Bando McGlocklin earnings up 8.2%.PEWAUKEE, Wis.--(BUSINESS WIRE)--Nov. 25, 1996--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 an 8.2% increase in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the three months ended September 30, 1996. The Wisconsin-based provider of long-term secured loans to small businesses said net operating income for the first quarter of its current fiscal year totaled $1,011,829, compared with $934,427 in the same quarter a year earlier. Earnings per share climbed to $0.27 from $0.24 a year ago. Total loans under management climbed 10.4% to $144,542,468, compared with $130,878,683 at the close of the same quarter a year ago. George R. Schonath, chairman and chief executive officer, said the results were especially pleasing, coming in a quarter when the company prepared for the October 31 relocation of its headquarters from Brookfield to Pewaukee, Wisconsin Pewaukee is a city in Waukesha County, Wisconsin, United States. The population was 11,783 at the 2000 census. The city was incorporated from what was formerly the Town of Pewaukee. , and for conversion from a registered investment company to a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). The company has scheduled its annual meeting for 4:00 p.m. December 17 in the Milwaukee Athletic Club. Shareholders at the meeting will be asked to approve Bando McGlocklin's plan to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. as a REIT, effective at the beginning of 1997. "As we said when our plans were made public, we will continue to specialize primarily in loans to small businesses, and to pay out all of our taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. in dividends in order to retain our favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax status," commented Schonath. Founded in 1980, Bando McGlocklin Capital Corporation and its subsidiaries provide long-term secured loans to finance the growth, expansion and modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, of small businesses in Wisconsin and the Midwest. Company news is available 24 hours a day on-line at: http://www.businesswire.com/cnn/bmcc.htm -0-
BANDO McGLOCKLIN CAPITAL CORPORATION (NASDAQ:BMCC)
Condensed Comparative Financial Data
1996 1995
As of September 30
Total Loans Under Management $144,542,468 $130,878,683
Total Assets Under Management 149,796,636 138,418,442
Three Months Ended September 30
Net Interest Income $ 1,398,335 $ 1,295,381
Other Income $ 30,603 $ 58,288
Operating Expenses
Salaries & Employee Benefits $ 248,298 $ 273,240
Other Operating Expenses 168,811 146,002
Total Operating Expenses 417,109 419,242
Net Operating Income 1,011,829 934,427
Net Operating Income Per Share $ 0.27 $ 0.24
Net Interest Margin 3.97% 3.96%
Weighted Shares Outstanding 3,689,094 3,908,355
CONTACT: Bando McGlocklin Capital Corporation George R. Schonath or Susan Hauke, 414/523-4300 |
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