Tuesday, February 3, 2015

Texas Non-Oil & Gas Companies Audited Earnings Were $49.4 Bil in 2013 vs Audited Losses of $9.5 Bil in 2008 .... Annual Earnings Improvement of a Massive $58.9 Bil

Since Texas Governor Greg Abbott and the Texas State Legislature have had very preliminary talks on how to substantially increase health care coverage to the huge number of Texas 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 recently struck such a groundbreaking, very forward-thinking deal that accomplishes just that, as an economic backdrop, I think it would be helpful in several posts to research how Texas companies, hospitals and the overall State of the Texas economy have all been doing financially.

In this first post I will be addressing how Texas Non-Oil & Gas Companies have been doing on the audited earnings front.

From a very thorough review of SEC filings and of the excellent Google Finance website, I found an amazingly high number of 104 Non-Oil & Gas Companies headquartered in the State of Texas with Stock Market Capitalizations of at least $1 bil now, or for non-public companies filing with the SEC with Total Book Value of Stockholders' Equity of at least $1 bil now, and which also had annual audited financial statements filed with the SEC which included financial information covering all fiscal years from 2008 to 2013.  I also included Michaels Stores with these 104 since it was acquired for $5.8 bil in a previous transaction.

So just how have these 104 largest Texas Non-Oil & Gas 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 104 largest Texas Non-Oil & Gas Companies was a huge $49.4 bil in the Most Recent Fiscal Year Ended 2013, a massive $58.9 bil earnings improvement over the $9.5 bil Total Audited Net Losses in the financial meltdown year of 2008.

So if the question to answer is how much better off are Texas Non-Oil & Gas Companies, particularly ones in the Dallas Metro Area, in the most recent fiscal year 2013 than they were during the financial meltdown year of 2008, the answer is $58.9 bil better as audited earnings and losses are measured by the very prestigious US accounting profession.

There has been something nearly miraculous happening with Texas Non-Oil & Gas Companies Audited Earnings in the past five years, and among others, the Texas Governors and the members of the Texas State Legislature have all undoubtedly helped here. 

Below here are the Audited Net Income (Losses) of each of these 104 largest Texas Non-Oil & Gas Companies for Fiscal Year Ends (FYEs) 2013, 2012, 2011, 2010, 2009, 2008 and 2007:

2013 2012 2011 2010 2009 2008 2007



Audited Audited Audited Audited Audited Audited Audited


Most Net Net Net Net Net Net Net

City Recent Income Income Income Income Income Income Income
Texas Non-Oil & Gas Company HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)


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









AT&T Dallas Dec 13   18,553     7,539     4,184   20,179   12,447   (2,364)   17,228
LyondellBasell Houston Dec 13     3,860     2,858     2,472     2,699   (2,872)   (7,343)         661
Burlington Northern Santa Fe Fort Worth Dec 13     3,793     3,372     2,972     2,459     1,721     2,115     1,829
Kimberly-Clark Dallas Dec 13     2,221     1,828     1,684     1,943     1,994     1,837     1,951
Texas Instruments Dallas Dec 13     2,162     1,759     2,236     3,228     1,470     1,920     2,641
Celanese Corp Irving Dec 13     1,101         376         426         426         484         371         337
Sysco Houston Jun 14         932         992     1,122     1,152     1,180     1,056     1,106
Fluor Irving Dec 13         823         571         698         441         733         749         547
American Airlines Fort Worth Dec 13         821         332   (1,861)       (471)   (1,468)   (2,118)         456
Southwest Airlines Dallas Dec 13         754         421         178         459           99         178         645
Union Carbide Houston Dec 13         748       (114)         215         459         696         327     1,052
Santander Consumer US Holdings Dallas Dec 13         696         735         788         438         210         174
Dr Pepper Snapple Plano Dec 13         624         629         606         528         555       (312)         497
Westlake Chemical Houston Dec 13         610         386         259         221           53         (30)         115
Trinity Industries Dallas Dec 13         591         386         239           69       (138)         282         290
Whole Foods Market Austin Sep 14         579         551         466         343         246         147         115
Comerica Dallas Dec 13         541         521         393         260           16         212         682
DR Horton Fort Worth Sep 14         534         463         956           72         245       (550)   (2,634)
Torchmark McKinney Dec 13         528         529         498         504         405         452         528
Chicago Bridge & Iron NV Woodlands Dec 13         513         317         255         212         180         (15)         172
Alliance Data Systems Plano Dec 13         496         422         315         196         177         233         214
Flowserve Irving Dec 13         488         451         429         389         428         445         258
Quanta Services Houston Dec 13         421         306         130         145         164         158         122
BBVA Compass Bancshares Houston Dec 13         420         479   (1,737)       (336)   (1,929)       (396)
HCC Insurance Holdings Houston Dec 13         407         391         255         345         354         302         392
Fossil Group Richardson Dec 13         388         354         307         265         144         142         128
GameStop Grapevine Jan 14         354       (270)         339         407         376         398         288
KBR Inc Houston Dec 13         327         202         540         395         364         367         336
Dean Foods Dallas Dec 13         325           24   (1,728)           31         228         185         130
American National Insurance Galveston Dec 13         272         192         192         145           15       (173)         245
Michaels Stores Irving Jan 14         264         200         157         103         107           (5)         (22)
Kirby Houston Dec 13         256         213         185         117         128         158         124
Sally Beauty Holdings Denton Sep 14         246         261         233         214         144           99           78
Cullen/Frost Bankers San Antonio Dec 13         238         238         218         209         179         207         212
Prosperity Bancshares Houston Dec 13         221         168         142         128         112           85           84
Nationstar Mortgage Holdings Lewisville Dec 13         217         205           21         (10)         (81)       (158)       (284)
Waste Connections Woodlands Dec 13         196         160         166         136         111         115         111
Bristow Group Houston Mar 14         188         132           65         133         113         126         108
Lennox Intl Richardson Dec 13         180         135         112         126           62         124         166
Copart Dallas Jul 14         179         180         182         166         152         140         157
PetroLogistics Houston Dec 13         175         (57)           22         (40)           (5)           (4)
Natural Resource Partners LP Houston Dec 13         172         214           55         154         114         170         102
Dresser-Rand Group Houston Dec 13         169         183         121         147         211         198         107
Camden Property Trust Houston Dec 13         156         161           18              8         (62)           (3)           53
Six Flags Entertainment Grand Prairie Dec 13         156         396           12       (188)         (67)         (63)       (202)
Brinker Intl Dallas Jun 14         154         163         151         141         104           72           46
MRC Global Houston Dec 13         152         118           29         (52)       (340)         254           56
Cinemark Holdings Plano Dec 13         151         171         133         150         101         (44)           90
Service Corp Intl Houston Dec 13         149         154         146         127         123           98         243
CST Brands San Antonio Dec 13         139         208         214         193         146         225         139
Weingarten Realty Investors Houston Dec 13         135           61         (12)           21           91           72         132
Waste Management Houston Dec 13         130         860     1,009     1,002     1,060     1,128     1,209
Rent-A-Center Plano Dec 13         128         182         163         172         168         140           76
Hilltop Holdings Dallas Dec 13         127           (5)           (7)           (1)           (2)         (23)           15
International Bancshares Laredo Dec 13         126         108         127         130         143         132         121
Capstead Moertage Corp Dallas Dec 13         126         164         160         127         129         126           25
Eagle Materials Dallas Mar 14         124           58           19           15           29           42           98
Texas Capital Bancshares Dallas Dec 13         121         121           76           37           24           25           31
Group 1 Automotive Houston Dec 13         114         100           82           50           35         (46)           65
Benchmark Electronics Angleton Dec 13         111           57           52           80           54       (136)           92
Darling Intl Irving Dec 13         109         131         169           44           42           55           46
Cirrus Logic Austin Mar 14         108         137           88         204           38              3           (6)
Pier 1 Imports Fort Worth Feb 14         108         129         169         100           87       (129)         (96)
Commercial Metals Irving Aug 14         102           75         211           12       (166)              1         245
Crown Castle Intl Houston Dec 13           94         201         171       (311)       (114)         (49)       (223)
SolarWinds Austin Dec 13           90           81           62           45           30           22           14
Rackspace Hosting San Antonio Dec 13           87         105           76           46           30           22           18
Helen of Troy El Paso  Feb 14           86         116         110           93           72         (57)           62
Men's Wearhouse Houston Jan 14           84         132         120           68           46           59         147
First Cash Financial Services Arlington Dec 13           84           81           70           51           42           37           29
National Instruments Austin Dec 13           81           90           94         109           17           85         107
First Financial Bankshares Abilene Dec 13           79           74           68           58           54           53           49
Primoris Services Dallas Dec 13           75           58           59           34           30           37           29
AZZ Inc Fort Worth Feb 14           60           60           41           35           38           42           28
Cyberonics Houston Apr 14           55           46           36           47           78           27         (10)
Mattress Firm Holding Houston Jan 14           53           40           34              0           (5)       (125)         (42)
Silicon Laboratories Austin Dec 13           50           64           35           73           73           33           40
Rush Enterprises New Braunfels Dec 13           49           62           55           25              6           29           51
American Campus Communities Austin Dec 13           47           49           34           22           (2)         (12)           (1)
HMS Holdings Irving Dec 13           40           51           48           40           30           21           15
Tyler Technologies Dallas Dec 13           39           33           28           25           27           15           18
Greatbatch Frisco Dec 13           36           (5)           33           33           (9)           14           12
Multimedia Games Holding Austin Sep 14           32           35           28              6              3         (45)              0
Insperity Kingwood Dec 13           32           40           30           22           17           46           47
Diodes  Plano Dec 13           24           26           54           80           10           31           56
Cardtronics Houston Dec 13           21           43           70           41              6         (72)         (28)
RealPage Carrollton Dec 13           21              5           (1)              0           28           (3)           (3)
HomeAway Austin Dec 13           17           15              6           17              8           (6)           (6)
NCI Building Systems Houston Oct 14           11         (13)              5         (10)         (27)       (751)           73
Summit Hotel Properties Austin Dec 13              7           (7)           (9)         (21)         (18)              4              4
Solera Holdings Westlake Jun 14              5         105         118         169           94           67              7
Dave & Busters Entertainment Dallas Jan 14              2              9           (7)           (7)           (0)              2           (9)
Nexstar Broadcasting Group Irving Dec 13           (2)         177         (12)           (2)         (13)         (78)         (20)
Monogram Residential Trust Plano Dec 13         (17)         (41)           95         (35)           (8)              3           (0)
Clear Channel Outdoor Holdings San Antonio Dec 13         (24)       (159)           63         (76)       (873)   (2,851)         265
CyrusOne Carrollton Dec 13         (36)         (20)              2              4              6              4              2
Howard Hughes Corp Dallas Dec 13         (74)       (128)         148           12       (703)         (18)           (4)
FelCor Lodging Trust Irving Dec 13         (84)       (187)       (134)       (112)       (106)         (63)           54
Tenet Healthcare Dallas Dec 13         (93)         209         103     1,135         228           79         (35)
Kronos Worldwide Dallas Dec 13       (102)         219         321         131         (35)              9         (67)
Valhi Dallas Dec 13       (127)         197         291           64         (38)              5         (49)
Neiman Marcus Group Dallas Jul 14       (147)         164         140           32           (2)       (668)         143
Freescale Semiconductor Austin Dec 13       (208)       (102)       (410)   (1,053)         748   (7,939)   (1,613)
JC Penney Plano Jan 14   (1,388)       (985)       (152)         378         249         567     1,105










Total all 104

  49,368   33,723   24,439   42,827   21,678   (9,491)   34,017










Annual Earnings Improvement:








…..2013 Over 2008

  58,859









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