Bando McGlocklin Reports 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. 11, 1997--Bando McGlocklin Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMCC BMCC bulk milk cell counts. ) today reported revenues of $7,992,941 and net income of $1,351,506 or $0.37 per common share for the second quarter ended June 30, 1997. The results include net income from the company's lending activities and from two operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . "The second-quarter results include significant non-recurring income and expenses, which make it difficult to evaluate the company's earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the ," said George R. Schonath, chairman and chief executive officer of Bando McGlocklin. In the second quarter of 1996, Bando McGlocklin had restated revenues of $2,573,603 and net income of $424,633 or $0.11 per share. The restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. , which was required under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting to reflect the company's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). from a regulated investment company Regulated investment company An investment company allowed to pass capital gains, dividends, and interest earned on fund investments directly to its shareholders so that it is taxed only at the personal level, and double taxation is avoided. to a real estate investment trust, reduced net income and net income per share from the amounts originally reported. In addition, the restated results do not include the net income of Lee Middleton Original Dolls, Inc. Founded in 1980, Bando McGlocklin Capital Corporation operates two subsidiaries. Bando McGlocklin Small Business Lending Corporation makes real estate loans to small businesses. Bando McGlocklin Investment Corporation owns 51% of two manufacturing companies: Lee Middleton Original Dolls, Inc., Belpre, Ohio Belpre is a city in Washington County, Ohio, United States, along the Ohio River. It is a suburb of Parkersburg, West Virginia. The population was 6,660 at the 2000 census. The city was also the second settlement of the Northwest Territory after Marietta, Ohio. , and License Products, Inc., New Berlin, Wisconsin New Berlin is a city in Waukesha County, Wisconsin, United States. The population was 38,220 at the 2000 census. The city was named for New Berlin, New York. There being five other New Berlin's in the United States, New Berlin, Wisconsin is the largest New Berlin in population, . 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. Bando McGlocklin Capital Corp. news releases are available on-line 24 hours a day at: http://www.businesswire.com/cnn/bmcc.htm -0-
BANDO McGLOCKLIN CAPITAL CORPORATION (NASDAQ:BMCC)
Condensed Comparative Financial Data
(unaudited)
SECOND QUARTER
Three Months Ended June 30,
1997 1996
Total Revenues $ 7,992,941 $2,573,603
Total Expenses $ 5,787,480 $2,148,970
___________ __________
Net Operating Income Before Income
Taxes and Minority Interest $ 2,205,461 $ 424,633
Provision for Income Taxes (461,983) 0
Minority Interest in Earnings of
Subsidiaries (391,972) 0
___________ __________
Net Income $ 1,351,506 $ 424,633
___________ __________
___________ __________
Net Income Per Common Share $ 0.37 $ 0.11
___________ __________
___________ __________
Weighted Average Shares
Outstanding 3,698,556 3,717,318
___________ __________
___________ __________
FIRST HALF
Six Months Ended June 30,
1997 1996
Total Revenues $13,435,355 $4,926,998
Total Expenses $10,080,831 $3,794,045
___________ __________
Net Operating Income Before Income
Taxes and Minority Interest $ 3,354,524 $1,132,953
Provision for Income Taxes (694,056) 0
Minority Interest in Earnings of
Subsidiaries (564,438) 0
___________ __________
Net Income $ 2,096,030 $1,132,953
___________ __________
___________ __________
Net Income Per Common Share $ 0.57 $ 0.30
___________ __________
___________ __________
Weighted Average Shares
Outstanding 3,707,295 3,755,596
___________ __________
___________ __________
CONTACT: Bando McGlocklin Capital Corporation George R. Schonath or Susan Hauke, 414/523-4300 |
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