CENIT Announces Share Repurchase, Dividend Increase, and Earnings Guidance.Business Editors NORFOLK, Va.--(BUSINESS WIRE)--Jan. 23, 2001 The Board of Directors of CENIT Bancorp, Inc. (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 : CNIT CNIT Center of New Information Technologies ) has today given the Company's management the discretion to repurchase up to an additional 200,000 shares, or approximately 4.5% of CENIT common stock. The Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to conduct the repurchases at all, and the Company's decision to do so, as well as the timing of any repurchase, will depend on a variety of factors. The Company also increased its quarterly cash dividend to $.16 per share from $.15 per share, an increase of 6.7%. On January 22, 2001, CENIT issued a news release discussing results for the fourth quarter 2000 and the year. As noted in that release, CENIT expects that diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first quarter of 2001 will be in the range of $.35 to $.38, well above the $.30 per diluted share earned in the first quarter of 2000. Michael S. Ives, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company, stated, "Today, our Board of Directors approved a dividend increase and an authorization for additional share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. during 2001. Together with the guidance that we have provided on our earnings per share for the first quarter, these actions reflect our confidence that we will have meaningful improvement in our earnings per share in 2001." Safe Harbor 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. Statement This News Release contains forward-looking statements with respect to the goals, plans, objectives, intentions, expectations, financial condition, results of operations, future performance and business of CENIT, including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the earnings outlook of CENIT. These forward-looking statements may be preceded by, followed by or include the words "may", "could", "would", "should", "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These forward-looking statements involve risks and uncertainties that are subject to change based on various factors, many of which are beyond CENIT's control. Some of these factors include (1) the strength of the U. S. economy in general and the strength of the local economy in which CENIT conducts its operations, which may be different than expected and which may result in, among other things, deterioration in credit quality or reduced demand for credit; (2) the effects of, and changes in, the interest rate policies of the board of governors of the Federal Reserve system Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , which may be different from those anticipated by CENIT in this News Release; (3) legislation or regulatory changes that adversely affect the businesses in which CENIT is engaged; (4) changes in accounting principles, practices, policies or guidelines; and (5) changes in the real estate market generally and in the markets in which CENIT conducts its operations, which may affect the demand for mortgages and other real estate-based loans. This News Release, including the forward-looking statements contained herein, speaks only as of the date hereof, and CENIT disclaims any obligation to update or revise the statements contained in this News Release following the date hereof. |
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