CHMG FY 2013 Earnings Report — Chemung Financial Corporation Revenue & Financial Results | Market Cap Arena

Chemung Financial CorporationCHMG

FY 2013 Earnings

Reported March 14, 2014

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	$67M	—	$68M	—	-1.4%
Op. Income	$13M	—	$16M	—	-23.5%
Gross Margin	89.9%	—	91.1%	—	-1.2pp
Net Margin	12.9%	—	16.1%	—	-3.2pp
EPS (Diluted)	$1.87	—	$2.38	—	-21.4%
Free Cash Flow	$19M	—	$21M	—	-7.8%

Revenue Flow

Item	Amount
REVENUE	$67M
Cost of Revenue	$7M
GROSS PROFIT	$61M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$26M
SG&A Expenses	$27M
Other Expenses	$21M
Operating Expenses	$48M
Cost & Expenses	$55M
OPERATING INCOME	$13M
Interest Income	$51M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$13M
Income Tax Expense	$4M
Net Income from Continuing Ops	$9M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$9M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$9M
D&A	$4M
EBIT	$13M
EBITDA	$17M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$67M
Cost of Revenue	$7M
GROSS PROFIT	$61M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$26M
SG&A Expenses	$27M
Other Expenses	$21M
Operating Expenses	$48M
Cost & Expenses	$55M
OPERATING INCOME	$13M
Interest Income	$51M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$13M
Income Tax Expense	$4M
Net Income from Continuing Ops	$9M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$9M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$9M
D&A	$4M
EBIT	$13M
EBITDA	$17M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$9M
Depreciation & Amortization	$4M
Stock-Based Compensation	$243.0K
Deferred Income Tax	-$121.0K
Other Non-Cash Items	$5M
Change in Working Capital	$5M
OPERATING CASH FLOW	$23M
Capital Expenditure	-$4M
Acquisitions (Net)	$171M
Purchases of Investments	-$180M
Sales/Maturities of Investments	$68M
Other Investing Activities	-$101M
NET CASH FROM INVESTING	-$46M
Net Debt Issuance	-$2M
Common Stock Repurchased	-$93.0K
Common Dividends Paid	-$4M
Other Financing Activities	$40M
NET CASH FROM FINANCING	$35M
FREE CASH FLOW	$19M
Net Change in Cash	$11M

Balance Sheet

Item	Amount
Cash & Equivalents	$52M
Short-Term Investments	$346M
Net Receivables	$22M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$420M
PP&E (Net)	$30M
Goodwill	$22M
Intangible Assets	$6M
Long-Term Investments	$990M
Tax Assets	$0
Other Non-Current Assets	$8M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$1.5B
Account Payables	$12M
Short-Term Debt	$33M
Deferred Revenue	$0
Other Current Liabilities	$1.3B
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$25M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$12M
TOTAL NON-CURRENT LIABILITIES	$37M
TOTAL LIABILITIES	$1.3B
Common Stock	$53.0K
Additional Paid-In Capital	$45M
Retained Earnings	$111M
Treasury Stock	-$18M
Accum. Other Comp. Income	$155.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$139M
Minority Interest	$0
TOTAL EQUITY	$139M
TOTAL LIABILITIES & EQUITY	$1.5B
Total Debt	$58M
Net Debt	$6M