CBU FY 2011 Earnings Report — Community Bank System, Inc. Revenue & Financial Results | Market Cap Arena

Community Bank System, Inc.CBU

FY 2011 Earnings

Reported February 29, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$360M	—	$337M	—	6.9%
Op. Income	$104M	—	$86M	—	19.8%
Gross Margin	81.6%	—	78.1%	—	3.5pp
Net Margin	20.3%	—	18.8%	—	1.5pp
EPS (Diluted)	$2.01	—	$1.89	—	6.3%
Free Cash Flow	$85M	—	$81M	—	4.2%

Revenue Flow

Item	Amount
REVENUE	$360M
Cost of Revenue	$66M
GROSS PROFIT	$294M
R&D Expenses	$0
Selling & Marketing	$6M
General & Administrative	$132M
SG&A Expenses	$138M
Other Expenses	$53M
Operating Expenses	$190M
Cost & Expenses	$257M
OPERATING INCOME	$104M
Interest Income	$271M
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$104M
Income Tax Expense	$30M
Net Income from Continuing Ops	$73M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$73M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$73M
D&A	$17M
EBIT	$104M
EBITDA	$120M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$360M
Cost of Revenue	$66M
GROSS PROFIT	$294M
R&D Expenses	$0
Selling & Marketing	$6M
General & Administrative	$132M
SG&A Expenses	$138M
Other Expenses	$53M
Operating Expenses	$190M
Cost & Expenses	$257M
OPERATING INCOME	$104M
Interest Income	$271M
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$104M
Income Tax Expense	$30M
Net Income from Continuing Ops	$73M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$73M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$73M
D&A	$17M
EBIT	$104M
EBITDA	$120M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$73M
Depreciation & Amortization	$17M
Stock-Based Compensation	$4M
Deferred Income Tax	$13M
Other Non-Cash Items	$2M
Change in Working Capital	-$14M
OPERATING CASH FLOW	$94M
Capital Expenditure	-$10M
Acquisitions (Net)	$5M
Purchases of Investments	-$370M
Sales/Maturities of Investments	$336M
Other Investing Activities	$16M
NET CASH FROM INVESTING	-$23M
Net Debt Issuance	-$20M
Common Stock Repurchased	$0
Common Dividends Paid	-$34M
Other Financing Activities	$90M
NET CASH FROM FINANCING	$41M
FREE CASH FLOW	$85M
Net Change in Cash	$113M

Balance Sheet

Item	Amount
Cash & Equivalents	$325M
Short-Term Investments	$1.5B
Net Receivables	$29M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.9B
PP&E (Net)	$86M
Goodwill	$345M
Intangible Assets	$16M
Long-Term Investments	$4.0B
Tax Assets	$0
Other Non-Current Assets	$161M
TOTAL NON-CURRENT ASSETS	$4.6B
TOTAL ASSETS	$6.5B
Account Payables	$88M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$4.8B
TOTAL CURRENT LIABILITIES	$5.0B
Long-Term Debt	$830M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$88M
TOTAL NON-CURRENT LIABILITIES	$742M
TOTAL LIABILITIES	$5.7B
Common Stock	$38M
Additional Paid-In Capital	$314M
Retained Earnings	$412M
Treasury Stock	-$18M
Accum. Other Comp. Income	$29M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$775M
Minority Interest	$0
TOTAL EQUITY	$775M
TOTAL LIABILITIES & EQUITY	$6.5B
Total Debt	$830M
Net Debt	$505M