CZNC FY 2013 Earnings Report — Citizens & Northern Corporation Revenue & Financial Results | Market Cap Arena

Citizens & Northern CorporationCZNC

FY 2013 Earnings

Reported February 20, 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	$66M	—	$75M	—	-11.4%
Op. Income	$25M	—	$31M	—	-20.4%
Gross Margin	88.2%	—	87.5%	—	0.7pp
Net Margin	28.1%	—	30.5%	—	-2.3pp
EPS (Diluted)	$1.50	—	$1.85	—	-18.9%
Free Cash Flow	$30M	—	$26M	—	14.4%

Revenue Flow

Item	Amount
REVENUE	$66M
Cost of Revenue	$8M
GROSS PROFIT	$58M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$20M
SG&A Expenses	$20M
Other Expenses	$14M
Operating Expenses	$33M
Cost & Expenses	$41M
OPERATING INCOME	$25M
Interest Income	$49M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$25M
Income Tax Expense	$6M
Net Income from Continuing Ops	$19M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$19M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$19M
D&A	$2M
EBIT	$25M
EBITDA	$27M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$66M
Cost of Revenue	$8M
GROSS PROFIT	$58M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$20M
SG&A Expenses	$20M
Other Expenses	$14M
Operating Expenses	$33M
Cost & Expenses	$41M
OPERATING INCOME	$25M
Interest Income	$49M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$25M
Income Tax Expense	$6M
Net Income from Continuing Ops	$19M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$19M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$19M
D&A	$2M
EBIT	$25M
EBITDA	$27M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$19M
Depreciation & Amortization	$2M
Stock-Based Compensation	$696.0K
Deferred Income Tax	$2M
Other Non-Cash Items	$5M
Change in Working Capital	$2M
OPERATING CASH FLOW	$31M
Capital Expenditure	-$801.0K
Acquisitions (Net)	$0
Purchases of Investments	-$152M
Sales/Maturities of Investments	$123M
Other Investing Activities	$39M
NET CASH FROM INVESTING	$9M
Net Debt Issuance	$6M
Common Stock Repurchased	$0
Common Dividends Paid	-$11M
Other Financing Activities	-$51M
NET CASH FROM FINANCING	-$56M
FREE CASH FLOW	$30M
Net Change in Cash	-$16M

Balance Sheet

Item	Amount
Cash & Equivalents	$45M
Short-Term Investments	$483M
Net Receivables	$4M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$531M
PP&E (Net)	$17M
Goodwill	$12M
Intangible Assets	$87.0K
Long-Term Investments	$636M
Tax Assets	$6M
Other Non-Current Assets	$35M
TOTAL NON-CURRENT ASSETS	$706M
TOTAL ASSETS	$1.2B
Account Payables	$7M
Short-Term Debt	$84M
Deferred Revenue	$0
Other Current Liabilities	$955M
TOTAL CURRENT LIABILITIES	$1.0B
Long-Term Debt	$12M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$12M
TOTAL LIABILITIES	$1.1B
Common Stock	$13M
Additional Paid-In Capital	$70M
Retained Earnings	$101M
Treasury Stock	-$3M
Accum. Other Comp. Income	-$993.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$179M
Minority Interest	$0
TOTAL EQUITY	$179M
TOTAL LIABILITIES & EQUITY	$1.2B
Total Debt	$97M
Net Debt	$52M