I also found 48 Minnesota headquartered Smaller Corps, which file with the SEC, which had Pretax Income or Pretax Loss of $10 mil or more in any of the most recent three years, and which weren't included in the 35 Largest Minnesota Corps. Thus, these 48 Smaller Minnesota Corps also did not have Pretax Income or Pretax Loss of $100 mil or more in any of the most recent three years.
These 48 Smaller Minnesota Corps generated total earnings growth in the most recent two years of a very impressive 180%.
Clearly, Minnesota citizens should be very proud of their many superb Minnesota Smaller companies.
And yeah, the Obama Administration created a very robust US economic environment, which permitted the overwhelming majority of these Minnesota Smaller Companies to do extremely well on the earnings front in the most recent two years.
These 48 Smaller Minnesota Corps had substantially better earnings growth in 2010 over 2009 (+108%), when the US House was under Democratic Control, than in 2011 over 2010 (+35%), when the 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, and ones without significant enough Total Revenues.
Below here is the Ongoing, Core Pretax Income (PTI) and Pretax Loss (PTL) of these 48 Smaller Minnesota Corps for each of the most recent three years, along with the related percentage changes.
| 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 | ||
| 2011 | 2010 | 2009 | vs | vs | vs | ||
| mils $s | mils $s | mils $s | 2010 | 2009 | 2009 | ||
| Minnesota Smaller Corps | HQs | ||||||
| Select Comfort | Minneapolis | 90 | 50 | 18 | 80% | 178% | 400% |
| Capella Education | Minneapolis | 82 | 97 | 66 | -15% | 47% | 24% |
| Northern Oil & Gas | Wayzata | 77 | 26 | 5 | 196% | 420% | 1440% |
| Buffalo Wild Wings | Minneapolis | 73 | 57 | 45 | 28% | 27% | 62% |
| MTS Systems | Eden Prairie | 73 | 27 | 24 | 170% | 13% | 204% |
| G&K Services | Minnetonka | 60 | 65 | 60 | -8% | 8% | 0% |
| Nash Finch | South Minneapolis | 58 | 72 | 66 | -19% | 9% | -12% |
| Tennant Co | Minneapolis | 49 | 35 | 19 | 40% | 84% | 158% |
| Arctic Cat | Plymouth | 46 | 18 | 1 | 156% | 1700% | 4500% |
| Moneygram Intl | Minneapolis | 45 | 56 | (30) | -20% | 287% | 250% |
| Hawkins Inc | Minneapolis | 35 | 32 | 39 | 9% | -18% | -10% |
| The Tile Shop | Plymouth | 32 | 30 | 24 | 7% | 25% | 33% |
| Stratasys | Eden Prairie | 31 | 19 | 6 | 63% | 217% | 417% |
| Piper Jaffray | Minneapolis | 30 | 57 | 57 | -47% | 0% | -47% |
| Digital River | Minnetonka | 27 | 15 | 67 | 80% | -78% | -60% |
| Proto Labs | Maple Plain | 27 | 16 | 7 | 69% | 129% | 286% |
| Winmark Corp | Minneapolis | 24 | 18 | 10 | 33% | 80% | 140% |
| Thrivent Life Insurance | Minneapolis | 24 | 25 | 21 | -4% | 19% | 14% |
| Great Northern Iron Ore Properties | St Paul | 23 | 17 | 11 | 35% | 55% | 109% |
| Lakes Entertainment | Minnetonka | 20 | 6 | 7 | 233% | -14% | 186% |
| Communications Systems | Minnetonka | 19 | 16 | 11 | 19% | 45% | 73% |
| NVE Corp | Eden Prairie | 17 | 20 | 18 | -15% | 11% | -6% |
| Datalink | Chanhassen | 17 | 4 | 0 | 325% | NM | NM |
| Digi International | Minnetonka | 17 | 11 | 4 | 55% | 175% | 325% |
| Vascular Solutions | Minneapolis | 16 | 10 | 8 | 60% | 25% | 100% |
| Caribou Coffee | Brooklyn Center | 15 | 10 | 5 | 50% | 100% | 200% |
| Hickory Tech | Mankato | 15 | 16 | 12 | -6% | 33% | 25% |
| Granite Falls Energy | Granite Falls | 12 | 8 | 1 | 50% | 700% | 1100% |
| Multiband | New Hope | 12 | 10 | (11) | 20% | 191% | 209% |
| TwinCities Power, LLC | Lakeville | 12 | 7 | (3) | 71% | 333% | 500% |
| FSI International | Chaska | 8 | 13 | (18) | -38% | 172% | 144% |
| Surmodics | Eden Prairie | 7 | 6 | 63 | 17% | -90% | -89% |
| Advanced BioEnergy | Minneapolis | 6 | 16 | (23) | -63% | 170% | 126% |
| Cyberoptics | Minneapolis | 6 | 4 | (11) | 50% | 136% | 155% |
| Rimage | Edina | 5 | 12 | 13 | -58% | -8% | -62% |
| Apogee Enterprises | Minneapolis | 4 | (21) | 46 | 119% | -146% | -91% |
| Analysts International | Minneapolis | 3 | 0 | (14) | NM | 100% | 121% |
| Heron Lake BioEnergy | Heron Lake | 1 | (1) | (11) | 200% | 91% | 109% |
| Granite City Food & Brewery | Minneapolis | (5) | (5) | (10) | 0% | 50% | 50% |
| Wireless Ronin Technologies | Minnetonka | (7) | (8) | (10) | 13% | 20% | 30% |
| Navarre | New Hope | (8) | 4 | 10 | -300% | -60% | -180% |
| HMN Financial | Rochester | (12) | (23) | (16) | 48% | -44% | 25% |
| Cardiovascular Systems | St Paul | (17) | (11) | (24) | -55% | 54% | 29% |
| Valuevision Media | Eden Prairie | (22) | (26) | (46) | 15% | 43% | 52% |
| Universal Hospital Services | Edina | (30) | (27) | (30) | -11% | 10% | 0% |
| Imation | Oakdale | (36) | (21) | (28) | -71% | 25% | -29% |
| Dolan Co. | Minneapolis | (51) | (56) | (57) | 9% | 2% | 11% |
| Hutchinson Technology | Hutchinson | (56) | (57) | (90) | 2% | 37% | 38% |
| Total all 48 Smaller Corps | 874 | 649 | 312 | 35% | 108% | 180% |
Minnesota is also blessed with many outstanding larger Corps.
To show how impressive Minnesota Largest Corps as a group are, in 2009, when the country was still suffering severely from the aftershocks of the financial meltdown, these 35 Largest Minnesota Corps very resiliently generated Total Pretax Income of $40.6 bil, which was up 5% from 2008. This incredible performance occurred when the US House was under Democratic control.
Then in 2010, these 35 Largest Minnesota Corps generated total earnings growth of 18%, when the US House was still under Democratic control.
Then in 2011, when the US House turned to Republican control, the total earnings growth of these 35 Largest Minnesota Corps decelerated to only 3%.
Minnesota citizens should be very proud of their many superb Largest Minnesota companies. They hang in there very tough during severe economic downturns.
Below here are these 35 Largest Minnesota Corps, and where they are headquartered.
| Minnesota Largest Corps | |
| UnitedHealth Group | Minneapolis |
| US Bancorp | Minneapolis |
| 3M | St Paul |
| Target | Minneapolis |
| Medtronic | Minneapolis |
| Mosaic | Plymouth |
| Best Buy | Richfield |
| General Mills | Minneapolis |
| Ameriprise Financial | Minneapolis |
| Travelers | St Paul |
| St Jude Medical | St Paul |
| CHS | Inver Grove Heights |
| American Crystal Sugar | Moorhead |
| Hormel Foods | Austin |
| CH Robinson | Eden Prairie |
| Ecolab | St Paul |
| Fastenal | Winona |
| Enbridge Energy Partners | Duluth |
| Alliant Techsystems | Minneapolis |
| Supervalu | Eden Prairie |
| Polaris Industries | Medina |
| Patterson Companies | St Paul |
| Pentair | Golden Valley |
| Donaldson Co | Minneapolis |
| Valspar | Minneapolis |
| Deluxe | Shoreview |
| Graco | Minneapolis |
| TCF Financial | Wayzata |
| Toro | Bloomington |
| Techne | Minneapolis |
| Life Time Fitness | Chanhassen |
| Two Harbors Investment | Minnetonka |
| HB Fuller | St Paul |
| Fair Isaac | Minneapolis |
| Regis Corp | Minneapolis |
And below here is the Ongoing, Core Pretax Income (PTI) and Pretax Loss (PTL) of these 35 Largest Minnesota Corps for each of the most recent four years, along with the related percentage changes.
| Obama | ||||||||
| US House | US House | US House | Bump | |||||
| Republican | Democratic | Democratic | Three | |||||
| Control | Control | Control | Year | |||||
| PTI(L) | PTI(L) | PTI(L) | PTI(L) | |||||
| % | % | % | % | |||||
| Change | Change | Change | Change | |||||
| PTI(L) | PTI(L) | PTI(L) | PTI(L) | 2011 | 2010 | 2009 | 2011 | |
| 2011 | 2010 | 2009 | 2008 | vs | vs | vs | vs | |
| mils $s | mils $s | mils $s | mils $s | 2010 | 2009 | 2008 | 2008 | |
| Minnesota Largest Corps | ||||||||
| UnitedHealth Group | 7,959 | 7,555 | 5,808 | 4,624 | 5% | 30% | 26% | 72% |
| US Bancorp | 6,629 | 4,200 | 2,632 | 4,099 | 58% | 60% | -36% | 62% |
| 3M | 6,031 | 5,755 | 4,632 | 5,108 | 5% | 24% | -9% | 18% |
| Target | 4,530 | 4,495 | 3,872 | 3,536 | 1% | 16% | 10% | 28% |
| Medtronic | 4,235 | 3,909 | 4,318 | 3,875 | 8% | -9% | 11% | 9% |
| Mosaic | 2,629 | 2,585 | 1,190 | 2,233 | 2% | 117% | -47% | 18% |
| Best Buy | 2,250 | 2,331 | 2,329 | 1,766 | -3% | 0% | 32% | 27% |
| General Mills | 2,211 | 2,428 | 2,205 | 1,857 | -9% | 10% | 19% | 19% |
| Ameriprise Financial | 1,385 | 1,634 | 920 | (423) | -15% | 78% | 317% | -427% |
| Travelers | 1,352 | 4,306 | 4,711 | 3,716 | -69% | -9% | 27% | -64% |
| St Jude Medical | 1,269 | 1,266 | 1,171 | 1,015 | 0% | 8% | 15% | 25% |
| CHS | 1,021 | 554 | 560 | 504 | 84% | -1% | 11% | 103% |
| American Crystal Sugar | 813 | 535 | 544 | 548 | 52% | -2% | -1% | 48% |
| Hormel Foods | 719 | 625 | 528 | 461 | 15% | 18% | 15% | 56% |
| CH Robinson | 695 | 624 | 587 | 578 | 11% | 6% | 2% | 20% |
| Ecolab | 680 | 748 | 620 | 651 | -9% | 21% | -5% | 4% |
| Fastenal | 575 | 431 | 297 | 451 | 33% | 45% | -34% | 27% |
| Enbridge Energy Partners | 507 | 471 | 401 | 402 | 8% | 17% | 0% | 26% |
| Alliant Techsystems | 407 | 439 | 473 | 407 | -7% | -7% | 16% | 0% |
| Supervalu | 404 | 347 | 632 | 745 | 16% | -45% | -15% | -46% |
| Polaris Industries | 347 | 219 | 160 | 177 | 58% | 37% | -10% | 96% |
| Patterson Companies | 330 | 356 | 339 | 320 | -7% | 5% | 6% | 3% |
| Pentair | 313 | 300 | 173 | 173 | 4% | 73% | 0% | 81% |
| Donaldson Co | 312 | 230 | 161 | 236 | 36% | 43% | -32% | 32% |
| Valspar | 307 | 319 | 238 | 229 | -4% | 34% | 4% | 34% |
| Deluxe | 223 | 236 | 170 | 170 | -6% | 39% | 0% | 31% |
| Graco | 210 | 149 | 69 | 179 | 41% | 116% | -61% | 17% |
| TCF Financial | 179 | 244 | 144 | 206 | -27% | 69% | -30% | -13% |
| Toro | 175 | 141 | 96 | 181 | 24% | 47% | -47% | -3% |
| Techne | 165 | 165 | 156 | 155 | 0% | 6% | 1% | 6% |
| Life Time Fitness | 154 | 134 | 120 | 119 | 15% | 12% | 1% | 29% |
| Two Harbors Investment | 126 | 35 | 2 | 3 | 260% | 1650% | -33% | 4100% |
| HB Fuller | 122 | 99 | 97 | 98 | 23% | 2% | -1% | 24% |
| Fair Isaac | 97 | 92 | 101 | 113 | 5% | -9% | -11% | -14% |
| Regis Corp | 48 | 53 | 127 | 137 | -9% | -58% | -7% | -65% |
| Total all 35 Largest Corps | 49,409 | 48,010 | 40,583 | 38,649 | 3% | 18% | 5% | 28% |
