FUNC FY 2011 Earnings Report — First United Corporation Revenue & Financial Results | Market Cap Arena

First United CorporationFUNC

FY 2011 Earnings

Reported March 14, 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	$76M	—	$80M	—	-5.2%
Op. Income	$3M	—	-$18M	—	116.4%
Gross Margin	60.0%	—	43.9%	—	16.1pp
Net Margin	4.8%	—	-12.7%	—	17.5pp
EPS (Diluted)	$0.33	—	$-1.90	—	117.4%
Free Cash Flow	$63M	—	$139M	—	-54.7%

Revenue Flow

Item	Amount
REVENUE	$76M
Cost of Revenue	$30M
GROSS PROFIT	$46M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$23M
SG&A Expenses	$23M
Other Expenses	$20M
Operating Expenses	$43M
Cost & Expenses	$73M
OPERATING INCOME	$3M
Interest Income	$59M
Interest Expense	$21M
Other Income/Expenses	$0
INCOME BEFORE TAX	$3M
Income Tax Expense	-$635.0K
Net Income from Continuing Ops	$4M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$4M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2M
D&A	$3M
EBIT	$3M
EBITDA	$6M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$76M
Cost of Revenue	$30M
GROSS PROFIT	$46M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$23M
SG&A Expenses	$23M
Other Expenses	$20M
Operating Expenses	$43M
Cost & Expenses	$73M
OPERATING INCOME	$3M
Interest Income	$59M
Interest Expense	$21M
Other Income/Expenses	$0
INCOME BEFORE TAX	$3M
Income Tax Expense	-$635.0K
Net Income from Continuing Ops	$4M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$4M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2M
D&A	$3M
EBIT	$3M
EBITDA	$6M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$4M
Depreciation & Amortization	$3M
Stock-Based Compensation	$78.0K
Deferred Income Tax	-$2M
Other Non-Cash Items	$43M
Change in Working Capital	$16M
OPERATING CASH FLOW	$63M
Capital Expenditure	-$236.0K
Acquisitions (Net)	$0
Purchases of Investments	-$178M
Sales/Maturities of Investments	$165M
Other Investing Activities	$29M
NET CASH FROM INVESTING	$15M
Net Debt Issuance	-$38M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$274M
NET CASH FROM FINANCING	-$312M
FREE CASH FLOW	$63M
Net Change in Cash	-$234M

Balance Sheet

Item	Amount
Cash & Equivalents	$65M
Short-Term Investments	$245M
Net Receivables	$29M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$339M
PP&E (Net)	$31M
Goodwill	$13M
Intangible Assets	$2M
Long-Term Investments	$919M
Tax Assets	$29M
Other Non-Current Assets	$59M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$1.4B
Account Payables	$23M
Short-Term Debt	$74M
Deferred Revenue	$0
Other Current Liabilities	$1.0B
TOTAL CURRENT LIABILITIES	$1.1B
Long-Term Debt	$207M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$37M
TOTAL NON-CURRENT LIABILITIES	$170M
TOTAL LIABILITIES	$1.3B
Common Stock	$62.0K
Additional Paid-In Capital	$22M
Retained Earnings	$66M
Treasury Stock	$0
Accum. Other Comp. Income	-$21M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$97M
Minority Interest	$0
TOTAL EQUITY	$97M
TOTAL LIABILITIES & EQUITY	$1.4B
Total Debt	$281M
Net Debt	$216M