Thursday, January 29, 2015

Virginia Companies Audited Profits Were $100 Bil For Two Years 2013 and 2012 Combined vs Audited Losses of $64 Bil For Two Years 2009 and 2008 Combined ..... A Two Years Earnings Improvement of a Massive $164 Bil

Since Virginia Governor Terry McAuliffe and both Houses of the Virginia Assembly are still debating how to substantially increase health care coverage to the many Virginia 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 Virginia companies, hospitals and the overall State of Virginia's economy have all been doing financially.

In this first post I will be addressing Virginia 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 87 Companies headquartered in the State of Virginia with Stock Market Capitalizations of at least $100 mil now, or for non-public companies filing with the SEC with Total Stockholders' Equity of at least $100 mil now, and also with annual audited financial statements filed with the SEC which included financial information covering all years from 2008 to 2013.

So just how have these 87 largest Virginia 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 87 largest Virginia Companies was $100.1 bil in the Most Recent Two Fiscal Years 2013 and 2012 Combined, a massive $164 bil Earnings Improvement from the Audited Net Losses of $63.9 bil in the Two Years 2009 and 2008 Combined.

Of this $164 bil Earnings Improvement, $131.3 bil of it was due to just one company .....McLean, Va-based Freddie Mac.  Clearly, some US citizens are worthy of Financial Medal of Honors for their contributions in not just helping to resurrect Freddie Mac, but also to help resurrect the even larger Washington DC-based Fannie Mae.

But even when I exclude Freddie Mac, the other 86 Largest Virginia Companies registered a Total Earnings Improvement for these two years (2013 and 2012 Combined vs 2009 and 2008 Combined) of a spectacular $32.7 bil. 

In addition, the Total Audited Earnings of these 87 largest Virginia Companies in the most recent fiscal year 2013 of $72.2 bil were up an absolutely spectacular 384% over the comparable earnings in 2007 of $14.9 bil, which was the peak year earnings before the disastrous effects of the 2008 financial meltdown hit ...... yeah, these Virginia Companies not only recouped the earnings they lost with the financial meltdown, but they have also added another 384% of earnings.

So if the question to answer is how much better off are Virginia Companies in the most recent two fiscal years 2013 and 2012 combined than they were during the financial meltdown years of 2008 and 2009 combined, the answer is $164 bil better as audited earnings and losses are measured by the very prestigious US accounting profession.

There has been something nearly miraculous happening with Virginia Companies Audited Earnings in the past five years, and among others, the members of the Virginia General Assembly have all undoubtedly helped here. 

Below here are the Audited Net Income (Losses) of each of these 87 largest Virginia Companies for Fiscal Year Ends (FYEs) 2013, 2012, 2009, 2008 and 2007:
2013 2012 2009 2008 2007



Audited Audited Audited Audited Audited

Most Net Net Net Net Net

Recent Income Income Income Income Income
Virginia Company HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss)

 $ mils  $ mils  $ mils  $ mils  $ mils








Freddie Mac McLean Dec 13          48,668          10,982        (21,554)        (50,116)          (3,102)








Other 86 Virginia Largest Companies





Altria Group Richmond Dec 13            4,535            4,183            3,208            3,090            3,131
Capital One Financial McLean Dec 13            4,392            3,734                987                  85            2,592
General Dynamics Falls Church Dec 13            2,486              (332)            2,407            2,478            2,080
Northrop Grumman Falls Church Dec 13            1,952            1,978            1,573          (1,379)            1,751
Norfolk Southern Norfolk Dec 13            1,910            1,749            1,034            1,716            1,464
Genworth Financial Richmond Dec 13                726                468              (399)              (572)            1,154
Computer Sciences Corp Falls Church Mar 14                621                498                834            1,123                559
Dollar Tree Chesapeake Jan 14                597                619                321                230                201
VeriSign Reston Dec 13                544                312                201                  69              (136)
CarMax Richmond Feb 14                493                434                282                  59                182
Gannett McLean Dec 13                446                475                382          (6,641)                977
Hilton Worldwide Holdings McLean Dec 13                415                352              (532)          (5,663)       NA
Advance Auto Parts Roanoke Dec 13                392                388                270                238                238
Towers Watson Arlington Jun 14                360                292                119                147                156
Alliant Techsystems Arlington Mar 14                341                272                279                141                209
MeadWestvaco Richmond Dec 13                319                156                225                  80                266
Markel Glen Allen Dec 13                284                258                202                (58)                406
Exelis McLean Dec 13                281                330                459                414                290
NVR Inc Reston Dec 13                266                181                192                101                334
Huntington Ingalls Industries Newport News Dec 13                261                146                124          (2,420)                276
NewMarket Corp Richmond Dec 13                242                237                162                  73                  79
Booz Allen & Hamilton McLean Mar 14                232                219                  25              (436)                  89
Smithfield Foods Smithfield Apr 13                184                361              (101)              (251)                139
Pra Group Norfolk Dec 13                177                126                  44                  45                  48
NeuStar Sterling Dec 13                163                156                101                     4                  92
Universal Corp Richmond Mar 14                155                141                170                133                116
MAXIMUS Reston Sep 14                145                117                (11)                  30                  55
CACI Intl Arlington Jun 14                136                153                107                  90                  78
Owens & Minor Mechanicsville Dec 13                111                109                117                101                  71
Brink's Richmond Dec 13                  96                132                227                172                101
FBR & Co Arlington Dec 13                  85                     5                (28)              (195)                     5
Leidos Holdings Reston Jan 14                  84                324                500                447                390
Apple Hospitality REIT Richmond Dec 13                  82                  69                  17                     2                   -  
Lumber Liquidators Toano Dec 13                  77                  47                  27                  22                  11
Dynex Capital Glen Allen Dec 13                  68                  74                  18                  15                     9
Orbital Sciences Dulles Dec 13                  68                  61                  37                  43                  51
Iridium Communications McLean Dec 13                  63                  65                     2                     2
Avalonbay Communities Arlington Dec 13                  58                250                  76                  98                219
Engility Holdings Chantilly Dec 13                  55              (345)                153                168                166
Beacon Roofing Supply Herndon Sep 14                  54                  73                  52                  40                  25
Arlington Asset Investment Corp Arlington Dec 13                  49                184                131              (310)              (663)
Towne Bank Portsmouth Dec 13                  44                  40                  27                  24                  23
ICF Intl Fairfax Dec 13                  39                  38                  22                  29                  41
Measurement Specialties Hampton Mar 14                  38                  34                     6                     6                  17
Tredegar Richmond Dec 13                  36                  43                  (1)                  29                  15
ePlus Herndon Mar 14                  35                  35                  13                  13                  16
Trex Co Winchester Dec 13                  35                     3                (16)                     8                (65)
Union Bankshares Richmond Dec 13                  34                  35                     8                  15                  20
Corporate Executive Board Arlington Dec 13                  32                  37                  46                  45                  81
Shenandoah Telecommunications Edinburg Dec 13                  30                  17                  25                  26                  22
Spok Holdings Springfield Dec 13                  28                  27                  68              (157)                  (5)
MicroStrategy Tysons Corner Dec 13                  27                  22                  61                  42                  59
Cardinal Financial McLean Dec 13                  26                  45                  10                     0                     4
VSE Corp Alexandria Dec 13                  24                  27                  24                  19                  14
First Community Bancshares Bluefield Dec 13                  23                  29                (38)                     3                  30
Liberty Tax Virginia Beach Apr 14                  22                  18                  12                  17                  16
American Woodmark Winchester Apr 14                  20                  10                (22)                  (3)                     4
K12 Inc Herndon Jun 14                  18                  27                  21                  12                  34
Lumos Networks Waynesboro Dec 13                  18                  16                  23                  23                  21
National Bankshares Blacksburg Dec 13                  18                  18                  14                  14                  13
American National Bankshares Danville Dec 13                  16                  16                     7                     8                  11
Strayer Education Herndon Dec 13                  16                  66                105                  81                  65
Franklin Financial Corp Glen Allen Sep 14                  15                     9                  (7)                (22)                     9
C&F Financial Corp West Point Dec 13                  14                  16                     6                     4                     8
Access National Reston Dec 13                  13                  18                  10                     5                     4
Monarch Financial Holdings Chesapeake Dec 13                  12                  14                     5                     1                     3
Bassett Furniture Bassett Nov 14                     9                     5                (23)                (40)                (10)
Hooker Furniture Martinsville Jan 14                     8                     9                     3                     7                  20
NCI Inc Reston Dec 13                     8                (87)                  22                  17                  13
Hampton Roads Bankshares Virginia Beach Dec 13                     6                (22)              (145)                     7                     7
Middleburg Financial Middleburg Dec 13                     6                     8                     5                     2                     3
Southern National Bancorp VA Charlottesville Dec 13                     6                     7                     2                     1                     2
RGC Resources Roanoke Sep 14                     5                     4                     5                     4                     4
Media General Richmond Dec 13                     4                  36                (45)              (623)                     9
Gladstone Commercial McLean Dec 13                     2                     4                     4                     5                     6
MCG Capital Corp Arlington Dec 13                     1                     5                (51)              (191)                  87
Telos Corp Ashburn Dec 13                  (1)                     9                     2                  13                     7
comScore Reston Dec 13                  (2)                (12)                     4                  25                  19
WidePoint McLean Dec 13                  (2)                     1                     1                  (1)                  (1)
Cvent McLean Dec 13                  (3)                     4                     3                     3
ManTech Intl Fairfax Dec 13                  (6)                  95                112                  90                  67
Rosetta Stone Arlington Dec 13                (16)                (34)                  13                  14                     3
HC2 Holdings Herndon Dec 13                (18)                (45)                  39                (22)                     1
GTT Communications McLean Dec 13                (21)                  (2)                     0                (42)                  (4)
SRA International Fairfax Jun 14                (24)              (317)                  18                  58                  73
Alpha Natural Resources Bristol Dec 13          (1,113)          (2,437)                  67                199                  33








Total Other 86 Largest Virginia Companies
         23,487          16,942          14,459          (6,701)          18,011








Grand Total all 87 Largest Virginia Companies
         72,155          27,924          (7,095)        (56,817)          14,909








Earnings (Losses):






…2 Years 2013 and 2012 Combined

       100,079



…2 Years 2009 and 2008 Combined

       (63,912)



…2 Year Earnings Improvement

       163,991











…Annual Earnings % Increase 2013 Over 2007

384%






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