These 10 Largest Oregon Corps generated Total Pretax Earnings which were up a very nice 32% over such amount two years ago in 2009. And I thought it was interesting to see that the two dominant Oregon Corps, Nike and Precision Castparts, had earnings increases in the most two recent years that were substantially lower than the remaining 8 of these Oregon Corps, whose Total Pretax Income increased by a very robust 96% in the most recent two years.
Now I wanted to see if this very solid earnings growth also applied to the even smaller Oregon Corps, which file with the SEC.
Thus, I found 13 Oregon headquartered Smaller Corps filing with the SEC, which had Pretax Income or Pretax Loss of $10 mil or more in any of the most recent three years, and which weren't included in the 10 Largest Oregon Corps. Thus, these 13 Smaller Oregon Corps also did not have Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years. I used a lower $10 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 13 Smaller Oregon Corps generated total earnings growth in the most recent two years of an off-the-charts 389%, or more than 12 times the 32% total earnings growth of the 10 Largest Oregon Corps.
Clearly, Oregon citizens should be very proud of their very fine Oregon companies.
And yeah, the Obama Administration created a very robust US economic environment, which permitted Oregon companies of all sizes to do very well 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 generating losses for many years.
Let me first show each of the 10 Largest Oregon Corps and where they are Headquartered.
| Oregon Largest Corps | Oregon HQs |
| Cascade Bancorp | Bend |
| Columbia Sportswear | Portland |
| FEI Co | Hillsboro |
| FLIR Systems | Wilsonville |
| Nike | Beaverton |
| Precision Castparts | Portland |
| Schnitzer Steel | Portland |
| Stancorp Financial | Portland |
| TriQuint Semiconductor | Hillsboro |
| Umpqua Holdings | Portland |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 10 Largest Oregon Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| Move to | ||||||
| More | More | |||||
| Republican | Democratic | Obama | ||||
| Control | Control | Bump | ||||
| PTI(L) | PTI(L) | Two Year | ||||
| % | % | % | ||||
| Change | Change | Change | ||||
| Total | Total | Total | 2011 | 2010 | 2011 | |
| PTI(L) | PTI(L) | PTI(L) | vs | vs | vs | |
| 2011 | 2010 | 2009 | 2010 | 2009 | 2009 | |
| mils $s | mils $s | mils $s | ||||
| Oregon Largest Corps | ||||||
| Nike | 2,844 | 2,517 | 2,358 | 13% | 7% | 21% |
| Precision Castparts | 1,812 | 1,494 | 1,410 | 21% | 6% | 29% |
| FLIR Systems | 311 | 363 | 340 | -14% | 7% | -9% |
| Stancorp Financial | 195 | 283 | 316 | -31% | -10% | -38% |
| Schnitzer Steel | 181 | 125 | (47) | 45% | 366% | 485% |
| Columbia Sportswear | 138 | 105 | 90 | 31% | 17% | 53% |
| FEI Co | 123 | 52 | 28 | 137% | 86% | 339% |
| Umpqua Holdings | 111 | 34 | (82) | 226% | 141% | 235% |
| TriQuint Semiconductor | 59 | 117 | 17 | -50% | 588% | 247% |
| Cascade Bancorp | (89) | (23) | (137) | -287% | 83% | 35% |
| Total all 10 | 5,685 | 5,067 | 4,293 | 12% | 18% | 32% |
Now let me show each of the 13 Smaller Oregon Corps, and where they are Headquartered.
| Oregon Smaller Corps | Oregon HQs |
| Blount International | Portland |
| Cascade Corp | Fairview |
| Electro Scientific | Portland |
| Erickson Air-Crane | Portland |
| ESCO Corp | Portland |
| Greenbrier Companies | Lake Oswego |
| LaCrosse Footwear | Portland |
| Lattice Semiconductor | Hillsboro |
| Lithia Motors | Medford |
| Mentor Graphics | Wilsonville |
| Planar Systems | Beaverton |
| PremierWest Bancorp | Medford |
| West Coast Bancorp | Lake Oswego |
And below here is the Pretax Income (PTI) or Pretax Loss of each of these 13 Smaller Oregon Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| Move to | ||||||
| More | More | |||||
| Republican | Democratic | Obama | ||||
| Control | Control | Bump | ||||
| PTI(L) | PTI(L) | Two Year | ||||
| % | % | % | ||||
| Change | Change | Change | ||||
| Total | Total | Total | 2011 | 2010 | 2011 | |
| PTI(L) | PTI(L) | PTI(L) | vs | vs | vs | |
| 2011 | 2010 | 2009 | 2010 | 2009 | 2009 | |
| mils $s | mils $s | mils $s | ||||
| Oregon Smaller Corps | ||||||
| Mentor Graphics | 92 | 32 | (20) | 188% | 260% | -560% |
| Lithia Motors | 90 | 37 | 19 | 143% | 95% | 374% |
| Cascade Corp | 86 | 40 | (24) | 115% | 267% | 458% |
| ESCO Corp | 82 | 51 | 29 | 61% | 76% | 183% |
| Blount International | 79 | 60 | 27 | 32% | 122% | 193% |
| Lattice Semiconductor | 43 | 58 | (6) | -26% | 1067% | 817% |
| Greenbrier Companies | 23 | (13) | (19) | 277% | 32% | 221% |
| West Coast Bancorp | 14 | 7 | (97) | 100% | 107% | 114% |
| Erickson Air-Crane | 11 | (6) | 18 | 283% | -133% | -39% |
| LaCrosse Footwear | 5 | 11 | 8 | -55% | 38% | -38% |
| Electro Scientific | 4 | 8 | (26) | -50% | 131% | 115% |
| Planar Systems | (5) | (5) | (11) | 0% | 55% | 55% |
| PremierWest Bancorp | (15) | (5) | (74) | -200% | 93% | 80% |
| Total all 13 | 509 | 275 | (176) | 85% | 256% | 389% |
