These 54 Largest Massachusetts Corps generated Total Pretax Income in 2011 which was 48% higher than that of two years earlier in 2009.
Now I wanted to see if these strong earnings also applied to the even smaller Massachusetts Corps, which file with the SEC.
I found 68 Massachusetts headquartered Smaller Corps filing with the SEC, which had Pretax Income or Pretax Loss of $20 mil or more in any of the most recent three years, and which weren't included in the 54 Largest Massachusetts Corps. Thus, these 68 Smaller Massachusetts Corps also did not have Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three years. I used a lower $20 mil Pretax Income and Pretax Loss threshold in order to make sure the number of companies here are of sufficient size to be able to reach a valid conclusion.
How did they do? Well, these 68 Smaller Massachusetts Corps generated total earnings growth in the most recent two years of an off-the-charts 298%, or more than 6 Times the 47% total earnings growth of the 54 Largest Massachusetts Corps.
Clearly, Massachusetts citizens should be very proud of their many superb Massachusetts companies, of all sizes.
And yeah, the Obama Administration created a very robust US economic environment, which permitted these exceptional Massachusetts companies of all sizes to do just fantastically on the earnings front in the most recent two years.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.
I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.
I excluded Corps in the Development Stage, and ones lacking significant reported revenues.
Below here is the Pretax Income (PTI) or Pretax Loss of each of these 54 Largest and 68 Smaller Massachusetts Corporations for each of the most recent three fiscal years, along with the related percentage changes in earnings.
| US House | US House | Obama | |||||
| Republican | Democratic | Bump | |||||
| Control | Control | Two | |||||
| PTI(L) | PTI(L) | Year | |||||
| % | % | % | |||||
| Change | Change | Change | |||||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 | ||
| Massachusetts | 2011 | 2010 | 2009 | vs | vs | vs | |
| HQs | mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | |
| Massachusetts Largest Corps | |||||||
| EMC | Hopkinton | 3,249 | 2,608 | 1,375 | 25% | 90% | 136% |
| Raytheon | Waltham | 2,690 | 2,827 | 2,930 | -5% | -4% | -8% |
| State Street Corp | Boston | 2,536 | 2,086 | 2,525 | 22% | -17% | 0% |
| TJX | Framingham | 2,411 | 2,164 | 1,952 | 11% | 11% | 24% |
| Covidien Ltd | Boston Area | 2,216 | 1,926 | 1,807 | 15% | 7% | 23% |
| Biogen IDEC | Weston | 1,711 | 1,475 | 1,333 | 16% | 11% | 28% |
| Staples | Framingham | 1,459 | 1,357 | 1,156 | 8% | 17% | 26% |
| Thermo Fisher Scientific | Waltham | 1,127 | 1,106 | 880 | 2% | 26% | 28% |
| Analog Devices | Norwood | 1,061 | 902 | 297 | 18% | 204% | 257% |
| American Tower | Boston | 638 | 556 | 421 | 15% | 32% | 52% |
| Boston Scientifc | Natick | 630 | 465 | 714 | 35% | -35% | -12% |
| Waters Corp | Milford | 509 | 438 | 387 | 16% | 13% | 32% |
| Affiliated Managers | Prides Crossing | 453 | 379 | 246 | 20% | 54% | 84% |
| Iron Mountain | Boston | 400 | 420 | 345 | -5% | 22% | 16% |
| Eaton Vance | Boston | 384 | 327 | 207 | 17% | 58% | 86% |
| Boston Properties | Boston | 314 | 278 | 263 | 13% | 6% | 19% |
| Akamai Technologies | Cambridge | 307 | 262 | 237 | 17% | 11% | 30% |
| Skyworks Solutions | Woburn | 294 | 195 | 70 | 51% | 179% | 320% |
| CYS Investments | Waltham | 292 | 22 | 64 | 1227% | -66% | 356% |
| LPL Investment | Boston | 283 | (51) | 73 | 655% | -170% | 288% |
| TripAdvisor | Newton | 272 | 224 | 167 | 21% | 34% | 63% |
| Teradyne | North Reading | 219 | 389 | (144) | -44% | 370% | 252% |
| Hospitality Properties | Newton | 208 | 193 | 148 | 8% | 30% | 41% |
| Cabot Corp | Boston | 203 | 166 | (99) | 22% | 268% | 305% |
| Cubist Pharmaceuticals | Lexington | 197 | 154 | 120 | 28% | 28% | 64% |
| Sensata Technologies | Boston Area | 195 | 125 | (71) | 56% | 276% | 375% |
| Medical Information Technology | Westwood | 192 | 170 | 127 | 13% | 34% | 51% |
| MKS Instruments | Andover | 186 | 196 | (27) | -5% | 826% | 789% |
| Clean Harbors | Norwell | 185 | 184 | 61 | 1% | 202% | 203% |
| Momenta Pharmaceuticals | Cambridge | 180 | 37 | (64) | 386% | 158% | 381% |
| IPG Photonics | Oxford | 175 | 79 | 8 | 122% | 888% | 2088% |
| Hologic | Bedford | 172 | 165 | 190 | 4% | -13% | -9% |
| Bruker | Billerica | 146 | 150 | 129 | -3% | 16% | 13% |
| Senior Housing Properties | Newton | 145 | 129 | 129 | 12% | 0% | 12% |
| Charles River Labs | Wilmington | 133 | 92 | 152 | 45% | -39% | -13% |
| Entegris | Billerica | 128 | 101 | (60) | 27% | 268% | 313% |
| Hittite Microwave | Chelmsford | 122 | 119 | 70 | 3% | 70% | 74% |
| Dunkin Brands | Canton | 121 | 81 | 74 | 49% | 9% | 64% |
| Unifirst | Wilmington | 121 | 123 | 126 | -2% | -2% | -4% |
| Sapient | Boston | 111 | 68 | 44 | 63% | 55% | 152% |
| Haemonetics | Braintree | 110 | 97 | 85 | 13% | 14% | 29% |
| ParametricTechnology | Needham | 105 | 82 | 17 | 28% | 382% | 518% |
| Watts Water Technologies | North Andover | 101 | 95 | 72 | 6% | 32% | 40% |
| Brooks Automation | Chelmsford | 83 | 56 | (119) | 48% | 147% | 170% |
| OneBeacon Insurance | Canton | 83 | 139 | 508 | -40% | -73% | -84% |
| PerkinElmer | Waltham | 64 | 166 | 100 | -61% | 66% | -36% |
| LTX-Credence | Norwood | 60 | 18 | (137) | 233% | 113% | 144% |
| Vertex Pharmaceuticals | Cambridge | 60 | (755) | (642) | 108% | -18% | 109% |
| Hanover Insurance Group | Worcester | 22 | 211 | 271 | -90% | -22% | -92% |
| Aspen Technology | Burlington | (44) | (101) | 54 | 56% | -287% | -181% |
| Ariad Pharmaceuticals | Cambridge | (77) | 105 | (72) | -173% | 246% | -7% |
| Talbot's | Hingham | (104) | 39 | (29) | -367% | 234% | -259% |
| American Superconductor | Devens | (110) | (17) | 37 | -547% | -146% | -397% |
| First Marblehead | Boston | (219) | (216) | (551) | -1% | 61% | 60% |
| Total all 54 Largest Corps | 26,509 | 22,606 | 17,956 | 17% | 26% | 48% | |
| Massachusetts Smaller Corps | |||||||
| Beacon Roofing Supply | Peabody | 90 | 55 | 86 | 64% | -36% | 5% |
| Progress Software | Bedford | 88 | 71 | 51 | 24% | 39% | 73% |
| Cognex | Natick | 87 | 76 | (10) | 14% | 860% | 970% |
| Boston Beer | Boston | 83 | 81 | 54 | 2% | 50% | 54% |
| Acme Packet | Bedford | 74 | 67 | 19 | 10% | 253% | 289% |
| Independent Bank | Rockland | 63 | 52 | 42 | 21% | 24% | 50% |
| Commonwealth REIT | Newton | 62 | 12 | 62 | 417% | -81% | 0% |
| Atlantic Broadband Finance | Quincy | 60 | 46 | 39 | 30% | 18% | 54% |
| Parexel International | Waltham | 59 | 63 | 64 | -6% | -2% | -8% |
| American Renal Holdings | Beverly | 58 | 38 | 37 | 53% | 3% | 57% |
| iRobot | Bedford | 54 | 34 | 5 | 59% | 580% | 980% |
| Yankee Holding | South Deerfield | 54 | 66 | 41 | -18% | 61% | 32% |
| Boston Private Financial | Boston | 51 | (32) | 18 | 259% | -278% | 183% |
| NetScout Systems | Westford | 51 | 56 | 43 | -9% | 30% | 19% |
| Circor International | Burlington | 50 | 46 | 57 | 9% | -19% | -12% |
| Brookline Bancorp | Brookline | 49 | 47 | 33 | 4% | 42% | 48% |
| Altra Holdings | Braintree | 48 | 35 | (5) | 37% | 800% | 1060% |
| Zoll Medical | Chelmsford | 48 | 28 | 13 | 71% | 115% | 269% |
| Government Properties Income Trust | Newton | 46 | 32 | 26 | 44% | 23% | 77% |
| Ameresco | Framingham | 45 | 41 | 27 | 10% | 52% | 67% |
| M/A-Com Technology Solutions | Lowell | 45 | 16 | (23) | 181% | 170% | 296% |
| Aspect Software Group | Chelmsford | 43 | 37 | 39 | 16% | -5% | 10% |
| Atlantic Tele Network | Beverly | 42 | 44 | 75 | -5% | -41% | -44% |
| Forrester Research | Cambridge | 39 | 34 | 34 | 15% | 0% | 15% |
| Kadant | Westford | 38 | 24 | (2) | 58% | 1300% | 2000% |
| Monotype Imaging Holdings | Woburn | 35 | 27 | 21 | 30% | 29% | 67% |
| Athena Health | Watertown | 33 | 23 | 18 | 43% | 28% | 83% |
| American Science & Engineering | Billerica | 32 | 65 | 55 | -51% | 18% | -42% |
| GSI Group | Bedford | 32 | 36 | (41) | -11% | 188% | 178% |
| Aveo Pharmaceutics | Cambridge | 31 | (59) | (44) | 153% | -34% | 170% |
| Nuance Communications | Burlington | 30 | (1) | 21 | 3100% | -105% | 43% |
| CRA International | Boston | 28 | 6 | 13 | 367% | -54% | 115% |
| Mercury Computer Systems | Chelmsford | 27 | 19 | 8 | 42% | 138% | 238% |
| Virtusa | Westborough | 26 | 18 | 13 | 44% | 38% | 100% |
| TravelCenters of America | Newton | 25 | (67) | (89) | 137% | 25% | 128% |
| NewStar Financial | Boston | 24 | 11 | (70) | 118% | 116% | 134% |
| Analogic | Peabody | 21 | 21 | (2) | 0% | 1150% | 1150% |
| Dynamics Research | Andover | 20 | 20 | 17 | 0% | 18% | 18% |
| Berkshire Hills Bancorp | Pittsfield | 19 | 16 | (32) | 19% | 150% | 159% |
| Global Partners | Waltham | 19 | 27 | 36 | -30% | -25% | -47% |
| Meridian Interstate Bancorp | East Boston | 19 | 21 | 6 | -10% | 250% | 217% |
| Five Star Quality Care | Newton | 18 | 27 | 8 | -33% | 238% | 125% |
| Franklin Street Properties | Wakefield | 18 | 17 | 27 | 6% | -37% | -33% |
| Safety Insurance | Boston | 14 | 79 | 74 | -82% | 7% | -81% |
| Vicor | Andover | 14 | 30 | 5 | -53% | 500% | 180% |
| LS Starrett | Atholma | 12 | (8) | (33) | 250% | 76% | 136% |
| Pegasystems | Cambridge | 11 | 0 | 47 | NM | -100% | -77% |
| Smith & Wesson | Springfield | 8 | 47 | 19 | -83% | 147% | -58% |
| Axcelis Technologies | Beverly | 7 | (17) | (77) | 141% | 78% | 109% |
| Lantheus Medical Imaging | North Billerica | 6 | 24 | 46 | -75% | -48% | -87% |
| Abiomed | Danvers | 2 | (11) | (25) | 118% | 56% | 108% |
| Helicos Biosciences | Cambridge | (6) | (21) | (28) | 71% | 25% | 79% |
| Arqule | Woburn | (11) | (31) | (36) | 65% | 14% | 69% |
| NxStage Medical | Lawrence | (21) | (31) | (43) | 32% | 28% | 51% |
| Avid Technology | Burlington | (23) | (42) | (70) | 45% | 40% | 67% |
| Idera Pharmaceuticals | Cambridge | (26) | (18) | 7 | -44% | -357% | -471% |
| Alere | Waltham | (27) | 6 | 53 | -550% | -89% | -151% |
| Infinity Pharmaceuticals | Cambridge | (40) | (50) | (32) | 20% | -56% | -25% |
| Zalicus | Cambridge | (43) | (7) | (21) | -514% | 67% | -105% |
| Celldex Therapeutics | Needham | (45) | (3) | (37) | -1400% | 92% | -22% |
| Synta Pharmaceuticals | Lexington | (47) | (37) | 79 | -27% | -147% | -159% |
| Idenix Pharmaceuticals | Cambridge | (52) | (62) | (53) | 16% | -17% | 2% |
| Insulet | Bedford | (57) | (61) | (72) | 7% | 15% | 21% |
| Alnylam Pharmaceuticals | Cambridge | (58) | (43) | (47) | -35% | 9% | -23% |
| Immunogen | Waltham | (58) | (51) | (32) | -14% | -59% | -81% |
| Ironwood Pharmaceuticals | Cambridge | (65) | (59) | (60) | -10% | 2% | -8% |
| Amag Pharmaceuticals | Lexington | (78) | (82) | (95) | 5% | 14% | 18% |
| Merrimack Pharmaceuticals | Cambridge | (80) | (50) | (52) | -60% | 4% | -54% |
| Total all 68 Smaller Corps | 1,221 | 798 | 307 | 53% | 160% | 298% |
