FCNCA FY 2008 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

FY 2008 Earnings

Reported February 27, 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	$1.1B	—	$1.2B	—	-6.1%
Op. Income	$140M	—	$168M	—	-16.7%
Gross Margin	66.2%	—	61.9%	—	4.3pp
Net Margin	8.1%	—	9.1%	—	-1.0pp
EPS (Diluted)	$8.73	—	$10.41	—	-16.1%
Free Cash Flow	$132M	—	$58M	—	127.4%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$381M
GROSS PROFIT	$746M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$323M
SG&A Expenses	$323M
Other Expenses	$283M
Operating Expenses	$606M
Cost & Expenses	$987M
OPERATING INCOME	$140M
Interest Income	$813M
Interest Expense	$315M
Other Income/Expenses	$0
INCOME BEFORE TAX	$140M
Income Tax Expense	$49M
Net Income from Continuing Ops	$91M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$91M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$91M
D&A	$56M
EBIT	$140M
EBITDA	$196M
EPS	$9
EPS Diluted	$9

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$381M
GROSS PROFIT	$746M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$323M
SG&A Expenses	$323M
Other Expenses	$283M
Operating Expenses	$606M
Cost & Expenses	$987M
OPERATING INCOME	$140M
Interest Income	$813M
Interest Expense	$315M
Other Income/Expenses	$0
INCOME BEFORE TAX	$140M
Income Tax Expense	$49M
Net Income from Continuing Ops	$91M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$91M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$91M
D&A	$56M
EBIT	$140M
EBITDA	$196M
EPS	$9
EPS Diluted	$9

Cash Flow Statement

Item	Amount
Net Income	$91M
Depreciation & Amortization	$56M
Stock-Based Compensation	$0
Deferred Income Tax	-$8M
Other Non-Cash Items	$90M
Change in Working Capital	-$1M
OPERATING CASH FLOW	$227M
Capital Expenditure	-$95M
Acquisitions (Net)	$0
Purchases of Investments	-$1.7B
Sales/Maturities of Investments	$1.7B
Other Investing Activities	-$852M
NET CASH FROM INVESTING	-$872M
Net Debt Issuance	-$330M
Common Stock Repurchased	$0
Common Dividends Paid	-$11M
Other Financing Activities	$785M
NET CASH FROM FINANCING	$444M
FREE CASH FLOW	$132M
Net Change in Cash	-$200M

Balance Sheet

Item	Amount
Cash & Equivalents	$768M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$768M
PP&E (Net)	$799M
Goodwill	$103M
Intangible Assets	$4M
Long-Term Investments	$14.8B
Tax Assets	$0
Other Non-Current Assets	$285M
TOTAL NON-CURRENT ASSETS	$16.0B
TOTAL ASSETS	$16.7B
Account Payables	$0
Short-Term Debt	$647M
Deferred Revenue	$0
Other Current Liabilities	$13.7B
TOTAL CURRENT LIABILITIES	$14.4B
Long-Term Debt	$733M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$208M
TOTAL NON-CURRENT LIABILITIES	$941M
TOTAL LIABILITIES	$15.3B
Common Stock	$10M
Additional Paid-In Capital	$144M
Retained Earnings	$1.3B
Treasury Stock	$0
Accum. Other Comp. Income	-$37M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$16.7B
Total Debt	$1.4B
Net Debt	$612M