Sunday, September 30, 2012

California Largest Technology Corps Audited Net Income in 2011 Under Obama Up $80 Bil, or Up 346%, Over 2008 Under Bush

From an extensive review of SEC filings, I found 70 Corps headquartered in California with externally audited under US Generally Accepted Accounting Principles (US GAAP) After-tax Net Income or Net Loss of at least $500 mil in any of the most recent five fiscal years.

Of these 70 California Corps, 37 of them are Technology Corps.

These 37 Largest California Technology Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $103 bil in the most recent fiscal year 2011, which was a profit improvement of a massive $80 bil, or up 346%, over the Total After-tax Net Income of $23 bil generated by these same 37 technology companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.

And to illustrate just how widespread this earnings improvement during the Obama Administration is in the California Technology Sector, 34 of these 37 California Largest Technology Corps had 2011 earnings increases from that of three years ago, at the end of the Bush/Cheney Presidential term.

Further, to illustrate how awesomely powerful the total earnings growth was in the California Technology Sector during the Obama Administration, these 37 Largest California Technology Corps had their Audited US GAAP Total After-tax Net Income increase by $30 bil, or by 129%, in 2009 over 2008; by another $28 bil, or by 52% in 2010 over 2009; and by another $23 bil, or by 28%, in 2011 over 2010.  Whew!

So if the question to be answered is whether, in the aggregate, these 37 Largest California Technology Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $80 bil better, or by nearly three and a half times better, as earnings performance is measured by the prestigious US Accounting Profession.

And the 33 Largest California Non-Technology Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $79 bil in the most recent fiscal year 2011, which was a profit improvement of $30 bil, or up a robust 61%, over the Total After-tax Net Income of $49 bil generated by these same 33 Largest California Non-Technology companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.

The two California Big Oil Corps......Chevron and Occidental Petroleum....comprised a massive 64% of the Total Earnings of these 33 Largest California Non-Technology Corps in 2008, the last year of the Bush/Cheney Administration.

But during the most recent three years of the Obama Administration, the California Finance and Other Sectors experienced huge total earnings growth.

The 13 Largest Non-Technology California Corps in the Finance Sector had their Total After-tax Net Income increase from only $4.6 bil in 2008 to $25.8 bil in 2011, an increase of a massive 455%.  The clear leader here was the very well run Wells Fargo, which had its After-tax Earnings increase from only $2.7 bil in 2008 to $16.2 bil in the most recent 2011.

So, clearly it wasn't just the California Technology Sector, but also particularly the California Finance Sector, and even many California Corps in Other Sectors, which have had spectacular total earnings growth during the Obama Administration. 

The only negative here is that this total earnings growth has decelerated, particularly so in 2012.  It's all about the November 2010 Tea Party Election, which must be reversed all over the country in November 2012, in order to re-accelerate this total earnings growth, which is so critically needed to spur the country's present tepid real GDP growth and also needed to spur the presently modest US job creation.

President Obama can't do it alone.  He needs a US Congress that will work with him.  And even blue States like California can help here, not just by voting in more California US Congressional Democrats, but also by contributing to and helping in campaigns all across the country to remove from office the many Uncompromising, Very Conservative Republican members in key US Congressional races like Joe Walsh in Illinois, Michele Bachmann in Minnesota, Allen West in Florida, Steve King in Iowa, and Larry Bucshon in Indiana.....just to name a few.  These Republicans, strongly supported by the Tea Party, have good intentions, but they are severely harming the country's economy.

Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 37 Largest California Technology Corps and 33 Largest California Non-Technology Corps for each of the most recent five fiscal years.  The majority of these 70 California Corporations have a December Fiscal Year End (FYE).




FYE FYE FYE FYE FYE


2011 2010 2009 2008 2007


Reported Reported Reported Reported Reported


Audited Audited Audited Audited Audited


After-Tax After-Tax After-Tax After-Tax After-Tax


Net Income Net Income Net Income Net Income Net Income

California (Loss) (Loss) (Loss) (Loss) (Loss)

HQs mil $s mil $s mil $s mil $s mil $s
California Technology Corps
Apple Cupertino 25,922 14,013 8,235 6,119 3,495
Intel Santa Clara 12,942 11,464 4,369 5,292 6,976
Oracle Redwood City 9,981 8,547 6,135 5,593 5,521
Google Mountain View 9,737 8,505 6,520 4,227 4,204
Cisco Systems San Jose 8,041 6,490 7,767 6,134 8,052
Hewlett Packard Palo Alto 7,074 8,761 7,660 8,329 7,264
Qualcomm San Diego 4,555 3,520 1,792 3,347 3,447
Ebay San Jose 3,229 1,801 2,389 1,779 348
Seagate Technology Cupertino 2,862 511 1,609 (3,125) 1,251
Applied Materials Santa Clara 1,926 938 (305) 961 1,710
Western Digital Irvine 1,612 726 1,382 470 867
Symantec Mountain View 1,172 593 714 (6,786) 410
Activision Blizzard Santa Monica 1,085 418 113 (107) 227
Yahoo! Sunnyvale 1,063 1,245 605 425 642
Agilent Technologies Santa Clara 1,012 684 (31) 693 638
Facebook Menlo Park 1,000 606 229 (56) (138)
Sandisk Milpitas 987 1,300 415 (1,987) 191
Broadcom Irvine 927 1,082 65 215 213
Adobe Systems San Jose 833 775 387 872 724
Altera San Jose 771 783 251 360 290
Intuit Mountain View 767 652 564 459 457
KLA Tencor Milpitas 756 794 212 (523) 359
VMWare Palo Alto 724 357 197 290 218
Marvell Technology Group Santa Clara 615 904 353 147 (114)
NetApp Sunnyvale 605 673 400 65 310
NVIDIA Santa Clara 581 253 (68) (30) 798
Check Point Software Redwood City 544 453 358 324 281
Xilinx San Jose 530 642 357 362 369
Flextronics International Silicon Valley 511 606 25 (6,123) (664)
Advanced Micro Devices Sunnyvale 495 471 296 (2,412) (2,808)
Juniper Networks Sunnyvale 425 619 115 512 361
Linear Technology Milpitas 398 581 361 289 367
Lam Research Fremont 169 724 347 (302) 439
Electronic Arts Redwood City 76 (276) (677) (1,088) (454)
Sanmina-SCI San Jose 69 122 (138) (513) (1,143)
JDS Uniphase Milpitas (56) 72 (62) (910) (40)
SunPower San Jose (604) 167 33 (124) 28







Total all 37 Technology Corps 103,336 80,576 52,974 23,178 45,096






Annual Increase (Decrease)





…..Amount
22,760 27,602 29,796 (21,918)
…..Percentage
28% 52% 129% -49%







Three Year Increase (2008-2011) Under Obama




…..Amount
80,158



…..Percentage
346%



















FYE FYE FYE FYE FYE


2011 2010 2009 2008 2007


Reported Reported Reported Reported Reported


Audited Audited Audited Audited Audited


After-Tax After-Tax After-Tax After-Tax After-Tax


Net Income Net Income Net Income Net Income Net Income

California (Loss) (Loss) (Loss) (Loss) (Loss)

HQs mil $s mil $s mil $s mil $s mil $s
California Non-Technology Corps
Big Oil





Chevron San Ramon 27,008 19,136 10,563 24,031 18,795
Occidental Petroleum Los Angeles 6,640 4,569 3,151 7,183 5,072
Total 2 Big Oil Corps
33,648 23,705 13,714 31,214 23,867







Finance Including REITs





Wells Fargo San Francisco 16,211 12,663 12,667 2,698 8,265
Visa San Francisco 3,646 2,964 2,352 804 (1,071)
Franklin Resources San Mateo 1,821 1,451 904 1,600 1,773
Toyota Motor Credit Torrance 1,486 1,853 1,063 (623) (223)
Charles Schwab San Francisco 864 454 787 1,230 1,120
Public Storage Glendale 834 689 797 980 489
UnionBanCal San Francisco 763 554 (65) 284 573
HCP Long Beach 550 321 103 228 131
KKR Financial Holdings San Francisco 318 371 77 (1,078) 217
CBRE Group Los Angeles 240 142 (28) (1,076) 400
PacWest Bancorp Rancho Santa Fe 51 (62) (9) (728) 90
Prologis San Francisco (244) (1,589) (355) (367) 841
International Lease Finance Corp Los Angeles (724) (496) 887 696 597
Total all 13 Finance Corps
25,816 19,315 19,180 4,648 13,202







Other Sectors





Walt Disney Burbank 5,258 4,313 3,609 4,729 4,851
Amgen Thousand Oaks 3,683 4,627 4,605 4,052 3,078
Gilead Sciences Foster City 2,789 2,890 2,626 1,970 1,576
DIRECTV El Segundo 2,636 2,312 1,007 1,607 1,445
McKesson San Francisco 1,403 1,130 1,263 823 989
Allergan Irvine 938 5 624 565 487
GAP San Francisco 833 1,204 1,102 967 867
Mattel El Segundo 769 685 529 380 600
Ross Stores Pleasanton 657 555 443 305 261
Clorox Oakland 543 287 526 472 382
Safeway Pleasanton 518 591 (1,098) 965 888
Avery Dennison Pasadena 154 242 (835) 153 172
McClatchy Sacramento 54 33 57 3 (2,727)
Century Aluminum Monterey 11 60 (206) (895) (106)
Standard Pacific Irvine (16) (12) (13) (1,231) (695)
Shea Homes Limited Partnership Walnut (107) (55) (423) (610) (556)
KB Home Los Angeles (179) (69) (102) (976) (1,415)
Leap Wireless San Diego (318) (785) (238) (143) (76)
Total all 18 Corps in Other Sectors 19,626 18,013 13,476 13,136 10,021







Total all 33 Non-Technology Corps 79,090 61,033 46,370 48,998 47,090







Annual Increase (Decrease)





…..Amount
18,057 14,663 (2,628) 1,908
…..Percentage
30% 32% -5% 4%







Three Year Increase (2008-2011) Under Obama




…..Amount
30,092



…..Percentage
61%