2010 Q4 Form 10-K Financial Statement
#000127547712000009 Filed on March 09, 2012
Income Statement
| Concept | 2010 Q4 | 2010 | 2009 Q4 |
|---|---|---|---|
| Revenue | $2.040M | $6.467M | $4.260M |
| YoY Change | -52.11% | -59.07% | 9.79% |
| Cost Of Revenue | $560.0K | $2.400M | $720.0K |
| YoY Change | -22.22% | -57.14% | -77.57% |
| Gross Profit | $1.480M | $5.900M | $3.530M |
| YoY Change | -58.07% | -42.16% | 419.12% |
| Gross Profit Margin | 72.55% | 91.23% | 82.86% |
| Selling, General & Admin | $2.320M | $7.821M | $4.480M |
| YoY Change | -48.21% | 100.55% | 258.4% |
| % of Gross Profit | 156.76% | 132.57% | 126.91% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | $206.9K | $100.0K |
| YoY Change | -100.0% | -58.61% | -83.33% |
| % of Gross Profit | 0.0% | 3.51% | 2.83% |
| Operating Expenses | $2.470M | $7.821M | $4.640M |
| YoY Change | -46.77% | 73.81% | 229.08% |
| Operating Profit | -$990.0K | -$1.921M | -$1.110M |
| YoY Change | -10.81% | -133.71% | 52.05% |
| Interest Expense | $278.1K | -$1.270M | |
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$990.0K | -$1.893M | $7.210M |
| YoY Change | -113.73% | -103.97% | -1087.67% |
| Income Tax | $0.00 | -$145.0K | $150.0K |
| % Of Pretax Income | 2.08% | ||
| Net Earnings | -$990.0K | -$1.748M | $4.090M |
| YoY Change | -124.21% | -103.82% | -275.54% |
| Net Earnings / Revenue | -48.53% | -27.02% | 96.01% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$102.9K | -$175.3K | $571.2K |
| COMMON SHARES | |||
| Basic Shares Outstanding | |||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2010 Q4 | 2010 | 2009 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $2.800M | $2.800M | $6.500M |
| YoY Change | -56.92% | -56.25% | -15.58% |
| Cash & Equivalents | $2.831M | $2.800M | $6.470M |
| Short-Term Investments | |||
| Other Short-Term Assets | $6.600M | $500.0K | $9.700M |
| YoY Change | -31.96% | -61.54% | 110.87% |
| Inventory | $0.00 | $0.00 | $0.00 |
| Prepaid Expenses | |||
| Receivables | $1.000M | $1.000M | $1.100M |
| Other Receivables | $0.00 | $3.600M | $0.00 |
| Total Short-Term Assets | $10.40M | $7.900M | $17.30M |
| YoY Change | -39.88% | -11.24% | 29.1% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $3.895M | $3.900M | $4.000M |
| YoY Change | -2.63% | -2.5% | -2.44% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $135.1M | $137.1M | $119.7M |
| YoY Change | 12.87% | 14.54% | -30.45% |
| Other Assets | $3.500M | $3.500M | $2.500M |
| YoY Change | 40.0% | 40.0% | |
| Total Long-Term Assets | $146.6M | $149.1M | $132.0M |
| YoY Change | 11.05% | 6.2% | -39.84% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $10.40M | $7.900M | $17.30M |
| Total Long-Term Assets | $146.6M | $149.1M | $132.0M |
| Total Assets | $157.0M | $157.0M | $149.3M |
| YoY Change | 5.15% | 5.16% | -35.87% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | |||
| YoY Change | |||
| Accrued Expenses | $100.0K | $100.0K | $100.0K |
| YoY Change | 0.0% | 0.0% | -90.0% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $113.6M | $113.6M | $100.3M |
| YoY Change | 13.26% | 13.26% | -32.55% |
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $113.7M | $113.7M | $119.1M |
| YoY Change | -4.53% | -4.53% | -20.44% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $26.80M | $26.80M | $26.80M |
| YoY Change | 0.0% | 0.0% | -74.01% |
| Other Long-Term Liabilities | $8.100M | $8.100M | $8.500M |
| YoY Change | -4.71% | -4.71% | -22.02% |
| Total Long-Term Liabilities | $34.90M | $34.90M | $35.30M |
| YoY Change | -1.13% | -1.13% | -69.04% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $113.7M | $113.7M | $119.1M |
| Total Long-Term Liabilities | $34.90M | $34.90M | $35.30M |
| Total Liabilities | $148.6M | $148.6M | $154.5M |
| YoY Change | -3.81% | -3.82% | -41.41% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$326.1M | ||
| YoY Change | |||
| Common Stock | |||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $8.372M | $8.400M | -$5.155M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $157.0M | $157.0M | $149.3M |
| YoY Change | 5.15% | 5.16% | -35.87% |
Cashflow Statement
| Concept | 2010 Q4 | 2010 | 2009 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$990.0K | -$1.748M | $4.090M |
| YoY Change | -124.21% | -103.82% | -275.54% |
| Depreciation, Depletion And Amortization | $0.00 | $206.9K | $100.0K |
| YoY Change | -100.0% | -58.61% | -83.33% |
| Cash From Operating Activities | -$1.100M | -$799.9K | -$4.000M |
| YoY Change | -72.5% | -103.04% | -51.22% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | $5.624K | $0.00 |
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$4.700M | -$12.70M | -$27.10M |
| YoY Change | -82.66% | -123.18% | -142.28% |
| Cash From Investing Activities | -$4.700M | -$12.70M | -$27.10M |
| YoY Change | -82.66% | -123.18% | -142.28% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | $3.155M | ||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 5.400M | 9.800M | 22.80M |
| YoY Change | -76.32% | -111.89% | -137.62% |
| NET CHANGE | |||
| Cash From Operating Activities | -1.100M | -$799.9K | -4.000M |
| Cash From Investing Activities | -4.700M | -12.70M | -27.10M |
| Cash From Financing Activities | 5.400M | 9.800M | 22.80M |
| Net Change In Cash | -400.0K | -$799.9K | -8.300M |
| YoY Change | -95.18% | -38.47% | 76.6% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.100M | -$799.9K | -$4.000M |
| Capital Expenditures | $0.00 | $5.624K | $0.00 |
| Free Cash Flow | -$1.100M | -$805.5K | -$4.000M |
| YoY Change | -72.5% | -103.06% | -51.22% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2011 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2011-12-31 | |
| CY2011 | dei |
Entity Registrant Name
EntityRegistrantName
|
Bimini Capital Management, Inc. | |
| CY2011 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001275477 | |
| CY2011 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
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Entity Voluntary Filers
EntityVoluntaryFilers
|
No | |
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Current Fiscal Year End Date
CurrentFiscalYearEndDate
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--12-31 | |
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Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
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Entity Well Known Seasoned Issuer
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|
No | |
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Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2011 | |
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Document Fiscal Period Focus
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FY | |
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10-K | |
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false | |
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Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-2878429 | USD |
| CY2010 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-11185 | USD |
| CY2010 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
-654232 | USD |
| CY2010 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-799852 | USD |
| CY2011 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
669077 | USD |
| CY2010 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
3154873 | USD |
| CY2011 | us-gaap |
Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
|
-596 | USD |
| CY2010 | us-gaap |
Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
|
-349344 | USD |
| CY2011 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-44733358 | USD |
| CY2010 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
9816262 | USD |
| CY2011 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
1470201 | USD |
| CY2010 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-3639211 | USD |
| CY2011 | bmnm |
Payments To Acquire Mortgage Backed Securities Mbs Categorized As Trading
PaymentsToAcquireMortgageBackedSecuritiesMbsCategorizedAsTrading
|
77580097 | USD |
| CY2010 | bmnm |
Payments To Acquire Mortgage Backed Securities Mbs Categorized As Trading
PaymentsToAcquireMortgageBackedSecuritiesMbsCategorizedAsTrading
|
154098104 | USD |
| CY2011 | bmnm |
Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Trading
ProceedsFromSaleOfMortgageBackedSecuritiesMbsCategorizedAsTrading
|
95371167 | USD |
| CY2010 | bmnm |
Proceeds From Sale Of Mortgage Backed Securities Mbs Categorized As Trading
ProceedsFromSaleOfMortgageBackedSecuritiesMbsCategorizedAsTrading
|
105152495 | USD |
| CY2011 | bmnm |
Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Categorized As Trading
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesCategorizedAsTrading
|
25352292 | USD |
| CY2010 | bmnm |
Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Categorized As Trading
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesCategorizedAsTrading
|
33089035 | USD |
| CY2011 | bmnm |
Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
|
488153453 | USD |
| CY2010 | bmnm |
Proceeds From Securities Sold Under Agreements To Repurchase
ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase
|
443418141 | USD |
| CY2011 | bmnm |
Payments For Securities Sold Under Agreements To Repurchase
PaymentsForSecuritiesSoldUnderAgreementsToRepurchase
|
532217138 | USD |
| CY2010 | bmnm |
Payments For Securities Sold Under Agreements To Repurchase
PaymentsForSecuritiesSoldUnderAgreementsToRepurchase
|
430097662 | USD |
| CY2011 | bmnm |
Dividends Paid In Shares
DividendsPaidInShares
|
0 | USD |
| CY2010 | bmnm |
Dividends Paid In Shares
DividendsPaidInShares
|
16654837 | USD |
| CY2011 | us-gaap |
Interest Paid
InterestPaid
|
1326971 | USD |
| CY2010 | us-gaap |
Interest Paid
InterestPaid
|
2288255 | USD |
| CY2011 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
17706 | USD |
| CY2010 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
810538 | USD |
| CY2009Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6469795 | USD |
| CY2011 | bmnm |
Trust Preferred Securities Textblock
TrustPreferredSecuritiesTextblock
|
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0px;">NOTE 8</font><font style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">. TRUST PREFERRED SECURITIES</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">During 2005, </font><font style="font-family:Arial Narrow;font-size:11pt;">Bimini Capital sponsored </font><font style="font-family:Arial Narrow;font-size:11pt;">the formation of a </font><font style="font-family:Arial Narrow;font-size:11pt;">statutory trust, known as Bimini Capital Trust II (“BCTII”) of which 100% of the common eq</font><font style="font-family:Arial Narrow;font-size:11pt;">uity is owned by Bimini Capital. It was</font><font style="font-family:Arial Narrow;font-size:11pt;"> formed for the purpose of issuing trust preferred capital securities to third-party investors and investing the proceeds from the sale of such capital securities solely in junior subordinated debt securities of Bimini Capital. The debt securities held by </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;"> are the sole assets of </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">As of </font><font style="font-family:Arial Narrow;font-size:11pt;">December 31, </font><font style="font-family:Arial Narrow;font-size:11pt;">2011</font><font style="font-family:Arial Narrow;font-size:11pt;"> and </font><font style="font-family:Arial Narrow;font-size:11pt;">2010</font><font style="font-family:Arial Narrow;font-size:11pt;">,</font><font style="font-family:Arial Narrow;font-size:11pt;"> the outstanding principal balance on the junior subordinated debt securities owed to BCTII </font><font style="font-family:Arial Narrow;font-size:11pt;">was</font><font style="font-family:Arial Narrow;font-size:11pt;"> $26.8 million. The BCTII trust preferred securities and Bimini Capital's BCTI</font><font style="font-family:Arial Narrow;font-size:11pt;">I Junior Subordinated Notes have</font><font style="font-family:Arial Narrow;font-size:11pt;"> a rate of interest that floats at a spread of 3.50% over the prevailing three-month LIBOR rate. </font><font style="font-family:Arial Narrow;font-size:11pt;">As of </font><font style="font-family:Arial Narrow;font-size:11pt;">December 31, </font><font style="font-family:Arial Narrow;font-size:11pt;">2011</font><font style="font-family:Arial Narrow;font-size:11pt;">, the interest rate was </font><font style="font-family:Arial Narrow;font-size:11pt;">4.05%.</font><font style="font-family:Arial Narrow;font-size:11pt;"> The BCTII trust preferred securities and Bimini Capital's BCTII Junior Subordinated Notes require quarterly interest distributions and are redeemable at Bimini Capital's option, in whole or in part and without penalty, beginning December 15, 2010. Bimini Capital's BCTII Junior Subordinated Notes are subordinate and junior in right of payment of all present and future senior indebtedness. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The trust is a variable interest entity pursuant to FASB ASC Topic 810 because the holders of the equity investment at risk do not have adequate decision making ability over the trust's activities. Since Bimini Capital's investment in the trust's common equity securities was financed directly by the applicable trust as a result of its loan of the proceeds to Bimini Capital, that investment is not considered to be an equity investment at risk. Since Bimini Capital's common share investments in BCTII are not a variable interest, Bimini Capital is not the primary beneficiary of </font><font style="font-family:Arial Narrow;font-size:11pt;">BCTII</font><font style="font-family:Arial Narrow;font-size:11pt;">. Therefore, Bimini Capital has not consolidated the financial statements of BCTII into its financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial Narrow;font-size:11pt;margin-left:18px;">The accompanying consolidated financial statements present Bimini Capital's BCTII Junior Subordinated Notes issued to the trust as a liability and Bimini Capital's investment in the common equity securities of BCTII as an asset</font><font style="font-family:Arial Narrow;font-size:11pt;"> (in</font><font style="font-family:Arial Narrow;font-size:11pt;">cluded in</font><font style="font-family:Arial Narrow;font-size:11pt;"> prepaid expenses and other assets, net)</font><font style="font-family:Arial Narrow;font-size:11pt;">. </font><font style="font-family:Arial Narrow;font-size:11pt;"> </font><font style="font-family:Arial Narrow;font-size:11pt;">For financial statement purposes, Bimini Capital records payments of interest on the Junior Subordinated Notes issued to BCTII as interest expense.</font></p> | |
| CY2011 | us-gaap |
Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
|
NOTE 11.         SAVINGS INCENTIVE PLAN Bimini Capital’s employees have the option to participate in the Bimini Capital Management, Inc., 401K Plan (the “Plan”). Under the terms of the Plan, eligible employees can make tax-deferred 401(k) contributions, and at Bimini Capital’s sole discretion, Bimini Capital can match the employees’ contributions. For the years ended December 31, 2011 and 2010, Bimini Capital made 401(k) matching contributions of approximately $29,000 and $29,000, respectively. |
