LKFN FY 2013 Earnings Report — Lakeland Financial Corporation Revenue & Financial Results | Market Cap Arena

Lakeland Financial CorporationLKFN

FY 2013 Earnings

Reported March 3, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$133M	—	$135M	—	-1.7%
Op. Income	$58M	—	$53M	—	11.1%
Gross Margin	87.0%	—	78.4%	—	8.6pp
Net Margin	29.2%	—	26.2%	—	3.1pp
EPS (Diluted)	$1.55	—	$1.43	—	8.4%
Free Cash Flow	$55M	—	$48M	—	16.3%

Revenue Flow

Item	Amount
REVENUE	$133M
Cost of Revenue	$17M
GROSS PROFIT	$116M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$42M
SG&A Expenses	$42M
Other Expenses	$15M
Operating Expenses	$57M
Cost & Expenses	$74M
OPERATING INCOME	$58M
Interest Income	$108M
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$58M
Income Tax Expense	$20M
Net Income from Continuing Ops	$39M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$39M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$39M
D&A	$4M
EBIT	$58M
EBITDA	$62M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$133M
Cost of Revenue	$17M
GROSS PROFIT	$116M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$42M
SG&A Expenses	$42M
Other Expenses	$15M
Operating Expenses	$57M
Cost & Expenses	$74M
OPERATING INCOME	$58M
Interest Income	$108M
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$58M
Income Tax Expense	$20M
Net Income from Continuing Ops	$39M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$39M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$39M
D&A	$4M
EBIT	$58M
EBITDA	$62M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$39M
Depreciation & Amortization	$4M
Stock-Based Compensation	$2M
Deferred Income Tax	$0
Other Non-Cash Items	$14M
Change in Working Capital	$5M
OPERATING CASH FLOW	$63M
Capital Expenditure	-$8M
Acquisitions (Net)	$0
Purchases of Investments	-$167M
Sales/Maturities of Investments	$143M
Other Investing Activities	-$280M
NET CASH FROM INVESTING	-$313M
Net Debt Issuance	$125M
Common Stock Repurchased	-$399.0K
Common Dividends Paid	-$9M
Other Financing Activities	-$35M
NET CASH FROM FINANCING	$80M
FREE CASH FLOW	$55M
Net Change in Cash	-$169M

Balance Sheet

Item	Amount
Cash & Equivalents	$63M
Short-Term Investments	$469M
Net Receivables	$9M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$541M
PP&E (Net)	$39M
Goodwill	$5M
Intangible Assets	$0
Long-Term Investments	$2.5B
Tax Assets	$0
Other Non-Current Assets	$103M
TOTAL NON-CURRENT ASSETS	$2.6B
TOTAL ASSETS	$3.2B
Account Payables	$3M
Short-Term Debt	$262M
Deferred Revenue	$0
Other Current Liabilities	$2.5B
TOTAL CURRENT LIABILITIES	$2.8B
Long-Term Debt	$31M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$12M
TOTAL NON-CURRENT LIABILITIES	$43M
TOTAL LIABILITIES	$2.9B
Common Stock	$93M
Additional Paid-In Capital	$0
Retained Earnings	$233M
Treasury Stock	-$2M
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$322M
Minority Interest	$89.0K
TOTAL EQUITY	$322M
TOTAL LIABILITIES & EQUITY	$3.2B
Total Debt	$293M
Net Debt	$230M