FHB FY 2003 Earnings Report — First Hawaiian, Inc. Revenue & Financial Results | Market Cap Arena

First Hawaiian, Inc.FHB

FY 2003 Earnings

Reported March 29, 2004

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2003	Prior Q	FY 2002	QoQ Change	YoY Change
Revenue	$1.7B	—	$1.5B	—	10.4%
Op. Income	$712M	—	$595M	—	19.5%
Gross Margin	77.2%	—	69.5%	—	7.6pp
Net Margin	25.9%	—	23.7%	—	2.2pp
EPS (Diluted)	$3.39	—	$2.80	—	21.1%
Free Cash Flow	$574M	—	$217M	—	164.5%

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$385M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$974M
SG&A Expenses	$974M
Other Expenses	$385M
Operating Expenses	$1.4B
Cost & Expenses	$1.7B
OPERATING INCOME	$712M
Interest Income	$387M
Interest Expense	$385M
Other Income/Expenses	$0
INCOME BEFORE TAX	$712M
Income Tax Expense	$273M
Net Income from Continuing Ops	$437M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$437M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$437M
D&A	$64M
EBIT	$0
EBITDA	$1.2B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$385M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$974M
SG&A Expenses	$974M
Other Expenses	$385M
Operating Expenses	$1.4B
Cost & Expenses	$1.7B
OPERATING INCOME	$712M
Interest Income	$387M
Interest Expense	$385M
Other Income/Expenses	$0
INCOME BEFORE TAX	$712M
Income Tax Expense	$273M
Net Income from Continuing Ops	$437M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$437M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$437M
D&A	$64M
EBIT	$0
EBITDA	$1.2B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$437M
Depreciation & Amortization	$64M
Stock-Based Compensation	$0
Deferred Income Tax	$6M
Other Non-Cash Items	-$1.1B
Change in Working Capital	$1.2B
OPERATING CASH FLOW	$617M
Capital Expenditure	-$43M
Acquisitions (Net)	$0
Purchases of Investments	-$4.8B
Sales/Maturities of Investments	$2.3B
Other Investing Activities	-$1.2B
NET CASH FROM INVESTING	-$3.7B
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$3.1B
NET CASH FROM FINANCING	$3.1B
FREE CASH FLOW	$574M
Net Change in Cash	-$22M

Balance Sheet

Item	Amount
Cash & Equivalents	$653M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$36.2B
TOTAL CURRENT ASSETS	$36.9B
PP&E (Net)	$530M
Goodwill	$5M
Intangible Assets	$187M
Long-Term Investments	-$12M
Tax Assets	$12M
Other Non-Current Assets	$735M
TOTAL NON-CURRENT ASSETS	$1.5B
TOTAL ASSETS	$38.4B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$12M
Other Current Liabilities	$29.9B
TOTAL CURRENT LIABILITIES	$29.9B
Long-Term Debt	$4.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$4.2B
TOTAL LIABILITIES	$34.1B
Common Stock	$1M
Additional Paid-In Capital	$0
Retained Earnings	$806M
Treasury Stock	$0
Accum. Other Comp. Income	$72M
Other Equity	$3.4B
TOTAL STOCKHOLDERS' EQUITY	$4.3B
Minority Interest	$0
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$38.4B
Total Debt	$2.7B
Net Debt	$5.9B