RLI FY 2009 Earnings Report — RLI Corp. Revenue & Financial Results | Market Cap Arena

FY 2009 Earnings

Reported February 24, 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	$549M	—	$561M	—	-2.2%
Op. Income	$132M	—	$107M	—	24.2%
Gross Margin	27.7%	—	26.8%	—	0.9pp
Net Margin	17.1%	—	14.0%	—	3.1pp
EPS (Diluted)	$1.08	—	$0.90	—	20.0%
Free Cash Flow	$116M	—	$155M	—	-25.2%

Revenue Flow

Item	Amount
REVENUE	$549M
Cost of Revenue	$396M
GROSS PROFIT	$152M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$8M
SG&A Expenses	$8M
Other Expenses	$12M
Operating Expenses	$20M
Cost & Expenses	$416M
OPERATING INCOME	$132M
Interest Income	$72M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$132M
Income Tax Expense	$39M
Net Income from Continuing Ops	$94M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$94M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$94M
D&A	$3M
EBIT	$138M
EBITDA	$142M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$549M
Cost of Revenue	$396M
GROSS PROFIT	$152M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$8M
SG&A Expenses	$8M
Other Expenses	$12M
Operating Expenses	$20M
Cost & Expenses	$416M
OPERATING INCOME	$132M
Interest Income	$72M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$132M
Income Tax Expense	$39M
Net Income from Continuing Ops	$94M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$94M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$94M
D&A	$3M
EBIT	$138M
EBITDA	$142M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$94M
Depreciation & Amortization	$3M
Stock-Based Compensation	$0
Deferred Income Tax	$11M
Other Non-Cash Items	$20M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$128M
Capital Expenditure	-$12M
Acquisitions (Net)	$0
Purchases of Investments	-$978M
Sales/Maturities of Investments	$883M
Other Investing Activities	$11M
NET CASH FROM INVESTING	-$96M
Net Debt Issuance	$0
Common Stock Repurchased	-$19M
Common Dividends Paid	-$23M
Other Financing Activities	$444.0K
NET CASH FROM FINANCING	-$37M
FREE CASH FLOW	$116M
Net Change in Cash	-$37M

Balance Sheet

Item	Amount
Cash & Equivalents	$0
Short-Term Investments	$104M
Net Receivables	$84M
Inventory	$0
Other Current Assets	$607M
TOTAL CURRENT ASSETS	$109.0K
PP&E (Net)	$19M
Goodwill	$26M
Intangible Assets	$0
Long-Term Investments	$1.9B
Tax Assets	$0
Other Non-Current Assets	-$1.9B
TOTAL NON-CURRENT ASSETS	$5M
TOTAL ASSETS	$2.5B
Account Payables	$22M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$64M
TOTAL CURRENT LIABILITIES	$1.6B
Long-Term Debt	$100M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$24M
Other Non-Current Liabilities	-$124M
TOTAL NON-CURRENT LIABILITIES	$100M
TOTAL LIABILITIES	$1.7B
Common Stock	$32M
Additional Paid-In Capital	$207M
Retained Earnings	$878M
Treasury Stock	-$371M
Accum. Other Comp. Income	$77M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$832M
Minority Interest	$0
TOTAL EQUITY	$832M
TOTAL LIABILITIES & EQUITY	$2.5B
Total Debt	$100M
Net Debt	$100M