Saturday, August 1, 2009
The Federal Deposit Insurance Corp. said in a statement that Altus, Okla.-based First State Bank of Altus was closed, and that Amarillo, Tex.-based Herring Bank will assume the failed bank's deposits.
First State Bank of Altus had $103.4 million in assets and $98.2 million in deposits as of June 19, the FDIC said. The bank is the first to fail on Oklahoma this year, and will cost the deposit insurance fund $25.2 million.
The FDIC also said Jupiter, Fla.-based Integrity Bank was shuttered, marking the fourth bank failure in that state this year. Fort Lauderdale, Fla.-based Stonegate Bank has agreed to assume the failed bank's deposits.
Integrity Bank had $119 million in assets and $102 million in deposits as of June 5, the FDIC said, and its failure will cost the deposit insurance fund $46 million.
West Chester, Ohio-based Peoples Community Bank was also closed by regulators, and its deposits have been assumed by Hamilton, Ohio-based First Financial Bank, National Association, the FDIC said.
Peoples Community Bank is the first to be closed in Ohio this year. It had $705.8 million in assets and $598.2 million in deposits as of March 31, and its failure will cost the deposit insurance fund $129.5 million.
Elizabeth, N.J.-based First Bankamericano was also closed. Brick, N.J.-based Crown Bank will assume the failed bank's deposits, the FDIC said.
First Bankamericano, the second New Jersey bank to fail this year, had $166 million in assets and $157 million in deposits as of July 16, the FDIC said, and its failure will cost the deposit insurance fund $15 million.
Rounding out the list of failed institutions on Friday was Harvey, Ill.-based Mutual Bank. Garland, Tex.-based United Central Bank has agreed to assume the failed bank's deposits, the FDIC said.
Mutual Bank, the 13th bank to fail in Illinois this year, had $1.6 billion in assets and $1.6 billion in deposits as of July 16. Its failure will cost the deposit insurance fund $696 million, the FDIC said.
Friday, July 31, 2009
This conference call will be available via live webcast -- in listen-mode only -- at www.earnings.com. A replay will be available on our website at www.waysidetechnology.com.
Total net sales for the second quarter of 2009 amounted to $37.0 million, compared to $48.1 million for the same period in 2008. Sales for the second quarter of 2009 for our Lifeboat segment were $25.0 million compared to $35.0 million in the second quarter of 2008, representing a 28% decrease. Excluding VMware, Lifeboat's sales increased by $1.7 million, or 7% compared to the second quarter of 2008. Sales for the second quarter of 2009 for our Programmer's Paradise segment were $12.0 million, compared to $13.1 million in the second quarter of 2008, representing an 8% decrease.
Total gross profit for the second quarter of 2009 amounted to $4.1 million, compared to $4.3 million for the same period in 2008. Gross profit for the second quarter of 2009 for our Lifeboat segment was $2.5 million, compared to $2.8 million in the second quarter of 2008, representing a 13% decrease. This decrease in gross profit was due to the lower sales volume. Gross profit for the second quarter of 2009 for our Programmer's Paradise segment was $1.6 million, compared to $1.5 million in the second quarter of 2008, representing a 6% increase. This increase was primarily due to a shift in mix of order size. We sold more of our smaller, specialized software lines, which typically carry higher margins. As a result, gross profit increased 6% as compared to last year, despite the 8% decrease in revenue as compared to last year.
Total gross profit, as a percentage of net sales, for the quarter ending June 30, 2009, was 11%, compared to 8.9% in the second quarter of 2008.
Cash and marketable securities amount to $16.5 million, representing 68% of our equity as of June 30, 2009. We have no debt.
"During the second quarter of 2009 we delivered solid second quarter results despite the continued recessionary business climate impacting every segment of the economy," said Simon F. Nynens, Chairman and Chief Executive Officer.
Total selling, general, and administrative ("SG&A") expenses for the second quarter of 2009 were $2.9 million compared to $3.1 million in the second quarter of 2008.
Net income for the second quarter of 2009 amounted to $790,000 or 2.1% of net sales as compared to $823,000 or 1.7% for the same period in 2008.
On July 28, 2009, the Board of Directors declared a quarterly dividend of $.15 per share of its common stock payable August 20, 2009 to shareholders of record on August 13, 2009.
About Wayside Technology Group, Inc.
Wayside Technology Group, Inc. (WSTG) was founded in 1982 and is a unified and integrated technology company providing products and solutions for corporate resellers, VARs, and developers, as well as business, government and educational entities. The company offers technology products from software publishers and manufacturers such as Microsoft, CA, IBM, VMware, Quest Software, Embarcadero Technologies, SAP Business Objects, Intel, Compuware, Infragistics, ComponentOne, Acresso Software, and Adobe.
Additional information can be found by visiting www.waysidetechnology.com.
Disclosure I am Long WSTG shares.
Disclosure I am long SNA shares.
Baxter also declared a quarterly dividend of $0.26 per share of Baxter common stock. This payment represents a continuation of the current rate. The quarterly dividend is payable on October 1, 2009, to shareholders of record as of the close of business on September 10, 2009.
Baxter is a global medical products and services company with expertise in medical devices, pharmaceuticals and biotechnology. The company’s main competitors include Becton, Dickinson and Co. (BDX - Quote) and Johnson & Johnson (JNJ - Quote). Baxter’s products are primarily life-sustaining, an insulation against the current economic turmoil. We believe that investors will benefit by adding this stock to your portfolio. As such, we continue to rate Baxter a ‘Buy’.
Disclosure I am long BAX and JNJ shares.
Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 108 consecutive quarters.
Norfolk Southern Corporation is one of the nation's premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal and industrial products.
Disclosure I am long NSC shares.
Recently, the company declared a dividend of $0.375/share, payable on September 15, 2009, to shareholders of record at the close of business on September 1, 2009. This is the 339th consecutive quarter since 1925 that Kellogg Company has paid a dividend. The current yield based on the new dividend is 3.15%.
The world's largest cereal maker said its profit rose 13 percent to $353 million, or 92 cents per share for the quarter, from $312 million, or 82 cents per share last year.
Kellogg, which makes Frosted Flakes, Cheez-Its, Eggo waffles and other popular foods, said commodity prices for key ingredients stabilized, which helped its margins, though the stronger dollar hurt the company's sales.
Revenue fell 3 percent to $3.23 billion from $3.34 billion last year.
The results beat analyst expectations of 83 cents per share in profit, as measured by the Thomson Reuters poll, but fell short of analysts' average revenue forecast of $3.27 billion. Analysts estimates typically exclude one-time items.
Kellogg saw strong sales of cereal products, particularly in North America where the category grew 4 percent. North American frozen and specialty channels rose 5 percent and North American snacks rose 3 percent.
Internationally, sales fell 13 percent but rose 2 percent excluding the stronger dollar.
The Battle Creek, Mich.-based company said it is on track to save $1 billion annually by the end of 2011. It now expects to take a charge of 26 cents per share for the cost-cutting plan in 2009, up from the 14 cents it originally expected.
Some of the savings will be reinvested in advertising, which the food maker said it plans to step up in the near term. Kellogg also announced Thursday that it will modify some of its popular products with the addition of fiber to lines like Fruit Loops.
Kellogg's widely recognized brands have proved resilient during the economic downturn and CEO David Mackay said that the company expects that strength to carry through the year.
Kellogg now expects its earnings per share to grow 8 percent to 10 percent in 2009, sharpening its earlier forecast of high single-digit growth.
That implies earnings of $3.23 to $3.29 per share -- or $2.97 to $3.03 excluding the 26 cents per share related to its cost cutting plan. Analysts predict annual earnings of $3.11 per share.
It affirmed guidance of 3 percent to 4 percent growth in revenue, excluding the effect of the stronger dollar.
Standard & Poor's reiterated its "hold" rating on Kellogg and raised its 2009 earnings estimate to $3.08 from $3.05 and its 2010 estimate to $3.36 from $3.35.
S&P Packaged Foods Analyst Tom Graves said he expects the cereal category to benefit from more people eating at home during the recession and he expects cost pressures to ease in the second half of the year. But he expects the dollar's strength to keep cutting into Kellogg's profit.
Shares of Kellogg fell 38 cents to close at $47.66.Disclosure I am long K shares.
Declared a second quarter dividend of $0.50 per share payable on September 1, 2009 to shareholders of record as of August 17, 2009.
Disclosure I am long ISH shares.
Reports Q2 (Jun) earnings of $0.87 per share, $0.08 worse than the First Call consensus of $0.95; revenues fell 51.0% year/year to $39.65 bln vs the $33.41 bln consensus. Co said, "Operationally, we had another very successful quarter. In our upstream business, we had major project start-ups at Tahiti in the Gulf of Mexico and Frade offshore Brazil, and our company's net oil-equivalent production increased 5 percent from a year ago. In our downstream operations, refinery utilization was higher than in last year's second quarter."
Disclosure I am long CVX shares.