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

Southside Bancshares, Inc.SBSI

FY 2008 Earnings

Reported March 3, 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	$176M	—	$132M	—	33.5%
Op. Income	$42M	—	$21M	—	103.0%
Gross Margin	58.0%	—	51.4%	—	6.6pp
Net Margin	17.4%	—	12.6%	—	4.8pp
EPS (Diluted)	$1.43	—	$0.78	—	83.3%
Free Cash Flow	$24M	—	$18M	—	30.6%

Revenue Flow

Item	Amount
REVENUE	$176M
Cost of Revenue	$74M
GROSS PROFIT	$102M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$43M
SG&A Expenses	$45M
Other Expenses	$16M
Operating Expenses	$60M
Cost & Expenses	$134M
OPERATING INCOME	$42M
Interest Income	$136M
Interest Expense	$60M
Other Income/Expenses	$0
INCOME BEFORE TAX	$42M
Income Tax Expense	$11M
Net Income from Continuing Ops	$31M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$31M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$31M
D&A	$2M
EBIT	$42M
EBITDA	$45M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$176M
Cost of Revenue	$74M
GROSS PROFIT	$102M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$43M
SG&A Expenses	$45M
Other Expenses	$16M
Operating Expenses	$60M
Cost & Expenses	$134M
OPERATING INCOME	$42M
Interest Income	$136M
Interest Expense	$60M
Other Income/Expenses	$0
INCOME BEFORE TAX	$42M
Income Tax Expense	$11M
Net Income from Continuing Ops	$31M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$31M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$31M
D&A	$2M
EBIT	$42M
EBITDA	$45M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$31M
Depreciation & Amortization	$2M
Stock-Based Compensation	$7.0K
Deferred Income Tax	-$378.0K
Other Non-Cash Items	$4M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$29M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$836M
Other Investing Activities	-$64M
NET CASH FROM INVESTING	-$505M
Net Debt Issuance	$541M
Common Stock Repurchased	-$132.0K
Common Dividends Paid	-$8M
Other Financing Activities	-$67M
NET CASH FROM FINANCING	$467M
FREE CASH FLOW	$24M
Net Change in Cash	-$9M

Balance Sheet

Item	Amount
Cash & Equivalents	$67M
Short-Term Investments	$0
Net Receivables	$16M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$83M
PP&E (Net)	$43M
Goodwill	$22M
Intangible Assets	$1M
Long-Term Investments	$2.5B
Tax Assets	$3M
Other Non-Current Assets	$76M
TOTAL NON-CURRENT ASSETS	$2.6B
TOTAL ASSETS	$2.7B
Account Payables	$0
Short-Term Debt	$12M
Deferred Revenue	$0
Other Current Liabilities	$1.6B
TOTAL CURRENT LIABILITIES	$1.6B
Long-Term Debt	$945M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$25M
TOTAL NON-CURRENT LIABILITIES	$971M
TOTAL LIABILITIES	$2.5B
Common Stock	$20M
Additional Paid-In Capital	$131M
Retained Earnings	$34M
Treasury Stock	-$23M
Accum. Other Comp. Income	-$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$161M
Minority Interest	$472.0K
TOTAL EQUITY	$161M
TOTAL LIABILITIES & EQUITY	$2.7B
Total Debt	$958M
Net Debt	$891M