LKFN FY 2011 Earnings Report — Lakeland Financial Corporation Revenue & Financial Results | Market Cap Arena

Lakeland Financial CorporationLKFN

FY 2011 Earnings

Reported March 5, 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	$140M	—	$141M	—	-0.5%
Op. Income	$45M	—	$37M	—	23.4%
Gross Margin	68.9%	—	61.1%	—	7.8pp
Net Margin	21.8%	—	17.4%	—	4.4pp
EPS (Diluted)	$1.25	—	$0.88	—	42.0%
Free Cash Flow	$45M	—	$43M	—	4.7%

Revenue Flow

Item	Amount
REVENUE	$140M
Cost of Revenue	$44M
GROSS PROFIT	$97M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$37M
SG&A Expenses	$37M
Other Expenses	$15M
Operating Expenses	$51M
Cost & Expenses	$95M
OPERATING INCOME	$45M
Interest Income	$122M
Interest Expense	$30M
Other Income/Expenses	$0
INCOME BEFORE TAX	$45M
Income Tax Expense	$15M
Net Income from Continuing Ops	$31M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$31M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$31M
D&A	$3M
EBIT	$45M
EBITDA	$48M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$140M
Cost of Revenue	$44M
GROSS PROFIT	$97M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$37M
SG&A Expenses	$37M
Other Expenses	$15M
Operating Expenses	$51M
Cost & Expenses	$95M
OPERATING INCOME	$45M
Interest Income	$122M
Interest Expense	$30M
Other Income/Expenses	$0
INCOME BEFORE TAX	$45M
Income Tax Expense	$15M
Net Income from Continuing Ops	$31M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$31M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$31M
D&A	$3M
EBIT	$45M
EBITDA	$48M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$31M
Depreciation & Amortization	$3M
Stock-Based Compensation	$1M
Deferred Income Tax	-$138.0K
Other Non-Cash Items	$19M
Change in Working Capital	-$3M
OPERATING CASH FLOW	$51M
Capital Expenditure	-$7M
Acquisitions (Net)	$0
Purchases of Investments	-$179M
Sales/Maturities of Investments	$157M
Other Investing Activities	-$148M
NET CASH FROM INVESTING	-$177M
Net Debt Issuance	-$32M
Common Stock Repurchased	-$244.0K
Common Dividends Paid	-$10M
Other Financing Activities	$212M
NET CASH FROM FINANCING	$170M
FREE CASH FLOW	$45M
Net Change in Cash	$44M

Balance Sheet

Item	Amount
Cash & Equivalents	$105M
Short-Term Investments	$467M
Net Receivables	$10M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$582M
PP&E (Net)	$35M
Goodwill	$5M
Intangible Assets	$99.0K
Long-Term Investments	$2.2B
Tax Assets	$0
Other Non-Current Assets	$85M
TOTAL NON-CURRENT ASSETS	$2.3B
TOTAL ASSETS	$2.9B
Account Payables	$0
Short-Term Debt	$142M
Deferred Revenue	$0
Other Current Liabilities	$2.4B
TOTAL CURRENT LIABILITIES	$2.6B
Long-Term Debt	$46M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$11M
TOTAL NON-CURRENT LIABILITIES	$35M
TOTAL LIABILITIES	$2.6B
Common Stock	$87M
Additional Paid-In Capital	$87M
Retained Earnings	$182M
Treasury Stock	-$1M
Accum. Other Comp. Income	-$82M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$273M
Minority Interest	$89.0K
TOTAL EQUITY	$273M
TOTAL LIABILITIES & EQUITY	$2.9B
Total Debt	$188M
Net Debt	$83M