FUNC FY 2012 Earnings Report — First United Corporation Revenue & Financial Results | Market Cap Arena

First United CorporationFUNC

FY 2012 Earnings

Reported March 15, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$68M	—	$76M	—	-10.5%
Op. Income	$6M	—	$3M	—	86.4%
Gross Margin	65.6%	—	60.0%	—	5.6pp
Net Margin	6.9%	—	4.8%	—	2.1pp
EPS (Diluted)	$0.48	—	$0.33	—	45.5%
Free Cash Flow	$14M	—	$63M	—	-77.8%

Revenue Flow

Item	Amount
REVENUE	$68M
Cost of Revenue	$23M
GROSS PROFIT	$45M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$21M
SG&A Expenses	$21M
Other Expenses	$18M
Operating Expenses	$39M
Cost & Expenses	$62M
OPERATING INCOME	$6M
Interest Income	$53M
Interest Expense	$14M
Other Income/Expenses	$0
INCOME BEFORE TAX	$6M
Income Tax Expense	$913.0K
Net Income from Continuing Ops	$5M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$5M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3M
D&A	$2M
EBIT	$6M
EBITDA	$8M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$68M
Cost of Revenue	$23M
GROSS PROFIT	$45M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$21M
SG&A Expenses	$21M
Other Expenses	$18M
Operating Expenses	$39M
Cost & Expenses	$62M
OPERATING INCOME	$6M
Interest Income	$53M
Interest Expense	$14M
Other Income/Expenses	$0
INCOME BEFORE TAX	$6M
Income Tax Expense	$913.0K
Net Income from Continuing Ops	$5M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$5M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3M
D&A	$2M
EBIT	$6M
EBITDA	$8M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$5M
Depreciation & Amortization	$2M
Stock-Based Compensation	$73.0K
Deferred Income Tax	$400.0K
Other Non-Cash Items	$7M
Change in Working Capital	$743.0K
OPERATING CASH FLOW	$15M
Capital Expenditure	-$1M
Acquisitions (Net)	$0
Purchases of Investments	-$99M
Sales/Maturities of Investments	$117M
Other Investing Activities	$59M
NET CASH FROM INVESTING	$76M
Net Debt Issuance	-$22M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$51M
NET CASH FROM FINANCING	-$73M
FREE CASH FLOW	$14M
Net Change in Cash	$18M

Balance Sheet

Item	Amount
Cash & Equivalents	$83M
Short-Term Investments	$223M
Net Receivables	$25M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$331M
PP&E (Net)	$29M
Goodwill	$11M
Intangible Assets	$0
Long-Term Investments	$863M
Tax Assets	$29M
Other Non-Current Assets	$57M
TOTAL NON-CURRENT ASSETS	$989M
TOTAL ASSETS	$1.3B
Account Payables	$23M
Short-Term Debt	$39M
Deferred Revenue	$0
Other Current Liabilities	$977M
TOTAL CURRENT LIABILITIES	$1.0B
Long-Term Debt	$183M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$183M
TOTAL LIABILITIES	$1.2B
Common Stock	$62.0K
Additional Paid-In Capital	$22M
Retained Earnings	$69M
Treasury Stock	$0
Accum. Other Comp. Income	-$22M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$99M
Minority Interest	$0
TOTAL EQUITY	$99M
TOTAL LIABILITIES & EQUITY	$1.3B
Total Debt	$222M
Net Debt	$139M