These 49 Largest Wisconsin Corps filing with the SEC had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income of $6,913.5 mil in the most recent fiscal year 2011, which was an increase of a massive $4,136.3 mil, or an off-the-charts 149% above the $2,777.2 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 49 Wisconsin 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 one and a half times better, as earnings performance is measured by the prestigious US Accounting Profession.
And frankly, the real total earnings increase for these 49 Wisconsin Corps between 2008 and 2011 is substantially higher than 149%. Let me explain.
The largest profit generator in Wisconsin is the very well run Johnson Controls (JCI). JCI has a September fiscal year end. When I convert JCI's earnings to a calendar year basis, then its Net Income for the 12 months ended December 31, 2008 was actually only $154 mil, rather than the $1,003 mil shown below for the fiscal year ended September 30, 2008.
Thus by just converting JCI's earnings to a calendar year basis, then the 2008 Bush year total earnings for these 49 Wisconsin Corps drops significantly, and thus the total earnings increase for these 49 Wisconsin Corps from the final Bush year of 2008 to the most recent 2011 Obama year increases from the above 149% to a substantially higher 260%. Whew!
But a second key story here is just what happened to the total earnings of these 49 Wisconsin Corps after the Obama Economic Stimulus totally kicked in on all cylinders during all of 2010. Well, to be specific here, the Total Audited under US GAAP After-tax Net Loss in 2009 of $591.9 mil for these 49 Wisconsin Corps completely reversed course to a Total Net Income of $4,776.2 mil in 2010, for a massive earnings increase of $5,368.1 mil in just 2010, which was the year that the Obama Economic Stimulus was clearly going full throttle.
Those pundits who so frequently and noisily state that the Obama Economic Stimulus was worthless are clearly off target, particularly so as it relates to how it dramatically improved the profits of all businesses, both large and small.
And the third key story here is just how strong these Wisconsin Corps are. In the most recent fiscal year of 2011, the Total After-tax Earnings of these 49 Largest Wisconsin Corps was $6,913.5 mil, which was a substantial 36% higher than the pre-Great Recession Total Earnings high of these same companies in 2007 of $5,072.8 mil. Now that is what I call Really Growing the Cheese in Wisconsin. All I can say is On Wisconsin!.....but please don't pour it on the Indiana University football team this year, or else IU will get its just payback later this year on the Badgers on the basketball court.....Wisconsin will get Zellered.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss for each of these 49 Largest Wisconsin Corps for each of the most recent five fiscal years. The majority of these Wisconsin Corporations have a December Fiscal Year End (FYE).
| FYE | FYE | FYE | FYE | FYE | ||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
| Reported | Reported | Reported | Reported | Reported | ||
| Audited | Audited | Audited | Audited | Audited | ||
| After-Tax | After-Tax | After-Tax | After-Tax | After-Tax | ||
| Net Income | Net Income | Net Income | Net Income | Net Income | ||
| (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | ||
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Wisconsin Corps | ||||||
| Johnson Controls | Milwaukee | 1,741.0 | 1,566.0 | (350.0) | 1,003.0 | 1,307.0 |
| Kohls | Menomonee Falls | 1,167.0 | 1,120.0 | 973.0 | 857.0 | 1,060.0 |
| Rockwell Automation | Milwaukee | 697.1 | 440.4 | 217.9 | 577.6 | 569.3 |
| Joy Global | Milwaukee | 631.0 | 461.5 | 454.7 | 373.1 | 279.8 |
| Harley Davidson | Milwaukee | 548.1 | 259.7 | 70.6 | 684.2 | 933.8 |
| Fiserv | Brookfield | 491.0 | 506.0 | 473.0 | 358.0 | 412.0 |
| Generac Holdings | Waukesha | 324.6 | 56.9 | 43.1 | (556.0) | (9.7) |
| Snap-On | Kenosha | 283.8 | 193.0 | 143.7 | 243.6 | 194.1 |
| Oshkosh (FYE Sept) | Oshkosh | 273.4 | 792.9 | (1,167.0) | 286.2 | 285.0 |
| Manpower | Milwaukee | 251.6 | (263.6) | (9.2) | 205.5 | 473.7 |
| Bemis | Neenah | 187.3 | 209.7 | 152.5 | 172.2 | 185.3 |
| Regal Beloit | Beloit | 158.0 | 154.7 | 98.7 | 128.9 | 118.4 |
| Associated Banc-Corp | Green Bay | 139.7 | (0.9) | (131.9) | 168.5 | 285.8 |
| Actuant | Menomonee Falls | 125.0 | 70.0 | 26.0 | 126.0 | 114.0 |
| Sensient Technologies | Milwaukee | 120.5 | 107.1 | 86.6 | 90.9 | 77.8 |
| AO Smith | Milwaukee | 111.2 | 57.1 | 60.5 | 47.2 | 62.5 |
| Plexus Corp | Neenah | 89.3 | 89.5 | 46.3 | 84.1 | 65.7 |
| Roundy's Supermarkets | Milwaukee | 48.0 | 46.2 | 47.2 | 47.4 | 31.2 |
| National Presto Industries | Eau Claire | 48.0 | 63.5 | 62.6 | 44.2 | 38.6 |
| Modine Manufacturing | Racine | 38.0 | 8.3 | (22.8) | (107.3) | (56.2) |
| Johnson Outdoors | Racine | 32.6 | 6.5 | (9.7) | (68.5) | 10.5 |
| Rexnord | Milwaukee | 29.9 | (51.3) | 88.1 | (429.0) | (0.4) |
| Briggs & Stratton | Wauwatosa | 29.0 | 24.4 | 36.6 | 32.0 | 22.6 |
| Twin Disc | Racine | 26.3 | 19.0 | 0.7 | 11.8 | 24.3 |
| Roadrunner Transportation | Cudahy | 25.9 | 3.6 | 0.0 | (3.3) | 0.9 |
| Assisted Living Concepts | Menomonee Falls | 24.4 | 16.5 | 0.8 | 14.7 | 17.1 |
| Marten Transport | Mondovi | 24.3 | 19.7 | 16.3 | 18.1 | 15.0 |
| Marcus | Milwaukee | 22.7 | 13.6 | 16.1 | 17.2 | 20.5 |
| Journal Communications | Milwaukee | 21.8 | 30.7 | 4.9 | (226.7) | 39.2 |
| Manitowoc | Manitowoc | 21.5 | (74.6) | (613.3) | 100.6 | 314.8 |
| Badger Meter | Milwaukee | 19.2 | 28.7 | 26.8 | 25.1 | 18.4 |
| Douglas Dynamics | Milwaukee | 19.0 | 1.7 | 9.8 | 11.5 | (1.1) |
| Weyco Group | Glendale | 16.4 | 14.1 | 13.1 | 17.0 | 22.9 |
| Strattec Security | Milwaukee | 12.2 | 7.6 | 3.9 | (6.9) | 2.8 |
| Tri City Bankshares | Oak Creek | 9.5 | 14.3 | 22.1 | 11.0 | 10.0 |
| First Business Financial Services | Madison | 8.4 | 0.9 | 1.0 | 3.1 | 3.2 |
| Appleton Papers | Appleton | (2.1) | (35.2) | 23.8 | (12.3) | 0.7 |
| CIB Marine Bancshares | Waukesha | (6.2) | (17.3) | (41.5) | (36.2) | (15.2) |
| Waterstone Financial | Wauwatosa | (7.5) | (1.9) | (10.1) | (26.4) | 1.6 |
| Quad/Graphics | Sussex | (8.0) | (245.4) | 53.1 | 100.5 | 176.4 |
| Brady | Milwaukee | (17.9) | 108.7 | 82.0 | 70.1 | 132.2 |
| Wausau Paper | Mosinee | (21.7) | 36.9 | 20.6 | (15.8) | (1.8) |
| Exact Sciences | Madison | (28.7) | (11.6) | (9.1) | (9.7) | (12.0) |
| Great Wolf Resorts | Madison | (32.3) | (50.6) | (30.5) | (37.7) | (7.4) |
| Anchor Bancorp Wisconsin | Madison | (36.7) | (41.2) | (176.9) | (230.8) | 30.7 |
| Bank Mutual | Brown Deer | (47.6) | (72.6) | 13.7 | 17.2 | 17.5 |
| Spectrum Brands | Madison | (74.6) | (187.0) | (113.3) | (905.4) | (563.0) |
| School Specialty | Greenville | (134.0) | (356.3) | 25.9 | 27.1 | 34.3 |
| MGIC Investment | Milwaukee | (485.9) | (363.7) | (1,322.3) | (525.4) | (1,670.0) |
| Total all 49 Wisconsin Corps | 6,913.5 | 4,776.2 | (591.9) | 2,777.2 | 5,072.8 | |
| Annual Increase (Decrease) | ||||||
| …..Amount | 2,137.3 | 5,368.1 | (3,369.1) | (2,295.6) | ||
| …..Percentage | 45% | 922% | -121% | -45% | ||
| Three Year (2008-11) Increase Under Obama | ||||||
| …..Amount | 4,136.3 | |||||
| …..Percentage | 149% | |||||
It should be pointed out that Madison, Wis-based Exact Sciences was a late addition to the above companies.
