National Textile Corporation wants actual cost of mill land
MUMBAI: Well over six months after Prime Minister Manmohan Singhs categorical assurance to an all-party delegation, led by chief minister Prithviraj Chavan, the fate of the Dr Ambedkar memorial at Indu Mills hangs in the balance with the National Textile Corporation (NTC) refusing to transfer the Dadar land to the state government free of cost.
On Saturday, chief secretary Ratnakar Gaikwad confirmed that despite four rounds of meetings with officials of the ministries of textiles, urban development and environment and forests, there is no desirable progress in the transfer of the Indu Mills land. We are prepared to give transfer of development rights equivalent to 16 acres to NTC, but it is insisting on the payment of the actual cost of land. As a result, all the meetings held so far remained inconclusive, said Gaikwad.
05.18.12Stewardship Financial Corporation Reports Earnings for the First Quarter of 2012
MIDLAND PARK, NJ, May 11, 2012 (MARKETWIRE via COMTEX) –
Stewardship Financial Corporation
/quotes/zigman/63996/quotes/nls/ssfn SSFN
+3.56%
, parent of
Atlantic Stewardship Bank, reported results for the first quarter
ended March 31, 2012. Net income for the three months ended March 31,
2012 was $776,000 as compared to net income of $483,000 for the three
months ended March 31, 2011. After dividends on preferred stock and
accretion, the net income available to the common stockholders was
$701,000, or $0.12 per diluted common share, for the current 2012
period compared to $345,000, or $0.06 per diluted common share, for
2011.
Net interest income was $6.1 million in the first quarter of 2012
compared to $5.9 million a year earlier. “The Corporation continues
to manage our deposit costs to offset pressure on our asset yields
which have been effected by the prolonged, low interest rate
environment and the impact of nonaccruals,” said Paul Van
Ostenbridge, Stewardship Financial Corporation’s President and Chief
Executive Officer.
The Corporation recorded a $1.765 million provision for loan losses
for the three months ended March 31, 2012 compared to a provision for
loan losses of $1.675 million for the March 2011 period. As well as
addressing individual problem loans, the Corporation continues to
actively evaluate and carefully monitor the entire loan portfolio. As
a measurement of the allowance coverage, the total allowance for loan
losses of 2.89% of total loans represented an improvement from
comparable ratios of 2.54% at December 31, 2011 and 2.15% at March
31, 2011.
Non-performing loans decreased to $26.8 million, or 5.91% of total
loans at March 31, 2012, compared to $27.7 million, or 6.08% at
December 31, 2011. The ratio of allowance for loans losses to
nonperforming loans was 48.83% at March 31, 2012, providing improved
allowance coverage as compared to 41.84% as of December 31, 2011.
Commenting on the Corporation’s problem assets, Van Ostenbridge
stated, “While we are reporting a slight decline in level of
nonperforming loans in the first quarter of 2012, the negative
economic impact and the challenges of a very slow foreclosure process
continue.” “Nevertheless,” Van Ostenbridge continued, “we continue to
look to implement appropriate loan work out strategies that maximize
loan repayments and improve asset quality.”
The Corporation reported noninterest income of $1.6 million for the
three months ended March 31, 2012 compared to $1.1 million for the
equivalent prior year period. During the first quarter of 2012, the
Corporation realized a $433,000 gain from the sale of securities. In
addition, noninterest income for the three months ended March 31,
2012 included gains on sales of mortgage loans totaling $411,000
compared to $404,000 of such gains for the comparable prior year
period.
Total noninterest expenses, which include the costs, such as legal
and other collection related expenses, incurred in connection with
the managing of nonperforming assets, were $4.8 million for the three
months ended March 31, 2011 — comparable to the prior year period.
Total assets at March 31, 2012 were $712.0 million, representing a
slight increase from assets of $708.8 million at December 31, 2011.
Additional liquidity was provided by increases in cash and cash
equivalents as well as securities. Gross loans receivable decreased
$2.7 million from December 31, 2011, reflecting our adherence to
strong underwriting standards and a recent reduced demand for loans
coupled with payoffs and normal principal amortization.
Total deposits were $602.1 million at March 31, 2012, reflecting $8.5
million of continued deposit growth when compared to deposits of
$593.6 million at December 31, 2011. The overall growth in deposits
during the first quarter of 2012 consisted of $2.8 million of
noninterest-bearing and $5.7 million of interest-bearing accounts.
Capital levels remain solid with a tier 1 leverage ratio of 9.00% and
total risk based capital ratio of 14.27%. Van Ostenbridge commented,
“We continue to significantly exceed the regulatory capital
requirements for a ‘well capitalized’ institution of 4% and 8%,
respectively.”
Addressing the priorities for the Corporation, Van Ostenbridge
summarized, “We continue to devote substantial attention and
resources to deal with problem loans. In addition, our level of loan
loss reserves, coupled with strong liquidity and a sound capital
base, enable us to aggressively address workout strategies aimed at
reducing the overall level of nonperforming loans and assets. And,
looking to the future, we remain focused on funding new loan growth
with lower costing core deposits.”
Stewardship Financial Corporation’s subsidiary, the Atlantic
Stewardship Bank, has 13 banking offices in Midland Park, Hawthorne
(2), Montville, North Haledon, Pequannock, Ridgewood, Waldwick, Wayne
(3), Westwood and Wyckoff, New Jersey. The bank is known for tithing
10% of its pre-tax profits to Christian and local charities. To date,
the Bank’s tithe donations total $7.7 million.
We invite you to visit our website at
www.asbnow.com for additional
information.
The information disclosed in this document contains certain “forward
looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, and may be identified by the use of
such words as “believe,” “expect,” “anticipate,” “should,” “plan,”
“estimate,” and “potential.” Examples of forward looking statements
include, but are not limited to, estimates with respect to the
financial condition, results of operations and business of the
Corporation that are subject to various factors which could cause
actual results to differ materially from these estimates. These
factors include: changes in general, economic and market conditions,
legislative and regulatory conditions, or the development of an
interest rate environment that adversely affects the Corporation’s
interest rate spread or other income anticipated from operations and
investments.
Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
(unaudited)
March 31, December 31, March 31,
2012 2011 2011
———– ————- ———–
Selected Financial Condition Data:
Cash and cash equivalents $ 24,181 $ 13,698 $ 29,661
Securities available for sale 175,102 170,925 148,178
Securities held to maturity 36,353 38,354 42,460
FHLB Stock 2,266 2,478 2,361
Loans receivable:
Loans receivable, gross 453,671 456,413 459,508
Allowance for loan losses (13,097) (11,604) (9,874)
Other, net 62 (6) (86)
———– ————- ———–
Loans receivable, net 440,636 444,803 449,548
Loans held for sale 1,395 4,711 827
Other assets 32,112 33,849 27,900
———– ————- ———–
Total assets $ 712,045 $ 708,818 $ 700,935
=========== ============= ===========
Noninterest-bearing deposits $ 118,597 $ 115,776 $ 113,554
Interest-bearing deposits 483,486 477,776 477,955
———– ————- ———–
Total deposits 602,083 593,552 591,509
Other borrowings 28,000 32,700 33,000
Securities sold under agreements
to repurchase 14,342 14,342 14,643
Subordinated debentures 7,217 7,217 7,217
Other liabilities 2,348 3,215 2,340
Stockholders’ equity 58,055 57,792 52,226
———– ————- ———–
Total liabilities and
stockholders’ equity $ 712,045 $ 708,818 $ 700,935
=========== ============= ===========
Book value per common share $ 7.31 $ 7.28 $ 7.25
Equity to assets 8.15% 8.15% 7.45%
Asset Quality Data:
Nonaccrual loans $ 26,823 $ 27,736 $ 24,010
Loans past due 90 days or more
and accruing – – -
———– ————- ———–
Total nonperforming loans 26,823 27,736 24,010
Other real estate owned 3,840 5,288 313
———– ————- ———–
Total nonperforming assets $ 30,663 $ 33,024 $ 24,323
=========== ============= ===========
Nonperforming loans to total
loans 5.91% 6.08% 5.23%
Nonperforming assets to total
assets 4.31% 4.66% 3.47%
Allowance for loan losses to
nonperforming loans 48.83% 41.84% 41.12%
Allowance for loan losses to
total gross loans 2.89% 2.54% 2.15%
Stewardship Financial Corporation
Selected Consolidated Financial Information
(dollars in thousands, except per share amounts)
(unaudited)
For the three months
ended March 31,
————————
2012 2011
———– ———–
Selected Operating Data:
Interest income $ 7,516 $ 7,775
Interest expense 1,465 1,826
———– ———–
Net interest and dividend income 6,051 5,949
Provision for loan losses 1,765 1,675
———– ———–
Net interest and dividend income after
provision for loan losses 4,286 4,274
Noninterest income:
Fees and service charges 515 511
Bank owned life insurance 80 80
Gain on calls and sales of securities 433 -
Gain on sales of mortgage loans 411 404
Other 111 89
———– ———–
Total noninterest income 1,550 1,084
Noninterest expenses:
Salaries and employee benefits 2,386 2,236
Occupancy, net 487 545
Equipment 248 258
Data processing 334 337
FDIC insurance premium 148 254
Charitable contributions 150 100
Other 1,001 954
———– ———–
Total noninterest expenses 4,754 4,684
———– ———–
Income before income tax expense 1,082 674
Income tax expense 306 191
———– ———–
Net income 776 483
Dividends on preferred stock and accretion 75 138
———– ———–
Net income available to common stockholders $ 701 $ 345
=========== ===========
Weighted avg. no. of diluted common shares 5,892,366 5,849,723
Diluted earnings (loss) per common share $ 0.12 $ 0.06
Return on average common equity 6.47% 3.28%
Return on average assets 0.44% 0.29%
Yield on average interest-earning assets 4.59% 4.99%
Cost of average interest-bearing liabilities 1.11% 1.40%
———– ———–
Net interest rate spread 3.48% 3.59%
=========== ===========
Net interest margin 3.71% 3.84%
Contact:
Claire M. Chadwick
SVP and Chief Financial Officer
630 Godwin Avenue
Midland Park, NJ 07432
201-444-7100
SOURCE: Stewardship Financial Corporation
Copyright 2012 Marketwire, Inc., All rights reserved.
/quotes/zigman/63996/quotes/nls/ssfn
Add to portfolio
SSFN
Stewardship Financial Corp.
US
: U.S.: Nasdaq
$
4.95
+0.17
+3.56%
Volume: 3,899
May 17, 2012 3:59p
P/E Ratio230.23
Dividend Yield3.23%
Market Cap$29.70 million
Rev. per Employee$229,588
Financial Glossary
Words used in this article:
Dave Nelson Appointed President & COO of Maytag Aircraft Corporation
LOS ANGELES, May 11, 2012 (BUSINESS WIRE) — Joseph A. Czyzyk, Chairman amp; CEO
of Mercury Air Group, Inc., announced today the appointment of David D. Nelson
as President amp; COO of Maytag Aircraft Corporation, a wholly owned subsidiary of
Mercury Air Group. Based in Colorado Springs, Colorado, Maytag Aircraft
Corporation is one of the nations top government
contract service companies. Nelsons appointment is
effective June 1, 2012.
Dave has been a critical part of Maytag
Aircrafts growth over the last 18 years. Today,
Maytag Aircraft is one of Mercurys strongest
performing subsidiaries and continually sets the standard for excellence in US
government contracting. I am proud of the terrific team Dave has built at Maytag
and the hard work and dedication he continually shows. His appointment as
President signifies the important role he has played and will continue to play
at Maytag Aircraft Corporation, said Czyzyk.
Nelson joined Maytag Aircraft as Vice President of Program Development and
Director of Business Development in December 1993. He was promoted to Executive
Vice President and Chief Operating Officer in November 2006. Prior to joining
Maytag Aircraft, Nelson served eight years as a Senior Cost Analyst and
Subcontract Administrator for Unisys Defense Systems.
Nelson has a distinguished academic record as an honors recipient at Regis
University (Master of Science: Business Administration/Operations Management)
and earning his Bachelors of Science in Business from Missouri State University.
He is a respected member of the National Defense Industrial Association,
National Defense Transportation Association and the National Contract Management
Association.
Under his leadership, Maytag Aircraft has grown its footprint from a stateside
government contractor to a multi-national concern operating in some twenty
countries around the world. Over the last few years, Maytag Aircraft has won a
number of important contracts, including the operation of numerous government
owned/contractor operated bulk fuel storage service contracts at US Army
installations in Germany and Italy and a four year Defense Fuel Support Point
contract at US Naval Station Guantanamo Bay, Cuba. In 2011, Maytag Aircraft
personnel were recognized for their efforts in supporting US operations in
Japan following the devastating March 11, 2011 earthquake and tsunami as well
for their work in Italy in support of US operations over Libya.
SOURCE: Mercury Air Group, Inc.
CONTACT:
Mercury Air Group, Inc.
David Herbst, 310-827-2737 x101
Copyright Business Wire 2012
-0-
KEYWORD: United States
North America
California
Colorado
INDUSTRY KEYWORD: Transport
Air
Manufacturing
Logistics/Supply Chain Management
Aerospace
SUBJECT CODE: Personnel
Fortegra Financial Corporation Reports First Quarter 2012 Financial Results
JACKSONVILLE, FL, May 10, 2012 (MARKETWIRE via COMTEX) –
Fortegra Financial Corporation
/quotes/zigman/3046487/quotes/nls/frf FRF
-1.49%
, an insurance services
company providing distribution and administration services and
insurance-related products, today reported results for the first
quarter ended March 31, 2012.
— Total revenues climbed 7.3% compared to the prior year
— Direct and assumed written premiums increased 16.0% year-over-year to
$79.2 million
— Operating expenses were in line with expectations
— First quarter adjusted EBITDA was $9.5 million ($0.46 per diluted
share) with adjusted EBITDA margin of 34.8%
— The Company repurchased 195,760 shares for a total cost of $1.4
million
"I am pleased to report a positive quarter as demonstrated by increased
net revenues and continued operating expense discipline," said
Richard S. Kahlbaugh, Chairman, President and Chief Executive Officer
of Fortegra. "Importantly, the cross selling of our services and
products and the leveraging of our competitive advantages
demonstrates the strength of our long term strategy. Additionally,
we've seen significant new wins in Payment Protection, and we have
generated over 100 leads since kicking off our "PLUS1" direct
response marketing and cross selling initiatives. Our brokerage
business posted double digit revenue growth and solid margin
improvement. I firmly believe the company is well positioned to
deliver shareholder value and we remain on track to achieve our
financial goals for the year."
First Quarter Results
Total revenues increased 7.3% to $58.7 million for the first quarter
of 2012, compared to $54.7 million for the first quarter of 2011. Net
revenues (total revenues less net losses and loss adjustment and
commissions expenses) increased 2.2% to $27.4 million for the first
quarter of 2012, compared to $26.8 million for the prior-year period.
Operating expenses were $18.1 million, comparable to the prior year.
Net income for the first quarter 2012 was $3.5 million, or $0.17 per
diluted share, compared to $3.4 million, or $0.16 per diluted share,
for the quarter ended March 31, 2011. During the quarter, we
experienced an increase in intangible amortization expense,
equivalent to $0.02 per share, which resulted from the purchase
accounting valuations of our eReinsure and Pacific Benefits Group
acquisitions during 2011. Non-GAAP net income for the first quarter
of 2012 was $3.7 million, or $0.18 per diluted share, compared to
Non-GAAP net income of $4.3 million, or $0.20 per diluted share, for
the prior-year period.
Adjusted EBITDA for the first quarter of 2012 was $9.5 million,
compared to $9.0 million for the first quarter of 2011. Adjusted
EBITDA margin for the first quarter of 2012 was 34.8%, compared to
33.8% for the prior-year period.
During the first quarter of 2012, Fortegra adopted Accounting
Standards Update 2010-26, "Accounting for Costs Associated with
Acquiring and Renewing Insurance Contracts," effective January 1,
2012. The company adopted this new accounting standard on a
retrospective basis, through which prior periods are restated to
reflect the results as if this change had been effective in all
periods presented. Fortegra's adoption of the new standard resulted
in a $7.2 million reduction of deferred policy acquisition costs
asset and a $4.7 million decrease to consolidated shareholders'
equity, net of a $2.5 million deferred income tax benefit at December
31, 2011. Net income from March 31, 2011 was reduced by $0.2 million,
or $0.01 per share on both a basic and diluted basis, to reflect this
retrospective adoption.
Segment Results
Payment Protection
For the three months ended
March 31, 2012, net revenues for the Payment Protection segment was
$13.2 million, compared to $14.4 million for the prior-year period.
EBITDA for the Payment Protection segment was $5.3 million for the
first quarter of 2012, compared to $5.6 million for the prior-year
period. EBITDA margin for the Payment Protection segment was 39.9%
for the first quarter of 2012, compared to 38.9% for the prior-year
period.
Business Process Outsourcing (BPO)
Net revenues for the BPO segment
increased to $4.2 million for the first quarter of 2012, compared to
$3.6 million for the first quarter of 2011. EBITDA for the BPO
segment was $1.1 million for the first quarter of 2012, compared to
$0.9 million for the prior-year period. EBITDA margin for the BPO
segment was 25.5% for the first quarter of 2012, compared to 26.5%
for the prior-year period.
Brokerage
Net revenues for the Brokerage
segment increased 12.7% to $10.0 million for the first quarter of
2012 compared to $8.9 million in the first quarter of 2011. EBITDA
for the Brokerage segment was $2.9 million for the first quarter of
2012, compared to $2.1 million for the prior-year period. EBITDA
margin for the Brokerage segment was 29.3% for the first quarter of
2012, compared to 23.3% for the prior-year period.
Balance Sheet
Total invested assets and cash and cash equivalents
amounted to $116.3 million as of March 31, 2012 compared to $127.1
million as of December 31, 2011. Cash and cash equivalents decreased
to $18.7 million from $31.3 million as of December 31, 2011. Unearned
premiums were $221.1 million as of March 31, 2012 compared to $227.9
million as of December 31, 2011. Total debt outstanding as of March
31, 2012 increased to $109.7 million compared to $108.0 million as of
December 31, 2011. Stockholder's equity increased to $130.3 million
as of March 31, 2012 compared to $127.6 million as of December 31,
2011.
In November 2011, the Company's Board of Directors approved a share
repurchase program for up to $10 million. During the first quarter of
2012, the Company repurchased 195,760 shares at a total cost of $1.4
million. Since inception and through April 30, 2012, the Company
repurchased 722,259 shares for a total cost of $4.4 million.
Approximately $5.6 million remains available in the repurchase
program.
Conference Call Information
Fortegra's executive management will
host a conference call to discuss its first quarter 2012 results
tomorrow, Friday, May 11, 2012 at 8:30 a.m. Eastern Time. To
participate in the live call, dial (877) 407-3982 within the U.S., or
(201) 493-6780 for international callers. A live audio webcast will
also be available on the Investors page of the company's website:
http://www.fortegra.com . A replay of the call will be available
beginning May 11, 2012 at 11:30 a.m. ET and ending on May 18, 2012
11:59 p.m. ET on the company's website, and by dialing (877) 870-5176
in the U.S. or (858) 384-5517 for international callers. The passcode
for the replay is 392799.
Statistical Supplement
In addition, the company has provided a
statistical supplement which can be accessed through the Investor
Relations section of Fortegra's website at
http://www.fortegra.com .
About Fortegra
Fortegra Financial Corporation is an insurance
services company that provides distribution and administration
services and insurance-related products to insurance companies,
insurance brokers and agents and other financial services companies
in the United States. It sells services and products directly to
businesses rather than directly to consumers. Fortegra's brands
include: Life of the South, Consecta, Bliss & Glennon (B&G),
eReinsure (eRe), Motor Clubs, Pacific Benefits Group (PBG), Universal
Equipment Recovery Group (UERG), and South Bay Acceptance Corporation
(SBAC).
Use of Non-GAAP Financial Information
Fortegra presents certain
additional financial measures related to its Business Segments that
are "Non-GAAP measures" within the meaning of Regulation G under the
Securities Act of 1934. Fortegra presents these Non-GAAP measures to
provide investors with additional information to analyze Fortegra's
performance from period to period. Management also uses these
measures to assess performance for Fortegra's segments and to
allocate resources in managing Fortegra's businesses. However,
investors should not consider these Non-GAAP measures as a substitute
for the financial information that Fortegra reports in accordance
with GAAP. These Non-GAAP measures reflect subjective determinations
by management, and may differ from similarly titled Non-GAAP measures
presented by other companies.
We present EBITDA and Adjusted EBITDA in this Earning Release to
provide investors with a supplemental measure of our operating
performance and, in the case of Adjusted EBITDA, information utilized
in the calculation of the financial covenants under our revolving
credit facility and in the determination of compensation. EBITDA, as
used in this Earnings Release is defined as net income before
interest expense, income taxes, non-controlling interest and
depreciation and amortization. Adjusted EBITDA differs from the term
"EBITDA" as it is commonly used. Adjusted EBITDA, as used in this
Earnings Release, means "Consolidated Adjusted EBITDA" as that term
is defined under our revolving credit facility, which is generally
consolidated net income before consolidated interest expense,
consolidated amortization expense, consolidated depreciation expense
and consolidated tax expense, in each case as defined more fully in
the agreement governing our revolving credit facility. The other
items excluded in this calculation include, but are not limited to,
specified acquisition costs and unusual or non-recurring charges. The
calculation below does not give effect to certain additional
adjustments that are permitted under our revolving credit facility
which, if included, would increase the amount reflected in this
table.
We believe EBITDA and Adjusted EBITDA are frequently used by
securities analysts, investors and other interested parties in the
evaluation of companies in industries similar to ours. Adjusted
EBITDA is also used by management to measure operating performance
and by investors to measure a company's ability to service its debt
and other cash needs. Management believes the inclusion of the
adjustments to EBITDA and Adjusted EBITDA are appropriate to provide
additional information to investors about certain material non-cash
items and about unusual items that we do not expect to continue at
the same level in the future.
EBITDA and Adjusted EBITDA are not recognized terms under accounting
principles generally accepted in the United States, or U.S. GAAP.
Accordingly, they should not be used as an indicator of, or
alternative to, net income as a measure of operating performance.
Although we use EBITDA and Adjusted EBITDA as measures to assess the
operating performance of our business, EBITDA and Adjusted EBITDA
have significant limitations as analytical tools because they exclude
certain material costs. For example, they do not include interest
expense, which has been a necessary element of our costs. Since we
use capital assets, depreciation expense is a necessary element of
our costs and ability to generate service revenues. In addition, the
omission of the substantial amortization expense associated with our
intangible assets further limits the usefulness of this measure.
EBITDA and Adjusted EBITDA also do not include the payment of taxes,
which is also a necessary element of our operations. Because EBITDA
and Adjusted EBITDA do not account for these expenses, its utility as
a measure of our operating performance has material limitations. Due
to these limitations, management does not view EBITDA and Adjusted
EBITDA in isolation or as a primary performance measure and also uses
other measures, such as net income. Because the definitions of EBITDA
and Adjusted EBITDA (or similar measures) may vary among companies
and industries, they may not be comparable to other similarly titled
measures used by other companies.
Forward-Looking Statements
This press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Act of 1995. Such statements are subject to
risks and uncertainties. All statements other than statements of
historical fact included in this press release are forward-looking
statements. Forward-looking statements give our current expectations
and projections relating to our financial condition, results of
operations, plans, objectives, future performance and business. You
can identify forward-looking statements by the fact that they do not
relate strictly to historical or current facts. These statements may
include words such as "anticipate," "estimate," "expect," "project,''
"plan," "intend," "believe," "may," "should," "can have," "likely"
and other words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events.
The forward-looking statements contained in this press release are
based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current
conditions, expected future developments and other factors we believe
are appropriate under the circumstances. As you read this press
release, you should understand that these statements are not
guarantees of performance or results. They involve risks,
uncertainties (some of which are beyond our control) and assumptions.
Although we believe that these forward-looking statements are based
on reasonable assumptions, you should be aware that many factors
could affect our actual financial results and cause them to differ
materially from those anticipated in the forward-looking statements.
We believe these factors include, but are not limited to, those
described under Item 1A. - "Risk Factors" in Fortegra's Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more
of these risks or uncertainties materialize, or should any of these
assumptions prove incorrect, our actual results may vary in material
respects from those projected in these forward-looking statements.
Any forward-looking statement made by us in this press release speaks
only as of the date on which we make it. Factors or events that could
cause our actual results to differ may emerge from time to time, and
it is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether
as a result of new information, future developments or otherwise,
except as may be required by law.
Further information concerning Fortegra and its business, including
factors that potentially could materially affect Fortegra's financial
results, is contained in Fortegra's filings with the SEC, which are
available free of charge at the SEC's website at
http://www.sec.gov
and from Fortegra's website in the "Investor Relations" section under
"SEC Filings" at
http://www.fortegra.com .
FORTEGRA FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(All Amounts in Thousands Except Share and Per Share Amounts)
For the Three Months Ended
--------------------------
March 31, March 31,
2012 2011
------------ ------------
Revenues:
Service and administrative fees $ 9,340 $ 9,116
Brokerage commissions and fees 9,520 7,867
Ceding commission 7,064 8,158
Net investment income 743 941
Net realized gains (3) 95
Net earned premium 31,972 28,437
Other income 72 82
------------ ------------
Total revenues 58,708 54,696
------------ ------------
Net losses and loss adjustment expenses 11,266 9,373
Commissions 20,039 18,517
------------ ------------
Net revenues 27,403 26,806
------------ ------------
Expenses:
Personnel costs 11,272 10,781
Other operating expenses 6,680 7,157
Stock based compensation 179 268
Depreciation 738 583
Amortization of intangibles 1,482 1,052
Interest expense 1,652 2,031
------------ ------------
Total expenses 22,003 21,872
------------ ------------
Income before income taxes and non-controlling
interest 5,400 4,934
Income taxes 1,919 1,681
------------ ------------
Income before non-controlling interest 3,481 3,253
Less: net income (loss) attributable to non-
controlling interest 18 (174)
------------ ------------
Net income $ 3,463 $ 3,427
============ ============
Earnings per share:
Basic $ 0.17 $ 0.17
Diluted $ 0.17 $ 0.16
Weighted average common shares outstanding:
Basic 19,904,819 20,464,592
Diluted 20,739,196 21,668,333
FORTEGRA FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(All Amounts in Thousands Except Share Amounts)
March 31, December 31,
2012 2011
------------ ------------
Assets:
Investments
Fixed maturity securities available-for-sale
at fair value (amortized cost of $90,901 at
March 31, 2012 and $92,311 at December 31,
2011) $ 92,843 $ 93,509
Equity securities available-for-sale at fair
value (cost of $3,786 at March 31, 2012 and
$1,203 at December 31, 2011) 3,793 1,219
Short-term investments 970 1,070
------------ ------------
Total investments 97,606 95,798
Cash and cash equivalents 18,676 31,339
Restricted cash 18,959 14,180
Accrued investment income 927 929
Notes receivable 3,802 3,603
Other receivables 47,982 29,275
Reinsurance receivables 186,421 194,740
Deferred acquisition costs 52,517 55,467
Property and equipment, net 16,591 15,529
Goodwill 103,291 103,291
Other intangibles, net 52,928 54,410
Other assets 5,709 5,943
------------ ------------
Total assets $ 605,409 $ 604,504
============ ============
Liabilities:
Unpaid claims $ 32,497 $ 32,583
Unearned premiums 221,059 227,929
Policyholder account balances 27,565 28,040
Accrued expenses, accounts payable and other
liabilities 42,483 35,581
Deferred revenue 17,617 20,781
Notes payable 74,700 73,000
Preferred trust securities 35,000 35,000
Deferred income taxes 24,207 24,006
------------ ------------
Total liabilities $ 475,128 $ 476,920
============ ============
Stockholders' Equity:
Preferred stock, par value $0.01; 10,000,000
shares authorized; none issued - -
Common stock, par value $0.01; 150,000,000
shares authorized; 20,620,773 and 20,561,328
shares issued at March 31, 2012 and December
31, 2011, respectively, including shares in
treasury 206 206
Treasury stock, at cost, 711,892 shares and
516,132 shares at March 31, 2012 and December
31, 2011, respectively (4,122) (2,728)
Additional paid-in capital 96,378 96,199
Accumulated other comprehensive (loss) income (1,324) (1,754)
Retained earnings 38,613 35,150
------------ ------------
Stockholders' equity before non-controlling
interest 129,751 127,073
Non-controlling interest 530 511
------------ ------------
Total stockholders' equity 130,281 127,584
------------ ------------
Total liabilities and stockholders' equity $ 605,409 $ 604,504
============ ============
FORTEGRA FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME- Segments (Unaudited)
(All Amounts in Thousands)
For the Three Months
Ended
-------------------------
March 31, March 31,
2012 2011
Net Revenue
Payment Protection $ 13,175 $ 14,351
BPO 4,205 3,564
Brokerage 10,023 8,891
------------ ------------
Total Net Revenues 27,403 26,806
------------ ------------
Operating Expense
Payment Protection 7,913 8,768
BPO 3,133 2,619
Brokerage 7,085 6,819
------------ ------------
Total Operating Expenses 18,131 18,206
------------ ------------
EBITDA
Payment Protection 5,262 5,583
BPO 1,072 945
Brokerage 2,938 2,072
------------ ------------
Total EBITDA 9,272 8,600
------------ ------------
Depreciation and Amortization
Payment Protection 849 953
BPO 503 240
Brokerage 868 442
------------ ------------
Total Depreciation and Amortization 2,220 1,635
------------ ------------
Interest
Payment Protection 1,012 1,526
BPO 267 63
Brokerage 373 442
------------ ------------
Total Interest 1,652 2,031
------------ ------------
Income before income taxes and non-controlling
interest
Payment Protection 3,401 3,104
BPO 302 642
Brokerage 1,697 1,188
------------ ------------
Total income before income taxes and non-
controlling interest 5,400 4,934
Income Taxes 1,919 1,681
Less: net income (loss) attributable to non-
controlling interest 18 (174)
------------ ------------
Net income $ 3,463 $ 3,427
============ ============
FORTEGRA FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (Unaudited)
ADJUSTED EBITDA
(All Amounts in Thousands Except Share and Per Share Amounts)
For the Three Months Ended
----------------------------
March 31, March 31,
2012 2011
------------- -------------
Net Income $ 3,463 $ 3,427
Depreciation 738 583
Amortization of intangibles 1,482 1,052
Interest expense 1,652 2,031
Income Taxes 1,919 1,681
Net income (loss) attributable to non-
controlling interest 18 (174)
------------- -------------
EBITDA 9,272 8,600
Transaction costs (a) 97 181
Stock based compensation 179 268
------------- -------------
Adjusted EBITDA $ 9,548 $ 9,049
EBITDA Margin 33.8% 32.1%
Adjusted EBITDA Margin 34.8% 33.8%
(a) Represents transaction costs associated with acquisitions.
FORTEGRA FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (Unaudited)
NET INCOME
(All Amounts in Thousands Except Share and Per Share Amounts)
For the Three Months Ended
---------------------------
March 31, March 31,
2012 2011
------------- -------------
Net income $ 3,463 $ 3,427
Non-GAAP Adjustments, net of tax
Transaction costs associated with
acquisitions (1) 97 181
Stock based compensation 115 177
Retirement of debt (1) - 546
------------- -------------
Total Non-GAAP adjustments, net of tax 212 904
------------- -------------
Net income - Non-GAAP basis $ 3,675 $ 4,331
============= =============
GAAP Earnings per share - basic $ 0.17 $ 0.17
Non-GAAP adjustments, net of tax 0.01 0.04
------------- -------------
Non-GAAP Earnings per common share - basic $ 0.18 $ 0.21
============= =============
GAAP Earnings per share - diluted $ 0.17 $ 0.16
Non-GAAP adjustments, net of tax 0.01 $ 0.04
------------- -------------
Non-GAAP Earnings per common share - diluted $ 0.18 $ 0.20
============= =============
Weighted average common shares outstanding:
Basic 19,904,819 20,464,592
Diluted 20,739,196 21,668,333
(1) Adjustments not tax effected
Contacts:
Stephanie Gannon
904-352-2759
Email Contact
SOURCE: Fortegra Financial
http://www2.marketwire.com/mw/emailprcntct?id=A6B37026600CF635
Copyright 2012 Marketwire, Inc., All rights reserved.
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FRF
Fortegra Financial Corp.
US
: U.S.: NYSE
$
7.95
-0.12
-1.49%
Volume: 9,378
May 16, 2012 4:01p
P/E Ratio11.47
Dividend YieldN/A
Market Cap$161.09 million
Rev. per Employee$421,117
Financial Glossary
Words used in this article:
Pengrowth Energy Corporation Announces Cash Dividend Payable June 15, 2012
CALGARY, ALBERTA, May 11, 2012 (MARKETWIRE via COMTEX) –
Pengrowth Energy Corporation
/quotes/zigman/3542256 CA:PGF
-3.37%
/quotes/zigman/3476447/quotes/nls/pgh PGH
-4.03%
today announced
its June 15, 2012 cash dividend will be Cdn $0.07 per common share.
The ex-dividend date is May 18, 2012. The dividend will be payable to
all shareholders who hold shares on the record date of May 23, 2012.
The dividend of Cdn $0.07 per common share is equivalent to
approximately U.S. $0.07 per common share using a Canadian/U.S.
dollar exchange rate of Cdn$1.00:U.S. $1.00. The actual U.S. dollar
equivalent of the dividend will be based upon the actual
Canadian/U.S. dollar exchange rate in effect on the payment date, net
of applicable Canadian withholding taxes for U.S. residents who hold
their Pengrowth shares in taxable accounts.
The above dividend has been designated as an “eligible dividend” for
Canadian income tax purposes. Pengrowth’s dividends are also
considered “qualified dividends” for U.S. income tax purposes.
Dividend Reinvestment and Premium Dividend Plan
Pengrowth has a Dividend Reinvestment Plan (DRIP) program and a
Premium Dividend(TM) program which provide eligible shareholders of
Pengrowth with the opportunity to reinvest their dividends in new
shares at a five percent discount to the average trading price (as
calculated pursuant to the Plan) on the applicable dividend payment
date, where the new shares will, at the participant’s election,
either be:
— credited to the participant’s account under the DRIP; or
— for Canadian participants only, delivered to the designated Plan Broker
and disposed of under the Premium Dividend(TM) program in exchange for a
cash payment to the participant equal to 102 percent of the reinvested
dividends.
Additional information on the Plan can be obtained by calling Olympia
Trust Company, Pengrowth's transfer agent, at 1-888-353-3138 or
Pengrowth Investor Relations at 1-888-744-1111.
Special Meeting - Combination with NAL Energy Corporation
Pengrowth is also pleased to announce that the special meeting of
shareholders in regards to the previously announced proposed
strategic business combination of Pengrowth Energy Corporation and
NAL Energy Corporation will be held on May 23, 2012 at 4:00 P.M. MDT
in the Wildrose North Ballroom at the Sheraton Suites Eau Claire
located at 255 Barclay Parade SW, Calgary, Alberta. Information
circulars pertaining to the special meeting of shareholders have been
mailed out and are available online at
http://www.pengrowth.com/investors/public_filings/ .
About Pengrowth:
Pengrowth Energy Corporation is a dividend paying, intermediate
Canadian producer of oil and natural gas, headquartered in Calgary,
Alberta. Pengrowth's focus is on the development of conventional and
unconventional resource-style plays in the Western Canadian
Sedimentary Basin. Pengrowth's projects include the Swan Hills (light
oil) play in north-central Alberta, the Olds (light oil/gas) play in
south-central Alberta, the Lindbergh (Steam Assisted Gravity
Drainage) project in east-central Alberta and the Bodo (EOR polymer)
play in east-central Alberta. Pengrowth's shares trade on both the
Toronto Stock Exchange under the symbol "PGF" and on the New York
Stock Exchange under the symbol "PGH".
PENGROWTH ENERGY CORPORATION
Derek Evans, President and Chief Executive Officer
Contacts:
Pengrowth Energy Corporation
Investor Relations
(403) 233-0224 or Toll Free: 1-888-744-1111
investorrelations@pengrowth.com
www.pengrowth.com
SOURCE: Pengrowth Energy Corporation
mailto:investorrelations@pengrowth.com
http://www.pengrowth.com
Copyright 2012 Marketwire, Inc., All rights reserved.
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CA:PGF
Pengrowth Energy Corp.
CA
: Canada: Toronto
$
7.74
-0.27
-3.37%
Volume: 1.70M
May 16, 2012 4:00p
P/E Ratio31.60
Dividend Yield10.85%
Market Cap$2.80 billion
Rev. per EmployeeN/A
/quotes/zigman/3476447/quotes/nls/pgh
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PGH
Pengrowth Energy Corp.
US
: NYSE US Comp
$
7.62
-0.32
-4.03%
Volume: 3.00M
May 16, 2012 4:00p
P/E RatioN/A
Dividend Yield11.03%
Market Cap$2.76 billion
Rev. per EmployeeN/A
Financial Glossary
Words used in this article:
Daily Journal Corporation Announces Financial Results for the Six Months ended …
LOS ANGELES, May 11, 2012 (BUSINESS WIRE) –
During the six months ended March 31, 2012, consolidated pretax income
of Daily Journal Corporation
/quotes/zigman/70870/quotes/nls/djco DJCO
+0.61%
decreased by $936,000 to
$5,360,000 from $6,296,000 in the prior year period. Consolidated
revenues declined by $1,883,000, and costs and expenses decreased by
$558,000. Dividends and interest income increased by $299,000. The
Company’s traditional business segment pretax profit decreased by
$575,000 to $6,333,000 from $6,908,000 primarily because of a reduction
in trustee sale notice and related service fee revenues. Total personnel
costs decreased by $155,000 to $6,850,000 primarily due to a $300,000
reduction in expenses related to the Company’s Management Incentive Plan
(“Incentive Plan”), partially offset by annual salary adjustments. The
reduction in Incentive Plan expenses consisted of a decrease of $470,000
in the Incentive Plan accrual during the six months ended March 31, 2012
due to reduced consolidated pretax profits before this accrual versus a
decrease of $170,000 in the prior year period. Other general and
administrative expenses decreased by $255,000 primarily resulting from
reduced professional service fees. Sustain’s business segment had a
pretax loss of $973,000 compared to $612,000 in the prior year period
primarily due to a decrease in consulting and support revenues from
governmental agencies, reflecting in part continuing governmental budget
constraints. Comprehensive income includes net income and net unrealized
gains on investments, net of taxes.
Comprehensive Income
Six months ended March 31
———————————–
2012 2011
—————– —————–
Net income $ 3,750,000 $ 4,026,000
Unrealized gains on investments (net of taxes) 16,840,000 6,692,000
———- ———-
Comprehensive income $ 20,590,000 $ 10,718,000
===== ========== ===== ==========
Consolidated revenues were $15,986,000 and $17,869,000 for the six
months ended March 31, 2012 and 2011, respectively. This decrease of
$1,883,000 was primarily from decreases of $1,587,000 in trustee sale
notice and related service fee revenues, $60,000 in government notice
revenues, $22,000 in classified advertising revenues, $26,000 in display
advertising revenues, $85,000 in circulation revenues and $147,000 in
Sustain consulting revenues, partially offset by $51,000 in legal
advertising notice and service fees. Although public notice advertising
revenues were down compared to the prior year period, the Company still
continued to benefit from the large number of foreclosures in California
and Arizona for which public notice advertising is required by law.
At March 31, 2011, the Company held marketable securities valued at
$97,686,000, including unrealized gains of $52,520,000. It accrued a
liability of $20,920,000 for income taxes due only upon the sales of the
appreciated securities. The marketable securities consist of common
stocks of three Fortune 200 companies and two foreign companies and
certain bonds of a sixth, and most of the unrealized gains were in the
common stocks.
Consolidated net income was $3,750,000 and $4,026,000 for the six months
ended March 31, 2012 and 2011, respectively. Net income per share
decreased to $2.72 from $2.92.
Reportable segments
------------------------------------
Traditional
business Sustain Total
------------------- ---------------- ---------------
Six months ended March 31, 2012
-------------------------------
Revenues $ 14,528,000 $ 1,458,000 $ 15,986,000
Pretax income (loss) 6,333,000 (973,000) 5,360,000
Income tax benefit (expense) (2,235,000) 625,000 (1,610,000)
Net income (loss) 4,098,000 (348,000) 3,750,000
Six months ended March 31, 2011
-------------------------------
Revenues $ 16,257,000 $ 1,612,000 $ 17,869,000
Pretax income (loss) 6,908,000 (612,000) 6,296,000
Income tax benefit (expense) (2,490,000) 220,000 (2,270,000)
Net income (loss) 4,418,000 (392,000) 4,026,000
Daily Journal Corporation publishes newspapers and web sites covering
California and Arizona, as well as the California Lawyer magazine, and
produces several specialized information services. Sustain Technologies,
Inc., a wholly owned subsidiary, supplies case management software
systems and related products to courts and other justice agencies.
Daily Journal Corporation's Form 10-Q for the period ended March 31,
2012 is expected to be filed electronically with the Securities and
Exchange Commission today. We invite your attention to the Form 10-Q
which contains our consolidated financial statements, management's
discussion and analysis of financial condition and results of operations
and other information.
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Certain
statements contained in this press release are "forward-looking"
statements that involve risks and uncertainties that may cause actual
future events or results to differ materially from those described in
the forward-looking statements. Words such as "expects," "intends,"
"anticipates," "should," "believes," "will," "plans," "estimates,"
"may," variations of such words and similar expressions are intended to
identify such forward-looking statements. We disclaim any intention or
obligation to revise any forward-looking statements whether as a result
of new information, future developments, or otherwise. Although we
believe that the expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
expectations will prove to have been correct. Additional information
concerning factors that could cause actual results to differ materially
from those in the forward-looking statements is contained from time to
time in documents we file with the Securities and Exchange Commission,
including the Form 10-Q we expect to file today and our Annual Report on
Form 10-K for the fiscal year ended September 30, 2011.
SOURCE: Daily Journal Corporation
Daily Journal Corporation
Tu To, 213-229-5436
Copyright Business Wire 2012
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DJCO
Daily Journal Corp.
US
: U.S.: Nasdaq
$
83.00
+0.50
+0.61%
Volume: 600.00
May 15, 2012 1:17p
P/E Ratio15.57
Dividend YieldN/A
Market Cap$113.93 million
Rev. per Employee$157,800
Financial Glossary
Words used in this article:
Nagpur Municipal Corporation gives no information on RTI to its own official
NAGPUR: The Nagpur Municipal Corporation (NMC) routinely makes the common man run pillar to post. But, when the harassment extends to a top official of the NMC itself, its a clear signal that alls not well in the body. Significantly, it was not a mere enquiry that resulted in the shoddy treatment but an effort to seek information under the RTI Act.
The official in this case is Dr Milind Ganvir, the deputy director of health and also medical officer (sanitation). He wanted to know the status of the three mobile towers locate on top of the building in which he resides. But, in his RTI reply, the NMC wrote: Information may not be given.
05.15.12Canada Mortgage and Housing Corporation Presents Habitat for Humanity Edmonton …
REGINA, SASKATCHEWAN, May 11, 2012 (MARKETWIRE via COMTEX) –
Today, Canada Mortgage and Housing Corporation (CMHC) presented
Habitat for Humanity Edmonton with the CMHC Award for Outstanding
Contribution to Habitat for Humanity Aboriginal Housing.
The award was presented at Habitat for Humanity Canada’s National
Conference Awards Gala. Habitat affiliates from across Canada are in
Regina this weekend for their annual general meeting and national
conference.
“I want to offer my congratulations and say thank you to Habitat for
Humanity Edmonton for its ongoing efforts in creating opportunities
for Aboriginal families through homeownership,” said the Honourable
Pamela Wallin, Senator, on behalf of the Honourable Diane Finley,
Minister of Human Resources and Skills Development and Minister
Responsible for CMHC. “CMHC, on behalf of the Government of Canada,
is proud to work with Habitat for Humanity Canada and its affiliates
right across Canada to help address the challenges many families face
in finding safe, decent and affordable homes both on-and
off-reserve.”
Habitat for Humanity Edmonton was chosen as this year’s award
recipient for its role in helping to achieve the dream of
homeownership for Aboriginal families in the Edmonton area. Their
exemplary partnership project with Metis Capital Housing Corporation
to retrofit existing rental housing for affordable homeownership has
inspired other Aboriginal housing groups to emulate the partnership
model. As well, for the first time eight Metis families at Elizabeth
Metis Settlements near Cold Lake, Alberta will become homeowners in
2012 as a result of an agreement signed between Habitat for Humanity
Edmonton and Elizabeth Metis Settlement.
The Habitat for Humanity Awards Committee considered a number of key
areas in the selection of the winner for this award including
innovative solutions to challenges faced in Aboriginal housing
development; association and community collaboration on Aboriginal
housing development; number of Aboriginal families served; and number
of major renovations, including energy efficiencies, to Aboriginal
housing.
“Habitat for Humanity Canada and its affiliates are very excited to
partner on Aboriginal projects across Canada where possible. We also
very much appreciate CMHC’s partnership in this important work,” said
Stewart Hardacre, President & CEO, Habitat for Humanity Canada. “This
year we’re proud to recognize the leadership role Habitat for
Humanity Edmonton has taken in building affordable housing in
partnership with Aboriginal groups in their region.”
Habitat for Humanity Canada
Founded in 1985, Habitat for Humanity Canada (HFHC) is a national,
non-profit organization working towards a world where everyone has a
safe and decent place to live. With the help of over 50,000
volunteers every year and 69 affiliate organizations from coast to
coast, their mission is to mobilize volunteers and community partners
in building affordable housing and promoting homeownership as a means
to break the cycle of poverty in Canada and around the world. For
more information on HFHC, please visit
www.habitat.ca .
CMHC
CMHC is the Lead and Founding National Partner for Habitat Canada’s
Aboriginal Housing Program, which seeks to increase the number of
Habitat homes built for Aboriginal families both on- and off-reserve.
This partnership contributes to CMHC’s ongoing efforts to improve
access to affordable Aboriginal housing, which includes investing
directly in new affordable housing, housing renovation, housing
capacity development and supporting the First Nations Market Housing
Fund.
CMHC has been Canada’s national housing agency for more than 65
years. CMHC is committed to helping Canadians access a wide choice of
quality, environmentally sustainable, affordable housing solutions,
while making vibrant, healthy communities and cities a reality across
the country.
Contacts:
Kimberlee Jones
CMHC – Prairies and Territories Region
403-515-3048
Charles Sauriol
CMHC Media Relations
613-748-2799
Kate Marshall
National Director of Marketing & Communications
Habitat for Humanity Canada
416-294-3039
SOURCE: Canada Mortgage and Housing Corporation and Habitat for Humanity Canada
Copyright 2012 Marketwire, Inc., All rights reserved.
Financial Glossary
Words used in this article:
Corporation, traffic police to join hands in clearing road blocks
The Chennai Corporation and the Traffic Police will join hands to find a solution to the increasing number of obstructions on roads caused by haphazard parking in the city. A coordination committee on traffic obstructions, which will meet on the second Friday of every month, will discuss the emerging issues concerning traffic congestion in all the 15 zones.
With major infrastructure projects such as Metro Rail, flood mitigation project and mega city development mission under way, many roads are experiencing traffic bottlenecks.
The need for traffic diversions on account of the infrastructure works has made many interior roads crucial for connectivity between neighbourhoods. Motorists find it hard to negotiate the narrow interior roads due to haphazard parking.
The civic body, with the support of traffic police, will soon identify such roads that have developed new traffic bottlenecks because of on street parking. They will take steps to help residents who use interior roads and bus routes for parking.
Mayor Saidai S.Duraisamy, Corporation Commissioner D. Karthikeyan and Additional Commissioner of Police (Traffic) Sanjay Arora held a meeting in Ripon Buildings on Saturday to sort out the issue.
We will also come up with new parking regulations to remove traffic bottlenecks, said Mayor Saidai S.Duraisamy. A major problem is the denial of permission by the traffic police to infrastructure work in different parts of the city. Over 650 works on several spots on the bus routes and interior roads are waiting for traffic police clearance now. The frequent extensions of the deadline for the works was said to be the major reason for denial of permission by the traffic police.
05.15.12IHS Acquires XeDAR Corporation
ENGLEWOOD, Colo., May 11, 2012 (BUSINESS WIRE) — IHS Inc. (NYSE: IHS), the
leading global source of information and analytics, announced today that it has
acquired XeDAR Corporation, a leading developer and provider of geospatial
information products and services, for approximately $28 million, net of cash
acquired.
XeDARs proprietary
geographic and land information system solutions are a great complement to the
IHS energy technical information and analytical
tools, said IHS Chairman and Chief Executive Officer
Jerre Stead. We are looking forward to working with
the talented XeDAR team to create even greater value for our global energy
customers.
XeDAR Corporation is a leading provider of technology-driven geospatial and land
information solutions that provide federal, state and local agencies, as well as
key oil and gas, natural resource and utility clients, with imagery processing
solutions and related land information management and integration solutions. The
company has rapidly established itself as a cost-effective provider of imagery,
information products, and land records management services that can be
integrated directly into clients workflows to
improve operational efficiencies.
XeDAR collects high-resolution aerial digital imagery, both multispectral and
laser, then processes and enhances the resulting data, and sells the products to
government and commercial clients. Its geographic information systems (GIS) and
land information systems (LIS) services provide government, natural resource,
utility and oil and gas clients with land database information products and
production services related to the creation, automation or enhancement of land
records and custom mapping.
XeDAR is headquartered in Arvada, Colo., and maintains an office in Albuquerque,
New Mexico. The company employs 134 people.
About IHS (
)
IHS (NYSE: IHS) is the leading source of information, insight and analytics in
critical areas that shape todays business landscape.
Businesses and governments in more than 165 countries around the globe rely on
the comprehensive content, expert independent analysis and flexible delivery
methods of IHS to make high-impact decisions and develop strategies with speed
and confidence. IHS has been in business since 1959 and became a publicly traded
company on the New York Stock Exchange in 2005. Headquartered in Englewood,
Colorado, USA, IHS employs more than 5,500 people in more than 30 countries
around the world.
IHS is a registered trademark of IHS Inc. All other company and product names
may be trademarks of their respective owners. (C) 2012 IHS Inc.
All rights reserved.
SOURCE: IHS
CONTACT:
IHS
News Media Contact:
David E. Pendery, +1-303-397-2468
david.pendery@ihs.com
or
Investor Relations Contact:
Andy Schulz, +1-303-397-2969
andy.schulz@ihs.com
Copyright Business Wire 2012
-0-
KEYWORD: United States
North America
Colorado
New Mexico
INDUSTRY KEYWORD: Energy
Other Energy
Technology
Other Technology
Professional Services
Consulting
Environment
SUBJECT CODE: Merger/Acquisition
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