$SAFT
SAFETY INSURANCE GROUP INC

2011 Q2 Form 10-Q Financial Statement

#000110465911044905 Filed on August 08, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q2
Revenue $163.9M $151.4M
YoY Change 8.28% 3.48%
Cost Of Revenue $114.2M $87.78M
YoY Change 30.09%
Gross Profit $49.75M $63.62M
YoY Change -21.8%
Gross Profit Margin 30.35% 42.02%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.100M $3.000M
YoY Change 3.33% -3.23%
% of Gross Profit 6.23% 4.72%
Operating Expenses $158.3M $130.0M
YoY Change 21.77% 3.26%
Operating Profit -$108.5M -$66.38M
YoY Change 63.53%
Interest Expense $21.00K $22.00K
YoY Change -4.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.661M $21.34M
YoY Change -73.48% 5.14%
Income Tax $1.576M $6.254M
% Of Pretax Income 27.84% 29.3%
Net Earnings $4.085M $15.09M
YoY Change -72.93% 0.59%
Net Earnings / Revenue 2.49% 9.97%
Basic Earnings Per Share $0.27 $1.00
Diluted Earnings Per Share $0.70 $1.00
COMMON SHARES
Basic Shares Outstanding 15.18M shares 15.11M shares
Diluted Shares Outstanding 15.20M shares 15.13M shares

Balance Sheet

Concept 2011 Q2 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $55.51M $40.04M
Short-Term Investments
Other Short-Term Assets $11.60M $13.00M
YoY Change -10.77% -25.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $34.00M $35.60M
YoY Change -4.49% 78.89%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.074B $1.070B
YoY Change 0.41% 3.81%
Other Assets $1.300M $2.600M
YoY Change -50.0% -75.47%
Total Long-Term Assets $1.433B $1.406B
YoY Change 1.91% 0.56%
TOTAL ASSETS
Total Short-Term Assets $34.00M $35.60M
Total Long-Term Assets $1.433B $1.406B
Total Assets $1.467B $1.441B
YoY Change 1.75% 1.66%
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 $49.80M $39.20M
YoY Change 27.04% 4.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.20M $16.50M
YoY Change 34.55%
Total Long-Term Liabilities $22.20M $16.50M
YoY Change 34.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.80M $39.20M
Total Long-Term Liabilities $22.20M $16.50M
Total Liabilities $820.2M $797.7M
YoY Change 2.82% -2.27%
SHAREHOLDERS EQUITY
Retained Earnings $520.5M
YoY Change
Common Stock $155.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.53M
YoY Change
Treasury Stock Shares 1.727M shares
Shareholders Equity $646.4M $643.7M
YoY Change
Total Liabilities & Shareholders Equity $1.467B $1.441B
YoY Change 1.75% 1.66%

Cashflow Statement

Concept 2011 Q2 2010 Q2
OPERATING ACTIVITIES
Net Income $4.085M $15.09M
YoY Change -72.93% 0.59%
Depreciation, Depletion And Amortization $3.100M $3.000M
YoY Change 3.33% -3.23%
Cash From Operating Activities $9.200M $11.10M
YoY Change -17.12% -44.22%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$200.0K
YoY Change 600.0%
Acquisitions
YoY Change
Other Investing Activities -$500.0K $1.700M
YoY Change -129.41% -94.57%
Cash From Investing Activities -$1.700M $1.600M
YoY Change -206.25% -94.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.300M -11.70M
YoY Change -37.61% -52.05%
NET CHANGE
Cash From Operating Activities 9.200M 11.10M
Cash From Investing Activities -1.700M 1.600M
Cash From Financing Activities -7.300M -11.70M
Net Change In Cash 200.0K 1.000M
YoY Change -80.0% -96.27%
FREE CASH FLOW
Cash From Operating Activities $9.200M $11.10M
Capital Expenditures -$1.400M -$200.0K
Free Cash Flow $10.60M $11.30M
YoY Change -6.19% -43.22%

Facts In Submission

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-45000 USD
CY2011Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease
6084000 USD
CY2010Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease
6371000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
5155000 USD
us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
641000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
31069000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-14952000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
1725000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6463000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
121320000 USD
us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
10360000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
123453000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
31988000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
4166000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2051000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
897000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-6000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
15135000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14244000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
14708000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
3168000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
-909000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
393000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-78000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
17358000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
-7396000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
-744000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
5451000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
7548000 USD
us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
19091000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
30575000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-20699000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
3738000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4243000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
177000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
37000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12062000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5814000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17662000 USD
CY2009Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74470000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
128337000 USD
us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
5797000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
79183000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
33973000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
2079000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
296000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
3060000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
0 USD
us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
59000 USD
us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
45000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
6252000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
6120000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22875000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-19150000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
-858000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
68000 USD
CY2010Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40043000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15220000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-34427000 USD
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-87000 USD
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
349000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6589000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2385000 USD

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