PB FY 2009 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2009 Earnings

Reported March 1, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$470M	—	$400M	—	17.4%
Op. Income	$168M	—	$126M	—	32.8%
Gross Margin	72.0%	—	67.5%	—	4.5pp
Net Margin	23.8%	—	21.1%	—	2.7pp
EPS (Diluted)	$2.41	—	$1.86	—	29.6%
Free Cash Flow	$39M	—	$116M	—	-66.6%

Revenue Flow

Item	Amount
REVENUE	$470M
Cost of Revenue	$131M
GROSS PROFIT	$338M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$91M
SG&A Expenses	$91M
Other Expenses	$79M
Operating Expenses	$170M
Cost & Expenses	$301M
OPERATING INCOME	$168M
Interest Income	$410M
Interest Expense	$103M
Other Income/Expenses	$0
INCOME BEFORE TAX	$169M
Income Tax Expense	$57M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$18M
EBIT	$169M
EBITDA	$187M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$470M
Cost of Revenue	$131M
GROSS PROFIT	$338M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$91M
SG&A Expenses	$91M
Other Expenses	$79M
Operating Expenses	$170M
Cost & Expenses	$301M
OPERATING INCOME	$168M
Interest Income	$410M
Interest Expense	$103M
Other Income/Expenses	$0
INCOME BEFORE TAX	$169M
Income Tax Expense	$57M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$18M
EBIT	$169M
EBITDA	$187M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$112M
Depreciation & Amortization	$18M
Stock-Based Compensation	$2M
Deferred Income Tax	$0
Other Non-Cash Items	$22M
Change in Working Capital	-$80M
OPERATING CASH FLOW	$74M
Capital Expenditure	-$35M
Acquisitions (Net)	-$932.0K
Purchases of Investments	-$1.7B
Sales/Maturities of Investments	$1.7B
Other Investing Activities	$176M
NET CASH FROM INVESTING	$192M
Net Debt Issuance	-$203M
Common Stock Repurchased	$0
Common Dividends Paid	-$26M
Other Financing Activities	-$70M
NET CASH FROM FINANCING	-$299M
FREE CASH FLOW	$39M
Net Change in Cash	-$33M

Balance Sheet

Item	Amount
Cash & Equivalents	$195M
Short-Term Investments	$0
Net Receivables	$31M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$226M
PP&E (Net)	$149M
Goodwill	$877M
Intangible Assets	$35M
Long-Term Investments	$7.4B
Tax Assets	$0
Other Non-Current Assets	$121M
TOTAL NON-CURRENT ASSETS	$8.6B
TOTAL ASSETS	$8.9B
Account Payables	$7M
Short-Term Debt	$73M
Deferred Revenue	$0
Other Current Liabilities	$7.3B
TOTAL CURRENT LIABILITIES	$7.3B
Long-Term Debt	$118M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$42M
TOTAL NON-CURRENT LIABILITIES	$161M
TOTAL LIABILITIES	$7.5B
Common Stock	$47M
Additional Paid-In Capital	$870M
Retained Earnings	$418M
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$17M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$8.9B
Total Debt	$191M
Net Debt	-$4M