These 42 Largest Colorado Corps had Total Pretax Income of $18.9 bil in the most recent fiscal year 2011, which was more than double such amount two years earlier in 2009.
And I also found 40 additional Corps headquartered in Colorado with Pretax Income or Pretax Loss of at least $10 mil in any of the most recent three years, but with none of the three years having Pretax Income or Pretax Loss of more than $100 mil.
These 40 Smaller Colorado Corps had their Total Pretax Income in the most recent fiscal year 2011 increase by an even more massive 388% over such amount two years earlier in 2009.
Thus, these 82 Largest Colorado Corps, which file with the SEC, had their Total Pretax Income in the most recent fiscal year 2011 increase by an off-the-charts 110% over such amount two years earlier in 2009.
Colorado citizens have to be very proud of their superb Colorado companies.
And Colorado citizens also have to be elated with how the Obama Administration has created such a robust US economic environment which has fostered their companies' exceptional earnings growth in the most recent two years.
But there is another story here.
It is just incredibly how much better these 82 Largest Colorado Corps earnings growth 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.
Just how much better? Well, the Total Pretax Income growth of these 82 Largest Colorado Corps was 23% in 2011 over 2010. On the other hand, this 23% total earnings growth more than tripled to 71% earnings growth in 2010 over 2009. And this trend was consistent for both the 42 very Largest Colorado Corps as well as for the 40 Smaller Colorado Corps.
So, the conventional wisdom that businesses perform far better under Republican control than under Democratic control is certainly not true in Colorado.....nor is it true in nearly in any other US State.
Clearly, the best combination for the US economy is a Moderate Democratic President and a Moderate Democratic US House. This is precisely what we had in 2009.
So many pundits criticize the Obama Economic Stimulus. It started really kicking in starting in the 4Q 2009. And look at the result in annual 2010, with Colorado Largest Corps increasing their total earnings by a massive 71%.
So, why it is that the total earnings growth has been substantially lower in 2011 and in the first half of 2012, in Colorado and all over the country, when the US House is under Very Conservative Republican control?
Well, this Very Conservative Republican US House has no interest in compromise. Thus, nearly every wise, much-needed Obama economic initiative was stopped by this US House, and also stopped by filibustering by US Senate Republicans.
And the losers here were 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 in the first half of 2012.
I think the only way the US economy will be great again is for a combination of a Moderate Democratic President and a US House under control by Moderate Democrats. And a US Senate under control by Moderate Democrats would also help. If so, the country will be back to 2010 again, when US business earnings were on fire!
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. I also excluded Corps with not significant enough Total Revenues.
Below here is the Pretax Income (PTI) and Pretax Loss (PTL) of these 42 Largest and 40 Smaller Colorado 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 | |||||
| % | % | % | |||||
| Total | Total | Total | Change | Change | Change | ||
| PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2011 | ||
| Colorado | 2011 | 2010 | 2009 | vs | vs | vs | |
| HQs | mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | |
| Colorado Largest Corps | |||||||
| Newmont Mining | Greenwood Village | 3,894 | 3,997 | 2,954 | -3% | 35% | 32% |
| DISH Network | Englewood | 2,094 | 1,767 | 1,374 | 19% | 29% | 52% |
| Discovery Communications | Englewood | 1,430 | 1,071 | 787 | 34% | 36% | 82% |
| Western Union | Englewood | 1,275 | 1,145 | 1,132 | 11% | 1% | 13% |
| Liberty Media | Englewood | 1,059 | 116 | (38) | 813% | 405% | 2887% |
| DaVita | Denver | 893 | 818 | 758 | 9% | 8% | 18% |
| Liberty Interactive | Englewood | 855 | 547 | 465 | 56% | 18% | 84% |
| Cimarex Energy | Denver | 841 | 914 | 303 | -8% | 202% | 178% |
| Arrow Electronics | Englewood | 810 | 679 | 189 | 19% | 259% | 329% |
| Whiting Petroleum | Denver | 780 | 541 | (163) | 44% | 432% | 579% |
| Molson Coors Brewing | Denver | 774 | 809 | 718 | -4% | 13% | 8% |
| Ball Corp | Broomfield | 660 | 606 | 537 | 9% | 13% | 23% |
| QEP Resources | Denver | 643 | 453 | 333 | 42% | 36% | 93% |
| Antero Resources Finance | Denver | 623 | 112 | (109) | 456% | 203% | 672% |
| Liberty Global | Englewood | 430 | 140 | 141 | 207% | -1% | 205% |
| Chipotle Mexican Grill | Denver | 350 | 289 | 204 | 21% | 42% | 72% |
| SM Energy | Denver | 344 | 160 | 61 | 115% | 162% | 464% |
| Berry Petroleum | Denver | 256 | 136 | 68 | 88% | 100% | 276% |
| Janus Capital | Denver | 233 | 245 | 107 | -5% | 129% | 118% |
| MarkWest Energy | Denver | 199 | 80 | (155) | 149% | 152% | 228% |
| Woodward | Denver | 188 | 155 | 122 | 21% | 27% | 54% |
| Forest Oil | Denver | 187 | 299 | 117 | -37% | 156% | 60% |
| CH2M Hill | Englewood | 181 | 172 | 111 | 5% | 55% | 63% |
| IHS | Englewood | 162 | 173 | 159 | -6% | 9% | 2% |
| Intrepid Potash | Denver | 162 | 75 | 92 | 116% | -18% | 76% |
| Bill Barrett Corp | Denver | 148 | 144 | 108 | 3% | 33% | 37% |
| Molycorp | Greenwood Village | 147 | (51) | (29) | 388% | -76% | 607% |
| Croc's | Niwot | 137 | 81 | (23) | 69% | 452% | 696% |
| Thompson Creek Metals | Littleton | 134 | 184 | 39 | -27% | 372% | 244% |
| DCP Midstream Partners | Denver | 120 | 72 | (2) | 67% | 3700% | 6100% |
| National CineMedia | Centennial | 120 | 127 | 119 | -6% | 7% | 1% |
| Royal Gold | Denver | 116 | 63 | 29 | 84% | 117% | 300% |
| Teletech Holdings | Englewood | 92 | 82 | 103 | 12% | -20% | -11% |
| Emergency Medical Service | Greenwood Village | 72 | 230 | 181 | -69% | 27% | -60% |
| EchoStar | Englewood | 29 | 145 | (7) | -80% | 2171% | 514% |
| PDC Energy | Denver | 28 | 13 | (120) | 115% | 111% | 123% |
| Array Biopharma | Boulder | (50) | (78) | (110) | 36% | 29% | 55% |
| MDC Holdings | Denver | (68) | (71) | (107) | 4% | 34% | 36% |
| UDR | Highlands Ranch | (111) | (114) | (79) | 3% | -44% | -41% |
| Apartment Investment & Management | Denver | (135) | (167) | (207) | 19% | 19% | 35% |
| Pilgrims Pride | Greeley | (487) | 85 | (87) | -673% | 198% | -460% |
| Level 3 Communications | Broomfield | (666) | (653) | (637) | -2% | -3% | -5% |
| Total all 42 Largest Corps | 18,949 | 15,591 | 9,438 | 22% | 65% | 101% | |
| Colorado Smaller Corps | |||||||
| tw telecom | Littleton | 99 | 67 | 30 | 48% | 123% | 230% |
| Air Methods | Englewood | 77 | 68 | 44 | 13% | 55% | 75% |
| CSG Systems | Englewood | 76 | 61 | 63 | 25% | -3% | 21% |
| Vail Resorts | Broomfield | 63 | 48 | 81 | 31% | -41% | -22% |
| Venoco | Denver | 62 | 66 | (54) | -6% | 222% | 215% |
| Innospec | Littleton | 53 | 71 | 18 | -25% | 294% | 194% |
| Advanced Energy Industries | Ft Collins | 50 | 67 | (32) | -25% | 309% | 256% |
| Resolute Energy | Denver | 48 | 9 | (65) | 433% | 114% | 174% |
| Gold Resource | Colorado Springs | 48 | (23) | (34) | 309% | 32% | 241% |
| Hallador Energy | Denver | 46 | 37 | 36 | 24% | 3% | 28% |
| TransMontaigne Partners LP | Denver | 37 | 35 | 27 | 6% | 30% | 37% |
| Cobiz Financial | Denver | 28 | (12) | (70) | 333% | 83% | 140% |
| Bonanza Creek Energy | Denver | 28 | (19) | (48) | 247% | 60% | 158% |
| Red Robin Gourmet Burgers | Greenwood Village | 26 | 11 | 22 | 136% | -50% | 18% |
| UTE Energy Upstream Holdings | Denver | 23 | 12 | (4) | 92% | 400% | 675% |
| Einstein Noah Restaurant Group | Lakewood | 21 | 22 | 19 | -5% | 16% | 11% |
| Altegris Winton Futures Fund, LP | Evergreen | 20 | 60 | (33) | -67% | 282% | 161% |
| Hughes Satellite Systems | Englewood | 17 | 67 | (3) | -75% | 2333% | 667% |
| Dynamic Materials | Boulder | 17 | 4 | 13 | 325% | -69% | 31% |
| Mesa Laboratories | Lakewood | 12 | 10 | 7 | 20% | 43% | 71% |
| Digital Globe | Longmont | 6 | 7 | 86 | -14% | -92% | -93% |
| Guaranty Bancorp | Denver | 6 | (38) | (48) | 116% | 21% | 113% |
| Ciber | Greenwood Village | 1 | 3 | 19 | -67% | -84% | -95% |
| ADA-ES | Highlands Ranch | (3) | (20) | (15) | 85% | -33% | 80% |
| Penford | Centennial | (5) | (14) | (19) | 64% | 26% | 74% |
| BioFuel Energy | Denver | (10) | (25) | (20) | 60% | -25% | 50% |
| American Midstream Partners | Denver | (10) | (9) | (6) | -11% | -50% | -67% |
| CoreSite Realty | Denver | (12) | (13) | (7) | 8% | -86% | -71% |
| Magellan Petroleum | Denver | (12) | 1 | 3 | -1300% | -67% | -500% |
| Dot Hill Systems | Longmont | (15) | (13) | (14) | -15% | 7% | -7% |
| Recovery Energy | Denver | (17) | (20) | (1) | 15% | -1900% | -1600% |
| MusclePharm | Denver | (19) | (20) | (2) | 5% | -900% | -850% |
| Westmoreland Coal | Englewood | (20) | (3) | (46) | -567% | 93% | 57% |
| Startek | Denver | (25) | (14) | 1 | -79% | -1500% | -2600% |
| Ascent Capital Group | Englewood | (26) | (33) | (27) | 21% | -22% | 4% |
| Dividend Capital Diversified Property Fund | Denver | (26) | (33) | (10) | 21% | -230% | -160% |
| Allos Therapeutics | Westminister | (31) | (77) | (74) | 60% | -4% | 58% |
| Birch Branch | Littleton | (32) | 10 | 19 | -420% | -47% | -268% |
| DCT Industrial Trust | Denver | (34) | (32) | (14) | -6% | -129% | -143% |
| Gevo | Englewood | (48) | (40) | (20) | -20% | -100% | -140% |
| Total all 40 Smaller Corps | 519 | 278 | (178) | 87% | 260% | 388% | |
| Grand Total all 82 Corps | 19,468 | 15,869 | 9,260 | 23% | 71% | 110% |
