Sunday, July 1, 2012

Maine Public Corp 2011 Annual Earnings Up 56% Since 2009 Under Obama

There were 5 Maine headquartered Corps, with Pretax Income or Pretax Loss of $10 mil or more in any of the most recent three years, and which file with the SEC.

These 5 Maine Corps generated Total Pretax Income in 2011 which was 56% higher than that of two years earlier in 2009.

Clearly, Maine citizens should be very proud of their many superb Maine companies.

And yeah, the Obama Administration created a very robust US economic environment, which permitted these exceptional Maine 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.

And below here is the Pretax Income (PTI) or Pretax Loss of each of these 5 Maine Corporations for each of the most recent three years, along with the related percentage changes in earnings.






Obama




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
Maine Corps





Largest Corps





Idexx Laboratories 234 202 175 16% 15% 34%
Wright Express 209 145 89 44% 63% 135%
Total both 443 347 264 28% 31% 68%







Smaller Corps





Bar Harbor Bankshares 15.5 14.8 14.3 5% 3% 8%
Camden National Corp 38.0 35.9 33.2 6% 8% 14%
First Bancorp 16.2 16.2 17.6 0% -8% -8%
Total all 3 69.7 66.9 65.1 4% 3% 7%







Grand Total all 5 512.7 413.9 329.1 24% 26% 56%