Wednesday, January 21, 2015

Kansas Companies Total Losses For Most Recent 9 Months Sept 2014 were $184 mil vs Audited Total Annual Losses of $28.351 bil in 2007 ..... A Near Miraculous Earnings Improvement

Since President Obama is visiting the world class research University of Kansas in the really cool Lawrence, KS today October 22, 2015, I think it would be helpful to update what has been going on with Kansas Headquartered Companies on the earnings front from annual 2007 through 2014.

From a thorough review of SEC filings and the use of the excellent Google Finance Website, I found 16 Kansas Headquartered Companies with Stock Market Capitalizations now of at least $100 mil, or for companies which didn't have their common stock trading a Book Value of Equity of at least $100 mil, and also with annual audited financial statements filed with the SEC covering all years from 2007 to 2013.

Of these 16 Kansas Headquartered Companies, 14 of them had December year ends, and thus also had 9 Months ended September 2014 periods filed with the SEC.

The Total Net Losses from Continuing Operations of these 14 Kansas Companies with December year ends was $184 mil for the most recent 9 months ended September 2014 per their 10-Qs filed with the SEC, a very nice improvement from the Total Audited Net Losses of $837 mil for annual 2013 and of $3.304 bil for annual 2012.

Also, the only reason these 14 Kansas Companies didn't have Total Profits for the most recent 9 months ended September 2014 is because the very well run, highly profitable Garmin had a large one-time income tax earnings charge in 2014 resulting from an intercompany restructuring it did.

But this really strong narrowing of Total Losses of these 14 Kansas Companies in the most recent three years was just a drop in the bucket when compared to the monstrous drop in these Losses from 2007 to 2014.

The Total Audited Net Losses from Continuing Operations of these 14 Kansas Companies for annual 2007 was an off-the-charts monstrous $28.351 bil, as compared with such Total Losses for the most recent 9 months ended September 2014 of only $184 mil.  Whoa! ..... now that is what I call spectacular earnings improvement.

In all fairness, it should be pointed out that all of these Total Losses from 2007 through 2014 for these 14 Kansas Companies are driven by one huge company..... Sprint ..... which under US generally accepted accounting principles is required to conservatively reflect as upfront earnings charges some of their investments which will result in future earnings' benefits.

Below here are the Audited Net Income (Losses) of each of these 16 Kansas Companies for each of the following six years: 2013, 2012, 2011, 2009, 2008 and 2007, as well as for the most recent 9 months ended September 2014:

 Nine   Year   Year   Year   Year   Year   Year 



 Months    Dec   Dec   Dec   Dec   Dec   Dec 



 Sept  2013 2012 2011 2009 2008 2007



2014 Audited Audited Audited Audited Audited Audited


Most Net Net Net Net Net Net Net

City Recent Income Income Income Income Income Income Income
Kansas Company HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)


mil $s mil $s mil $s mil $s mil $s mil $s mil $s
December Year Ends








Spirit AeroSystems Holdings Wichita Dec 13           465         (621)              35           192           192           265           297
Seaboard Shawnee Mission Dec 13           247           207           283           344              92           147           181
Waddell & Reed Financial Overland Park Dec 13           232           253           193           172           106              96           125
Garmin Olathe Dec 13           154           612           542           521           704           733           855
Compass Minerals Intl Overland Park Dec 13           137           131              89           149           164           160              80
Euronet Worldwide Leawood Dec 13              71              87              20              38              31         (193)              37
AMC Entertainment Leawood Dec 13              34           363           (78)              77           (91)              42           132
NIC Inc Olathe Dec 13              31              32              26              23              14              12              12
MGP Ingredients Atchison Dec 13              16              (6)                2                1                9           (69)           (12)
Monarch Cement Humboldt Dec 13                9                8              10                4                5              10              15
NPC Restaurant Holdings Overland Park Dec 13                2              30              15                5              10                8                4
Epiq Systems Kansas City Dec 13              (1)              11              22              12              15              14                7
YRC Worldwide Overland Park Dec 13           (74)           (84)         (137)         (354)         (622)         (976)         (640)
Sprint Overland Park Dec 13     (1,507)     (1,860)     (4,326)     (2,890)     (2,436)     (2,796)   (29,444)










Total Losses all 14

        (184)         (837)     (3,304)     (1,706)     (1,807)     (2,547)   (28,351)










Non-December Year Ends








Capitol Federal Financial Topeka Sep 14                  78              69              75              68              66              51
Ferrellgas Partners LP Overland Park Jul 14                  34              57           (11)              33              53              25



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