latest news releases from the newsroom
Firstbank Corporation Announces Second Quarter and Year-To-Date 2007 Results
ALMA, Mich., July 26, 2007 (PRIME NEWSWIRE) -- Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation, announced earnings per share of $0.27 for the second quarter of 2007 compared to $0.44 in the second quarter of 2006. Net income was $1,747,000 for the quarter ended June 30, 2007, compared to $2,899,000 for the quarter ended June 30, 2006. Returns on average assets and average equity for the second quarter of 2007 were 0.65% and 7.2%, respectively, compared with 1.10% and 12.3%, respectively, in the second quarter of 2006. Two unique factors, the establishment of a $500,000 specific reserve on a loan and the write-off of goodwill related to Firstbank's real estate brokerage company, affected second quarter results. These factors combined with a stabilized but low net interest margin and continuing weak mortgage and real estate activity to lead to the decline in earnings and profitability. All per share amounts are fully diluted and have been adjusted to reflect the 5% stock dividend paid in December of 2006.
Wolverine Tube Inc.
Wolverine Tube Reports Second Quarter 2007 Results
HUNTSVILLE, Ala., July 26, 2007 (PRIME NEWSWIRE) -- Wolverine Tube, Inc. (OTCBB:WLVT) today reported its results for the second quarter ended July 1, 2007. Net sales for the second quarter of 2007 were $383.2 million compared to $418.0 million in the second quarter of 2006, reflecting, among other items, the closing of Wolverine's Montreal, Quebec plant in late 2006 and the related discontinuance of rod and bar and smooth alloy tube product sales.
Airvana Successfully Completes Multi-Carrier CDMA2000 1xEV-DO Rev B Call
CHELMSFORD, Mass., July 26, 2007 (PRIME NEWSWIRE) -- Airvana, Inc., a leading provider of network infrastructure products used by wireless operators to provide mobile broadband services, today announced it has successfully completed a multi-carrier CDMA2000 1xEV-DO Revision B (Rev B) call in its development laboratory, a major step towards commercialization.