CARE FY 2013 Earnings Report — Carter Bankshares, Inc. Revenue & Financial Results | Market Cap Arena

Carter Bankshares, Inc.CARE

FY 2013 Earnings

Reported December 30, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$158M	—	$168M	—	-5.9%
Op. Income	$35M	—	$41M	—	-14.5%
Gross Margin	64.9%	—	65.0%	—	-0.0pp
Net Margin	16.5%	—	18.0%	—	-1.6pp
EPS (Diluted)	$0.99	—	$1.16	—	-14.7%
Free Cash Flow	$36M	—	$45M	—	-20.2%

Revenue Flow

Item	Amount
REVENUE	$158M
Cost of Revenue	$55M
GROSS PROFIT	$103M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$42M
SG&A Expenses	$42M
Other Expenses	$26M
Operating Expenses	$68M
Cost & Expenses	$123M
OPERATING INCOME	$35M
Interest Income	$147M
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$35M
Income Tax Expense	$9M
Net Income from Continuing Ops	$26M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$26M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$26M
D&A	$11M
EBIT	$35M
EBITDA	$46M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$158M
Cost of Revenue	$55M
GROSS PROFIT	$103M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$42M
SG&A Expenses	$42M
Other Expenses	$26M
Operating Expenses	$68M
Cost & Expenses	$123M
OPERATING INCOME	$35M
Interest Income	$147M
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$35M
Income Tax Expense	$9M
Net Income from Continuing Ops	$26M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$26M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$26M
D&A	$11M
EBIT	$35M
EBITDA	$46M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$26M
Depreciation & Amortization	$11M
Stock-Based Compensation	$0
Deferred Income Tax	-$3M
Other Non-Cash Items	$3M
Change in Working Capital	$202.0K
OPERATING CASH FLOW	$37M
Capital Expenditure	-$1M
Acquisitions (Net)	$0
Purchases of Investments	-$486M
Sales/Maturities of Investments	$326M
Other Investing Activities	-$105M
NET CASH FROM INVESTING	-$265M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	-$11M
Other Financing Activities	$209M
NET CASH FROM FINANCING	$198M
FREE CASH FLOW	$36M
Net Change in Cash	-$30M

Balance Sheet

Item	Amount
Cash & Equivalents	$479M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$479M
PP&E (Net)	$104M
Goodwill	$60M
Intangible Assets	$10M
Long-Term Investments	$3.9B
Tax Assets	$0
Other Non-Current Assets	$96M
TOTAL NON-CURRENT ASSETS	$4.2B
TOTAL ASSETS	$4.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$4.3B
TOTAL CURRENT LIABILITIES	$4.3B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$17M
TOTAL NON-CURRENT LIABILITIES	$17M
TOTAL LIABILITIES	$4.3B
Common Stock	$26M
Additional Paid-In Capital	$0
Retained Earnings	$349M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$375M
Minority Interest	$0
TOTAL EQUITY	$375M
TOTAL LIABILITIES & EQUITY	$4.7B
Total Debt	$0
Net Debt	-$479M