HBNC FY 2008 Earnings Report — Horizon Bancorp, Inc. Revenue & Financial Results | Market Cap Arena

Horizon Bancorp, Inc.HBNC

FY 2008 Earnings

Reported March 20, 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	$84M	—	$87M	—	-3.7%
Op. Income	$11M	—	$11M	—	-0.3%
Gross Margin	51.9%	—	48.1%	—	3.8pp
Net Margin	10.7%	—	9.3%	—	1.4pp
EPS (Diluted)	$0.54	—	$0.50	—	8.0%
Free Cash Flow	$14M	—	$15M	—	-5.4%

Revenue Flow

Item	Amount
REVENUE	$84M
Cost of Revenue	$40M
GROSS PROFIT	$44M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$22M
SG&A Expenses	$22M
Other Expenses	$11M
Operating Expenses	$33M
Cost & Expenses	$73M
OPERATING INCOME	$11M
Interest Income	$70M
Interest Expense	$33M
Other Income/Expenses	$0
INCOME BEFORE TAX	$11M
Income Tax Expense	$2M
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	$2M
EBIT	$11M
EBITDA	$13M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$84M
Cost of Revenue	$40M
GROSS PROFIT	$44M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$22M
SG&A Expenses	$22M
Other Expenses	$11M
Operating Expenses	$33M
Cost & Expenses	$73M
OPERATING INCOME	$11M
Interest Income	$70M
Interest Expense	$33M
Other Income/Expenses	$0
INCOME BEFORE TAX	$11M
Income Tax Expense	$2M
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	$2M
EBIT	$11M
EBITDA	$13M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$9M
Depreciation & Amortization	$2M
Stock-Based Compensation	$39.0K
Deferred Income Tax	-$485.0K
Other Non-Cash Items	$10M
Change in Working Capital	-$928.0K
OPERATING CASH FLOW	$20M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$118M
Sales/Maturities of Investments	$51M
Other Investing Activities	-$3M
NET CASH FROM INVESTING	-$75M
Net Debt Issuance	$66M
Common Stock Repurchased	$0
Common Dividends Paid	-$2M
Other Financing Activities	-$52M
NET CASH FROM FINANCING	$36M
FREE CASH FLOW	$14M
Net Change in Cash	-$19M

Balance Sheet

Item	Amount
Cash & Equivalents	$39M
Short-Term Investments	$0
Net Receivables	$6M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$44M
PP&E (Net)	$28M
Goodwill	$6M
Intangible Assets	$2M
Long-Term Investments	$1.2B
Tax Assets	$0
Other Non-Current Assets	$47M
TOTAL NON-CURRENT ASSETS	$1.3B
TOTAL ASSETS	$1.3B
Account Payables	$2M
Short-Term Debt	$142M
Deferred Revenue	$0
Other Current Liabilities	$841M
TOTAL CURRENT LIABILITIES	$985M
Long-Term Debt	$352M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$134M
TOTAL NON-CURRENT LIABILITIES	$218M
TOTAL LIABILITIES	$1.2B
Common Stock	$1M
Additional Paid-In Capital	$10M
Retained Earnings	$68M
Treasury Stock	-$17M
Accum. Other Comp. Income	$628.0K
Other Equity	$17M
TOTAL STOCKHOLDERS' EQUITY	$103M
Minority Interest	$0
TOTAL EQUITY	$103M
TOTAL LIABILITIES & EQUITY	$1.3B
Total Debt	$494M
Net Debt	$456M