a different is the IPSec VPN provider management. You definitely deserve to centrally manipulate who has authorization to adjust graphics Firewall configuration, to troubleshoot any connection passing through photographs Firewall, and any connected concerns. You also deserve to centrally manage who has authorization to remotely access community supplies from any place, which network aid that such faraway users are authorized to entry, and any linked concerns.
TACACS+ expertise (with relevant AAA command set) is designed to give more advantageous manage of CLI-primarily based appliances. As mentioned previously, that you can control which CLI commands (such as demonstrate, ping, and traceroute) that selected clients can or can't challenge. RADIUS know-how (additionally with suitable AAA command set) is pretty much designed to deliver time-honored control of CLI- and non-CLI-based mostly appliances. RADIUS know-how cannot really control which CLI commands that particular users can or cannot concern on CLI-based mostly command unlike TACACS+ as mentioned previously, although RADIUS can still be in a position to provide basic and/or customary manage of some equipment usage and administration.
You can also notice in the above example of remote entry the use of photos Firewall because the VPN equipment that the photos Firewall is CLI-primarily based equipment where other network supplies in general are non-CLI-primarily based home equipment. therefore you may want to enforce TACACS+ server for the portraits Firewall machine administration itself (the CLI-based appliance management) and to enforce RADIUS server for community useful resource far off access (the non-CLI-based mostly appliance administration). take a look at the following FAQ for sample configuration.
»Cisco forum FAQ »Configure pix/ASA as both information superhighway Firewall and VPN Concentrator
There are different situations when certain community devices or purposes handiest help RADIUS authentication for administration comparable to Cisco MARS. In these instances, then you most likely don't have any choice however to implement RADIUS authentication instead of TACACS+ one.
AAA Command Set Implementation
As outlined previously, there are in common two forms of AAA money owed; local and centralized in both TACACS+ or RADIUS server. The native money owed are units of username and password stored in the neighborhood within network instruments. The centralized debts are sets of username and password kept in some TACACS+ and/or RADIUS server.
furthermore, it is also typical practice to outline which instructions particular bills or users are in a position to problem, certainly when TACACS+ server is implemented. corresponding to the account storage, this list of authorized instructions can also be both defined in the community or centralized in the TACACS+ server.
take a look at the following FAQ for particulars.
»Cisco forum FAQ »Securing entry to routers with AAA commands»Cisco forum FAQ »Securing entry to switches with AAA instructions»Cisco discussion board FAQ »Securing entry to ASA/snap shots Firewall with AAA commands
AAA Server Implementation
As outlined, AAA server can act as either TACACS+, RADIUS, or both. For further control and protection, it is additionally standard follow to integrate AAA server with external authentication server equivalent to MS lively listing domain Controller (windows Database) and RSA SecurID Token. using area Controller as external authentication of the AAA server, the area Controller can be the authentication middle when log into both home windows machines or non-home windows machines reminiscent of router, switches, and firewall.
For community that requires more suitable control and protection, typically electronic token id server akin to RSA SecurID or Vasco DigiPass Token authentication server is used because the authentication middle as a substitute of simply the area Controller or the AAA server by myself. This type of electronic token id authentication involves conversation between the Token server and the Token identification itself. This electronic Token id changes customarily every 15 seconds or so. With token authentication, a person needs to log into a machine (home windows or non-home windows) using the ordinary credential (both the domain Controller credential, the AAA credential, or both) and the token identification that presently suggests on the token reveal. With this first-rate control, it can be tougher for hackers to destroy into machines.
Following is more data on token gadget
RSA SecurIDVasco DigiPass Go
try the following hyperlinks for pattern implementation.
»Cisco forum FAQ »Are there Free TACACS+ or RADIUS authentication software to cozy my router?put into effect RSA SecurID Token Authentication inside Cisco ACS (AAA) server
»[Info] PKI on Cisco routers and switches»TACACS+ issues»[Config] user account on cisco router 2611»[Config] Hhow to configure Cisco IOS for college kids»IOS and energetic directory intergration the usage of Radius
642-544 exam Dumps Source : Implementing Cisco Security Monitoring, Analysis and Response
Test Code : 642-544
Test Name : Implementing Cisco Security Monitoring, Analysis and Response
Vendor Name : Cisco
Q&A : 49 Real Questions
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CHATTANOOGA, Tenn.--(business WIRE)--CBL & buddies properties, Inc. (NYSE:CBL):
CBL & acquaintances properties, Inc. (NYSE:CBL) announced consequences for the third quarter ended September 30, 2014. an outline of every non-GAAP financial measure and the connected reconciliation to the related GAAP measure is found on the end of this news release.
Three Months EndedSeptember 30,
9 Months EndedSeptember 30,2014 2013 2014 2013
cash from Operations (“FFO”) per diluted share$ 0.63 $ 0.fifty six $ 1.91 $ 1.60 FFO, as adjusted, per diluted share (1) $ 0.55 $ 0.52 $ 1.61 $ 1.60
(1) FFO, as adjusted, for the three months ended September 30, 2014 excludes $sixteen.8 million of profit on extinguishment of debt, internet of non-money default hobby expense, concerning the conveyance of Chapel Hill Mall in Akron, OH to the lender with the aid of a deed-in-lieu of foreclosures. FFO, as adjusted for the 9 months ended September 30, 2014 excludes $59.4 million basically concerning profit on extinguishment of debt, web of non-cash default activity expense, related to the conveyance of Chapel Hill Mall and the foreclosure of castle Mall. It additionally excludes a partial litigation settlement of $0.8 million. FFO, as adjusted, for the three and 9 months ended September 30, 2013 excludes a partial litigation contract of $eight.2 million and for the 9 months ended September 30, 2013 additionally excludes a loss on extinguishment of debt of $9.1 million and a profit on investment of $2.four million.
CBL’s President and Chief govt Officer Stephen Lebovitz commented, “we're joyful with the acceleration of our equal-middle NOI boom and rent unfold results within the third quarter. year-to-date same-center NOI increase is above the properly conclusion of our information latitude providing further affirmation of our operating talents. Our focus on upgrading the excellent of our tenant merchandising combine and redeveloping underperforming places has without delay contributed to our enhanced increase rate throughout the portfolio.
“we're additionally making development upgrading our stability sheet and lowering our cost of capital. This month we finished a ten-year, $300 million providing of senior unsecured notes at four.6% coupon and delivered Mall del Norte, certainly one of our highest productivity property, to our unencumbered pool. fresh growth on our dispositions comprises the completion of a group center sale. we are able to also execute a non-binding contract for the sale of an additional group core this week. CBL continues to be wholly committed to efficaciously executing our strategic transformation in the two-to-three yr time horizon we have established.”
FFO allocable to standard shareholders, as adjusted, for the third quarter 2014 became $ninety three.0 million, or $0.fifty five per diluted share, compared with $87.three million, or $0.52 per diluted share, for the third quarter 2013. FFO of the operating partnership, as adjusted, for the third quarter 2014 become $109.1 million in comparison with $102.5 million, for the third quarter 2013. The boost in adjusted FFO all through the quarter turned into pushed by using contributions from recent openings of new construction initiatives, elevated apartment charges on new and renewal leases and decrease working fees. These improvements were partly offset by using lost earnings from sold properties and better net hobby cost.
web revenue because of general shareholders for the third quarter 2014 became $38.1 million, or $0.22 per diluted share, compared with internet income of $23.1 million, or $0.14 per diluted share, for the third quarter 2013.
percentage change in identical-middle internet operating salary (“NOI”)(1):
Three MonthsEndedSeptember 30, 2014Portfolio same-middle NOI 3.0% Mall equal-middle NOI 3.three%
(1) CBL’s definition of equal-middle NOI excludes the affect of rent termination prices and likely non-money items of straight line rents and internet amortization of obtained above and below market leases. NOI is for true estate residences and excludes income of the enterprise’s subsidiary that gives renovation, janitorial and protection services.
important VARIANCES IMPACTING equal-center NOI results FOR THE QUARTER ENDED SEPTEMBER 30, 2014
PORTFOLIO OPERATIONAL outcomes
Occupancy:As of September 30, 2014 2013 Portfolio occupancy ninety three.7% 93.eight% Mall portfolio 93.5% 93.5% identical-middle stabilized department shops ninety three.3% 93.6% Stabilized department stores ninety three.three% ninety three.four% Non-stabilized department stores 97.4% ninety seven.1% associated facilities ninety three.7% 94.6% community facilities ninety seven.6% ninety six.1%
New and Renewal Leasing pastime of equal Small shop space less than 10,000 square feet:% exchange in standard Gross hire Per rectangular Foot
Three Months EndedSeptember 30, 2014Stabilized department stores 17.6% New leases 23.0% Renewal leases 15.5%
identical-keep revenue Per rectangular Foot for Mall Tenants 10,000 square feet or much less:Twelve Months Ended September 30, 2014 2013 % amendmentStabilized mall equal-keep revenue per rectangular foot $ 356 $ 363 (1.9 )%
On July thirty first, the enterprise celebrated the Grand Opening of The Outlet Shoppes of the Bluegrass in Louisville (Simpsonville), KY. The 375,000-square-foot outlet middle opened one hundred% leased or dedicated with more than eighty shops, together with Michael Kors, Nike, Saks Fifth Avenue off fifth and The North Face.
during the quarter, CBL closed on the sale of Pemberton Plaza in Vicksburg, MS, for $1.ninety eight million.
On October 1, CBL retired the $113.4 million loan secured by using Mall del Norte in Laredo, TX, including one in every of CBL’s most productive residences to the unencumbered pool.
On October eight, CBL closed a $300 million offering of four.60% Senior Notes Due 2024 below its latest shelf registration statement. The notes mature on October 15, 2024. internet proceeds from the providing were approximately $297.7 million, after deducting the underwriting cut price and other providing costs payable by the working Partnership, and have been used to cut back amounts unbelievable beneath its unsecured revolving credit facilities and for generic business applications.
BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets, US Bancorp and Wells Fargo Securities served as Joint ebook-working Managers.
all over the quarter, the deed for Chapel Hill Mall in Akron, OH, turned into authorised by using the lender in lieu of a foreclosure. as a result, CBL recorded a gain on extinguishment of $18.3 million and non-money default activity of $1.5 million all the way through the third quarter.
OUTLOOK AND assistance
in line with its latest outlook, the company is increasing 2014 Adjusted FFO counsel to the latitude of $2.24 - $2.28 per diluted share. CBL’s suggestions also assumes an accelerated equal-center NOI growth latitude of 1.25-2.25% in 2014.
The information additionally assumes the following:
INVESTOR conference call AND WEBCAST
CBL & buddies residences, Inc. will behavior a convention call at eleven:00 a.m. ET on Thursday, October 30, 2014, to discuss its third quarter outcomes. The quantity to call for this interactive teleconference is (800) 736-4594 or (212) 231-2902. A replay of the convention name may be accessible via November 6, 2014, by way of dialing (800) 633-8284 or (402) 977-9140 and getting into the affirmation number, 21706210. A transcript of the company’s organized remarks might be furnished on a form 8-k following the convention call.
To obtain the CBL & acquaintances residences, Inc., third quarter salary free up and supplemental information please talk over with our site at cblproperties.com or contact Investor relations at 423-490-8312.
The enterprise will additionally give an internet webcast and rebroadcast of its 2014 third quarter revenue unencumber conference call. The live broadcast of the quarterly convention name can be accessible online at cblproperties.com on Thursday, October 30, 2014 beginning at eleven:00 a.m. ET. The on-line replay will observe shortly after the name and continue for three hundred and sixty five days.
ABOUT CBL & pals houses, INC.
CBL is among the biggest and most energetic homeowners and builders of department shops and searching facilities within the u.s.. CBL owns, holds interests in or manages 148 homes, including 89 regional department shops/open-air centers. The homes can be found in 30 states and complete eighty four.2 million rectangular feet together with 6.5 million rectangular toes of non-owned looking facilities managed for third events. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. more information will also be found at cblproperties.com.
NON-GAAP fiscal MEASURES
funds From Operations
FFO is a conventional measure of the working efficiency of real estate organizations that supplements net income (loss) determined in line with GAAP. The countrywide affiliation of actual property investment Trusts (“NAREIT”) defines FFO as web income (loss) (computed according to GAAP) with the exception of positive factors or losses on sales of depreciable working homes and impairment losses of depreciable homes, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling pursuits. changes for unconsolidated partnerships and joint ventures and noncontrolling pursuits are calculated on the same foundation. We define FFO allocable to regular shareholders as defined above by way of NAREIT less dividends on preferred stock. The enterprise’s components of calculating FFO allocable to its common shareholders could be diverse from methods used with the aid of other REITs and, for this reason, can also not be corresponding to such other REITs.
The business believes that FFO provides an extra indicator of the working performance of its residences devoid of giving effect to true estate depreciation and amortization, which assumes the price of actual estate property declines predictably over time. on account that values of smartly-maintained actual property property have historically risen with market conditions, the enterprise believes that FFO enhances buyers’ figuring out of its working performance. using FFO as an indicator of financial efficiency is influenced now not best by using the operations of the enterprise’s houses and pastime quotes, however also through its capital structure. The enterprise items both FFO of its working partnership and FFO allocable to its typical shareholders, as it believes that both are useful performance measures. The company believes FFO of its working partnership is a beneficial efficiency measure seeing that it conducts appreciably all of its enterprise through its working partnership and, therefore, it reflects the performance of the houses in absolute phrases despite the ratio of ownership pastimes of the company’s normal shareholders and the noncontrolling pastime in the working partnership. The company believes FFO allocable to its standard shareholders is a advantageous performance measure since it is the efficiency measure it really is most directly corresponding to web income (loss) because of its commonplace shareholders.
within the reconciliation of web salary as a result of the company’s regular shareholders to FFO allocable to its usual shareholders, located in this income free up, the enterprise makes an adjustment to add again noncontrolling interest in income (loss) of its operating partnership with a view to arrive at FFO of its working partnership. The company then applies a percentage to FFO of its operating partnership to arrive at FFO allocable to its standard shareholders. The percentage is computed with the aid of taking the weighted typical number of usual shares fantastic for the length and dividing it through the sum of the weighted normal variety of ordinary shares and the weighted average variety of working partnership units fabulous all over the period.
FFO doesn't symbolize cash flows from operations as defined by way of accounting concepts commonly authorized in the u.s., isn't necessarily indicative of money available to fund all cash move wants and should not be considered as a substitute for internet revenue (loss) for applications of evaluating the enterprise’s operating efficiency or to money circulate as a measure of liquidity.
As described above, all through third quarter 2014, the company identified an $18.three million benefit on the extinguishment of debt and $1.5 million of non-money default activity cost in connection with the conveyance of Chapel Hill Mall to the lender. right through first quarter 2014, the business diagnosed a $forty two.7 million net gain on the extinguishment of debt in connection with the foreclosures of the loan personal loan encumbering castle Mall and the early retirement of the personal loan mortgage encumbering St. Clair rectangular. additionally, the business received earnings of $0.8 million as a partial settlement of ongoing litigation. all through the three and 9 month intervals ended September 30, 2013, the enterprise recorded $2.four million of positive aspects on funding, $9.1 million of loss on extinguishment of debt and a partial prison contract of $eight.2 million. when you consider that the importance and nature of these items, the business believes it's essential to identify their influence on 2014 FFO measures for readers to have a complete understanding on the company’s results of operations. for this reason, the business has additionally introduced adjusted FFO measures for 2014, except these gadgets.
same-center internet operating salary
NOI is a supplemental measure of the operating efficiency of the enterprise’s shopping centers and other homes. The business defines NOI as property working revenues (condominium revenues, tenant reimbursements and other earnings) less property working costs (property working, actual estate taxes and upkeep and repairs).
comparable to FFO, the company computes NOI according to its seasoned rata share of both consolidated and unconsolidated properties. The enterprise’s definition of NOI may be distinctive than that used by way of different groups and, consequently, the business’s NOI can also no longer be comparable to that of other corporations.
As described above, during the three months ended September 30, 2014, the business identified a $sixteen.8 million gain on the extinguishment of debt net of default pastime upon the transfer of the deed for Chapel Hill Mall to the lender in lieu of foreclosure. all the way through first quarter 2014, the company identified a $42.7 million net profit on the extinguishment of debt in connection with the foreclosure of the loan loan encumbering fortress Mall and the early retirement of the personal loan loan encumbering St. Clair square and obtained $0.eight million as a partial settlement of ongoing litigation. right through the three and 9 month periods ended September 30, 2013, the enterprise recorded $2.four million of profit on investment, $9.1 million of loss on extinguishment of debt and a partial legal agreement of $eight.2 million. when you consider that the value and nature of those objects, the business believes it's vital to establish their have an impact on on 2014 FFO measures for readers to have an entire figuring out on the enterprise’s results of operations. for this reason, the enterprise has also introduced adjusted FFO measures for 2014, except for these gadgets.
pro Rata Share of Debt
The company presents debt in response to its seasoned rata ownership share (including the enterprise’s seasoned rata share of unconsolidated affiliates and except noncontrolling hobbies’ share of consolidated properties) because it believes this offers investors a clearer realizing of the enterprise’s complete debt obligations which affect the company’s liquidity. A reconciliation of the enterprise’s professional rata share of debt to the quantity of debt on the company’s consolidated steadiness sheet is discovered on the conclusion of this revenue release.
guidance protected herein consists of “ahead looking statements” within the meaning of the federal securities laws. Such statements are inherently discipline to hazards and uncertainties, a lot of which cannot be predicted with accuracy and some of which could not even be anticipated. Future hobbies and specific movements, economic and otherwise, may additionally differ materially from the events and results mentioned in the forward-searching statements. The reader is directed to the enterprise’s quite a lot of filings with the Securities and trade commission, together with devoid of problem the enterprise’s Annual file on form 10-ok, and the “administration’s discussion and analysis of fiscal situation and effects of Operations” covered therein, for a discussion of such dangers and uncertainties.CBL & pals properties, Inc. Consolidated Statements of Operations (Unaudited; in lots, except per share amounts)
Three Months EndedSeptember 30,
9 Months EndedSeptember 30,2014 2013 2014 2013 REVENUES: minimal rents $ 169,097 $ 167,703 $ 506,005 $ 498,632 percent rents 3,060 2,797 8,490 9,847 other rents three,813 3,837 13,708 13,503 Tenant reimbursements 71,330 70,576 214,322 213,524 administration, building and leasing costs 3,228 3,118 9,176 9,042 other eight,186 9,518 25,189 27,067 complete revenues 258,714 257,549 776,890 771,615 operating fees: Property working 36,668 38,375 112,206 111,170 Depreciation and amortization 72,488 68,941 212,one hundred eighty 206,one hundred fifteen actual property taxes 22,202 22,607 sixty five,638 66,411 preservation and repairs 12,603 13,387 forty one,391 40,808 ordinary and administrative 9,474 10,160 35,583 36,459 Loss on impairment 497 — 17,753 21,038 different 7,396 6,371 21,331 21,217 total operating charges 161,328 159,841 506,082 503,218 revenue from operations ninety seven,386 97,708 270,808 268,397 hobby and other earnings 463 8,809 three,535 10,197 hobby price (60,214 ) (56,341 ) (179,997 ) (173,374 ) gain (loss) on extinguishment of debt 18,282 — 60,942 (9,108 ) benefit on revenue of actual estate belongings 434 58 3,513 1,058 benefit on investment — — — 2,four hundred equity in income of unconsolidated affiliates 3,936 2,270 eleven,038 7,618 income tax provision (three,083 ) (271 ) (4,266 ) (854 ) revenue from carrying on with operations 57,204 52,233 a hundred sixty five,573 106,334 operating salary (loss) of discontinued operations seventy eight (8,346 ) (480 ) (5,195 ) profit on discontinued operations (2 ) 290 88 1,162 net revenue 57,280 forty four,177 a hundred sixty five,181 102,301 web revenue caused by noncontrolling pursuits in: operating Partnership (6,576 ) (4,075 ) (18,847 ) (7,602 ) different consolidated subsidiaries (1,362 ) (5,778 ) (three,740 ) (18,338 ) web revenue because of the enterprise 49,342 34,324 142,594 seventy six,361 favorite dividends (eleven,223 ) (11,223 ) (33,669 ) (33,669 ) internet salary because of general shareholders $ 38,119 $ 23,101 $ 108,925 $ 42,692 basic and diluted per share records attributable to standard shareholders: revenue from continuing operations, web of preferred dividends $ 0.22 $ 0.18 $ 0.64 $ 0.28 Discontinued operations 0.00 (0.04 ) 0.00 (0.02 ) internet salary as a result of normal shareholders $ 0.22 $ 0.14 $ 0.sixty four $ 0.26 Weighted-regular regular and potential dilutive normal shares mind-blowing 170,262 169,906 one hundred seventy,242 166,048 amounts because of average shareholders: earnings from continuing operations, net of favored dividends $ 38,054 $ 29,965 $ 109,259 $ forty six,116 Discontinued operations sixty five (6,864 ) (334 ) (3,424 ) net income brought on by common shareholders $ 38,119 $ 23,101 $ 108,925 $ forty two,692
The enterprise’s calculation of FFO allocable to enterprise shareholders is as follows:(in heaps, apart from per share facts)
Three Months EndedSeptember 30,
nine Months EndedSeptember 30,2014 2013 2014 2013 web earnings because of normal shareholders $ 38,119 $ 23,a hundred and one $ 108,925 $ forty two,692 Noncontrolling pastime in revenue of working Partnership 6,576 4,075 18,847 7,602 Depreciation and amortization price of: Consolidated houses seventy two,488 sixty eight,941 212,180 206,one hundred fifteen Unconsolidated associates 10,537 9,877 30,654 29,748 Discontinued operations — 1,634 — 6,638 Non-true estate belongings (628 ) (572 ) (1,825 ) (1,530 )
Noncontrolling hobbies’ share of depreciation and amortization(1,729 ) (1,403 ) (4,831 ) (four,292 ) Loss on impairment, net of tax benefit 497 5,234 18,434 26,051 gain on depreciable property (three ) (eight ) (937 ) (10 ) benefit on discontinued operations, internet of taxes 1 (174 ) (86 ) (714 ) funds from operations of the working Partnership 125,858 a hundred and ten,705 381,361 312,300 Litigation agreement — (8,240 ) (800 ) (eight,240 ) gain on funding — — — (2,400 ) Non money default hobby cost 1,514 — 1,514 — (gain) loss on extinguishment of debt (18,282 ) — (60,942 ) 9,108 funds from operations of the operating Partnership, as adjusted $ 109,090 $ 102,465 $ 321,133 $ 310,768 dollars from operations per diluted share $ 0.63 $ 0.fifty six $ 1.ninety one $ 1.60 money from operations, as adjusted, per diluted share $ 0.fifty five $ 0.52 $ 1.61 $ 1.60
Weighted common usual and talents dilutive standard shares awesome with working Partnership devices totally transformed199,631 199,451 199,699 195,594
Reconciliation of FFO of the working Partnership to FFO allocable to regular shareholders:cash from operations of the operating Partnership $ one hundred twenty five,858 $ a hundred and ten,705 $ 381,361 $ 312,300 percent allocable to common shareholders (1) eighty five.29 % 85.19 % 85.25 % eighty four.89 % funds from operations allocable to average shareholders $ 107,344 $ ninety four,310 $ 325,one hundred ten $ 265,111 dollars from operations of the working Partnership, as adjusted $ 109,090 $ 102,465 $ 321,133 $ 310,768 percent allocable to common shareholders (1) eighty five.29 % 85.19 % 85.25 % 84.89 % dollars from operations allocable to commonplace shareholders, as adjusted $ ninety three,043 $ 87,290 $ 273,766 $ 263,811 (1) Represents the weighted normal number of normal shares staggering for the duration divided by using the sum of the weighted standard number of average shares and the weighted average variety of operating Partnership gadgets striking all through the period. See the reconciliation of shares and operating Partnership instruments brilliant on page 12.
SUPPLEMENTAL FFO suggestions: rent termination charges $ 1,044 $ 887 $ 2,395 $ three,425 lease termination expenses per share $ 0.01 $ — $ 0.01 $ 0.02 Straight-line condo income $ 1,201 $ (2,755 ) $ 2,484 $ eighty one Straight-line condo earnings per share $ 0.01 $ (0.01 ) $ 0.01 $ — beneficial properties on outparcel revenue $ 316 $ 35 $ 2,461 $ 1,035 positive factors on outparcel income per share $ — $ — $ 0.01 $ 0.01 internet amortization of acquired above- and under-market leases $ 139 $ 642 $ 544 $ 1,271 web amortization of bought above- and under-market leases per share $ — $ — $ — $ 0.01 net amortization of debt premiums and coupon codes $ 545 $ 639 $ 1,625 $ 1,715 web amortization of debt premiums and coupon codes per share $ — $ — $ 0.01 $ 0.01 salary tax provision $ (three,083 ) $ (271 ) $ (four,266 ) $ (854 ) salary tax provision per share $ (0.02 ) $ — $ (0.02 ) $ — Loss on impairment from carrying on with operations $ (497 ) $ — $ (17,753 ) $ (21,038 ) Loss on impairment from carrying on with operations per share $ — $ — $ (0.09 ) $ (0.11 ) Loss on impairment from discontinued operations $ — $ (5,234 ) $ (681 ) $ (5,234 ) Loss on impairment from discontinued operations per share $ — $ (0.03 ) $ — $ (0.03 ) benefit (loss) on extinguishment of debt $ 18,282 $ — $ 60,942 $ (9,108 ) benefit (loss) on extinguishment of debt per share $ 0.09 $ — $ 0.31 $ (0.05 ) benefit on investment $ — $ — $ — $ 2,four hundred benefit on funding per share $ — $ — $ — $ 0.01 hobby capitalized $ 1,672 $ 1,277 $ 4,538 $ three,206 activity capitalized per share $ 0.01 $ 0.01 $ 0.02 $ 0.02 Litigation contract $ — $ 8,240 $ 800 $ eight,240 Litigation settlement per share $ — $ 0.04 $ — $ 0.04
As of September 30,
Straight-line hire receivable
equal-core internet working revenue(greenbacks in lots)
Three Months EndedSeptember 30,
nine Months EndedSeptember 30,2014 2013 2014 2013 net profits caused by the business $ 49,342 $ 34,324 $ 142,594 $ seventy six,361 alterations: Depreciation and amortization seventy two,488 sixty eight,941 212,a hundred and eighty 206,one hundred fifteen Depreciation and amortization from unconsolidated affiliates 10,537 9,877 30,654 29,748 Depreciation and amortization from discontinued operations — 1,634 — 6,638
Noncontrolling hobbies’ share of depreciation and amortization in different consolidated subsidiaries(1,729 ) (1,403 ) (4,831 ) (4,292 ) hobby rate 60,214 fifty six,341 179,997 173,374 interest price from unconsolidated associates 9,719 9,840 28,872 29,677 interest expense from discontinued operations — — — 1
Noncontrolling pursuits’ share of hobby cost in other consolidated subsidiaries(1,375 ) (1,076 ) (3,993 ) (3,029 ) deserted initiatives rate 47 a hundred and forty eighty one 141 gain on earnings of precise property belongings (434 ) (58 ) (three,513 ) (1,058 ) gain on sales of true property belongings of unconsolidated affiliates (698 ) (eleven ) (698 ) (11 ) gain on investment — — — (2,four hundred ) (gain) loss on extinguishment of debt (18,282 ) — (60,942 ) 9,108 Loss on impairment 497 — 17,753 21,038 Loss on impairment from discontinued operations — 5,234 681 5,234 earnings tax provision three,083 271 4,266 854 hire termination fees (1,044 ) (887 ) (2,395 ) (3,425 ) Straight-line hire and above- and below-market hire amortization (1,340 ) 2,113 (three,028 ) (1,352 )
internet salary attributable to noncontrolling activity in salary of working Partnership6,576 4,075 18,847 7,602 benefit on discontinued operations 2 (290 ) (88 ) (1,162 ) well-known and administrative fees 9,474 10,160 35,583 36,459 management fees and non-property level revenues (4,284 ) (10,270 ) (18,736 ) (14,027 )
enterprise’s share of property NOI192,793 188,955 573,284 571,594 Non-related NOI (17,570 ) (18,838 ) (forty nine,942 ) (59,415 ) complete identical-middle NOI (1) $ 175,223 $ 170,117 $ 523,342 $ 512,179 total same-middle NOI percent trade 3.0 % 2.2 % malls $ a hundred and sixty,369 $ one hundred fifty five,211 $ 479,020 $ 468,787 linked facilities 7,988 7,576 23,742 23,232 group facilities four,928 5,539 14,585 14,615 places of work and other 1,938 1,791 5,995 5,545 total equal-core NOI (1) $ one hundred seventy five,223 $ one hundred seventy,117 $ 523,342 $ 512,179 percentage alternate: department stores 3.three % 2.2 % associated facilities 5.4 % 2.2 % neighborhood facilities (eleven.0 )% (0.2 )% offices and other eight.2 % eight.1 % total equal-middle NOI (1) 3.0 % 2.2 %
(1) CBL defines NOI as property operating revenues (apartment revenues, tenant reimbursements and different revenue), less property working charges (property operating, true property taxes and upkeep and repairs). identical-middle NOI excludes lease termination salary, straight-line appoint adjustments, and amortization of above and beneath market rent intangibles. equal-core NOI is for true estate properties and does not include the results of operations of the company’s subsidiary that provides janitorial, protection and preservation capabilities. We include a property in our equal-center pool once we own all or a element of the property as of September 30, 2014, and we owned it and it became in operation for each the total previous calendar 12 months and the current yr-to-date reporting length ending September 30, 2014. New houses are excluded from identical-center NOI, except they meet this standards. The most effective properties excluded from the same-middle pool that would otherwise meet this criteria are non-core residences, homes under primary redevelopment, homes where we intend to renegotiate the terms of the debt secured by using the connected property and residences included in discontinued operations.
business’s Share of Consolidated and Unconsolidated Debt(dollars in lots)As of September 30, 2014 mounted cost Variable cost completeConsolidated debt $ 3,788,890 $ 922,531 $ four,711,421
Noncontrolling pastimes’ share of consolidated debt(89,065 ) (7,109 ) (ninety six,174 )
enterprise’s share of unconsolidated affiliates’ debt673,412 89,220 762,632
enterprise’s share of consolidated and unconsolidated debt$ four,373,237 $ 1,004,642 $ 5,377,879 Weighted general pastime cost 5.44 % 1.seventy four % four.74 % As of September 30, 2013 fixed expense Variable fee wholeConsolidated debt $ 3,517,089 $ 1,350,628 $ four,867,717
Noncontrolling hobbies’ share of consolidated debt(sixty seven,828 ) (5,684 ) (seventy three,512 )
enterprise’s share of unconsolidated affiliates’ debt655,340 138,042 793,382
company’s share of consolidated and unconsolidated debt$ 4,104,601 $ 1,482,986 $ 5,587,587 Weighted regular interest expense 5.fifty two % 2.01 % 4.fifty nine %
Debt-To-total-Market Capitalization Ratio as of September 30, 2014(In lots, except stock price)
StockPrice (1)price normal inventory and operating partnership units 199,544 $ 17.ninety $ 3,571,838 7.375% collection D Cumulative Redeemable favored stock 1,815 250.00 453,750 6.625% collection E Cumulative Redeemable favourite stock 690 250.00 172,500 complete market fairness four,198,088
business’s share of total debt5,377,879 total market capitalization $ 9,575,967 Debt-to-total-market capitalization ratio fifty six.2 %
(1) inventory expense for general inventory and operating partnership devices equals the closing rate of the commonplace stock on September 30, 2014. The stock expenditures for the favourite stocks represent the liquidation preference of each and every respective collection.
Reconciliation of Shares and operating Partnership units fabulous(In heaps)
Three Months EndedSeptember 30,
nine Months EndedSeptember 30,2014: fundamental Diluted basic Diluted Weighted normal shares - EPS a hundred and seventy,262 one hundred seventy,262 a hundred and seventy,242 170,242 Weighted common operating Partnership devices 29,369 29,369 29,457 29,457 Weighted regular shares- FFO 199,631 199,631 199,699 199,699 2013: Weighted usual shares - EPS 169,906 169,906 166,048 166,048 Weighted average working Partnership contraptions 29,545 29,545 29,546 29,546 Weighted usual shares- FFO 199,451 199,451 195,594 195,594
Dividend Payout Ratio
Three Months EndedSeptember 30,
9 Months EndedSeptember 30,2014 2013 2014 2013 Weighted common cash dividend per share $ 0.25313 $ 0.23838 $ 0.75938 $ 0.71540 FFO as adjusted, per diluted fully transformed share $ 0.fifty five $ 0.52 $ 1.sixty one $ 1.60 Dividend payout ratio 46.0 % 45.8 % forty seven.2 % forty four.7 %
Consolidated stability Sheets(Unaudited; in thousands, apart from share data)As of
September 30, 2014December 31, 2013 property precise estate property: Land $ 848,596 $ 858,619 buildings and improvements 7,138,545 7,125,512 7,987,141 7,984,131 amassed depreciation (2,183,912 ) (2,056,357 ) 5,803,229 5,927,774 trends in growth 151,670 139,383 internet investment in true estate assets 5,954,899 6,067,157 cash and cash equivalents 45,071 sixty five,500 Receivables:
Tenant, net of allowance for dubious accounts of $2,412 and $2,379 in 2014 and 2013, respectivelyseventy nine,960 seventy nine,899
other, web of allowance for dubious debts of $1,158 and $1,241 in 2014 and 2013, respectively24,412 23,343 mortgage and other notes receivable 19,513 30,424 Investments in unconsolidated associates 269,964 277,146 Intangible rent property and other assets 238,892 242,502 $ 6,632,711 $ 6,785,971 LIABILITIES, REDEEMABLE NONCONTROLLING pursuits AND fairness mortgage and other indebtedness $ four,711,421 $ four,857,523 debts payable and amassed liabilities 347,382 333,875 complete liabilities 5,058,803 5,191,398 Commitments and contingencies Redeemable noncontrolling partnership interests 34,843 34,639
Shareholders’ fairness:preferred inventory, $.01 par price, 15,000,000 shares approved:
7.375% series D Cumulative Redeemable favourite inventory, 1,815,000 shares spectacular18 18
6.625% series E Cumulative Redeemable favourite inventory, 690,000 shares outstanding7 7
common inventory, $.01 par cost, 350,000,000 shares licensed, 170,260,669 and 170,048,one hundred forty four issued and striking in 2014 and 2013, respectively1,703 1,seven hundred additional paid-in capital 1,962,187 1,967,644 gathered different comprehensive revenue 12,805 6,325 Dividends in extra of cumulative profits (587,000 ) (570,781 )
total shareholders’ equity1,389,720 1,404,913 Noncontrolling pastimes 149,345 155,021 total fairness 1,539,065 1,559,934 $ 6,632,711 $ 6,785,971
11/05/2015 | 07:31am CEST
HAMILTON, BERMUDA--(Marketwired - Nov 5, 2015) -
Teekay Tankers Ltd. (Teekay Tankers or the company) (NYSE:TNK) today suggested adjusted net earnings as a result of its shareholders (1) of $40.3 million, or $0.30 per share, for the quarter ended September 30, 2015, compared to $2.6 million, or $0.03 per share, for the same duration within the prior year. The boost is basically because of better spot tanker quotes within the third quarter of 2015 compared to the same period in the prior 12 months and an increase in fleet size because of the acquisition of 10 up to date Suezmax tankers all over the third quarter of 2015, four lengthy range 2 (LR2) product tankers and one Aframax tanker in the first quarter of 2015 and the addition of eight in-chartered vessels that dropped at the enterprise over the last 365 days. Adjusted internet earnings caused by shareholders excludes a couple of specific gadgets that had the internet effect of expanding internet salary because of shareholders by using $0.9 million, or $0.00 per share, and by using $3.three million, or $0.04 per share, for the three months ended September 30, 2015 and 2014, respectively, as specified in Appendix A to this liberate. including these objects, the business mentioned, on a GAAP foundation, internet income caused by its shareholders of $41.2 million, or $0.30 per share, and $5.9 million, or $0.07 per share, for the three months ended September 30, 2015 and 2014, respectively. internet revenues(three) were $122.8 million and $50.6 million for the three months ended September 30, 2015 and 2014, respectively.
right through the third quarter of 2015, the enterprise generated $59.4 million, or $0.forty four per share, of free money circulate(2), compared to $sixteen.2 million, or $0.19 per share, within the third quarter of 2014, with the boost due to larger common spot prices earned and a rise within the size of the business's fleet. On October 5, 2015, Teekay Tankers declared a dividend of $0.03 per share for the third quarter of 2015, which turned into paid on October 30, 2015 to all shareholders of listing on October 16, 2015. when you consider that the company's inception, it has declared dividends in 32 consecutive quarters.
"Teekay Tankers generated amazing free cash move of $fifty nine.4 million, or $0.forty four per share, despite the seasonally weaker third quarter", commented Kevin Mackay, Teekay Tankers' Chief executive Officer. "besides the fact that children, our third quarter consequences were negatively impacted via a enormously heavier than usual drydocking schedule, which included the repositioning and scheduled drydocking of five of the major Maritime Suezmax tankers that delivered during the quarter, as well as the timing change involving the issuance of recent general shares early within the third quarter in reference to our recent acquisitions."
"on the grounds that reporting our 2d quarter effects in early-August, the integration of our contemporary acquisitions, which is now generally finished, has been one among our primary focuses and we predict to start to peer big industrial and fiscal merits beginning within the fourth quarter," Mr. Mackay continued. "Teekay is now one of the vital greatest owners of contemporary Suezmax tankers at the right factor within the tanker market cycle when wonderful fundamentals proceed to help effective spot tanker charges. The significant boost in our scale will enable us to extra optimize our fleet whereas enhancing our provider offerings to each current and new customers throughout extra regions. Importantly, the company has persevered to delever its stability sheet with a web debt to book capitalization of 53 p.c on the end of the third quarter of 2015, compared to 65 percent three hundred and sixty five days in the past."
"right through the fourth quarter to-date, crude spot tanker prices have bolstered and remained firm," Mr. Mackay persevered. "We predict crude spot tanker quotes to increase additional for the the rest of 2015 and into the primary quarter of 2016, in particular as a result of greater anticipated oil demand regarding less warm weather in the Northern Hemisphere, the persisted constructing of strategic and commercial petroleum reserves in China and India, and the knowledge for climate and transit delays that could additional guide charges. With an multiplied fleet, we predict our free money stream era will reflect the anticipated potent cost environment in the fourth quarter of 2015 and into 2016."
summary of contemporary developments
Suezmax Fleet Deliveries
In early-August 2015, Teekay Tankers agreed to acquire 12 up to date Suezmax tankers from most important Maritime Tankers (predominant Maritime) for an combination purchase fee of approximately $662 million. The 12 vessels have an ordinary age of 5.5 years, which reduces the average age of Teekay Tankers' fleet by way of 1.2 years. The business took birth of all 12 vessels between mid-August and mid-October 2015 with nine vessels trading in the spot tanker market and the closing three vessels trading under short-time period fastened fee contracts, which expire between December 2015 and February 2016. Eight of the 12 vessels are anticipated to finished drydockings with the aid of early December 2015, which consist of gasoline-efficiency changes.
Acquisition of Ship-to-Ship transfer enterprise
In late-July 2015, Teekay Tankers received SPT Inc. (SPT), a three way partnership enterprise between Teekay agency (Teekay) and i.M. Skaugen SE, for a purchase rate of $forty five.5 million. SPT offers a full suite of ship-to-ship (STS) transfer functions in the oil, fuel and dry bulk industries. in addition to full provider lightering and lightering guide, SPT also gives consultancy, terminal management and undertaking development services. This acquisition establishes Teekay Tankers as a global participant in the STS switch company, which is expected to raise the company's charge-primarily based earnings and its standard fleet utilization. SPT owns and operates a fleet of six STS support vessels and has one chartered-in Aframax tanker, the SPT Explorer.(1) Adjusted internet revenue because of shareholders of Teekay Tankers is a non-GAAP financial measure. Please check with Appendix A to this free up for a reconciliation of this non-GAAP measure as used during this unencumber to essentially the most at once similar economic measure beneath u.s. commonly authorised accounting concepts (GAAP) and for suggestions about particular objects affecting web earnings that are customarily excluded by securities analysts of their posted estimates of the business's financial results. (2) Free cash move (FCF) represents internet income, plus depreciation and amortization, unrealized losses from derivatives, non-cash gadgets, FCF from equity accounted investments and any write-offs or different non-habitual items, much less unrealized good points from derivatives and different non-cash items. Please seek advice from Appendix B to this release for a reconciliation of free money stream (a non-GAAP measure) as used in this unencumber to probably the most without delay comparable GAAP monetary measure. (three) internet revenues is a non-GAAP economic measure used with the aid of certain investors to measure the monetary efficiency of transport agencies. Please check with Appendix C covered in this unlock for a reconciliation of this non-GAAP measure to essentially the most at once similar economic measure under GAAP.
while crude tanker spot fees softened in August and September as refineries undertook scheduled seasonal protection, they have got remained effective relative to historical third quarter common costs. fees for the third quarter of 2015 had been the maximum third quarter charges on the grounds that 2008. The energy in the crude tanker market is as a result of numerous factors, together with:
Crude tanker quotes at the start of the fourth quarter have reinforced considering that the end of the third quarter of 2015. The enterprise expects that crude tanker costs will remain enterprise during the the rest of the fourth quarter and into the first quarter of 2016, mostly as a result of the factors highlighted above and the skills for climate and port delays.
lengthy latitude 2 (LR2) tanker charges in 2015 are averaging the maximum levels given that 2008, supported by listing high refinery throughput as smartly as the full ramping up of recent middle jap and Asian refineries, which accelerated demand for LR2 tankers. although, prices softened against the conclusion of the third quarter as refinery renovation coincided with colossal raises to onshore distillates storage volumes. within the fourth quarter, there is the advantage for increased LR2 demand driven by intermittent and localized brief-term floating storage requirements as onshore distillate tanks area is more and more constrained.
The world tanker fleet grew with the aid of 13.eight million deadweight tonnes (mdwt), or 2.7 %, in the first nine months of 2015. The international Suezmax fleet grew through 9 vessels, or 1.eight p.c, while the uncoated Aframax fleet grew by using only 1 vessel, or 0.2 p.c. all over the identical period, the LR2 fleet grew by means of 25 vessels, or 9.7 %.
In October 2015, the overseas financial Fund (IMF) reduced its outlook for 2015 world economic boom to three.1 p.c, down 0.2 % from its July 2015 forecast. This represents a 0.three p.c decrease from global economic boom of three.4 p.c in 2014, in keeping with the IMF. in accordance with a regular of forecasts from the international energy agency, the U.S. power advice Administration and OPEC, international oil demand is forecast to grow with the aid of 1.5 million barrels per day (mb/d) in 2015, and by a further 1.3 mb/d in 2016.
The outlook for crude spot tanker prices is expected to stay enterprise all the way through the fourth quarter of 2015 and into 2016 in response to a mix of low fleet boom and a rise in lengthy-haul tanker demand as greater crude oil strikes from the Atlantic Basin to the Pacific Basin. in addition, low oil costs are expected to proceed to give help for tanker demand during the fourth quarter of 2015 and into 2016.
right here table highlights the operating performance of the enterprise's time-constitution vessels and spot vessels trading in pools measured in web voyage salary per earnings day, or time-charter equal (TCE) costs, before related-celebration pool administration expenses, linked-party commissions and off-hire bunker fees:Three Months Ended September 30, 2015 June 30, 2015 September 30, 2014 Time constitution-Out Fleet Suezmax revenue days 133 - 184 Suezmax TCE per revenue day $33,646 - $20,373 Aframax profits days 642 544 697 Aframax TCE per revenue day $19,528 $18,758 $17,848 LR2 earnings days eighty three - - LR2 TCE per income day $25,515 - - MR profits days - - ninety two MR TCE per salary day (i) - - $36,666 Spot Fleet Suezmax salary days 818 895 730 Suezmax spot TCE per income day (ii) $34,782 $38,767 $21,134 Aframax profits days 1,177 1,150 371 Aframax spot TCE per profits day (iii) $32,269 $33,843 $22,105 LR2 earnings days 773 860 511 LR2 spot TCE per profits day $33,555 $28,996 $17,232 MR revenue days 276 251 151 MR spot TCE per profits day $23,782 $22,040 $13,365 total Fleet Suezmax revenue days 951 895 914 Suezmax TCE per profits day $34,617 $38,767 $20,980 Aframax salary days 1,819 1,694 1,068 Aframax TCE per profits day $25,926 $25,761 $18,410 LR2 earnings days 856 860 511 LR2 TCE per profits day $32,777 $28,996 $17,232 MR salary days 276 251 243 MR TCE per earnings day (i) $23,782 $22,040 $22,199 (i) The constitution fee on the Medium latitude (MR) tanker contains approximately $14,000 per day for the extra expenses concerning Australian crew versus international crew. (ii) The combined usual spot TCE price for the Suezmax tankers trading in both the Gemini Suezmax pool and non-pool voyage charters became $34,774 per day for the three months ended September 30, 2015. (iii) The mixed standard spot TCE quotes for the Aframax tankers buying and selling in both the Aframax pools and non-pool voyage charters were $29,417 per day, $29,072 per day and $19,466 day for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively.
Teekay Tankers' Fleet
the following table summarizes the enterprise's fleet as of November 1, 2015:Owned Vessels Chartered-in Vessels totalFixed-rate: Suezmax Tankers(i) 5 - fiveAframax Tankers 7 - 7 LR2 Product Tankers - 1 1 VLCC Tanker(ii) 1 - 1 complete fixed-cost Fleet 13 1 14 Spot-cost: Suezmax Tankers(i) 17 - 17 Aframax Tankers(iii) five10 15 LR2 Product Tankers(iv) 7 2 9MR Product Tankers(v) 3 - three complete Spot Fleet 32 12 forty four STS assist Vessels 6 - 6 total Teekay Tankers Fleet fifty one 13 sixty four (i) Three of these Suezmax tankers had been got from primary Maritime and will function on fastened-price time charter-out contracts if you want to expire between December 2015 and February 2016. (ii) The business's possession activity during this vessel is 50 p.c. (iii) contains ten Aframax tankers with constitution-in contracts which are scheduled to run out between November 2015 and March 2018; 4 of these constitution-in vessel contracts consist of alternate options to prolong. (iv) includes two LR2 product tankers with charter-in contracts which are scheduled to run out in January 2016 and July 2016. (v) The company has agreed to sell a 2000-built MR tanker, the Mahanadi Spirit, for web proceeds of $10.9 million, which is expected to be achieved by means of the end of November 2015.
Liquidity and continual providing application replace
In June 2015, the enterprise carried out a continual providing software (COP) beneath which the enterprise may also problem new normal shares at market expenditures up to a highest combination quantity of $80 million. all through the third quarter of 2015, the business bought an aggregate of 6,324,100 regular shares under the COP, producing web proceeds of approximately $forty.9 million. given that initiation of the software, the company has sold an mixture of eleven,346,a hundred standard shares under the COP, producing web proceeds of approximately $78.2 million and has now completed the present $eighty million COP.As of September 30, 2015, the enterprise had complete liquidity of $206.2 million (made from $80.6 million in cash and cash equivalents and $a hundred twenty five.6 million in undrawn revolving credit facilities).
The company plans to host a conference call on Thursday, November 5, 2015 at 1:00 p.m. (ET) to focus on its effects for the third quarter of 2015. An accompanying investor presentation will be attainable on Teekay Tankers' web page at www.teekay.com previous to the birth of the name. All shareholders and involved events are invited to take heed to the are living conference name via picking out from right here alternatives:
The convention name could be recorded and accessible except Thursday, November 19, 2015. This recording will also be accessed following the reside name through dialing (888) 203-1112 or (647) 436-0148, if backyard North the usa, and coming into access code 5975034.
About Teekay Tankers
Teekay Tankers presently owns a fleet of 44 double-hull tankers, together with 22 Suezmax tankers 12 Aframax tankers, 7 LR2 product tankers and 3 Medium-latitude (MR) product tankers, and has 13 time charter-in tankers. Teekay Tankers' vessels are employed via a mix of brief- or medium-time period fastened-expense time charter contracts and spot tanker market trading. The business additionally owns a extremely enormous Crude service (VLCC) via a 50 percent-owned three way partnership. moreover, Teekay Tankers owns a ship-to-ship transfer business and a minority activity of 9.4 percent in Tanker Investments Ltd. (OSE: TIL), which presently owns a fleet of 20 up to date tankers. Teekay Tankers was formed in December 2007 with the aid of Teekay corporation as a part of its method to expand its commonplace oil tanker company.
Teekay Tankers' normal stock trades on the manhattan inventory change below the symbol "TNK."
Teekay Tankers Ltd.summary Consolidated Statements of profits(in lots of U.S. bucks, except share and per share information)Teekay Tankers Ltd. summary Consolidated Statements of profits (in lots of U.S. bucks, except share and per share statistics) Three Months Ended nine Months Ended September 30, June 30, September 30, September 30, September 30, 2015 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) net pool salesninety two,022 90,979 31,648 263,510 82,329 Time constitution revenues19,307 10,197 19,986 forty,021 62,001 Voyage constitution revenues5,502 7,297 1,836 20,327 6,214 activity revenue from funding in time period loans - - - - 9,118 different revenues (1) 8,538 (879 ) - 12,983 - total sales125,369 107,594 fifty three,470 336,841 159,662 Voyage fees (2,588 ) (three,545 ) (2,872 ) (9,967 ) (7,923 ) Vessel operating charges (33,574 ) (26,201 ) (22,935 ) (eighty two,216 ) (sixty nine,314 ) Time-constitution employ fee (22,600 ) (16,793 ) (6,309 ) (54,396 ) (8,473 ) Depreciation and amortization (17,399 ) (15,227 ) (12,451 ) (46,298 ) (37,378 ) well-known and administrative prices (four,138 ) (3,039 ) (2,890 ) (10,477 ) (9,245 ) gain on sale of vessels (2) - - - - 9,955 Restructuring prices (1) (327 ) 879 - (4,772 ) - revenue from operations forty four,743 forty three,668 6,013 128,715 37,284 pastime rate (three,903 ) (3,075 ) (2,042 ) (9,343 ) (6,663 ) activity income 28 eight 49 sixty seven 247 Realized and unrealized (loss) profit on derivative instruments (three) (1,031 ) 523 447 (2,095 ) (1,523 ) equity revenue (four) 2,762 three,587 1,612 eight,931 4,221 different (expense) revenue (1,386 ) (469 ) (217 ) (1,835 ) three,317 web salary 41,213 44,242 5,862 124,440 36,883 profits per share brought on by shareholders of Teekay Tankers - fundamental 0.31 0.38 0.07 1.02 0.forty four - Diluted 0.30 0.38 0.07 1.02 0.43 Weighted-normal variety of complete standard shares wonderful - simple 134,630,768 116,150,985 86,429,215 121,933,274 84,584,086 - Diluted one hundred thirty five,174,756 116,725,428 86,828,810 122,504,070 84,942,563 (1) throughout the three months ended September 30, 2015, the company incurred $0.three million of restructuring expenses related to the acquisition of the ship-to-ship switch company. all the way through the 9 months ended September 30, 2015, the business incurred $4.7 million of restructuring costs, of which $4.four million relates to redundancy costs in connection with the termination of Australian seafarers of the Hugli Spirit upon the completion of the contract with its client during the three months ended March 31, 2015. The different revenues contains ship-to-ship transfer company profits and the associated one hundred percent reimbursement of the Hugli Spirit redundancy can charge from the consumer, of which $(0.9) million of these expenses were reversed within the three months ended June 30, 2015. (2) In early-may additionally 2014, the enterprise offered to Tanker Investments Ltd. (TIL) two thoroughly-owned subsidiaries, each and every of which owns one VLCC, for mixture proceeds of $154.0 million plus related working capital on closing of $1.7 million, resulting in the recognition of a $10 million profit. (three) comprises realized losses regarding interest fee swaps that relate to amounts in fact paid with the aid of the company of $2.5 million, $2.5 million and $2.5 million for the three months ended September 30, 2015, June 30, 2015 and September 30, 2014, respectively, and $7.four million and $7.5 million for the 9 months ended September 30, 2015 and September 30, 2014, respectively. (four) covered in fairness profits are the company's proportionate share of earnings from its investment in TIL, which owned 20 customary tankers at September 30, 2015, its 50 p.c activity in the high-Q joint venture (high-Q), which owns one VLCC tanker, and its 50 % pastime in Teekay Tanker Operations Ltd (TTOL), which owns Teekay's ordinary tanker business and technical administration operations. the total fairness salary of $2.8 million and $eight.9 million for the three and nine months ended September 30, 2015, respectively, comprises losses of $0.2 million and $0.9 million, respectively, that have been the enterprise's proportionate share of gadgets covered in Appendix A to this release, linked basically to realized and unrealized losses from overseas exchange items.
components of fairness revenue are designated within the table below:Three Months Ended 9 Months Ended September 30, June 30, September 30, September 30, September 30, 2015 2015 2014 2015 2014 high-Q three way partnership 663 828 844 2,036 1,773 Tanker Investments Ltd. 1,083 1,644 (60 ) 4,497 (434 ) Dilution profit in appreciate of the initial Public providing of Tanker Investments Ltd. - - - - 2,054 Teekay Tanker Operations Ltd. 1,016 1,115 828 2,398 828 total fairness profits 2,762 three,587 1,612 8,931 4,221 Teekay Tankers Ltd. abstract Consolidated balance Sheets (in hundreds of U.S. dollars) As at As at As at September 30, 2015 June 30, 2015 December 31, 2014 (unaudited) (unaudited) (unaudited) belongings money and cash equivalents 80,579 83,082 162,797 confined cash 915 - - Pool receivable from associates 36,114 36,185 35,254 debts receivable 22,653 11,344 four,178 pay as you go property 30,169 13,656 8,883 Due from associates 39,281 47,493 42,502 Vessel held for sale 10,092 - - Vessels and device - internet1,589,297 1,035,311 828,291 investment in and advances to equity accounted investments eighty one,328 seventy nine,566 73,397 spinoff asset (1) 5,421 5,526 four,657 Intangible property - net31,464 - - other non-latest property 14,399 1,992 5,400 complete assets 1,941,712 1,314,one hundred fifty five 1,a hundred sixty five,359 LIABILITIES AND fairness accounts payable and gathered liabilities fifty four,350 23,965 19,464 latest component of lengthy-term debt 477,013 144,453 forty one,959 existing element of by-product liabilities 6,034 7,141 7,263 current element of in-manner profits contracts 2,143 - - Deferred earnings - 398 637 due to affiliates four,679 11,830 10,395 lengthy-term debt 545,042 530,219 614,104 other long-time period liabilities 14,176 13,327 15,814 equity 838,275 582,822 455,723 complete liabilities and equity 1,941,712 1,314,one hundred fifty five 1,one hundred sixty five,359 (1) spinoff asset displays the fair value of a common inventory buy warrant issued by way of TIL to the business in reference to the company's involvement in the formation of TIL. Teekay Tankers Ltd. abstract Consolidated Statements of money Flows (in heaps of U.S. bucks) nine Months Ended September 30, 2015 September 30, 2014 (unaudited) (unaudited) cash and money equivalents provided by using (used for) working activities web working money move 140,535 8,632 FINANCING actions Proceeds from long-term debt, net of issuance fees 575,328 seventy two,897 Repayments of lengthy-time period debt (21,276 ) (15,275 ) Prepayment of lengthy-term debt (191,592 ) (162,000 ) equity contribution from Teekay company - 1,267 money dividends paid (10,519 ) (7,528 ) Proceeds from fairness offerings, internet of offering costs 227,995 - net financing cash stream 579,936 (110,639 ) INVESTING activities Proceeds from sale of vessels - 154,000 costs for vessels and equipment (230,468 ) (1,449 ) charges for most important Maritime vessel acquisitions (526,021 ) - investment in Teekay Tankers Operations Ltd. (239 ) (7,153 ) funding in Tanker Investments Ltd. - (25,000 ) loan repayments from fairness accounted investment 1,000 1,150 time period personal loan enhance recoveries - 1,179 Acquisition of SPT (46,961 ) - net investing money stream (802,689 ) 122,727 (lower) boost in money and cash equivalents (eighty two,218 ) 20,720 cash and cash equivalents, beginning of the length 162,797 25,646 cash and cash equivalents, conclusion of the duration 80,579 46,366 Teekay Tankers Ltd. Appendix A - particular items Affecting profits (in hundreds of U.S. dollars, except per share quantities) Set forth beneath is a reconciliation of the business's unaudited adjusted net earnings brought on by the shareholders of Teekay Tankers, a non-GAAP economic measure, to web income as determined in accordance with GAAP. The business believes that, besides everyday measures prepared based on GAAP, certain buyers use this guidance to consider the company's financial efficiency. The items beneath are additionally customarily excluded via securities analysts of their published estimates of the company's financial effects. Adjusted net earnings because of the shareholders of Teekay Tankers is intended to deliver more information and should not be considered an alternative to measures of efficiency organized in keeping with GAAP. Three Months Ended September 30, 2015 September 30, 2014 (unaudited) (unaudited) $ $ Per Share(1) $ $ Per Share(1) internet earnings - GAAP groundwork forty one,213 $0.30 5,862 $0.07 (Subtract) add certain gadgets affecting internet income: Unrealized profit on spinoff instruments (2) (1,445 ) (0.01 ) (2,972 ) (0.03 ) different (3) 529 0.01 (305 ) (0.01 ) total alterations (916 ) $0.00 (three,277 ) ($0.04 ) Adjusted net profits (loss) caused by shareholders of Teekay Tankers forty,297 $0.30 2,585 $0.03 (1) wholly diluted per share quantities. (2) reflects the unrealized profit because of adjustments within the mark-to-market price of spinoff devices that don't seem to be unique as hedges for accounting functions, together with unrealized features or losses on activity fee swaps and the TIL ordinary stock purchase warrant. (3) The volume recorded for the three months ended September 30, 2015 basically pertains to unrealized spinoff losses in joint venture, foreign alternate losses and restructuring expenses regarding the acquisition of the ship-to-ship switch business. Teekay Tankers Ltd. Appendix B - Reconciliation of Non-GAAP financial measureFree cash circulate (in thousands of U.S. greenbacks, apart from share and per share records) Free cash circulation (FCF) represents internet earnings, plus depreciation and amortization, unrealized losses from derivatives, non-money items, FCF from the fairness accounted investments and any write-offs or other non-routine items, less unrealized positive factors from derivatives, fairness income from the equity accounted investments and different non-cash gadgets. Three Months Ended September 30, 2015 (unaudited) internet profits for the length forty one,213 Add: Depreciation and amortization 17,399 Proportionate share of free money circulation from equity accounted investments four,210 different 739 less: Unrealized gain on by-product devices (1,445 ) equity revenue (2,762 ) Free money move 59,354 Weighted-general variety of typical shares stunning for the quarter 134,630,768 Free cash stream per share (rounded) 0.forty four Teekay Tankers LTD. Appendix C - Reconciliation of Non-GAAP financial degreeNet Revenues (in hundreds of U.S. dollars) internet revenues represents revenues much less voyage charges where voyage expenses are made from all expenses relating to definite voyages, together with bunker gas costs, port charges, cargo loading and unloading charges, canal tolls, agency charges and commissions. net revenues is a non-GAAP monetary measure used via definite investors to measure the financial performance of delivery organizations; besides the fact that children, it isn't required through GAAP and should no longer be regarded as an alternative choice to revenues or any other indicator of the business's performance required by way of GAAP. Three Months Ended September 30, 2015 September 30, 2014 (unaudited) (unaudited) sales125,369 53,470 Voyage fees (2,588 ) (2,872 ) web sales122,781 50,598
This liberate consists of forward-looking statements (as described in part 21E of the Securities exchange Act of 1934, as amended) which mirror management's existing views with recognize to certain future movements and performance, including statements concerning: the crude oil and subtle product tanker market fundamentals, including the steadiness of provide and demand within the tanker market, estimated boom in the world tanker fleet, estimated boom in global oil demand and crude oil tanker demand, alterations in lengthy-haul crude tanker actions from the Atlantic to Pacific basins, tanker fleet utilization, spot tanker fees, and the skills for localized floating storage and climate and port delays; the impact of lower global oil fees, together with the expertise have an impact on on oil stockpiling, refinery throughput and bunker fuel expenditures; and the timing and simple task of the economic and business advantages of the business's recent acquisitions, together with the affect on its future free money flow technology. here elements are amongst those that may trigger precise outcomes to differ materially from the ahead-searching statements, which contain dangers and uncertainties, and that may still be considered in evaluating this type of observation: alterations in the creation of, or demand for, oil or refined items; alterations in trading patterns tremendously affecting universal vessel tonnage requirements; better or under anticipated degrees of tanker newbuilding orders and deliveries and stronger or under predicted charges of tanker scrapping; changes in global oil expenditures; changes in relevant industry laws and regulations and the timing of implementation of new laws and rules; the means of the company to function the received corporations profitably; increased expenses; and other factors mentioned in Teekay Tankers' filings every now and then with the USA Securities and trade commission, including its document on kind 20-F for the fiscal 12 months ended December 31, 2014. The company expressly disclaims any duty or accomplishing to liberate publicly any updates or revisions to any ahead-searching statements contained herein to reflect any change in the business's expectations with respect thereto or any exchange in events, situations or situations on which this sort of commentary is based mostly.
© Marketwired 2015newest information on TEEKAY TANKERS LTD.
Financials ($)income 2018 372 M EBIT 2018 -29,9 M net income 2018 -76,three M Debt 2018 1 008 M Yield 2018 2,05% P/E ratio 2018 - P/E ratio 2019 12,18 EV / earnings 2018 three,41x EV / earnings 2019 2,56x Capitalization 261 M
Technical analysis trends TEEKAY TANKERS LTD.brief term Mid-time period long term developments impartialBearish Bearish
earnings statement Evolution
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Google [4 Certification Exam(s) ]
GuidanceSoftware [2 Certification Exam(s) ]
H3C [1 Certification Exam(s) ]
HDI [9 Certification Exam(s) ]
Healthcare [3 Certification Exam(s) ]
HIPAA [2 Certification Exam(s) ]
Hitachi [30 Certification Exam(s) ]
Hortonworks [4 Certification Exam(s) ]
Hospitality [2 Certification Exam(s) ]
HP [746 Certification Exam(s) ]
HR [2 Certification Exam(s) ]
HRCI [1 Certification Exam(s) ]
Huawei [21 Certification Exam(s) ]
Hyperion [10 Certification Exam(s) ]
IAAP [1 Certification Exam(s) ]
IAHCSMM [1 Certification Exam(s) ]
IBM [1525 Certification Exam(s) ]
IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IEEE [1 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [4 Certification Exam(s) ]
ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [63 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [23 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [25 Certification Exam(s) ]
Microsoft [363 Certification Exam(s) ]
Mile2 [2 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCLEX [2 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [36 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [265 Certification Exam(s) ]
P&C [1 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [11 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [1 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [134 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [1 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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