Thursday, May 31, 2012

Ohio Smaller Corp Earnings Up 5% in 2011 under Republican State Control and Up 188% in 2010 under Democratic State Control

In an earlier recent post, I disclosed the corporate earnings in the most recent three years of the 60 Ohio headquartered Corps with Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years which file with the SEC.

These 60 Ohio Corps had their Total Pretax Earnings in 2011 increase by 24% over 2010, and their Total Pretax Income in 2010 increase by a much more robust 60% over 2009.

Included in these 60 Ohio Corps was the huge Procter & Gamble, whose $15.2 bil of 2011 Pretax Income, comprised 31% of the Total Pretax Income of all 60 of these Ohio Corps.

The Remaining 59 Ohio Corps had their Total Pretax Earnings in 2011 increase by a very strong 39% over 2011, and their Total Pretax Income in 2010 increase by an off-the-charts 139% over 2009.

And to give a complete update, these Remaining 59 Ohio Corps had their Total Pretax Income in the 1Q 2012 increase by a very modest 4% over the 1Q 2011.  That is clearly a massive total earnings growth deceleration.....139% in 2010, 39% in 2011, and 4% in 1Q 2012.  Something is clearly deteriorating here in Ohio, just as it is in Wisconsin and in other US States.   


In deriving Pretax Income of these 60 Largest Ohio Corps, I start with Audited Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.  I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.

I excluded Corps in the Development Stage, and ones generating losses for many years. 

This distinction between 2010 earnings growth and the earnings growth in both 2011 and the 1Q 2012 is particularly significant since there was a major change in Ohio political party control between 2010 and 2011, which was precisely what also happened in Wisconsin.

In 2010, Ohio's Governor was a Democrat and its State Senates and State Houses were both in Democratic control.....just like in Wisconsin.

On the other hand, in 2011 and in the 1Q 2012, Ohio's Governor was a Republican and its State Senates and State Houses were both in Republican control.....just like in Wisconsin.

Nationally in 2010, the US House was under Democratic control.  But in 2011 and in the 1Q 2012, the US House was under Republican control.

Ohio's Democratic members of the US House numbered 10 of the total 18 in 2010, but only 5 of the total 18 in 2011 and in the 1Q 2012.....the same loss of Democratic majority that occurred in Wisconsin with the 2010 election.  

Let me first show below here the Ohio headquarters location and the Sector of each of these 60 Largest Ohio Corporations.


Ohio Largest Corps Ohio HQs Sector




Procter & Gamble Cincinnati Home Products
Marathon Petroleum Findlay Petroleum Refining, Marketing and Transportation
Cliffs Natural Resources Cleveland Metal Mining
Macy's Cincinnati Retail: Department Stores
Fifth Third Bancorp Cincinnati Banking
Kroger Cincinnati Retail: Grocery Stores
Eaton Cleveland Manufacturing: Power Management
Cardinal Health Dublin Wholesale: Drugs
Progressive Corp Mayfield Village Property and Casualty Insurance
Parker Hannifin Cleveland Manufacturing: Motion and Control Technologies and Systems
Limited Brands Columbus Retail: Clothing
Key Corp Cleveland Banking
Scripps Networks Interactive Cincinnati TV Services: Lifestyle Content
Sherwin Williams Cleveland Retail: Paints
JM Smucker Orrville Foods
Huntington Bancshares Columbus Banking
Timken Canton Manufacturing: Ball and Roller Bearings
Goodyear Tire & Rubber Akron Manufacturing: Tires and Inner Tubes
American Financial Cincinnati Property and Casualty Insurance
Teradata Dayton Technology: Computers
Cintas Cincinnati Workclothing
Owens Corning Toledo Manufacturing: Fiber Glass and Building Materials
Mettler Toledo Columbus Manufacturing: Lab Analytical Instruments
Big Lots Columbus Retail: Variety Stores
Nordson Westlake Manufacturing: Miscellaneous
TransDigm Cleveland Aircraft and Parts
Lincoln Electric Cleveland Manufacturing: Metalworking Machinery and Equipment
Dana Holding Maumee Manufacturing: Motor Vehicle Parts
RPM Intl Medina Manufacturing: Paints
Greif Delaware Paperboard Container and Boxes
Express Columbus Retail: Apparel
Owens-Illinois Perrysburg Manufacturing: Glass Containers
Health Care REIT Toledo Health Care: REIT
Steris Mentor Health Care: Orthopedics, Prosthetic and Surgical Appliances
Polyone Avon Lakes Manufacturing: Plastics
Scotts Miracle-Gro Marysville Agriculture Chemicals
Abercrombie & Fitch New Albany Retail: Clothing
Worthington Industries Columbus Manufacturing: Steel Works
Convergys Cincinnati Technology: Customer, Information and Human Resource Management
Cincinnati Financial Fairfield Property and Casualty Insurance
First Merit Akron Banking
Diebold North Canton Manufacturing: Accounting Machines
Lancaster Colony Columbus Foods
Nacco Industries Cleveland Manufacturing: Industrial Trucks, Tractors and Trailers
Aleris Intl Beachwood Manufacturing: Metals
American Greetings Cleveland Greeting Cards
Thor Industries Jackson Center Manufacturing: Motor Homes
Applied Industrial Technologies Cleveland Wholesale: Machinery, Equipment and Supplies
Andersons Maumee Wholesale: Farm Products
Graftech Intl Parma Manufacturing: Graphite Electrodes
DSW Columbus Retail: Shoe Stores
Chemed Cincinnati Health Care: Home Services
Momentive Specialty Chemicals Columbus Manufacturing: Plastics
Cooper Tire Findlay Manufacturing: Tires and Inner Tubes
Park National Newark Banking
First Financial Bancorp Cincinnati Banking
Cincinnati Bell Cincinnati Telephone Communications
OM Group Cleveland Manufacturing: Metals
AK Steel West Chester Manufacturing: Steel Works
State Auto Financial Columbus Property and Casualty Insurance

And now let me show the Pretax Income (PTI) or Pretax Loss of each of these 60 Largest Ohio Corps in the most recent three years, along with their earnings growth in the two most recent years.






Republican Democratic




State State




Control Control




PTI(L) PTI(L)




% %




Change Change

Total Total Total 2011 2010

PTI(L) PTI(L) PTI(L) vs vs

2011 2010 2009 2010 2009

mils $s mils $s mils $s

Ohio Largest Corporations



The Dominant One




Procter & Gamble 15,189 15,047 14,413 1% 4%






Remaining 59




Marathon Petroleum 3,719 1,023 685 264% 49%
Cliffs Natural Resources 2,242 1,303 297 72% 339%
Macy's 1,968 1,320 898 49% 47%
Fifth Third Bancorp 1,831 940 (991) 95% 195%
Kroger 1,796 1,734 1,702 4% 2%
Eaton 1,553 1,036 303 50% 242%
Cardinal Health 1,518 1,212 1,160 25% 4%
Progressive 1,487 1,565 1,557 -5% 1%
Parker Hannifin 1,414 755 683 87% 11%
Limited Brands 1,348 1,251 650 8% 92%
Key Corp 1,345 793 (2,057) 70% 139%
Scripps Networks Interactive 883 736 531 20% 39%
Sherwin Williams 742 678 623 9% 9%
JM Smucker 717 731 396 -2% 85%
Huntington Bancshares 707 352 (1,071) 101% 133%
Timken 697 406 14 72% 2800%
Goodyear Tire & Rubber 618 (65) (357) 1051% 82%
American Financial 560 689 812 -19% -15%
Teradata 481 414 334 16% 24%
Cintas 393 344 411 14% -16%
Owens Corning 353 216 81 63% 167%
Mettler Toledo 349 308 225 13% 37%
Big Lots 342 355 323 -4% 10%
Nordson 315 231 116 36% 99%
TransDigm 301 251 251 20% 0%
Lincoln Electric 301 187 87 61% 115%
Dana Holding 296 35 (298) 746% 112%
RPM Intl 295 268 181 10% 48%
Greif 243 252 138 -4% 83%
Express 236 142 77 66% 84%
Owens-Illinois 235 424 215 -45% 97%
Health Care REIT 226 156 170 45% -8%
Steris 204 192 166 6% 16%
Polyone 199 141 93 41% 52%
Scotts Miracle-Gro 195 320 208 -39% 54%
Abercrombie & Fitch 186 229 120 -19% 91%
Worthington Industries 183 113 (44) 62% 357%
Convergys 182 123 96 48% 28%
Cincinnati Financial 176 501 582 -65% -14%
First Merit 166 140 108 19% 30%
Diebold 164 174 124 -6% 40%
Lancaster Colony 162 175 137 -7% 28%
Nacco Industries 157 116 19 35% 511%
Aleris Intl 157 63 (461) 149% 114%
American Greetings 156 156 121 0% 29%
Thor Industries 153 171 33 -11% 418%
Applied Industrial Technologies 153 105 103 46% 2%
Andersons 148 104 61 42% 70%
Graftech Intl 143 174 81 -18% 115%
DSW 142 112 (54) 27% 307%
Chemed 141 134 121 5% 11%
Momentive Specialty Chemicals 135 103 (100) 31% 203%
Cooper Tire 134 160 116 -16% 38%
Park National 117 75 97 56% -23%
First Financial Bancorp 105 92 12 14% 667%
Cincinnati Bell 94 114 154 -18% -26%
OM Group 25 107 37 -77% 189%
AK Steel 14 (111) (98) 113% -13%
State Auto Financial (109) 25 (13) -536% 292%






Total 59 Remaining 33,193 23,850 9,965 39% 139%






Total all 60 48,382 38,897 24,378 24% 60%

Because there was such an incredible difference in total earnings growth of these 59 Remaining Ohio Largest Corps under Democratic State control (+139% in 2010) and under Republican State control (+39% in 2011 and +4% in the 1Q 2012), I decided to check out smaller Ohio Corps, which file with the SEC, in order to see if this same pattern holds, as it also did in Wisconsin.

Thus, I found 22 Ohio Corps filing with the SEC, which had Pretax Income or Pretax Loss of more than $40 mil in any of the most recent three years, and which weren't included in the 60 largest Ohio Corps.  Thus, these 22 Smaller Ohio Corps also did not have Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years.

Now to the results of these 22 Smaller Ohio Corps.

The Total Pretax Income of these 22 Smaller Ohio Corps increased by only 5% in 2011 as compared with 2010.  On the other hand, the Total Pretax Income in 2010 increased by an off-the-charts 188% over 2009.

This earnings growth pattern divergence of these 22 Smaller Ohio Corps was consistent with the earnings growth pattern divergence of the Remaining 59 Largest Ohio Corps.  And Ohio's earnings growth pattern divergence was precisely what also happened in Wisconsin.

Thus clearly, Ohio Corps of all sizes performed substantially better in 2010 under Democratic State control than in 2011 under Republican State control......just precisely what happened in Wisconsin.

It is pretty clear to me that in 2010, a Democratic President, coupled with a US House and a US Senate both in Democratic hands, and also coupled with a US State Governor and US State Legislature both in Democratic hands, did wonders for corporate earnings growth in that year.  With this political structure, economic stimulus, both much needed business income tax stimulus and wise, carefully-vetted investment spending, can occur on a robust scale.

The worse thing that can happen after a financial meltdown, and near depression, is a US government that just waits for the free markets to correct themselves.....a laissez-faire approachThe opposite to that wisely happened in 2009 and 2010.

But then in 2011 and the first half of 2012, the US government was unfortunately forced into a laissez-faire economic approach, due to the US Congress stopping nearly every economic initiative of the Obama Administration.  The focus of the US Congress was almost singularly on austerity, when the improving, but still clearly struggling, US economy was shouting out for more economic stimulus

Thus, things stopped to a walk on the US economic front when the US House switched to Republican control with the 2010 election, coupled with certain US States like Ohio and Wisconsin, also switching totally from Democratic to Republican control.

Case in point is Business Income Tax Reform, which the Obama Administration strongly supports, and which nearly all Republicans say they are behind.  If the President's Framework for Business Income Tax Reform, presented more than three months ago, is strengthened by the US Congress and passed, I am pretty certain that all of the US economic problems, including US real GDP growth, US unemployment, US underemployment, and the US Deficit....would all be substantially improved, and on an ongoing sustainable basis over the long run.

However, the US House Ways and Means Committee must initiate the legislation on this critically needed Business Income Tax Reform.  And what have they done so far?  Absolutely nothing.  I'm not kidding.  On the other hand, if the US House was under Democratic control, I am pretty certain that this Business Income Tax Reform would have gotten out of the US House Ways and Means Committee by now and been placed on the US House Floor.

Instead, the Republicans in the US House are focused on attempting to pass an extension of the much lower Bush income tax rates on the wealthy, which increases the US Deficit by more than a trillion dollars over the next decade, and creates almost no US jobs.  This continual off-focus approach to governing by the Republicans in the US House shows that they are clearly unfit to be reelected, due to either their gross incompetence on US economic issues, or to their only be interested in governing for the top 1% of the country.

On the other hand, when the President is a Democrat and the US House is in Democratic control, economic initiatives move forward, and they clearly did very robustly in 2009 and 2010.


Given the magnitude of the above Ohio corporate earnings growth numbers in 2010 vs. those subsequent to 2010, it is clearly in the economic interests of Ohio Corporations of all sizes and all Ohio citizens for a return to the 2010 days, when corporate earnings were on a tear.  And the same goes for Wisconsin Corporations of all sizes and Wisconsin citizens.  And frankly, the same goes for all US Corporations of all sizes and US citizens in all US States.

While substantial US job creation doesn't necessarily result from substantially higher corporate earnings, I can clearly tell you one thing.....lower corporate earnings will undoubtedly result in a significant loss of US jobs.  To give a recent illustration, when Hewlett Packard recently announced down earnings, it also announced it will be cutting 27,000 jobs, or 8% of its workforce.  And Ohio-based Procter & Gamble, just recently taking a $452 mil Restructuring Charge, has to mean a significant loss of US jobs.

In deriving Pretax Income for these 22 Smaller Ohio Corps, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.


First, here is the Ohio HQs and the SEC Standard Industrial Classification for each of these 22 Smaller Ohio Corps:


Ohio Smaller Corps Ohio HQs SEC Standard Industrial Classification



Agilysys Solon Wholesale: Electronic Parts & Equipment
Air Transport Services Wilmington Air Courier Services
Associated Materials Cuyahoga Falls Plastic Products
Bob Evans Farms Columbus Retail: Eating Places
CBIZ Cleveland Services: Business Services
Cedar Fair LP Sandusky Services: Amusement & Recreation
Chart Industries Garfield Heights Fabricated Plate Work
Chiquita Brands Cincinnati Agriculture Products
Commercial Vehicle Group New Albany Motor Vehicle Parts & Accessories
Community Choice Financial Dublin Functions of Depository Banking
Ferro Corp Mayfield Heights Paints & Varnishes
Gorman Rupp Mansfield Pumps & Pumping Equipment
Invacare Elyria Orthopedic, Prosthetic & Surgical Appliances
M/I Homes Columbus Operative Builder
Materion Mayfield Heights Metal Forgings & Stampings
Meridian Bioscience Cincinnati In Vitro & In Vitro Diagnostic Substances
National Interstate Corp Richfield Fire, Marine & Casualty Insurance
Olympic Steel Bedford Heights Wholesale: Metals Service Centers
Performed Line Products Cleveland Water, Sewer, Pipeline & Power Line
Rex American Resources Dayton Industrial Organic Chemicals
A. Schulman Akron Plastics
Wendy's Dublin Retail: Eating Places

And below here is the Pretax Income (PTI) or Pretax Loss of each of these 22 Smaller Ohio Corps in the most recent three years, along with their earnings growth in the two most recent years.






Republican Democratic




State State




Control Control




PTI(L) PTI(L)




% %




Change Change

Total Total Total 2011 2010

PTI(L) PTI(L) PTI(L) vs vs

2011 2010 2009 2010 2009

mils $s mils $s mils $s

Ohio Smaller Corps




Cedar Fair LP 84 72 27 17% 167%
Bob Evans Farms 80 96 84 -17% 14%
Invacare 79 78 58 1% 34%
Wendy's 70 40 (16) 75% 350%
Air Transport Services 68 63 45 8% 40%
Ferro Corp 66 47 (44) 40% 207%
A. Schulman 65 46 12 41% 283%
Chart Industries 63 28 85 125% -67%
Materion 54 71 (21) -24% 438%
National Interstate Corp 51 45 60 13% -25%
Rex American Resources 48 28 15 71% 87%
CBIZ 47 45 52 4% -13%
Performed Line Products 46 30 21 53% 43%
Gorman Rupp 43 38 27 13% 41%
Meridian Bioscience 41 41 49 0% -16%
Olympic Steel 37 4 (99) 825% 104%
Community Choice Financial 30 53 38 -43% 39%
Commercial Vehicle Group 29 5 (47) 480% 111%
Agilysys (15) (2) (51) -650% 96%
Chiquita Brands (25) 27 91 -193% -70%
M/I Homes (34) (27) (93) -26% 71%
Associated Materials (59) (3) (7) -1867% 57%






Total all 22 868 825 286 5% 188%




Tuesday, May 29, 2012

Wisconsin Smaller Corp Earnings Down 1% in 2011 under Republican State Control and Up 57% in 2010 under Democratic State Control

In an earlier recent post, I disclosed the corporate earnings in the most recent three years of the 18 Wisconsin headquartered Corps with Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years which file with the SEC.

These 18 Wisconsin Corps had their Total Pretax Earnings in 2011 increase by 15% over 2010, and their Total Pretax Income in 2010 increase by an off-the-charts 274% over 2009.

In deriving Pretax Income of these 18 Largest Wisconsin Corps, I start with Audited Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.  I use Pretax Income rather than After-tax Net Income, since so much of the change in effective income tax rates just happens due to financial engineering.

This distinction between 2011 earnings growth and the 2010 earnings growth is particularly significant since there was a major change in political party control between the two years.

In 2010, Wisconsin's Governor was a Democrat and its State Senate and State Legislature were both in Democratic control.

On the other hand, in 2011, Wisconsin's Governor was a Republican and its State Senate and State Legislature were both in Republican control.

Nationally in 2010, the US House was under Democratic control.  But in 2011, the US House was under Republican control.

Wisconsin's Democratic members of the US House numbered five out of a total of 8 in 2010 and only three in 2011.

And nationally, the Democrats held a larger majority in the US Senate in 2010 than they did in 2011.

Wisconsin's Democratic US Senators numbered two in 2010 and only one in 2011.

Let me first show below here the Wisconsin headquarters location and the Sector of each of these 18 Largest Wisconsin Corporations. 

Wisconsin Corporation Wisconsin HQs Sector



Johnson Controls Milwaukee Building Efficiency, Automotive and Power Solutions
Kohls Menomonee Falls Retail: Department Stores
Joy Global Milwaukee Mining Machinery
Rockwell Automation Milwaukee Manufacturing: Measuring and Controlling Devices
Fiserv Brookfield Computer Processing and Data Preparation
Harley Davidson Milwaukee Manufacturing: Motorcycles
Manpower Milwaukee Employment Services
Oshkosh Oshkosh Manufacturing: Motor Vehicles
Snap-On Kenosha Manufacturing: Tools
Bemis Neenah Manufacturing: Packaging Products
Regal Beloit Beloit Manufacturing: Motors and Generators
Associated Banc Green Bay Banking
Sensient Technologies Milwaukee Chemicals
AO Smith Milwaukee Manufacturing: Water Heaters and Boilers
Actuant Menomonee Falls Manufacturing: Machinery and Equipment
Brady Milwaukee Manufacturing: Miscellaneous
Spectrum Brands Madison Manufacturing: Elecrtrical Machinery and Equipment
MGIC Investment Milwaukee Surety Insurance


And now let me show the Pretax Income (PTI) or Pretax Loss of each of these 18 Largest Wisconsin Corps in the most recent three years, along with their earnings growth in both of the two most recent years.






Republican Democratic




State State




Control Control



PTI(L) PTI(L)




% %




Change Change

Total Total Total 2011 2010

PTI(L) PTI(L) PTI(L) vs vs

2011 2010 2009 2010 2009
mils $s mils $s mils $s

Larger Wisconsin Corps



Johnson Controls 2,111 1,763 (207) 20% 952%
Kohls 1,859 1,788 1,558 4% 15%
Joy Global 896 679 683 32% -1%
Rockwell Automation 868 544 274 60% 99%
Fiserv 814 793 734 3% 8%
Harley Davidson 793 475 207 67% 129%
Manpower 480 264 38 82% 595%
Oshkosh 417 1,212 12 -66% 10000%
Snap-On 413 277 205 49% 35%
Bemis 292 327 240 -11% 36%
Regal Beloit 226 221 138 2% 60%
Associated Banc-Corp 183 (41) (285) 546% 86%
Sensient Technologies 171 154 123 11% 25%
AO Smith 162 109 92 49% 18%
Actuant 159 89 58 79% 53%
Brady 144 109 97 32% 12%
Spectrum Brands 49 (121) 15 140% -907%
MGIC Investment (484) (359) (1,765) -35% 80%






Total all 18 9,553 8,283 2,217 15% 274%

Because there was such an incredible difference in earnings growth under Democratic State control (+274%) and under Republican State control (+15%), I decided to check out smaller Wisconsin Corps, which file with the SEC, in order to see if this same pattern holds.

Thus, I found 15 Wisconsin Corps filing with SEC, which had Pretax Income or Pretax Loss of more than $40 mil in any of the most recent three years, and which weren't included in the 18 largest Wisconsin Corps.  Thus, these 15 Smaller Wisconsin Corps also did not have Pretax Income or Pretax Loss of more than $100 mil in any of the most recent three years.

Now logically, the variation in the annual earnings growth between 2011 and 2010 of these 15 Smaller Wisconsin Corps will not be nearly as large as that of the 18 Largest Wisconsin Corps.  This is because the earnings variation for these Smaller Wisconsin Corps is limited to a range of $40 mil and $100 mil Pretax Income or Pretax Loss in each of the most recent three years.

On the other hand, there is no upside Pretax Income limit for the 18 Largest Wisconsin Corps.  For instance, Johnson Controls went from a $207 mil loss in 2009 to a $1,763 mil profit in 2010, thereby substantially impacting the overall earnings growth in 2010 of the 18 Largest Wisconsin Corps.

Now for the results of these 15 Smaller Wisconsin Corps.

The Total Pretax Income of these 15 Smaller Wisconsin Corps actually decreased by 1% in 2011 as compared with 2010.  And such Total Pretax Income in 2010 increased by a very robust 57% over 2009.

This earnings growth pattern divergence of the 15 Smaller Wisconsin Corps was consistent with the earnings growth pattern divergence of the 18 Largest Wisconsin Corps.

Thus clearly, Wisconsin Corps of all sizes performed substantially better in 2010 under Democratic State control than in 2011 under Republican State control.

In deriving Pretax Income for these 15 Smaller Wisconsin Corps, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Asset Impairments, and Gains and Losses on both Debt Retirements and Asset Dispositions.


First, here is the Wisconsin HQs and the SEC Standard Industrial Classification for each of these 15 Smaller Wisconsin Corps:


Wisconsin Smaller Corp Wisconsin HQs SEC Standard Industrial Classification



Badger Meter Milwaukee Totalizing Fluid Meters & Counting Devices
Briggs & Stratton Wauwatosa Engines & Turbines
CIB Marine Bancshares Waukesha State Commercial Banks
Generac Holdings Waukesha Motors & Generators
Journal Communications Milwaukee Newspapers
Manitowoc Manitowoc Construction Machinery & Equipment
Marten Transport Mondovi Trucking
Modine Manufacturing Racine Motor Vehicle Parts & Accessories
National Presto Industries Eau Claire Ordnance & Accessories
Plexus Corp Neenah Printed Circuit Boards
Quad/Graphics Sussex Commercial Printing
RBS Global Milwaukee General Industrial Machinery & Equipment
Roadrunner Transportation Cudahy Arrangement of Transportation of Freight & Cargo
Roundy's Supermarkets Milwaukee Wholesale: Groceries
School Specialty Greenville Wholesale: Durable Goods

And below here is the Pretax Income (PTI) or Pretax Loss of each of these 15 Smaller Wisconsin Corps in the most recent three years, along with their earnings growth in both of the two most recent years.






Republican Democratic




State State




Control Control




PTI(L) PTI(L)




% %




Change Change

Total Total Total 2011 2010

PTI(L) PTI(L) PTI(L) vs vs

2011 2010 2009 2010 2009

mils $s mils $s mils $s

Wisconsin Smaller Corps



Generac Holdings 96 62 28 55% 121%
Plexus Corp 92 90 51 2% 76%
Briggs & Stratton 81 80 40 1% 100%
Roundy's Supermarkets 78 79 88 -1% -10%
National Presto Industries 75 99 94 -24% 5%
Manitowoc 67 0 (4)          NM 100%
Quad/Graphics 63 43 48 47% -10%
Marten Transport 43 35 29 23% 21%
Roadrunner Transportation 42 22 0 91%          NM
Journal Communications 36 50 27 -28% 85%
Badger Meter 27 44 42 -39% 5%
Modine Manufacturing 17 (3) (67) 667% 96%
CIB Marine Bancshares (6) (17) (41) 65% 59%
School Specialty (10) 44 45 -123% -2%
RBS Global (44) 36 44 -222% -18%




Total all 15 657 664 424 -1% 57%