CFR FY 2007 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2007 Earnings

Reported February 1, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$1.0B	—	$925M	—	12.2%
Op. Income	$310M	—	$285M	—	8.6%
Gross Margin	74.5%	—	75.2%	—	-0.8pp
Net Margin	20.4%	—	20.9%	—	-0.5pp
EPS (Diluted)	$3.55	—	$3.42	—	3.8%
Free Cash Flow	$180M	—	-$80M	—	324.1%

Revenue Flow

Item	Amount
REVENUE	$1.0B
Cost of Revenue	$265M
GROSS PROFIT	$772M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$257M
SG&A Expenses	$257M
Other Expenses	$205M
Operating Expenses	$462M
Cost & Expenses	$727M
OPERATING INCOME	$310M
Interest Income	$769M
Interest Expense	$250M
Other Income/Expenses	$0
INCOME BEFORE TAX	$310M
Income Tax Expense	$98M
Net Income from Continuing Ops	$212M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$212M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$212M
D&A	$31M
EBIT	$310M
EBITDA	$341M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$1.0B
Cost of Revenue	$265M
GROSS PROFIT	$772M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$257M
SG&A Expenses	$257M
Other Expenses	$205M
Operating Expenses	$462M
Cost & Expenses	$727M
OPERATING INCOME	$310M
Interest Income	$769M
Interest Expense	$250M
Other Income/Expenses	$0
INCOME BEFORE TAX	$310M
Income Tax Expense	$98M
Net Income from Continuing Ops	$212M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$212M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$212M
D&A	$31M
EBIT	$310M
EBITDA	$341M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$212M
Depreciation & Amortization	$31M
Stock-Based Compensation	$0
Deferred Income Tax	$857.0K
Other Non-Cash Items	-$5M
Change in Working Capital	-$38M
OPERATING CASH FLOW	$201M
Capital Expenditure	-$21M
Acquisitions (Net)	-$3M
Purchases of Investments	-$13.6B
Sales/Maturities of Investments	$13.5B
Other Investing Activities	-$387M
NET CASH FROM INVESTING	-$461M
Net Debt Issuance	-$59M
Common Stock Repurchased	$0
Common Dividends Paid	-$91M
Other Financing Activities	$249M
NET CASH FROM FINANCING	$12M
FREE CASH FLOW	$180M
Net Change in Cash	-$248M

Balance Sheet

Item	Amount
Cash & Equivalents	$842M
Short-Term Investments	$0
Net Receivables	$290M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$220M
Goodwill	$0
Intangible Assets	$290M
Long-Term Investments	$11.1B
Tax Assets	$0
Other Non-Current Assets	$482M
TOTAL NON-CURRENT ASSETS	$12.4B
TOTAL ASSETS	$13.5B
Account Payables	$145M
Short-Term Debt	$933M
Deferred Revenue	$0
Other Current Liabilities	$10.5B
TOTAL CURRENT LIABILITIES	$11.6B
Long-Term Debt	$400M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$400M
TOTAL LIABILITIES	$12.0B
Common Stock	$602.0K
Additional Paid-In Capital	$574M
Retained Earnings	$992M
Treasury Stock	-$82M
Accum. Other Comp. Income	-$7M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.5B
Minority Interest	$0
TOTAL EQUITY	$1.5B
TOTAL LIABILITIES & EQUITY	$13.5B
Total Debt	$1.3B
Net Debt	$491M