Friday, October 5, 2012

Red State South Carolina Audited Corporate Earnings Up 379% During Obama Administration

From an extensive review of SEC filings, I found 10 Corps headquartered in the Red State of South Carolina 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 10 Largest South Carolina Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $651 mil in the most recent fiscal year 2011, which was an increase of an off-the-charts 379% above the Total After-tax Net Income of $136 mil generated by these same 10 Largest South Carolina 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 10 Largest South Carolina Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $515 mil better, or by a huge 379% 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 very strong earnings growth during the Obama Administration.   Corporations in nearly all Red States, including South Carolina, 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.

In focusing on the annual total earnings changes, these South Carolina companies had exceptional triple-digit percentage total earnings growth in both 2009 and 2010, when both the US House and the US Senate were under Democratic control.  However, these South Carolina companies experienced a total earnings decline in 2011, after the November 2010 Tea Party election.

Below here is the Audited under US GAAP After-tax Net Income or Net Loss from Continuing Operations for each of these 10 Largest South Carolina Corps for each of the most recent five fiscal years.  The majority of these 10 Corporations have a December Fiscal Year End (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

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

mil $s mil $s mil $s mil $s mil $s
South Carolina Largest Corps          
Sonoco Products Hartsville 218 201 155 157 212
AVX Fountain Inn 152 244 143 81 149
Dennys Spartanaburg 112 23 42 13 30
World Acceptance Greenville 101 91 74 56 50
Scansource Greenville 74 74 49 48 56
Advance America, Cash Centers Spartanaburg 54 38 54 36 68
SCBT Financial Columbia 23 52 14 16 22
Kemet Simpsonville 7 63 (69) (285) (25)
Palmetto Bancshares Laurens (23) (60) (40) 14 16
AGY Holding Aiken (67) (15) (94) 0 (1)

Total all 10 Largest South Carolina Corps 651 711 328 136 577

Annual Increase (Decrease)

(60) 383 192 (441)
-8% 117% 141% -76%

Three Year Increase (2008-2011) Under Obama