Primerica (PRI) FY2013 results: revenue $1.2 billion, up 6.5% on the year
Primerica, Inc. (PRI) reported revenue of $1.2 billion for fiscal 2013, the year ended 31 December 2013, up 6.5% on the year before. Net income was $160 million, down 7.9%, and diluted earnings per share $2.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$1.2 billion
+6.5% on the year
FY2009FY2013
Operating margin
19.9%
23.1% a year earlier
FY2009FY2013
Net income
$160 million
-7.9% on the year
FY2009FY2013
Diluted EPS
$2.83
+4.4% on the year
FY2009FY2013
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
1,229
1,154
1,103
+6.5%
Operating income
245
266
244
-7.9%
Operating margin
19.9%
23.1%
22.1%
Interest expense
35.0
33.1
28.0
+5.8%
Pre-tax income
245
266
244
-7.9%
Income tax
86.3
92.8
86.7
-7.0%
Effective tax rate
35.2%
34.9%
35.6%
Net income
160
174
157
-7.9%
Net margin
13.0%
15.1%
14.3%
Diluted EPS
$2.83
$2.71
$2.08
+4.4%
$ 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
188
124
87.2
+51.1%
Capital expenditure
n/a
n/a
3.9
Free cash flow
n/a
n/a
83.3
Free cash flow margin
n/a
n/a
7.6%
Cash from investing
35.5
62.3
129
-43.0%
Cash from financing
-185
-211
-207
Depreciation and amortisation
10.8
10.1
10.7
+7.0%
Share-based compensation
13.8
18.9
17.9
-27.2%
Buybacks
86.3
258
204
-66.5%
Dividends paid
25.1
14.7
7.3
+70.0%
Dividend per share
$0.44
$0.24
$0.10
+83.3%
Diluted shares, weighted
57m
62m
73m
-9.3%
Shares outstanding at period end
55m
56m
65m
-2.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,222
1,275
1,327
-4.2%
Debt
374
374
300
+0.0%
Other liabilities
8,733
8,688
8,225
+0.5%
Total liabilities and equity
10,330
10,338
9,852
-0.1%
Fixed assets
25.1
13.4
12.9
+87.5%
Intangible assets
68.9
69.8
71.9
-1.4%
Securities held for sale or to maturity
1,756
1,887
1,959
-7.0%
Trading assets
13.0
7.8
9.6
+67.4%
Cash and equivalents
149
112
136
+32.9%
Other assets
8,318
8,248
7,662
+0.9%
Total assets
10,330
10,338
9,852
-0.1%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.