FRME FY 2007 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2007 Earnings

Reported March 17, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$271M	—	$243M	—	11.5%
Op. Income	$43M	—	$42M	—	1.4%
Gross Margin	53.5%	—	56.9%	—	-3.4pp
Net Margin	11.7%	—	12.4%	—	-0.8pp
EPS (Diluted)	$1.73	—	$1.64	—	5.5%
Free Cash Flow	$50M	—	$36M	—	36.8%

Revenue Flow

Item	Amount
REVENUE	$271M
Cost of Revenue	$126M
GROSS PROFIT	$145M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$59M
SG&A Expenses	$61M
Other Expenses	$41M
Operating Expenses	$102M
Cost & Expenses	$228M
OPERATING INCOME	$43M
Interest Income	$231M
Interest Expense	$118M
Other Income/Expenses	$0
INCOME BEFORE TAX	$43M
Income Tax Expense	$11M
Net Income from Continuing Ops	$32M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$32M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$32M
D&A	$4M
EBIT	$43M
EBITDA	$47M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$271M
Cost of Revenue	$126M
GROSS PROFIT	$145M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$59M
SG&A Expenses	$61M
Other Expenses	$41M
Operating Expenses	$102M
Cost & Expenses	$228M
OPERATING INCOME	$43M
Interest Income	$231M
Interest Expense	$118M
Other Income/Expenses	$0
INCOME BEFORE TAX	$43M
Income Tax Expense	$11M
Net Income from Continuing Ops	$32M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$32M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$32M
D&A	$4M
EBIT	$43M
EBITDA	$47M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$32M
Depreciation & Amortization	$4M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$12M
Change in Working Capital	$2M
OPERATING CASH FLOW	$50M
Capital Expenditure	$0
Acquisitions (Net)	-$370.0K
Purchases of Investments	-$80M
Sales/Maturities of Investments	$96M
Other Investing Activities	-$213M
NET CASH FROM INVESTING	-$198M
Net Debt Issuance	$126M
Common Stock Repurchased	-$13M
Common Dividends Paid	-$17M
Other Financing Activities	$94M
NET CASH FROM FINANCING	$193M
FREE CASH FLOW	$50M
Net Change in Cash	$45M

Balance Sheet

Item	Amount
Cash & Equivalents	$160M
Short-Term Investments	$0
Net Receivables	$23M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$183M
PP&E (Net)	$44M
Goodwill	$0
Intangible Assets	$23M
Long-Term Investments	$3.3B
Tax Assets	$0
Other Non-Current Assets	$115M
TOTAL NON-CURRENT ASSETS	$3.6B
TOTAL ASSETS	$3.8B
Account Payables	$8M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$2.8B
TOTAL CURRENT LIABILITIES	$2.9B
Long-Term Debt	$569M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$21M
TOTAL NON-CURRENT LIABILITIES	$590M
TOTAL LIABILITIES	$3.4B
Common Stock	$2M
Additional Paid-In Capital	$138M
Retained Earnings	$203M
Treasury Stock	$0
Accum. Other Comp. Income	-$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$340M
Minority Interest	$0
TOTAL EQUITY	$340M
TOTAL LIABILITIES & EQUITY	$3.8B
Total Debt	$569M
Net Debt	$409M