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% |
