But just how have public corporations located in Indiana's 2nd District performed during the Obama Administration?
Well, just superbly. Let me explain.
From an extensive review of SEC filings, I found six Corporations which are headquartered in Indiana’s 2nd District.
These six Corporations combined had an externally audited, under generally accepted accounting principles (GAAP), Total After-tax Net Income of $51.2 mil in 2008, the last year of the Bush/Cheney Administration, as compared with an audited under GAAP Total After-tax Net Income of $102.2 mil in 2011, thus an after-tax profit improvement of 100% during the first three years of the Obama Administration.
Below here are the Audited After-tax Net Income or Loss for each of these six 2nd Indiana Congressional District Corps for each of the four most recent years. The majority of these companies have December fiscal year ends (FYE).
| FYE | FYE | FYE | FYE | ||
| 2011 | 2010 | 2009 | 2008 | ||
| Reported | Reported | Reported | Reported | ||
| Audited | Audited | Audited | Audited | ||
| After-Tax | After-Tax | After-Tax | After-Tax | ||
| Net Income | Net Income | Net Income | Net Income | ||
| (Loss) | (Loss) | (Loss) | (Loss) | ||
| HQs | mil $s | mil $s | mil $s | mil $s | |
| 1st Source | South Bend | 48.2 | 41.2 | 25.5 | 33.4 |
| Haynes International | Kokomo | 31.1 | 8.9 | (52.3) | 62.8 |
| CTS Corp | Elkhart | 21.0 | 22.0 | (34.1) | 28.1 |
| Horizon Bancorp | Michigan City | 12.8 | 10.5 | 9.1 | 9.0 |
| Patrick Industries | Elkhart | 8.5 | 1.2 | (5.4) | (66.7) |
| Skyline Corp | Elkhart | (19.4) | (26.6) | (29.0) | (15.4) |
| Total all 6 | 102.2 | 57.2 | (86.2) | 51.2 | |
| Annual Increase (Decrease) | |||||
| …..Amount | 45.0 | 143.4 | (137.4) | ||
| …..Percentage | 79% | 166% |
It is helpful to look at the above annual year profit changes.
The Obama Economic Stimulus didn't start kicking in until the 4Q 2009, and it really got going full throttle in 2010.
And did these six Indiana 2nd District Corps ever see their Total After-tax profits explode upwardly from 2009 to 2011. They grew from a Total After-tax Loss of $86.2 mil in 2009 to a Total After-tax Profit of $102.2 mil in 2011, for back-to-back increases of 166% in 2010 over 2009 and of another 79% in 2011 over 2010. Whew!
There are many large, non-recurring items included in these audited under GAAP After-tax Earnings or Losses. Included among these are long-term asset impairments, such as for Goodwill, and gains and losses on non-core asset sales. Also, there are some unusual, non-recurring income tax expense or income tax benefit items which are included in earnings under GAAP.
This is why many companies, as well as external independent investment analysts, convert US GAAP earnings of a company to Ongoing, Core Pretax Earnings.
When I convert the audited under GAAP After-tax Net Income of these six Indiana 2nd District companies to Ongoing, Core Pretax Income, these six companies had their Total Ongoing, Core Pretax Profits grow from $10.8 mil in 2009 to $142.7 mil in 2011, or an increase of an amazing 1,221% for the most recent two years of the Obama Administration, which is subsequent to the time that the Obama Economic Stimulus wholeheartedly started kicking in.
All citizens in Indiana's 2nd US House Congressional District should be very proud of the exceptional operating performance of their 2nd District Companies during the Obama Administration. And its US House Representative Joe Donnelly performed admirably in helping these Indiana 2nd District Corps do so exceptionally well in the most recent two years.
Democratic moderate Donnelly is now running for the US Senate against Tea Party favorite Richard Mourdock, who unseated the brilliant public servant Dick Lugar in the Republican primary. I can think of no one serving in Washington DC who has done more for the State of Indiana over the years than Lugar. And I can think of no one from Indiana who has done more for the country than Lugar.
Democratic moderate Donnelly is now running for the US Senate against Tea Party favorite Richard Mourdock, who unseated the brilliant public servant Dick Lugar in the Republican primary. I can think of no one serving in Washington DC who has done more for the State of Indiana over the years than Lugar. And I can think of no one from Indiana who has done more for the country than Lugar.
Below here is a breakdown of these Ongoing, Core Pretax Income or Loss for each of these Indiana 2nd Congressional District companies filing with the SEC during the most recent two years.
| Two Year | Two Year | ||||
| Ongoing | Ongoing | ||||
| Core Pretax | Core Pretax | ||||
| FYE | FYE | Income | Income | ||
| 2011 | 2009 | (Loss) | (Loss) | ||
| Ongoing | Ongoing | Change | %Change | ||
| Core Pretax | Core Pretax | 2009-11 | 2009-11 | ||
| Income | Income | Better | Better | ||
| (Loss) | (Loss) | (Worse) | (Worse) | ||
| mil $s | mil $s | mil $s | |||
| 1st Source | South Bend | 73.8 | 31.5 | 42.3 | 134% |
| Haynes International | Kokomo | 49.4 | (17.4) | 66.8 | 384% |
| Horizon Bancorp | Michigan City | 17.0 | 11.2 | 5.8 | 52% |
| CTS Corp | Elkhart | 16.2 | 12.7 | 3.5 | 28% |
| Patrick Industries | Elkhart | 8.8 | (6.3) | 15.1 | 240% |
| Skyline Corp | Elkhart | (22.5) | (20.9) | (1.6) | (8)% |
| Total all 6 | 142.7 | 10.8 | 131.9 | 1221% |
