Sunday, October 7, 2012

Red State Tennessee Audited Corporate Earnings Up 287% During Obama Administration

From an extensive review of SEC filings, I found 28 Corps headquartered in the Red State of Tennessee with externally audited under US Generally Accepted Accounting Principles (US GAAP) After-tax Net Income or Net Loss from Continuing Operations of at least $100 mil in any of the most recent five fiscal years.

These 28 Largest Tennessee Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from Continuing Operations of $11.5 bil in the most recent fiscal year 2011, which was an increase of an off-the-charts 287%, or $8.5 bil above the Total After-tax Net Income of $3.0 bil generated by these same 28 Largest Tennessee 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 28 Largest Tennessee Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $8.5 bil better, or by 287% better, as audited earnings performance is measured by the prestigious US Accounting Profession.

To illustrate just how strong these Tennessee Corps both are and have performed during the Obama Administration, with this 287% earnings growth in the most recent three years, the Total After-tax Net Income in 2011 for these 28 Largest Tennessee Corps of $11.5 bil is an incredible 56% higher than the pre-Great Recession previous high comparable total earnings of these same companies in 2007 of $7.3 bil.

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 Tennessee, 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 28 Largest Tennessee Corps for each of the most recent five fiscal years.  A clear majority of these 28 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
Tennessee Largest Corps
HCA Nashville 2,842 1,573 1,375 902 1,082
FedEx Memphis 2,032 1,452 1,184 98 1,125
International Paper Memphis 1,306 665 681 (1,266) 1,239
Autozone Memphis 930 849 738 657 642
Dollar General Goodlettsville 767 628 339 108 (13)
Eastman Chemical Kingsport 657 425 154 345 434
Caterpillar Financial Services Nashville 393 289 275 398 500
Community Health Systems Franklin 336 355 306 238 70
Unum Group Chattanooga 235 886 853 553 672
Tractor Supply Brentwood 223 168 120 108 99
Amsurg Nashville 191 180 177 161 137
Thomas & Betts Memphis 190 138 101 266 175
LifePoint Hospitals Brentwood 166 159 142 129 122
Corrections Corp America Nashville 163 158 151 146 127
Delek US Holdings Brentwood 163 (80) 2 25 96
CBL & Associates Properties Chattanooga 156 135 (2) (60) 141
Noranda Aluminum Franklin 141 67 101 (74) (10)
First Horizon National Memphis 134 73 (235) (173) (151)
Clarcor Franklin 124 96 72 96 91
BuckeyeTechnologies Memphis 119 129 116 (49) 48
Cracker Barrel Lebanon 103 85 85 66 65
Mueller Industries Memphis 87 88 5 83 116
Genesco Nashville 83 55 29 156 7
Servicemaster Memphis 68 17 6 (119) (6)
Regal Entertainment Knoxville 40 77 95 112 360
Gaylord Entertainment Nashville 10 (92) 7 4 102
Green Bankshares Greeneville (39) (81) (151) (5) 24
Healthways Franklin (158) 47 10 55 45







Total all 28 Largest Tennessee Corps
11,462 8,541 6,736 2,960 7,339







Annual Increase (Decrease)





…..Amount
2,921 1,805 3,776 (4,379)
…..Percentage
34% 27% 128% -60%







Three Year Increase (2008-2011) Under Obama




…..Amount
8,502



…..Percentage
287%