2010 Q4 Form 10-K Financial Statement

#000010119912000028 Filed on March 15, 2012

View on sec.gov

Income Statement

Concept 2010 Q4 2009 2008 Q4
Revenue $150.0M $572.2M $149.8M
YoY Change 0.54% -6.41% -9.65%
Cost Of Revenue $382.5M
YoY Change
Gross Profit $189.7M
YoY Change
Gross Profit Margin 33.15%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $3.533M $1.000M
YoY Change -12.5% -1.86% 11.11%
% of Gross Profit 1.86%
Operating Expenses $135.3M $602.2M $173.1M
YoY Change -9.44% -4.02% 35.66%
Operating Profit -$412.5M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $14.70M -$28.71M -$26.40M
YoY Change -7450.0% -13.27% -169.11%
Income Tax $3.200M -$18.27M -$11.50M
% Of Pretax Income 21.77%
Net Earnings $11.50M -$10.44M -$14.80M
YoY Change 538.89% -20.3% -155.85%
Net Earnings / Revenue 7.67% -1.82% -9.88%
Basic Earnings Per Share -$0.39
Diluted Earnings Per Share $437.3K -$0.39 -$554.3K
COMMON SHARES
Basic Shares Outstanding 26.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2010 Q4 2009 2008 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $180.1M $190.9M $109.6M
Short-Term Investments
Other Short-Term Assets $1.700M
YoY Change 6.25%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.80M $29.90M $27.00M
YoY Change -36.88% 4.55% 264.86%
LONG-TERM ASSETS
Property, Plant & Equipment $21.55M $22.30M $15.30M
YoY Change -3.35% 45.75% 41.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.483B $2.352B $2.096B
YoY Change 5.57% 12.21% -2.37%
Other Assets $0.00 $8.300M
YoY Change -100.0%
Total Long-Term Assets $2.990B $2.873B $2.660B
YoY Change 4.01% 8.05% -3.38%
TOTAL ASSETS
Total Short-Term Assets $17.80M $29.90M $27.00M
Total Long-Term Assets $2.990B $2.873B $2.660B
Total Assets $3.007B $2.903B $2.687B
YoY Change 3.62% 8.02% -2.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $78.40M $84.90M $74.60M
YoY Change -7.66% 13.81% 16.74%
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 $78.40M $84.90M $74.60M
YoY Change -7.66% 13.81% 16.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $78.40M $84.90M $74.60M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.291B $2.230B $2.045B
YoY Change 2.75% 9.02% 1.81%
SHAREHOLDERS EQUITY
Retained Earnings $416.0M
YoY Change
Common Stock $223.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $716.4M $672.7M $641.7M
YoY Change
Total Liabilities & Shareholders Equity $3.007B $2.903B $2.687B
YoY Change 3.62% 8.02% -2.66%

Cashflow Statement

Concept 2010 Q4 2009 2008 Q4
OPERATING ACTIVITIES
Net Income $11.50M -$10.44M -$14.80M
YoY Change 538.89% -20.3% -155.85%
Depreciation, Depletion And Amortization $700.0K $3.533M $1.000M
YoY Change -12.5% -1.86% 11.11%
Cash From Operating Activities $14.90M $100.4M $12.70M
YoY Change -69.34% 128.72% -73.54%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$10.60M -$8.500M
YoY Change -77.78% 10.42%
Acquisitions $0.00
YoY Change
Other Investing Activities $95.50M -$119.5M $44.40M
YoY Change 133.5% 22.31% -4.93%
Cash From Investing Activities $94.90M -$130.1M $36.00M
YoY Change 149.08% 21.24% -22.91%
FINANCING ACTIVITIES
Cash Dividend Paid $15.95M
YoY Change
Common Stock Issuance & Retirement, Net $1.519M
YoY Change -110.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -77.50M $111.0M -57.90M
YoY Change 7.34% -239.38% 133.47%
NET CHANGE
Cash From Operating Activities 14.90M $100.4M 12.70M
Cash From Investing Activities 94.90M -$130.1M 36.00M
Cash From Financing Activities -77.50M $111.0M -57.90M
Net Change In Cash 32.30M $81.27M -9.200M
YoY Change 122.76% -156.83% -113.16%
FREE CASH FLOW
Cash From Operating Activities $14.90M $100.4M $12.70M
Capital Expenditures -$600.0K -$10.60M -$8.500M
Free Cash Flow $15.50M $111.0M $21.20M
YoY Change -69.79% 107.49%

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ProceedsFromPaymentsForTradingSecurities
-1993000 USD
CY2010 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
-585000 USD
CY2009 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
-2492000 USD
CY2009 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
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CY2011 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
4741000 USD
CY2010 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
4353000 USD
CY2010 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
3402000 USD
CY2011 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
39496000 USD
CY2009 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
13432000 USD
CY2010 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
CY2009 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
CY2011 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
124900000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21554000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45644000 USD
CY2010 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
8489000 USD
CY2009 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-13179000 USD
CY2011 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
6440000 USD
CY2011Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
128574000 USD
CY2011 ufcs All Other Realized Gains
AllOtherRealizedGains
6835000 USD
CY2009 ufcs All Other Realized Gains
AllOtherRealizedGains
5128000 USD
CY2010 ufcs All Other Realized Gains
AllOtherRealizedGains
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CY2011 ufcs Changes In Stockholders Equity Accounts Excluding Net Income Loss
ChangesInStockholdersEquityAccountsExcludingNetIncomeLoss
20294000 USD
CY2009 ufcs Changes In Stockholders Equity Accounts Excluding Net Income Loss
ChangesInStockholdersEquityAccountsExcludingNetIncomeLoss
-41435000 USD
CY2010 ufcs Changes In Stockholders Equity Accounts Excluding Net Income Loss
ChangesInStockholdersEquityAccountsExcludingNetIncomeLoss
3824000 USD
CY2011 ufcs Disaster Charges And Other Related Expenses Net Of Recoveries
DisasterChargesAndOtherRelatedExpensesNetOfRecoveries
0 USD
CY2010 ufcs Disaster Charges And Other Related Expenses Net Of Recoveries
DisasterChargesAndOtherRelatedExpensesNetOfRecoveries
-16000 USD
CY2009 ufcs Disaster Charges And Other Related Expenses Net Of Recoveries
DisasterChargesAndOtherRelatedExpensesNetOfRecoveries
-1335000 USD
CY2010Q4 ufcs Goodwill And Intangible Assets
GoodwillAndIntangibleAssets
430000 USD
CY2011Q4 ufcs Goodwill And Intangible Assets
GoodwillAndIntangibleAssets
30801000 USD
CY2010 ufcs Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
-12382000 USD
CY2011 ufcs Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
3504000 USD
CY2009 ufcs Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
10054000 USD
CY2009 ufcs Payments To Acquire Short Term And Other Investments
PaymentsToAcquireShortTermAndOtherInvestments
16672000 USD
CY2010 ufcs Payments To Acquire Short Term And Other Investments
PaymentsToAcquireShortTermAndOtherInvestments
7653000 USD
CY2011 ufcs Payments To Acquire Short Term And Other Investments
PaymentsToAcquireShortTermAndOtherInvestments
3357000 USD
CY2011 dei Amendment Flag
AmendmentFlag
false
CY2011 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2011 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2011 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
CY2011 dei Document Period End Date
DocumentPeriodEndDate
2011-12-31
CY2011 dei Document Type
DocumentType
10-K
CY2011 dei Entity Central Index Key
EntityCentralIndexKey
0000101199
CY2010Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
46731000 USD
CY2011 us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
119716000 USD
CY2009 us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
136597000 USD
CY2010 us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
106972000 USD
CY2010 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2009 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2011 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
82900000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
415981000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
400485000 USD
CY2011 us-gaap Revenues
Revenues
705008000 USD
CY2009 us-gaap Revenues
Revenues
572193000 USD
CY2010 us-gaap Revenues
Revenues
591072000 USD
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
1829000 USD
CY2009 us-gaap Share Based Compensation
ShareBasedCompensation
2084000 USD
CY2010 us-gaap Share Based Compensation
ShareBasedCompensation
1787000 USD
CY2009 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1675 shares
CY2010 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
5840 shares
CY2011 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
12745 shares
CY2010 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
343328 shares
CY2011 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
702947 shares
CY2009 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
92721 shares
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
716424000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
696141000 USD
CY2009Q4 us-gaap Stockholders Equity
StockholdersEquity
672735000 USD
CY2008Q4 us-gaap Stockholders Equity
StockholdersEquity
641741000 USD
CY2011Q4 us-gaap Trading Securities
TradingSecurities
13454000 USD
CY2010Q4 us-gaap Trading Securities
TradingSecurities
12886000 USD
CY2011Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
13429000 USD
CY2010Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
12322000 USD
CY2010Q4 us-gaap Unearned Premiums
UnearnedPremiums
200341000 USD
CY2011Q4 us-gaap Unearned Premiums
UnearnedPremiums
288991000 USD
CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26318214 shares
CY2009 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26590458 shares
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25878535 shares
CY2010Q4 ufcs Accrued Expenses And Other Liabilities
AccruedExpensesAndOtherLiabilities
78439000 USD
CY2011Q4 ufcs Accrued Expenses And Other Liabilities
AccruedExpensesAndOtherLiabilities
138210000 USD
CY2011Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
4829000 USD
CY2010Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
6497000 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
65231000 USD
CY2010 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12700000 USD
CY2009 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
110950000 USD
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-175192000 USD
CY2009 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-130089000 USD
CY2010 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-94711000 USD
CY2009 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
100409000 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
74431000 USD
CY2010 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
71216000 USD
CY2009 us-gaap Net Income Loss
NetIncomeLoss
-10441000 USD
CY2011 us-gaap Net Income Loss
NetIncomeLoss
11000 USD
CY2010 us-gaap Net Income Loss
NetIncomeLoss
47513000 USD
CY2011Q4 us-gaap Other Assets
OtherAssets
17216000 USD
CY2010Q4 us-gaap Other Assets
OtherAssets
15451000 USD
CY2011 us-gaap Other Income
OtherIncome
2291000 USD
CY2009 us-gaap Other Income
OtherIncome
799000 USD
CY2010 us-gaap Other Income
OtherIncome
1425000 USD
CY2011Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
20574000 USD
CY2010Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
20041000 USD
CY2011Q4 us-gaap Other Short Term Investments
OtherShortTermInvestments
1100000 USD
CY2010Q4 us-gaap Other Short Term Investments
OtherShortTermInvestments
1100000 USD
CY2011 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
395000 USD
CY2010 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
459000 USD
CY2009 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
18307000 USD
CY2010 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
39321000 USD
CY2009 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
39298000 USD
CY2011 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
58757000 USD
CY2011 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
14048000 USD
CY2010 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
2091000 USD
CY2009 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
10575000 USD
CY2011 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12433000 USD
CY2010 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6280000 USD
CY2009 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1545000 USD
CY2010 us-gaap Payments Of Dividends
PaymentsOfDividends
15774000 USD
CY2011 us-gaap Payments Of Dividends
PaymentsOfDividends
15507000 USD
CY2009 us-gaap Payments Of Dividends
PaymentsOfDividends
15951000 USD
CY2010 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
567499000 USD
CY2009 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
502392000 USD
CY2011 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
595162000 USD
CY2010 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2009 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2012Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25506809 shares
CY2011 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2011 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2011Q2 dei Entity Public Float
EntityPublicFloat
372681983 USD
CY2011 dei Entity Registrant Name
EntityRegistrantName
UNITED FIRE GROUP INC
CY2011 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2011 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2011 dei Trading Symbol
TradingSymbol
UFCS

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0000101199-12-000028.txt Edgar Link pending
0000101199-12-000028-xbrl.zip Edgar Link pending
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orgchartcurrentstructure.jpg Edgar Link pending
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