$MCY
MERCURY GENERAL CORP

2014 Q4 Form 10-Q Financial Statement

#000006499614000023 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $721.8M $720.0M $728.7M
YoY Change 1.7% -1.19% -0.43%
Cost Of Revenue $492.5M $492.6M
YoY Change -0.01% 5.26%
Gross Profit $227.5M $236.1M
YoY Change -3.66% -10.51%
Gross Profit Margin 31.59% 32.4%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.30M $131.1M $126.9M
YoY Change 41.38% 3.31% 4.09%
% of Gross Profit 57.63% 53.74%
Operating Expenses $749.2M $682.2M $673.5M
YoY Change 7.34% 1.29% 5.22%
Operating Profit -$454.7M -$437.4M
YoY Change 3.97% 16.25%
Interest Expense -$700.0K $707.0K $338.0K
YoY Change 75.0% 109.17% -12.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$28.16M $37.12M $54.79M
YoY Change -349.92% -32.25% -40.01%
Income Tax -$7.200M $5.824M $15.22M
% Of Pretax Income 15.69% 27.78%
Net Earnings -$20.96M $31.30M $39.57M
YoY Change -236.29% -20.91% -40.23%
Net Earnings / Revenue -2.9% 4.35% 5.43%
Basic Earnings Per Share -$0.38 $0.57 $0.72
Diluted Earnings Per Share -$0.38 $0.57 $0.72
COMMON SHARES
Basic Shares Outstanding 55.04M shares 55.00M shares 54.96M shares
Diluted Shares Outstanding 55.01M shares 54.97M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.20M $22.20M $18.40M
YoY Change -7.83% 20.65% -25.81%
LONG-TERM ASSETS
Property, Plant & Equipment $159.0M $160.1M $154.5M
YoY Change 1.44% 3.67% -6.48%
Goodwill $42.80M $42.80M $42.80M
YoY Change 0.0% 0.0% -0.13%
Intangibles $35.62M $37.12M $43.10M
YoY Change -14.37% -13.88% -12.23%
Long-Term Investments $3.404B $3.408B $3.126B
YoY Change 7.77% 9.0% -1.09%
Other Assets $0.00 $0.00 $26.40M
YoY Change -100.0% -100.0%
Total Long-Term Assets $4.579B $4.587B $4.322B
YoY Change 6.68% 6.13% 3.25%
TOTAL ASSETS
Total Short-Term Assets $21.20M $22.20M $18.40M
Total Long-Term Assets $4.579B $4.587B $4.322B
Total Assets $4.600B $4.609B $4.340B
YoY Change 6.61% 6.19% 3.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.9M $141.9M $134.0M
YoY Change 2.51% 5.9% 33.73%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $130.9M $149.7M $160.3M
YoY Change -6.23% -6.61% 59.98%
LONG-TERM LIABILITIES
Long-Term Debt $290.0M $290.0M $180.0M
YoY Change 52.63% 61.11% 28.57%
Other Long-Term Liabilities $207.0M $163.8M $182.2M
YoY Change 21.27% -10.1% 13.73%
Total Long-Term Liabilities $497.0M $453.8M $362.2M
YoY Change 37.79% 25.29% 20.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.9M $149.7M $160.3M
Total Long-Term Liabilities $497.0M $453.8M $362.2M
Total Liabilities $2.725B $2.684B $2.500B
YoY Change 9.31% 7.36% 7.91%
SHAREHOLDERS EQUITY
Retained Earnings $1.783B $1.838B $1.759B
YoY Change 2.44% 4.49% -3.04%
Common Stock $92.51M $83.67M $81.11M
YoY Change 12.81% 3.15% 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.875B $1.925B $1.840B
YoY Change
Total Liabilities & Shareholders Equity $4.600B $4.609B $4.340B
YoY Change 6.61% 6.19% 3.08%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$20.96M $31.30M $39.57M
YoY Change -236.29% -20.91% -40.23%
Depreciation, Depletion And Amortization $12.30M $131.1M $126.9M
YoY Change 41.38% 3.31% 4.09%
Cash From Operating Activities $47.00M $71.10M $73.20M
YoY Change 17.21% -2.87% 14.55%
INVESTING ACTIVITIES
Capital Expenditures -$5.100M -$8.700M -$4.600M
YoY Change -10.53% 89.13% 4.55%
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$29.30M -$5.300M
YoY Change -134.48% 452.83% -411.76%
Cash From Investing Activities -$7.200M -$37.90M -$9.900M
YoY Change -7300.0% 282.83% 253.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.60M -12.00M 6.400M
YoY Change 24.37% -287.5% -119.1%
NET CHANGE
Cash From Operating Activities 47.00M 71.10M 73.20M
Cash From Investing Activities -7.200M -37.90M -9.900M
Cash From Financing Activities -29.60M -12.00M 6.400M
Net Change In Cash 10.20M 21.20M 69.70M
YoY Change -37.8% -69.58% 152.54%
FREE CASH FLOW
Cash From Operating Activities $47.00M $71.10M $73.20M
Capital Expenditures -$5.100M -$8.700M -$4.600M
Free Cash Flow $52.10M $79.80M $77.80M
YoY Change 13.76% 2.57% 13.91%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued a new standard that requires entities to apply a five-step model to determine the amount and timing of revenue recognition. The model specifies, among other criteria, that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount at which the entity expects to be entitled. The new standard will be effective for fiscal years and interim periods within those years that begin after December 15, 2016. Early adoption is not permitted. The adoption of the new standard is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2013, the FASB issued a new standard that requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when the uncertain tax position would reduce the net operating loss or other carryforward under the tax law of the applicable jurisdiction and when the entity intends to use the deferred tax asset for that purpose. The Company adopted the new standard which became effective for the interim period ended March 31, 2014. The adoption of the new standard did not have a material impact on the Company&#8217;s consolidated financial statements.</font></div></div>
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CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Cost And Expense Operating
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us-gaap Other Income
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us-gaap Other Income
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Premiums Earned Net Property And Casualty
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us-gaap Premiums Earned Net Property And Casualty
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CY2014Q3 us-gaap Premiums Receivable At Carrying Value
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us-gaap Proceeds From Bank Debt
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us-gaap Proceeds From Bank Debt
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Proceeds From Sale Of Available For Sale Securities Equity
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us-gaap Proceeds From Sale Of Available For Sale Securities Equity
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Sale Of Short Term Investments
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us-gaap Realized Investment Gains Losses
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us-gaap Realized Investment Gains Losses
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CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q3 us-gaap Revenues
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CY2013Q3 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
216000 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
81000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
81000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2013Q4 us-gaap Short Term Investments
ShortTermInvestments
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CY2014Q3 us-gaap Short Term Investments
ShortTermInvestments
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q3 us-gaap Trading Securities Equity
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CY2013Q4 us-gaap Trading Securities Equity
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us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2014Q3 us-gaap Unsecured Debt
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CY2013Q4 us-gaap Unsecured Debt
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to reserves for losses and loss adjustment expenses. Actual results could differ from those estimates (See Note 1 &#8220;Summary of Significant Accounting Policies&#8221; of the Notes to Consolidated Financial Statements in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">).</font></div></div>
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 mcy Amortized Cost On Fixed Maturity Trading Investments
AmortizedCostOnFixedMaturityTradingInvestments
2509057000 USD
CY2013Q4 mcy Amortized Cost On Fixed Maturity Trading Investments
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2523042000 USD
CY2014Q3 mcy Cost Equity Security Trading Investments
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CY2013Q4 mcy Cost Equity Security Trading Investments
CostEquitySecurityTradingInvestments
223933000 USD
CY2014Q3 mcy Cost Short Term Investments
CostShortTermInvestments
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CY2013Q4 mcy Cost Short Term Investments
CostShortTermInvestments
315886000 USD
CY2013Q4 mcy Fair Value Assets Measured On Recurring Basis
FairValueAssetsMeasuredOnRecurringBasis
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CY2014Q3 mcy Fair Value Assets Measured On Recurring Basis
FairValueAssetsMeasuredOnRecurringBasis
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CY2013Q4 mcy Fair Value Liabilities Measured On Recurring Basis
FairValueLiabilitiesMeasuredOnRecurringBasis
140000 USD
CY2014Q3 mcy Fair Value Liabilities Measured On Recurring Basis
FairValueLiabilitiesMeasuredOnRecurringBasis
1635000 USD
mcy Fair Value Transfers Between Levels One Two And Three Amount
FairValueTransfersBetweenLevelsOneTwoAndThreeAmount
0 transfers
mcy Fair Value Transfers Between Levels One Two And Three Amount
FairValueTransfersBetweenLevelsOneTwoAndThreeAmount
0 transfers
mcy Percentage Of Specific Unadjusted Broker Quotes Obtained
PercentageOfSpecificUnadjustedBrokerQuotesObtained
0.004
mcy Percentage Of Unadjusted Fair Value Obtained
PercentageOfUnadjustedFairValueObtained
0.996
mcy Performance Period Of Restricted Stock And Restricted Stock Units
PerformancePeriodOfRestrictedStockAndRestrictedStockUnits
P3Y
CY2013 mcy Performance Vesting Restricted Stock Units Three Year Performance Period Ending Years
PerformanceVestingRestrictedStockUnitsThreeYearPerformancePeriodEndingYears
2015
CY2012 mcy Performance Vesting Restricted Stock Units Three Year Performance Period Ending Years
PerformanceVestingRestrictedStockUnitsThreeYearPerformancePeriodEndingYears
2014
mcy Performance Vesting Restricted Stock Units Three Year Performance Period Ending Years
PerformanceVestingRestrictedStockUnitsThreeYearPerformancePeriodEndingYears
2016
mcy Performance Vesting Restricted Stock Units Vesting Shares Maximum
PerformanceVestingRestrictedStockUnitsVestingSharesMaximum
159375 shares
CY2012 mcy Performance Vesting Restricted Stock Units Vesting Shares Maximum
PerformanceVestingRestrictedStockUnitsVestingSharesMaximum
182250 shares
CY2013 mcy Performance Vesting Restricted Stock Units Vesting Shares Maximum
PerformanceVestingRestrictedStockUnitsVestingSharesMaximum
182250 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000064996
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
55036367 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MERCURY GENERAL CORP

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