2011 Q4 Form 10-Q Financial Statement

#000101617811000063 Filed on November 14, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q3
Revenue $5.057M $5.677M $6.856M
YoY Change -19.46% -17.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $340.0K $390.0K $390.0K
YoY Change -19.05% 0.0% -27.78%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit -$680.0K -$9.450M
YoY Change
Interest Expense -$1.854M -$1.764M $2.487M
YoY Change -179.71% -170.93%
% of Operating Profit
Other Income/Expense, Net $2.788M $2.512M $2.492M
YoY Change 13.38% 0.8%
Pretax Income -$2.279M -$8.129M -$6.364M
YoY Change -61.18% 27.73% 453.39%
Income Tax $1.004M -$185.0K $17.00M
% Of Pretax Income
Net Earnings -$1.275M -$8.314M -$23.36M
YoY Change -84.41% -64.41% 7435.48%
Net Earnings / Revenue -25.21% -146.45% -340.72%
Basic Earnings Per Share -$0.26 -$58.67 -$141.70
Diluted Earnings Per Share -$259.5K -$55.59M -$137.4M
COMMON SHARES
Basic Shares Outstanding 3.695M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.9M $139.5M
YoY Change
Cash & Equivalents $106.7M $70.02M $35.81M
Short-Term Investments $67.22M $69.48M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $9.878M $10.43M $11.80M
YoY Change -13.35% -11.58% -18.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $670.7M $678.0M $754.8M
YoY Change -9.79% -10.18% -6.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.200M $11.90M $8.300M
YoY Change 0.0% 43.37% -3.49%
Total Long-Term Liabilities $9.200M $11.90M $8.300M
YoY Change 0.0% 43.37% -3.49%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $9.200M $11.90M $8.300M
Total Liabilities $607.8M $614.2M $719.7M
YoY Change -15.02% -14.65% -3.18%
SHAREHOLDERS EQUITY
Retained Earnings -$37.94M -$37.24M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $447.0K $488.0K
YoY Change
Treasury Stock Shares 2.090K shares 2.298K shares
Shareholders Equity $60.70M $60.90M $35.00M
YoY Change
Total Liabilities & Shareholders Equity $670.7M $678.0M $754.8M
YoY Change -9.79% -10.18% -6.65%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income -$1.275M -$8.314M -$23.36M
YoY Change -84.41% -64.41% 7435.48%
Depreciation, Depletion And Amortization $340.0K $390.0K $390.0K
YoY Change -19.05% 0.0% -27.78%
Cash From Operating Activities $14.86M $5.510M -$830.0K
YoY Change -2458.73% -763.86% -33.6%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$70.00K $10.00K
YoY Change -300.0% -800.0% -133.33%
Acquisitions
YoY Change
Other Investing Activities $25.89M $21.29M $10.05M
YoY Change 23.11% 111.84% -3341.94%
Cash From Investing Activities $25.86M $21.23M $10.06M
YoY Change 22.97% 111.03% -3243.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.070M 9.140M -24.54M
YoY Change 15.62% -137.25% 1102.94%
NET CHANGE
Cash From Operating Activities 14.86M 5.510M -830.0K
Cash From Investing Activities 25.86M 21.23M 10.06M
Cash From Financing Activities -4.070M 9.140M -24.54M
Net Change In Cash 36.65M 35.88M -15.31M
YoY Change 117.12% -334.36% 324.1%
FREE CASH FLOW
Cash From Operating Activities $14.86M $5.510M -$830.0K
Capital Expenditures -$20.00K -$70.00K $10.00K
Free Cash Flow $14.88M $5.580M -$840.0K
YoY Change -2425.0% -764.29% -31.15%

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us-gaap Noninterest Income
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us-gaap Noninterest Income
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us-gaap Other Nonoperating Income
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us-gaap Other Nonoperating Income
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CY2011Q3 us-gaap Preferred Stock Shares Authorized
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us-gaap Subsequent Event Pro Forma Business Combinations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SUBSEQUENTS EVENTS</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC Topic 855, the Company has evaluated whether any subsequent events that require recognition or disclosure in the accompanying financial statements and notes thereto have taken place through the date these financial statements were issued. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> On October 18, 2011 Carver received approval from the Federal Reserve Bank to pay all outstanding dividend payments on the Company's Series B preferred stock issued under the TARP CPP. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 25, 2011 Carver's shareholders voted and approved a 1 for 15 reverse stock split. A separate vote of approval was given to convert the Series C preferred stock to Series D preferred stock and common stock and exchange the Treasury CDCI Series B preferred stock for common stock.</font></div><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 28, 2011 the Treasury exchanged the CDCI Series B preferred stock for 2,321,286 shares of Carver common stock and the Series C preferred stock converted into 1,208,039 shares of Carver common stock and 45,118 shares of Series D preferred stock.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2011Q1 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
0 USD
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1000 USD
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1000
CY2011Q1 us-gaap Temporary Equity Liquidation Preference Per Share
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0
CY2011Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0
CY2011Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.01
CY2011Q1 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
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TemporaryEquitySharesIssued
55000 shares
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
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2128000 USD
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
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0 USD
CY2011Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2011Q3 us-gaap Treasury Stock Shares
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us-gaap Treasury Stock Shares Acquired
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CY2011Q3 us-gaap Treasury Stock Value
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488000 USD
CY2011Q1 us-gaap Treasury Stock Value
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us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-163000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
169000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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-20684000 USD
CY2010Q3 carv New Market Tax Credit Fees
NewMarketTaxCreditFees
370000 USD
carv New Market Tax Credit Fees
NewMarketTaxCreditFees
1182000 USD
carv New Market Tax Credit Fees
NewMarketTaxCreditFees
0 USD
CY2011Q3 carv New Market Tax Credit Fees
NewMarketTaxCreditFees
0 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2011-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001016178
CY2011Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
3695298 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
CARVER BANCORP INC

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