These 27 Largest Iowa Corps filing with the SEC had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income of $2,226.8 mil in the most recent fiscal year 2011, which was an increase of $1,826.5 mil, or an off-the-charts 456% above the $400.3 mil earned by these same companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.
So if the question to be answered is whether, in the aggregate, these 27 Iowa Largest Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by 4 and a half times, as earnings performance is measured by the prestigious US Accounting Profession.
But another salient story here relates to these 27 Iowa companies total earnings growth by year.
When the US House was under Democratic control, the total earnings growth of these 27 Iowa Corps in 2009 over 2008 was a spectacular 160%, and in 2010 over 2009 was an incredible 110%. Thus, when you compound this very high earnings growth, you get a total earnings growth of 447% in just these two years where the US House was under Democratic control. Whew!
So what happened in 2011, when the Uncompromising, Very Conservative Republicans took control of the US House? Well, this total earnings growth of these 27 Iowa Corps flat out plummeted to only 2% in 2011 over 2010.
This is why it is so critical to anyone who views the US economy as the key issue in this US election, to not just reelect Democratic Moderate Barack Obama, but to also vote to make sure that Democratic Moderates regain control of the US House.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 27 Largest Iowa Corps for each of the most recent four fiscal years. The overwhelming majority of these Corporations have a December Fiscal Year End (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 | |
| Iowa Corps | |||||
| Principal Financial Group | Des Moines | 751.2 | 717.2 | 645.7 | 465.8 |
| Rockwell Collins | Cedar Rapids | 615.0 | 557.0 | 589.0 | 673.0 |
| Sauer Danfoss | Ames | 259.8 | 246.3 | (332.3) | (11.3) |
| Caseys General Stores | Ankeny | 116.8 | 94.6 | 117.0 | 85.7 |
| Meredith | Des Moines | 104.4 | 131.6 | 105.6 | (100.7) |
| Renewable Energy Group | Ames | 88.9 | (21.6) | (68.9) | (15.9) |
| American Equity Investment Life | West Des Moines | 86.2 | 42.9 | 68.5 | 15.9 |
| Heartland Express | North Liberty | 69.9 | 62.2 | 56.9 | 70.0 |
| FBL Financial Group | West Des Moines | 55.3 | 84.3 | 50.3 | (18.2) |
| HNI Corp | Muscatine | 45.7 | 29.7 | (1.6) | 50.7 |
| Homeland Energy Solutions | Lawler | 36.4 | 11.0 | 15.6 | 0.1 |
| Heartland Financial | Dubuque | 28.0 | 23.8 | 6.4 | 11.0 |
| Hills Bancorporation | Hills | 26.8 | 23.3 | 16.0 | 14.1 |
| Golden Grain Energy | Mason City | 26.8 | 16.9 | 1.6 | 17.9 |
| CPM Holdings | Waterloo | 23.5 | (1.7) | 14.3 | 29.3 |
| West Bancorporation | West Des Moines | 15.3 | 13.4 | (5.1) | 7.3 |
| Ames National | Ames | 13.9 | 13.0 | 9.0 | 6.4 |
| MidWest One Financial | Iowa City | 13.3 | 10.1 | 4.4 | (24.6) |
| Flexsteel Industries | Dubuque | 13.1 | 10.4 | 10.8 | (1.5) |
| Winnebago Industries | Forest City | 11.8 | 10.2 | (78.8) | 2.8 |
| Meta Financial Group | Storm Lake | 4.6 | 12.4 | (1.5) | (1.8) |
| United Fire Group | Cedar Rapids | 0.0 | 47.5 | (10.4) | (13.1) |
| EMC Insurance | Des Moines | (2.1) | 31.3 | 45.4 | (1.7) |
| Southwest Iowa Renewable Energy | Council Bluffs | (2.7) | (9.0) | (12.7) | (3.7) |
| Peninsula Gaming | Dubuque | (10.3) | 3.5 | (13.4) | 22.8 |
| Newlink Genetics | Ames | (18.1) | (16.6) | (10.2) | (8.8) |
| Lee Enterprises | Davenport | (146.7) | 46.2 | (180.1) | (871.2) |
| Total all 27 Iowa Largest Corps | 2,226.8 | 2,189.9 | 1,041.5 | 400.3 | |
| Annual Increase | |||||
| …..Amount | 36.9 | 1,148.4 | 641.2 | ||
| …..Percentage | 2% | 110% | 160% | ||
| Three Year (2008-11) Increase Under Obama | |||||
| …..Amount | 1,826.5 | ||||
| …..Percentage | 456% | ||||
