These 3 Largest Delaware Corps generated Total Pretax Income in 2011 which was an off-the-charts 112% higher than that of two years earlier in 2009.
Now I wanted to see if these strong earnings also applied to the even smaller Delaware Corps, which file with the SEC.
I found 4 Delaware 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 3 Largest Delaware Corps.
How did they do? Well, these 4 Smaller Delaware Corps generated total earnings growth in the most recent two years of an even more off-the-charts 489%, or more than four times the 112% total earnings growth of the 3 Largest Delaware Corps.
Clearly, Delaware citizens should be very proud of their many superb Delaware companies, of all sizes.
And yeah, the Obama/Biden Administration created a very robust US economic environment, which permitted these very fine Delaware 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 generating losses for many years.
Below here is the Pretax Income (PTI) or Pretax Loss of each of these 3 Largest and 4 Smaller Delaware Corporations for each of the most recent three years, along with the related percentage changes in earnings.
| US House | US House | |||||
| Republican | Democratic | Obama | ||||
| Control | Control | Bump | ||||
| PTI(L) | PTI(L) | Two Year | ||||
| % | % | % | ||||
| Change | Change | Change | ||||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 | |
| 2011 | 2010 | 2009 | vs | vs | vs | |
| mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | |
| Delaware | ||||||
| Largest Corps | ||||||
| DuPont | 4,282 | 3,711 | 2,184 | 15% | 70% | 96% |
| SLM | 927 | 1,433 | 272 | -35% | 427% | 241% |
| Delphi Financial | 233 | 220 | 106 | 6% | 108% | 120% |
| Total all 3 | 5,442 | 5,364 | 2,562 | 1% | 109% | 112% |
| Smaller Corps | ||||||
| WSFS Financial | 34.2 | 19.6 | (1.4) | 74% | 1500% | 2543% |
| Shiloh Industries | 13.1 | 10.4 | (25.8) | 26% | 140% | 151% |
| Dover Downs Gaming & Entertainment | 9.2 | 11.5 | 21.3 | -20% | -46% | -57% |
| Ridgewood Energy X Fund | 5.4 | (4.1) | (10.0) | 232% | 59% | 154% |
| Total all 4 | 61.9 | 37.4 | (15.9) | 66% | 335% | 489% |
| Grand Total all 7 | 5,503.9 | 5,401.4 | 2,546.1 | 2% | 112% | 116% |
