These 75 Largest North Carolina Corps had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income of $11,639 mil in the most recent fiscal year 2011, which was an increase of $2,479 mil, or 27% above the $9,160 mil earned by these same companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.
Included in these 75 Largest North Carolina Corps was the dominant Bank of America, whose Net Income declined from $4,008 mil in 2008 to $1,446 mil in 2011. However, there were several huge non-recurring charges included in, and thus burdening, Bank of America's 2011 US GAAP Reported Pretax Earnings.
First, Bank of America recorded a $14 bil Mortgage Representations and Warranties Charge in the 2Q 2011.
Second, Bank of America had a $3.2 bil Goodwill Impairment Charge in 2011.
And third, New York-based Merrill Lynch, which is included in Bank of America's consolidated earnings, experienced Pretax Losses of $4.7 bil in 2011.
But it should also be pointed out that Bank of America had substantially higher Provision for Credit Loss Charges in 2008 than it had in 2011.
And it should also be pointed out that Bank of America's below 2010 After-tax Reported US GAAP Net Loss of $2,238 mil is burdened by a $12.4 bil Pretax Goodwill Impairment Charge.
Also included in these 75 Largest North Carolina Corps were two companies which recorded huge one-time Reorganization Gains, which I excluded from the below earnings numbers.
The Remaining 72 Largest North Carolina Corps generated Audited under US GAAP Total After-tax Net Income of $11,437 mil in 2011, which was an increase of $3,918 mil, or a very robust 52% above the $7,519 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 North Carolina Largest Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and substantially so.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 75 Largest North Carolina 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 | |
| North Carolina Corps | |||||
| The Dominant One | |||||
| Bank of America | Charlotte | 1,446 | (2,238) | 6,276 | 4,008 |
| Corps With Huge Reorganization Gains Eliminated | |||||
| Dex One | Cary | (519) | (1,797) | (6,453) | (2,298) |
| Fairpoint Communications | Charlotte | (725) | (282) | (241) | (69) |
| The Remaining 72 Largest Corps | |||||
| Lowes | Mooresville | 1,839 | 2,010 | 1,783 | 2,195 |
| Reynolds American | Winston-Salem | 1,406 | 1,337 | 955 | 444 |
| BB&T | Winston-Salem | 1,332 | 854 | 877 | 1,529 |
| Lorillard | Greensboro | 1,116 | 1,029 | 948 | 887 |
| VF Corp | Greensboro | 890 | 574 | 458 | 603 |
| Nucor | Charlotte | 861 | 206 | (237) | 2,145 |
| Goodrich | Charlotte | 819 | 584 | 576 | 692 |
| Laboratory Corp America | Burlington | 533 | 572 | 556 | 478 |
| Family Dollar Stores | Charlotte | 388 | 358 | 291 | 233 |
| Hatteras Financial | Winston-Salem | 284 | 170 | 174 | 79 |
| Hanesbrands | Winston-Salem | 267 | 211 | 51 | 127 |
| First Citizens Bancshares | Raleigh | 195 | 193 | 116 | 91 |
| Belk | Charlotte | 183 | 128 | 67 | (213) |
| Carlisle | Charlotte | 182 | 131 | 155 | 92 |
| Krispy Kreme Doughnuts | Winston Salem | 166 | 8 | 0 | (4) |
| Babcock & Wilcox | Charlotte | 162 | 154 | 148 | 324 |
| SPX | Charlotte | 155 | 178 | 224 | 212 |
| Red Hat | Raleigh | 147 | 107 | 87 | 79 |
| Old Dominion Freight | Thomasville | 139 | 76 | 35 | 69 |
| Harris Teeter Supermarkets | Matthews | 111 | 99 | 94 | 94 |
| Polypore International | Charlotte | 105 | 64 | (117) | (18) |
| Salix Pharmaceuticals | Raleigh | 87 | (27) | (44) | (48) |
| Martin Marietta Materials | Raleigh | 80 | 99 | 85 | 173 |
| Sonic Automotive | Charlotte | 78 | 96 | 57 | (634) |
| CATO | Charlotte | 65 | 59 | 45 | 34 |
| Fresh Market | Greensboro | 51 | 23 | 49 | 32 |
| Tanger Factory Outlet Centers | Greensboro | 51 | 38 | 73 | 30 |
| Highwoods Properties | Raleigh | 45 | 71 | 46 | 38 |
| Cree | Durham | 44 | 147 | 152 | 31 |
| EnPro Industries | Charlotte | 44 | 61 | (144) | 33 |
| Pozen | Chapel Hill | 42 | 23 | (7) | (6) |
| Ingles Markets | Asheville | 39 | 31 | 28 | 52 |
| Snyders-Lance | Charlotte | 38 | 3 | 35 | 19 |
| Coca Cola Bottling | Charlotte | 32 | 40 | 41 | 11 |
| Alliance One International | Morrisville | 29 | (72) | 80 | 133 |
| First Bancorp | Troy | 14 | 10 | 60 | 22 |
| Culp | High Point | 13 | 16 | 13 | (39) |
| Unifi | Greensboro | 11 | 25 | 11 | (49) |
| Pike Electric | Mount Airy | 11 | 1 | (13) | 32 |
| Pantry | Cary | 10 | (166) | 54 | 29 |
| Dynacast Intl | Charlotte | 8 | 44 | 15 | 26 |
| Xerium Technologies | Raleigh | 8 | (73) | (112) | 27 |
| BNC Bancorp | High Point | 7 | 8 | 7 | 4 |
| American Defense Systems | Lillington | 7 | (8) | (16) | (2) |
| Capital Bank | Raleigh | 6 | (61) | (7) | (56) |
| Newbridge Bancorp | Lexington | 5 | 3 | (15) | (54) |
| HomeTrust Bancshares | Asheville | 5 | (15) | 7 | 3 |
| Campus Crest Communities | Charlotte | 4 | (22) | (17) | (26) |
| Southern Community Financial | Winston Salem | 3 | (23) | (63) | 6 |
| First South Bancorp | Washington | 2 | (2) | 7 | 11 |
| RF Micro Devices | Greensboro | 1 | 125 | 71 | (888) |
| ASB Bancorp | Asheville | 1 | (9) | 2 | 2 |
| Insteel Industries | Mount Airy | 0 | 0 | (21) | 44 |
| Cornerstone Therapeutics | Cary | (1) | 6 | 10 | 9 |
| Speedway Motorsports | Concord | (6) | 45 | (6) | 106 |
| Park Sterling | Charlotte | (8) | (8) | 1 | 2 |
| Targacept | Winston Salem | (9) | 11 | (39) | (26) |
| Four Oaks Fincorp | Four Oaks | (9) | (28) | (2) | 4 |
| Lime Energy | Huntersville | (12) | (5) | (17) | (11) |
| Yadkin Valley Financial | Elkin | (14) | 0 | (75) | 4 |
| Primo Water | Winston Salem | (14) | (13) | (8) | (14) |
| Trans1 | Wilmington | (18) | (20) | (23) | (17) |
| 1st Financial Services | Hendersonville | (20) | (5) | (19) | 0 |
| Tranzyme | Durham | (22) | (7) | (11) | (22) |
| Biodelivery Sciences International | Raleigh | (23) | (13) | 33 | (17) |
| Bank of the Carolinas | Mocksville | (28) | (3) | (3) | (4) |
| Tree.com | Charlotte | (50) | (27) | (24) | (202) |
| Horizon Lines | Charlotte | (53) | (36) | (24) | 19 |
| International Textile Group | Greensboro | (72) | (46) | (216) | (253) |
| Ply Gem | Cary | (85) | 28 | (77) | (498) |
| Triad Guaranty | Winston-Salem | (108) | 102 | (596) | (631) |
| FNB United | Asheboro | (132) | (130) | (103) | (58) |
| Total all 72 Remaining Largest Corps | 11,437 | 9,339 | 6,521 | 7,519 | |
| Total all 75 Largest Corps | 11,639 | 5,022 | 6,103 | 9,160 | |
