Monday, March 2, 2015

South Carolina Companies 2014 Earnings Were Up 551% Over 2009 and Up 67% Over 2013 ..... Ben Bernanke Was Raised There and President Obama Is Visiting There

President Obama will be visiting South Carolina.....specifically Benedict College in Columbia..... on this Friday, March 6, 2015.....precisely six years from the low point of the US stock market resulting from the economic shock of the late 2008 Financial Meltdown. 

And former US Fed Chair Ben Bernanke was raised in Dillon, South Carolina and will be delivering a key economic presentation at the University of Southern Indiana in Evansville, Indiana on March 23, 2015.  It is open to the public and free of charge.  

Thus, as a backdrop for both this upcoming Presidential visit and the start of a much deserved tribute to Bernanke's key role in helping the US avoid a Deep, Prolonged Financial Depression,  I think it would be helpful to update just what has been going on with South Carolina businesses and the overall economy there.

From a very thorough review of SEC filings and Google's excellent financial website, I found 18 Companies headquartered in South Carolina with Stock Market Capitalizations now or when they were recently sold of at least $100 mil.

Of these 18 Companies, 13 of them have now filed financial statements with the SEC which included earnings disclosures for all fiscal years from 2007 through the current year 2014.

So just how have these 13 largest South Carolina Companies done on the earnings front since the 2008 financial meltdown?  Just incredibly well.

The Total Audited Net Income from Continuing Operations of these 13 largest South Carolina Companies was $607 mil in their Most Recent fiscal Years Ending in 2014, an increase of a very impressive 551% generated by these same 13 Companies in 2009.

Further, these 2014 Earnings of $607 mil were a spectacular 67% increase over that of just one year ago in 2013.

There has been something really positive happening with South Carolina Companies Earnings since 2009 and among others, President Obama, Ben Bernanke, James Clyburn and Lindsay Graham have all undoubtedly helped here. 

Below here are the Earnings for 2014, 2013 and 2009 for each of these 13 South Carolina Companies:

2014 2013 2009

Audited Audited Audited

Net Net Net

City 2014 Income Income Income
South Carolina Company HQs FYE (Loss) (Loss) (Loss)

mil $s mil $s mil $s

Sonoco Products Hartsville Dec              240              220              155
AVX Corp Fountain Inn Mar              127              (64)                81
World Acceptance Greenville Mar              107              104                56
ScanSource Greenville Jun                82                35                48
South State Corp Columbia Dec                75                49                14
Denny's  Spartanburg Dec                33                25                42
Blackbaud Charleston Dec                28                30                28
Synalloy Spartanburg Dec                13                  2                  0
3D Systems Corp Rock Hill Dec                12                44                  1
Palmetto Bancshares Greenville Dec                  9                28              (40)
Southern First Bancshares Greenville Dec                  7                  5                  1
Oconee Federal Financial Seneca Jun                  4                  4                  2
KEMET Greenville Mar              (65)              (79)           (285)

Total all 13

             672              403              103

Annual % Earnings Increase:

…..2014 Over 2009


…..2014 Over 2013