NorthState Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
February 15, 2018 at 08:00 am EST
NorthState reported consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported consolidated net operating revenue (NOR) for the quarter totaled $36.3 million, up 9% compared to fourth quarter 2016. Total strategic revenue of $27.0 million, up 13%. Strategic revenue comprised 74% of NOR. Net income of $18.6 million, including a $16.7 million adjustment related to the re-measurement of NorthState’s net deferred tax liabilities at the lower corporate income tax rate provided by the federal Tax Cuts and Jobs Act, compared to $1.7 million. Excluding the benefit of the adjustment, net income in the 2017 quarter was $1.9 million. Earnings per share (EPS) of $8.18, including $7.38 related to the deferred tax liability re-measurement adjustment, compared to $0.72. Excluding the benefit of the adjustment, EPS in the 2017 quarter was $0.80.
For the year, the company reported consolidated NOR of $123.5 million, up 4% compared to 2016. Total strategic revenue of $86.8 million, up 7%. Strategic revenue comprised 70% of NOR. Net income of $22.2 million, including the $16.7 million deferred tax liability adjustment in the fourth quarter of 2017, compared to $8.9 million. Excluding the benefit of the adjustment, net income in 2017 was $5.5 million. EPS of $9.75, including $7.38 related to the deferred tax liability adjustment, compared to $3.85. Excluding the benefit of the adjustment, EPS in 2017 was $2.37.