Tuesday, December 23, 2014

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%










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