MTB-PJ FY 2008 Earnings Report — M&T Bank Corporation Revenue & Financial Results | Market Cap Arena

M&T Bank CorporationMTB-PJ

FY 2008 Earnings

Reported February 23, 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	$4.3B	—	$4.5B	—	-4.8%
Op. Income	$740M	—	$964M	—	-23.2%
Gross Margin	58.9%	—	57.8%	—	1.1pp
Net Margin	13.1%	—	14.6%	—	-1.6pp
EPS (Diluted)	$5.01	—	$5.95	—	-15.8%
Free Cash Flow	$1.5B	—	$1.2B	—	25.0%

Revenue Flow

Item	Amount
REVENUE	$4.3B
Cost of Revenue	$1.7B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$964M
SG&A Expenses	$964M
Other Expenses	$801M
Operating Expenses	$1.8B
Cost & Expenses	$3.5B
OPERATING INCOME	$740M
Interest Income	$3.3B
Interest Expense	$1.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$740M
Income Tax Expense	$184M
Net Income from Continuing Ops	$556M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$556M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$555M
D&A	$186M
EBIT	$740M
EBITDA	$926M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$4.3B
Cost of Revenue	$1.7B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$964M
SG&A Expenses	$964M
Other Expenses	$801M
Operating Expenses	$1.8B
Cost & Expenses	$3.5B
OPERATING INCOME	$740M
Interest Income	$3.3B
Interest Expense	$1.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$740M
Income Tax Expense	$184M
Net Income from Continuing Ops	$556M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$556M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$555M
D&A	$186M
EBIT	$740M
EBITDA	$926M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$556M
Depreciation & Amortization	$186M
Stock-Based Compensation	$0
Deferred Income Tax	-$17M
Other Non-Cash Items	$577M
Change in Working Capital	$327M
OPERATING CASH FLOW	$1.6B
Capital Expenditure	-$97M
Acquisitions (Net)	$0
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$2.2B
Other Investing Activities	-$3.0B
NET CASH FROM INVESTING	-$2.3B
Net Debt Issuance	-$1.2B
Common Stock Repurchased	$0
Common Dividends Paid	-$309M
Other Financing Activities	$1.3B
NET CASH FROM FINANCING	$436M
FREE CASH FLOW	$1.5B
Net Change in Cash	-$199M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$6.9B
Net Receivables	$1.7B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$10.1B
PP&E (Net)	$389M
Goodwill	$3.2B
Intangible Assets	$183M
Long-Term Investments	$47.6B
Tax Assets	$0
Other Non-Current Assets	$4.4B
TOTAL NON-CURRENT ASSETS	$55.7B
TOTAL ASSETS	$65.8B
Account Payables	$1.4B
Short-Term Debt	$4.6B
Deferred Revenue	$0
Other Current Liabilities	$42.6B
TOTAL CURRENT LIABILITIES	$49.9B
Long-Term Debt	$10.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$1.4B
TOTAL NON-CURRENT LIABILITIES	$9.1B
TOTAL LIABILITIES	$59.0B
Common Stock	$65M
Additional Paid-In Capital	$2.9B
Retained Earnings	$5.1B
Treasury Stock	-$1.1B
Accum. Other Comp. Income	-$737M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.8B
Minority Interest	$0
TOTAL EQUITY	$6.8B
TOTAL LIABILITIES & EQUITY	$65.8B
Total Debt	$15.1B
Net Debt	$13.5B