FBNC FY 2008 Earnings Report — First Bancorp Revenue & Financial Results | Market Cap Arena

First BancorpFBNC

FY 2008 Earnings

Reported March 16, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$169M	—	$166M	—	1.4%
Op. Income	$35M	—	$35M	—	0.0%
Gross Margin	57.8%	—	54.9%	—	2.8pp
Net Margin	13.1%	—	13.1%	—	-0.1pp
EPS (Diluted)	$1.37	—	$1.51	—	-9.3%
Free Cash Flow	$29M	—	$25M	—	16.7%

Revenue Flow

Item	Amount
REVENUE	$169M
Cost of Revenue	$71M
GROSS PROFIT	$97M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$35M
SG&A Expenses	$35M
Other Expenses	$27M
Operating Expenses	$62M
Cost & Expenses	$133M
OPERATING INCOME	$35M
Interest Income	$148M
Interest Expense	$61M
Other Income/Expenses	$0
INCOME BEFORE TAX	$35M
Income Tax Expense	$13M
Net Income from Continuing Ops	$22M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$22M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$22M
D&A	$4M
EBIT	$35M
EBITDA	$39M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$169M
Cost of Revenue	$71M
GROSS PROFIT	$97M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$35M
SG&A Expenses	$35M
Other Expenses	$27M
Operating Expenses	$62M
Cost & Expenses	$133M
OPERATING INCOME	$35M
Interest Income	$148M
Interest Expense	$61M
Other Income/Expenses	$0
INCOME BEFORE TAX	$35M
Income Tax Expense	$13M
Net Income from Continuing Ops	$22M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$22M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$22M
D&A	$4M
EBIT	$35M
EBITDA	$39M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$22M
Depreciation & Amortization	$4M
Stock-Based Compensation	$143.0K
Deferred Income Tax	-$1M
Other Non-Cash Items	$10M
Change in Working Capital	-$90.0K
OPERATING CASH FLOW	$34M
Capital Expenditure	-$5M
Acquisitions (Net)	$2M
Purchases of Investments	-$161M
Sales/Maturities of Investments	$141M
Other Investing Activities	-$139M
NET CASH FROM INVESTING	-$162M
Net Debt Issuance	$85M
Common Stock Repurchased	$0
Common Dividends Paid	-$12M
Other Financing Activities	$111M
NET CASH FROM FINANCING	$186M
FREE CASH FLOW	$29M
Net Change in Cash	$58M

Balance Sheet

Item	Amount
Cash & Equivalents	$193M
Short-Term Investments	$0
Net Receivables	$13M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$206M
PP&E (Net)	$52M
Goodwill	$66M
Intangible Assets	$2M
Long-Term Investments	$2.4B
Tax Assets	$0
Other Non-Current Assets	$55M
TOTAL NON-CURRENT ASSETS	$2.5B
TOTAL ASSETS	$2.8B
Account Payables	$5M
Short-Term Debt	$61M
Deferred Revenue	$0
Other Current Liabilities	$2.1B
TOTAL CURRENT LIABILITIES	$2.1B
Long-Term Debt	$367M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$22M
TOTAL NON-CURRENT LIABILITIES	$390M
TOTAL LIABILITIES	$2.5B
Common Stock	$0
Additional Paid-In Capital	$96M
Retained Earnings	$132M
Treasury Stock	$0
Accum. Other Comp. Income	-$8M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$220M
Minority Interest	$0
TOTAL EQUITY	$220M
TOTAL LIABILITIES & EQUITY	$2.8B
Total Debt	$428M
Net Debt	$235M