latest news releases from the newsroom
Gateway Financial Holdings, Inc.
Gateway Financial Holdings Reports FY 2006 Net Income of $5.3 Million, Up 34 Percent
VIRGINIA BEACH, Va., Jan. 23, 2007 (PRIME NEWSWIRE) -- Gateway Financial Holdings, Inc. (Nasdaq:GBTS), the holding company for Gateway Bank & Trust Co., reported net income for the 2006 fiscal year of $5.3 million compared with $3.9 million for the prior fiscal year, an increase of $1.4 million, or 34%. Earnings performance was driven by exceptional revenue growth from a 49% increase in loans during the year resulting from the Company's expanding network of financial centers and increased revenues from Gateway's non-banking activities. Diluted earnings per share were $0.47 for 2006 compared with $0.46 for the prior year. Per share results reflect the December 2005 stock offering of 2.3 million shares which increased the weighted average diluted shares from 8,556,012 shares for the 2005 fiscal year to 11,121,703 shares for 2006, an increase of 30.0%. The 2006 results were negatively affected by a loss on the market value and net cash settlement of $1.92 million that resulted from the $150 million interest rate swap agreement entered into on December 30, 2005 to hedge variable rate loans included in Gateway's loan portfolio. Additionally, the Company incurred a loss on disposition of premises and equipment when it wrote off $291,733 of obsolete equipment and leasehold improvements during the fourth quarter. The economic hedge and loss on disposition of premises and equipment have been reported as a component of non-interest income in accordance with GAAP. Diluted earnings per share, excluding the loss on the market value and net cash settlement on economic hedge of $1.92 million and the loss on disposition of premises and equipment of $291,733 (net of income taxes using a 37.5% blended rate), were $0.60 per share. Due to the volatility and lack of earnings comparability caused by the current year's economic hedge loss and the non-recurring nature of the loss on disposition of premises and equipment, management believes presentation of an adjusted, non-GAAP, diluted earnings per share provides useful information to investors.
Execute Sports, Inc.
Execute Sports Launches New Warehouse
SAN DIEGO, Jan. 23, 2007 (PRIME NEWSWIRE) -- Execute Sports Inc. (OTCBB:EXCS) has entered into an agreement with Dynamic Distribution Warehousing Inc. to provide an experienced fulfillment staff and nearly 50,000 square feet of office and warehouse space. The move will substantially reduce warehouse costs while providing the necessary space and ability for continued growth.
Marygrove Theatre Hosts 'Malice Aforethought: The Sweet Trials' February 2-18; Dinner Theatre February 17
DETROIT, Jan. 23, 2007 (PRIME NEWSWIRE) -- The Marygrove College Theatre will host the UDM Theatre Company production of "Malice Aforethought: The Sweet Trials," February 2-18. Written by Arthur Beer and produced and directed by David Regal, the play is based on the 1925-26 trials of Dr. Ossian Sweet and his brother who were charged with murder after shots were fired into a crowd menacing the home of Dr. Sweet. One man was killed and another injured. The Sweets were the first black family to move into a previously all-white neighborhood.