SRCE FY 2008 Earnings Report — 1st Source Corporation Revenue & Financial Results | Market Cap Arena

1st Source CorporationSRCE

FY 2008 Earnings

Reported February 20, 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	$319M	—	$324M	—	-1.5%
Op. Income	$46M	—	$42M	—	11.3%
Gross Margin	62.5%	—	56.1%	—	6.3pp
Net Margin	10.5%	—	9.4%	—	1.0pp
EPS (Diluted)	$1.26	—	$1.16	—	8.6%
Free Cash Flow	$40M	—	$47M	—	-15.3%

Revenue Flow

Item	Amount
REVENUE	$319M
Cost of Revenue	$120M
GROSS PROFIT	$200M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$88M
SG&A Expenses	$91M
Other Expenses	$62M
Operating Expenses	$153M
Cost & Expenses	$273M
OPERATING INCOME	$46M
Interest Income	$235M
Interest Expense	$103M
Other Income/Expenses	$0
INCOME BEFORE TAX	$46M
Income Tax Expense	$13M
Net Income from Continuing Ops	$33M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$33M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$33M
D&A	$28M
EBIT	$46M
EBITDA	$74M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$319M
Cost of Revenue	$120M
GROSS PROFIT	$200M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$88M
SG&A Expenses	$91M
Other Expenses	$62M
Operating Expenses	$153M
Cost & Expenses	$273M
OPERATING INCOME	$46M
Interest Income	$235M
Interest Expense	$103M
Other Income/Expenses	$0
INCOME BEFORE TAX	$46M
Income Tax Expense	$13M
Net Income from Continuing Ops	$33M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$33M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$33M
D&A	$28M
EBIT	$46M
EBITDA	$74M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$33M
Depreciation & Amortization	$28M
Stock-Based Compensation	$0
Deferred Income Tax	-$11M
Other Non-Cash Items	$10M
Change in Working Capital	$4M
OPERATING CASH FLOW	$64M
Capital Expenditure	-$24M
Acquisitions (Net)	$0
Purchases of Investments	-$480M
Sales/Maturities of Investments	$544M
Other Investing Activities	-$110M
NET CASH FROM INVESTING	-$71M
Net Debt Issuance	-$58M
Common Stock Repurchased	$0
Common Dividends Paid	-$14M
Other Financing Activities	$45M
NET CASH FROM FINANCING	-$27M
FREE CASH FLOW	$40M
Net Change in Cash	-$33M

Balance Sheet

Item	Amount
Cash & Equivalents	$120M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$120M
PP&E (Net)	$124M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$4.0B
Tax Assets	$0
Other Non-Current Assets	$167M
TOTAL NON-CURRENT ASSETS	$4.3B
TOTAL ASSETS	$4.5B
Account Payables	$0
Short-Term Debt	$296M
Deferred Revenue	$0
Other Current Liabilities	$3.5B
TOTAL CURRENT LIABILITIES	$3.9B
Long-Term Debt	$120M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$120M
TOTAL LIABILITIES	$4.0B
Common Stock	$343M
Additional Paid-In Capital	$0
Retained Earnings	$137M
Treasury Stock	-$32M
Accum. Other Comp. Income	$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$454M
Minority Interest	$0
TOTAL EQUITY	$454M
TOTAL LIABILITIES & EQUITY	$4.5B
Total Debt	$416M
Net Debt	$296M