With the horrible jobless recovery, coupled with the devastating housing crisis, Florida financial coffers are severely suffering, as are many State citizens in Florida.
However, I think it would be wise to get an update on how Florida Big Corps have fared very recently, so we can better assess where Florida Big Corps stand now financially, as compared with the present financial status of Florida citizens. By doing this, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Florda Big Corps and Florida citizens. And frankly, Big Corps outside of Florida, including foreign-owned Big Corps, that do business in Florida, should also be included in this mix of a fair sharing of this very expensive financial burden to balance Florida's State Budget.
Let me show you below just how Florida’s 30 largest Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings:
Florida 30 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)
.........................................FYE.......PTI........PTI..........Increase...
Florida Big Corp...............2010....2010......2009.......Amount...%..
.......................................................(millions of dollars)......
CSX………………………..........Dec…...2,546.....1,746.........800.....46%
Nextera Energy………….....Dec…....2,489.....1,942.........547.....28%
Carnival…………………........Nov…...1,978.....1,806.........172.....10%
Publix Super Markets…...Sep(1)....1,522.....1,338.........184......14%
Harris Corp(2)……………....Jun…......840........741...........99......13%
Fidelity Natl Info Svcs…...Dec…......616.........164.........452...276%
Walter Energy……………....Dec…......578.........184.........394...214%
Fidelity Natl Fincl………....Dec…......562.........345.........217....63%
Royal Caribbean………......Dec…......547.........162.........385...238%
Darden Restaurants……...May…......544.........513...........31.......6%
Lender Processing Svcs...Dec…......488.........449...........39.......9%
Roper Industries……….....Dec…......448.........340.........108...164%
TECO Energy…………........Dec…......410..........313...........97.....31%
Autonation……………….....Dec…......381..........349...........32.......9%
Raymond James Fincl.....Sep…......356..........236..........120.....51%
Tupperware Brands…......Dec…......300..........237..........63.....27%
Health Mgt Associates.....Dec…......287..........244..........43.....18%
Brown & Brown……….......Dec…......266..........255...........11.......4%
Jabil Circuit(3)…………....Aug…......247............18........229..1272%
Tech Data………………......Jan….......235..........178...........57.....32%
BE Aerospace…………......Dec…......211...........205............6........3%
Ryder System………........Dec…......186...........144...........42.....29%
Chico's FAS………….......Jan 11......179...........110............69.....63%
World Fuel Services…....Dec…......178..........150............28.....19%
HSN…………………….........Dec…......164...........121...........43.....36%
Watsco………………..........Dec…......162............78...........84....108%
Landstar System……......Dec…......136...........110...........26.....24%
PSS World Medical….....Mar…......110.............84...........26.....31%
Lennar………………….......Nov….......95........(760).........855....113%
Office Depot………….......Dec…......(57).........(311).........254.....82%
Total of 30 FL Big Corps..........17,004......11,491......5,513....48%
(1) Publix Super Markets numbers are for the 9 months ended September 2010 and 2009.
(2) Harris Corp 2009 PTI excludes large Asset Impairment Charges.
(3) Jabil Circuit 2009 PTI excludes large Goodwill Impairment Charges.
Yeah, that's right, all 30 Florida Big Corps had earnings increases in the most recent year, and the total earnings increase of these 30 largest Florida Corps was $5.5 bil, or up a very robust 48%.
And yet about half of the country still thinks that the Obama Administration is not helping the US economy. These incredibly strong most recent Florida earnings numbers in 2010 are telling the same story that the stock market has been saying for the past two years….that the Obama Administration has really helped the US economy.
Earnings drive stock prices. And when you combine these extremely strong most recent Florida Big Corp earnings, with the superb earnings increases for 2010 that I discovered in all the US States I have studied so far...in Wisconsin, in Indiana, in Ohio, in Michigan, in North Carolina, and in Minnesota..., I think it tells you that even though the stock market has almost doubled in the past two years, it is going much higher, assuming the US government can effectively and fairly deal with Big Oil windfall profits.
I think Florida State Governor Rick Scott's proposal to reduce the Florida State Corporate income tax rate lacks intellectual merit. When all large Florida Corps can increase their earnings presently, and do so robustly, without a Corporate State Income Tax rate cut, why do it? I think the key to balancing Florida's State Budget lies in doing a better job of collecting State Corporate Income Taxes from Florida Big Corps, and from out-of-State Big Corps, as well as closing many of the huge State Corporate Income Tax Loopholes that Florida Big Corps, and out-of-State Big Corps, presently take wide advantage of.
The above research, where I found 30 Florida Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 4 additional Florida Big Corps, which are shown here below.
..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions
Florida (3)
Citrix Systems.....................334............194...........140.....72%
BankUnited.........................313.............199...........114.....57%
MedNax(2)..........................311.............288............23......8%
Rayonier(1)........................233.............154.............79.....51%
(1) Rayonier is an REIT. Also, its 2009 PTI excludes Alternative Fuel Tax Credits.
(2) MedNax, was found in July 2011, thus its earnings numbers weren't included in the totals for 2010.
