latest news releases from the newsroom
Temecula Valley Winegrowers Association
Celebrate Wine Country Harvest in Temecula
TEMECULA, Calif., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Join nearly two-dozen award-winning Temecula wineries as they celebrate one of the best harvests on record with two-days of entertainment, art, wine and food tasting.
Monarch Community Bank
Monarch Community Bancorp, Inc. Announces Third Quarter Earnings
COLDWATER, Mich., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Monarch Community Bancorp, Inc. (Nasdaq:MCBF), the parent company of Monarch Community Bank ("Bank"), today announced earnings for the three months ended September 30, 2008 of $57,000 down from $471,000 for the same period in 2007, a decrease of 88%. Earnings per share for the three months ended September 30, 2008 were $0.03 compared to $0.14 for the same period in 2007, a decrease of 79%. Net income for the three months ended September 30, 2008 was largely impacted by the increase in provision for loan loss of $512,000 (from $219,000 to $731,000) compared to the same period a year ago. The provision was recorded primarily as a result of an increase in specific allowances for impaired loans on the Bank's Watch list, an increase in non-performing assets and net charge-offs for the period. Non-performing assets increased during the quarter to $3.6 million from $2.8 million. Net charge-offs for the three months ended September 30, 2008 were $442,000 compared to $537,000 for the same period in 2007. In spite of the increase in provision, net interest margin increased and noninterest expense decreased for the three months ended September 30, 2008 compared to the same period a year ago.
Protection One, Inc.
Protection One to Conduct Third Quarter 2008 Results Conference Call and Webcast
LAWRENCE, Kan., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Protection One, Inc. (Nasdaq:PONE), one of the largest electronic security companies in the United States, today announced that it will conduct a conference call to discuss third quarter 2008 financial results on Friday, Nov. 7, 2008, at 10 a.m. Eastern time. Richard Ginsburg, president and chief executive officer, and Darius G. Nevin, executive vice president and chief financial officer, will host the call.
The Connecticut Bank and Trust Company
CBT Posts Results for the Quarter Ended September 30, 2008
HARTFORD, Conn., Oct. 24, 2008 (GLOBE NEWSWIRE) -- The Connecticut Bank and Trust Company (Nasdaq:CTBC) ("CBT") reported a net loss of $1,487,000, or $0.42 per share, for the third quarter of 2008, compared to a $530,000, or $0.15 per share loss, for the quarter ended September 30, 2007. The results included additions to the allowance for loan losses of $1,316,000 in the quarter compared to $111,000 in the third quarter of 2007. Chairman and CEO David A. Lentini remarked, "Banks in the United States have and will report some of the worst quarterly results in recent memory and many of these losses will come from the write-downs of the value of Fannie Mae and Freddie Mac securities they held for investment purposes. Even though CBT did not hold any of these securities, we were not immune to the recessionary pressures around us. The unusually large provision to the allowance for loan losses in this quarter is in direct response to those pressures and reflects both increases in recognition of a weakening economic outlook and for individual customers experiencing difficulty."
Law Offices of Howard G. Smith
Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Daktronics, Inc.
BENSALEM, Pa., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Daktronics, Inc. ("Daktronics" or the "Company") (Nasdaq:DAKT) concerning possible securities violations in relation to Daktronics' announcement after the close of trading on April 5, 2007, revising downward its previously issued earnings guidance for the fiscal fourth quarter ending April 28, 2007. The investigation focuses on the timing of sales of significant amounts of personally held Daktronics shares by various insiders of the Company and whether statements previously issued by Daktronics on November 15, 2006 and February 14, 2007 about the Company's business, operations and prospects were false and misleading by failing to disclose or indicate, among other things, that: (1) large orders were being delayed; (2) the Company was unable to control its operating expenses; and (3) the Company was not performing according to internal expectations.
Law Offices of Howard G. Smith
Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Cadence Design Systems, Inc.
BENSALEM, Pa., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Cadence Design Systems, Inc. ("Cadence" or the "Company") (Nasdaq:CDNS) concerning possible securities violations related to the Company's October 22, 2008, press release in which Cadence informed investors that it was delaying the announcement of the Company's third-quarter financial results and that Cadence is reviewing, in conjunction with the Company's independent accountants and legal advisors, the recognition of revenue related to customer contracts signed during the first quarter of 2008.
Levi & Korsinsky, LLP
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Zygo Corp.
NEW YORK, Oct. 24, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Zygo Corp. ("Zygo" or the "Company") (Nasdaq:ZIGO) arising out of their attempt to sell the Company to Electro Scientific Industries Inc. ("Electro Scientific"). Under the terms of the agreement, Zygo shareholders will be entitled to 1.0233 shares of Electro Scientific stock for each Zygo share for a total sale price of approximately $173.6 million. Based on the October 15, 2008 closing price of Electro Scientific stock, the value Zygo shareholders are to receive is approximately $10.30 per share. The price is unfair given that the Company's shares closed at $12.58 as recently as September 30, 2008 and the Company has a book value of $9.73 per share. The proposed acquisition is subject to customary conditions and regulatory approvals.