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PAB Bankshares, Inc.
PAB Bankshares, Inc. Announces First Quarter 2003 Earnings
VALDOSTA, Ga., April 25, 2003 (PRIMEZONE) -- PAB Bankshares, Inc. (AMEX:PAB), the holding company for The Park Avenue Bank of Valdosta, Georgia, announced preliminary earnings for the first quarter ending March 31, 2003. The Company reported net income of $1.83 million, or $.19 per diluted share, for the quarter, a 5% increase compared to net income of $1.74 million, or $.18 per diluted share, during the first quarter of 2002. Earnings for the quarter were supported by $166,000 in securities gains, after tax. "We are pleased with the results for the quarter. This is a good start for what we foresee to be a challenging year for us," stated Michael E. Ricketson, President and Chief Executive Officer. "Our balance sheet continued to contract during the quarter as opportunities for loan growth were less than expected, and as a result, this level of earnings may be difficult to sustain over the next few quarters," Ricketson added.
Scania Continues to Expand in Sweden
SODERTALJE, Sweden, April 25, 2003 (PRIMEZONE) -- Scania (Other OTC:SCVAY): "In recent years we have gradually moved about a thousand skilled industrial jobs to Sweden. We believe in Sweden as a manufacturing country," said Leif Ostling, President and CEO of Scania, in his address to nearly 600 shareholders at today's Annual General Meeting, outlining Scania's operations in 2002.