These 52 Largest New Jersey Corps generated Total Pretax Income in 2011 which was up a robust 49% from such amount two years earlier in 2009.
Now I wanted to see if these strong earnings also applied to the even smaller New Jersey Corps, which file with the SEC.
I found 48 New Jersey 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 52 Largest New Jersey Corps. Thus, these 48 Smaller New Jersey Corps also did not have Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three years. I used a lower $20 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 48 Smaller New Jersey Corps generated total earnings growth in the most recent two years of a much more robust 202%, or more than 4 Times the 49% total earnings growth of the 52 Largest New Jersey Corps.
Clearly, New Jersey citizens should be very proud of their many superb New Jersey companies, of all sizes.
And yeah, the Obama Administration created a very robust US economic environment, which permitted these fine New Jersey 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 which didn't have significant amounts of reported revenues.
And just check out how much better both these New Jersey Largest and Smaller Corps performed in 2010, when the country was clearly more under Democratic control nationally, than in 2011, when the country was more under Republican control nationally:
Total Pretax Income % Change in 2011 over 2010 (Move to More Republican Control)
.....52 Largest New Jersey Corps..........+13%
.....48 Smaller New Jersey Corps..........down 1%
Total Pretax Income % Change in 2010 over 2009 (Democratic Control)
.....52 Largest New Jersey Corps..........+32%
.....48 Smaller New Jersey Corps........+205%
Below here is the Pretax Income (PTI) or Pretax Loss of each of these 52 Largest and 48 Smaller New Jersey Corporations for each of the most recent three fiscal years, along with the related percentage changes in earnings.
| Obama | |||||||
| US House | US House | Bump | |||||
| Republican | Democratic | Two | |||||
| Control | Control | Year | |||||
| PTI(L) | PTI(L) | PTI(L) | |||||
| % | % | % | |||||
| Change | Change | Change | |||||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 | ||
| New Jersey | 2011 | 2010 | 2009 | vs | vs | vs | |
| HQs | mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | |
| New Jersey Largest Corps | |||||||
| Johnson and Johnson | New Brunswick | 16,683 | 16,830 | 15,369 | -1% | 10% | 9% |
| Merck | Whitehouse Station | 8,276 | 4,601 | 4,598 | 80% | 0% | 80% |
| Prudential Financial | Newark | 5,117 | 4,392 | 1,524 | 17% | 188% | 236% |
| Honeywell | Morristown | 4,084 | 3,193 | 2,705 | 28% | 18% | 51% |
| Medco Health Solutions | Franklin Lakes | 2,376 | 2,334 | 2,103 | 2% | 11% | 13% |
| Chubb | Warren | 2,199 | 2,988 | 2,962 | -26% | 1% | -26% |
| Automat Data Processing | Roseland | 1,933 | 1,863 | 1,900 | 4% | -2% | 2% |
| Tyco Intl | Princeton | 1,893 | 1,270 | 935 | 49% | 36% | 102% |
| Becton Dickinson | Franklin Lakes | 1,716 | 1,661 | 1,579 | 3% | 5% | 9% |
| Bed Bath & Beyond | Union | 1,569 | 1,293 | 985 | 21% | 31% | 59% |
| Celgene | Summit | 1,524 | 1,134 | 976 | 34% | 16% | 56% |
| Ingersoll-Rand | Piscataway | 1,260 | 1,011 | 594 | 25% | 70% | 112% |
| Cognizant Technology Solutions | Teaneck | 1,169 | 879 | 637 | 33% | 38% | 84% |
| Campbell Soup | Camden | 1,168 | 1,242 | 1,079 | -6% | 15% | 8% |
| Quest Diagnostics | Madison | 1,092 | 1,184 | 1,228 | -8% | -4% | -11% |
| CR Bard | Murray Hill | 758 | 718 | 672 | 6% | 7% | 13% |
| Wyndham WW | Parsippany | 650 | 563 | 493 | 15% | 14% | 32% |
| Hudson City Bancorp | Paramus | 646 | 892 | 874 | -28% | 2% | -26% |
| Vornado Realty LP | Paramus | 604 | 562 | 119 | 7% | 372% | 408% |
| Watson Pharmaceuticals | Parsippany | 535 | 282 | 363 | 90% | -22% | 47% |
| PHH | Mt Laurel | 534 | 542 | 560 | -1% | -3% | -5% |
| Church & Dwight | Princeton | 495 | 418 | 392 | 18% | 7% | 26% |
| Verisk Analytics | Jersey City | 460 | 407 | 265 | 13% | 54% | 74% |
| Rockwood Holdings | Princeton | 456 | 205 | 37 | 122% | 454% | 1132% |
| WABCO Holdings | Piscataway | 405 | 223 | (28) | 82% | 896% | 1546% |
| Dun & Bradstreet | Short Hills | 368 | 388 | 433 | -5% | -10% | -15% |
| CIT Group | Livingston | 325 | 779 | (3,411) | -58% | 123% | 110% |
| Hertz | Park Ridge | 324 | (15) | (177) | 2260% | 92% | 283% |
| Warner Chilcott | Rockaway | 300 | 307 | 166 | -2% | 85% | 81% |
| Avis Budget | Parsippany | 291 | 104 | (77) | 180% | 235% | 478% |
| Sealed Air | Elmwood Park | 281 | 382 | 330 | -26% | 16% | -15% |
| PBF Energy | Parsippany | 243 | (44) | (6) | 652% | -633% | 4150% |
| Foster Wheeler | Clinton | 235 | 263 | 455 | -11% | -42% | -48% |
| Cytec | West Paterson | 233 | 195 | (11) | 19% | 1873% | 2218% |
| John Wiley & Sons | Hoboken | 231 | 200 | 164 | 16% | 22% | 41% |
| Valley National Bank | Wayne | 197 | 187 | 168 | 5% | 11% | 17% |
| Knight Capital | Jersey City | 187 | 150 | 233 | 25% | -36% | -20% |
| Curtiss Wright | Parsippany | 185 | 158 | 145 | 17% | 9% | 28% |
| Covance | Princeton | 177 | 163 | 228 | 9% | -29% | -22% |
| Toys R Us | Wayne | 150 | 132 | 344 | 14% | -62% | -56% |
| Par Pharmaceuticals | Woodcliff Lake | 139 | 135 | 126 | 3% | 7% | 10% |
| Innophos Holdings | Cranbury | 130 | 66 | 104 | 97% | -37% | 25% |
| Investors Bancorp | Short Hills | 125 | 99 | 59 | 26% | 68% | 112% |
| Pinnacle Foods Finance | Parsippany | 124 | 75 | 25 | 65% | 200% | 396% |
| Childrens Place | Seacaucus | 109 | 135 | 124 | -19% | 9% | -12% |
| Covanta | Morristown | 107 | 106 | 104 | 1% | 2% | 3% |
| Lincoln Educational Services | West Orange | 41 | 124 | 84 | -67% | 48% | -51% |
| Franklin Credit Holding | Jersey City | 22 | (56) | (361) | 139% | 84% | 106% |
| Asta Funding | Englewood Cliffs | 18 | 5 | (148) | 260% | 103% | 112% |
| Trump Entertainment Resorts | Atlantic City | (19) | (59) | (125) | 68% | 53% | 85% |
| Hovnanian Enterprises | Red Bank | (292) | (295) | (1,082) | 1% | 73% | 73% |
| Everest Reinsurance | Liberty Corner | (373) | 229 | 525 | -263% | -56% | -171% |
| Total all 52 Largest Corps | 61,460 | 54,600 | 41,340 | 13% | 32% | 49% | |
| New Jersey Smaller Corps | |||||||
| Vonage Holdings | Holmdel | 98 | 47 | 4 | 109% | 1075% | 2350% |
| Alexanders REIT | Paramus | 81 | 65 | 62 | 25% | 5% | 31% |
| Mack Cali Realty | Edison | 81 | 72 | 80 | 13% | -10% | 1% |
| Medicines Co | Parsippany | 78 | 64 | (28) | 22% | 329% | 379% |
| B&G Foods | Parsippany | 77 | 64 | 39 | 20% | 64% | 97% |
| J&J Snack Foods | Pennsauken | 77 | 78 | 68 | -1% | 15% | 13% |
| Provident Financial | Jersey City | 77 | 66 | 38 | 17% | 74% | 103% |
| Vitamin Shoppe | North Bergen | 74 | 49 | 21 | 51% | 133% | 252% |
| Heartland Payment Systems | Princeton | 71 | 42 | 47 | 69% | -11% | 51% |
| Bio Reference Laboratories | Elmwood Park | 65 | 47 | 39 | 38% | 21% | 67% |
| Maidenform Brands | Bayonne | 58 | 75 | 51 | -23% | 47% | 14% |
| Commvault Systems | Oceanport | 50 | 36 | 32 | 39% | 13% | 56% |
| Oritani Financial | Township of Washington | 45 | 16 | 10 | 181% | 60% | 350% |
| SeaCube Container Leasing | Park Ridge | 39 | 30 | 7 | 30% | 329% | 457% |
| Tumi Holdings | South Plainfield | 36 | 14 | (13) | 157% | 208% | 377% |
| Village Super Market | Springfield | 36 | 44 | 47 | -18% | -6% | -23% |
| Movado Group | Paramus | 33 | (14) | (26) | 336% | 46% | 227% |
| Oceanfirst Financial | Toms River | 32 | 31 | 25 | 3% | 24% | 28% |
| Cantel Medical | Little Falls | 30 | 32 | 25 | -6% | 28% | 20% |
| Lakeland Bancorp | Oak Ridge | 29 | 29 | (13) | 0% | 323% | 323% |
| Burlington Coat Factory Warehouse | Burlington | 28 | 53 | (7) | -47% | 857% | 500% |
| Integra Lifesciences | Plainsboro | 28 | 82 | 73 | -66% | 12% | -62% |
| Metalico | Cranford | 27 | 23 | (10) | 17% | 330% | 370% |
| Mistras Group | Princeton Junction | 27 | 17 | 10 | 59% | 70% | 170% |
| Center Bancorp | Union | 21 | 7 | 5 | 200% | 40% | 320% |
| Smart Balance | Paramus | 21 | 9 | 5 | 133% | 80% | 320% |
| Synchronoss Technologies | Bridgewater | 21 | 13 | 19 | 62% | -32% | 11% |
| Cambrex | East Rutherford | 20 | 15 | 23 | 33% | -35% | -13% |
| Columbia Laboratories | Livingston | 20 | (4) | (22) | 600% | 82% | 191% |
| Northfield Bancorp | Avenel | 20 | 20 | 19 | 0% | 5% | 5% |
| Rudolph Technologies | Flanders | 20 | 31 | (32) | -35% | 197% | 163% |
| AEP Industries | South Hackensack | 16 | 11 | 24 | 45% | -54% | -33% |
| IDT Corp | Newark | 14 | 26 | (40) | -46% | 165% | 135% |
| Bel Fuse | Jersey City | 11 | 24 | (9) | -54% | 367% | 222% |
| Marina District Finance | Atlantic City | 10 | 49 | 90 | -80% | -46% | -89% |
| Selective Insurance Group | Branchville | 8 | 82 | 39 | -90% | 110% | -79% |
| Universal Display Corp | Ewing | 7 | (10) | (20) | 170% | 50% | 135% |
| Catalent Pharma Solutions | Somerset | 1 | (11) | (58) | 109% | 81% | 102% |
| Kid Brands | East Rutherford | 1 | 21 | 18 | -95% | 17% | -94% |
| Catalent Pharma Solutions | Somerset | 1 | (11) | (58) | 109% | 81% | 102% |
| UniTek Global Services | Elmwood Park | (3) | (25) | (33) | 88% | 24% | 91% |
| Hill International | Marlton | (11) | 15 | 25 | -173% | -40% | -144% |
| Immunomedics | Morris Plains | (15) | 36 | 1 | -142% | 3500% | -1600% |
| Enzon Pharmaceuticals | Piscataway | (21) | (3) | (59) | -600% | 95% | 64% |
| NPS Pharmaceuticals | Bedminster | (36) | (34) | (24) | -6% | -42% | -50% |
| Pacira Pharmaceuticals | Parsippany | (40) | (27) | (32) | -48% | 16% | -25% |
| Anadigics | Warren | (49) | 1 | (57) | -5000% | 102% | 14% |
| Amicus Therapeutics | Cranbury | (51) | (55) | (7) | 7% | -686% | -629% |
| Central European Distribution | Mt Laurel | (61) | (9) | 12 | -578% | -175% | -608% |
| Sun Bancorp | Vineland | (67) | (86) | (34) | 22% | -153% | -67% |
| Total all 48 Smaller Corps | 1,135 | 1,147 | 376 | -1% | 205% | 202% |
