Friday, January 30, 2015

Florida Companies Audited Earnings Were $14.5 Bil in 2013, up 1,877% Over 2008

Since Florida Governor Rick Scott, who favors some form of Medicaid Expansion, and the Florida State Legislature are discussing how to substantially increase health care coverage to the many Florida uninsured and underinsured citizens and to do so in the optimally fair way to all parties, and also since Indiana Governor Mike Pence and US Health and Human Services Cabinet Secretary Sylvia Burwell have just struck such a groundbreaking, very forward-thinking deal that did just that, as an economic backdrop, I think it would be helpful in several posts to research how Florida companies, hospitals and the overall State of Florida's economy have all been doing financially.

In this first post I will be addressing Florida Companies audited earnings and losses.

From a very thorough review of SEC filings and of the Google Finance website, I found an incredibly huge number of 64 Companies headquartered in the State of Florida with Stock Market Capitalizations of at least $1 bil now, or for non-public companies filing with the SEC with Total Stockholders' Equity of at least $1 bil now, and also with annual audited financial statements filed with the SEC which included financial information covering all years from 2007 to 2013.

So just how have these 64 largest Florida Companies done on the earnings front before, during and after the late 2008 financial meltdown?  Just off-the-charts incredibly well.

The Total Audited Net Income from Continuing Operations of these 64 largest Florida Companies was $14.519 bil in the Most Recent Fiscal Year Ended 2013, a massive 1,877% increase over the $0.817 bil Total Audited Net Losses in the financial meltdown year of 2008.

So if the question to answer is how much better off are Florida Companies in the most recent fiscal year 2013 than they were during the financial meltdown year of 2008, the answer is more than 18 times better or $15.3 bil better as audited earnings and losses are measured by the very prestigious US accounting profession.

There has been something nearly miraculous happening with Florida Companies Audited Earnings in the past five years, and among others, Florida Governor Rick Scott and the members of the Florida State Legislature have all undoubtedly helped here. 

Below here are the Audited Net Income (Losses) of each of these 64 largest Florida 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

City Recent Income Income Income Income Income Income
Florida HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)

mil $s mil $s mil $s mil $s mil $s mil $s








CSX Corp Jacksonville Dec 13        1,864        1,863        1,854        1,137        1,495        1,236
Publix Super Markets Lakeland Dec 13        1,654        1,552        1,492        1,161        1,090        1,184
Carnival Miami Nov 14        1,236        1,078        1,298        1,790        2,330        2,408
Lennar Miami Nov 14           629           505           657         (417)     (1,109)     (1,941)
Harris Corp Melbourne Jun 14           539           462           556           562           312           454
Roper Industries Sarasota Dec 13           538           483           427           239           282           246
Fidelity National Information Services Jacksonville Dec 13           516           560           495           104           115           238
Royal Caribbean Cruises Miami Dec 13           474              18           607           162           574           603
Raymond James Financial St Petersburg Sep 14           448           397           292           153           235           250
Fidelity National Financial Jacksonville Dec 13           420           600           284           226         (173)           136
AutoNation Fort Lauderdale Dec 13           376           317           284           234     (1,212)           284
B/E Aerospace Wellington Dec 13           366           234           228           142           (99)           147
Hertz Global Holdings Naples Dec 13           346           239           184         (111)     (1,186)           284
Citrix Systems Ft Lauderdale Dec 13           340           353           356           191           178           214
Rayonier Jacksonville Dec 13           332           271           277           313           149           174
ADT Corp Boca Raton Sep 14           304           421           394           239           243           222
MEDNAX Sunrise Dec 13           281           241           218           176           147           140
Tupperware Brands Orlando Dec 13           274           193           218           175           161           117
Ryder System Miami Dec 13           243           201           171              90           258           252
Burger King Worldwide Miami Dec 13           234           118              88           200           190           148
Brown & Brown Daytona Beach Dec 13           217           184           164           153           166           191
Bloomin' Brands Tampa Dec 13           215              61           109           (65)         (866)           (24)
BankUnited Miami Lakes Dec 13           209           211              63     (1,114)         (858)           110
World Fuel Services Miami Dec 13           207           201           199           118           105              65
Jarden Corp Boca Raton Dec 13           204           244           205           129           (59)              28
Watsco Coconut Grove Dec 13           188           158           138              52              60              67
Darden Restaurants Orlando May 14           183           237           279           407           372           370
Tech Data Clearwater Jan 14           180           183           201           181           115              99
HSN Inc St Petersburg Dec 13           178           136           128              73     (2,387)           105
Spirit Airlines Miramar Dec 13           177           108              76              84              33                1
WellCare Health Plans Tampa Dec 13           175           185           264              40           (37)           216
National Retail Properties Orlando Dec 13           155           133              85              58              99              77
MasTec Coral Gables Dec 13           148           117              97              71              67                6
HEICO Hollywood Oct 14           139           125           107              60              67              55
EverBank Financial Jacksonville Dec 14           136              74              53              54              23              29
The GEO Group Boca Raton Dec 13           117           145              70              66              61              38
Landstar System Jacksonville Dec 13           109           127           112              70           111           110
Norwegian Cruise Line Holdings Miami Dec 13           103           169           127              67         (212)         (227)
Regency Centers Jacksonville Dec 13              84              46              37           (39)           120           176
Interval Leisure Group Miami Dec 13              82              41              41              38              45              71
Marriott Vacations Worldwide Orlando Dec 13              80                7         (172)         (521)                9           178
International Speedway Daytona Beach Nov 14              67              45              55                7           135              86
Chico's FAS Fort Myers Jan 14              66           180           141              70           (19)              91
ACI  Worldwide Naples Dec 13              64              49              46              20              11              (9)
Equity One North Miami Beach Dec 13              49              (1)              23              73              34              49
Seacor Holdings Ft Lauderdale Dec 13              48              25              10           145           219           238
National Beverage Ft Lauderdale Apr 14              44              47              44              33              25              22
Dycom Palm Beach Gardens Jul 14              40              35              39                6           (53)              24
Vector Group Miami Dec 13              39              31              75              25              61              74
Capital Bank Financial Coral Gables Dec 13              39              55                8                0                0                0
Sykes Enterprises Tampa Dec 13              37              40              52              43              61              40
Ultimate Software Group Weston Dec 13              26              15                4              (1)              (3)              33
The St Joe Company WaterSound Dec 13                5                6         (330)         (124)           (35)              13
Chatham Lodging Trust Palm Beach Dec 13                3              (1)              (9)                0                0                0
Jabil Circuit St Petersburg Aug 14              (2)           319           334           171     (1,166)           132
Bankrate North Palm Beach Dec 13           (10)              29           (13)           (44)              20              20
FTI Consulting West Palm Beach Dec 13           (11)           (37)           104           143           121              86
Office Depot Boca Raton Dec 13           (20)           (77)              96         (599)     (1,481)           395
Fresh Del Monte Produce Coral Gables Dec 13           (34)           145              95           145           157           180
Parkway Properties Orlando Dec 13           (35)           (59)           (37)           (22)           (24)              14
SBA Communications Boca Raton Dec 13           (56)         (184)         (127)         (141)           (67)           (91)
Opko Health Miami Dec 13         (117)           (30)              (6)           (30)           (40)         (268)
ARMOUR Residential REIT Vero Beach Dec 13         (187)           222              (9)              (1)                1                1
Health Management Associates Naples Dec 13         (236)           185           200           159           212           120









Total all 64

    14,519     14,037     13,558        6,826         (817)        9,787









Annual Earnings % Increase 2013 over 2008
1,877%








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