Sunday, October 7, 2012

Red State Kansas Audited Corporate Total Pretax Losses Cut Precisely in Half During Obama Administration

From an extensive review of SEC filings, I found 11 Corps headquartered in the Red State of Kansas with externally audited under US Generally Accepted Accounting Principles (US GAAP) Pretax Income or Pretax Loss from Continuing Operations of at least $100 mil in any of the most recent five fiscal years.

In the case of Kansas, I used Pretax Income or Pretax Loss rather than After-tax Net Income or After-tax Net Loss since Sprint Nextel dominates in Kansas, and it had annual Income Tax Benefits and Income Tax Expenses recorded which were very unusual in the most recent five years.  Thus by using Pretax Income and Pretax Loss, the earnings and loss information below is much more meaningful in evaluating how these Kansas Corps performed during the Obama Administration.
These 11 Largest Kansas Corps filing with the SEC generated Audited US GAAP Total Pretax Loss from Continuing Operations of $1,772 mil in the most recent fiscal year 2011, which was a total loss reduction of $1,767 mil, or a percentage total loss reduction of 50% from the Total Pretax Loss of $3,539 mil generated by these same 11 Largest Kansas 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 11 Largest Kansas Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $1.8 bil better, or by 50% better, on a Pretax basis, as audited pretax earnings performance is measured by the prestigious US Accounting Profession.

So it's not just the Blue States and Swing States which have had their largest and somewhat largest corporations generate very strong profit improvement during the Obama Administration.   Corporations in nearly all Red States, including Kansas, have done likewise.  This just shows that the Obama Administration has been evenhanded in focusing on creating an excellent US economic environment that have permitted businesses all throughout the country to prosper.

Below here is the Audited under US GAAP Pretax Income or Pretax Loss from Continuing Operations for each of these 11 Largest Kansas Corps for each of the most recent five fiscal years.  A clear majority of these 11 Corporations have a December Fiscal Year End (FYE).


2011 2010 2009 2008 2007

Reported Reported Reported Reported Reported

Audited Audited Audited Audited Audited

Pretax Pretax Pretax Pretax Pretax

Income Income Income Income Income

HQs (Loss) (Loss) (Loss) (Loss) (Loss)

mil $s mil $s mil $s mil $s mil $s
Kansas Largest Corps
Garmin Ltd Olathe 584 577 809 914 978
Seaboard Shawnee Mission 443 364 89 125 191
Waddell & Reed Overland Park 283 246 162 156 199
Spirit AeroSystem Wichita 280 298 273 384 420
Compass Minerals Overland Park 197 195 237 227 80
Euronext Worldwide Leawood 63 (15) 57 (201) 71
Capitol Federal Financial Topeka 57 105 105 80 53
Collective Brands Topeka (66) 140 98 (107) 59
YRC Worldwide Overland Park (362) (401) (889) (1,002) (655)
Hawker Beechcraft Wichita (615) (303) (512) (55) 12
Sprint Nextel Overland Park (2,636) (3,299) (3,494) (4,060) (29,775)

Total all 11 Largest Kansas Corps (1,772) (2,093) (3,065) (3,539) (28,367)

Annual Total Pretax Loss Reduction

321 972 474 24,828
15% 32% 13% 88%

Three Year Total Pretax Loss Reduction (2008-2011) Under Obama