Friday, October 5, 2012

Red State Kentucky Audited Corporate Earnings Up 47% During Obama Administration

From an extensive review of SEC filings, I found 16 Corps headquartered in the Red State of Kentucky with externally audited under US Generally Accepted Accounting Principles (US GAAP) After-tax Net Income or Net Loss from Continuing Operations of at least $50 mil in any of the most recent five fiscal years.

These 16 Largest Kentucky Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $4,142 mil in the most recent fiscal year 2011, which was an increase of 47% above the Total After-tax Net Income of $2,826 mil generated by these same 16 Largest Kentucky companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.

And this 2008 to 2011 47% earnings growth is particularly noteworthy because these 16 Kentucky Corps earnings didn't drop off a cliff in the financial meltdown year of 2008, as it did for so many companies in the other US States.

So if the question to be answered is whether, in the aggregate, these 16 Largest Kentucky Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is yes, and by $1,316 mil better, or by 47% better, as audited 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 excellent earnings growth during the Obama Administration.   Corporations in nearly all Red States, including Kentucky, 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 After-tax Net Income or Net Loss from Continuing Operations for each of these 16 Largest Kentucky Corps for each of the most recent five fiscal years.  A clear majority of these 16 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
Kentucky Largest Corps
Humana Louisville 1,419 1,099 1,040 647 834
Yum Brands Louisville 1,335 1,178 1,083 972 909
Brown Forman Louisville 513 572 449 435 440
Lexmark Lexington 321 340 146 240 301
Tempur Pedic Lexington 220 157 85 59 141
Republic Bancorp Louisville 94 65 42 34 25
General Cable Highland Heights 85 77 65 188 198
Texas Roadhouse Louisville 66 61 49 39 40
Churchill Downs Louisville 61 20 18 29 17
Papa Johns Intl Louisville 59 55 61 39 34
Ashland Covington 56 88 (240) 87 257
Res Care Louisville 42 (152) 4 39 45
RAAM Global Energy Lexington 26 39 26 74 35
Sypris Solutions Louisville 8 (10) (5) (130) (5)
Kindred Healthcare Louisville (56) 56 63 60 43
Porter Bancorp Louisville (107) (4) 11 14 14







Total all 16 Largest Kentucky Corps
4,142 3,641 2,897 2,826 3,328







Annual Increase (Decrease)





…..Amount
501 744 71 (502)
…..Percentage
14% 26% 3% -15%







Three Year Increase (2008-2011) Under Obama




…..Amount
1,316



…..Percentage
47%