Sunday, July 15, 2012

Kansas Smaller Corp 2011 Annual Earnings Up 46% Since 2009

There were 10 Kansas headquartered Corps, which file with the SEC, and with Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three years.

These 10 Largest Kansas Corps generated Total Pretax Loss improvement in 2011 of 51% from such amount two years earlier in 2009. 

Now I wanted to see if these solid earnings improvement also applied to the even smaller Kansas Corps, which file with the SEC.

I found 10 Kansas 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 10 Largest Kansas Corps.  Thus, these 10 Smaller Kansas Corps also did not have Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three years. 

How did they do?  Well, these 10 Smaller Kansas Corps generated total earnings growth in the most recent two years of a robust 46%.

Clearly, Kansas citizens should be proud of their many fine Kansas companies, of all sizes.

And yeah, the Obama Administration created a very robust US economic environment, which permitted these fine Kansas companies of all sizes to do well on the earnings front in the most recent two years.

And as you can clearly see in the below chart, these Kansas Corps performed much better on the earnings front in 2010, when the US House was under Democratic control, than in 2011, when US House was under Republican control.

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.


Let me first show each of the 10 Largest and 10 Smaller Kansas Corps, and the location of their Kansas Headquarters.


Kansas Corporation Kansas HQs
Largest Corps


Garmin Ltd Olathe
Seaboard Corp Shawnee Mission
Waddell & Reed Financial Overland Park
Spirit AeroSystem Wichita
Compass Minerals Intl Overland Park
Capitol Federal Financial Topeka
Collective Brands Topeka
Hawker Beechcraft Wichita
YRC Worldwide Overland Park
Sprint Nextel Overland Park


Smaller Corps
Bats Global Markets Lenexa
Blue Valley Ban Corp Overland Park
EPIQ Systems Kansas City
Euronet Worldwide Leawood
Ferrell Gas Partners Overland Park
Layne Christensen Co Mission Woods
MGP Ingredients Atchison
NIC Inc Olathe
NPC Intl Pittsburg
QC Holdings Kansas City

And below here is the Pretax Income (PTI) and Pretax Loss (PTL) of these 10 Largest and 10 Smaller Kansas Corps for each of the most recent three years, along with the related percentage changes.






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

2011 2010 2009 vs vs vs
mils $s mils $s mils $s 2010 2009 2009
Kansas Largest Corps





Garmin Ltd 584 577 809 1% -29% -28%
Seaboard 390 364 72 7% 406% 442%
Waddell & Reed 283 246 162 15% 52% 75%
Spirit AeroSystem 280 298 273 -6% 9% 3%
Compass Minerals 197 195 237 1% -18% -17%
Capitol Federal Fincl 97 105 105 -8% 0% -8%
Collective Brands (56) 140 98 -140% 43% -157%
Hawker Beechcraft (322) (277) (341) -16% 19% 6%
YRC Worldwide (362) (401) (1,083) 10% 63% 67%
Sprint Nextel (2,636) (3,299) (3,494) 20% 6% 25%




Total all 10 (1,545) (2,052) (3,162) 25% 35% 51%







Kansas Smaller Corps





Euronet Worldwide 63 53 67 19% -21% -6%
Layne Christensen Co 46 54 25 -15% 116% 84%
NIC Inc 39 29 20 34% 45% 95%
Bats Global Markets 38 35 31 9% 13% 23%
NPC Intl 28 27 8 4% 238% 250%
EPIQ Systems 21 27 27 -22% 0% -22%
Ferrell Gas Partners 20 64 69 -69% -7% -71%
QC Holdings 17 22 29 -23% -24% -41%
MGP Ingredients (1) 6 (72) -117% 108% 99%
Blue Valley Ban Corp (6) (4) (23) -50% 83% 74%




Total all 10 265 313 181 -15% 73% 46%