LKFN FY 2010 Earnings Report — Lakeland Financial Corporation Revenue & Financial Results | Market Cap Arena

Lakeland Financial CorporationLKFN

FY 2010 Earnings

Reported March 7, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$141M	—	$139M	—	1.8%
Op. Income	$37M	—	$28M	—	32.1%
Gross Margin	61.1%	—	58.7%	—	2.5pp
Net Margin	17.4%	—	13.7%	—	3.7pp
EPS (Diluted)	$0.88	—	$0.84	—	4.8%
Free Cash Flow	$43M	—	$23M	—	86.0%

Revenue Flow

Item	Amount
REVENUE	$141M
Cost of Revenue	$55M
GROSS PROFIT	$86M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$31M
SG&A Expenses	$31M
Other Expenses	$19M
Operating Expenses	$50M
Cost & Expenses	$104M
OPERATING INCOME	$37M
Interest Income	$124M
Interest Expense	$31M
Other Income/Expenses	$0
INCOME BEFORE TAX	$37M
Income Tax Expense	$12M
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	$21M
D&A	$3M
EBIT	$37M
EBITDA	$40M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$141M
Cost of Revenue	$55M
GROSS PROFIT	$86M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$31M
SG&A Expenses	$31M
Other Expenses	$19M
Operating Expenses	$50M
Cost & Expenses	$104M
OPERATING INCOME	$37M
Interest Income	$124M
Interest Expense	$31M
Other Income/Expenses	$0
INCOME BEFORE TAX	$37M
Income Tax Expense	$12M
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	$21M
D&A	$3M
EBIT	$37M
EBITDA	$40M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$25M
Depreciation & Amortization	$3M
Stock-Based Compensation	$739.0K
Deferred Income Tax	-$371.0K
Other Non-Cash Items	$21M
Change in Working Capital	-$4M
OPERATING CASH FLOW	$46M
Capital Expenditure	-$3M
Acquisitions (Net)	$0
Purchases of Investments	-$114M
Sales/Maturities of Investments	$90M
Other Investing Activities	-$93M
NET CASH FROM INVESTING	-$120M
Net Debt Issuance	-$205M
Common Stock Repurchased	-$56M
Common Dividends Paid	-$10M
Other Financing Activities	$351M
NET CASH FROM FINANCING	$78M
FREE CASH FLOW	$43M
Net Change in Cash	$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$60M
Short-Term Investments	$0
Net Receivables	$9M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$69M
PP&E (Net)	$30M
Goodwill	$5M
Intangible Assets	$153.0K
Long-Term Investments	$2.5B
Tax Assets	$0
Other Non-Current Assets	$84M
TOTAL NON-CURRENT ASSETS	$2.6B
TOTAL ASSETS	$2.7B
Account Payables	$11M
Short-Term Debt	$172M
Deferred Revenue	$0
Other Current Liabilities	$2.2B
TOTAL CURRENT LIABILITIES	$2.4B
Long-Term Debt	$48M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$2M
TOTAL NON-CURRENT LIABILITIES	$50M
TOTAL LIABILITIES	$2.4B
Common Stock	$0
Additional Paid-In Capital	$86M
Retained Earnings	$161M
Treasury Stock	-$1M
Accum. Other Comp. Income	$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$247M
Minority Interest	$89.0K
TOTAL EQUITY	$247M
TOTAL LIABILITIES & EQUITY	$2.7B
Total Debt	$220M
Net Debt	$160M