$ERIE
ERIE INDEMNITY CO

2013 Q2 Form 10-Q Financial Statement

#000092262113000018 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.426B $1.160B
YoY Change 22.93% -6.83%
Cost Of Revenue $861.0M $943.0M
YoY Change -8.7%
Gross Profit $565.0M $217.0M
YoY Change 160.37%
Gross Profit Margin 39.62% 18.71%
Selling, General & Admin $302.0M $287.0M
YoY Change 5.23% 15.26%
% of Gross Profit 53.45% 132.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.163B $1.230B
YoY Change -5.45% -13.32%
Operating Profit -$598.0M -$1.013B
YoY Change -40.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $263.0M -$70.00M
YoY Change -475.71% -59.77%
Income Tax $86.00M -$32.00M
% Of Pretax Income 32.7%
Net Earnings $44.00M $43.00M
YoY Change 2.33% -17.31%
Net Earnings / Revenue 3.09% 3.71%
Basic Earnings Per Share
Diluted Earnings Per Share $831.8K $800.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $365.0M $240.0M
YoY Change 52.08% 120.18%
Cash & Equivalents $365.0M $240.0M
Short-Term Investments
Other Short-Term Assets $1.365B $1.241B
YoY Change 9.99% 2.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.730B $1.481B
YoY Change 16.81% 11.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.177B $12.53B
YoY Change -90.61% 0.34%
Other Assets $1.047B $1.031B
YoY Change 1.55% 13.17%
Total Long-Term Assets $14.15B $13.56B
YoY Change 4.34% 1.21%
TOTAL ASSETS
Total Short-Term Assets $1.730B $1.481B
Total Long-Term Assets $14.15B $13.56B
Total Assets $15.88B $15.04B
YoY Change 5.56% 2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.599B $8.210B
YoY Change 4.74% 1.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.599B $8.210B
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $8.911B $14.28B
YoY Change -37.58% 3.02%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $647.0M $766.0M
YoY Change
Total Liabilities & Shareholders Equity $15.88B $15.04B
YoY Change 5.56% 2.17%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $44.00M $43.00M
YoY Change 2.33% -17.31%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $203.0M $119.0M
YoY Change 70.59% 10.19%
INVESTING ACTIVITIES
Capital Expenditures -$13.00M -$13.00M
YoY Change 0.0% -533.33%
Acquisitions
YoY Change
Other Investing Activities -$189.0M -$22.00M
YoY Change 759.09% -84.93%
Cash From Investing Activities -$202.0M -$35.00M
YoY Change 477.14% -75.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.00M -43.00M
YoY Change -44.19% -35.82%
NET CHANGE
Cash From Operating Activities 203.0M 119.0M
Cash From Investing Activities -202.0M -35.00M
Cash From Financing Activities -24.00M -43.00M
Net Change In Cash -23.00M 41.00M
YoY Change -156.1% -140.2%
FREE CASH FLOW
Cash From Operating Activities $203.0M $119.0M
Capital Expenditures -$13.00M -$13.00M
Free Cash Flow $216.0M $132.0M
YoY Change 63.64% 25.71%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 1.&#160; Nature of Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Erie Indemnity Company (&#8220;Indemnity&#8221;) is a publicly held Pennsylvania business corporation that has been the managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (&#8220;Exchange&#8221;) since 1925.&#160; The Exchange is a subscriber-owned, Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity&#8217;s primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.&#160; This is done in accordance with a subscriber&#8217;s agreement (a limited power of attorney) executed by each subscriber (policyholder), which appoints Indemnity as their common attorney-in-fact to transact business on their behalf and to manage the affairs of the Exchange.&#160; Pursuant to the subscriber&#8217;s agreement and for its services as attorney-in-fact,&#160;Indemnity earns a management fee calculated as a percentage of the direct premiums written by the Exchange and the other members of the Property and Casualty Group (defined below), which are assumed by the Exchange under an intercompany pooling arrangement.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange&#8217;s economic performance by acting as the common attorney-in-fact and decision maker for the subscribers (policyholders) at the Exchange.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Exchange, together with its wholly owned subsidiaries, Erie Insurance Company (&#8220;EIC&#8221;), Erie Insurance Company of New York (&#8220;ENY&#8221;), Erie Insurance Property and Casualty Company (&#8220;EPC&#8221;), and Flagship City Insurance Company (&#8220;Flagship&#8221;), operate as a property and casualty insurer and are collectively referred to as the &#8220;Property and Casualty Group&#8221;.&#160; The Property and Casualty Group operates in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">11</font><font style="font-family:inherit;font-size:10pt;"> Midwestern, Mid-Atlantic and Southeastern states and the District of Columbia.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Erie Family Life Insurance Company (&#8220;EFL&#8221;), a wholly owned subsidiary of the Exchange, operates as a life insurer that underwrites and sells individual and group life insurance policies and fixed annuities.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All property and casualty and life insurance operations are owned by the Exchange and Indemnity functions solely as the management company.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements of Erie Indemnity Company reflect the results of Indemnity and its variable interest entity, the Exchange, which we refer to collectively as the &#8220;Erie Insurance Group&#8221; (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221;).</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8220;Indemnity shareholder interest&#8221; refers to the interest in Erie Indemnity Company owned by the Class&#160;A and Class&#160;B shareholders.&#160; &#8220;Noncontrolling interest&#8221; refers to the interest in the Erie Insurance Exchange held for the subscribers (policyholders).</font></div></div>
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dei Document Period End Date
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dei Document Type
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dei Entity Central Index Key
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dei Entity Current Reporting Status
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dei Entity Registrant Name
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dei Entity Well Known Seasoned Issuer
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