Fitch Affirms and Withdraws Lowe's Ratings Feb 9, 2012 12:27PM

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed and simultaneously withdrawn its ratings on Lowe's Companies, Inc. (Lowe's), which are as follows:

--Long-term Issuer Default Rating (IDR) at 'BBB+';

--Senior unsecured notes at 'BBB+';

--$1.75 billion bank credit facilities at 'BBB+';

--Short-term IDR at 'F2';

--Commercial paper at 'F2'.

The Rating Outlook is Stable.

The ratings have been withdrawn for business reasons, and Fitch will no longer provide rating coverage of Lowe's.

For analytical questions contact:

Additional information is available at 'www.fitchratings.com'. The ratings above were unsolicited and have been provided by Fitch as a service to investors.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 12, 2011);

--'Short-Term Ratings Criteria for Non-Financial Corporates' (Jan. 9, 2012).

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647229

Short-Term Rating Criteria for Non-Financial Corporates

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663651

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystPhilip Zahn, CFA, +1-312-606-2336Senior DirectorFitch, Inc.70 West Madison StreetChicago, IL 60602orSecondary AnalystKristi Broderick, +1-312-368-3140Senior DirectororCommittee ChairpersonRobert Curran, +1-212-908-0515Managing DirectororFor other questions contact:Tiffany CoDirector, +1-312-368-3185Fitch RatingsFitch, Inc.70 West Madison StreetChicago, IL 60602orMedia RelationsBrian Bertsch, +1 212-908-0549brian.bertsch@fitchratings.com

Source: Fitch Ratings


Glen Burnie Bancorp Announces 2011 4Q and Year End Earnings Feb 9, 2012 12:25PM

GLEN BURNIE, Md.--(BUSINESS WIRE)-- Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2011.

For the quarter ended December 31, 2011, the company realized net earnings of $756,000 or $0.28 per basic and diluted earnings per share as compared to net earnings of $655,000 or $0.24 basic and diluted earnings per share for the same period in 2010. Net interest income after provisions for credit losses for the fourth quarter of 2011 was $2,984,000 compared to $3,394,000 for the same three-month period in 2010.

Net income for the year ended December 31, 2011 was $2,993,093 or $1.10 per basic and diluted earnings per share as compared to net income of $2,064,785 or $0.76 per basic and diluted earnings per share in 2010. Net interest income after provisions for credit losses for the year ended December 31, 2011 was $12,786,385 as compared to $11,830,012 in 2010. Assets as of December 31, 2011 were $365,260,263 as compared to $347,067,276 as of December 31, 2010.

2011 Performance Highlights:

  • 44.96% increase in net income
  • 8.08% increase in net interest income after provisions for credit losses
  • 18.52% increase in stockholder’s equity

Michael G. Livingston, President and Chief Executive Officer, stated, “We are pleased to announce our results for the quarter and year end.” Mr. Livingston added, “The effort put forth by our team of employees yielded positive results, which included increased stockholder’s equity.”

Glen Burnie Bancorp declared four regular dividends in 2011, totaling forty cents ($0.40) per common share.

The Bank of Glen Burnie has been recommended by BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, as Excellent or Superior rated for the past 45 consecutive quarters. This distinction denotes the highest levels of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $361 million. Founded in 1949, The Bank of Glen Burnie® is a community bank with eight branch offices serving Anne Arundel County. www.thebankofglenburnie.com

Certain information contained in this news release, which does not relate to historical financial information, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

Glen Burnie Bancorp and Subsidiaries    
Condensed Consolidated Balance Sheets
(dollars in thousands)
 
(unaudited) (audited)
December December
31, 2011   31, 2010
Assets
 
Cash and due from banks $6,877 $6,492
Interest bearing deposits 2,423 1,568
Federal funds sold 654 940
Investment securities 102,867 87,268
Common Stock in the Glen Burnie Statutory Trust I - -
Loans, net of allowance 232,734 229,851
Premises and equipment at cost, net of accumulated depreciation 4,108 4,124
Other real estate owned 1,111 215
Other assets   14,486   16,609  
Total assets   $365,260   $347,067  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $311,945 $294,445
Short-term borrowings 255 4,274
Long-term borrowings 20,000 20,000

Junior subordinated debentures owed to unconsolidated subsidiary trust

- -
Other liabilities   1,849   2,015  
Total liabilities   334,049   320,734  
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2011 2,717,909;
December 31, 2010 2,702,091 shares 2,718 2,702
Surplus 9,438 9,335
Retained earnings 17,209 15,301
Accumulated other comprehensive loss, net of tax benefits 1,846 (1,005 )
         
Total stockholders' equity   31,211   26,333  
 
Total liabilities and stockholders' equity   $365,260   $347,067  
 
Glen Burnie Bancorp and Subsidiaries        
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended Twelve Months Ended
(unaudited) (audited) (unaudited) (audited)
December December December December
31, 2011   31, 2010 31, 2011   31, 2010
 
Interest income on
Loans, including fees $3,410 $3,555 $13,898 $14,646
U.S. Government agency securities 328 421 1,488 1,916
State and municipal securities 415 378 1,606 1,401
Other   21     33   140     216  
Total interest income   4,174     4,387   17,132     18,179  
 
Interest expense on
Deposits 740 830 3,038 3,697
Junior subordinated debentures 0 0 0 648
Long-term borrowings 162 162 641 953
Short-term borrowings   0     1   4     1  
Total interest expense   902     993   3,683     5,299  
 
Net interest income 3,272 3,394 13,449 12,880
 
Provision for credit losses 288 0 663 1,050
               
Net interest income after provision for credit losses   2,984     3,394   12,786     11,830  
 
Other income
Service charges on deposit accounts 158 168 627 648
Other fees and commissions 231 251 862 869
Other non-interest income (22 ) (135 ) (47 ) (45 )
Income on life insurance 60 50 240 251
Gains on investment securities   62     (1 ) 408     175  
Total other income   489     333   2,090     1,898  
 
Other expenses
Salaries and employee benefits 1,639 1,672 6,575 6,681
Impairment of securities 0 196 22 262
Occupancy 207 203 847 830
Other expenses   796     775   3,672     3,405  
Total other expenses   2,642     2,846   11,116     11,178  
 
(Loss) income before income taxes 831 881 3,760 2,550
 
Income tax benefit   75     226   767     485  
 
Net (loss) income   $756     $655   $2,993     $2,065  
 
Net (loss) income per share of common stock   $0.28     $0.24   $1.10     $0.77  
 
Weighted-average shares of common stock outstanding   2,717,906     2,697,619   2,710,455     2,690,218  
 

Glen Burnie BancorpYvonne “Rie” Atkinson, 410-768-8857 (office)ratkinson@bogb.net

Source: Glen Burnie Bancorp


Spectra Systems Corporation Products on Their Way to Mars Feb 9, 2012 12:24PM

PROVIDENCE, R.I., Feb. 9, 2012 /PRNewswire/ -- Spectra Systems Corporation, a technology company that provides banknote security features to many of the world's central banks, has one of its products on the way to Mars as part of the NASA Curiosity rover mission. Spectra Systems' materials are playing a key role in calibrating one of the high performance camera systems on the Curiosity rover called MAHLI (Mars Hand Lens Imager). The mission that launched on Nov. 26, 2011 is part of the NASA Mars Science Laboratory program that will deliver the Curiosity rover to a landing site inside Mars' Gale Crater in August of this year to begin a two-year investigation to determine if the area has ever offered an environment favorable for microbial life.

"We're not certain that any of the minerals Curiosity will encounter on Mars will luminesce, but we wanted to be able to check that our UV LEDs are fully operational when we're working in the cold, dry Martian environment. We were thrilled when we made contact with Spectra Systems since their product specification seemed ideal for a mission to Mars," said Dr. Ken Edgett, Malin Space Science Systems, CA, the Principal Investigator for the MAHLI team.

"Spectra's robust phosphor target on MAHLI is illuminated by UV LEDs to produce strong, stable, and environmentally robust light output for calibration on Mars. The MAHLI team chose our materials because of the performance which all of our products are required to have in order to protect the world's banknotes from sophisticated counterfeiters year after year. Banknote security features have to survive in harsh environments, from exposure to the sun to laundry when accidentally left in your jeans pocket. The performance of our materials on a Mars mission says a great deal," said Spectra's CEO, Dr. Nabil Lawandy.

Lawandy, a former Professor of Engineering and Physics at Brown University, added that "we are proud of our association with Brown and Providence, RI, which were home to four key MAHLI investigators." Dr. Michelle Minitti and Dr. Aileen Yingst did their PhD work and Dr. Michael Ravine earned his MS degree at Brown University. Additionally, Dr. Jim Bell, well known for his work on the Spirit and Opportunity Mars rovers, grew up in Rhode Island.

Spectra Systems (www.spsy.com), headquartered in Providence, RI, is a leading provider of machine-readable banknote authentication technology, and has manufacturing and engineering facilities in East Providence. Spectra Systems is a traded company on the London Stock exchange since July of 2011.

SOURCE Spectra Systems Corporation


UNIVERSAL PICTURES AND ILLUMINATION ENTERTAINMENT PRESENT THE WORLD PREMIERE OF DR. SEUSS' THE LORAX Feb 9, 2012 12:21PM

UNIVERSAL CITY, Calif., Feb. 9, 2012 /PRNewswire/ --

WHAT:

The world premiere of the 3D-CG feature DR. SEUSS' THE LORAX

 

 

WHO:

DR. SEUSS' THE LORAX director Chris Renaud; cast members Danny DeVito, Ed Helms, Zac Efron, Taylor Swift, Rob Riggle, Jenny Slate and Betty White; producers Chris Meledandri and Janet Healy; writers/executive producers Cinco Paul & Ken Daurio; composer John Powell; executive song producer Christopher "Tricky" Stewart; and executive producer Audrey Geisel

 

 

WHERE:

Universal Studios Hollywood

 

Universal City, CA 91608                         

 

 

WHEN:

Sunday, February 19, 2012

 

12:00 PM          Press Call Time

 

1:00 PM            Celebrity Arrivals 

 

2:00 PM            Screening Begins

DR. SEUSS' THE LORAX arrives in theaters nationwide on Friday, March 2, 2012.www.theloraxmovie.com

(Logo: http://photos.prnewswire.com/prnh/20120110/LA33027LOGO)

 

 

           

SOURCE Universal Pictures


Baron and Budd is Proud to be a 2012 Platinum Sponsor of the Asbestos Disease Awareness Organization Feb 9, 2012 12:21PM

DALLAS--(BUSINESS WIRE)-- The mesothelioma law firm of Baron and Budd is proud to be a 2012 platinum sponsor of the Asbestos Disease Awareness Organization’s Eighth Annual International Asbestos Awareness Conference. The conference will be March 30-April 1 in Los Angeles. Titled “Asbestos: An International Public Health Crisis,” the conference brings together medical specialists and asbestos victims to raise public awareness about the health issues of asbestos, build community and advocate for a worldwide ban on asbestos use.

“We are absolutely thrilled that Baron and Budd will be supporting us as a 2012 platinum sponsor for our Eighth Annual Asbestos Awareness Conference,” said Linda Reinstein, mesothelioma widow and president/CEO of ADAO. “Thanks to the firm’s generous contribution, ADAO can continue its mission to provide support for asbestos victims, advocate for change and raise public awareness about the health issues of asbestos exposure. ADAO is truly grateful for Baron and Budd’s continued efforts to educate and help people who have mesothelioma or other asbestos cancers."

Topics discussed at the conference will include the global asbestos health crisis, advancements in diagnosing and treating asbestos diseases, patient resources, and preventing asbestos exposure. Keynote speakers will be Matt Peacock, an award-winning reporter with the Australian Broadcasting Corporation, and Barbara McQueen, wife of the late Steve McQueen. ADAO will honor Steve McQueen with the Warren Zevon “Keep Me in Your Heart” Memorial Tribute. McQueen passed from mesothelioma in 1980 at the age of 50.

“As a firm that works with mesothelioma patients every day, we know how important ADAO’s work is,” said Russell Budd, president and managing shareholder. “Not only does ADAO President/CEO Linda Reinstein work closely with individuals who are dealing with mesothelioma today, she also works to ensure the safety of future generations by raising the awareness of the need for a global asbestos ban. Providing financial support for her organization is the least we can do. We are honored to sponsor ADAO again in 2012.”

Founded in 2004, ADAO is an independent non-profit organization dedicated to giving victims of asbestos exposure a voice, raising public awareness of asbestos, preventing exposure through education and advocating for a global asbestos ban. The organization is headed by Linda Reinstein, a mesothelioma widow, who works tirelessly to support mesothelioma patients and families.

Baron and Budd was one of the first law firms in the country to file a mesothelioma lawsuit and has represented victims of asbestos exposure for over 30 years. In addition to its support for ADAO, the firm has also sponsored two books on mesothelioma for patients: Understanding Mesothelioma by CURE media group and the NCCN Patient Guidelines for Mesothelioma. Firm president and managing shareholder Russell Budd also serves on the NCCN Foundation Board.

For more information about mesothelioma, visit Baron and Budd’s dedicated mesothelioma website http://www.mesotheliomanews.com or call 1.866.855.1229.

About Baron & Budd, P.C.

The national mesothelioma law firm of Baron & Budd, P.C. has a more than 30-year history of “Protecting What’s Right” for asbestos sufferers and their families. As one of the first law firms to successfully litigate an asbestos lawsuit, Baron & Budd continues to actively represent veterans, industry workers and others who are suffering as a result of exposure to asbestos. Baron & Budd achieved the largest mesothelioma verdict ever in the state of Texas, a $55 million verdict for an asbestos sufferer and his family in El Paso, Texas. Contact Baron and Budd at 1.866.855.1229 for additional information on mesothelioma treatments, mesothelioma cancer doctors and treatment centers and mesothelioma attorneys.

Baron & Budd, P.C.Susan Knape, 214-629-0596susan@susanknape.com

Source: Baron & Budd, P.C.


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