Bando McGlocklin Reports Third Quarter Results; Elects New Director.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)--Nov. 3, 1999-- Bando  McGlocklin Capital Corporation (NASDAQ/NMS:BMCC BMCCbulk milk cell counts. ) today reported results for the third quarter ended September September: see month. 30, 1999, and announced the election of Salvatore Salvatore is an Italian name that means "savior". People
Net income was $1,278,876 or $0.35 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 third quarter of 1999, compared to net income of $1,320,890 or $0.36 per diluted share for the same period in 1998. Total revenues were $9,659,601 for the third quarter of 1999, up 9.2% from revenues of $8,843,756 for the third quarter of the prior year. For the first nine months of 1999, net income was $3,077,407 or $0.84 per diluted share, compared to net income of $2,476,936 or $0.67 per diluted share for the same period in 1998. Total revenues were $24,005,819 for the first nine months of 1999, an increase of 9.1% from revenues of $21,999,666 for the comparable prior period. "If total revenues continue to increase at a rate of 9% or more in the fourth quarter, we expect our earnings to be in line with our previously announced estimate 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. In 1998, Bando McGlocklin's earnings were $1.02 per share. Sal Bando v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to the company's Board of Directors to replace Albert Albert, German churchman Albert, 1490–1545, German churchman, cardinal of the Roman Catholic Church. A member of the house of Brandenburg, he became (1514) Archbishop of Mainz. O. Nicholas Nicholas, Russian grand duke Nicholas (Nikolai Nikolayevich) (nyĭkəlī` nyĭkəlī`əvĭch), 1856–1929, Russian grand duke and army officer; first cousin of Czar Alexander III and grandson of Czar , who resigned to devote more time to his family's business interests. Bando had been a director of Bando McGlocklin prior to the formation and spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of InvestorsBancorp in September 1997, when he resigned from the Bando McGlocklin board to become a director of InvestorsBancorp and InvestorsBank. "Sal was instrumental in the formation of Bando McGlocklin in 1980 and we are pleased to welcome him back to the Board," said Schonath. "I would also like to extend my appreciation to Ab Nicholas for his contributions and support as a director of Bando McGlocklin for the past four years. I was honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. when he accepted my invitation to join the Board, and we wish him continued success as he focuses on his family business." Bando McGlocklin Capital Corporation owns Bando McGlocklin Small Business Lending Corporation and 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. , 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
--TABLES FOLLOW--
BANDO McGLOCKLIN CAPITAL CORPORATION AND SUBSIDIARIES
(NASDAQ/NMS:BMCC)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
September 30
------------
1999 1998
---- ----
Consumer Products:
Net sales ..................... $ 6,849,590 $ 5,638,757
Cost of sales ................. 3,733,899 2,870,483
----------- -----------
Gross profit.............. 3,115,691 2,768,274
Operating expenses............. 1,682,665 1,364,893
Other income (expense)......... (47,682) (16,738)
----------- -----------
Net income before income
taxes and minority interest... 1,385,344 1,386,643
Provision for income taxes..... (360,913) (441,767)
Minority interest
in earnings of subsidiaries... (6,269) (5,475)
----------- -----------
Net income................ $ 1,018,162 $ 939,401
=========== ===========
Financial Services:
Revenues:
Interest on loans........... $ 2,038,930 $ 2,600,828
Rental income............... 733,968 523,949
Other income................ 37,113 80,222
----------- -----------
Total revenues............ 2,810,011 3,204,999
----------- -----------
Expenses:
Interest expense............ 1,682,604 2,001,492
Operating expenses.......... 506,945 462,270
----------- -----------
Total expenses............ 2,189,549 2,463,762
----------- -----------
Net income.................. $ 620,462 $ 741,237
=========== ===========
Total Company:
Total revenues:................ $ 9,659,601 $ 8,843,756
=========== ===========
Net income before income
taxes and minority interest... $ 2,005,806 $ 2,127,880
Provision for income taxes..... (360,913) (441,767)
Minority interest in
earnings of subsidiaries...... (6,269) (5,475)
----------- -----------
Net income..................... $ 1,638,624 $ 1,680,638
Preferred stock dividends...... (359,748) (359,748)
----------- -----------
Net income available to common
shareholders.............. $ 1,278,876 $ 1,320,890
============ ===========
Earnings Per Share - Basic..... $ 0.35 $ 0.36
Earnings Per Share - Diluted... $ 0.35 $ 0.36
Average shares
outstanding - Basic........... 3,622,712 3,689,102
Average shares
outstanding - Diluted......... 3,625,712 3,691,576
Segment Reconciliation:
Consumer products
Net income................ $ 1,018,162 $ 939,401
Intersegment expenses..... (393,151) (391,907)
----------- -----------
Total segment net income....... 625,011 547,494
Financial services
Net income................ 620,462 741,237
Intersegment profits...... 393,151 391,907
----------- -----------
Total segment net income....... 1,013,613 1,133,144
Total company net income....... $ 1,638,624 $ 1,680,638
=========== ===========
CONSOLIDATED STATEMENTS OF OPERATIONS
Nine months ended
September 30
------------
1999 1998
---- ----
Consumer Products:
Net sales .....................$ 14,995,990 $ 12,879,423
Cost of sales ................. 8,130,612 6,639,607
----------- -----------
Gross profit.............. 6,865,378 6,239,816
Operating expenses............. 4,641,850 3,953,541
Other income (expense)......... 23,926 63,134
----------- -----------
Net income before income
taxes and minority interest... 2,247,454 2,349,409
Provision for income taxes..... (404,150) (820,707)
Minority interest
in earnings of subsidiaries... (6,105) (212,626)
----------- -----------
Net income................$ 1,837,199 $ 1,316,076
=========== ===========
Financial Services:
Revenues:
Interest on loans...........$ 6,477,540 $ 8,332,205
Rental income............... 2,072,502 536,639
Other income................ 459,787 251,399
----------- -----------
Total revenues............ 9,009,829 9,120,243
----------- -----------
Expenses:
Interest expense............ 5,142,648 5,766,781
Operating expenses.......... 1,547,729 1,189,695
----------- -----------
Total expenses............ 6,690,377 6,956,476
----------- -----------
Net income..................$ 2,319,452 $ 2,163,767
=========== ===========
Total Company:
Total revenues:................$ 24,005,819 $ 21,999,666
=========== ===========
Net income before income taxes
and minority interest.........$ 4,566,906 $ 4,513,176
Provision for income taxes..... (404,150) (820,707)
Minority interest in
earnings of subsidiaries...... (6,105) (212,626)
----------- -----------
Net income.....................$ 4,156,651 $ 3,479,843
Preferred stock dividends...... (1,079,244) (1,002,907)
----------- -----------
Net income available to common
shareholders..............$ 3,077,407 $ 2,476,936
=========== ===========
Earnings Per Share - Basic.....$ 0.84 $ 0.67
Earnings Per Share - Diluted...$ 0.84 $ 0.67
Average shares
outstanding - Basic........... 3,654,544 3,689,102
Average shares
outstanding - Diluted......... 3,657,368 3,691,819
Segment Reconciliation:
Consumer products
Net income................$ 1,837,199 $ 1,316,076
Intersegment expenses..... (1,226,682) (534,594)
----------- -----------
Total segment net income....... 610,517 781,482
Financial services
Net income................ 2,319,452 2,163,767
Intersegment profits...... 1,226,682 534,594
----------- -----------
Total segment net income....... 3,546,134 2,698,361
Total company net income.......$ 4,156,651 $ 3,479,843
=========== ===========
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of
September 30, 1999 December 31, 1998
------------------ -----------------
Total consumer products assets....$ 15,119,924 $ 14,545,627
-------------- --------------
Loans............................. 96,771,747 115,759,968
Leased properties................. 27,353,518 22,006,266
Total financial services assets... 127,051,886 139,878,460
-------------- --------------
Total assets......................$ 142,171,810 $ 154,424,087
============== ==============
Total consumer
products liabilities.............$ 3,334,955 $ 2,743,308
-------------- --------------
Short-term borrowings............. 57,798,135 58,527,321
Long-term debt.................... 50,333,965 62,470,407
Other liabilities................. 1,592,061 1,898,342
-------------- --------------
Total financial
services liabilities............. 109,724,161 122,896,070
-------------- --------------
Minority interest in subsidiaries. 26,504 20,399
Preferred stock................... 16,908,025 16,908,025
Total shareholders' equity........ 12,178,165 11,856,285
-------------- --------------
Total liabilities and
shareholders' equity.............$ 142,171,810 $ 154,424,087
============== ==============
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