FRME FY 2011 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2011 Earnings

Reported March 15, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$230M	—	$248M	—	-7.2%
Op. Income	$34M	—	$3M	—	921.6%
Gross Margin	73.7%	—	58.7%	—	15.0pp
Net Margin	11.0%	—	2.8%	—	8.2pp
EPS (Diluted)	$0.34	—	$0.48	—	-29.2%
Free Cash Flow	$85M	—	$81M	—	5.5%

Revenue Flow

Item	Amount
REVENUE	$230M
Cost of Revenue	$61M
GROSS PROFIT	$170M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$80M
SG&A Expenses	$82M
Other Expenses	$54M
Operating Expenses	$136M
Cost & Expenses	$196M
OPERATING INCOME	$34M
Interest Income	$181M
Interest Expense	$38M
Other Income/Expenses	$0
INCOME BEFORE TAX	$34M
Income Tax Expense	$9M
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	$9M
D&A	$5M
EBIT	$34M
EBITDA	$39M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$230M
Cost of Revenue	$61M
GROSS PROFIT	$170M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$80M
SG&A Expenses	$82M
Other Expenses	$54M
Operating Expenses	$136M
Cost & Expenses	$196M
OPERATING INCOME	$34M
Interest Income	$181M
Interest Expense	$38M
Other Income/Expenses	$0
INCOME BEFORE TAX	$34M
Income Tax Expense	$9M
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	$9M
D&A	$5M
EBIT	$34M
EBITDA	$39M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$25M
Depreciation & Amortization	$5M
Stock-Based Compensation	$1M
Deferred Income Tax	$8M
Other Non-Cash Items	$46M
Change in Working Capital	-$386.0K
OPERATING CASH FLOW	$85M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$283M
Sales/Maturities of Investments	$182M
Other Investing Activities	$73M
NET CASH FROM INVESTING	-$28M
Net Debt Issuance	$54M
Common Stock Repurchased	-$70M
Common Dividends Paid	-$1M
Other Financing Activities	-$134M
NET CASH FROM FINANCING	-$42M
FREE CASH FLOW	$85M
Net Change in Cash	$15M

Balance Sheet

Item	Amount
Cash & Equivalents	$126M
Short-Term Investments	$518M
Net Receivables	$21M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$666M
PP&E (Net)	$51M
Goodwill	$141M
Intangible Assets	$9M
Long-Term Investments	$3.1B
Tax Assets	$36M
Other Non-Current Assets	$185M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$4.2B
Account Payables	$3M
Short-Term Debt	$156M
Deferred Revenue	$0
Other Current Liabilities	$3.1B
TOTAL CURRENT LIABILITIES	$3.3B
Long-Term Debt	$333M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$32M
TOTAL NON-CURRENT LIABILITIES	$365M
TOTAL LIABILITIES	$3.7B
Common Stock	$4M
Additional Paid-In Capital	$255M
Retained Earnings	$169M
Treasury Stock	$0
Accum. Other Comp. Income	-$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$514M
Minority Interest	$0
TOTAL EQUITY	$514M
TOTAL LIABILITIES & EQUITY	$4.2B
Total Debt	$489M
Net Debt	$363M