Friday, December 26, 2014

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%




Wednesday, December 24, 2014

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%




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%