Assuming risk is the premise of Primus. Through primary subsidiary Primus Financial Products, Primus Guaranty sells credit default swaps, primarily to commercial and investment banks, credit portfolio managers, and insurance companies. The credit default swaps help financial services firms reduce their exposure to credit risk from bonds, loans, and receivables. Another Primus Guaranty subsidiary, Primus Asset Management, manages the portfolios of Primus Financial Products, as well as those of third parties.
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| Income Statement | 2011 | 2010 | 2009 |
|---|---|---|---|
| Revenue | $-18.482 | $294.153 | $1513.297 |
| Gross Profit | $0.0 | $0.0 | $0.0 |
| Operating Income | $-37.882 | $246.872 | $1463.882 |
| Net Income | $-33.765 | $258.636 | $1463.697 |
| Diluted EPS | $-1.0 | $6.33 | $35.26 |
| Cash Flow (mil) | 2011 | 2010 | 2009 |
|---|---|---|---|
| Cash at the beginning of the year | $177.736 | $299.514 | $280.912 |
| Net Operating Cash | $27.681 | $-27.274 | $-113.322 |
| Net Investing Cash | $-62.542 | $-21.895 | $169.562 |
| Net Financing Cash | $-55.628 | $-72.639 | $-37.869 |
| Net Change in Cash | $-90.489 | $-121.778 | $18.602 |
| Cash at end of the year | $87.247 | $177.736 | $299.514 |
| Capital Expenditure | $-0.036 | $-0.047 | $-0.121 |
| Assets (mil) | 2011 | 2010 | 2009 |
|---|---|---|---|
| Current Assets | |||
| Cash | $87.247 | $177.736 | $299.514 |
| Net Receivables | $5.725 | $5.86 | $6.163 |
| Inventories | $ | $ | $ |
| Other Income Assets | $ | $ | $ |
| Asset Summary | |||
| Total Current Assets | $ | $ | $ |
| Net Fixed Assets | $0.071 | $0.093 | $1.838 |
| Other Noncurrent Assets | $585.753 | $634.766 | $730.909 |
| Total Assets | $585.824 | $634.859 | $732.747 |
| Liabilities (mil) | 2011 | 2010 | 2009 |
|---|---|---|---|
| Current Liabilities | |||
| Accounts Payable | $ | $ | $ |
| Short Term Debt | $ | $ | $ |
| Other Current Liabilities | $ | $ | $ |
| Liability Summary | |||
| Total Current Liabilities | $ | $ | $ |
| Long Term Debt | $172.334 | $215.828 | $244.051 |
| Other Noncurrent Liabilities | $559.128 | $510.168 | $831.245 |
| Total Liabilities | $731.462 | $725.996 | $1075.296 |
| Stakeholder's Equity (mil) | 2011 | 2010 | 2009 |
|---|---|---|---|
| Equity | |||
| Preferred Stock Equity | $ | $ | $ |
| Common Stock Equity | $-145.638 | $-91.137 | $-342.549 |
| Equity Summary | |||
| Total Equity | $-145.638 | $-91.137 | $-342.549 |
| Shares Outstanding | 34.84 | 38.08 | 38.27 |