2012 Q3 Form 10-Q Financial Statement

#000110465912073242 Filed on November 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $1.460B $796.0M
YoY Change 83.42% -41.34%
Cost Of Revenue $912.0M $848.0M
YoY Change 7.55%
Gross Profit $548.0M -$52.00M
YoY Change -1153.85%
Gross Profit Margin 37.53% -6.53%
Selling, General & Admin $278.0M $253.0M
YoY Change 9.88% 4.55%
% of Gross Profit 50.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.190B $1.101B
YoY Change 8.08% 15.65%
Operating Profit -$642.0M -$1.153B
YoY Change -44.32%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $270.0M -$305.0M
YoY Change -188.52% -175.31%
Income Tax $86.00M -$125.0M
% Of Pretax Income 31.85%
Net Earnings $51.00M $47.00M
YoY Change 8.51% -12.96%
Net Earnings / Revenue 3.49% 5.9%
Basic Earnings Per Share
Diluted Earnings Per Share $955.1K $859.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $404.0M $76.00M
YoY Change 431.58% -75.64%
Cash & Equivalents $404.0M $76.00M
Short-Term Investments
Other Short-Term Assets $1.265B $1.232B
YoY Change 2.68% 2.92%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.669B $1.308B
YoY Change 27.6% -13.32%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.278B $12.00B
YoY Change -89.35% 2.48%
Other Assets $1.084B $953.0M
YoY Change 13.75% 1.6%
Total Long-Term Assets $13.88B $12.96B
YoY Change 7.1% 2.42%
TOTAL ASSETS
Total Short-Term Assets $1.669B $1.308B
Total Long-Term Assets $13.88B $12.96B
Total Assets $15.54B $14.26B
YoY Change 8.98% 0.74%
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 $8.334B $8.068B
YoY Change 3.3% 3.05%
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 $8.334B $8.068B
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $8.701B $13.42B
YoY Change -35.15% 1.65%
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 $782.0M $845.0M
YoY Change
Total Liabilities & Shareholders Equity $15.54B $14.26B
YoY Change 8.98% 0.74%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $51.00M $47.00M
YoY Change 8.51% -12.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $174.0M $25.00M
YoY Change 596.0% -90.12%
INVESTING ACTIVITIES
Capital Expenditures -$7.000M -$8.000M
YoY Change -12.5% 33.33%
Acquisitions
YoY Change
Other Investing Activities $30.00M $10.00M
YoY Change 200.0% -108.7%
Cash From Investing Activities $23.00M $2.000M
YoY Change 1050.0% -101.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.00M -60.00M
YoY Change -45.0% 39.53%
NET CHANGE
Cash From Operating Activities 174.0M 25.00M
Cash From Investing Activities 23.00M 2.000M
Cash From Financing Activities -33.00M -60.00M
Net Change In Cash 164.0M -33.00M
YoY Change -596.97% -137.08%
FREE CASH FLOW
Cash From Operating Activities $174.0M $25.00M
Capital Expenditures -$7.000M -$8.000M
Free Cash Flow $181.0M $33.00M
YoY Change 448.48% -87.26%

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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Note 1.&#160; Nature of Operations</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">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></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">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></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; 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FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Erie Family Life Insurance Company (&#8220;EFL&#8221;) is an affiliated life insurance company that underwrites and sells individual and group life insurance policies and fixed annuities.&#160; On March&#160;31, 2011,&#160;Indemnity sold its 21.6% ownership interest in EFL to the Exchange.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">All property and casualty and life insurance operations are owned by the Exchange, and Indemnity functions solely as the management company.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">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></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#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></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></td></tr></table>
dei Entity Registrant Name
EntityRegistrantName
ERIE INDEMNITY CO
dei Entity Central Index Key
EntityCentralIndexKey
0000922621
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Net Cash Provided By Used In Continuing Operations
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CY2011Q3 erie Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Not Included In Net Income Tax
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OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesNotIncludedInNetIncomeTax
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us-gaap Proceeds From Interest And Dividends Received
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365000000 USD
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Available For Sale Securities Equity
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us-gaap Payments To Acquire Trading Securities Heldforinvestment
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us-gaap Payments To Acquire Limited Partnership Interests
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108000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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525000000 USD
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us-gaap Proceeds From Sale Of Available For Sale Securities Equity
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1107000000 USD
us-gaap Proceeds From Limited Partnership Investments
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82000000 USD
us-gaap Payments For Proceeds From Productive Assets
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us-gaap Payments For Proceeds From Loans Receivable
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us-gaap Proceeds From Annuities And Investment Certificates
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us-gaap Repayments Of Annuities And Investment Certificates
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77000000 USD
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us-gaap Payments For Proceeds From Policy Loans
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us-gaap Payments To Acquire Trading Securities Heldforinvestment
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750000000 USD
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Use Of Estimates
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Limited Partnership Interests
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