Friday, September 21, 2012

Iowa Audited Corporate Net Income in 2011 Under Obama Up 456% Over 2008 Under Bush

From an extensive review of SEC filings, I found 27 Corps headquartered in Iowa with Pretax Income or Pretax Loss of at least $10 mil in any of the most recent three fiscal years.

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%