These 12 Corporations combined had an externally audited, under generally accepted accounting principles (GAAP), Total After-tax Net Loss of $465 mil in 2008, the last year of the Bush/Cheney Administration, as compared with an audited under GAAP Total After-tax Net Income of $241 mil in the most recent 2011 fiscal year, thus an after-tax profit improvement of a huge $706 mil during the first three years of the Obama Administration.
Below here are the Audited After-tax Net Income or Loss for each of these 12 New Hampshire Corps for 2011 and for 2008. The majority of these companies have December fiscal year ends (FYE).
| Three | ||||
| Year | ||||
| Reported | ||||
| Audited | ||||
| FYE | FYE | After-Tax | ||
| 2011 | 2008 | Net | ||
| Reported | Reported | Income | ||
| Audited | Audited | (Loss) | ||
| After-Tax | After-Tax | Change | ||
| Net | Net | 2008-11 | ||
| Income | Income | Better | ||
| (Loss) | (Loss) | (Worse) | ||
| Under | Under | Under | ||
| HQs | Obama | Bush/Cheney | Obama | |
| mils of $s | mils of $s | mils of $s | ||
| New Hampshire Corps | ||||
| White Mountains Insurance | Hanover | 184.3 | (588.0) | 772.3 |
| GT Advanced Technologies | Merrimack | 183.4 | 88.0 | 95.4 |
| Standex International | Salem | 46.9 | 1.0 | 45.9 |
| Sprague Operating Resources | Portsmouth | 29.6 | 21.5 | 8.1 |
| PC Connection | Merrimack | 28.8 | 10.4 | 18.4 |
| New Hampshire Thrift Bancshares | Newport | 7.7 | 5.7 | 2.0 |
| Micronetics | Hudson | 3.4 | (9.6) | 13.0 |
| Bottomline Technologies | Portsmouth | 1.7 | (12.3) | 14.0 |
| ICAD | Nashua | (37.6) | 4.4 | (42.0) |
| Mascoma | Lebanon | (41.6) | (30.5) | (11.1) |
| Jaguar Mining | Concord | (65.6) | (4.3) | (61.3) |
| SSI Investments II Limited | Nashua | (100.3) | 48.9 | (149.2) |
| Total all 12 Corps | 240.7 | (464.8) | 705.5 |
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, like those related to intangible assets, and gains and losses on non-core asset sales. And particularly, SSI Investments II had numerous unusual items related to its acquisitions reflected in its GAAP earnings. 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 12 New Hampshire Corps to Ongoing, Core Pretax Income, these 12 companies had their Total Ongoing, Core Pretax Profits completely and massively reverse from a Total Loss of $780 mil in 2008, when Bush and Cheney were in control, to a Profit of $567 mil in the most recent fiscal year 2011, or a profit improvement of an amazing $1.347 bil for the most recent three years of the Obama Administration.
And both large and smaller New Hampshire Corps did well during the most recent three years. The three largest New Hampshire Corps, with Pretax Income or Loss above $100 mil, had a $1.290 bil profit improvement from 2008 to 2011. And the nine New Hampshire Corps with Pretax Income or Loss of at least $5 mil, but also less than $100 mil, had their Total Pretax Income increase by 133% from 2008 to 2011.
All citizens in New Hampshire should be very proud of the operating performance of their fine companies during the Obama Administration.
Below here is a breakdown of these Ongoing, Core Pretax Income or Loss for each of these 12 New Hampshire companies filing with the SEC for the fiscal years of 2011 and of 2008, along with the related changes.
| Three | |||||
| Three | Year | ||||
| Year | Ongoing | ||||
| Ongoing | Core | ||||
| Core | Pretax | ||||
| FYE | FYE | Pretax | Income | ||
| 2011 | 2008 | Income | (Loss) | ||
| Ongoing | Ongoing | (Loss) | % | ||
| Core | Core | Change | Change | ||
| Pretax | Pretax | 2008-11 | 2008-11 | ||
| Income | Income | Better | Better | ||
| (Loss) | (Loss) | (Worse) | (Worse) | ||
| Under | Under | Under | Under | ||
| Obama | Bush/Cheney | Obama | Obama | ||
| mil $s | mil $s | mil $s | |||
| Largest Corps | |||||
| GT Advanced Technologies | Merrimack | 276.0 | 142.2 | 133.8 | 94% |
| SSI Investments II Limited (Adjusted EBITDA per Co.) | Nashua | 130.1 | 105.4 | 24.7 | 23% |
| White Mountains Insurance | Hanover | 61.6 | (1,070.0) | 1,131.6 | 106% |
| Total 3 Largest Corps | 467.7 | (822.4) | 1,290.1 | 157% | |
| Smaller Corps | |||||
| Standex International | Salem | 58.0 | 25.2 | 32.8 | 130% |
| PC Connection | Merrimack | 47.4 | 26.8 | 20.6 | 77% |
| Sprague Operating Resources | Portsmouth | 36.6 | 20.9 | 15.7 | 75% |
| New Hampshire Thrift Bancshares | Newport | 10.5 | 7.9 | 2.6 | 33% |
| Bottomline Technologies | Portsmouth | 7.3 | (11.5) | 18.8 | 163% |
| Micronetics | Hudson | 5.4 | (1.5) | 6.9 | 460% |
| ICAD | Nashua | (14.9) | 4.6 | (19.5) | -424% |
| Jaguar Mining | Concord | (13.7) | (0.3) | (13.4) | -4467% |
| Mascoma | Lebanon | (37.8) | (29.7) | (8.1) | -27% |
| Total all 9 Smaller Corps | 98.8 | 42.4 | 56.4 | 133% | |
| Grand Total all 12 Corps | 566.5 | (780.0) | 1,346.5 | 173% |
