CFR FY 2010 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2010 Earnings

Reported February 3, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$899M	—	$917M	—	-1.9%
Op. Income	$266M	—	$233M	—	14.4%
Gross Margin	89.2%	—	83.4%	—	5.7pp
Net Margin	23.2%	—	19.5%	—	3.7pp
EPS (Diluted)	$3.44	—	$3.00	—	14.7%
Free Cash Flow	$408M	—	$196M	—	108.4%

Revenue Flow

Item	Amount
REVENUE	$899M
Cost of Revenue	$97M
GROSS PROFIT	$802M
R&D Expenses	$0
Selling & Marketing	$15M
General & Administrative	$323M
SG&A Expenses	$338M
Other Expenses	$198M
Operating Expenses	$536M
Cost & Expenses	$633M
OPERATING INCOME	$266M
Interest Income	$617M
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$266M
Income Tax Expense	$58M
Net Income from Continuing Ops	$209M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$209M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$208M
D&A	$38M
EBIT	$266M
EBITDA	$304M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$899M
Cost of Revenue	$97M
GROSS PROFIT	$802M
R&D Expenses	$0
Selling & Marketing	$15M
General & Administrative	$323M
SG&A Expenses	$338M
Other Expenses	$198M
Operating Expenses	$536M
Cost & Expenses	$633M
OPERATING INCOME	$266M
Interest Income	$617M
Interest Expense	$54M
Other Income/Expenses	$0
INCOME BEFORE TAX	$266M
Income Tax Expense	$58M
Net Income from Continuing Ops	$209M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$209M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$208M
D&A	$38M
EBIT	$266M
EBITDA	$304M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$209M
Depreciation & Amortization	$38M
Stock-Based Compensation	$15M
Deferred Income Tax	$5M
Other Non-Cash Items	$41M
Change in Working Capital	$118M
OPERATING CASH FLOW	$425M
Capital Expenditure	-$17M
Acquisitions (Net)	$0
Purchases of Investments	-$11.5B
Sales/Maturities of Investments	$10.9B
Other Investing Activities	$197M
NET CASH FROM INVESTING	-$400M
Net Debt Issuance	-$25M
Common Stock Repurchased	-$986.0K
Common Dividends Paid	-$108M
Other Financing Activities	$1.2B
NET CASH FROM FINANCING	$1.1B
FREE CASH FLOW	$408M
Net Change in Cash	$1.1B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.8B
Short-Term Investments	$0
Net Receivables	$360M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.1B
PP&E (Net)	$317M
Goodwill	$528M
Intangible Assets	$14M
Long-Term Investments	$13.4B
Tax Assets	$0
Other Non-Current Assets	$206M
TOTAL NON-CURRENT ASSETS	$14.5B
TOTAL ASSETS	$17.6B
Account Payables	$227M
Short-Term Debt	$476M
Deferred Revenue	$0
Other Current Liabilities	$14.5B
TOTAL CURRENT LIABILITIES	$15.2B
Long-Term Debt	$374M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$374M
TOTAL LIABILITIES	$15.6B
Common Stock	$611.0K
Additional Paid-In Capital	$657M
Retained Earnings	$1.2B
Treasury Stock	$0
Accum. Other Comp. Income	$154M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$17.6B
Total Debt	$849M
Net Debt	-$1.9B