2012 Q4 Form 10-Q Financial Statement

#000147592212000010 Filed on November 08, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $304.5M $299.1M $275.8M
YoY Change 10.38% 8.45% 14.32%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $54.00M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.10M $29.23M $26.65M
YoY Change 12.42% 9.72% 11.75%
% of Gross Profit
Operating Expenses $198.5M $219.7M $187.4M
YoY Change -6.46% 17.24% 8.7%
Operating Profit
YoY Change
Interest Expense -$8.900M $8.828M $7.000M
YoY Change 27.14% 26.11% 0.46%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $60.95M $70.56M $55.51M
YoY Change 7.52% 27.11% -10.33%
Income Tax $20.68M $24.96M $20.41M
% Of Pretax Income 33.92% 35.37% 36.77%
Net Earnings $40.27M $45.60M $35.10M
YoY Change 8.25% 29.92% -11.36%
Net Earnings / Revenue 13.23% 15.25% 12.73%
Basic Earnings Per Share $0.68 $0.74 $0.46
Diluted Earnings Per Share $0.67 $0.72 $0.46
COMMON SHARES
Basic Shares Outstanding 57.57M shares 60.06M shares 73.66M shares
Diluted Shares Outstanding 61.56M shares 74.20M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $112.2M $185.8M $154.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $13.36M
YoY Change 3.25%
Goodwill
YoY Change
Intangibles $69.82M $69.38M $72.78M
YoY Change -2.94% -4.67%
Long-Term Investments $1.957B $1.991B $2.320B
YoY Change -3.21% -14.18% 5.02%
Other Assets $17.00M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $10.34B $10.43B $10.01B
YoY Change 4.93% 4.27% 5.84%
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 $255.0M $274.0M $273.0M
YoY Change 10.39% 0.37% -36.21%
LONG-TERM LIABILITIES
Long-Term Debt $374.0M $374.0M $300.0M
YoY Change 24.67% 24.67%
Other Long-Term Liabilities $359.0M $425.0M $389.0M
YoY Change -5.77% 9.25% 5.14%
Total Long-Term Liabilities $733.0M $799.0M $689.0M
YoY Change 7.64% 15.97% 86.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $255.0M $274.0M $273.0M
Total Long-Term Liabilities $733.0M $799.0M $689.0M
Total Liabilities $9.062B $9.097B $8.436B
YoY Change 6.3% 7.84% 4.69%
SHAREHOLDERS EQUITY
Retained Earnings $503.2M $468.2M $526.8M
YoY Change 46.23% -11.13%
Common Stock $602.8M $692.5M $899.7M
YoY Change -27.88% -23.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.275B $1.337B $1.480B
YoY Change
Total Liabilities & Shareholders Equity $10.34B $10.43B $10.01B
YoY Change 4.93% 4.27% 5.84%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $40.27M $45.60M $35.10M
YoY Change 8.25% 29.92% -11.36%
Depreciation, Depletion And Amortization $37.10M $29.23M $26.65M
YoY Change 12.42% 9.72% 11.75%
Cash From Operating Activities $21.60M $91.00M $19.50M
YoY Change -70.77% 366.67% -151.72%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $8.000M -$72.40M $22.20M
YoY Change -92.29% -426.13% -121.66%
Cash From Investing Activities $8.000M -$72.40M $22.20M
YoY Change -92.29% -426.13% -121.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -103.1M 58.40M -2.300M
YoY Change -47.72% -2639.13% 228.57%
NET CHANGE
Cash From Operating Activities 21.60M 91.00M 19.50M
Cash From Investing Activities 8.000M -72.40M 22.20M
Cash From Financing Activities -103.1M 58.40M -2.300M
Net Change In Cash -73.50M 77.00M 39.40M
YoY Change 276.92% 95.43% -127.46%
FREE CASH FLOW
Cash From Operating Activities $21.60M $91.00M $19.50M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications.</font><font style="font-family:Arial;font-size:10pt;"> Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. Concurrent with our January 1, 2012 adoption of ASU 2010-26, </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts </font><font style="font-family:Arial;font-size:10pt;">("ASU 2010-26")</font><font style="font-family:Arial;font-size:10pt;font-style:italic;">, </font><font style="font-family:Arial;font-size:10pt;">certain expenses were reclassified among sales commission, insurance expenses, insurance commissions and other operating expenses. These reclassifications had no impact on net income, total stockholders&#8217; equity or income before income taxes by segment.</font></div></div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73265000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60060000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62241000 shares
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax Adjustment
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTaxAdjustment
149357000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax Adjustment
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTaxAdjustment
184362000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax Including Fcta And Other Than Temporary Impairment Currency Swaps
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTaxIncludingFctaAndOtherThanTemporaryImpairmentCurrencySwaps
108000 USD
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax Including Fcta And Other Than Temporary Impairment Currency Swaps
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTaxIncludingFctaAndOtherThanTemporaryImpairmentCurrencySwaps
96000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax Including Fcta And Other Than Temporary Impairment From Fixed Maturity And Equity Securities
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTaxIncludingFctaAndOtherThanTemporaryImpairmentFromFixedMaturityAndEquitySecurities
191605000 USD
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax Including Fcta And Other Than Temporary Impairment From Fixed Maturity And Equity Securities
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTaxIncludingFctaAndOtherThanTemporaryImpairmentFromFixedMaturityAndEquitySecurities
153180000 USD
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentTax
-52275000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentTax
-64526000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Deferred Gain Loss From Closed Contracts In Net Investment Hedge Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDeferredGainLossFromClosedContractsInNetInvestmentHedgeNetOfTax
-26385000 USD
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Deferred Gain Loss From Closed Contracts In Net Investment Hedge Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDeferredGainLossFromClosedContractsInNetInvestmentHedgeNetOfTax
-26385000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Before Tax Available For Sale Securities
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentBeforeTaxAvailableForSaleSecurities
-9449000 USD
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Before Tax Available For Sale Securities
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentBeforeTaxAvailableForSaleSecurities
-6481000 USD
CY2012Q3 pri Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Not Credit Loss Before Tax Available For Sale Debt Securities
AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentNotCreditLossBeforeTaxAvailableForSaleDebtSecurities
-2098000 USD
CY2011Q4 pri Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Not Credit Loss Before Tax Available For Sale Debt Securities
AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentNotCreditLossBeforeTaxAvailableForSaleDebtSecurities
-2562000 USD
CY2012Q3 pri Available For Sale Fixed Maturity Securities In Default Amortized Cost
AvailableForSaleFixedMaturitySecuritiesInDefaultAmortizedCost
258000 USD
CY2011Q4 pri Available For Sale Fixed Maturity Securities In Default Amortized Cost
AvailableForSaleFixedMaturitySecuritiesInDefaultAmortizedCost
3983000 USD
CY2011Q4 pri Available For Sale Fixed Maturity Securities In Default Fair Value
AvailableForSaleFixedMaturitySecuritiesInDefaultFairValue
5168000 USD
CY2012Q3 pri Available For Sale Fixed Maturity Securities In Default Fair Value
AvailableForSaleFixedMaturitySecuritiesInDefaultFairValue
720000 USD
CY2012Q3 pri Available For Sale Securities Continuous Unrealized Loss Position Cost Basis
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionCostBasis
80406000 USD
CY2012Q3 pri Fair Value Assumptions Percentage Of Securities Assessed By Third Party Pricing Service
FairValueAssumptionsPercentageOfSecuritiesAssessedByThirdPartyPricingService
0.94
pri Increase Decrease In Premiums Receivable And Other Receivables
IncreaseDecreaseInPremiumsReceivableAndOtherReceivables
11208000 USD
CY2011Q4 pri Available For Sale Securities Continuous Unrealized Loss Position Cost Basis
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionCostBasis
286718000 USD
CY2012Q3 pri Available For Sale Securities Debt Maturities With Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateAmortizedCostBasis
1391538000 USD
CY2012Q3 pri Available For Sale Securities Debt Maturities With Single Maturity Date Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithSingleMaturityDateFairValue
1549760000 USD
pri Increase Decrease In Premiums Receivable And Other Receivables
IncreaseDecreaseInPremiumsReceivableAndOtherReceivables
13882000 USD
pri Insurance Expenses
InsuranceExpenses
64919000 USD
pri Insurance Expenses
InsuranceExpenses
70777000 USD
CY2012Q3 pri Insurance Expenses
InsuranceExpenses
23744000 USD
CY2011Q3 pri Insurance Expenses
InsuranceExpenses
22133000 USD
CY2012Q3 pri Investments On Deposit With Government Authorities Fair Value Disclosure
InvestmentsOnDepositWithGovernmentAuthoritiesFairValueDisclosure
20787000 USD
CY2011Q4 pri Investments On Deposit With Government Authorities Fair Value Disclosure
InvestmentsOnDepositWithGovernmentAuthoritiesFairValueDisclosure
19100000 USD
pri Deferred Policy Acquisition Costs Foreign Exchange And Other
DeferredPolicyAcquisitionCostsForeignExchangeAndOther
-4588000 USD
pri Deferred Policy Acquisition Costs Foreign Exchange And Other
DeferredPolicyAcquisitionCostsForeignExchangeAndOther
5882000 USD
CY2011Q4 pri Direct Life Insurance In Force
DirectLifeInsuranceInForce
669938841000 USD
CY2012Q3 pri Direct Life Insurance In Force
DirectLifeInsuranceInForce
673983100000 USD
CY2012Q3 pri Life Insurance Ceded To Other Companies
LifeInsuranceCededToOtherCompanies
598866030000 USD
CY2011Q4 pri Life Insurance Ceded To Other Companies
LifeInsuranceCededToOtherCompanies
596975143000 USD
pri Line Of Credit Facility Term Of Agreement
LineOfCreditFacilityTermOfAgreement
P14Y
CY2011Q4 pri Net Life Insurance In Force
NetLifeInsuranceInForce
72963698000 USD
CY2012Q3 pri Net Life Insurance In Force
NetLifeInsuranceInForce
75117070000 USD
CY2011Q4 pri Percentage Of Reinsured Life Insurance In Force
PercentageOfReinsuredLifeInsuranceInForce
0.89
CY2012Q3 pri Percentage Of Reinsured Life Insurance In Force
PercentageOfReinsuredLifeInsuranceInForce
0.89
pri Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities Debt
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecuritiesDebt
203256000 USD
pri Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities Debt
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecuritiesDebt
299112000 USD
pri Proceeds From Sale And Maturity Of Available For Sale Securities Equity
ProceedsFromSaleAndMaturityOfAvailableForSaleSecuritiesEquity
1965000 USD
pri Proceeds From Sale And Maturity Of Available For Sale Securities Equity
ProceedsFromSaleAndMaturityOfAvailableForSaleSecuritiesEquity
3026000 USD
pri Proceeds From Sales Of Short Term Investments Using Collateral Held Under Securities Lending Net
ProceedsFromSalesOfShortTermInvestmentsUsingCollateralHeldUnderSecuritiesLendingNet
-3757000 USD
pri Proceeds From Sales Of Short Term Investments Using Collateral Held Under Securities Lending Net
ProceedsFromSalesOfShortTermInvestmentsUsingCollateralHeldUnderSecuritiesLendingNet
-28308000 USD
CY2011Q3 pri Realized Investment Gains Losses Including Other Than Temporary Impairment Losses
RealizedInvestmentGainsLossesIncludingOtherThanTemporaryImpairmentLosses
-178000 USD
pri Realized Investment Gains Losses Including Other Than Temporary Impairment Losses
RealizedInvestmentGainsLossesIncludingOtherThanTemporaryImpairmentLosses
2184000 USD
CY2012Q3 pri Realized Investment Gains Losses Including Other Than Temporary Impairment Losses
RealizedInvestmentGainsLossesIncludingOtherThanTemporaryImpairmentLosses
3872000 USD
pri Realized Investment Gains Losses Including Other Than Temporary Impairment Losses
RealizedInvestmentGainsLossesIncludingOtherThanTemporaryImpairmentLosses
10324000 USD
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
57569453 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Primerica, Inc.
CY2012Q3 pri Securities Loaned Additional Collateral Requirement Decline In Collateral Value Threshold Percentage
SecuritiesLoanedAdditionalCollateralRequirementDeclineInCollateralValueThresholdPercentage
1
CY2011Q4 pri Securities Loaned Additional Collateral Requirement Decline In Collateral Value Threshold Percentage
SecuritiesLoanedAdditionalCollateralRequirementDeclineInCollateralValueThresholdPercentage
1
CY2012Q3 pri Securities Loaned Minimum Collateral To Loan Ratio
SecuritiesLoanedMinimumCollateralToLoanRatio
1.02
CY2011Q4 pri Securities Loaned Minimum Collateral To Loan Ratio
SecuritiesLoanedMinimumCollateralToLoanRatio
1.02
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
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001475922

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