Bando McGlocklin Reports Second 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)--Aug. 3, 2000 Bando  McGlocklin Capital Corporation (NASDAQ/NMS:BMCC BMCCbulk milk cell counts. ) today reported net income of $674,254 or $0.175 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 for the second quarter of 2000, compared to net income of $900,431 or $0.224 per diluted share for the comparable prior period. For the first six months of 2000, net income was $1,722,965 or $0.442 per diluted share, compared to net income of $1,798,531 or $0.445 per diluted share for the same period in the prior year. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for Bando McGlocklin's consumer products segment increased 30% to $5,087,582 in the second quarter of 2000, driven primarily by strong sales at the company's 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. However, relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of the company's distribution facility to a suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , and increased sales and marketing expenses reduced net income for the quarter. "The higher sales and marketing expenses are part of Lee Middleton's 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. strategy to recruit new dealers and increase sales to large retailers," said George R. Schonath, president and chief executive officer of Bando McGlocklin. In the company's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. segment, consolidated loans and leased properties reached $145,406,671 at June 30, 2000, a 6% increase from loans and leased properties of $137,299,988 at December 31, 1999. "However, the net interest margin was lower in the second quarter of 2000 than in the same quarter last year, reflecting the impact of an increase in our cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. ," Schonath said. "Based upon our forecast at Lee Middleton Original Dolls for the remainder of 2000 and the expectation that interest rates will remain at current levels, we expect to report better earnings in the next six months compared to the second six months of 1999," Schonath said. In the last half of 1999, Bando McGlocklin reported earnings of $0.92 per share. Schonath said Bando McGlocklin Capital Corporation repurchased 54,800 shares of its common stock during the second quarter, increasing the total number of shares purchased in 2000 to 160,800. On July 28, 2000, Directors of Bando McGlocklin declared a regular quarterly dividend of $0.16364 per share, payable on August 15, 2000, to shareholders of record August 5, 2000. Bando McGlocklin Capital Corporation is an established financial services company that owns Lee Middleton Original Dolls, Inc., a rapidly growing designer of high quality 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. and play dolls. Lee Middleton is the largest manufacturer of baby dolls in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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)
Three months ended Six months ended
------------------ ----------------
June 30, June 30,
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2000 1999 2000 1999
---- ---- ---- ----
STATEMENTS OF OPERATIONS
BY SEGMENT
Consumer Products:
Net sales ............. $5,087,582 $3,927,575 $11,668,300 $8,146,400
Cost of sales.......... 2,693,633 2,263,654 6,029,821 4,396,713
----------------------------------------------
Gross profit........... 2,393,949 1,663,921 5,638,479 3,749,687
Other expenses (income):
Operating expenses..... 2,133,597 1,400,327 4,184,232 2,959,185
Interest expense
to parent.............. 312,737 298,197 606,296 593,465
Management fees
to parent.............. 122,546 126,042 247,180 240,066
Other income........... (2,375) (43,037) (44,698) (71,608)
Income tax expense
(benefit).............. (133,166) (30,937) 161,041 43,237
Minority interest in
earnings of subsidiary (25,972) (884) 4,844 (164)
----------------------------------------------
Total other expenses
(income).............. 2,407,367 1,749,708 5,158,895 3,764,181
Net income..............$ (13,418)$ (85,787)$ 479,584 $ (14,494)
==============================================
Financial Services:
Net rental/interest
income:
Interest on loans......$2,606,494 $ 2,159,021 $ 5,064,018 $4,438,610
Rental income.......... 1,052,989 704,714 1,737,650 1,338,534
Interest income from
subsidiary............. 312,737 298,197 606,296 593,465
Interest expense.......(2,477,904) (1,690,504) (4,667,534)(3,460,044)
----------------------------------------------
Total net rental/
interest income....... 1,494,316 1,471,428 2,740,430 2,910,565
Other income:
Gain on sales.......... -- 128,611 -- 239,568
Other income........... 38,995 134,080 72,305 183,106
Management fees
from subsidiary........ 122,546 126,042 247,180 240,066
----------------------------------------------
Total other income.... 161,541 388,733 319,485 662,740
Other expenses:
Depreciation expense
on leased properties... 179,083 123,632 319,421 241,670
Other operating
expenses............... 434,583 390,563 821,096 799,114
----------------------------------------------
Total other expenses.. 613,666 514,195 1,140,517 1,040,784
Preferred stock
dividends expense....... 354,519 359,748 676,017 719,496
----------------------------------------------
Net income..............$ 687,672 $ 986,218 $ 1,243,381 $1,813,025
==============================================
STATEMENTS OF OPERATIONS - COMBINED
Net income:
Consumer Products......$ (13,418)$ (85,787)$ 479,584 $ (14,494)
Financial Services..... 687,672 986,218 1,243,391 1,813,025
----------------------------------------------
Net income available
to common shareholders..$ 674,254 $ 900,431 $ 1,722,965 $1,798,531
Earnings Per Share -
Basic...................$ 0.176 $ 0.224(1)$ 0.442 $ 0.445(1)
Earnings Per Share -
Diluted.................$ 0.175 $ 0.224(1)$ 0.442 $ 0.445(1)
Average shares
outstanding - Basic.....3,841,822 4,017,804(1) 3,897,226 4,037,796(1)
Average shares
outstanding - Diluted...3,843,500 4,028,643(1) 3,898,672 4,041,053(1)
(1)Restated for 10% stock dividend as of the December 31, 1999
record date.
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