These 140 Largest Florida Corps filing with the SEC had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income from Continuing Operations of $13,238 mil in the most recent fiscal year 2011, which was a profit improvement of an incredibly off-the-charts 4,161% as compared with the Total After-tax Net Loss of $326 mil generated by these same 140 companies just three years earlier in 2008, the last year of the Bush/Cheney Administration. Yeah, that's a $13.6 bil Audited US GAAP After-tax profit improvement in just the first three years of the Obama Administration.
So if the question to be answered is whether, in the aggregate, these 140 Largest Florida Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $13.6 bil better, or by a massive 41 times better, as earnings performance is measured by the prestigious US Accounting Profession.
But a second salient story here relates to these 140 Florida companies total earnings growth by year.
These 140 Florida Corps generated Total After-tax Net Income of $10,146 mil in 2007. Then the Great Recession hit all throughout the US, and in Florida's case, with the widespread devastating housing crisis, I think it was probably a Depression, or certainly close to one. These 140 Florida companies had their Total Profits of $10.1 bil in 2007 more than completely wiped out in 2008, with a Total After-tax Net Loss of these 140 Florida Corps of $326 mil in 2008. Yeah, that's a total profit decline of $10.5 bil in just one year.....2008.
Enter President Obama, and the US House under Democratic Control in both 2009 and 2010.
With much help from the Obama Economic Stimulus, which started kicking in in the latter part of 2009, these 140 Florida Corps saw their Total After-tax Net Income jump by $5.3 bil in 2009, or an increase of a completely off-the-charts 1,627% in just one year.
Further, these 140 Florida Corps experienced a Total After-tax Net Income increase of another $6.7 bil in 2010 over 2009, or an increase of another off-the-charts 136% in just 2010.
Thus, for 2009 and 2010 combined, these 140 Florida Corps saw their Total After-tax Net Income jump by a massive 3,697% in just these two years, going from a Total Audited US GAAP After-tax Net Loss of $326 mil in 2008 to a Total After-tax Net Income of $11,726 mil in 2010. Whew!
And yes, this Total After-tax Net Income of $11.7 bil in 2010 even exceeded the previous high pre-Great Recession/Near Depression Pretax Profits of these same 140 Florida Companies of $10.1 bil generated in 2007. Now that is what I call a quick and massive profit recovery.
Enter the Tea Party election in November 2010, with Uncompromising, Very Conservative Republicans taking control of the US House. The end result was that the After-tax Net Income growth of these 140 Largest Florida Corps substantially decelerated to only 13% in 2011 as compared with 2010. And this huge earnings growth deceleration continued in the first half of 2012.
This is why it is so critical to anyone who views the US economy as the key issue in this US election, to not only reelect Democratic Moderate Barack Obama as President, but to also vote to make sure that Democratic Moderates regain control of the US House. Then much needed wisely-designed, directly-targeted, sustainable job-creating Economic Stimulus will quickly pass, including desperately needed Business Income Tax Reform, and this time the economic benefits will be more fairly shared among all of the country, not just the very wealthy and the Largest and somewhat Large Corporations.
So, why is it that the total earnings growth is so substantially lower in both 2011 and in the first half of 2012 in Florida, and in many other US States all over the country, when the US House was under Very Conservative Republican control, than it was in both 2009 and in 2010, when the US House was under Democratic control?
Well, this Very Conservative Republican US House is only interested in two economic issues period.....extreme austerity and a no-job-creation-strings-attached top income tax rate cut for the very wealthy.....and they have absolutely no interest in compromise. Thus, nearly every wisely-designed, much-needed Obama Administration economic initiative in 2011 and 2012 has been 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 strong earnings growth in both 2009 and 2010 substantially decelerate in both 2011 and in the first half of 2012.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 140 Largest Florida Corps for each of the most recent five fiscal years. The overwhelming majority of these Florida 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 | ||
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | ||
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Florida Corps | ||||||
| Carnival | Miami | 1,912 | 1,978 | 1,790 | 2,324 | 2,395 |
| CSX | Jacksonville | 1,822 | 1,563 | 1,128 | 1,485 | 1,227 |
| Publix Super Markets | Lakeland | 1,492 | 1,338 | 1,161 | 1,090 | 1,184 |
| Royal Caribbean | Miami | 607 | 516 | 152 | 574 | 603 |
| Harris Corp | Melbourne | 556 | 599 | 581 | 500 | 430 |
| Fidelity National Information Services | Jacksonville | 505 | 401 | 109 | 123 | 247 |
| Darden Restaurants | Orlando | 477 | 479 | 407 | 372 | 370 |
| Roper Industries | Sarasota | 427 | 323 | 239 | 282 | 246 |
| Jabil Circuit | St Petersburg | 383 | 171 | (1,166) | 132 | 73 |
| ADT Corp | Boca Raton | 376 | 239 | 243 | 222 | 212 |
| Citrix Systems | Fort Lauderdale | 356 | 276 | 191 | 178 | 214 |
| Fidelity National Financial | Jacksonville | 290 | 358 | 207 | (188) | 111 |
| AutoNation | Fort Lauderdale | 284 | 235 | 233 | (1,212) | 284 |
| Rayonier | Jacksonville | 276 | 218 | 313 | 149 | 174 |
| Raymond James Financial | St Petersburg | 268 | 223 | 140 | 231 | 241 |
| Wellcare Health Plans | Tampa | 264 | (53) | 40 | (37) | 216 |
| BE Aerospace | Wellington | 228 | 143 | 142 | (99) | 147 |
| Mednax | Sunrise | 218 | 203 | 176 | 147 | 140 |
| Tupperware | Orlando | 218 | 226 | 175 | 161 | 117 |
| Tech Data | Clearwater | 217 | 219 | 181 | 115 | 99 |
| Health Management Associates | Naples | 206 | 186 | 161 | 211 | 117 |
| World Fuel Services | Miami | 199 | 147 | 118 | 105 | 65 |
| Lincare Holdings | Clearwater | 177 | 182 | 136 | 227 | 224 |
| Ryder System | Miami | 171 | 125 | 90 | 258 | 252 |
| Brown & Brown | Tampa | 164 | 162 | 153 | 166 | 191 |
| Lender Processing Services | Jacksonville | 143 | 316 | 296 | 254 | 237 |
| Chicos FAS | Ft Myers | 141 | 115 | 70 | (19) | 89 |
| Watsco | Coconut Grove | 138 | 112 | 52 | 60 | 67 |
| NCL Corp, Ltd | Miami | 127 | 23 | 67 | (212) | (227) |
| HSN | St Petersburg | 123 | 99 | 72 | (2,124) | 105 |
| Landstar System | Jacksonville | 113 | 87 | 70 | 111 | 110 |
| Lennar | Miami | 113 | 120 | (446) | (1,113) | (1,941) |
| Bloomin' Brands | Tampa | 109 | 59 | (65) | (866) | (24) |
| Burger King Holdings | Miami | 107 | 187 | 200 | 190 | 148 |
| MasTec | Coral Gables | 106 | 90 | 71 | 67 | 6 |
| Office Depot | Boca Raton | 96 | (46) | (599) | (1,481) | 395 |
| Heico | Hollywood | 95 | 72 | 60 | 67 | 55 |
| Fresh Del Monte Produce | Coral Gables | 95 | 61 | 145 | 157 | 180 |
| National Retail Properties | Orlando | 91 | 71 | 55 | 98 | 77 |
| OSI Restaurant Partners | Tampa | 90 | 28 | (54) | (742) | (20) |
| Geo Group | Boca Raton | 77 | 63 | 66 | 62 | 38 |
| Spirit Airlines | Miramar | 76 | 72 | 84 | 33 | 1 |
| Vector Group | Miami | 75 | 54 | 25 | 61 | 74 |
| PSS World Medical | Jacksonville | 74 | 75 | 69 | 51 | 53 |
| International Speedway | Daytona Beach | 69 | 55 | 7 | 135 | 86 |
| Metals USA Holdings | Fort Lauderdale | 65 | 12 | 4 | 73 | 14 |
| BankUnited (15 Months in 2009) | Miami Lakes | 63 | 185 | (1,114) | (858) | 110 |
| Flag Intermediate Holdings | Ft Lauderdale | 61 | 15 | (36) | 93 | 37 |
| Elizabeth Arden | Miramar | 57 | 41 | 20 | (6) | 20 |
| EverBank Financial | Jacksonville | 53 | 189 | 54 | 23 | 29 |
| Sykes Enterprises | Tampa | 52 | 26 | 45 | 60 | 44 |
| Steiner Leisure | Coral Gables | 51 | 44 | 38 | 46 | 45 |
| Regency Centers | Jacksonville | 49 | 1 | (39) | 121 | 176 |
| National Beverage | Ft Lauderdale | 44 | 41 | 33 | 25 | 22 |
| Seacor Holdings (Gulf Oil Spill Work) | Ft Lauderdale | 42 | 246 | 145 | 219 | 238 |
| Interval Leisure Group | Miami | 41 | 42 | 38 | 45 | 71 |
| UNR Holdings | Orlando | 40 | 24 | 18 | 15 | 9 |
| Dycom Industries | Palm Beach Gardens | 39 | 16 | 6 | (53) | 24 |
| Interline Brands | Jacksonville | 38 | 28 | 26 | 41 | 51 |
| Sun Hydraulics | Sarasota | 38 | 21 | 2 | 26 | 22 |
| RailAmerica | Jacksonville | 37 | 19 | 3 | 14 | 29 |
| Bluegreen | Boca Raton | 28 | 2 | 20 | 3 | 17 |
| Equity One | North Miami Beach | 28 | 10 | 66 | 28 | 37 |
| KForce | Tampa | 27 | 21 | 13 | (89) | 37 |
| Perry Ellis International | Miami | 26 | 25 | 14 | (12) | 29 |
| BFC Financial | Fort Lauderdale | 24 | (155) | 75 | (347) | (253) |
| Spanish Broadcasting System | Miami | 24 | 15 | (14) | (329) | 1 |
| Metropolitan Health Networks | Boca Raton | 23 | 26 | 14 | 10 | 6 |
| Faro Technologies | Lake Mary | 23 | 11 | (11) | 14 | 18 |
| Quality Distribution | Tampa | 23 | (7) | (181) | 12 | (8) |
| Nicholas Financial | Clearwater | 22 | 17 | 11 | 5 | 10 |
| Hackett Group | Miami | 22 | 14 | (7) | 18 | 9 |
| Universal Insurance Holdings | Ft Lauderdale | 20 | 37 | 29 | 40 | 54 |
| Stein Mart | Jacksonville | 20 | 49 | 24 | (71) | (5) |
| Body Central | Jacksonville | 20 | 10 | 3 | (1) | (39) |
| Ruth's Hospitality Group | Heathrow | 19 | 17 | 4 | (43) | 19 |
| Petmed Express | Pompano Beach | 17 | 21 | 26 | 23 | 20 |
| Fortegra Financial Corp | Jacksonville | 14 | 16 | 12 | 8 | 8 |
| Seven Seas Cruises | Miami | 11 | 12 | (36) | (6) | 4 |
| Beasley Broadcast Group | Naples | 10 | 8 | 3 | (31) | 5 |
| Homeowners Choice | Tampa | 10 | 5 | 11 | 13 | 1 |
| Exactech | Gainesville | 9 | 10 | 8 | 11 | 8 |
| Capital Bank Financial | Coral Gables | 8 | 12 | 0 | 0 | 0 |
| United Insurance Holdings | Saint Petersburg | 8 | (1) | 4 | 33 | 40 |
| RTI Biologics | Alachua | 8 | (129) | 6 | (100) | (2) |
| CenterState Banks | Winter Haven | 8 | (6) | (6) | 3 | 8 |
| Seacoast Banking Florida | Stuart | 7 | (33) | (147) | (46) | 10 |
| Alico | La Belle | 7 | (1) | (4) | 6 | (1) |
| Patriot Transportation | Jacksonville | 7 | 7 | 8 | 8 | 9 |
| Ultimate Software Group | Weston | 4 | 3 | (1) | (3) | 33 |
| Cross Country Healthcare | Boca Raton | 4 | (3) | 7 | (143) | 25 |
| 1st United Bancorp | Boca Raton | 4 | 2 | 3 | (1) | 3 |
| Ladenburg Thalman Financial Services | Miami | 4 | (11) | (19) | (20) | 9 |
| TIB Financial | Naples | 3 | (52) | (62) | (21) | (2) |
| 21st Century Holding | Sunrise | 0 | (8) | (10) | (2) | 21 |
| Floridian Financial Group | Ormand Beach | (2) | (10) | (11) | (6) | 0 |
| Ediets com | Fort Lauderdale | (4) | (43) | (12) | (20) | (9) |
| OptimumBank Holdings | Plantation | (4) | (8) | (11) | 1 | 2 |
| Sunovia Energy Technologies | Sarasota | (4) | (21) | (14) | (35) | (5) |
| Ecosphere Technologies | Stuart | (6) | (23) | (19) | (12) | (7) |
| Opko Health | Miami | (6) | (13) | (24) | (32) | (266) |
| As Seen on TV | Clearwater | (8) | (7) | (1) | 0 | 0 |
| Great Florida Bank | Miami Lakes | (9) | (41) | (47) | (19) | 1 |
| Authentec | Melbourne | (11) | (38) | (17) | 0 | (11) |
| Avantair | Clearwater | (11) | (4) | (4) | (19) | (22) |
| Green Earth Technologies | Celebration | (12) | (13) | (15) | (17) | |
| Marinemax | Clearwater | (12) | 2 | (77) | (134) | 20 |
| Bankrate | North Palm Beach | (13) | (21) | (44) | 20 | 20 |
| MeetMe | West Palm Beach | (13) | (7) | (11) | (7) | (13) |
| Web.com Group | Jacksonville | (13) | (7) | 2 | (96) | 1 |
| Comprehensive Care | Tampa | (14) | (10) | (20) | (5) | (3) |
| Next 1 Interactive | Weston | (14) | (23) | (12) | (3) | (3) |
| Rotech Healthcare | Orlando | (15) | (4) | (21) | (247) | (46) |
| Vitacost.com | Boca Raton | (15) | (15) | 6 | 0 | 2 |
| Biovest International | Tampa | (15) | (9) | (15) | (21) | (45) |
| Odyssey Marine Exploration | Tampa | (16) | (23) | (19) | (25) | (24) |
| Accentia Biopharmaceuticals | Tampa | (16) | (47) | (7) | (55) | (76) |
| PGT | Nokomis | (17) | (14) | (9) | (163) | 1 |
| Florida Bank Group | Tampa | (17) | (55) | (22) | (30) | (3) |
| Florida Gaming Corp | Miami | (22) | (5) | (5) | 0 | (7) |
| Jacksonville Bancorp | Jacksonville | (24) | (11) | 0 | 0 | 3 |
| United Maritime Group | Tampa | (25) | (17) | (27) | 6 | 25 |
| API Technologies | Orlando | (26) | (3) | (2) | (7) | (1) |
| BankAtlantic Bancorp | Fort Lauderdale | (29) | (143) | (190) | (219) | (30) |
| Winn-Dixie Stores | Jacksonville | (30) | 37 | 40 | 15 | 289 |
| FriendFinder Networks | Boca Raton | (31) | (43) | (41) | (46) | (30) |
| Aurora Diagnostics | Palm Beach Gardens | (33) | (4) | 9 | 11 | 0 |
| Mako Surgical | Fort Lauderdale | (36) | (39) | (34) | (37) | (21) |
| Florida East Coast Holdings | Jacksonville | (37) | (24) | (29) | (21) | 25 |
| Syniverse Holdings | Tampa | (50) | 93 | 66 | 78 | 52 |
| HeartWare International | Miami Lakes | (55) | (29) | (21) | (24) | (22) |
| CNL Lifestyle Properties | Orlando | (56) | (80) | (20) | 33 | 35 |
| Walter Investment Management | Tampa | (69) | 37 | 114 | 2 | 24 |
| Lighting Science Group | Satellite Beach | (90) | (295) | (48) | (95) | (5) |
| SBA Communications | Boca Raton | (127) | (194) | (141) | (67) | (91) |
| Digital Domain Media | Port St. Lucie | (144) | (45) | (28) | (13) | (12) |
| AV Homes | Kissimmee | (166) | (36) | (29) | (110) | 21 |
| Marriott Vacations Worldwide | Orlando | (178) | 67 | (532) | (16) | 178 |
| St. Joe | Watersound | (330) | (36) | (124) | (36) | 12 |
| Radiation Therapy Services | Fort Myers | (350) | (114) | (8) | (14) | 27 |
| Grand Total all 140 Florida Corps | 13,238 | 11,726 | 4,977 | (326) | 10,146 | |
| Annual Increase (Decrease) | ||||||
| …..Amount | 1,512 | 6,749 | 5,303 | (10,472) | ||
| …..Percentage | 13% | 136% | 1,627% | -103% | ||
| Three Year (2008-11) Increase Under Obama | ||||||
| …..Amount | 13,564 | |||||
| …..Percentage | 4,161% | |||||
