PB FY 2008 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2008 Earnings

Reported March 2, 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	$400M	—	$394M	—	1.7%
Op. Income	$126M	—	$126M	—	0.5%
Gross Margin	67.5%	—	64.2%	—	3.3pp
Net Margin	21.1%	—	21.4%	—	-0.3pp
EPS (Diluted)	$1.86	—	$1.94	—	-4.1%
Free Cash Flow	$116M	—	$238M	—	-51.4%

Revenue Flow

Item	Amount
REVENUE	$400M
Cost of Revenue	$130M
GROSS PROFIT	$270M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$76M
SG&A Expenses	$76M
Other Expenses	$67M
Operating Expenses	$144M
Cost & Expenses	$274M
OPERATING INCOME	$126M
Interest Income	$348M
Interest Expense	$120M
Other Income/Expenses	$0
INCOME BEFORE TAX	$126M
Income Tax Expense	$42M
Net Income from Continuing Ops	$85M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$85M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$85M
D&A	$17M
EBIT	$126M
EBITDA	$144M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$400M
Cost of Revenue	$130M
GROSS PROFIT	$270M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$76M
SG&A Expenses	$76M
Other Expenses	$67M
Operating Expenses	$144M
Cost & Expenses	$274M
OPERATING INCOME	$126M
Interest Income	$348M
Interest Expense	$120M
Other Income/Expenses	$0
INCOME BEFORE TAX	$126M
Income Tax Expense	$42M
Net Income from Continuing Ops	$85M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$85M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$85M
D&A	$17M
EBIT	$126M
EBITDA	$144M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$85M
Depreciation & Amortization	$17M
Stock-Based Compensation	$2M
Deferred Income Tax	$0
Other Non-Cash Items	$31M
Change in Working Capital	-$11M
OPERATING CASH FLOW	$124M
Capital Expenditure	-$8M
Acquisitions (Net)	$3.4B
Purchases of Investments	-$3.1B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	-$297M
NET CASH FROM INVESTING	$1.2B
Net Debt Issuance	$177M
Common Stock Repurchased	$0
Common Dividends Paid	-$23M
Other Financing Activities	-$1.6B
NET CASH FROM FINANCING	-$1.4B
FREE CASH FLOW	$116M
Net Change in Cash	-$142M

Balance Sheet

Item	Amount
Cash & Equivalents	$212M
Short-Term Investments	$0
Net Receivables	$35M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$247M
PP&E (Net)	$124M
Goodwill	$875M
Intangible Assets	$38M
Long-Term Investments	$7.7B
Tax Assets	$0
Other Non-Current Assets	$98M
TOTAL NON-CURRENT ASSETS	$8.8B
TOTAL ASSETS	$9.1B
Account Payables	$15M
Short-Term Debt	$96M
Deferred Revenue	$0
Other Current Liabilities	$7.3B
TOTAL CURRENT LIABILITIES	$7.4B
Long-Term Debt	$322M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$82M
TOTAL NON-CURRENT LIABILITIES	$403M
TOTAL LIABILITIES	$7.8B
Common Stock	$46M
Additional Paid-In Capital	$867M
Retained Earnings	$332M
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$10M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$0
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$9.1B
Total Debt	$418M
Net Debt	$205M