Bando McGlocklin Reports Increased First Quarter Results.Business Editors 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)--May 3, 2000 Bando  McGlocklin Capital Corporation (NASDAQ/NMS:BMCC BMCCbulk milk cell counts. ) today reported total revenues of $9,756,213 for the first quarter of 2000, a 34% increase from revenues of $7,292,217 for the same period in 1999. Net income for the first quarter of 2000 was $1,048,711, up 17% from net income of $898,100 for the comparable prior period. Net income per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share rose approximately 20% to $0.27 for the first quarter of 2000 from $0.22 per diluted share for the same period in the prior year. Net income per share for the first quarter of 1999 has been adjusted for the 10% stock dividend paid on January January: see month. 31, 2000. "A major factor behind the excellent first quarter results was the successful introduction in January of `Small Wonder' by our 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. subsidiary. This new play doll has been very well received by customers; in fact, `Small Wonder' is the fastest growing doll in the company's history. To further drive sales of this exciting new doll, in April we launched the company's first ever national television advertising campaign on the Fox network," 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. With a retail price of about $50, "Small Wonder" extends the quality image of the company's 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. dolls into the $3 billion play doll market. The new dolls are available at dealers nationwide as well as toy specialty retailers including FAO FAO, n See Food and Agriculture Organization. Schwarz Schwarz is a common surname, derived from the German schwarz, meaning black. It may refer to: People
The company also announced the appointment of Tim Voss as president of Lee Middleton Original Dolls. Voss has 19 years of sales, marketing and general management experience in the toy and sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport industries, most recently as president of Flexible Flyer. He has led the creation of many new products under popular brand names ranging from Spalding Spalding may refer to: Place names In Australia
American animator, showman, and film producer. Noted for his creation of the cartoon characters Mickey Mouse and Donald Duck, he produced the first animated film with sound, , Precious Moments and Harley Davidson. His in-depth knowledge of the retail toy business includes working with dealers and specialty toy stores A toy store, or toy shop, is a retail business specializing in the services of selling toys. No longer held to the limitations of the brick and mortar outlet, the toy store has successfully created a presence within the e-commerce industry. as well as large mass merchandisers. "Tim has the expertise needed to take Lee Middleton Original Dolls to the next level. His unique combination of new product development expertise, proven track record of building business through a variety of retail channels, and an entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. spirit will be instrumental in developing and executing an aggressive growth strategy for the company. We are just beginning to realize the growth potential of Lee Middleton. With Tim's leadership, we are well positioned to build on this momentum," said Schonath. Schonath also announced the formation in January 2000 of Middleton (HK) Limited, a joint venture in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . Lee Middleton Original Dolls owns 51% of the new company, with the remainder owned by a Chinese partner with whom Lee Middleton has had a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. supplier relationship. "Establishing this new company in Hong Kong is a significant step forward in ensuring our ability to meet the increasing consumer demand for our products. Through Middleton (HK), we will continue to import play dolls and accessories from China, but will now have direct access to the sourcing of our products. This will enable us to control production volume and scheduling, maintain our high quality and operate more efficiently," said Schonath. In addition, Schonath noted that Bando McGlocklin Capital Corp. repurchased 106,000 shares of its common stock during the first quarter of 2000 as part of the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: on February 22, 2000. 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 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 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
March 31, 2000 March 31, 1999
-------------- --------------
Consumer Products:
Net sales $ 6,580,718 $ 4,218,825
Cost of sales 3,336,188 2,133,059
-------------- --------------
Gross profit 3,244,530 2,085,766
Operating expenses 2,050,635 1,558,858
Other income 42,323 28,571
-------------- --------------
Net income before income
taxes and minority interest 1,236,218 555,479
Provision for income taxes (294,207) (74,174)
Minority interest in earnings
of subsidiaries (30,816) (720)
-------------- --------------
Net income $ 911,195 $ 480,585
============== ==============
Financial Services:
Revenues:
Interest on loans $ 2,457,524 $ 2,279,589
Rental income 684,661 633,820
Gain on sales -- 110,957
Other income 33,310 49,026
-------------- --------------
Total revenues 3,175,495 3,073,392
-------------- --------------
Expenses:
Interest expense 2,189,630 1,769,540
Operating expenses 526,851 526,589
-------------- --------------
Total expenses 2,716,481 2,296,129
-------------- --------------
Net income $ 459,014 $ 777,263
============== ==============
Total Company:
Total revenues $ 9,756,213 $ 7,292,217
============== ==============
Income before income taxes and
minority interest $ 1,695,232 $ 1,332,742
Provision for income taxes (294,207) (74,174)
Minority interest in earnings
of subsidiaries (30,816) (720)
-------------- --------------
Net income 1,370,209 1,257,848
Preferred stock dividends (321,498) (359,748)
-------------- --------------
Net income available to
common shareholders $ 1,048,711 $ 898,100
============== ==============
Earnings Per Share --
Basic $ 0.265 $ 0.221 (1)
Earnings Per Share --
Diluted $ 0.265 $ 0.221 (1)
Average shares outstanding --
Basic 3,952,693 4,058,012 (1)
Average shares outstanding --
Diluted 3,953,906 4,060,395 (1)
(1) Restated for 10% stock dividend paid on January 31, 2000.
Segment Reconciliation:
Consumer products
Net income $ 911,195 $ 480,585
Intersegment expenses (418,193) (409,292)
-------------- --------------
Total segment net income 493,002 71,293
Financial services
Net income 459,014 777,263
Intersegment profits 418,193 409,292
-------------- --------------
Total segment net income 877,207 1,186,555
Total company net income $ 1,370,209 $ 1,257,848
============== ==============
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(unaudited)
As of
March 31, 2000 December 31, 1999
Total consumer products
assets $ 16,218,788 $ 15,576,439
-------------- --------------
Loans 112,887,292 113,229,680
Leased properties 30,749,926 24,070,308
Total financial services
assets 145,932,627 140,489,085
-------------- --------------
Total assets $162,151,415 $156,065,524
============== ==============
Total consumer products
liabilities $ 2,462,895 $ 2,240,808
-------------- --------------
Short-term borrowings 65,266,820 73,657,172
Long-term debt 63,053,555 47,974,663
Other liabilities 1,269,729 1,760,157
-------------- --------------
Total financial services
liabilities 129,590,104 123,391,992
-------------- --------------
Minority interest in
subsidiaries 78,185 41,055
Preferred stock 16,869,775 16,908,025
Total shareholders' equity 13,150,456 13,483,644
-------------- --------------
Total liabilities and shareholders'
equity $162,151,415 $156,065,524
============== ==============
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