FUNC FY 2008 Earnings Report — First United Corporation Revenue & Financial Results | Market Cap Arena

First United CorporationFUNC

FY 2008 Earnings

Reported March 5, 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	$112M	—	$109M	—	2.8%
Op. Income	$12M	—	$19M	—	-32.9%
Gross Margin	49.9%	—	52.5%	—	-2.6pp
Net Margin	7.9%	—	11.8%	—	-3.8pp
EPS (Diluted)	$1.44	—	$2.06	—	-30.1%
Free Cash Flow	$15M	—	$10M	—	43.9%

Revenue Flow

Item	Amount
REVENUE	$112M
Cost of Revenue	$56M
GROSS PROFIT	$56M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$23M
SG&A Expenses	$23M
Other Expenses	$20M
Operating Expenses	$43M
Cost & Expenses	$99M
OPERATING INCOME	$12M
Interest Income	$95M
Interest Expense	$43M
Other Income/Expenses	$0
INCOME BEFORE TAX	$12M
Income Tax Expense	$4M
Net Income from Continuing Ops	$9M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$9M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$9M
D&A	$4M
EBIT	$12M
EBITDA	$16M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$112M
Cost of Revenue	$56M
GROSS PROFIT	$56M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$23M
SG&A Expenses	$23M
Other Expenses	$20M
Operating Expenses	$43M
Cost & Expenses	$99M
OPERATING INCOME	$12M
Interest Income	$95M
Interest Expense	$43M
Other Income/Expenses	$0
INCOME BEFORE TAX	$12M
Income Tax Expense	$4M
Net Income from Continuing Ops	$9M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$9M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$9M
D&A	$4M
EBIT	$12M
EBITDA	$16M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$9M
Depreciation & Amortization	$4M
Stock-Based Compensation	$149.0K
Deferred Income Tax	-$3M
Other Non-Cash Items	$14M
Change in Working Capital	-$6M
OPERATING CASH FLOW	$17M
Capital Expenditure	-$3M
Acquisitions (Net)	-$2M
Purchases of Investments	-$233M
Sales/Maturities of Investments	$130M
Other Investing Activities	-$101M
NET CASH FROM INVESTING	-$209M
Net Debt Issuance	$94M
Common Stock Repurchased	-$1M
Common Dividends Paid	-$5M
Other Financing Activities	$96M
NET CASH FROM FINANCING	$185M
FREE CASH FLOW	$15M
Net Change in Cash	-$6M

Balance Sheet

Item	Amount
Cash & Equivalents	$19M
Short-Term Investments	$0
Net Receivables	$24M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$44M
PP&E (Net)	$31M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$1.5B
Tax Assets	$30M
Other Non-Current Assets	$44M
TOTAL NON-CURRENT ASSETS	$1.6B
TOTAL ASSETS	$1.6B
Account Payables	$15M
Short-Term Debt	$50M
Deferred Revenue	$0
Other Current Liabilities	$1.2B
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$277M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$13M
TOTAL NON-CURRENT LIABILITIES	$264M
TOTAL LIABILITIES	$1.6B
Common Stock	$61.0K
Additional Paid-In Capital	$21M
Retained Earnings	$93M
Treasury Stock	$0
Accum. Other Comp. Income	-$41M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$73M
Minority Interest	$0
TOTAL EQUITY	$73M
TOTAL LIABILITIES & EQUITY	$1.6B
Total Debt	$328M
Net Debt	$309M