TOWN FY 2008 Earnings Report — TowneBank Revenue & Financial Results | Market Cap Arena

FY 2008 Earnings

Reported December 30, 2008

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	$195M	—	$193M	—	1.0%
Op. Income	$33M	—	$34M	—	-4.0%
Gross Margin	63.7%	—	62.0%	—	1.6pp
Net Margin	12.3%	—	12.1%	—	0.2pp
EPS (Diluted)	$0.86	—	$0.89	—	-3.4%
Free Cash Flow	$26M	—	$6M	—	304.1%

Revenue Flow

Item	Amount
REVENUE	$195M
Cost of Revenue	$71M
GROSS PROFIT	$124M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$55M
SG&A Expenses	$55M
Other Expenses	$37M
Operating Expenses	$91M
Cost & Expenses	$162M
OPERATING INCOME	$33M
Interest Income	$151M
Interest Expense	$64M
Other Income/Expenses	$0
INCOME BEFORE TAX	$33M
Income Tax Expense	$9M
Net Income from Continuing Ops	$24M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$24M
Net Income Deductions	-$1M
BOTTOM LINE NET INCOME	$22M
D&A	$9M
EBIT	$33M
EBITDA	$42M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$195M
Cost of Revenue	$71M
GROSS PROFIT	$124M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$55M
SG&A Expenses	$55M
Other Expenses	$37M
Operating Expenses	$91M
Cost & Expenses	$162M
OPERATING INCOME	$33M
Interest Income	$151M
Interest Expense	$64M
Other Income/Expenses	$0
INCOME BEFORE TAX	$33M
Income Tax Expense	$9M
Net Income from Continuing Ops	$24M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$24M
Net Income Deductions	-$1M
BOTTOM LINE NET INCOME	$22M
D&A	$9M
EBIT	$33M
EBITDA	$42M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$24M
Depreciation & Amortization	$9M
Stock-Based Compensation	$2M
Deferred Income Tax	$0
Other Non-Cash Items	$844.0K
Change in Working Capital	-$735.0K
OPERATING CASH FLOW	$35M
Capital Expenditure	-$9M
Acquisitions (Net)	-$7M
Purchases of Investments	-$267M
Sales/Maturities of Investments	$188M
Other Investing Activities	-$522M
NET CASH FROM INVESTING	-$616M
Net Debt Issuance	$66M
Common Stock Repurchased	$0
Common Dividends Paid	-$9M
Other Financing Activities	$404M
NET CASH FROM FINANCING	$602M
FREE CASH FLOW	$26M
Net Change in Cash	$20M

Balance Sheet

Item	Amount
Cash & Equivalents	$70M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$70M
PP&E (Net)	$79M
Goodwill	$60M
Intangible Assets	$12M
Long-Term Investments	$2.8B
Tax Assets	$0
Other Non-Current Assets	$99M
TOTAL NON-CURRENT ASSETS	$3.1B
TOTAL ASSETS	$3.1B
Account Payables	$0
Short-Term Debt	$36M
Deferred Revenue	$0
Other Current Liabilities	$2.2B
TOTAL CURRENT LIABILITIES	$2.3B
Long-Term Debt	$405M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$34M
TOTAL NON-CURRENT LIABILITIES	$441M
TOTAL LIABILITIES	$2.7B
Common Stock	$41M
Additional Paid-In Capital	$310M
Retained Earnings	$61M
Treasury Stock	$0
Accum. Other Comp. Income	$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$420M
Minority Interest	$92.0K
TOTAL EQUITY	$420M
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$441M
Net Debt	$371M