Mercury General (MCY) FY2013 results: revenue $2.8 billion, up 1.4% on the year
Mercury General Corp. (MCY) reported revenue of $2.8 billion for fiscal 2013, the year ended 31 December 2013, up 1.4% on the year before. Net income was $112 million, down 4.1%, and diluted earnings per share $2.04. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2014.
Revenue
$2.8 billion
+1.4% on the year
FY2008FY2013
Operating margin
4.7%
4.9% a year earlier
FY2008FY2013
Net income
$112 million
-4.1% on the year
FY2008FY2013
Diluted EPS
$2.04
-4.2% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,821
2,783
2,777
+1.4%
Operating income
132
135
245
-2.4%
Operating margin
4.7%
4.9%
8.8%
Interest expense
1.3
1.5
5.5
-18.3%
Pre-tax income
132
135
245
-2.4%
Income tax
20.0
18.4
53.9
+8.4%
Effective tax rate
15.1%
13.6%
22.0%
Net income
112
117
191
-4.1%
Net margin
4.0%
4.2%
6.9%
Diluted EPS
$2.04
$2.13
$3.49
-4.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
210
148
159
+41.7%
Capital expenditure
18.7
15.2
18.1
+23.0%
Free cash flow
191
133
140
+43.8%
Free cash flow margin
6.8%
4.8%
5.1%
Cash from investing
-18.4
-69.7
125
Cash from financing
-83.1
-132
-253
Depreciation and amortisation
30.6
37.0
40.7
-17.3%
Share-based compensation
1.0
0.4
0.9
+163.2%
Dividends paid
135
134
132
+0.5%
Dividend per share
$2.45
$2.44
$2.41
+0.4%
Diluted shares, weighted
55m
55m
n/a
+0.1%
Shares outstanding at period end
55m
55m
55m
+0.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,822
1,842
1,857
-1.1%
Debt
120
120
140
0.0%
Other liabilities
2,373
2,227
2,073
+6.5%
Total liabilities and equity
4,315
4,190
4,070
+3.0%
Fixed assets
157
162
178
-3.2%
Goodwill
42.8
42.8
42.9
0.0%
Intangible assets
41.6
47.6
53.7
-12.6%
Investments
316
295
236
+7.2%
Cash and equivalents
267
158
211
+68.5%
Other assets
3,492
3,485
3,348
+0.2%
Total assets
4,315
4,190
4,070
+3.0%
10-K for the year ended 31 December 2013, filed 10 February 2014: the filing.