Colorado’s public companies as a group increased the top line last year. The same can’t be said for the bottom.
Revenues for Colorado’s largest companies rose by 8 percent, or $7.16 billion, from 2007 to 2008, according to a Denver Post analysis.
But the recession took its toll on net income at those companies, which declined by more than $2 billion, or 78.2 percent, in the two years.
The Post surveyed annual earnings of Colorado’s 75 largest publicly traded companies that reported income in both 2007 and 2008. Real estate investment trusts and companies not traded on a major exchange were excluded.
A $2.6 billion profit for the companies in 2007 shrank to a modest $563 million last year, the analysis found. Not unexpectedly, shares from many of the companies took a hit.
The Colorado Bloomberg Index, a basket of state-based firms, fell 51 percent in 2008 and is already down another 21 percent this year.
Among the highlights:
• Revenues plunged 48.9 percent at Denver homebuilder MDC Holdings, but the company managed to cut 2008 losses to half those it suffered in 2007.
• Brewer Molson Coors lost $1.4 billion in revenues last year, and profits dived by $109.2 million.
• Qwest had the largest net-income decline, $2.2 billion, but remained profitable last year.
• Newmont Mining grew revenues by $673 million in 2008 and turned 2007’s loss of $1.9 billion into an $853 million profit as gold found increasing favor with investors.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
