FBNC FY 2014 Earnings Report — First Bancorp Revenue & Financial Results | Market Cap Arena

First BancorpFBNC

FY 2014 Earnings

Reported March 13, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$167M	—	$176M	—	-5.2%
Op. Income	$39M	—	$33M	—	17.5%
Gross Margin	89.0%	—	76.4%	—	12.6pp
Net Margin	15.0%	—	11.8%	—	3.2pp
EPS (Diluted)	$1.19	—	$0.98	—	21.4%
Free Cash Flow	$43M	—	$66M	—	-34.3%

Revenue Flow

Item	Amount
REVENUE	$167M
Cost of Revenue	$18M
GROSS PROFIT	$149M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$55M
SG&A Expenses	$55M
Other Expenses	$55M
Operating Expenses	$110M
Cost & Expenses	$129M
OPERATING INCOME	$39M
Interest Income	$140M
Interest Expense	$8M
Other Income/Expenses	$0
INCOME BEFORE TAX	$39M
Income Tax Expense	$14M
Net Income from Continuing Ops	$25M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$24M
D&A	$5M
EBIT	$39M
EBITDA	$44M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$167M
Cost of Revenue	$18M
GROSS PROFIT	$149M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$55M
SG&A Expenses	$55M
Other Expenses	$55M
Operating Expenses	$110M
Cost & Expenses	$129M
OPERATING INCOME	$39M
Interest Income	$140M
Interest Expense	$8M
Other Income/Expenses	$0
INCOME BEFORE TAX	$39M
Income Tax Expense	$14M
Net Income from Continuing Ops	$25M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$24M
D&A	$5M
EBIT	$39M
EBITDA	$44M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$25M
Depreciation & Amortization	$5M
Stock-Based Compensation	$270.0K
Deferred Income Tax	$0
Other Non-Cash Items	$12M
Change in Working Capital	$5M
OPERATING CASH FLOW	$48M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$192M
Sales/Maturities of Investments	$78M
Other Investing Activities	$92M
NET CASH FROM INVESTING	-$26M
Net Debt Issuance	$70M
Common Stock Repurchased	$0
Common Dividends Paid	-$6M
Other Financing Activities	-$55M
NET CASH FROM FINANCING	$8M
FREE CASH FLOW	$43M
Net Change in Cash	$30M

Balance Sheet

Item	Amount
Cash & Equivalents	$252M
Short-Term Investments	$158M
Net Receivables	$9M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$419M
PP&E (Net)	$75M
Goodwill	$66M
Intangible Assets	$2M
Long-Term Investments	$2.5B
Tax Assets	$0
Other Non-Current Assets	$116M
TOTAL NON-CURRENT ASSETS	$2.8B
TOTAL ASSETS	$3.2B
Account Payables	$686.0K
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$2.7B
TOTAL CURRENT LIABILITIES	$2.7B
Long-Term Debt	$116M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$18M
TOTAL NON-CURRENT LIABILITIES	$134M
TOTAL LIABILITIES	$2.8B
Common Stock	$133M
Additional Paid-In Capital	$0
Retained Earnings	$185M
Treasury Stock	$0
Accum. Other Comp. Income	-$578.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$388M
Minority Interest	$0
TOTAL EQUITY	$388M
TOTAL LIABILITIES & EQUITY	$3.2B
Total Debt	$116M
Net Debt	-$136M