PrivateBancorp reported its first quarterly profit since launching a strategic growth plan. Net revenue grew 23% over the previous quarter to $88.3 million. Client deposits increased $920.6 million or 15% over the previous quarter. Non-performing assets increased to $191.6 million due to weakness in the commercial real estate sector across the company's markets. The company's efficiency ratio improved to 65.8% for the quarter.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
TRW Automotive reported third quarter 2008 financial results with sales of $3.6 billion, up 2.8% from the prior year. However, the company reported a net loss of $54 million compared to net earnings of $23 million in the prior year. Sales increased due to currency movements and module sales, but core product sales declined sharply, driving the earnings decrease. For 2008, TRW expects sales of $15.3 billion and net earnings per share of $0.90 to $1.10, reflecting challenges in the automotive industry.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
Morgan Stanley reported strong financial results for Q3 2006, with net income up 59% and EPS up 61% compared to Q3 2005. Returns on equity also increased substantially. Revenues increased 15% to a record $8 billion for the quarter, driven by record results in several Institutional Securities businesses including fixed income sales and trading. While market conditions were challenging, Morgan Stanley achieved its best third quarter ever in revenues, net income, and EPS, demonstrating progress on its strategic plan to improve performance.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
This document provides financial results and an outlook for TRW Automotive Holdings Corp. for the second quarter and first half of 2008. It includes a press release summarizing key financial figures, as well as supplementary financial summaries and presentation slides. For the second quarter, TRW reported sales of $4.4 billion, an 18.4% increase from the prior year, and net earnings of $127 million. For the first half, sales were $8.6 billion, up 17.3%, and net earnings were $221 million. The company increased its full year 2008 sales and earnings guidance but noted deteriorating conditions in North America and expectations of a softening European market.
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
TRW Automotive reported third quarter 2008 financial results with sales of $3.6 billion, up 2.8% from the prior year. However, the company reported a net loss of $54 million compared to net earnings of $23 million in the prior year. Sales increased due to currency movements and module sales, but core product sales declined sharply, driving the earnings decrease. For 2008, TRW expects sales of $15.3 billion and net earnings per share of $0.90 to $1.10, reflecting challenges in the automotive industry.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
Morgan Stanley reported strong financial results for Q3 2006, with net income up 59% and EPS up 61% compared to Q3 2005. Returns on equity also increased substantially. Revenues increased 15% to a record $8 billion for the quarter, driven by record results in several Institutional Securities businesses including fixed income sales and trading. While market conditions were challenging, Morgan Stanley achieved its best third quarter ever in revenues, net income, and EPS, demonstrating progress on its strategic plan to improve performance.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
This document provides financial results and an outlook for TRW Automotive Holdings Corp. for the second quarter and first half of 2008. It includes a press release summarizing key financial figures, as well as supplementary financial summaries and presentation slides. For the second quarter, TRW reported sales of $4.4 billion, an 18.4% increase from the prior year, and net earnings of $127 million. For the first half, sales were $8.6 billion, up 17.3%, and net earnings were $221 million. The company increased its full year 2008 sales and earnings guidance but noted deteriorating conditions in North America and expectations of a softening European market.
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
- Morgan Stanley Dean Witter reported net income of $970 million for the third quarter of 1999, up 55% from $626 million in the third quarter of 1998. Diluted earnings per share were $1.65, up 63% from the prior year.
- Net revenues increased 39% to $5.3 billion driven by strong performance in institutional securities, asset management, and credit services.
- Results were boosted by record investment banking revenues, higher trading activity, and strong growth in assets under management. Credit quality also continued to improve.
Morgan Stanley reported record first quarter results for 2007, with net income up 70% from the previous year. Revenue was $11 billion, up 29%, driven by record sales and trading in both fixed income and equities. Return on equity was 29.9%, up from 21.3% the previous year. All business segments achieved record or higher results, with institutional securities delivering a 71% rise in pre-tax income on the back of strong fixed income and equities trading.
Morgan Stanley reported third quarter results, with earnings per share of $1.38, down from $1.50 in the previous year. Net revenues increased 13% to $8 billion, though expenses also rose 18%. For the first nine months of the year, the company achieved record net revenues and earnings per share. While most business lines performed well, losses from credit products and quantitative trading strategies reduced profits.
TRW Automotive Holdings Corp. reported first quarter 2008 financial results with sales of $4.1 billion, a 16.2% increase over the same period in 2007. Net earnings were $94 million or $0.92 per diluted share, compared to a net loss of $86 million or $0.87 per share in 2007. The company increased its full year 2008 sales outlook to a range of $16.2 to $16.6 billion and net earnings per share outlook to a range of $2.30 to $2.60.
Morgan Stanley reported third quarter results, with net income of $144 million, down 83% from the previous year. Net revenue was $6.9 billion, the highest since 2000, driven by record revenues in institutional securities. Income from continuing operations was up 36% to $1.166 billion year-over-year. The results were impacted by $1 billion in discontinued operations charges and $178 million in compensation charges related to management changes.
Pitney Bowes reported third quarter 2008 results with revenue increasing 3% to $1.5 billion and adjusted income from continuing operations of $139 million. On a GAAP basis, income from continuing operations was $100 million and net income was $98 million. Adjusted earnings per share were $0.67 compared to $0.63 in the prior year. For the full year, the company expects free cash flow to exceed $800 million and adjusted earnings per share between $2.75 to $2.82.
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Pitney Bowes reported their fourth quarter and annual financial results for 2008. Their adjusted earnings per share increased 8% for the quarter and 2% for the full year. On a GAAP basis, they reported earnings per share of $0.36 for the quarter and $2.00 for the full year. For 2009, they expect revenue to decline 4-7% due to currency impacts, and for adjusted earnings per share to be in the range of $2.55 to $2.75.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
Progressive Waste Solutions Third Quarter 2015 Financial ResultsProgressiveWaste
FRIDAY OCTOBER 30, 2015 - Progressive Waste Solutions Ltd. Reports Results for the Three and Nine Months Ended September 30, 2015
Investor Relations
http://investor.progressivewaste.com/English/investor-relations/default.aspx
TRW Automotive Holdings Corp. reported second quarter 2006 financial results with sales of $3.5 billion, a 3% increase over the prior year. Net earnings were $91 million or $0.88 per share, compared to adjusted prior year earnings of $75 million or $0.73 per share. For the first half of 2006, sales increased 4.1% to $6.9 billion and net earnings were $138 million or $1.34 per share, compared to adjusted prior year earnings of $125 million or $1.23 per share. The company revised its full year 2006 guidance upward.
Merrill Lynch reported record quarterly earnings for Q3 2005, with net earnings per share of $1.40, up 51% from the prior year. Net revenues were $6.7 billion, up 38% year-over-year. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw revenue and earnings increases. Merrill Lynch's performance was driven by strong growth across its businesses and the benefits of investments made over the past two years.
- Morgan Stanley reported $1.2 billion in net income for Q2 2004, a 104% increase over Q2 2003. Diluted earnings per share were $1.10.
- Institutional Securities saw a 184% increase in pre-tax income due to record revenues in fixed income and strong results in equities and investment banking.
- The Individual Investor Group more than doubled pre-tax income from the prior year's second quarter.
- Morgan Stanley's Chairman and CEO said all businesses performed well, with Institutional Securities achieving near record revenues and continued market share gains, positioning the firm strongly for long term growth.
Merrill Lynch reported record quarterly net revenues of $8.2 billion for Q2 2006, up 29% from Q2 2005. Net earnings were $1.6 billion for Q2 2006, up 44% from Q2 2005. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - delivered substantial year-over-year revenue and earnings growth. Merrill Lynch also achieved several business and financial records in Q2 2006. Looking forward, Merrill Lynch will continue investing in talent and technology to build capabilities and achieve future growth.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
E-learning for empowering the rural people in Bangladesh, Opportunities and C...Domelid
E-learning and e-health programs were implemented in rural Bangladesh to address inadequate education and healthcare resources. An international team collaborated with local partners to set up an ICT center providing computer training, online learning materials, and telemedicine services. Teachers, students, and healthcare workers improved their skills. However, challenges remained around unreliable electricity, limited internet access, and a need for locally relevant content in Bangladeshi languages. Overall, the programs showed success in improving learning outcomes and healthcare but require ongoing development to be sustainable in rural areas.
This document is a quarterly report filed with the SEC by Garmin Ltd. for the quarter ended March 28, 2009. It includes Garmin's condensed consolidated financial statements for the quarter, including the balance sheet, income statement, cash flow statement, and notes. It also includes Management's Discussion and Analysis of the financial results and an overview of legal proceedings, risks, shareholder information and certifications. In summary, it provides Garmin's required public quarterly financial disclosures including financial statements and management commentary on results.
This document discusses trends in television and video technology. It notes that uncompressed high definition video requires a high data transfer rate of 90MB/s for 25 frames per second. Current internet speeds like 3G, broadband, WiFi and USB 2.0 cannot support such high data rates. The document then covers topics like interlacing, deinterlacing, video compression standards, and considerations for editing uncompressed video. It goes on to discuss internet broadcasting techniques like adaptive bitrate streaming that allow high quality video over varying internet speeds. The future of television is predicted to include ever higher resolutions like 4K and 8K ultra high definition video.
This document summarizes GATX Corporation's annual shareholders' meeting on April 24, 2009. It discusses GATX's strong financial performance in 2008, current challenges posed by the economic downturn, opportunities for growth through acquisitions of distressed assets at lower prices, and the company's strategy to exceed expectations through cost efficiencies and growth by pursuing management opportunities and international investments while providing clarity to stakeholders. The vision is for GATX to be the world's leading equipment lessor recognized for superior customer service, workplace, and shareholder returns.
The document discusses the new eTwinning portal, which allows teachers to register their schools, update profiles, find partners, share ideas, and register projects online. The portal includes features such as the TwinBlog for sharing work, a partner finding forum, a TwinSpace virtual classroom, tools for publishing web magazines and blogs, and support from national and central support services. Teachers can also apply for eTwinning quality labels for their projects through the portal.
In the first quarter of 2009, the company reported core earnings of $407 million compared to $1.8 billion in the first quarter of 2008. Net income was $368 million compared to $1.8 billion in the prior year quarter. Oil and gas sales volumes increased 7.7% year-over-year to 654,000 barrels of oil equivalent per day. Cash production costs excluding taxes declined 13.6% from 2008 levels. The company expects oil and gas production volumes in the second quarter of 2009 to be between 640,000 and 660,000 barrels of oil equivalent per day.
- Morgan Stanley Dean Witter reported net income of $970 million for the third quarter of 1999, up 55% from $626 million in the third quarter of 1998. Diluted earnings per share were $1.65, up 63% from the prior year.
- Net revenues increased 39% to $5.3 billion driven by strong performance in institutional securities, asset management, and credit services.
- Results were boosted by record investment banking revenues, higher trading activity, and strong growth in assets under management. Credit quality also continued to improve.
Morgan Stanley reported record first quarter results for 2007, with net income up 70% from the previous year. Revenue was $11 billion, up 29%, driven by record sales and trading in both fixed income and equities. Return on equity was 29.9%, up from 21.3% the previous year. All business segments achieved record or higher results, with institutional securities delivering a 71% rise in pre-tax income on the back of strong fixed income and equities trading.
Morgan Stanley reported third quarter results, with earnings per share of $1.38, down from $1.50 in the previous year. Net revenues increased 13% to $8 billion, though expenses also rose 18%. For the first nine months of the year, the company achieved record net revenues and earnings per share. While most business lines performed well, losses from credit products and quantitative trading strategies reduced profits.
TRW Automotive Holdings Corp. reported first quarter 2008 financial results with sales of $4.1 billion, a 16.2% increase over the same period in 2007. Net earnings were $94 million or $0.92 per diluted share, compared to a net loss of $86 million or $0.87 per share in 2007. The company increased its full year 2008 sales outlook to a range of $16.2 to $16.6 billion and net earnings per share outlook to a range of $2.30 to $2.60.
Morgan Stanley reported third quarter results, with net income of $144 million, down 83% from the previous year. Net revenue was $6.9 billion, the highest since 2000, driven by record revenues in institutional securities. Income from continuing operations was up 36% to $1.166 billion year-over-year. The results were impacted by $1 billion in discontinued operations charges and $178 million in compensation charges related to management changes.
Pitney Bowes reported third quarter 2008 results with revenue increasing 3% to $1.5 billion and adjusted income from continuing operations of $139 million. On a GAAP basis, income from continuing operations was $100 million and net income was $98 million. Adjusted earnings per share were $0.67 compared to $0.63 in the prior year. For the full year, the company expects free cash flow to exceed $800 million and adjusted earnings per share between $2.75 to $2.82.
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Pitney Bowes reported their fourth quarter and annual financial results for 2008. Their adjusted earnings per share increased 8% for the quarter and 2% for the full year. On a GAAP basis, they reported earnings per share of $0.36 for the quarter and $2.00 for the full year. For 2009, they expect revenue to decline 4-7% due to currency impacts, and for adjusted earnings per share to be in the range of $2.55 to $2.75.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
Progressive Waste Solutions Third Quarter 2015 Financial ResultsProgressiveWaste
FRIDAY OCTOBER 30, 2015 - Progressive Waste Solutions Ltd. Reports Results for the Three and Nine Months Ended September 30, 2015
Investor Relations
http://investor.progressivewaste.com/English/investor-relations/default.aspx
TRW Automotive Holdings Corp. reported second quarter 2006 financial results with sales of $3.5 billion, a 3% increase over the prior year. Net earnings were $91 million or $0.88 per share, compared to adjusted prior year earnings of $75 million or $0.73 per share. For the first half of 2006, sales increased 4.1% to $6.9 billion and net earnings were $138 million or $1.34 per share, compared to adjusted prior year earnings of $125 million or $1.23 per share. The company revised its full year 2006 guidance upward.
Merrill Lynch reported record quarterly earnings for Q3 2005, with net earnings per share of $1.40, up 51% from the prior year. Net revenues were $6.7 billion, up 38% year-over-year. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw revenue and earnings increases. Merrill Lynch's performance was driven by strong growth across its businesses and the benefits of investments made over the past two years.
- Morgan Stanley reported $1.2 billion in net income for Q2 2004, a 104% increase over Q2 2003. Diluted earnings per share were $1.10.
- Institutional Securities saw a 184% increase in pre-tax income due to record revenues in fixed income and strong results in equities and investment banking.
- The Individual Investor Group more than doubled pre-tax income from the prior year's second quarter.
- Morgan Stanley's Chairman and CEO said all businesses performed well, with Institutional Securities achieving near record revenues and continued market share gains, positioning the firm strongly for long term growth.
Merrill Lynch reported record quarterly net revenues of $8.2 billion for Q2 2006, up 29% from Q2 2005. Net earnings were $1.6 billion for Q2 2006, up 44% from Q2 2005. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - delivered substantial year-over-year revenue and earnings growth. Merrill Lynch also achieved several business and financial records in Q2 2006. Looking forward, Merrill Lynch will continue investing in talent and technology to build capabilities and achieve future growth.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
E-learning for empowering the rural people in Bangladesh, Opportunities and C...Domelid
E-learning and e-health programs were implemented in rural Bangladesh to address inadequate education and healthcare resources. An international team collaborated with local partners to set up an ICT center providing computer training, online learning materials, and telemedicine services. Teachers, students, and healthcare workers improved their skills. However, challenges remained around unreliable electricity, limited internet access, and a need for locally relevant content in Bangladeshi languages. Overall, the programs showed success in improving learning outcomes and healthcare but require ongoing development to be sustainable in rural areas.
This document is a quarterly report filed with the SEC by Garmin Ltd. for the quarter ended March 28, 2009. It includes Garmin's condensed consolidated financial statements for the quarter, including the balance sheet, income statement, cash flow statement, and notes. It also includes Management's Discussion and Analysis of the financial results and an overview of legal proceedings, risks, shareholder information and certifications. In summary, it provides Garmin's required public quarterly financial disclosures including financial statements and management commentary on results.
This document discusses trends in television and video technology. It notes that uncompressed high definition video requires a high data transfer rate of 90MB/s for 25 frames per second. Current internet speeds like 3G, broadband, WiFi and USB 2.0 cannot support such high data rates. The document then covers topics like interlacing, deinterlacing, video compression standards, and considerations for editing uncompressed video. It goes on to discuss internet broadcasting techniques like adaptive bitrate streaming that allow high quality video over varying internet speeds. The future of television is predicted to include ever higher resolutions like 4K and 8K ultra high definition video.
This document summarizes GATX Corporation's annual shareholders' meeting on April 24, 2009. It discusses GATX's strong financial performance in 2008, current challenges posed by the economic downturn, opportunities for growth through acquisitions of distressed assets at lower prices, and the company's strategy to exceed expectations through cost efficiencies and growth by pursuing management opportunities and international investments while providing clarity to stakeholders. The vision is for GATX to be the world's leading equipment lessor recognized for superior customer service, workplace, and shareholder returns.
The document discusses the new eTwinning portal, which allows teachers to register their schools, update profiles, find partners, share ideas, and register projects online. The portal includes features such as the TwinBlog for sharing work, a partner finding forum, a TwinSpace virtual classroom, tools for publishing web magazines and blogs, and support from national and central support services. Teachers can also apply for eTwinning quality labels for their projects through the portal.
In the first quarter of 2009, the company reported core earnings of $407 million compared to $1.8 billion in the first quarter of 2008. Net income was $368 million compared to $1.8 billion in the prior year quarter. Oil and gas sales volumes increased 7.7% year-over-year to 654,000 barrels of oil equivalent per day. Cash production costs excluding taxes declined 13.6% from 2008 levels. The company expects oil and gas production volumes in the second quarter of 2009 to be between 640,000 and 660,000 barrels of oil equivalent per day.
Zimmer Holdings Inc. reported financial results for the first quarter of 2009. Net sales decreased 6.3% to $993 million due to declines in the Americas and Europe. Diluted earnings per share were $0.91 reported and $0.95 adjusted, an 8.7% decrease adjusted. The company reaffirmed its full-year sales and earnings guidance, expecting sales growth of 1-3% constant currency and adjusted diluted EPS of $3.85 to $4.00.
Bakers Footwear Group reported financial results for the fourth quarter and fiscal year 2008. For Q4, comparable store sales increased 3.6% but operating income declined from the previous year due to promotional holiday sales. For fiscal 2008, comparable store sales increased 0.5% while the net loss was $15 million. The company also amended its debt agreements and promoted its CFO. It expects positive sales trends and operating improvements to continue in fiscal 2009.
This document is Acuity Brands Inc.'s quarterly report filed with the SEC for the quarter ending May 31, 2009. It includes the company's consolidated balance sheets, statements of income, statements of cash flows, and notes to the financial statements. It also includes sections on management's discussion of financial condition and results of operations, market risk, and controls and procedures.
Halliburton announced its financial results for the third quarter of 2009. Revenue increased 3% from the previous quarter to $3.6 billion, though it remained lower than the third quarter of 2008. Net income was $262 million, or $0.29 per share, impacted by continued pricing pressures in North America. International revenue grew 3% despite a modest decline in activity. The company expects softer margins in the near future due to project deferrals and pricing pressures from customers seeking to reduce costs.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
SQM reported a 33% increase in net income for the first quarter of 2009 compared to the same period in 2008. Operating income rose 39% due to higher sales prices and lower costs offsetting decreased sales volumes. While revenues declined slightly due to global economic conditions, margins improved across most business segments. The company expects demand and results to increase in the second half of the year as markets recover.
MetroCorp Bancshares Inc. filed an 8-K report announcing its financial results for the first quarter of 2009. The company reported a net loss of $2.0 million compared to net income of $2.2 million in the first quarter of 2008. The provision for loan losses increased to $7.3 million due to higher net charge-offs. Nonperforming assets also increased impacting interest income and the net interest margin, which declined to 3.44% from 4.09% a year earlier. Expenses declined due to lower salaries from staff reductions, however noninterest income declined due to lower service fees.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
Overview and discussion of Wordpress SEO: meant to facilitate a deeper discussion of the key points of improving SEO for a Wordpress-based site and blog as well as bring up issues.
This 12-page brochure describes Mountain Stream Group's Nexus Control Loop(TM) 6-step design process. The process closes the loop on your success by making it a performance standard and is programmed to your application.
This document is AMR Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2009. It includes AMR's consolidated financial statements and notes. The financial statements show that AMR had a net loss of $390 million for the quarter on revenues of $4.9 billion. For the six months ended June 30, 2009, AMR's net loss was $765 million on revenues of $9.7 billion. AMR faced significant challenges in the first half of 2009 due to weak revenues and rising fuel costs. It has taken steps to reduce capacity and raise additional financing to address its liquidity needs.
The Brand University - How to make a sustainable, successful brandMinter Dial
The world of branding has, over a very condensed period of time, undergone a virtual and very real revolution as far as both the consumer and the employee are concerned. The challenge that companies are now facing is how to adapt effectively and efficiently to several convergent paradigm shifts. This white paper reviews some of the major changes and raises questions about the implications for today’s leaders. This paper’s position is that, more than ever before, companies need to evolve into Learning Organizations and that instituting a company-wide Brand University can offer a compelling way to accompany such a change.
Long version of Making your Facebook Page Sing with screen shots of the entire process of making a business page on Facebook. Also, the insights and tools to really make it work for you!
This document provides an overview of the key features and benefits of Microsoft Office 2007, as explained by SUSU the cat. The Ribbon is introduced as the central interface that brings together Word, Excel, Outlook, and PowerPoint. Example features highlighted include Live Preview in Word, styles, SmartArt, conditional formatting in Excel, and the various calendar, email, scheduling and organization tools available in Outlook. PDFs are also briefly discussed as a standardized format for sharing documents that maintains locked designs.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
- Goldman Sachs reported third quarter earnings per share of $5.25, up from $1.81 in the third quarter of 2008.
- Net revenues were $12.37 billion for the quarter, with strong results in fixed income, currency and commodities (FICC) and equities trading.
- Trading and principal investments generated $10.03 billion in net revenues, down slightly from the previous quarter but significantly higher than the third quarter of 2008.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
StellarOne Corporation reported improved first quarter results for 2009 compared to the fourth quarter of 2008. Net income was $146 thousand for the first quarter, an increase from a net loss of $898 thousand in the previous quarter. However, this was lower than net income of $2.1 million in the first quarter of the prior year. A key factor was a $7.8 million provision for loan losses, primarily due to increased losses in residential real estate development loans. While core earnings were up, asset quality deteriorated and economic conditions remained challenging, necessitating high loan loss provisions.
United Community Banks reported a net operating loss of $32 million for Q1 2009, driven by a $65 million provision for loan losses and a $22 million increase in allowance for loan losses. The company also reported a $70 million non-cash goodwill impairment charge and $2.9 million in severance costs. Total net loss was $103.8 million. Credit quality continued to deteriorate due to weakness in Atlanta housing and construction markets, with non-performing assets up to $334.5 million. However, net interest margin improved to 3.08% due to actions to improve loan pricing and reduce deposit costs.
capital one Printer Friendly Version of the Press Releasefinance13
Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
Sovereign Bancorp reported first quarter 2008 results with net income of $100.1 million, up from $48.1 million in the first quarter of 2007. Key highlights included an increase in net interest margin to 2.88% and loan growth of 1.9%. Non-performing loans increased to $417.8 million due to higher non-performing commercial loans related to the housing market. The allowance for credit losses was increased to 1.36% of total loans. Sovereign's President and CEO stated that results demonstrate progress reducing risk and improving earnings quality, but that turbulent financial markets provide a challenging credit environment.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Citigroup reported strong financial results for the second quarter of 2003, with net income of $4.30 billion, up 12% from the previous year. Income per share was $0.83, rising 14% over 2002. Several business lines saw significant income growth, including Retail Banking income up 63% and the Private Bank's sixth consecutive record quarter. However, some international operations struggled, with income down 24% in Japan. Overall, Citigroup achieved record revenues of $19.4 billion for the quarter, up 8% from the prior year, demonstrating continued strong performance.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
Hudson City Bancorp reported record quarterly earnings of $127.7 million for Q1 2009, a 44% increase from Q1 2008. Earnings per share increased 44.4% to $0.26. The company also increased its quarterly dividend by 7.1% to $0.15 per share. Key factors contributing to increased earnings included a 46.8% rise in net interest income to $283.8 million, driven by an increase in interest-earning assets and a lower cost of funds. Total assets grew 4.5% to $56.57 billion, with increases in loans, mortgage-backed securities, and investment securities.
- Columbia Banking System reported net income of $419,000 for Q1 2009, down significantly from $11.0 million in Q1 2008, due to a higher provision for loan losses from economic deterioration.
- Non-performing assets increased to $121.7 million from $15.0 million in Q1 2008, primarily in residential construction and commercial real estate loans.
- The company remains well-capitalized and focused on expense control while navigating challenging economic conditions.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Pacific Continental Corporation reported financial results for the first quarter of 2009. Net income was $2.9 million, down from $3.1 million in the first quarter of 2008. Operating revenue increased 12.2% to $14.2 million due to stable net interest margin and growth in average earning assets. Nonperforming assets increased to $16.2 million from $7.7 million due to additions of residential construction and development loans. The company raised $9.6 million in capital through a private stock placement and saw record growth in core deposits.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
JPMorgan Chase reported first quarter 2010 net income of $3.3 billion, up from $2.1 billion in the first quarter of 2009. The Investment Bank generated strong results driven by fixed income markets revenue. Retail Financial Services reported a net loss due to high credit costs, though Retail Banking saw higher profits. While credit costs remained elevated, the firm saw signs of stabilization and improvement in some consumer credit portfolios.
Similar to Q1 2009 Earning Report of Privatebancorp Inc. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
Mosaic reported its 1st quarter fiscal 2010 earnings. Net sales were $1.5 billion, down from $4.3 billion in the prior year. Net earnings were $100.6 million compared to $1.2 billion last year. Mosaic expects global economic recovery to drive increased demand for grains and fertilizers. It is pursuing potash and phosphate expansion projects and maintaining competitive production to position itself for recovery. The presentation reviewed Mosaic's strategic priorities and outlook across its business segments.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
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Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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1. PrivateBancorp Reports First Quarter 2009 Results
Company Release - 04/27/2009 07:30
PrivateBancorp reports first quarterly profit since launch of the Strategic Growth Plan
-- Net revenue grew 23 percent over the fourth quarter to $88.3 million
-- Client deposits increased $920.6 million or 15 percent from the
fourth quarter
-- Loans grew by $446.8 million or 6 percent from the fourth quarter
-- Efficiency ratio improved to 65.8 percent from 76.6 percent in the
fourth quarter
-- Loan loss reserves increased to $127.0 million and the coverage ratio
increased to 1.50 percent
CHICAGO, April 27 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB) today reported net income of $4.8 million, or $0.14 per diluted share, for the first quarter ended March 31, 2009, compared with a net loss of $9.3 million, or $0.34 per diluted share, for the
first quarter 2008.
quot;We are pleased with our first quarter results, especially given the continued economic pressures,quot; said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. quot;We believe we are making steady progress toward achieving the operating
performance expected from the investments made as part of our Strategic Growth Plan. For the second quarter in a row, we saw strong client acquisition and increased client deposit growth, a clear signal that we are building those strong, deep client relationships. We
are fully aware that 2009 will continue to present economic challenges, particularly related to credit quality, and we will continue to manage our business prudently.quot;
Balance Sheet
Total assets increased to $10.4 billion at March 31, 2009, from $6.0 billion at March 31, 2008, and $10.0 billion at December 31, 2008. Total loans increased $446.8 million to $8.5 billion at March 31, 2009, from $5.1 billion at March 31, 2008 and $8.0 billion at
December 31, 2008. Commercial loans increased to 52 percent of the Company's total loans at the end of the first quarter 2009 from 36 percent of total loans at March 31, 2008, and 49 percent of total loans at December 31, 2008. Commercial real estate loans
decreased to 28 percent of total loans at the end of the first quarter 2009, compared to 39 percent of total loans at the end of the first quarter 2008, and 30 percent of the Company's total loans at the end of the fourth quarter 2008.
Total deposits were $7.8 billion at March 31, 2009, compared to $5.0 billion at March 31, 2008, and $8.0 billion at December 31, 2008. Client deposits increased to $6.9 billion at March 31, 2009, from $3.7 billion at March 31, 2008, and $6.0 billion at December 31, 2008.
Client deposits at March 31, 2009, includes $865.7 million in client CDARS(R) deposits. Brokered deposits (excluding client CDARS) decreased to 11 percent of total deposits in the first quarter 2009, from 26 percent of total deposits as of March 31, 2008, and 25
percent of total deposits at the end of the fourth quarter 2008.
Funds borrowed, which include federal funds purchased, FHLB advances, trust preferred securities, borrowings under the Company's various credit facilities, and convertible senior notes, was $1.5 billion at March 31, 2009, up from $458.7 million at March 31, 2008,
and $1.3 billion at December 31, 2008.
The Company's investment securities portfolio was $1.4 billion at March 31, 2009, compared to $589.0 million at March 31, 2008 and $1.5 billion at December 31, 2008. Net unrealized gains were $54.2 million, compared to $14.0 million at the end of the first quarter
2008, and $44.2 million at the end of the fourth quarter 2008. The Company's securities portfolio is primarily comprised of U.S. government agency backed mortgage pools, agency collateralized mortgage obligations, and investment grade municipal bonds.
Net Revenue Growth
Net revenue grew to $88.3 million in the first quarter 2009, from $45.5 million in the first quarter 2008, and $71.7 million in the fourth quarter 2008. Despite lower interest income due to declining interest rates, net interest income improved to $63.9 million in the first
quarter 2009, up from $36.0 million for the first quarter 2008, and from $59.2 million in the fourth quarter 2008. Net interest margin (on a tax equivalent basis) was 2.68 percent, compared to 2.88 percent for the first quarter 2008, and 2.62 percent in the fourth quarter
2008. Net interest margin improved over the fourth quarter due to more favorable loan spreads, strong client deposit growth that reduced the Company's reliance on more expensive brokered funds and lower cost of borrowed funds.
Non-interest income, excluding securities gains and losses, was $22.8 million in the first quarter 2009, compared to $7.7 million in the first quarter 2008, and $12.4 million in the fourth quarter 2008. Capital markets income grew to $11.2 million, compared with
$391,000 in the first quarter 2008 and $4.8 million in the fourth quarter 2008, as clients increased their use of derivatives for interest rate management. Mortgage banking income increased to $2.2 million in the first quarter 2009, compared to $1.5 million at the end of
the first quarter 2008, and $622,000 at the end of the fourth quarter 2008. Treasury management income was $1.6 million in the first quarter 2009 compared to $184,000 in the first quarter 2008, and $1.1 million in the fourth quarter 2008. Banking and other services
income increased to $3.6 million in the first quarter 2009, compared to $746,000 in the first quarter 2008, and $1.3 million in the fourth quarter 2008, due to an increase in letter of credit fees and transaction-related fees.
The PrivateWealth Group's fee revenue was down in the first quarter 2009 to $3.8 million, compared to $4.4 million in the first quarter 2008, and $4.1 million in the fourth quarter 2008. The PrivateWealth Group's assets under management declined slightly to $3.2 billion
at March 31, 2009, compared with $3.3 billion at March 31, 2008, and December 31, 2008. The Company continues to see net additions to new and existing accounts offsetting declines in assets under management due to market performance.
Credit Quality
The first quarter 2009 provision for loan losses was $17.8 million, compared to $17.1 million in the first quarter 2008. The provision for loan losses in the fourth quarter 2008 was $119.3 million, when the Company recorded $108.8 million in net charge-offs and $10.5
million in additional provision for loan losses primarily related to growth in the loan portfolio.
The allowance for loan losses as a percentage of total loans was 1.50 percent at March 31, 2009, compared with 1.21 percent at March 31, 2008, and 1.40 percent at December 31, 2008. Charge-offs were $7.0 million, offset by recoveries of $3.6 million.
The Company had $191.6 million in total non-performing assets at March 31, 2009, compared to $65.9 million at March 31, 2008, and $155.7 million at December 31, 2008, reflecting a weakening credit environment. Non-performing assets to total assets were 1.85
percent at March 31, 2009, compared to 1.10 percent at March 31, 2008, and 1.55 percent at December 31, 2008.
During the first quarter, a portion of the Company's clients were significantly impacted by the challenging economic environment. Higher non-performing assets were driven largely by weakness in the commercial real estate sector in most of the Company's markets.
Problem loans and stress in the portfolio led to an increase in the allowance for loan losses.
Expenses
Non-interest expense was $58.1 million in the first quarter, compared to $42.9 million in the first quarter 2008 and $54.9 million in the fourth quarter 2008. The increase over the first quarter 2008 reflects the ongoing investment in the Strategic Growth Plan throughout
the year. The increase over the fourth quarter 2008 includes the timing of payroll taxes, incentive compensation accruals, and additional revenue-based compensation. The occupancy expense increase reflected the need for additional office space in downtown Chicago.
Insurance costs were higher due to increased FDIC assessments incurred in the first quarter 2009. Net foreclosed properties fees and professional fees were lower in the first quarter 2009 compared to fourth quarter 2008 as these fee levels were directly related to
credit actions taken in the fourth quarter of 2008.
The efficiency ratio improved to 65.8 percent in the first quarter 2009 from 94.4 percent in the first quarter 2008 and 76.6 percent in the fourth quarter 2008.
Capital Resources and Tangible Common Equity
As of March 31, 2009, the Company had total risk-based capital at 12.63 percent and Tier 1 risk-based capital ratio at 10.13 percent, exceeding the well-capitalized thresholds of 10 percent and 6 percent, respectively.
The Company's tangible common equity ratio at March 31, 2009, was 4.58 percent, not including the impact of the previously announced intent by GTCR to convert its preferred shares to non-voting common shares. As described in our preliminary proxy statement filed
with the SEC on April 21, 2009, shareholders are being asked to approve an amendment to our Certificate of Incorporation to revise the terms of the existing preferred GTCR owns and create a new class of non-voting common stock.
About PrivateBancorp, Inc.
PrivateBancorp, Inc. is a growing diversified financial services company with 23 offices in nine states and $10.4 billion in assets as of March 31, 2009. Through its subsidiaries, PrivateBancorp delivers customized business and personal financial services to middle-
market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and wealthy families. Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.'s website at www.theprivatebank.com.
Forward-Looking Statements: Statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company's ability to predict
results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, unforeseen difficulties and higher than expected
costs associated with the continued implementation of our Strategic Growth Plan, fluctuations in market rates of interest and loan and deposit pricing in the Company's market areas; the effect of continued margin pressure on the Company's earnings; further
deterioration in asset quality; the failure to obtain on terms acceptable to us, or at all, the capital necessary to fund our growth and maintain our regulatory capital ratios above the quot;well-capitalizedquot; threshold; the need to continue to increase our allowance for loan losses;
additional charges related to asset impairments; insufficient liquidity/funding sources or the inability to obtain on terms acceptable to the Company the funding necessary to fund its loan growth; legislative or regulatory changes, particularly changes in the regulation of
financial services companies and/or the products and services offered by financial services companies; unforeseen difficulties relating to the mergers and integrations of subsidiary banks; adverse developments in the Company's loan or investment portfolios; slower
than anticipated growth of the Company's business or unanticipated business declines, including as a result of continual negative economic conditions; competition; unforeseen difficulties in integrating new hires; failure to improve operating efficiencies through
expense controls; and the possible dilutive effect of potential acquisitions, expansion or future capital raises. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
The Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws.
Editor's Note: Financial highlights attached.
PrivateBancorp, Inc.
Quarterly Consolidated Income Statements
(Amounts in thousands except per share data)
(Unaudited)
1Q09 4Q08 3Q08 2Q08 1Q08
---- ---- ---- ---- ----
Interest Income
Loans, including fees $92,944 $107,370 $99,408 $84,231 $76,113
2. Federal funds sold and
other short-term
investments 288 488 217 207 246
Securities:
Taxable 14,546 10,754 8,161 5,456 4,286
Exempt from Federal
income taxes 1,852 2,025 2,027 2,181 2,244
----- ----- ----- ----- -----
Total Interest
Income 109,630 120,637 109,813 92,075 82,889
Interest Expense
Interest-bearing
deposits 399 285 383 425 422
Savings deposits and
money market accounts 6,564 11,579 12,785 11,303 13,221
Brokered and other
time deposits 26,884 36,405 33,598 29,950 26,358
Short-term borrowings 2,988 3,416 3,511 2,751 3,110
Long-term debt 8,915 9,805 6,957 4,918 3,821
----- ----- ----- ----- -----
Total interest
expense 45,750 61,490 57,234 49,347 46,932
Net interest
income 63,880 59,147 52,579 42,728 35,957
Provision for
loan losses 17,805 119,250 30,173 23,024 17,133
------ ------- ------ ------ ------
Net Interest
Income after
provision
for loan
losses 46,075 (60,103) 22,406 19,704 18,824
------ ------- ------ ------ ------
Non-interest Income
The PrivateWealth Group 3,794 4,140 4,059 4,350 4,419
Mortgage banking 2,175 622 776 997 1,530
Capital markets products 11,233 4,767 3,932 1,959 391
Treasury management 1,605 1,086 600 279 184
Bank owned life insurance 389 501 439 437 432
Banking and
other services 3,594 1,297 1,728 1,119 746
Net securities
gains (losses) 772 (770) 180 286 814
--- ---- --- --- ---
Total
Non-interest
Income 23,562 11,643 11,714 9,427 8,516
Non-interest Expense
Salaries and
employee benefits 35,121 28,219 28,895 31,817 27,749
Net occupancy expense 6,041 4,543 4,364 4,338 3,845
Technology
and related costs 1,632 1,634 1,554 1,168 1,220
Marketing 1,842 2,781 2,083 2,700 2,828
Professional fees 4,260 5,766 3,374 5,005 2,311
Investment manager expenses 609 690 829 812 968
Net foreclosed
property expenses 444 4,605 458 597 558
Supplies and printing 342 405 275 371 350
Postage, telephone,
and delivery 581 563 575 546 541
Insurance 3,832 2,341 2,460 1,627 870
Amortization of intangibles 329 267 241 422 234
Other non-interest expense 3,024 3,089 1,977 1,804 1,458
----- ----- ----- ----- -----
Total Non-interest
Expense 58,057 54,903 47,085 51,207 42,932
------ ------ ------ ------ ------
Income (Loss)
Before Income Taxes 11,580 (103,363) (12,965) (22,076) (15,592)
Income tax provision
(benefit) 4,409 (40,783) (5,430) (8,642) (6,502)
----- ------- ------ ------ ------
Net income (loss) $7,171 ($62,580) ($7,535) ($13,434) ($9,090)
Net income attributable
to noncontrolling
interests 60 53 86 101 68
-- -- -- --- --
Net income (loss)
attributable to
controlling
interests $7,111 ($62,633) ($7,621) ($13,535) ($9,158)
====== ======== ======= ======== =======
Preferred stock dividends
and discount accretion 2,270 146 146 146 107
----- --- --- --- ---
Net income (loss)
available to
Common Stockholders $4,841 ($62,779) ($7,767) ($13,681) ($9,265)
====== ======== ======= ======== =======
Net Earnings per
Common Share Data
Basic $0.15 $(1.98) $(0.25) (0.49) (0.34)
Diluted $0.14 $(1.98) $(0.25) $(0.49) $(0.34)
Dividends $0.01 $0.075 $0.075 $0.075 $0.075
Weighted Average
Common Shares
Outstanding 32,030 31,733 31,634 27,914 26,886
Diluted Average
Common Shares
Outstanding 34,304 31,733 31,634 27,914 26,886
Note 1: Certain reclassifications have been made to prior period
financial statements to place them on a basis comparable with the current
3. period financial statements.
Note 2: Diluted shares are equal to Basic shares for the first, second, third and fourth quarter 2008 due to the net loss. The calculation of
diluted earnings per share during those periods results in anti-dilution.
Note 3: All periods have been restated to reflect the adoption of FSP
APB 14-1, quot;Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement).quot;
PrivateBancorp, Inc.
Consolidated Balance Sheets
(dollars in thousands)
03/31/09 12/31/08 09/30/08 06/30/08 03/31/08
--------- --------- --------- --------- ---------
unaudited unaudited unaudited unaudited unaudited
Assets
Cash and
due from
banks $96,712 $131,848 $76,314 $76,924 $54,576
Fed funds
sold and
other
short-term
investments 83,626 98,387 363,991 41,034 22,226
Mortgages held
for sale 11,298 17,082 6,736 10,988 9,659
Securities
available-
for-sale,
at fair
value 1,385,244 1,425,564 899,301 712,158 575,798
Non-marketable
equity
investments 28,035 27,213 18,958 13,807 13,157
Loans net of
unearned
fees 8,483,641 8,036,807 7,441,137 6,417,026 5,136,066
Allowance for
loan
losses (127,011) (112,672) (102,223) (79,021) (61,974)
--------- --------- --------- --------- ---------
Net
loans 8,356,630 7,924,135 7,338,914 6,338,005 5,074,092
--------- --------- --------- --------- ---------
Other real
estate
owned 28,703 23,823 18,465 14,579 19,346
Premises,
furniture,
and equipment,
net 33,179 34,201 29,650 27,513 26,356
Accrued
interest
receivable 30,627 34,282 32,466 27,809 25,287
Investment in
bank owned
life
insurance 46,327 45,938 45,438 44,999 44,561
Goodwill 95,045 95,045 95,045 95,045 93,341
Derivative
assets 91,785 74,570 10,976 5,342 6,633
Other
assets 88,503 108,449 74,988 70,295 48,026
--------- --------- --------- --------- ---------
Total
assets $10,375,714 $10,040,537 $9,011,242 $7,478,498 $6,013,058
========= ========= ========= ========= =========
Liabilities
Demand deposits:
Non-interest
bearing $954,311 $711,693 $601,653 $548,710 $341,779
Interest
bearing 428,529 232,099 164,318 164,541 159,003
Savings and
money market
deposit
accounts 3,021,268 2,798,882 2,407,641 2,086,929 1,663,275
Brokered
deposits 1,740,960 2,654,768 2,749,735 1,889,401 1,396,930
Other time
deposits 1,671,520 1,599,014 1,526,601 1,466,369 1,453,479
--------- --------- --------- --------- ---------
Total
deposits 7,816,588 7,996,456 7,449,948 6,155,950 5,014,466
--------- --------- --------- --------- ---------
Short-term
borrowings 834,466 654,765 312,490 194,490 191,623
Long-term
debt 710,793 618,793 523,792 418,784 267,036
Accrued
interest
payable 23,775 37,623 32,121 30,007 17,636
Derivative
liabilities 89,482 76,068 11,788 5,342 6,633
Other
liabilities 34,382 51,266 40,372 27,543 21,435
--------- --------- --------- --------- ---------
Total
Liabilities 9,509,486 9,434,971 8,370,511 6,832,116 5,518,829
--------- --------- --------- --------- ---------
Stockholders' Equity
Preferred
4. stock 294,546 58,070 58,070 58,070 41,000
Common
stock 32,543 32,468 32,147 31,944 27,289
Treasury
stock (17,338) (17,285) (15,626) (14,150) (13,925)
Additional
paid-in-
capital 495,811 482,347 476,172 469,112 316,779
Retained
earnings 26,875 22,365 87,753 98,040 114,119
Accumulated
other
comprehensive
income 33,698 27,568 1,927 3,164 8,866
--------- --------- --------- --------- ---------
Controlling
interest
stockholders'
equity 866,135 605,533 640,443 646,180 494,128
--------- --------- --------- --------- ---------
Noncontrolling
interests 93 33 288 202 101
--------- --------- --------- --------- ---------
Total
stockholders'
equity 866,228 605,566 640,731 646,382 494,229
--------- --------- --------- --------- ---------
Total
liabilities
and
stockholders'
equity 10,375,714 10,040,537 9,011,242 7,478,498 6,013,058
========= ========= ========= ========= =========
Note 1: Certain reclassifications have been made to prior period financial
statements to place them on a basis comparable with the current period
financial statements.
Note 2: All periods have been restated to reflect the adoption of FSP APB
14-1, quot;Accounting for Convertible Debt Instruments That May Be Settled in
Cash upon Conversion (Including Partial Cash Settlement).quot;
PrivateBancorp, Inc.
Key Financial Data
Unaudited
(amounts in thousands except per share data)
1Q09 4Q08 3Q08 2Q08 1Q08
---- ---- ---- ---- ----
Selected Statement
of Income Data:
Net interest
income $63,880 $59,147 $52,579 $42,728 $35,957
Net revenue (1) $88,288 $71,707 $65,211 $53,147 $45,499
Income (loss)
before taxes $11,580 ($103,363) ($12,965) ($22,076) ($15,592)
Net income
(loss) $4,841 ($62,779) ($7,767) ($13,681) ($9,265)
Per Common Share Data:
Basic
earnings
per share $0.15 ($1.98) ($0.25) ($0.49) ($0.34)
Diluted
earnings
per share
(2) $0.14 ($1.98) ($0.25) ($0.49) ($0.34)
Dividends $0.010 $0.075 $0.075 $0.075 $0.075
Book value
(period
end) (3) $16.96 $16.31 $17.34 $17.68 $16.01
Tangible
book value
(period
end) (4) $13.96 $13.28 $14.33 $14.63 $12.49
Market
value
(close) $14.46 $32.46 $41.66 $30.38 $31.47
Book value
multiple 0.85x 1.99x 2.40x 1.72x 1.97x
Share Data:
Weighted Average
Common
Shares
Outstanding 32,030 31,733 31,634 27,914 26,886
Diluted Average
Common Shares
Outstanding
(2) 34,304 31,733 31,634 27,914 26,886
Common shares
issued
(at period
end) 34,180 34,043 34,028 33,656 28,686
Common shares
outstanding
(at period
end) 33,702 33,568 33,604 33,275 28,311
Performance
Ratios:
Return on
average assets 0.29% -2.63% -0.37% -0.81% -0.68%
Return on
average
common equity 3.48% -45.11% -5.40% -11.13% -8.99%
5. Fee revenue as a
percent of
total
revenue (5) 26.29% 17.35% 17.99% 17.62% 17.64%
Non-interest
income
to average
assets 0.95% 0.49% 0.57% 0.57% 0.63%
Non-interest
expense
to average
assets 2.34% 2.31% 2.28% 3.07% 3.18%
Net overhead
ratio (6) 1.39% 1.82% 1.71% 2.50% 2.55%
Efficiency
ratio (7) 65.76% 76.57% 72.20% 96.35% 94.36%
Selected Financial
Condition Data:
Client
deposits
(8) $6,941,284 $6,020,646 $5,006,397 $4,390,998 $3,697,598
The Private
Wealth Group
assets under
management $3,164,158 $3,261,061 $3,354,212 $3,305,477 $3,314,461
Balance Sheet
Ratios:
Loans to
Deposits
(period end) 108.53% 100.50% 99.88% 104.24% 102.42%
Average
interest-earning
assets
to average
interest-bearing
liabilities 115.10% 112.30% 113.29% 112.34% 113.02%
Capital Ratios
(period end):
Total equity
to total assets 8.35% 6.03% 7.11% 8.64% 8.22%
Total risk-
based capital
ratio 12.63% 10.32% 12.08% 13.48% 11.56%
Tier-1 risk-
based capital
ratio 10.13% 7.24% 9.21% 10.84% 9.02%
Leverage
ratio 9.79% 7.17% 9.29% 11.48% 9.15%
Tangible common
equity to
tangible assets
(9) 4.58% 4.49% 5.40% 6.60% 5.98%
(1) The sum of net interest income, on a tax equivalent basis, plus
non-interest income. The tax equivalent adjustments for the first quarter
2008 through the first quarter 2009 were $1.0 million, $992,000, $918,000,
$917,000 and $845,000, respectively.
(2) For all the 2008 periods presented, diluted shares are equal to Basic
shares due to the net loss. The calculation of diluted earnings per share
results in anti-dilution for all quarters in 2008.
(3) Book value is total common capital divided by outstanding shares at
end of period.
(4) Tangible book value is total common capital less goodwill and other
intangibles divided by outstanding shares at end of period. This is a
non-GAAP financial measure.
(5) Represents non-interest income less securities gains as a percentage
of the sum of net interest income and non-interest income less securities
gains.
(6) Non-interest expense less non-interest income divided by average total
assets.
(7) Non-interest expense divided by the sum of net interest income, on a
tax equivalent basis, plus non-interest income. The tax equivalent
adjustments for the first quarter 2008 through the first quarter 2009
were $1.0 million, $992,000, $918,000, $917,000 and $845,000,
respectively.
(8) Client deposits are equal to total deposits less brokered deposits
plus client CDARS(TM).
(9) Tangible common equity to tangible assets are equal to common
stockholders' equity excluding goodwill and other intangible assets
divided by assets excluding goodwill and other intangible assets. This is
a non-GAAP financial measure.
All periods have been restated to reflect the adoption of FSP APB 14-1,
quot;Accounting for Convertible Debt Instruments That May Be Settled in Cash
upon Conversion (Including Partial Cash Settlement).quot;
SOURCE Private Bancorp, Inc.
Contact: For media, Amy Yuhn, Director of Communications, +1-312-564-1378, ayuhn@theprivatebank.com, for investors, Katie Manzel, +1-312-564-6818, kmanzel@theprivatebank.com, both of Private Bancorp, Inc.
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