$MCY
MERCURY GENERAL CORP

2015 Q2 Form 10-Q Financial Statement

#000006499615000028 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $726.2M $807.0M
YoY Change -10.02% 25.59%
Cost Of Revenue $521.2M $483.0M
YoY Change 7.9% -0.79%
Gross Profit $205.0M $324.0M
YoY Change -36.73% 108.13%
Gross Profit Margin 28.23% 40.14%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $135.1M $133.1M
YoY Change 1.56% 5.27%
% of Gross Profit 65.93% 41.07%
Operating Expenses $720.9M $669.9M
YoY Change 7.61% 0.39%
Operating Profit -$515.9M -$345.9M
YoY Change 49.15% -32.39%
Interest Expense $769.0K $688.0K
YoY Change 11.77% 224.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.511M $136.4M
YoY Change -96.69% -646.64%
Income Tax -$5.128M $41.48M
% Of Pretax Income -113.68% 30.4%
Net Earnings $9.639M $94.96M
YoY Change -89.85% -1125.04%
Net Earnings / Revenue 1.33% 11.77%
Basic Earnings Per Share $0.17 $1.73
Diluted Earnings Per Share $0.17 $1.73
COMMON SHARES
Basic Shares Outstanding 55.16M shares 54.98M shares
Diluted Shares Outstanding 55.18M shares 54.99M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
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 $21.40M $21.50M
YoY Change -0.47% 20.79%
LONG-TERM ASSETS
Property, Plant & Equipment $157.5M $157.4M
YoY Change 0.02% 1.64%
Goodwill $42.80M $42.80M
YoY Change 0.0% 0.0%
Intangibles $34.03M $38.61M
YoY Change -11.86% -13.41%
Long-Term Investments $3.360B $3.390B
YoY Change -0.88% 6.72%
Other Assets $14.10M $0.00
YoY Change -100.0%
Total Long-Term Assets $4.565B $4.541B
YoY Change 0.53% 7.76%
TOTAL ASSETS
Total Short-Term Assets $21.40M $21.50M
Total Long-Term Assets $4.565B $4.541B
Total Assets $4.586B $4.562B
YoY Change 0.53% 7.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.3M $120.8M
YoY Change 6.21% 3.6%
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 $128.3M $145.3M
YoY Change -11.7% 22.1%
LONG-TERM LIABILITIES
Long-Term Debt $290.0M $270.0M
YoY Change 7.41% 92.86%
Other Long-Term Liabilities $179.9M $164.0M
YoY Change 9.7% -15.38%
Total Long-Term Liabilities $469.9M $434.0M
YoY Change 8.27% 30.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $128.3M $145.3M
Total Long-Term Liabilities $469.9M $434.0M
Total Liabilities $2.739B $2.639B
YoY Change 3.79% 10.04%
SHAREHOLDERS EQUITY
Retained Earnings $1.751B $1.840B
YoY Change -4.88% 4.99%
Common Stock $90.99M $81.78M
YoY Change 11.26% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.848B $1.924B
YoY Change
Total Liabilities & Shareholders Equity $4.586B $4.562B
YoY Change 0.53% 7.81%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $9.639M $94.96M
YoY Change -89.85% -1125.04%
Depreciation, Depletion And Amortization $135.1M $133.1M
YoY Change 1.56% 5.27%
Cash From Operating Activities $61.70M $79.00M
YoY Change -21.9% 106.27%
INVESTING ACTIVITIES
Capital Expenditures -$5.400M -$5.800M
YoY Change -6.9% 48.72%
Acquisitions
YoY Change
Other Investing Activities $17.10M -$19.70M
YoY Change -186.8% 181.43%
Cash From Investing Activities $11.70M -$25.50M
YoY Change -145.88% 133.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.20M -33.80M
YoY Change -1.78% 5.3%
NET CHANGE
Cash From Operating Activities 61.70M 79.00M
Cash From Investing Activities 11.70M -25.50M
Cash From Financing Activities -33.20M -33.80M
Net Change In Cash 40.20M 19.70M
YoY Change 104.06% -519.15%
FREE CASH FLOW
Cash From Operating Activities $61.70M $79.00M
Capital Expenditures -$5.400M -$5.800M
Free Cash Flow $67.10M $84.80M
YoY Change -20.87% 100.95%

Facts In Submission

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us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Share Based Compensation
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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, 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact on the 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 February 2015, the FASB issued amendments affecting the consolidation evaluation of limited partnerships and similar entities, fees paid to a decision maker or a service provider as a variable interest, and variable interests in a variable interest entity held by related parties of the reporting entities. The amendments are effective for annual and interim reporting periods beginning after December 15, 2015. The adoption of the new standard will not 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 May 2015, the FASB issued a new standard that requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) the claims development information by accident year, on a net of reinsurance basis, for the number of years for which claims incurred remain outstanding but not to exceed the most recent 10 years, and for the most recent reporting period presented, an insurer also needs to disclose the amount of total net outstanding claims for all accident years included in the claims development tables; (2) a reconciliation of claims development information and the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses; and (3) the claims frequency and the amount of the incurred-but-not-reported liabilities for each accident year presented. In addition, a description of the methodology used to determine the amounts disclosed is required. The roll forward of the liability for unpaid claims and claims adjustment expenses, currently required only for annual periods, will also be required for interim periods. The new standard will be effective for annual periods beginning after December 15, 2015, and interim periods within annual reporting periods beginning after December 15, 2016. The adoption of the new standard will not have a material impact on the Company's consolidated financial statements.</font></div></div>
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: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, 2014</font><font style="font-family:inherit;font-size:10pt;">).</font></div></div>

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