CFR FY 2009 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2009 Earnings

Reported February 2, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$917M	—	$963M	—	-4.8%
Op. Income	$233M	—	$297M	—	-21.6%
Gross Margin	83.4%	—	81.4%	—	2.1pp
Net Margin	19.5%	—	21.5%	—	-2.0pp
EPS (Diluted)	$3.00	—	$3.50	—	-14.3%
Free Cash Flow	$196M	—	$167M	—	17.2%

Revenue Flow

Item	Amount
REVENUE	$917M
Cost of Revenue	$152M
GROSS PROFIT	$765M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$312M
SG&A Expenses	$312M
Other Expenses	$221M
Operating Expenses	$532M
Cost & Expenses	$684M
OPERATING INCOME	$233M
Interest Income	$623M
Interest Expense	$86M
Other Income/Expenses	$0
INCOME BEFORE TAX	$233M
Income Tax Expense	$54M
Net Income from Continuing Ops	$179M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$179M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$179M
D&A	$36M
EBIT	$233M
EBITDA	$269M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$917M
Cost of Revenue	$152M
GROSS PROFIT	$765M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$312M
SG&A Expenses	$312M
Other Expenses	$221M
Operating Expenses	$532M
Cost & Expenses	$684M
OPERATING INCOME	$233M
Interest Income	$623M
Interest Expense	$86M
Other Income/Expenses	$0
INCOME BEFORE TAX	$233M
Income Tax Expense	$54M
Net Income from Continuing Ops	$179M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$179M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$179M
D&A	$36M
EBIT	$233M
EBITDA	$269M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$179M
Depreciation & Amortization	$36M
Stock-Based Compensation	$13M
Deferred Income Tax	-$10M
Other Non-Cash Items	$54M
Change in Working Capital	$2M
OPERATING CASH FLOW	$274M
Capital Expenditure	-$78M
Acquisitions (Net)	-$1M
Purchases of Investments	-$12.4B
Sales/Maturities of Investments	$11.1B
Other Investing Activities	$412M
NET CASH FROM INVESTING	-$919M
Net Debt Issuance	-$591M
Common Stock Repurchased	-$800.0K
Common Dividends Paid	-$102M
Other Financing Activities	$1.8B
NET CASH FROM FINANCING	$1.1B
FREE CASH FLOW	$196M
Net Change in Cash	$484M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.7B
Short-Term Investments	$0
Net Receivables	$421M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$324M
Goodwill	$528M
Intangible Assets	$19M
Long-Term Investments	$13.1B
Tax Assets	$0
Other Non-Current Assets	$147M
TOTAL NON-CURRENT ASSETS	$14.2B
TOTAL ASSETS	$16.3B
Account Payables	$206M
Short-Term Debt	$739M
Deferred Revenue	$0
Other Current Liabilities	$13.3B
TOTAL CURRENT LIABILITIES	$14.3B
Long-Term Debt	$393M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$257M
TOTAL NON-CURRENT LIABILITIES	$136M
TOTAL LIABILITIES	$14.4B
Common Stock	$602.0K
Additional Paid-In Capital	$600M
Retained Earnings	$1.2B
Treasury Stock	-$11M
Accum. Other Comp. Income	$154M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$16.3B
Total Debt	$1.1B
Net Debt	-$585M