MCY FY 2010 Earnings Report — Mercury General Corporation Revenue & Financial Results | Market Cap Arena

Mercury General CorporationMCY

FY 2010 Earnings

Reported February 14, 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	$2.8B	—	$3.1B	—	-11.1%
Op. Income	$182M	—	$572M	—	-68.1%
Gross Margin	16.0%	—	18.5%	—	-2.5pp
Net Margin	5.5%	—	12.9%	—	-7.4pp
EPS (Diluted)	$2.78	—	$7.32	—	-62.0%
Free Cash Flow	$63M	—	$153M	—	-58.8%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$2.3B
GROSS PROFIT	$445M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$262M
Operating Expenses	$262M
Cost & Expenses	$2.6B
OPERATING INCOME	$182M
Interest Income	$0
Interest Expense	$7M
Other Income/Expenses	$0
INCOME BEFORE TAX	$182M
Income Tax Expense	$30M
Net Income from Continuing Ops	$152M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$152M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$152M
D&A	$41M
EBIT	$189M
EBITDA	$230M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$2.3B
GROSS PROFIT	$445M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$262M
Operating Expenses	$262M
Cost & Expenses	$2.6B
OPERATING INCOME	$182M
Interest Income	$0
Interest Expense	$7M
Other Income/Expenses	$0
INCOME BEFORE TAX	$182M
Income Tax Expense	$30M
Net Income from Continuing Ops	$152M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$152M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$152M
D&A	$41M
EBIT	$189M
EBITDA	$230M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$152M
Depreciation & Amortization	$41M
Stock-Based Compensation	$812.0K
Deferred Income Tax	-$56M
Other Non-Cash Items	$4M
Change in Working Capital	-$50M
OPERATING CASH FLOW	$92M
Capital Expenditure	-$29M
Acquisitions (Net)	$1M
Purchases of Investments	-$705M
Sales/Maturities of Investments	$759M
Other Investing Activities	$7M
NET CASH FROM INVESTING	$33M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	-$130M
Other Financing Activities	$865.0K
NET CASH FROM FINANCING	-$129M
FREE CASH FLOW	$63M
Net Change in Cash	-$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$181M
Short-Term Investments	$143M
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$325M
PP&E (Net)	$197M
Goodwill	$43M
Intangible Assets	$60M
Long-Term Investments	$3.2B
Tax Assets	$26M
Other Non-Current Assets	-$3.2B
TOTAL NON-CURRENT ASSETS	$326M
TOTAL ASSETS	$4.2B
Account Payables	$107M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$81M
TOTAL CURRENT LIABILITIES	$26M
Long-Term Debt	$267M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$2.1B
TOTAL NON-CURRENT LIABILITIES	$2.4B
TOTAL LIABILITIES	$2.4B
Common Stock	$0
Additional Paid-In Capital	$78.0K
Retained Earnings	$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$740.0K
Other Equity	$74M
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$0
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$4.2B
Total Debt	$267M
Net Debt	$86M