Primerica (PRI) FY2014 results: revenue $1.3 billion, up 8.8% on the year
Primerica, Inc. (PRI) reported revenue of $1.3 billion for fiscal 2014, the year ended 31 December 2014, up 8.8% on the year before. Net income was $181 million, up 13.3%, and diluted earnings per share $3.29. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$1.3 billion
+8.8% on the year
FY2009FY2014
Operating margin
20.6%
19.9% a year earlier
FY2009FY2014
Net income
$181 million
+13.3% on the year
FY2009FY2014
Diluted EPS
$3.29
+16.3% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,337
1,229
1,154
+8.8%
Operating income
276
245
266
+12.5%
Operating margin
20.6%
19.9%
23.1%
Interest expense
34.6
35.0
33.1
-1.3%
Pre-tax income
276
245
266
+12.5%
Income tax
95.9
86.3
92.8
+11.1%
Effective tax rate
34.8%
35.2%
34.9%
Net income
181
160
174
+13.3%
Net margin
13.6%
13.0%
15.1%
Diluted EPS
$3.29
$2.83
$2.71
+16.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
238
188
124
+26.5%
Cash from investing
-15.6
35.5
62.3
Cash from financing
-176
-185
-211
Depreciation and amortisation
12.3
10.8
10.1
+13.5%
Share-based compensation
18.0
13.8
18.9
+30.4%
Buybacks
148
86.3
258
+71.4%
Dividends paid
26.5
25.1
14.7
+5.8%
Dividend per share
$0.48
$0.44
$0.24
+9.1%
Diluted shares, weighted
55m
57m
62m
-3.6%
Shares outstanding at period end
52m
55m
56m
-4.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,245
1,222
1,275
+1.9%
Debt
375
374
374
+0.0%
Other liabilities
9,118
8,733
8,688
+4.4%
Total liabilities and equity
10,738
10,330
10,338
+4.0%
Fixed assets
26.5
25.1
13.4
+5.6%
Intangible assets
61.7
68.9
69.8
-10.4%
Securities held for sale or to maturity
1,979
1,756
1,887
+12.7%
Trading assets
7.7
13.0
7.8
-40.6%
Cash and equivalents
192
149
112
+28.7%
Other assets
8,471
8,318
8,248
+1.8%
Total assets
10,738
10,330
10,338
+4.0%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.