VLY FY 2008 Earnings Report — Valley National Bancorp Revenue & Financial Results | Market Cap Arena

Valley National BancorpVLY

FY 2008 Earnings

Reported February 27, 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	$733M	—	$814M	—	-10.0%
Op. Income	$111M	—	$205M	—	-46.1%
Gross Margin	54.0%	—	56.4%	—	-2.4pp
Net Margin	12.8%	—	18.8%	—	-6.1pp
EPS (Diluted)	$0.58	—	$0.99	—	-41.4%
Free Cash Flow	$905M	—	$923M	—	-1.9%

Revenue Flow

Item	Amount
REVENUE	$733M
Cost of Revenue	$337M
GROSS PROFIT	$396M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$160M
SG&A Expenses	$163M
Other Expenses	$123M
Operating Expenses	$285M
Cost & Expenses	$622M
OPERATING INCOME	$111M
Interest Income	$730M
Interest Expense	$309M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$17M
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	$92M
D&A	$22M
EBIT	$111M
EBITDA	$132M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$733M
Cost of Revenue	$337M
GROSS PROFIT	$396M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$160M
SG&A Expenses	$163M
Other Expenses	$123M
Operating Expenses	$285M
Cost & Expenses	$622M
OPERATING INCOME	$111M
Interest Income	$730M
Interest Expense	$309M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$17M
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	$92M
D&A	$22M
EBIT	$111M
EBITDA	$132M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$94M
Depreciation & Amortization	$22M
Stock-Based Compensation	$6M
Deferred Income Tax	-$34M
Other Non-Cash Items	$103M
Change in Working Capital	$745M
OPERATING CASH FLOW	$935M
Capital Expenditure	-$30M
Acquisitions (Net)	$35M
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$838M
Other Investing Activities	-$853M
NET CASH FROM INVESTING	-$1.3B
Net Debt Issuance	$88M
Common Stock Repurchased	$0
Common Dividends Paid	-$103M
Other Financing Activities	$424M
NET CASH FROM FINANCING	$711M
FREE CASH FLOW	$905M
Net Change in Cash	$343M

Balance Sheet

Item	Amount
Cash & Equivalents	$581M
Short-Term Investments	$1.4B
Net Receivables	$58M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$256M
Goodwill	$295M
Intangible Assets	$26M
Long-Term Investments	$11.2B
Tax Assets	$0
Other Non-Current Assets	$857M
TOTAL NON-CURRENT ASSETS	$12.6B
TOTAL ASSETS	$14.7B
Account Payables	$0
Short-Term Debt	$1.3B
Deferred Revenue	$0
Other Current Liabilities	$9.2B
TOTAL CURRENT LIABILITIES	$10.9B
Long-Term Debt	$2.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$9M
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$13.4B
Common Stock	$48M
Additional Paid-In Capital	$1.0B
Retained Earnings	$85M
Treasury Stock	-$48M
Accum. Other Comp. Income	-$61M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$14.7B
Total Debt	$3.8B
Net Debt	$3.2B