latest news releases from the newsroom
PAB Bankshares, Inc.
PAB Bankshares, Inc. Announces Financial Results for Fourth Quarter and Full-Year 2008
VALDOSTA, Ga., Jan. 29, 2009 (GLOBE NEWSWIRE) -- PAB Bankshares, Inc. (Nasdaq:PABK), the parent company for The Park Avenue Bank, announced its consolidated financial results for the fourth quarter and full-year 2008. During the fourth quarter of 2008, the Company provided $8.5 million to its allowance for loan losses due to an increase in problem loans and deteriorating economic conditions. In addition, the Company reported $752,000 in net losses on other real estate owned, $1.1 million of uncollectable interest income reversed on nonperforming loans, $712,000 in legal, collection and carrying charges related to its nonperforming assets, and $2.0 million in previously-announced, one-time charges to exit two markets during the quarter. The total of the provision for loan losses, the expenses related to the nonperforming assets and the costs to exit two markets amounted to $13.1 million for the quarter. As a result of these events, the Company reported a net loss of $5.8 million, or $0.60 per diluted share, for the three months ended December 31, 2008. "The slowdown in the economy and the continued deterioration in the Atlanta residential real estate market resulted in a net loss to the Company for 2008. However, the stability of our core banking operations remains the strength of our Company. We greatly appreciate our loyal customer base and our shareholders for their continued support. It will take time, but I am confident in our ability to return to profitability after we have completed addressing our asset quality issues," stated Company President and CEO M. Burke Welsh, Jr.
Cavco Industries, Inc.
Cavco Industries Reports Fiscal Third Quarter Results
PHOENIX, Jan. 29, 2009 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq:CVCO) today announced financial results for the third quarter and first nine months of its fiscal year 2009 ended December 31, 2008.
Maxim Integrated Products, Inc.
Maxim Announces Second Quarter Fiscal 2009 Results
SUNNYVALE, Calif., Jan. 29, 2009 (GLOBE NEWSWIRE) -- Maxim Integrated Products, Inc. (Nasdaq:MXIM) reported net revenue of $410.7 million for its fiscal 2009 second quarter ending December 27, 2008, an 18% decline from the $501.2 million revenue recorded in the previous quarter.
Meade Instruments Corporation
Meade Instruments Announces Sale of Meade Europe Operations for Gross Cash Proceeds of US$12.4 Million; Completes Formal Review of Strategic Alternatives
IRVINE, Calif., Jan. 29, 2009 (GLOBE NEWSWIRE) -- Meade Instruments Corp. (Nasdaq:MEAD), a leading designer and manufacturer of optical products, including telescopes and binoculars, today announced that it has signed and closed an agreement to sell its European subsidiary (known as "Meade Europe") to a European management-led buyout group, Bresser GmbH, for gross cash proceeds of EUR 9.4 million (or approximately US$12.4 million). Meade Europe distributes the Company's products and also sells optical products under the Bresser brand name, which is primarily recognized in Europe. Meade also signed an exclusive distribution agreement setting terms for Meade Europe to continue to purchase product from the Company and distribute the Company's Meade and Coronado branded products throughout Europe.
Riverview Bancorp, Inc.
Riverview Bancorp Earns $1.5 Million in Fiscal Third Quarter; Significantly Increases Liquidity Through Fed's Primary Credit Program
VANCOUVER, Wash., Jan. 29, 2009 (GLOBE NEWSWIRE) -- Riverview Bancorp, Inc. (Nasdaq:RVSB) today reported net income of $1.5 million, or $0.14 per diluted share, in the third quarter of fiscal 2009 ended December 31, 2008, compared to $2.2 million, or $0.21 per diluted share, in the third quarter of fiscal 2008.