United Fire Group (UFCS) FY2013 results: revenue $877 million, up 7.8% on the year
United Fire Group Inc. (UFCS) reported revenue of $877 million for fiscal 2013, the year ended 31 December 2013, up 7.8% on the year before. Net income was $76 million, up 89.3%, and diluted earnings per share $2.98. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2014.
Revenue
$877 million
+7.8% on the year
FY2009FY2013
Operating margin
11.6%
5.7% a year earlier
FY2009FY2013
Net income
$76 million
+89.3% on the year
FY2009FY2013
Diluted EPS
$2.98
+88.6% 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
877
813
705
+7.8%
Operating income
102
46.1
-12.7
+121.2%
Operating margin
11.6%
5.7%
-1.8%
Interest expense
0.0
n/a
n/a
Pre-tax income
102
46.1
-12.7
+121.2%
Income tax
25.8
5.9
-12.7
+339.5%
Effective tax rate
25.3%
12.7%
n/a
Net income
76.1
40.2
0.0
+89.3%
Net margin
8.7%
4.9%
0.0%
Diluted EPS
$2.98
$1.58
$0.00
+88.6%
$ 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
161
172
74.4
-6.2%
Capital expenditure
8.5
2.9
14.0
+192.8%
Free cash flow
153
169
60.4
-9.5%
Free cash flow margin
17.4%
20.8%
8.6%
Cash from investing
-102
-111
-175
Cash from financing
-74.8
-97.8
65.2
Depreciation and amortisation
5.6
8.0
5.6
-29.8%
Share-based compensation
1.8
1.8
1.8
+0.7%
Buybacks
1.6
7.3
12.4
-77.5%
Dividends paid
17.5
15.3
15.5
+14.5%
Dividend per share
$0.69
$0.60
$0.60
+15.0%
Diluted shares, weighted
26m
26m
26m
+0.1%
Shares outstanding at period end
25m
25m
26m
+0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
783
729
696
+7.4%
Debt
n/a
0.0
45.0
Other liabilities
2,938
2,965
2,878
-0.9%
Total liabilities and equity
3,721
3,695
3,619
+0.7%
Fixed assets
47.2
43.1
45.6
+9.6%
Goodwill
15.1
15.1
n/a
0.0%
Intangible assets
12.0
13.2
15.7
-9.2%
Securities held for sale or to maturity
2,752
2,810
2,701
-2.1%
Trading assets
12.4
15.4
15.2
-19.2%
Cash and equivalents
92.2
107
145
-14.2%
Other assets
790
691
696
+14.4%
Total assets
3,721
3,695
3,619
+0.7%
10-K for the year ended 31 December 2013, filed 5 March 2014: the filing.