These 13 Corporations, led by the very well run Columbus, IN-based Cummins, generated a combined externally audited, under generally accepted accounting principles (GAAP), Total After-tax Net Income of $1,520.4 mil in 2008, the last year of the Bush/Cheney Administration, as compared with an audited under GAAP Total After-tax Net Income of $2,731.2 mil in 2011, thus an after-tax profit improvement of a very substantial $1.211 bil during the first three years of the Obama Administration.
Below here are the Audited After-tax Net Income or Loss for each of these 13 6th Indiana Congressional District Corps for each of the four most recent years. Nine of these 13 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) | ||
| Under | Under | Under | Under | ||
| Obama | Obama | Obama | Bush/Cheney | ||
| HQs | mil $s | mil $s | mil $s | mil $s | |
| Cummins | Columbus | 1,946.0 | 1,140.0 | 484.0 | 818.0 |
| Steel Dynamics | Ft Wayne | 265.7 | 129.6 | (11.0) | 454.5 |
| Hill-Rom Holdings | Batesville | 133.5 | 126.0 | (405.0) | 67.1 |
| Hillenbrand | Batesville | 106.1 | 92.3 | 102.3 | 93.2 |
| Remy International | Pendleton | 75.3 | 21.1 | 14.1 | (4.4) |
| Franklin Electric | Bluffton | 63.7 | 39.9 | 24.0 | 44.7 |
| Vera Bradley | Ft Wayne | 57.9 | 46.2 | 43.2 | 23.7 |
| Cardinal Ethanol LLC | Union City | 25.5 | 20.5 | (1.0) | (1.0) |
| First Merchants | Muncie | 25.3 | 6.9 | (40.8) | 20.6 |
| Mainsource Financial Group | Greensburg | 23.8 | 14.8 | (64.1) | 19.2 |
| Tower Financial | Ft Wayne | 6.6 | 3.2 | (5.6) | 1.9 |
| MutualFirst Financial | Muncie | 3.5 | 6.6 | 3.2 | (22.1) |
| Indiana Community Bancorp | Columbus | (1.7) | 5.6 | (5.8) | 5.0 |
| Total all 13 | 2,731.2 | 1,652.7 | 137.5 | 1,520.4 | |
| Annual Increase (Decrease) | |||||
| …..Amount | 1,079 | 1,515 | (1,383) | ||
| …..Percentage | 65% | 1,102% | |||
Three Year Increase Under Obama | |||||
| …..Amount | 1,210.8 | ||||
| …..Percentage | 80% | ||||
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 13 Indiana 6th District Corps ever see their Total After-tax profits explode upwardly from 2009 to 2011. They grew from a Total After-tax Net Income of $137.5 mil in 2009 to a Total After-tax Net Income of a massive $2,731.2 mil in 2011, yeah, that's a massive 20 times increase in Net Income over the most recent two fiscal years of the Obama Administration. 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 13 Indiana 6th District companies to Ongoing, Core Pretax Income, these 13 companies had their Total Ongoing, Core Pretax Profits grow from $886.1 mil in 2009 to a massive $3,714.9 mil in 2011, or an increase of an extremely robust 319% 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.
And all 13 Indiana 6th District Companies experienced a profit improvement in the most recent two fiscal years.
All citizens in Indiana's 6th US House Congressional District should be very proud of the exceptional operating performance of their fine 6th District Companies during the Obama Administration.
Below here is a breakdown of these Ongoing, Core Pretax Income or Loss for each of these Indiana 6th Congressional District companies filing with the SEC during the most recent two years.
| Two Year | Two Year | ||||
| Ongoing | Ongoing | ||||
| Core | Core | ||||
| Pretax | Pretax | ||||
| FYE | FYE | Income | Income | ||
| 2011 | 2009 | (Loss) | (Loss) | ||
| Ongoing | Ongoing | Change | % Change | ||
| Core Pretax | Core Pretax | 2009-11 | 2009-11 | ||
| Income | Income | All | All | ||
| (Loss) | (Loss) | Better | Better | ||
| mil $s | mil $s | mil $s | |||
| Cummins | Columbus | 2,550.0 | 640.0 | 1,910.0 | 298% |
| Steel Dynamics | Ft Wayne | 424.3 | (18.2) | 442.5 | 2431% |
| Hill-Rom Holdings | Batesville | 207.0 | 83.8 | 123.2 | 147% |
| Hillenbrand | Batesville | 164.1 | 160.8 | 3.3 | 2% |
| Remy International | Pendleton | 95.7 | 19.1 | 76.6 | 401% |
| Vera Bradley | Ft Wayne | 95.0 | 44.1 | 50.9 | 115% |
| Franklin Electric | Bluffton | 87.1 | 34.6 | 52.5 | 152% |
| First Merchants | Muncie | 33.9 | (69.2) | 103.1 | 149% |
| Mainsource Financial Group | Greensburg | 27.6 | 4.5 | 23.1 | 513% |
| Cardinal Ethanol LLC | Union City | 25.5 | (1.0) | 26.5 | 2650% |
| Tower Financial | Ft Wayne | 5.1 | (7.8) | 12.9 | 165% |
| MutualFirst Financial | Muncie | 3.8 | 3.4 | 0.4 | 12% |
| Indiana Community Bancorp | Columbus | (4.2) | (8.0) | 3.8 | 48% |
| Total all 13 | 3,714.9 | 886.1 | 2,828.8 | 319% |
But I do have to ask this question. Why in the world has Mike Pence continued to repeatedly lambast President Obama for severely harming the US economy, and specifically devastating US businesses? After all, his 13 Indiana 6th District companies filing with the SEC generated a Total Audited Net Income improvement of $1.211 bil during the first three years of the Obama Administration. And these same 13 companies generated a twenty-fold Total Audited Net Income Improvement during the most recent two years of the Obama Administration, subsequent to the time that the Obama Economic Stimulus started to kick in on a full throttle basis.
And it's not just Pence who is not being honest with Indiana citizens on this issue. Also, the Uncompromising, Very Conservative, Threesome of Richard Mourdock, who is running for a US Senate seat in Indiana, Dr. Larry Bucshon, who is running for reelection for the Indiana 8th District House spot, and Jackie Walorski, who is running for the Indiana 2nd District House seat, have all consistently and loudly criticized the Obama Administration for being so harmful to Indiana businesses, and also to all US businesses. Give me a break! The above blowout earnings improvement numbers do not lie.
And it's not just Pence who is not being honest with Indiana citizens on this issue. Also, the Uncompromising, Very Conservative, Threesome of Richard Mourdock, who is running for a US Senate seat in Indiana, Dr. Larry Bucshon, who is running for reelection for the Indiana 8th District House spot, and Jackie Walorski, who is running for the Indiana 2nd District House seat, have all consistently and loudly criticized the Obama Administration for being so harmful to Indiana businesses, and also to all US businesses. Give me a break! The above blowout earnings improvement numbers do not lie.
