[AP] – Moody’s Investors Service said late Friday that the United States should be able to keep its triple-A credit rating as long as Washington works out a deal that lets it continue to pay bondholders.
Originally posted from Moody’s says US should retain top credit rating
http://bit.ly/nETzLZ[AP] – The economy is at risk of slipping into another recession. It nearly stalled in the first six months of the year, the government reported Friday. Economic growth was feeble in the second quarter and practically non-existent in the first.
Originally posted from Recession risks up amid slow growth, debt standoff
http://bit.ly/oeroQoBUFFALO, N.Y., July 31, 2011 (GLOBE NEWSWIRE) — With the HSBC Bank USA, N.A. branch acquisition that First Niagara Bank, N.A. announced today, the Upstate company expects to employ more than 4,000 New Yorkers by this time next year and upwards of 6,500 employees across Pennsylvania, New England and the Empire State.
“Every region we serve will benefit as we continue to attract top talent and leverage greater resources for the benefit of all our customers and communities,” First Niagara President and Chief Executive Officer John R. Koelmel said. “We’re doubly proud to be making this major investment in our home state, where we’ll be even better positioned to support communities across Upstate by creating more career opportunities for New Yorkers and by strengthening our position as a regional corporate leader.”
Most of the 1,900 people currently employed in the 195 branches that are part of the transaction announced today are expected to be retained by First Niagara and other financial institutions that purchase certain branches that the company expects to divest.�Those divestitures will take place in a limited number of locations outside its strategic footprint, as well as in Western New York as the result of a customary antitrust review process.�
“We are very pleased to be part of the solution to stabilizing our regional economy during these very difficult and challenging economic times.�I have every expectation that over the next 12 to 18 months, given our growth plans and track record, any short-term jobs impact from this transaction will have been completely mitigated,” Koelmel said.�”We’re very proud to once again lead by example by further investing in the future of New York.”
After the transaction is fully completed next year, First Niagara expects to employ more than 4,000 New Yorkers, up from about 2,600 today.�That workforce will include some of the 500 new non-branch jobs announced this past May, as well as the more than 500 the bank already created in 2009 and 2010.�
“Buffalo and Upstate New York is home for us.�While we continue to invest and grow in every region where we do business, this transaction is a real ‘win-win’ for New York State,” Koelmel added.�”At First Niagara, we are winning with talent.�Our employees are passionate about making good things happen for our customers in their businesses and in their lives. We do that not only in how we deliver our products and services, but also in the countless ways we invest in our communities.”
First Niagara is one of Upstate’s most-active corporate citizens, providing more than million in funding across its statewide footprint in 2010 alone to hundreds of not-for-profit organizations and philanthropic endeavors.�Much of that support is under First Niagara’s Mentoring Matters program, which provides critical funding and volunteer support to youth-focused development programs.�In addition, the communities First Niagara serves also benefit from the passionate and energetic commitment of its employee volunteer team.
News Media Conference Call and Press Conference
Executives from First Niagara will also hold a press conference at the bank’s headquarters at 11:30 a.m. Eastern Time on Monday, August 1, at 726 Exchange Street, Buffalo, N.Y.�Journalists who are unable to attend in person may listen to the press conference by dialing 1-877-902-6543; passcode 3476128.
About First Niagara
First Niagara expects to have approximately billion in assets, billion in deposits and 450 branches upon completion of its HSBC-branch acquisition, subject to customary regulatory approvals.�First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank that currently has billion in assets, billion in deposits, 346 branches and 5,000 employees providing financial services to individuals, families and businesses across Upstate New York, Pennsylvania, Connecticut and Massachusetts.�For more information, visit www.fnfg.com.
Forward-Looking Statements
Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act.�Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements.�Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, including risks, assumptions and uncertainties relating to the acquired branches, completion of the transaction, regulatory approvals for the transaction, integration of the acquired branches and related operations and any required or planned divestitures and the related process, actual results, performance or achievements may vary materially from those anticipated, estimated or projected.�More information about the factors that could cause actual results to materially differ is contained in our filings with the Securities and Exchange Commission.�We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: First Niagara Contact
News Media:
Jeffrey A. Schoenborn
Public Relations and Corporate Communications
(716) 819-5921
Email_PR@fnfg.com
TEL AVIV, Israel, July 30, 2011 (GLOBE NEWSWIRE) — Ampal-American Israel Corporation (Nasdaq: AMPL), a holding company in the business of acquiring and managing interests in various businesses, announced today that it has been advised by East Mediterranean Gas Co. (“EMG”), in which Ampal has a 12.5% interest, that in the wake of violent incidents in El-Arish, Egypt on July 29th, in the early morning of July 30th there was an attempt�to cause damage to the EMG site near El-Arish.
The security forces on site returned fire, prevented any penetration of the EMG site and repelled the attack. No casualties were reported.
EMG reports that the incident will not affect its operations once EGPC resumes supply after it was interrupted due to an explosion at a GASCO terminal on July 12, 2011.
About Ampal:
Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. Ampal is seeking opportunistic situations in a variety of industries, with a focus on energy, chemicals and related sectors. Ampal's goal is to develop or acquire majority interests in businesses that are profitable and generate significant free cash flow that Ampal can control. For more information about Ampal please visit our web site at www.ampal.com.
Safe Harbor Statement
Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) and information relating to Ampal that are based on the beliefs of management of Ampal as well as assumptions made by and information currently available to the management of Ampal. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and similar expressions as they relate to Ampal or Ampal’s management, identify forward-looking statements. Such statements reflect the current views of Ampal with respect to future events or future financial performance of Ampal, the outcome of which is subject to certain risks and other factors which could cause actual results to differ materially from those anticipated by the forward-looking statements, including among others, the economic and political conditions in Israel, the Middle East, including the situation in Iraq and Egypt, and the global business and economic conditions in the different sectors and markets where Ampal’s portfolio companies operate. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcome may vary from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Ampal or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. Please refer to the Ampal’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially. Ampal assumes no obligation to update or revise any forward-looking statements.
CONTACT: FOR: AMPAL-AMERICAN ISRAEL CORPORATION
CONTACT: Irit Eluz
CFO - SVP Finance & Treasurer
1 866 447 8636
irit@ampal.com
FOR: KM/KCSA - Investor Relations
CONTACT: Roni Gavrielov
011-972-3-516-7620
roni@km-ir.co.il
Jeff Corbin / Marybeth Csaby
212-896-1214 / 212-896-1236
jcorbin@kcsa.com / mcsaby@kcsa.com
FOR: PM-PR Media consultants
CONTACT: Zeev Feiner
011-972-50-790-7890
z@pm-pr.com
ALEXANDRIA, Va., July 29, 2011 (GLOBE NEWSWIRE) — More than 110 leading Black women managers participated in an invitation-only 2011 Executive Leadership Council® Black Women’s Leadership Symposium on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the Willis Tower. Ertharin Cousin, Ambassador, United States Mission to the U.N. Agencies in Rome delivered the luncheon keynote address.� Immediately following the symposium, an additional 125 women joined the group for the Black Women On…Public Policy, a free event that targeted high potential junior to mid-level Black women executives.�
The 2011 theme was Public Policy and explored Black women’s influence and involvement in the political process and legislation.� Topics ranged from the creation of legislation to the presence of Black women in the political arena to the impact of media on the political process.
This information was brought to you by Cision http://ping.fm/cafEM
http://ping.fm/3Qvpb/merge-consumer-marketing/r/more-than-110-attended-the-executive-leadership-council-black-women-s-leadership-symposium,c9147827
The following files are available for download:
wkr0012.pdf | |
wkr0001.jpg | Attendees at the 2011 Executive Leadership Council® Black Women’s Leadership Symposium on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the Willis Tower (Photo Credit: Dot Ward, Inc.) |
wkr0002.jpg | The Executive Leadership Council President and CEO Arnold Donald provides remarks at the 2011 Executive Leadership Council® Black Women’s Leadership Symposium on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the Willis Tower (Photo Credit: Dot Ward, Inc.) |
wkr0003.jpg | (l to r) Yanik Rice Lamb, associate publisher and editorial director, Heart & Soul magazine; Leilani Brown, chief marketing officer, Starr Companies; and Dr. Julianne Malveaux, president, Bennett College for Women at the 2011 Executive Leadership Council® Black Women’s Leadership Symposium on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the Willis Tower (Photo Credit: Dot Ward, Inc.) |
wkr0004.jpg | Committee members and speakers at the 2011 Executive Leadership Council® Black Women’s Leadership Symposium on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the Willis Tower join event co-chairs seated (l to r) Susan E. Chapman, senior vice president, global real estate and workplace enablement; Nicole Lewis, vice president global marketing, Kelly Services; Leilani Brown, chief marketing officer, Starr Companies; and Julia Brown, senior vice president, global procurement,… |
wkr0005.jpg | Ambassador Ertharin Cousin, United States Mission to the U.N. Agencies in Rome provides remarks at the 2011 Executive Leadership Council® Black Women’s Leadership Symposium on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the Willis Tower (Photo Credit: Dot Ward, Inc.) |
wkr0006.jpg | (l to r) Faith Morris, CEO & chief strategist, Merge Consumer Marketing; Leilani Brown, chief marketing officer, Starr Companies; Nicole Lewis, vice president, global marketing, Kelly Services; Susan E. Chapman, senior vice president, global real estate and workplace enablement, American Express; Julia Brown, senior vice president, global procurement, Kraft Foods; and Kimberly Corbin, president & CEO, National Black MBA Association at the 2011 Executive Leadership Council® Black Women’s Leade… |
wkr0007.jpg | Co-chairs and speakers at the 2011 Executive Leadership Council® Black Women’s Leadership Symposium (4th from r), Tina Walls, member/moderator and former Altria executive; (far, l) Nicole Lewis, vice president global marketing, Kelly Services; (2nd from l) Susan E. Chapman, senior vice president, global real estate and workplace enablement; and (far, r) Julia Brown, senior vice president global procurement, Kraft Foods on Tuesday, July 19 in Chicago, Illinois, at The Metropolitan Club in the … |
[Image] | Co-Chairs |
EVANSTON, Ill., July 29, 2011 (GLOBE NEWSWIRE) — Fidus Investment Corporation (Nasdaq:FDUS) (“Fidus”) announced today that it will report its second quarter 2011 financial results on Thursday, August 4, 2011, after the close of the financial markets.
The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Friday, August 5, 2011 to discuss the quarterly financial results. All interested parties are welcome to participate. You can access the conference call by dialing (866) 516-3027 approximately 10 minutes prior to the call. International callers should dial (937) 999-3218. All callers should reference Fidus Investment Corporation and conference ID 88287019. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until September 2, 2011.�The replay may be accessed by calling (855) 859-2056. International callers please dial (404) 537-3406. For all phone replays, please reference conference ID 88287019������������
ABOUT FIDUS INVESTMENT CORPORATION
Fidus Investment Corporation is a business development company which provides customized mezzanine debt and equity financing solutions to lower middle-market companies, which generally are defined as U.S. based companies having revenues between .0 million and 0.0 million. Fidus’s investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Fidus’s control, and that Fidus may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Fidus’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and Fidus undertakes no obligation to update any such statement now or in the future.
CONTACT: Edward H. Ross
Chairman and CEO
847-859-3941
eross@fidusinv.com
COVINGTON, La., July 29, 2011 (GLOBE NEWSWIRE) — Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, will announce its second quarter 2011 financial results on Thursday, August 4, 2011 after the market closes. The earnings conference call scheduled for August 4, 2011 at 5:00 p.m. Eastern Time will discuss the second quarter 2011 results.
About Globalstar, Inc.
Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial customers and recreational consumers in more than 120 countries around the world. The Company’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems, the SPOT Satellite GPS Messenger and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications. Note that all SPOT products described in this press release are the products of Spot LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
The Globalstar, Inc. logo is available at http://ping.fm/OPXFK
For more information regarding Globalstar, please visit Globalstar’s web site at www.globalstar.com
CONTACT: Globalstar, Inc.
Dean Hirasawa
(985) 335-1505
Dean.hirasawa@globalstar.com
EVANSVILLE, Ind., July 29, 2011 (GLOBE NEWSWIRE) — Old National Bancorp (NYSE:ONB) announced today that its wholly owned subsidiary, Old National Bank has entered into a purchase and assumption agreement with loss share arrangements with the Federal Deposit Insurance Corporation (FDIC) to assume approximately .5 billion in deposits and purchase approximately .2 billion in loans of Integra Bank National Association (Integra), a full service community bank headquartered in Evansville, Ind.
With this acquisition, Old National will now operate a total of 52 former Integra banking centers in Southern Illinois, Southern Indiana and Western Kentucky resulting in more than 220 total banking centers within its footprint. This partnership strengthens Old National’s position as the fourth largest deposit holder in the state of Indiana.
“We are extremely pleased to have been selected by the FDIC in this bidding process to provide a safe, secure home at Old National for Integra’s clients,” said Old National President & CEO Bob Jones. “Old National and Integra have been community partners and neighbors for many years, and we feel privileged to continue the commitment to friendly, local service and highly personalized care that clients have come to expect.”
This transaction is expected to be immediately accretive to Old National’s earnings per share, excluding one-time charges.
All Integra offices were closed on Friday, July 29, 2011, by the Office of Comptroller of the Currency and the FDIC was named Receiver.�All Integra offices will reopen as Old National offices at their next scheduled opening day, beginning Saturday, July 30, 2011, and all former Integra Bank customers will be able to conduct banking business as usual within those offices.
Clients who have immediate questions may contact the FDIC toll-free at 1-800-830-6698 or visit http://www.fdic.gov to learn more.
Old National was advised by the legal firm of Krieg DeVault LLP and used Sandler O’Neill + Partners, L.P and DD&F Consulting Group as financial advisors.�
About Old National
Old National Bancorp is the largest financial services holding company headquartered in Indiana and, with .1 billion in assets (prior to this acquisition), ranks among the top 100 banking companies in the United States. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients in its primary footprint of Indiana, Illinois and Kentucky.�In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns Old National Insurance which is one of the top 100 largest agencies in the US and the 10th largest bank-owned insurance agency. For more information and financial data, please visit Investor Relations at oldnational.com.
The Old National Bancorp logo is available at�http://ping.fm/a9AGV�
Conference Call Reminder
Old National will hold a conference call at 10:00 a.m. Central on Monday, August 1, 2011, to discuss the FDIC-assisted acquisition of Integra, second quarter 2011 financial results, strategic developments, and the Company’s financial outlook.�The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months.�A replay of the call will also be available from Noon Central on August 1 through August 15.�To access the replay, dial 1-800-642-1687, conference code 82000278.
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.�These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends and profitability and statements about the financial benefits and other effects of the acquisition of certain assets and assumption of certain liabilities of Integra Bank from the FDIC.�Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning.�These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements.�Factors that might cause such a difference include, but are not limited to: expected cost savings, synergies and other financial benefits from the acquisition of Integra Bank assets and liabilities might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; market, economic, operational, liquidity, credit and interest rate risks associated with Old National’s business, competition, government legislation and policies; ability of Old National to execute its business plan, including the integration of the acquired Integra Bank assets and liabilities; changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits, failure or circumvention of our internal controls, failure or disruption of our information systems, significant changes in accounting, tax or regulatory practices or requirements, new legal obligations or liabilities or unfavorable resolutions of litigations, other matters discussed in this release and other factors identified in the Company’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission.�These forward-looking statements are made only as of the date of this release, and Old National undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
CONTACT: Media:
Kathy A. Schoettlin - (812) 465-7269
(812) 319-2711 (cell)
Executive Vice President - Communications
Financial Community:
Lynell J. Walton - (812) 464-1366
Senior Vice President - Investor Relations
ATHENS, Tenn., July 29, 2011 (GLOBE NEWSWIRE) — Athens Bancshares Corporation (Nasdaq:AFCB) (the “Company”), the holding company for Athens Federal Community Bank (the “Bank”), today announced its results of operations for the three and six months ended June 30, 2011. The Company’s net income for the three months ended June 30, 2011, was 7,000 or .08 per diluted share, compared to net income of 0,000 or .11 per diluted share for the same period in 2010.�For the six months ended June 30, 2011, net income was 1,000 or .28 per diluted share, compared to a net loss of (6,000) or (.04) per diluted share for the six months ended June 30, 2010.�The net loss for the six months ended June 30, 2010 resulted primarily from a .1 million contribution to the charitable foundation formed by the Bank in connection with its conversion to the stock form organization, which was completed in January 2010.
Results of Operations � Three Months Ended June 30, 2011 and 2010
Net interest income after provision for loan losses decreased ,000 or 0.17%, for the three months ended June 30, 2011 compared to the three months ended June 30, 2010.�Interest income increased ,000 when comparing the two periods as the average balance of interest-earning assets increased from 8.9 million for the three months ended June 30, 2010 to 3.7 million for the comparable period in 2011. The average yield on interest earning assets decreased from 5.61% during the three months ended June 30, 2010 to 5.53% for the comparable period in 2011.��Interest expense decreased 8,000 as the average cost of interest-bearing liabilities decreased from 2.12% to 1.56% when comparing the same two periods, which more than offset an increase in the average balance of those liabilities from 5.6 million for the quarter ended June 30, 2010 to 9.2 million for the comparable period in 2011.�The provision for loan losses increased 0,000 from 4,000 for the quarter ended June 30, 2010 to 4,000 for the quarter ended June 30, 2011.�The increase in provision for loan losses was primarily due to increases in specific loss reserves recorded on impaired loans and the decline in overall economic conditions.
Non-interest income decreased ,000 to .1 million for the three months ended June 30, 2011 compared to .2 million for the same period in 2010.�The decrease was primarily due to a decrease in other non-interest income related to a life insurance benefit received during 2010, partially offset by increases in income related to debit cards, customer investment sales commissions and increases in cash surrender value of life insurance.�
Non-interest expense increased ,000 to .9 million for the quarter ended June 30, 2011 compared to .8 million for the quarter ended June 30, 2010.�The primary reason for the increase was an increase in salary and employee benefits expense due to the 2010 Equity Incentive Plan expenses related to stock options and restricted stock granted in December 2010 and January 2011, respectively.
Income tax expense for the three months ended June 30, 2011 was ,000 compared to 4,000 for the same period in 2010.�The primary reason for the change was the decrease in taxable income during the 2011 period.
Results of Operations � Six Months Ended June 30, 2011 and 2010
Net interest income after provision for loan losses increased 6,000, or 8.95%, for the six months ended June 30, 2011 as compared to the same period in 2010.�Interest income increased 8,000 when comparing the two periods as the average balance of interest-earning assets increased from 6.4 million for the six months ended June 30, 2010 to 2.0 million for the comparable period in 2011.�The average yield on interest-earning assets decreased from 5.60% during the six months ended June 30, 2010 to 5.58% for the same period in 2011.�Interest expense decreased 9,000 as the average cost of interest bearing liabilities decreased from 2.14% to 1.58% when comparing the same two periods, while the average balance of interest bearing liabilities increased.0 million from 4.5 million to 8.5 million.�The provision for loan losses increased 1,000 from 4,000 for the six months ended June 30, 2010 to 5,000 for the six months ended June 30, 2011. The increase in provision for loan losses was primarily due to increases in specific loss reserves recorded on impaired loans and the decline in overall economic conditions.
Non-interest income increased ,000 for the six months ended June 30, 2011 compared to the same period in 2010.�The increase was primarily due to an increase in income related to the sale of mortgage loans on the secondary market and an increase in commission income related to customer investment sales commissions.
Non-interest expense decreased 3,000 for the six months ended June 30, 2011 compared to the same period in 2010.�The primary reason for the decrease was the contribution of .1 million in stock and cash to the Athens Federal Foundation during the first quarter of 2010.
Income tax expense for the six months ended June 30, 2011 was 2,000 as compared to an income tax benefit of (6,000) for the same period in 2010.�The primary reason for the change was the tax benefit received from the contribution to the Athens Federal Foundation in 2010.
Total assets increased .4 million to 3.4 million at June 30, 2011, compared to 8.0 million at December 31, 2010.�The Bank was considered well-capitalized under applicable federal regulatory capital guidelines at June 30, 2011.
This release may contain forward-looking statements within the meaning of the federal securities laws.�These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance.�Forward-looking statements are preceded by terms such as “expects”, “believes”, “anticipates”, “intends” and similar expressions.
Forward-looking statements are not guarantees of future performance.�Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements.�Factors that may cause or contribute to these differences include, without limitation, general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.
Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf.�Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
CONTACT: Athens Bancshares Corporation
Jeffrey L. Cunningham
President and CEO
423-745-1111
FORT LAUDERDALE, Fla., July 29, 2011 (GLOBE NEWSWIRE) — BankAtlantic Bancorp, Inc. (NYSE:BBX) today announced it plans to host an investor luncheon meeting in San Diego, California.
BankAtlantic Bancorp’s Investor Relations Officer, Leo Hinkley, will give a corporate presentation followed by a question and answer session.
The investor luncheon meeting will be held on Thursday, August 4, 2011 at 1:15 p.m. Reservations are required. For location information and to RSVP, please call 877-694-8378 or LizOlsonTIC@aol.com.
The presentation discussed will be available in the Investor Relations section of BankAtlantic Ban corp’s website at www.BankAtlanticBancorp.com. �
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida.� Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services.� BankAtlantic is open 7 days a week and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.
For further information, please visit our websites:
To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.
Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.�Actual results could differ materially from those expressed or implied by the forward-looking statements contained herein In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. The Company cautions that the foregoing factors are not exclusive.�
CONTACT: BankAtlantic Bancorp, Inc. Contact Info:
Leo Hinkley
Investor Relations Officer
954-940-5300
InvestorRelations@BankAtlanticBancorp.com
Sharon Lyn, V.P.
Investor and Corporate Communications
954-940-6383
CorpComm@BankAtlanticBancorp.com
BankAtlantic Media Contact:
Caren Berg, Boardroom Communications
(954) 370-8999
cberg@boardroompr.com
BLUFFTON, Ind., July 29, 2011 (GLOBE NEWSWIRE) — R. Scott Trumbull, Chairman and Chief Executive Officer of Franklin Electric Co., Inc., (Nasdaq:FELE) announced today that the Board of Directors declared a quarterly cash dividend of $.135 �per share payable August 25, 2011 to shareowners of record on August 11, 2011.�
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Recognized as a technical leader in its specialties, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
The Franklin Electric Co., Inc. logo is available at http://ping.fm/ETphE
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, raw material costs, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending January 1, 2011, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.
CONTACT: John J. Haines
260-824-2900
PHOENIX, July 29, 2011 (GLOBE NEWSWIRE) — Continental Resources Group, Inc., (OTCBB:CRGCE) and Sagebrush Gold Ltd., (OTCBB:SAGE) Announced on July 22, 2011, Continental Resources Group, Inc. (the “Company”), Sagebrush Gold Ltd (“Sage”) and Continental Resources Acquisition Sub, Inc., Sage’s wholly owned subsidiary (“Acquisition Sub”), has completed an asset purchase agreement the (“Agreement”) pursuant to which Acquisition Sub purchased substantially all assets of the Company (the “Asset Sale”) in consideration for 76,055,214 shares of Sage’s common stock (the “Shares”) which shall be equal to eight (8) Shares for every ten (10) shares of the Company’s common stock. Under the terms of the Agreement, Sage purchased from the Company substantially all of the Company’s assets, including, but not limited to, 100% of the outstanding shares of common stock and all outstanding warrants of the Company’s wholly-owned subsidiaries (CPX Uranium, Inc., Green Energy Fields, Inc., and ND Energy, Inc.).�The acquired assets include approximately million of cash.
Sagebrush Gold is a gold exploration company located in, “the heart of gold country,” Nevada.�With current projects and recent acquisitions, Sagebrush is positioned to be a near term producer of gold.
Continental Resources Group’s President and CEO Joshua Bleak stated, “Combining with Sagebrush provides great value for our shareholders via entrance into the gold market.�� This action advances our endeavors to provide shareholder value and strengthen the company’s resource portfolio. Through this consolidation we are gaining participation in one of the hottest gold markets in history where gold is currently over 00 per ounce, while maintaining our uranium assets.”
Sagebrush’s Co- Chairman Barry Honig added, “Combining assets with Continental Resources Group creates an incredible opportunity for Sagebrush to diversify its resource portfolio. �This truly gives us the ability to take advantage of opportunities that might arise in the near future.”
About Continental Resources Group, Inc.
Continental Resources Group (CRG) is a resource company focused on exploring and developing the natural energy resources of the United States.� CRG has one of the most prolific mining databases for energy related projects within the United States. �Utilizing this database, CRG will target and acquire projects with previous production and/or exploration and work towards fully developing those projects to drive revenues and build core reserves.�
About Sagebrush Gold, Ltd.
Sagebrush Gold, Ltd. is a junior gold exploration company focused on searching for world-class resources and seeking out potentially significant gold exploration and development targets in Nevada’s leading gold districts.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws.� These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.� Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage.� Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.� There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.� Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
CONTACT: Corporate Office
3266 W Galveston Dr. Suite 101
Apache Junction, Arizona 85120
www.ContinentalResourcesGroup.com
Sagebrush Gold, Ltd.
1640 Terrace Way
Walnut Creek, CA 94597
email: info@sagebrushgold.com
www.SagebrushGold.com
Investor Relations
info@ContinentalResourcesGroup.com
Chris Bond
480-288-6530 - Office
480 760 5832 - Mobile
cbond@bondbrothersmedia.com
TUCSON, Ariz., July 29, 2011 (GLOBE NEWSWIRE) — Cancer Prevention Pharmaceuticals, Inc. (CPP) has received positive advice from the European Medicines Agency (EMA) regarding its Phase III trial in Familial Adenomatous Polyposis (FAP).
A request for Scientific Advice is a process offered by the EMA to provide guidance on conduct of studies.�This process is helpful to ensure that the studies are appropriately designed to minimize the risk of major objections being raised during the regulatory review.�Scientific advice received from the EMA represents the agreed EU regulators’ position on issues relating to an evaluation of safety, quality and efficacy.
The EMA advice included agreement on key design features such as its clinically important endpoint, study duration, statistical analysis plan, and comparator arms.�The EMA’s advice is consistent with guidance received from the FDA earlier this year and the Company is now poised to begin a multinational study in FAP that will be used to support registration in both European Union (EU) and the United States.�
Jeffrey Jacob, CEO of CPP said, “This is truly a breakthrough for our Company and the FAP Community.�We have worked closely with global Key Opinion Leaders (KOLs) and regulatory authorities in Europe and the US to create a new registration pathway that will have both regulatory and commercial impact if our trial is successful.”��
The CPP study is a departure from previous and traditional trial designs that focused on “polyp counting.”�Celecoxib was previously approved for FAP using the polyp counting endpoint with only a ~28% reduction in polyp burden but unfortunately never translated into a standard of care or proven clinical benefit.�The FAP indication was recently withdrawn from the Celecoxib label.�In a departure from these endpoints, CPP will target a delay in FAP-related events such as surgical events, duodenal disease, cancer, and death which are now accepted by the regulators as “clinically meaningful.”��
Mr. Jacob added, “Both the FDA and EMA made it clear that endpoints focused only on polyp counting will no longer be accepted for registration. �In a previous Phase II/III sporadic adenoma trial with our drug combination, our Founders showed�92%-95% efficacy in preventing the recurrence of high risk polyps�i.e., those at high risk of transforming into cancer.�We believe, along with many KOLs around the world, that these dramatic results may be replicated in the FAP population�with the added benefit of delaying surgical events, duodenal disease, cancer, and death. �With agreement and guidance from the regulatory authorities, we are now ready to move this important pivotal trial forward.”
About Familial Adenomatous Polyposis (FAP)
Familial adenomatous polyposis (FAP) is an inherited disorder characterized by cancer of the large intestine (colon) and rectum.�It is a significant orphan disease afflicting 1-in-10,000 people (roughly 30,000 in the United States and 40,000-50,000 in Europe).�The classic type of FAP results in multiple noncancerous (benign) growths (polyps) in the colon that can appear in children and teenagers.�Unless the colon is removed, these polyps will eventually become malignant (cancerous).�In people with classic FAP, the number of polyps increases with age, and hundreds to thousands of polyps can develop in the colon.�FAP patients are subjected to numerous surgical and endoscopic procedures throughout their lives and ultimately face life threatening duodenal disease, desmoids, and cancer.�FAP has been designated as an orphan disease by the United States FDA and the European Commission.
About CPP
Cancer Prevention Pharmaceuticals, Inc. (CPP) is developing therapeutics that reduce the risk of cancer.�CPP’s approach has been used with great success in other disease categories such as cardiovascular, neurovascular and infectious disease.�Agents that target pre-disease states have helped reduce death rates from these conditions by 50%-70% over the past 30 years.�Just as these other prevention therapies represent the largest-selling drug classes on the market today (> billion), CPP believes there is even more potential for therapies that reduce the risk of cancer.�In addition to its Phase III FAP study, CPP is also co-sponsoring a large Phase III trial in colon cancer survivors (N-1350) expected to begin in the second half of 2011.�Additional information on CPP is available at www.canprevent.com.
Forward Looking Statements
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. �Forward-looking statements include statements about the planned Phase III trial of the CPP-1X/sul combination therapy in FAP as well as the company’s focus, collaborative partners, and independent and partnered product candidates.�These forward-looking statements represent the company’s judgment as of the date of this release.�The company disclaims, however, any intent or obligation to update these forward-looking statements.
CONTACT: Jeffrey Jacob
CEO
520-908-7774
jjacob@canprevent.com
Filed pursuant to Rule 433
Registration No. 333-175837
Issuer Free Writing Prospectus dated July 28, 2011
Relating to Preliminary Prospectus Supplement dated July 28, 2011
CLEVELAND, July 28, 2011 (GLOBE NEWSWIRE) — Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today announced the pricing of 0 million aggregate principal amount of 2.00% Convertible Senior Subordinated Notes due 2018 (“Notes”) registered under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced 0 million offering. Chart has also granted the underwriters a 13 day option to purchase up to .5 million in aggregate principal amount of additional Notes to cover overallotments. The offering is scheduled to close on or about August 3, 2011.�
The Notes will pay interest semiannually in arrears on February 1 and August 1 of each year, beginning February 1, 2012. The Notes will mature on August 1, 2018, unless previously converted in accordance with their terms prior to such date. Upon conversion, holders will receive cash up to the principal amount. It’s Chart’s intention to settle any excess conversion value in shares of Chart’s common stock; however, at Chart’s election, this excess can be settled in cash, shares of Chart’s common stock or a combination of cash and shares of Chart’s common stock.�The conversion rate for the Notes will initially be 14.4865 shares of Chart’s common stock per ,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately .03 per share of common stock. The initial conversion price represents a conversion premium of 30% over the last reported sale price of Chart’s common stock on July 28, 2011, which was approximately .10 per share. The conversion rate and the conversion price will be subject to adjustment in certain events, such as a dividend distribution or stock split.�
Chart estimates that the net proceeds from the offering will be approximately 2.8 million (or approximately 9.3 million if the underwriters exercise their overallotment option in full) after deducting the underwriters’ discount and estimated offering expenses.�Chart expects to use approximately 5 million of the net proceeds to redeem its Senior Subordinated Notes due October 2015 and pay the related redemption premium and accrued interest.�The remaining net proceeds from the offering will be used to pay the cost of the convertible note hedge and capped call transactions described below, and for general corporate purposes.
In connection with the pricing of the Notes, Chart also entered into privately negotiated convertible note hedge, warrant and capped call transactions with affiliates of the underwriters of the Notes (the “option counterparties”). Chart estimates that the cost of the convertible note hedge and capped call transactions, taking into account the proceeds from the warrant transactions, will be approximately .6 million. The convertible note hedge and capped call transactions are expected to reduce the potential dilution with respect to Chart’s common stock upon conversion of the Notes, except, in the case of the capped call transactions, to the extent that the market price per share of Chart’s common stock exceeds the cap price of the capped call transactions. However, the warrant transactions will have a dilutive effect with respect to Chart’s common stock to the extent that the market price per share of Chart’s common stock exceeds the strike price of the warrants. The cap price of the capped call transactions and the strike price of the warrant transactions will initially be approximately .96 per share, which represents a premium of 60% over the last reported sale price of Chart’s common stock on July 28, 2011. If the underwriters exercise their option to purchase additional Notes, Chart may enter into additional convertible note hedge and warrant transactions and additional capped call transactions.
Chart has been advised by the option counterparties that, in connection with establishing their initial hedge positions with respect to the convertible note hedge, warrant and capped call transactions, the option counterparties and/or their respective affiliates expect to enter into various cash-settled over-the-counter derivative transactions with respect to Chart’s common stock concurrently with, or shortly following, the pricing of the Notes, and may unwind any such cash-settled over-the-counter derivative transactions and purchase shares of Chart’s common stock in open market transactions following the pricing of the Notes. These activities could have the effect of increasing, or preventing a decline in, the market price of Chart’s common stock concurrently with or following the pricing of the Notes.
In addition, the option counterparties and/or their respective affiliates are likely to modify their hedge positions with respect to the convertible note hedge, warrant and capped call transactions from time to time after the pricing of the Notes, and are likely to do so during any observation period related to a conversion of the Notes, by purchasing or selling shares of Chart’s common stock or the Notes in privately negotiated transactions and/or open market transactions or by entering into and/or unwinding various over-the-counter derivative transactions with respect to Chart’s common stock. The effect, if any, of these activities on the market price of Chart’s common stock or the trading price of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained at this time. Any of these activities could, however, adversely affect the market price of Chart’s common stock and the trading price of the Notes, which could affect the ability to convert the Notes and, to the extent these activities occur during the observation period related to a conversion of Notes, could affect the amount and/or value of the consideration that holders receive upon conversion of the Notes.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers and Piper Jaffray & Co. is acting as co-manager.
The Notes have been registered under the Securities Act.�The convertible note hedge, warrant and capped call transactions have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart’s products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe.
Certain statements made in this news release are or imply forward-looking statements, such as statements concerning financing plans, business plans and objectives, and other information that is not historical in nature. These statements are made based on Chart’s expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as market reaction to Chart’s financing plans and Chart’s success in achieving those plans, risks associated with Chart’s indebtedness, leverage, debt service and liquidity, fluctuations in the price of Chart’s stock, cyclicality of Chart’s product markets and vulnerability of those markets to economic downturns, a delay or reduction in Chart customer purchases, competition, fluctuations in energy prices or changes in government energy policy, and economic, political, business and market risks associated with Chart’s international transactions.�For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart’s filings with the U.S. Securities and Exchange Commission, including Item 1A – Risk Factors, of Chart’s most recent Annual Report on Form 10-K and the Risk Factors described in the Prospectus Supplement for the Offering of the Notes.
For more information: http://www.b2i.us/irpass.asp?BzID=1444&to=ea&Nav=0&S=0&L=1.
Chart has filed a registration statement (including a prospectus and a related preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the accompanying prospectus in that registration statement and the other documents Chart has filed with the SEC for more complete information about Chart and the offering. You may get these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Alternatively, copies may be obtained from J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling 1-866-803-9204 and Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014 or by calling 1-866-718-1649.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA EMAIL OR ANOTHER COMMUNICATION SYSTEM.
CONTACT: Michael F. Biehl
Executive Vice President,
Chief Financial Officer and Treasurer
216-626-1216
michael.biehl@chart-ind.com
Kenneth J. Webster
Vice President, Chief Accounting Officer and
Controller
216-626-1216
ken.webster@chart-ind.com
Second Quarter 2011 Financial Highlights
NEW YORK, July 28, 2011 (GLOBE NEWSWIRE) — AmTrust Financial Services, Inc. (Nasdaq:AFSI) today reported net income of .2 million for the second quarter of 2011, an increase of 62.7% from .8 million in the second quarter of 2010. Earnings per diluted share totaled .81 in the second quarter, an increase of 58.8% from .51 in the same period last year. Operating earnings (1) totaled .2 million, or .83 per diluted share, an increase of 42.7% from .8 million, or .59 per diluted share, in the second quarter of 2010.
During the first six months of 2011, net income totaled .3 million, up 37.1% from the first half of 2010. Earnings per diluted share totaled .55 in the first half of 2011, an increase of 34.8% from .15 in the same period last year. Operating earnings (1) totaled .4 million, or .58 per diluted share, an increase of 44.6% from .3 million, or .12 per diluted share, in the first half of 2010.
During the quarter, the Company closed on a Loss Portfolio Transfer and Quota Share Reinsurance Agreement with Majestic Insurance Company (“Majestic”). The Company received cash and invested assets in July from Majestic in an amount equal to Majestic’s loss and loss adjustment expense reserves and unearned premium reserves plus an additional million related to a reserve deficiency.
Second Quarter 2011 Results
Total revenue of 2.0 million increased .5 million, or 30.6%, from 6.5 million in the second quarter of 2010. Gross written premium of 8.5 million rose 9.8 million, or 36.7%, from second quarter 2010. Net written premium of 5.7 million increased 9.3 million, or 91.3%, from 6.4 million in the second quarter of 2010. Net earned premium of 8.3 million increased .0 million, or 26.5%, from 6.3 million in the second quarter of 2010.
Commission and other revenues of .7 million increased .5 million, or 46.8%, from second quarter 2010, and represented 22.9% of total revenue. The combined ratio totaled 90.3% compared with 85.7% in the second quarter of 2010.
Ceding commissions, primarily related to the quota-share agreements with Maiden Holdings, Ltd. (“Maiden”), totaled .4 million, up 7.5% from .0 million a year ago. During the quarter, AmTrust ceded 3.9 million of gross written premium and 6.7 million of earned premium to Maiden compared to 2.5 million of gross written premium and 6.3 million of earned premium ceded in the second quarter of 2010.
Total service and fee income of .5 million increased 169% from .1 million in the second quarter of 2010 and included .5 million from related parties compared with .9 million in the second quarter of 2010.
Investment income, excluding net realized gains and losses, totaled .2 million, a decrease of 10.3% from .7 million in the second quarter of 2010. 2011 second quarter results also include net realized investment gains of .6 million, or .4 million after-tax, on certain fixed income and equity investments compared with losses of .6 million, or .3 million after tax, in the second quarter of 2010. Additionally, operating earnings (1) included .3 million, net of non-controlling interest, related to gains on life settlement contracts.
Loss and loss adjustment expense totaled 0.0 million, an increase of .5 million from 1.5 million in the second quarter of 2010, and resulted in a loss ratio of 68.5% compared with 61.9% for the second quarter of 2010.
Acquisition costs and other underwriting expense of .6 million increased .0 million from the second quarter of 2010. Acquisition costs and other underwriting expenses less ceding commissions totaled .2 million compared with .6 million in the year ago quarter. The expense ratio was 21.8%, down from 23.8% in the second quarter of 2010.
Other expense of .6 million increased .3 million from .3 million in the second quarter of 2010, largely reflecting the effect of the Warrantech and Risk Services acquisitions during the second half of 2010.
Year-to-Date 2011 Results
Total revenue of 7.8 million increased 7.6 million, or 32.8%, from 0.2 million in the first half of 2010. Gross written premium of .0 billion rose 5.6 million, or 34.2%. Net written premium of 9.7 million increased 3.9 million, or 58.0%, from 5.8 million in the first half of 2010. Net earned premium of 8.6 million increased 4.3 million, or 30.3%, from 4.4 million in the first half of 2010.
Commission and other revenues of 9.2 million increased .4 million, or 41.0%, and represented 25.0% of total revenue. The combined ratio totaled 88.8% compared with 83.4% in the first half of 2010.
Ceding commissions, primarily related to the quota-share agreements with Maiden, totaled .1 million, up 9.0% from .2 million a year ago. During the first six months of 2011, AmTrust ceded 0.6 million of gross written premium and 0.6 million of earned premium to Maiden compared to 6.6 million of gross written premium and 8.7 million of earned premium ceded in the same period in 2010.
Total service and fee income of .7 million increased 191% from .1 million in the first half of 2010 and included .9 million from related parties compared with .5 million in the first half of 2010.
Investment income, excluding net realized gains and losses, totaled .4 million, a decrease of 3.3% from .3 million in the first half of 2010. 2011 year-to-date results also include net realized investment gains of .0 million, or .7 million after-tax, on certain fixed income and equity investments compared with losses of .8 million, or .1 million after tax, in the first half of 2010. Additionally, operating earnings (1) included .8 million, net of non-controlling interest, related to gains on life settlement contracts.
Loss and loss adjustment expense totaled 8.7 million, an increase of .4 million from 1.3 million in the first half of 2010, and resulted in a loss ratio of 66.6% compared with 61.4% for the first half of 2010.
Acquisition costs and other underwriting expense of 0.8 million increased .9 million in the first half of 2010. Acquisition costs and other underwriting expenses less ceding commissions totaled .7 million compared with .7 million in the first half of 2010. The expense ratio was 22.2%, up from 22.0% in the first half of 2010.
Other expense of .8 million increased .2 million from .6 million in the second quarter of 2010, largely reflecting the effect of the Warrantech and Risk Services acquisitions during the second half of 2010.
Total assets of .2 billion increased 25.1% from .2 billion at December 31, 2010 and included a 9.4% increase in cash, cash equivalents and investments to .7 billion. AmTrust Financial shareholders’ equity of 5.4 million increased 15.2% from 6.5 million at year-end 2010.
During the first six months of 2011, the Board of Directors declared two quarterly dividends of .08 per share. As of June 30, 2011, the Company’s long-term debt-to-capitalization ratio was 22.5% compared with 16.8% at year end 2010.
(1) References to operating earnings, operating diluted EPS, and operating return on equity are non-GAAP financial measures defined by the Company as results excluding after-tax net realized investment gains and losses on securities, non-cash amortization of certain intangible assets and gain on investments in unconsolidated subsidiary. Please see the Non-GAAP Financial Measures table at the end of this release for important information about the use of these non-GAAP measures and their reconciliation to GAAP.
Conference Call:
On July 29, 2011 at 9 a.m. ET, CEO Barry Zyskind and CFO Ron Pipoly will review these results via a conference call and webcast that may be accessed as follows:
Toll-Free Dial-in:� 877.755.7421
Toll Dial-in (Outside the U.S):� 973.200.3087
Webcast registration: http://ir.amtrustgroup.com/events.cfm
A replay of the conference call will be available at approximately 12:00 p.m. ET Friday, July 29, 2011 through August 5, 2011. To listen to the replay, please dial 800.642.1687 (within the U.S.) or 706.645.9291 (outside the U.S.) and enter replay passcode 82231587, or access http://ir.amtrustgroup.com/events.cfm.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational insurance holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile and general liability; extended service and warranty coverage.�For more information about AmTrust, visit www.amtrustgroup.com, or call AmTrust toll-free at 866.203.3037.
The AmTrust Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3280
Forward Looking Statements
This news release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company.�Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the effect of the performance of financial markets on our investment portfolio, development of claims and the effect on loss reserves, accuracy in projecting loss reserves, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, changes in the demand for our products, successful integration of acquired businesses, the effect of general economic conditions, adverse state and federal legislation, regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with Maiden Holdings, Ltd., American Capital Acquisition Corporation, or third party agencies and warranty administrators, difficulties with technology, heightened competition, changes in pricing environments, and changes in asset valuations.�The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statements except as may be required by law. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected, is contained in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly reports on Form 10-Q.
AFSI-F
� | ||||
� | ||||
AmTrust Financial Services, Inc. | ||||
Non-GAAP Financial Measures | ||||
(in thousands, except per share data) | ||||
(Unaudited) | ||||
� | � | � | � | |
� | �Three Months Ended June 30,� | �Six Months Ended June 30,� | ||
� | 2011 | 2010 | 2011 | 2010 |
� | � | � | � | � |
Reconciliation of net income to operating earnings: | � | � | � | � |
Net income | �$�50,162 | �$�30,823 | �$�95,345 | �$�69,523 |
Less:�Net realized gains (loss) net of tax | �400 | �(4,254) | �670 | �(3,093) |
Gain on investment in unconsolidated subsidiary net of tax (1) | � | �–� | �–� | �6,792 |
Non cash amortization of certain intangible assets net of tax | �(1,396) | �(771) | �(2,676) | �(1,512) |
Operating earnings (2) | �$�51,158 | �$�35,848 | �$�97,351 | �$�67,336 |
� | � | � | � | � |
Reconciliation of diluted earnings per share to diluted operating earnings per share: | � | � | � | � |
Diluted earnings per share | �$�0.81 | �$�0.51 | �$�1.55 | �$�1.15 |
Less:�Net realized gains (loss) net of tax | �0.01 | �(0.07) | �0.01 | �(0.04) |
Gain on investment in unconsolidated subsidiary net of tax | �–� | �–� | �–� | �0.09 |
Non cash amortization of certain intangible assets net of tax | �(0.03) | �(0.01) | �(0.04) | �(0.02) |
Operating diluted earnings per share (3) | �$�0.83 | �$�0.59 | �$�1.58 | �$�1.12 |
� | � | � | � | � |
� | � | � | � | � |
Reconciliation of return on equity to operating return on equity: | � | � | � | � |
Return on equity | 25.2% | 19.7% | 24.7% | 23.0% |
Less:�Net realized gains (loss) net of tax | 0.2% | �(2.7) | 0.2% | �(1.0) |
Gain on investment in unconsolidated subsidiary net of tax | 0.0% | �–� | 0.0% | �2.2 |
Non cash amortization of certain intangible assets net of tax | -0.7% | �(0.5) | -0.8% | �(0.5) |
Operating return on equity (4) | 25.7% | 22.9% | 25.3% | 22.3% |
� | � | � | � | � |
� | � | � | � | � |
(1) Equity in earnings of unconsolidated subsidiaries (related parties) includes a retrospective gain on investment related to ACAC of ,450 and an after tax gain of ,792 for the three months ended March 31, 2010. | ||||
� | � | � | � | � |
(2) Operating earnings is a non-GAAP financial measure defined by the Company as net income less after-tax realized investment gains and losses, gain on investment in unconsolidated subsidiary net of tax and certain amortization expense net of tax and should not be considered an alternative to net income.�The Company’s management believes that operating earnings is a useful indicator of trends in the Company’s underlying operations because it provides a more meaningful representation of the Company’s earnings power.�The Company’s measure of operating earnings may not be comparable to similarly titled measures used by other companies. | ||||
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(3) Diluted operating earnings per share is a non-GAAP financial measure defined by the Company as net income less after-tax net realized investment gains and losses, gain on investment in unconsolidated subsidiary net of tax and certain amortization expense net of tax divided by the weighted average diluted shares outstanding for the period and should not be considered an alternative to diluted earnings per share.�The Company’s management believes that diluted operating earnings per share is a useful indicator of trends in the Company’s underlying operations because it provides a more meaningful representation of the Company’s earnings power.�The Company’s measure of diluted operating earnings per share may not be comparable to similarly titled measures used by other companies. | ||||
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(4) Operating return on equity is a non-GAAP financial measure defined by the Company as net income less net after-tax realized investment gains and losses, gain on investment�in unconsolidated subsidiary net of tax and certain amortization expense net of tax divided by the average shareholders’ equity for the period and should not be considered an alternative to return on equity.�The Company’s management believes that operating return on equity is a useful indicator of trends in the Company’s underlying operations because it provides a more meaningful representation of the Company’s earnings power.�The Company’s measure of operating return on equity may not be comparable to similarly titled measures used by other companies. | ||||
CONTACT: AmTrust Financial Services, Inc.
Ron Pipoly
Cleveland, Ohio
216.328.6116
rpipoly@amtrustgroup.com
Hilly Gross
New York, New York
212.220.7023
hgross@amtrustgroup.com
