Friday, August 31, 2012

11 Largest US Battleground States 952 Largest Corps 2011 Annual Earnings Up 241% Over 2009 Under Obama

From my 11 recent posts on the earnings for the most recent two fiscal years of the Largest and Next Largest Smaller Corps in each of the 11 Largest Battleground States, let me now summarize in this post these total earnings by State.

The majority of these companies have December year ends.

The 417 Largest Corps in the 11 US Largest Battleground States, with Pretax Income or Pretax Loss of at least $100 mil in any of the most recent three fiscal years, generated Total Pretax Income of $288.5 bil in the most recent fiscal year 2011, which was an almost unbelievable increase of 237% over the $85.4 bil amount earned by these same Large Corps just two years earlier in 2009.

And the 535 Next Largest Smaller Corps in the 11 US Largest Battleground States, with Pretax Income or Pretax Loss of at least $10 mil, but less than $100 mil,  in any of the most recent three fiscal years, generated Total Pretax Income of $9.5 bil in the most recent fiscal year 2011, which was an even more unbelievable increase of 443% over the $1.7 bil amount earned by these same Smaller Corps just two years earlier in 2009.

Thus the common held view by many progressives that only the Very Largest Corps are the ones that are really substantially profiting under the Obama Administration is a myth.  Granted these 417 Largest Corps in these 11 Battleground States, with Pretax Income or Pretax Loss of at least $100 mil, had a huge total earnings growth of 237% during the most recent two fiscal years.  But the 535 Next Largest Smaller Corps in these 11 Battleground States with Pretax Income or Pretax Loss of $10 mil or more, but also with Pretax Income or Pretax Loss below $100 mil, had an even huger 443% total earnings growth in those same two most recent fiscal years, which was nearly double the earnings growth of the 417 Largest Corps. 

Anyway, when you combine these 417 Largest and 535 Next Largest Smaller Corps in the 11 US Largest Battleground States, with Pretax Income or Pretax Loss of at least $10 mil  in any of the most recent three fiscal years, these 952 Largest Corps generated Total Pretax Income of $298.0 bil in the most recent fiscal year 2011, which was an off-the-charts increase of 241% over the $87.4 bil amount earned by these same 952 Largest Corps just two years earlier in 2009.

Corporate Earnings drive Stock Prices.  These blowout Corporate Earnings of the two most recent fiscal years have caused the US stock market, as measured by the S&P 500 Index, to explode upwardly from a low close of $676.53 on March 9, 2009 to $1,406.58 at the most recent date of August 31, 2012.  So yeah, the S&P 500 Index has risen by 108% in the most recent just short of 3 1/2 years!  And nearly half of the country still thinks the Obama Administration has had a horrible impact on US businesses.  Give me a break! 

But another very salient point relates to the total earnings growth by year.  Both the 417 Largest Corps and the 535 Next Largest Smaller Corps had their total earnings growth in 2010 over 2009, which is when the US House was under Democratic control, which was 8 times their total earnings growth in 2011 over 2010, which is when the US House was under Republican control.

The 417 Largest Corps in these US Battleground States had 175% total earnings growth in 2010 over 2009, which dramatically dropped to only 22% earnings growth in 2011 over 2010.

And the 535 Next Largest Smaller Corps in these US Battleground States had 295% total earnings growth in 2010 over 2009, which dramatically dropped to 37% earnings growth in 2011 over 2010.

How in the world could any business executive, any employee, and any stockholder of these 952 Corps in these 11 US Battleground States, who have at least a small dose of financial savvy, and who view the US economy as the main issue, rationally vote against President Obama when the total earnings growth of these same companies was a massive 241% in the most recent two years, when the 535 Smaller Corps here had a total earnings growth of an even larger 443% in the most recent two years, and when the US stock market has advanced by 108% in the most recent 3 1/2 years?

This has to be by far the largest total corporate earnings percentage growth for the most recent two years.....241% for these 952 Largest Corps.....for any two-year period during any US President's term  in recent history!

And the 2010 total corporate earnings percentage growth.....178% for these 952 Largest Corps.....has to also be by far the largest corporate earnings percentage growth for any one year during any President's term, and also during any US Congressional term, in recent history!

And how in the world could any business executive, any employee, and any stockholder of these 952 Corps in these 11 US Battleground States, who have at least a small dose of financial savvy, and who view the US economy as the main issue, rationally vote against any Democratic US House of Representatives candidate, when the total earnings growth in 2010 of these 952 Corps, when the US House was under Democratic control, was a massive 8 times higher than the total earnings growth in 2011 of these same 952 Corps, when the US House was under Republican control?

And frankly, the same should be said of all voters, with at least a small dose of financial savvy, in the other 39 US States.  From very extensively studying the earnings of companies in each of these other 39 US States, the Largest and Smaller Corps in each of these other 39 US States likewise had a substantially higher total earnings growth in 2010, when the US House was under Democratic control, than it was in 2011, when the US House was under Republican Control.

Minnesota's most recent two-year earnings growth of 22% for its 35 Largest Corps is lower than that of the other Battleground States since, due to their resiliency, Minnesota's Largest Corps never suffered much from the Deep Recession.  And the same can be said, to a slightly lesser degree, for Iowa's Largest Corps.

If you want to see the individual company earnings included in the Total State Earnings numbers below, all you need to do is to click on the separate earnings post for each Battleground State, which are located on the right side of the computer screen.

In deriving Ongoing, Core 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 or Exploration Stage.  I also excluded Corps with not significant enough Total Revenues. 

Below here is the Total Ongoing, Core Pretax Income (PTI) and Pretax Loss (PTL) summarized by each of the 11 US Battleground States of these 417 Largest and 535 Next Largest Smaller Corps for each of the most recent three fiscal years, along with the related percentage changes.







Move to Obama





More More Bump





Republican Democratic Two





Control Control Year





Total Total Total





PTI(L) PTI(L) PTI(L)





% % %

Total Total Total Change Change Change
Large # and PTI(L) PTI(L) PTI(L) 2011 2010 2011
Battleground Size of 2011 2010 2009 vs vs vs
State  Corps mils $s mils $s mils $s 2010 2009 2009








Ohio 68 Largest 49,303 40,907 26,030 21% 57% 89%
Ohio 60 Smaller 1,243 946 171 31% 453% 627%
Ohio 128 Largest 50,546 41,853 26,201 21% 60% 93%








Minnesota 35 Largest 49,409 48,010 40,583 3% 18% 22%
Minnesota 48 Smaller 874 649 312 35% 108% 180%
Minnesota 83 Largest 50,283 48,659 40,895 3% 19% 23%









Pennsylvania  
     75 Largest 42,088 34,743 18,475 21% 88% 128%
Pennsylvania      95 Smaller 1,602 1,258 209 27% 502% 667%
Pennsylvania    170 Largest 43,690 36,001 18,684 21% 93% 134%








North Carolina 33 Largest 34,078 25,543 16,573 33% 54% 106%
North Carolina 42 Smaller 308 184 124 67% 48% 148%
North Carolina 75 Largest 34,386 25,727 16,697 34% 54% 106%








Michigan 33 Largest 31,375 25,133 (40,663) 25% 162% 177%
Michigan 36 Smaller 1,096 711 (76) 54% 1036% 1542%
Michigan 69 Largest 32,471 25,844 (40,739) 26% 163% 180%








Virginia 39 Largest 27,816 17,292 813 61% 2027% 3321%
Virginia 59 Smaller 1,134 1,104 641 3% 72% 77%
Virginia 98 Largest 28,950 18,396 1,454 57% 1165% 1891%








Florida 52 Largest 20,185 17,649 10,795 14% 63% 87%
Florida 88 Smaller 1,077 643 31 67% 1974% 3374%
Florida     140 Largest 21,262 18,292 10,826 16% 69% 96%








Colorado 42 Largest 18,949 15,591 9,438 22% 65% 101%
Colorado 40 Smaller 519 278 (178) 87% 256% 392%
Colorado 82 Largest 19,468 15,869 9,260 23% 71% 110%








Wisconsin 19 Largest 9,516 8,242 2,039 15% 304% 367%
Wisconsin 29 Smaller 964 709 482 36% 47% 100%
Wisconsin 48 Largest 10,480 8,951 2,521 17% 255% 316%








Iowa 8 Largest 2,889 2,523 2,006 15% 26% 44%
Iowa 19 Smaller 422 360 105 17% 243% 302%
Iowa 27 Largest 3,311 2,883 2,111 15% 37% 57%








Nevada 13 Largest 2,903 372 (399) 680% 193% 828%
Nevada 19 Smaller 206 43 (80) 379% 154% 358%
Nevada 32 Largest 3,109 415 (479) 649% 187% 749%





Total all   11 States    417 Largest 288,511 236,005 85,690 22% 175% 237%
Total all   11 States    535 Smaller 9,445 6,885 1,741 37% 295% 443%
Total all   11 States    952 Largest 297,956 242,890 87,431 23% 178% 241%

Ohio 60 Smaller Corps 2011 Annual Earnings Up 627% Over 2009 Under Obama: An Update

From a very extensive review of SEC filings, I found 128 Ohio headquartered Corps, which file with the SEC, and which generated Pretax Income or Pretax Loss of $10 mil or more in any of the most recent three years.

Let me first address the Largest Ones.....the huge number of 68 with Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three years.

Included in these 68 Largest Ohio Corps was the dominant Procter & Gamble (P&G), whose $14.4 bil of June 2012 FYE Pretax Income, comprised 29% of the Total Pretax Income of all 68 of these Largest Ohio Corps.

P&G's current fiscal year earnings were actually down 3% from that of two years earlier.  But this trend is a bit misleading since P&G never had the huge earnings drop in the US Deep Recession as the overwhelming majority of US firms did.

To show how P&G hung so tough in the Deep Recession, let me show it's annual Pretax Income (PTI) in each of the most recent five fiscal years.

PTI for FYE June 30, 2012.....$14,361 mil*
PTI for FYE June 30, 2011.....$14,997 mil
PTI for FYE June 30, 2010.....$14,868 mil
PTI for FYE June 30, 2009.....$14,413 mil
PTI for FYE June 30, 2008.....$14,885 mil

* excludes Goodwill Impairment Charge

When you review the above earnings numbers, you have to wonder just where is P&G's Deep Recession?.....it's clearly not there.

But check out just how well the Remaining 67 Largest Ohio Corps, with Pretax Income or Loss of at least $100 mil, performed in the most recent two years.  These Remaining 67 Largest Ohio Corps generated Total Pretax Income of $34.9 bil in 2011, which was up by an off-the-charts 213% over that of two years ago in 2009.  Whoa, Ohio!

Now I want to focus on the Smaller Ohio Corps, filing with the SEC, and with Pretax Income or Loss of at least $10 mil.

How did they do?  Well, these 60 Smaller Ohio Corps generated total earnings growth in the most recent two years of an even more off-the-charts 627%.  Whoa, Whoa, Ohio!

Clearly, all Ohio citizens should be very proud of their many superb Ohio companies, of all sizes.  And particularly, all employees, the extended families of all employees, and the stockholders of these fine Ohio companies should be feeling very good about what happened with their companies during the most recent two years.

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

But a second story here are the earnings results by year.

It is just incredible how much better the total earnings growth of both the Largest and the Smaller Ohio Corps was in 2010 over 2009, when the US House was under Moderate Democratic control, than it was in 2011 over 2010, when the US House was under Very Conservative Republican control, with Vice Presidential Candidate Paul Ryan and Speaker John Boehner being two of the key drivers of this Uncompromising, Very Conservative Republican Movement, which has such an extremely low approval rating in the eyes of US citizens.

The Remaining 67 Largest Ohio Corps other than P&G generated Total Pretax Income growth of 132% in 2010 over 2009.  Then in 2011, this total earnings growth dropped markedly to 35% growth.  Yeah, the total earnings growth of 132% in 2010 over 2009, when the US House was under Democratic control, was 3.8 times higher than the 35% total earnings growth in 2011 over 2010, when the US House was under Republican control.

But this was nothing when compared to what happened with the 60 Smaller Ohio Corps.

The 60 Smaller Ohio Corps, with Pretax Income of at least $10 mil, generated Total Pretax Income growth of an incredible 453% in 2010 over 2009.  Then in 2011, this total earnings growth dropped down to 31% growth.  Yeah, the total earnings growth of 453% in 2010 over 2009, when the US House was under Democratic control, was 14.6 times higher than the 31% total earnings growth in 2011 over 2010, when the US House was under Republican control.

And in the first half of 2012, the total earnings growth of the Largest Ohio Corps actually substantially decelerated much further from the first half of 2011.

So why is it that these Ohio Corps did so much better in 2010 than they did in 2011?  I think you need to look at the political situation.

In both years, the President was the same.....a Moderate Democrat.

However, the US House was under Uncompromising, Very Conservative Republican control in 2011, but under Democratic control in 2010.

Also, the US Senate had a lower Democratic majority in 2011 than it did in 2010.

And the State Governors and State Legislatures, all across the country, were clearly more Very Conservative Republican in 2011 than they were in 2010.

So clearly, there was a substantial shift nationally from Moderate Democratic control in 2010 to Very Conservative Republican control in 2011.

How could this change in political control make such a huge difference in Ohio State company earnings?

It is pretty clear to me that in 2010, a Moderate Democratic President, coupled most importantly with a US House in Democratic hands, but also having a US Senate in Democratic hands, and further with having more State Governors and State Legislatures in Moderate Democratic hands, did wonders for corporate earnings growth in 2010.  With this political structure, economic stimulus, much needed targeted individual income tax cuts, very targeted business income tax stimulus and wise, carefully-vetted US Government investment spending, can occur on a robust scale.  And this very strong economic stimulus was in full throttle starting in the 4Q 2009, and did Corporations ever reap the benefit of this by generating exceptionally strong profits.

The worse thing that can happen after a financial meltdown, and near depression, is a US government that just waits for the free markets to correct themselves.....a laissez-faire approach, so favored by so many Republicans.  Fortunately for the country, the exact opposite to that wisely happened in 2009 and 2010.

But then in 2011, the US government was unfortunately forced into a laissez-faire economic approach, due to an uncompromising Very Conservative US Congress stopping nearly every economic initiative of the Obama Administration.  The focus of the US Congress was almost singularly on austerity, when the improving, but still clearly struggling, US economy was shouting out for more economic stimulus, wisely designed. 

Thus, things stopped to a walk on the US economic front when the US House switched to Uncompromising, Very Conservative Republican control with the 2010 election, coupled with the US Senate Democratic majority rule being significantly reduced, and with many US States switching from Moderate Democratic Control to Very Conservative Republican Control.

Case in point is Business Income Tax Reform, which the Obama Administration strongly supports, and which nearly all Republicans say they are behind.  If the President's Framework for Business Income Tax Reform, presented about six months ago, is strengthened by the US Congress and passed, I am pretty certain that all of the US economic problems, including US real GDP growth, US unemployment, US underemployment, and the US Deficit....would all be substantially improved, and on an ongoing sustainable basis over the long run.

However, the US House Ways and Means Committee must initiate the legislation on this critically needed Business Income Tax Reform.  And what have they done so far?  Pretty much nothing of substance.  I'm not kidding.  On the other hand, if the US House were under Democratic control, I am pretty certain that this Business Income Tax Reform would have gotten out of the US House Ways and Means Committee by now and been placed on the US House Floor.

Instead, the Uncompromising, Very Conservative Republicans in the US House, led by people like John Boehner, Paul Ryan and Eric Cantor, are focused on attempting to pass an extension of the much lower Bush income tax rates on the wealthy, which increases the US Deficit by roughly a trillion dollars over the next decade, and creates almost no US jobs.  This continual off-focus approach to governing by the Uncompromising, Very Conservative Republicans in the US House shows that they are clearly unfit to be reelected, due to either their gross incompetence on US economic issues, or to their only be interested in governing for the top 1% of the country.

On the other hand, when the President is a Moderate Democrat and the US House is in Democratic control, economic initiatives move forward, and they clearly did very robustly in 2009 and 2010.....and did US businesses ever profit from this.  And so did the US stock market, which has doubled in the most recent three and a half years.  Corporate earnings drive stock prices.

So, just who are the losers from this lack of action on drastically needed US economic initiatives by these Republicans in the US House?  Well, it's not just the unemployed, the underemployed, the dwindling middle class, and the people trying to get into the middle class.  US Businesses were also big losers, by having their earnings growth substantially decelerate in 2011, and even more dramatically so in the first half of 2012.

So, how does the country get out of this horrible economic pickle?

Well, in Ohio, the key is to not just reelect Barack Obama as President, but also to reelect very effective, hard-working Democratic US Senator Sherrod Brown, and to also completely reverse the 2010 election of all of these Uncompromising, Very Conservative Ohio Republican US House Members.....they were well intentioned, but they have really harmed the country economically.

With a Moderate Democratic President, and with both a US House and a US Senate under Moderate Democratic control, and with these Democrats going out of their way to work across the aisle, I think you will see both wisely-designed business income tax reform and wisely-designed US Government investments in much needed infrastructure, as well as wisely-designed US Government investments in basic research in the key areas including energy, technology, medicine, and advanced manufacturing.

And a good chunk of this much-needed bold legislation will pass very quickly.  The rest should pass in a reasonable amount of time. 

But this time, I think the tax stimulus and investment stimulus legislation will be designed so that its economic benefits are more fairly shared among all of the country, not just the very wealthy and the largest and somewhat large businesses.

Due to the economic crater of a near depression in 2008 and in early 2009, the US economy is still so very fragile, even after much improvement of the past three years.  Thus, I think the key to making the US economy great again is to give extremely robust tax incentives that entice US businesses of all sizes to grow the US middle class out by creating a substantial number of good-paying US full-time jobs, which will be lasting ones.

Frankly, you can't grow the US middle class out by just giving tax breaks to the US middle class and to the ones trying to get into the middle class.  You have to focus on not just where the tax benefits first go, but where this money eventually ends up.  Just like the payroll tax holiday and the original Obama Economic Stimulus, much of that money eventually ended up as additional profits of large and somewhat large businesses, and mostly stuck on corporate balance sheets, where it does the US economy absolutely no good.  Or large Corps use this money to buy back their own common stock, to pump up their reported EPS, which helps corporate stock prices and corporate executive compensation and financial wealth, but which again does the US economy absolutely no good.

In a capitalistic system, to truly grow out the US middle class effectively in the long run, US businesses must be highly incentivized to do so.  And wisely-designed legislation would make it imperative that when businesses are given these lucrative tax incentives, these businesses must be held accountable for growing the US middle class out.  And if they don't do it sufficiently, like unfortunately what happened in the most recent three years, they should get their lucrative tax benefits recaptured.  That is only fair.  That is also prudent, wisely-designed legislation on the front end.

======================================

In deriving Ongoing, Core 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 without significant enough Total Revenues.

Below here is the Ongoing, Core Pretax Income (PTI) and Pretax Loss (PTL) of these 68 Largest and 60 Smaller Ohio Corps for each of the most recent three years, along with the related percentage changes.







Move to Obama





More More 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

HQs 2011 2010 2009 vs vs vs


mils $s mils $s mils $s 2010 2009 2009
Ohio Largest Corps






The Dominant One






Procter & Gamble Cincinnati 14,361 14,997 14,868 -4% 1% -3%








The Remaining 67 Largest Corps





Marathon Petroleum Findlay 3,719 1,023 685 264% 49% 443%
Cliffs Natural Resources Cleveland 2,242 1,303 297 72% 339% 655%
Macy's Cincinnati 1,968 1,320 898 49% 47% 119%
Fifth Third Bancorp Cincinnati 1,831 940 (991) 95% 195% 285%
Kroger Cincinnati 1,796 1,734 1,702 4% 2% 6%
Cardinal Health Dublin 1,698 1,518 1,212 12% 25% 40%
Parker Hannifin Cleveland 1,577 1,414 755 12% 87% 109%
Eaton Cleveland 1,553 1,036 303 50% 242% 413%
Progressive Mayfield Village 1,487 1,565 1,557 -5% 1% -4%
Limited Brands Columbus 1,348 1,251 650 8% 92% 107%
Key Corp Cleveland 1,345 793 (2,240) 70% 135% 160%
Scripps Networks Interactive Cincinnati 915 777 574 18% 35% 59%
JM Smucker Orrville 756 789 733 -4% 8% 3%
Sherwin Williams Cleveland 742 678 668 9% 1% 11%
Huntington Bancshares Columbus 707 352 (1,219) 101% 129% 158%
Timken Canton 697 406 14 72% 2800% 4879%
Goodyear Tire & Rubber Akron 618 (65) (357) 1051% 82% 273%
American Financial Cincinnati 560 689 812 -19% -15% -31%
Cintas Cincinnati 471 393 367 20% 7% 28%
Teradata Dayton 453 414 334 9% 24% 36%
Omnicare Cincinnati 381 250 409 52% -39% -7%
Owens Corning Toledo 353 213 81 66% 163% 336%
Mettler Toledo Columbus 349 308 225 13% 37% 55%
Big Lots Columbus 342 355 310 -4% 15% 10%
RPM Intl Medina 328 295 276 11% 7% 19%
Owens-Illinois Perrysburg 317 424 317 -25% 34% 0%
Nordson Westlake 315 231 116 36% 99% 172%
TransDigm Cleveland 302 251 251 20% 0% 20%
Lincoln Electric Cleveland 301 187 87 61% 115% 246%
Dana Holding Maumee 296 35 (298) 746% 112% 199%
Greif Delaware 243 252 138 -4% 83% 76%
Scotts Miracle-Gro Marysville 240 339 208 -29% 63% 15%
Express Columbus 236 142 77 66% 84% 206%
Health Care REIT Toledo 226 156 170 45% -8% 33%
Polyone Avon Lakes 199 141 98 41% 44% 103%
The Wimble Company Cincinnati 197 167 60 18% 178% 228%
Steris Mentor 194 204 192 -5% 6% 1%
Abercrombie & Fitch New Albany 186 229 120 -19% 91% 55%
Convergys Cincinnati 182 123 96 48% 28% 90%
Huntington Preferred Capital Columbus 179 190 (12) -6% 1683% 1592%
Worthington Industries Columbus 177 187 114 -5% 64% 55%
Applied Industrial Technologies Cleveland 167 153 105 9% 46% 59%
First Merit Akron 166 140 98 19% 43% 69%
Diebold North Canton 164 174 124 -6% 40% 32%
Aleris Intl Beachwood 157 70 (355) 124% 120% 144%
Nacco Industries Cleveland 157 116 19 35% 511% 726%
American Greetings Cleveland 156 156 121 0% 29% 29%
Andersons Maumee 150 106 57 42% 86% 163%
Thor Industries Jackson Center 147 164 33 -10% 397% 345%
Lancaster Colony Columbus 146 162 175 -10% -7% -17%
Graftech Intl Parma 143 174 81 -18% 115% 77%
DSW Columbus 142 112 (54) 27% 307% 363%
Chemed Cincinnati 141 134 121 5% 11% 17%
Momentive Specialty Chemicals Columbus 135 103 (100) 31% 203% 235%
Cooper Tire Findlay 134 160 116 -16% 38% 16%
MPLX LP Findlay 134 104 123 29% -15% 9%
Park National Newark 117 75 97 56% -23% 21%
Vantiv Symmes Township 117 54 126 117% -57% -7%
Cincinnati Financial Fairfield 106 342 246 -69% 39% -57%
Bob Evans Columbus 105 95 96 11% -1% 9%
First Financial Bancorp Cincinnati 105 100 11 5% 809% 855%
Hyster-Yale Materials Handling Cleveland 102 34 (47) 200% 172% 317%
Cincinnati Bell Cincinnati 94 114 154 -18% -26% -39%
Chiquita Brands Cincinnati 26 29 105 -10% -72% -75%
OM Group Cleveland 15 107 32 -86% 234% -53%
AK Steel West Chester 14 (102) (98) 114% -4% 114%
State Auto Financial Columbus (124) 25 (13) -596% 292% -854%





Total 67 Remaining Largest Corps 34,942 25,910 11,162 35% 132% 213%








Ohio 60 Smaller Corps






Cedar Fair LP Sandusky 87 72 32 21% 125% 172%
Invacare Elyria 79 78 59 1% 32% 34%
Air Transport Services Wilmington 76 63 45 21% 40% 69%
Nexeo Solutions (Before Interest Expense) Dublin 73 56 53 30% 6% 38%
Chart Industries Garfield Heights 71 27 78 163% -65% -9%
Wendy's Dublin 70 35 1 100% 3400% 6900%
A. Schulman Akron 67 52 18 29% 189% 272%
Ferro Corp Mayfield Heights 66 47 (44) 40% 207% 250%
Materion Mayfield Heights 54 71 (21) -24% 438% 357%
National Interstate Corp Richfield 51 45 60 13% -25% -15%
CBIZ Cleveland 47 45 52 4% -13% -10%
Performed Line Products Cleveland 46 30 21 53% 43% 119%
Rex American Resources Dayton 45 29 14 55% 107% 221%
Gorman Rupp Mansfield 43 38 27 13% 41% 59%
Meridian Bioscience Cincinnati 43 43 49 0% -12% -12%
Community Choice Financial Dublin 40 53 38 -25% 39% 5%
Olympic Steel Bedford Heights 40 4 (99) 900% 104% 140%
Omnova Solutions Fairlawn 37 42 30 -12% 40% 23%
Myers Industries Akron 35 21 14 67% 50% 150%
Park Ohio Holdings Cleveland 32 15 (12) 113% 225% 367%
Multi Color Corp Batavia 31 28 15 11% 87% 107%
Commercial Vehicle Group New Albany 29 5 (46) 480% 111% 163%
Davey Tree Expert Kent 26 24 24 8% 0% 8%
Diamond Hill Investment Group Columbus 23 20 18 15% 11% 28%
Bravo Brio Restaurant Group Columbus 22 0 10 NM -100% 120%
First Defiance Financial Defiance 22 11 10 100% 10% 120%
Libbey Toledo 22 26 (26) -15% 200% 185%
Pacer International Dublin 20 (1) (39) 2100% 97% -151%
Peoples Bancorp Marietta 17 6 3 183% 100% 467%
Rocky Brands Nelsonville 17 13 2 31% 550% 750%
Core Molding Technologies Columbus 16 5 2 220% 150% 700%
CECO Environmental Cincinnati 12 3 (1) 300% 400% -1300%
Farmers National Banc Canfield 12 12 7 0% 71% 71%
R. G. Barry Pickerington 12 15 11 -20% 36% 9%
TFS Financial Cleveland 12 18 20 -33% -10% -40%
Everflow Eastern Partners Canfield 11 14 10 -21% 40% 10%
Farmers & Merchants Bancorp Archbold 11 9 9 22% 0% 22%
SIFCO Industries Cleveland 11 8 12 38% -33% -8%
Stoneridge Warren 11 13 (34) -15% 138% 132%
LCNB Lebanon 10 12 10 -17% 20% 0%
Frischs Restaurants Cincinnati 8 10 10 -20% 0% -20%
LSI Industries Cincinnati 6 16 3 -63% 433% 100%
Cortland Bancorp Cortland 5 4 (10) 25% 140% 150%
Rurban Financial Defiance 4 (11) 0 136% NM NM
Camco Financial Cambridge 1 (14) (18) 107% 22% 106%
PVF Capital Solon (2) (10) (15) 80% 33% 87%
United Community Financial Youngstown (4) (39) (23) 90% -70% 83%
Energy Focus Solon (6) (7) (10) 14% 30% 40%
Oxford Resource Partners Coshocton (7) 5 26 -240% -81% -127%
Associated Estates Richmond Heights (10) (9) (11) -11% 18% 9%
LCA Vision Cincinnati (10) (28) (38) 64% 26% 74%
Hillman Companies Cincinnati (11) (17) 9 35% -289% -222%
Athersys Cleveland (14) (11) (15) -27% 27% 7%
EW Scripps Cincinnati (14) 30 (15) -147% 300% 7%
Agilysys Solon (16) (21) (15) 24% -40% -7%
Standard Register Dayton (16) 2 (4) -900% 150% -300%
Forest City Enterprises Cleveland (18) (33) (30) 45% -10% 40%
IndiePub Entertainment Cincinnati (21) (7) (6) -200% -17% -250%
M/I Homes Columbus (34) (27) (93) -26% 71% 63%
Associated Materials Cuyahoga Falls (47) 6 (6) -883% 200% -683%





Total all 60 Smaller Corps
1,243 946 171 31% 453% 627%