OPERATING INCOME Definition

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OPERATING INCOME is revenue less cost of goods sold and related operating expenses that are applied to the day-to-day operating activities of the company. It excludes financial related items (i.e., interest income, dividend income, and interest expense), extraordinary items, and taxes.

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PICKUP, in securities, is the higher yield obtained in a swap transac­tion-that is, the improved yield on the item being purchased relative to the selling yield on the security being liquidated.

NONISSUER means all entities except for those that register their securities with the SEC.

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