TOWN FY 2006 Earnings Report — TowneBank Revenue & Financial Results | Market Cap Arena

FY 2006 Earnings

Reported December 30, 2006

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2006	Prior Q	FY 2005	QoQ Change	YoY Change
Revenue	$160M	—	—	—	—
Op. Income	$32M	—	—	—	—
Gross Margin	67.6%	—	—	—	—
Net Margin	13.6%	—	—	—	—
EPS (Diluted)	$0.83	—	—	—	—
Free Cash Flow	$61M	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$160M
Cost of Revenue	$52M
GROSS PROFIT	$108M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$46M
SG&A Expenses	$46M
Other Expenses	$30M
Operating Expenses	$76M
Cost & Expenses	$128M
OPERATING INCOME	$32M
Interest Income	$126M
Interest Expense	$49M
Other Income/Expenses	$0
INCOME BEFORE TAX	$32M
Income Tax Expense	$10M
Net Income from Continuing Ops	$22M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$22M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$22M
D&A	$6M
EBIT	$32M
EBITDA	$38M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$160M
Cost of Revenue	$52M
GROSS PROFIT	$108M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$46M
SG&A Expenses	$46M
Other Expenses	$30M
Operating Expenses	$76M
Cost & Expenses	$128M
OPERATING INCOME	$32M
Interest Income	$126M
Interest Expense	$49M
Other Income/Expenses	$0
INCOME BEFORE TAX	$32M
Income Tax Expense	$10M
Net Income from Continuing Ops	$22M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$22M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$22M
D&A	$6M
EBIT	$32M
EBITDA	$38M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$22M
Depreciation & Amortization	$6M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$6M
Change in Working Capital	$36M
OPERATING CASH FLOW	$69M
Capital Expenditure	-$8M
Acquisitions (Net)	$348.0K
Purchases of Investments	-$303M
Sales/Maturities of Investments	$272M
Other Investing Activities	-$378M
NET CASH FROM INVESTING	-$417M
Net Debt Issuance	$97M
Common Stock Repurchased	$0
Common Dividends Paid	-$5M
Other Financing Activities	$237M
NET CASH FROM FINANCING	$330M
FREE CASH FLOW	$61M
Net Change in Cash	-$18M

Balance Sheet

Item	Amount
Cash & Equivalents	$51M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$51M
PP&E (Net)	$67M
Goodwill	$0
Intangible Assets	$57M
Long-Term Investments	$2.0B
Tax Assets	$0
Other Non-Current Assets	$35M
TOTAL NON-CURRENT ASSETS	$2.1B
TOTAL ASSETS	$2.2B
Account Payables	$0
Short-Term Debt	$35M
Deferred Revenue	$0
Other Current Liabilities	$1.7B
TOTAL CURRENT LIABILITIES	$1.7B
Long-Term Debt	$185M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$40M
TOTAL NON-CURRENT LIABILITIES	$225M
TOTAL LIABILITIES	$2.0B
Common Stock	$39M
Additional Paid-In Capital	$159M
Retained Earnings	$31M
Treasury Stock	$0
Accum. Other Comp. Income	$917.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$230M
Minority Interest	$0
TOTAL EQUITY	$230M
TOTAL LIABILITIES & EQUITY	$2.2B
Total Debt	$220M
Net Debt	$169M