CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed and simultaneously withdrawn its ratings on Lowe's Companies, Inc. (Lowe's), which are as follows: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The ratings have been withdrawn for business reasons, and Fitch will no longer provide rating coverage of Lowe's.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, 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
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 CITY, Calif., Feb. 9, 2012 /PRNewswire/ --
|
WHAT: |
The world premiere of the 3D-CG feature DR. SEUSS' THE LORAX | |
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| |
|
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 | |
|
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Universal City, CA 91608 | |
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| |
|
WHEN: |
Sunday, February 19, 2012 | |
|
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12:00 PM Press Call Time | |
|
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1:00 PM Celebrity Arrivals | |
|
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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
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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