Bando McGlocklin Reports Higher Second Quarter Results.PEWAUKEE, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Aug. 4, 1999-- Bando  McGlocklin Capital Corporation (NASDAQ/NMS:BMCC BMCCbulk milk cell counts. ) today reported total revenues of $7,054,001 for the second quarter ended June June: see month. 30, 1999, a 3.8% increase from revenues of $6,798,726 for the second quarter of 1998. Net income of $900,431 or $0.25 per share for the second quarter of 1999 was up 28.6% from net income of $700,199 or $0.19 per share for the same period in 1998. For the first six months of 1999, total revenues were $14,346,218, up 9.0% from revenues of $13,155,910 for the same period in the prior year. Net income for the first half of 1999 was $1,798,531 or $0.49 per share, a 55.6% increase from net income of $1,156,046 or $0.31 per share for the first half of 1998. "As we approach the busy retail season for Lee Middleton Middleton, city (1991 pop. 51,373), Rochdale metropolitan district, NW England, in the Greater Manchester metropolitan area on the Irk River. Manufactures include cotton, silks, chemicals, plastics, and soap. Original Dolls Dolls pedophobia, paedophobia an abnormal fear of dolls. planganologist a collector of dolls. , we believe we are on track to meet our previously estimated earnings of $1.35 to $1.50 per share for the year," said George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). R. Schonath, president and chief executive officer of Bando McGlocklin. Bando McGlocklin Capital Corporation owns Bando McGlocklin Small Business Lending Corporation and Lee Middleton Original Dolls, Inc. Bando McGlocklin Small Business Lending Corporation makes first mortgage loans and leases real estate to small business. Lee Middleton Original Dolls markets lifelike collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. baby dolls through major retailers and dealers nationwide. Certain matters discussed in this press release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " intended to qualify for the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which are described in close proximity PROXIMITY. Kindred between two persons. Dig. 38, 16, 8. to such statements and which could cause actual results to differ materially from those currently anticipated. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Bando McGlocklin Capital Corp. news releases are available on-line 24 hours a day at: http://www.businesswire.com/cnn/bmcc.htm
BANDO McGLOCKLIN CAPITAL CORPORATION AND SUBSIDIARIES
(NASDAQ/NMS:BMCC)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
June 30,
--------
1999 1998
---- ----
Consumer Products:
Net sales .................... $ 3,927,575 $ 3,808,899
Cost of sales ................ 2,263,654 1,949,684
------------ -------------
Gross profit............. 1,663,921 1,859,215
Operating expenses............ 1,400,327 1,232,345
Other income.................. 43,037 75,010
------------ -------------
Income before income taxes
and minority interest....... 306,631 701,880
Income tax benefit (expense).. 30,937 (238,786)
Minority interest in losses
(earnings) of subsidiaries.. 884 (98,543)
------------ -------------
Net income............... $ 338,452 $ 364,551
------------ -------------
Financial Services:
Revenues:
Interest on loans.......... $ 2,159,021 $ 2,893,220
Rental income.............. 704,714 12,690
Other income............... 262,691 83,917
------------ -------------
Total revenues........... 3,126,426 2,989,827
------------ -------------
Expenses:
Interest expense........... 1,690,504 1,918,923
Operating expenses......... 514,195 413,677
------------ -------------
Total expenses........... 2,204,699 2,332,600
------------ -------------
Net income.................... $ 921,727 $ 657,227
------------ -------------
Total Company:
Total revenues................ $ 7,054,001 $ 6,798,726
------------ -------------
Income before income taxes
and minority interest....... $ 1,228,358 $ 1,359,107
Income tax benefit (expense).. 30,937 (238,786)
Minority interest in losses
(earnings) of subsidiaries.. 884 (98,543)
------------ -------------
Net income.................... 1,260,179 1,021,778
Preferred stock dividends..... (359,748) (321,579)
------------ -------------
Net income available to
common shareholders......... $ 900,431 $ 700,199
------------ -------------
Earnings Per Share - Basic.... $ 0.25 $ 0.19
Earnings Per Share -Diluted... $ 0.25 $ 0.19
Average shares
outstanding - Basic......... 3,652,549 3,689,102
Average shares
outstanding - Diluted....... 3,662,402 3,692,384
Segment Reconciliation:
Consumer products
Net income .............. $ 338,452 $ 364,551
Intersegment expenses.... (424,239) (77,882)
------------ -------------
Total segment
net income (loss)........... (85,787) 286,669
------------ -------------
Financial services
Net income............... 921,727 657,227
Intersegment profits..... 424,239 77,882
------------ -------------
Total segment net income...... 1,345,966 735,109
------------ -------------
Total company net income...... $ 1,260,179 $ 1,021,778
------------ -------------
CONSOLIDATED STATEMENTS OF OPERATIONS
Six months ended
June 30,
-------
1999 1998
---- ----
Consumer Products:
Net sales .................... $ 8,146,400 $ 7,240,666
Cost of sales ................ 4,396,713 3,769,124
------------ -------------
Gross profit............. 3,749,687 3,471,542
Operating expenses............ 2,959,185 2,588,648
Other income.................. 71,608 79,872
------------ -------------
Income before income taxes
and minority interest....... 862,110 962,766
Income tax benefit (expense).. (43,237) (378,940)
Minority interest in losses
(earnings) of subsidiaries.. 164 (207,151)
------------ -------------
Net income............... $ 819,037 $ 376,675
------------ -------------
Financial Services:
Revenues:
Interest on loans.......... $ 4,438,610 $ 5,731,377
Rental income.............. 1,338,534 12,690
Other income............... 422,674 171,177
------------ -------------
Total revenues........... 6,199,818 5,915,244
------------ -------------
Expenses:
Interest expense........... 3,460,044 3,765,290
Operating expenses......... 1,040,784 727,425
------------ -------------
Total expenses........... 4,500,828 4,492,715
------------ -------------
Net income.................... $ 1,698,990 $ 1,422,529
------------ -------------
Total Company:
Total revenues................ $ 14,346,218 $ 13,155,910
------------ -------------
Income before income taxes
and minority interest....... $ 2,561,100 $ 2,385,295
Income tax benefit (expense).. (43,237) (378,940)
Minority interest in losses
(earnings) of subsidiaries.. 164 (207,151)
------------ -------------
Net income.................... 2,518,027 1,799,204
Preferred stock dividends..... (719,496) (643,158)
------------ -------------
Net income available to common
shareholders............. $ 1,798,531 $ 1,156,046
------------ -------------
Earnings Per Share - Basic.... $ 0.49 $ 0.31
Earnings Per Share -Diluted... $ 0.49 $ 0.31
Average shares
outstanding - Basic......... 3,670,724 3,689,102
Average shares
outstanding - Diluted....... 3,673,685 3,692,041
Segment Reconciliation:
Consumer products
Net income .............. $ 819,037 $ 376,675
Intersegment expenses.... (833,531) (142,687)
------------ -------------
Total segment net
income (loss)............... (14,494) 233,988
------------ -------------
Financial services
Net income............... 1,698,990 1,422,529
Intersegment profits..... 833,531 142,687
------------ -------------
Total segment net income...... 2,532,521 1,565,216
------------ -------------
Total company net income...... $ 2,518,027 $ 1,799,204
------------ -------------
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
As of
June 30, 1999 December 31, 1998
------------- -----------------
Total consumer products assets...$ 14,021,682 $ 14,545,627
------------- --------------
Loans............................ 100,674,281 115,759,968
Leased properties ............... 24,977,745 22,006,266
Total financial services assets.. 127,515,691 139,878,460
------------- --------------
Total assets.....................$ 141,537,373 $ 154,424,087
------------- --------------
Total consumer
products liabilities...........$ 2,968,425 $ 2,743,308
------------- --------------
Short-term borrowings............ 56,543,652 58,527,321
Long-term debt................... 52,333,244 62,470,407
Other liabilities................ 1,212,415 1,898,342
------------- --------------
Total financial
services liabilities........... 110,089,311 122,896,070
------------- --------------
Minority interest
in subsidiaries................ 20,236 20,399
Preferred stock.................. 16,908,025 16,908,025
Total shareholders' equity....... 11,551,376 11,856,285
------------- --------------
Total liabilities
and shareholders' equity.......$ 141,537,373 $ 154,424,087
------------- --------------
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