Indiana Largest Non-Profit Hospital Organizations Net Assets (Financial Strength) Up 146% Since Financial Meltdown 2008-2009 Year Ends

From a thorough review of the excellent Electronic Municipal Market Access (EMMA), I found 9 Non-Profit Hospital Organizations headquartered in the State of Indiana with Net Assets (i.e. Financial Strength or Total Assets minus Total Liabilities) at the most recent date reported of more than $400 mil and also with Total Operating Revenues in the most recent year of more than $500 mil.

Seven of these 9 Indiana Non-Profit Hospital Organizations disclosed their September 30, 2014 Net Assets amount.  These 7 had Total Net Assets (Financial Strength) of $12.118 bil at September 30, 2014, which was a spectacular 146% increase above such Total Net Assets amount of $4.917 bil in the 2008 or 2009 Fiscal Year Ends which included the late 2008 US Financial Meltdown, thus roughly six years ago.

The most recent Net Assets amounts disclosed by both Indianapolis-headquartered St. Vincent Health and Evansville-based St. Mary's Health, both part of the giant Ascension Health, was on June 30, 2013, nearly one and a half years ago.

To say that these 7 Largest Indiana Non-Profit Hospital Organizations are substantially stronger now financially than they were six years ago would be an understatement.  A more accurate description is that they are now monumentally stronger financially. 

Below here are the Net Assets of these 9 Indiana Non-Profit Hospital Organizations at both the most recent reported date and also at the end of the Fiscal Year which included the late 2008 US Financial Meltdown:

							Net	Net
							Assets	Assets
						FYE	FYE	%
						Balance	Balance	Increase
				Most		Sheet	Sheet	Since
			Most	Recent		Date	Date	FYE
			Recent	Balance		Including	Including	Including
			Balance	Sheet		US	US	US
	City	State	Sheet	Net		Financial	Financial	Financial
Non-Profit Hospital Organization	HQs	HQs	Date	Assets		Meltdown	Meltdown	Meltdown
				mil $s			mil $s
With 2014 Financial Statements
Indiana University Health	Indianapolis	IN	Sep 14	4,662		Dec 08	1,434	225%
Franciscan Alliance	Mishawaka	IN	Sep 14	2,703		Dec 08	1,463	85%
Parkview Health System	Fort Wayne	IN	Sep 14	1,231		Dec 08	543	127%
Community Health Network	Indianapolis	IN	Sep 14	1,173		Dec 08	482	143%
Beacon Health System	South Bend	IN	Sep 14	1,125		Dec 08	341	230%
Deaconess Health System	Evansville	IN	Sep 14	666		Sep 09	365	82%
Community Foundation NW Indiana	Munster	IN	Sep 14	558		Jun 09	289	93%
Total all 7				12,118			4,917	146%
No 2014 Financial Statements
St Vincent Health	Indianapolis	IN	Jun 13	3,040		Jun 09	1,561	95%
St Mary's Health	Evansville	IN	Jun 13	512		Jun 09	292	75%

Indiana 9 Largest Non-Profit Hospital Organizations Audited Annual Earnings Improvement of $3.13 Bil from $1.46 Bil Losses in 2008 to $1.67 Bil Earnings in 2013

From a very thorough review of the excellent Electronic Municipal Market Access (EMMA), I found nine Non-Profit Hospital Organizations headquartered in the State of Indiana with Audited Total Operating Revenues above $500 mil in the most recently reported 2013 year.

These nine Indiana Non-Profit Hospital Organizations generated Audited Total Bottom Line Earnings (i.e. the Excess of Revenues and Gains over Expenses and Losses) in the most recently reported 2013 of $1.672 bil, which was a remarkable $3.130 Annual Earnings Improvement as compared with the Audited Total Bottom Line Losses of $1.458 Bil in 2008.

These 2013 Total Bottom Line Earnings of $1.672 bil were an exceptionally strong 10.1% of the related Total Operating Revenues in the same year.  The comparable Bottom Line Earnings Margin in 2012 was even much higher than 10.1%.

To put it succinctly, these largest Indiana Non-Profit Hospital Organizations have been on fire financially in every year subsequent to the disastrous Financial Meltdown year of 2008.  What an incredible five-year run. 

Below here are the Bottom Line Earnings (Losses) of each of these nine Indiana Non-Profit Hospital Organizations in both the most recently reported 2013 year and also in 2008, along with the resultant Annual Earnings Improvement and 2013 Total Operating Revenues:

		Most
		Recent	2013		2013	2008	Earnings
		Annual	Audited		Audited	Audited	Improvement
		Fiscal	Total		Net	Net	2013
Indiana Non-Profit	City	Year	Operating		Income	Income	Above
Hospital Organizations	HQs	End	Revenues		(Loss)	(Loss)	2008
			mil $s		mil $s	mil $s	mil $s
Indiana University Health	Indianapolis	Dec 13	5,247		541	(590)	1,131
Franciscan Alliance	Mishawaka	Dec 13	2,609		244	(341)	585
St Vincent Health	Indianapolis	Jun 13	2,761		328	(221)	549
Parkview Health	Fort Wayne	Dec 13	1,161		174	(156)	330
Community Health Network	Indianapolis	Dec 13	1,763		107	(94)	201
Beacon Health	South Bend	Dec 13	821		90	(88)	178
St Mary's Health	Evansville	Jun 13	518		78	(45)	123
Deaconess Health	Evansville	Sep 13	696		52	33	19
Community Foundation NW Indiana	Munster	Jun 14	914		58	44	14
Total of all 9			16,490		1,672	(1,458)	3,130

  

Indiana Companies Stock Market Prices Up 859% Since March 6, 2009

I found 40 Indiana Headquartered Companies in the superb Google Finance website and from SEC filings with current Total Market Capitalizations of at least $100 mil and which also had their common stocks trading on each of the following three dates:

• On December 31, 2007 before the financial meltdown hit
• On March 6, 2009, which was the lowest point for the US stock market due to the spillover effects resulting from the 2008 financial meltdown, and 
• also on the most recent date December 24, 2014.

I also included one Indiana Company which was sold in April 2014.  And I also included one Indiana Company whose common stock first started trading in early 2008.  That makes 42 Indiana Companies shown below.

The historical stock prices of these companies were obtained from the following two excellent internet resources....  Google Finance and MarketWatch Big Charts.

These 42 Indiana Companies had their equal-company weighted average stock market prices decline by a massive 56% from December 31, 2007 before the 2008 Financial Meltdown hit to March 6, 2009, which was the very lowest point for the overall stock market due to the spillover effects resulting from the disastrous 2008 Financial Meltdown.

But in the five years and ten months since March 6, 2009, the average stock market prices of these same 42 Indiana Companies have increased by a phenomenally off-the-charts 859% through December 24, 2014, led mainly by Patrick Industries' stock market price up a massive 129 times, CNO Financial up 45 times, Remy Intl up 36 times and Escalade up 34 times, all in the most recent five years and ten months.

This 859% Indiana Companies average stock market price increase was the highest of that in all US States.

There has been something nearly miraculous happening with Indiana Companies Stock Market Prices in the most recent five years and ten months, and among others, Indiana Governors Mitch Daniels and Mike Pence as well as the Indiana State Legislature have all undoubtedly helped here. 

Below here are the stock market prices of each of these 42 Indiana Companies on December 24, 2014, on March 6, 2009, and on December 31, 2007, along with the related Stock Market Price Percentage Changes:

						Market	Market	Market
						Price	Price	Price
						%	%	%
						Change	Change	Change
			Market	Market	Market	3-6-09	12-31-07	12-31-07
			Price	Price	Price	to	to	to
Indiana Company	HQs		12-24-14	3-6-09	12-31-07	12-24-14	3-6-09	12-24-14
			$s	$s	$s
Patrick Industries	Elkhart	IN	44.43	0.34	9.96	12891%	-97%	346%
CNO Financial Group	Carmel	IN	17.31	0.38	12.56	4455%	-97%	38%
Remy Intl	Pendleton	IN	18.47	0.50	31.50	3594%	-98%	-41%
Escalade	Evansville	IN	14.39	0.41	9.13	3410%	-96%	58%
Wabash National	Lafayette	IN	12.24	0.95	7.69	1188%	-88%	59%
Supreme Industries	Goshen	IN	7.40	0.73	5.06	909%	-86%	46%
CTS Corp	Elkhart	IN	18.34	2.26	9.93	712%	-77%	85%
Cummins	Columbus	IN	145.82	19.34	63.69	654%	-70%	129%
Simon Property Group	Indianapolis	IN	185.12	26.19	86.86	607%	-70%	113%
Shoe Carnival	Evansville	IN	25.37	4.31	9.41	488%	-54%	170%
Interactive Intelligence Group	Indianapolis	IN	46.94	8.33	26.35	464%	-68%	78%
Thor Industries	Elkhart	IN	55.88	10.47	38.01	434%	-72%	47%
Horizon Bancorp	Michigan City	IN	26.24	4.98	11.40	427%	-56%	130%
Mutualfirst Financial	Muncie	IN	21.54	4.10	13.94	425%	-71%	55%
Finish Line	Indianapolis	IN	22.79	4.51	2.42	405%	86%	842%
Tower Financial	Fort  Wayne	IN	23.54	4.75	13.00	396%	-63%	81%
Hill-Rom Holdings	Batesville	IN	46.04	9.34	29.96	393%	-69%	54%
Celadon Group	Indianapolis	IN	22.73	4.75	9.16	379%	-48%	148%
Duke Realty	Indianapolis	IN	20.46	4.48	26.08	357%	-83%	-22%
Franklin Electric	Fort Wayne	IN	37.43	9.00	19.14	316%	-53%	96%
Haynes Intl	Kokomo	IN	46.60	11.35	69.50	311%	-84%	-33%
Anthem	Indianapolis	IN	126.93	31.41	87.73	304%	-64%	45%
Mainsource Financial Group	Greensburg	IN	20.38	5.42	15.56	276%	-65%	31%
Hurco Companies	Indianapolis	IN	34.19	9.21	43.65	271%	-79%	-22%
Zimmer Holdings	Warsaw	IN	114.11	32.66	66.15	249%	-51%	73%
First Merchants	Muncie	IN	22.96	7.76	21.84	196%	-64%	5%
German American Bancorp	Jasper	IN	30.22	10.51	12.74	188%	-18%	137%
Lakeland Financial	Warsaw	IN	42.45	15.02	20.90	183%	-28%	103%
Eli Lilly	Indianapolis	IN	70.16	27.98	53.39	151%	-48%	31%
Steel Dynamics	Fort Wayne	IN	19.40	7.89	29.79	146%	-74%	-35%
Kite Realty Group Trust	Indianapolis	IN	28.69	11.72	61.08	145%	-81%	-53%
Republic Airways	Indianapolis	IN	13.23	5.45	19.59	143%	-72%	-32%
Calumet Specialty Product Partners LP	Indianapolis	IN	22.15	9.45	37.03	134%	-74%	-40%
1st Source	South Bend	IN	34.50	15.16	17.31	128%	-12%	99%
Kimball Intl	Jasper	IN	9.93	4.53	10.69	119%	-58%	-7%
Hillenbrand	Batesville	IN	34.20	16.05	18.00	113%	-11%	90%
Symmetry Medical	Warsaw	IN	9.27	4.41	17.43	110%	-75%	-47%
Old National Bancorp	Evansville	IN	14.82	9.30	14.96	59%	-38%	-1%
Baldwin & Lyons	Indianapolis	IN	26.20	19.03	27.46	38%	-31%	-5%
First Financial Bancorp	Terre Haute	IN	35.76	31.68	28.34	13%	12%	26%
hhgregg	Indianapolis	IN	7.65	10.33	13.76	-26%	-25%	-44%
ITT Educational Services	Carmel	IN	10.18	101.37	85.27	-90%	19%	-88%
Average % Change all 42 Indiana Companies						859%	-56%	65%

Indiana Companies 2013 Audited Earnings Up 2,486% over 2008

Since Indiana Governor Mike Pence is now negotiating with US Health and Human Services Secretary Sylvia Burwell on the best way acceptable to all parties to get many of the State of Indiana's uninsured citizens to obtain health care insurance coverage, I think it would be helpful in several posts to research how Indiana's companies, hospitals and the overall State of Indiana's economy have been doing financially.

In this first post I will be addressing Indiana Companies audited earnings.

From a very thorough review of SEC filings, I found 53 Companies headquartered in the State of Indiana with Stock Market Capitalizations now of at least $100 mil, or for non-public companies filing with the SEC with Total Stockholders' Equity of at least $100 mil, and also with annual audited financial statements filed with the SEC covering all years from 2007 to 2013.

So just how have these 53 largest Indiana Companies done on the earnings front before, during and after the late 2008 financial meltdown?  Just incredibly well.

The Total Audited Net Income from Continuing Operations of these 53 largest Indiana Companies was $14.248 bil in the Most Recent Year 2013, nearly 25 times the comparable financial meltdown year earnings in 2008 of $0.551 bil.

In addition, the Total Audited Earnings of these 53 largest Indiana Companies in 2013 of $14.248 bil were up an impressive 53% over the comparable earnings in 2007 of $9.330 bil, which was the peak year earnings before the disastrous effects of the 2008 financial meltdown hit......these Indiana Companies not only recouped the earnings they lost with the financial meltdown, but they also added another 53% of earnings.

So if the question to answer is how much better off are Indiana Companies now than they were during the financial meltdown year of 2008, the answer is nearly 25 times better as audited earnings are measured by the very prestigious US accounting profession.

There has been something nearly miraculous happening with Indiana Companies Audited Earnings in the past five plus years, and among others, Indiana Governors Mitch Daniels and Mike Pence as well as the Indiana State Legislature have all undoubtedly helped here. 

Below here are the Audited Net Income (Losses) of each of these 53 largest Indiana Companies for Fiscal Year Ends (FYEs) 2013, 2012, 2011, 2009, 2008 and 2007:

			2013	2012	2011	2009	2008	2007
			Audited	Audited	Audited	Audited	Audited	Audited
		Most	Net	Net	Net	Net	Net	Net
		Recent	Income	Income	Income	Income	Income	Income
		FYE	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)	(Loss)
Indiana Company	HQs		mil $s	mil $s	mil $s	mil $s	mil $s	mil $s
Eli Lilly	Indianapolis	Dec 13	4,685	4,089	4,348	4,329	(2,072)	2,953
Anthem	Indianapolis	Dec 13	2,634	2,651	2,647	4,746	2,491	3,345
Cummins	Columbus	Dec 13	1,588	1,738	1,946	484	818	788
Simon Property Group	Indianapolis	Dec 13	1,552	1,720	1,246	387	600	675
Zimmer Holdings	Warsaw	Dec 13	759	753	760	717	850	774
Mead Johnson Nutrition	Evansville	Dec 13	655	612	519	411	401	430
CNO Financial Group	Carmel	Dec 13	478	221	336	86	(410)	(79)
Thor Industries	Elkhart	Jul 14	179	153	122	110	17	93
Allison Transmission	Indianapolis	Dec 13	165	514	103	(324)	(328)	42
Steel Dynamics	Fort Wayne	Dec 13	164	142	266	(11)	455	394
Hillenbrand	Batesville	Sep 14	111	65	105	92	102	93
Old National Bancorp	Evansville	Dec 13	101	92	72	14	62	75
Springleaf Holdings	Evansville	Dec 13	94	(218)	(242)	(478)	(1,346)	112
Cardinal Ethanol LLC	Union City	Sep 14	87	26	2	20	(1)	(1)
Franklin Electric	Fort Wayne	Dec 13	83	84	64	27	45	29
Biomet	Warsaw	May 14	76	(623)	(459)	(48)	(749)	(1,019)
Finish Line	Indianapolis	Feb 14	75	69	85	36	4	(61)
KAR Holdings	Carmel	Dec 13	68	92	72	23	(216)	(38)
Berry Plastics Group	Evansville	Sep 14	63	57	2	(113)	148	(138)
Duke Realty	Indianapolis	Dec 13	62	(86)	(3)	(277)	92	164
Hill-Rom Holdings	Batesville	Sep 14	61	105	121	126	(405)	67
Vera Bradley	Ft. Wayne	Jan 14	59	69	58	43	24	50
1st Source	South Bend	Dec 13	55	50	48	25	33	31
Republic Airways	Indianapolis	Dec 13	48	31	(93)	36	85	83
Wabash National	Lafayette	Dec 13	47	106	15	(101)	(126)	16
First Merchants	Muncie	Dec 13	45	45	25	(41)	21	32
Remy Intl	Pendleton	Dec 13	40	141	75	14	(4)	(103)
Lakeland Financial	Warsaw	Dec 13	39	35	31	19	20	19
Baldwin & Lyons	Indianapolis	Dec 13	37	32	(28)	45	(8)	55
Kimball Intl	Jasper	Jun 14	33	20	12	11	17	0
First Financial Bancorp	Terre Haute	Dec 13	32	33	37	23	25	26
Celadon Group	Indianapolis	Jun 14	31	27	26	5	3	7
Shoe Carnival	Evansville	Jan 14	27	29	26	15	5	13
Mainsource Financial Group	Greensburg	Dec 13	26	27	24	(64)	19	22
German American Bancorp	Jasper	Dec 13	25	24	20	12	13	9
Patrick Industries	Elkhart	Dec 13	24	28	8	(5)	(67)	(6)
Horizon Bancorp	Michigan City	Dec 13	20	20	13	9	9	8
Escalade	Evansville	Dec 13	10	(5)	4	2	(7)	9
Interactive Intelligence Group	Indianapolis	Dec 13	10	1	15	9	4	17
Mutualfirst Financial	Muncie	Dec 13	9	7	3	3	(22)	4
Hurco Companies	Indianapolis	Oct 13	8	16	11	(2)	23	21
Tower Financial	Fort  Wayne	Dec 13	8	6	7	(6)	2	(3)
Supreme Industries	Goshen	Dec 13	6	12	2	(7)	(2)	4
Calumet Specialty Product Partners	Indianapolis	Dec 13	4	206	43	62	44	83
Haynes Intl	Kokomo	Sep 14	4	22	50	9	(52)	63
CTS Corp	Elkhart	Dec 13	2	13	11	(34)	28	24
hhgregg	Indianapolis	Mar 14	0	25	81	39	36	21
Kite Realty Group Trust	Indianapolis	Dec 13	(1)	(11)	4	5	10	14
Endocyte	West Lafayette	Dec 13	(18)	(17)	(41)	(17)	(18)	(14)
Accuride	Evansville	Dec 13	(26)	(173)	(18)	(140)	(328)	(9)
ITT Educational Services	Carmel	Dec 13	(27)	139	309	300	202	152
Angie's List	Indianapolis	Dec 13	(33)	(53)	(49)	(12)	(20)	(16)
Symmetry Medical	Warsaw	Dec 13	(36)	9	3	22	24	0
Total of all 53 Indiana Companies			14,248	13,170	12,844	10,636	551	9,330
% Increases in Annual Earnings
…..2013 over 2008			2,486%
…..2013 over 2007			53%