CORRECTING AND REPLACING Center Bancorp, Inc., Reports Second Quarter Earnings.Business Editors CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by Center Bancorp Inc. UNION, N.J.--(BUSINESS WIRE)--Aug. 1, 2003 In BW5031 issued July July: see month. 24, 2003, (NJ-CENTER-BANCORP) reports second quarter earnings, Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Condition, second column header (1) In a disk or tape file, a set of data that resides permanently at the beginning. It may be used for identification only (type of file, date of last update, etc.), or it may describe the structural layout of the contents, as is common with many document and database formats. should read xxx June June: see month. 30, 2002 (sted December December: see month. 31, 2002). The corrected release reads: CENTER BANCORP, INC., REPORTS SECOND QUARTER EARNINGS Center 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 :CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. ) parent company to Union Center National Bank of Union, New Jersey, today reported earnings results for the second quarter ended June 30, 2003. Net income for the second quarter of 2003 amounted to $1,507,000 or $.18 per fully 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, a decrease of 27.8% or $580,000 from the $2,087,000 or $.25 per fully diluted share earned for the comparable quarter of the previous year. Basic earnings per share were $.18, a decrease of 28% from $.25 earned in the second quarter of 2002. The Corporation's earnings results for the second quarter of 2003 reflected a decline in revenue impacted by interest rates, which reached historical lows during the second quarter of 2003, impacting net interest margins. The sustained nature of these low interest rate levels has diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. revenue growth due to a continued compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. of yield on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . The Corporation was in an asset sensitive position, which negatively impacted returns on earning-assets for both the current quarter and six months ended June 30, 2003. Total interest income, on a tax-equivalent basis, for the second quarter of 2003, decreased $935,000 or 9.02%, over the comparable 2002 period. Total interest expense decreased by $404,000 over the same period. The positive earning asset Earning asset An asset that generates income, e.g., income from rental property. growth in both the loan and the investment securities portfolios reduced the effects of the decline in yield earned on those assets. During the second quarter of 2003, the loan portfolio increased on average $26.9 million, an increase of 12.1% from the comparable period in 2002. Despite the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. experienced in the economy, loan demand continues to remain steady, fueled by the branch network expansion, higher visibility in new markets, and a continued enhancement of product lines to meet market demands and aggressive promotion of a teaser rate Teaser rate A low initial interest rate on an adjustable-rate mortgage to entice borrowers, that is later eliminated and replaced by a market-level rate. Home Equity Loan product. While asset quality continues to remain high, additional provisions of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $79,000 were made to the allowance for loan losses in the second quarter, $159,000 year-to date, to maintain adequate loan loss reserves in relationship with loan portfolio growth. The Corporation's investment securities portfolio increased on average $114.5 million (up 25.4% over the comparable prior year quarter). The increased securities portfolio largely reflects recent execution of the Corporation's investment strategies in response to the growth in average funding sources. The resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials yield on the investment portfolio was adversely affected by the heightened levels of repayments on mortgage related securities. Average funding sources grew $141.0 million or 20% for the three month period ended June 30, 2003 as compared with the comparable 2002 period. Interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid deposits increased $29.2 million on average during the second quarter of 2003, as compared to the second quarter in 2002. Total non-interest bearing core deposits increased $8.1 million on average in the second quarter of 2003 in comparison to the comparable quarter in 2002 and continue to be a low-cost source of funding. At June 30, 2003, this source of funding amounted to $122.4 million or 14.9% of total funding sources and 21.1% of total deposits. Borrowings comprised of securities sold under agreements to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. and advances from the Federal Home Loan Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. increased $103.8 million on average during the second quarter of 2003, as compared with the second quarter of 2002. Net interest margins continued to come under pressure from the prevailing low interest rate environment during the second quarter of 2003, contracting 95 basis points for the period as compared with the same quarter in 2002. The continued compression of net interest margins is a result of the effects of falling interest rates, increased prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. on mortgage related earning-assets and its effects on the asset sensitivity maintained in the balance sheet coupled with low replacements yields on shorter duration additions the earning-asset portfolio. The net interest spread decreased 80 basis points in the second quarter of 2003 to 2.78% from 3.58% for the comparable quarter in 2002 and decreased 29 basis points compared to the first quarter of 2003. For the three months ended June 30, 2003 the net interest margin (net interest income as a percentage of earning assets), decreased 95 basis points to 3.05% from 4.00% for the comparable quarter in 2002; and decreased 30 basis points from 3.35% in the first quarter of 2003. Other non-interest income, exclusive of gains on securities sold (which decreased $50,000), increased $55,000 or 8.08% for the second quarter compared with the comparable quarter in 2002. The increased revenue was primarily driven by the increase in service charges, commissions and fees and other fee income, the latter of which is primarily comprised of fees related to the issuance of letters of credit. Operating overhead increased 9.4% for the second quarter over the comparable period last year and was primarily related to increased staffing expense and increased premise expense. Total assets at June 30, 2003, were $883.0 million, an increase of 19.1% from assets of $741.3 million at June 30, 2002. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets for the second quarter ended June 30, 2003, decreased to .69% as compared with 1.15% for the second quarter of 2002. The total Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. ratio was 6.79% at June 30, 2003, as compared to 7.52% for the comparable quarter in 2002. Total Tier I capital amounted to approximately $59.2 million, and includes $10.0 million in Trust Preferred Securities issued on December 18, 2001. Book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: was $6.61 as compared with $5.80 a year ago. Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per common share increased to $6.31 from $5.56 a year ago. Annualized return on average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. for the second quarter ended June 30, 2003 was 11.4% compared to 17.7% for the comparable quarter in 2002. Center Bancorp Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Union Center National Bank, Union, New Jersey operates thirteen banking locations. Banking centers that are located in Union Township There are many townships named Union Township in the United States: Michigan
Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Millburn/Vauxhall, Morristown Morristown. 1 Town (1990 pop. 16,189), seat of Morris co., N N.J., on the Whippany River; settled c.1710, inc. 1865. Although chiefly residential, it has diverse manufactures, including electronic products, health and beauty aids, auto parts, and (2 locations), Springfield Springfield. 1 City (1990 pop. 105,227), state capital and seat of Sangamon co., central Ill., on the Sangamon River; settled 1818, inc. as a city 1840. , and Summit New Jersey. The Bank also operates remote ATM locations in the Union New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major train station and in Union Hospital in Union. Union Center National Bank is the largest commercial Bank headquartered in Union County chartered in 1923, and is a full service banking company. For further information regarding Center Bancorp Inc., call 800-862-3683. For information regarding Union Center National Bank visit our web site at http://www.centerbancorp.com. All non-historical statements in this press release constitute 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. within the meaning of 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. Such statements include expressions about management's views regarding future performance. These statements may use such forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or as "expect", "look", "believe', "plan", "anticipate", "may", "will" or similar statements or variations of such terms or otherwise express views concerning trends and the future. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of interest rates, continued levels of loan quality and origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume, continued relationships with major customers including sources for loans, as well as the effects of international, national, regional and local economic conditions and legal and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. barriers and structure, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of the 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. industry. Actual results may differ materially from such forward-looking statements. Center Bancorp, Inc. assumes no obligation for updating any such forward-looking statement at any time.
CENTER BANCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
For the 3 Months Ended For the 6 Months Ended
---------------------- -----------------------
6/30/03 6/30/02 6/30/03 6/30/02
Net Income $1,507,000 $2,087,000 $3,193,000 $4,122,000
Earning per Share
Basic $ 0.18 $ 0.25 $ 0.38 $ 0.49
Diluted $ 0.18 $ 0.25 $ 0.37 $ 0.49
Weighted Average
Shares Outstanding
Basic 8,465,762 8,395,686 8,453,192 8,371,008
Diluted 8,554,098 8,462,380 8,541,942 8,438,920
All common share and per common share amounts have been restated
to reflect the 2-for-1 common stock split distributed on June 2, 2003.
Center Bancorp, Inc.
Consolidated Statements of Condition June 30, June 30,
2003 2002
(Dollars in thousands) (unaudited)
----------------------------------------------------------------------
Assets:
Cash and due from banks $24,082 $19,728
Federal funds sold - 41,000
----------------------------------------------------------------------
Total cash and cash equivalents 24,082 60,728
Investment securities held to maturity 194,523 221,143
(approximate market value of $202,712 in 2003
and $225,591 in 2002)
Investment securities available-for-sale 361,628 198,754
----------------------------------------------------------------------
Total investment securities 556,151 419,897
----------------------------------------------------------------------
Loans, net of unearned income 268,260 227,537
Less - Allowance for loan losses 2,655 2,343
----------------------------------------------------------------------
Net loans 265,605 225,194
----------------------------------------------------------------------
Premises and equipment, net 13,697 12,566
Accrued interest receivable 4,752 4,935
Bank owned separate account life insurance 14,502 13,753
Other assets 2,133 2,090
Goodwill 2,091 2,091
----------------------------------------------------------------------
Total assets $883,013 $741,254
----------------------------------------------------------------------
Liabilities
Deposits:
Non-interest bearing $122,429 $112,543
Interest bearing:
Certificates of deposit $100,000 and over 55,486 39,510
Savings and time deposits 403,036 393,950
----------------------------------------------------------------------
Total deposits 580,951 546,003
----------------------------------------------------------------------
Federal funds purchased and securities sold
under agreements to repurchase
Federal Home Loan Bank advances 125,000 60,000
Corporation - obligated mandatorily redeemable
trust preferred securities of subsidiary 104,526 70,014
trust holding solely junior subordinated
debentures of Corporation 10,000 10,000
Accounts payable and accrued liabilities 6,544 6,414
----------------------------------------------------------------------
Total liabilities 827,021 692,431
----------------------------------------------------------------------
Stockholders' equity
Preferred Stock, no par value, authorized
5,000,000 shares; None Issued 0 0
Common stock, no par value:
Authorized 20,000,000 shares; issued 9,515,713
and 9,482,704
shares in 2003 and 2002, respectively
Additional paid in capital 4,616 4,348
Retained earnings 31,573 27,412
----------------------------------------------------------------------
Treasury stock at cost (1,042,068 and
1,066,924 shares in 2003 and 2002,
respectively) (4,110) (3,870)
Restricted stock (14) (28)
Accumulated other comprehensive income 4,715 2,146
----------------------------------------------------------------------
Total stockholders' equity 55,992 48,823
----------------------------------------------------------------------
Total liabilities and stockholders' equity $883,013 $741,254
----------------------------------------------------------------------
All common stock share and per common share amounts have been
restated to reflect the 2-for-1 common stock split declared on April
15, 2003, issued June 2, 2003 to common stockholders of record May 19,
2003.
See Accompanying Notes to Consolidated Financial Statements
Center Bancorp, Inc.
Consolidated Statements of Income
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands,
except per share data) 2003 2002 2003 2002
----------------------------------------------------------------------
Interest income:
Interest and fees on loans $3,522 $3,756 $7,108 $7,429
Interest and dividends on
investment securities:
Taxable interest income 4,874 6,371 10,419 12,923
Nontaxable interest income 680 150 987 301
Interest on Federal funds
sold and securities
purchased under agreement
to resell 7 9
----------------------------------------------------------------------
Total interest income 9,076 10,284 18,514 20,662
----------------------------------------------------------------------
Interest expense:
Interest on certificates
of deposit $100,000 or
more 86 115 238 289
Interest on other deposits 1,666 2,165 3,463 4,356
Interest on short-term
borrowings 1,455 1,331 2,741 2,643
----------------------------------------------------------------------
Total interest expense 3,207 3,611 6,442 7,288
----------------------------------------------------------------------
Net interest income 5,869 6,673 12,072 13,374
Provision for loan losses 79 90 159 180
----------------------------------------------------------------------
Net interest income after
provision for loan losses 5,790 6,583 11,913 13,194
----------------------------------------------------------------------
Other income:
Service charges,
commissions and fees 421 395 838 774
Other income 136 95 247 165
BOLI 179 191 359 371
Gain on securities sold 6 56 237 242
----------------------------------------------------------------------
Total other income 742 737 1,681 1,552
----------------------------------------------------------------------
Other expense:
Salaries and employee
benefits 2,676 2,282 5,327 4,582
Occupancy expense, net 444 382 972 838
Premises and equipment
expense 447 395 894 784
Stationery and printing
expense 131 148 305 304
Marketing and advertising 112 163 289 356
Other expenses 803 847 1,559 1,808
----------------------------------------------------------------------
Total other expense 4,613 4,217 9,346 8,672
----------------------------------------------------------------------
Income before income tax
expense 1,919 3,103 4,248 6,074
Income tax expense 412 1,016 1,055 1,952
----------------------------------------------------------------------
Net income $1,507 $2,087 $3,193 $4,122
----------------------------------------------------------------------
Earnings per share
Basic $0.18 $0.25 $0.38 $0.49
Diluted $0.18 $0.25 $0.37 $0.49
----------------------------------------------------------------------
Average weighted common
shares outstanding
Basic 8,465,762 8,395,686 8,453,192 8,371,008
Diluted 8,544,098 8,462,380 8,541,942 8,438,920
----------------------------------------------------------------------
All common share and per common share amounts have been adjusted
to reflect the 2-for-1 common split declared April 15, 2003 and issued
June 2, 2003 to common stockholders of record May 19, 2003.
See Accompanying Notes to Consolidated Financial Statements
Average Balance Sheet with
Interest and Average Rates
Six Months
Period Ended June 30,
2003 2002
----------------------------------------------------------------------
(tax equivalent Interest Average Interest Average
basis, dollars Average Income/ Yield/ Average Income/ Yield/
in thousands) Balance Expense Rate Balance Expense Rate
----------------------------------------------------------------------
Assets
Interest-earning
assets:
Investment
securities:(1)
Taxable $500,617 $10,419 4.16% $441,898 $12,923 5.85%
Non-taxable 48,778 1495 6.13% 13,071 456 6.98%
Federal funds
sold and
securities
purchased under
agreement to
resell 0 0 0 999 9 1.80%
Loans, net of
unearned income
(2) 242,445 7,108 5.86% 217,984 7,429 6.82%
----------------------------------------------------------------------
Total interest-
earning assets $791,840 $19,022 4.80% 673,952 20,817 6.18%
----------------------------------------------------------------------
Non-interest
earning assets
Cash and due
from banks 21,907 18,387
BOLI 14,301 13,545
Other assets 26,756 23,201
Allowance for
possible loan
losses (2,571) (2,260)
----------------------------------------------------------------------
Total non-
interest
earning assets 60,393 52,873
----------------------------------------------------------------------
Total assets $852,233 $726,825
----------------------------------------------------------------------
Liabilities and
stockholders'
equity
Interest-bearing
liabilities:
Money Market
deposits $95,351 570 1.20% $100,080 980 1.96%
Savings deposits 156,450 1,039 1.33% 156,504 1,926 2.46%
Time deposits 143,884 1,867 2.60% 101,553 1,326 2.61%
Other interest
bearing
deposits 69,835 225 0.64% 67,047 413 1.23%
Borrowings 201,477 2,494 2.48% 130,497 2,363 3.62%
Trust Preferred 10,000 247 4.94% 10,000 280 5.60%
----------------------------------------------------------------------
Total interest-
bearing
liabilities 676,997 6,442 1.90% 565,861 7,288 2.58%
----------------------------------------------------------------------
Noninterest-
bearing
liabilities:
Demand deposits 117,322 108,047
Other
noninterest-
bearing
deposits 468 511
Other
liabilities 5,251 5,817
----------------------------------------------------------------------
Total
noninterest-
bearing
liabilities 123,041 114,375
----------------------------------------------------------------------
Stockholders'
equity 52,195 46,769
----------------------------------------------------------------------
Total
liabilities and
stockholders'
equity $852,233 $726,825
----------------------------------------------------------------------
Net interest
income (tax-
equivalent
basis) $12,580 $13,529
Net Interest
Spread 2.90% 3.60%
----------------------------------------------------------------------
Net interest
income as
percent
of earning-
assets 3.18% 4.01%
----------------------------------------------------------------------
Tax equivalent
adjustment (3) (508) (155)
----------------------------------------------------------------------
Net interest
income $12,072 $13,374
----------------------------------------------------------------------
(1)Average balances for available-for- sale securities are based
on amortized cost
(2)Average balances for loans include loans on non- accrual status
(3)The tax-equivalent adjustment was computed based on a statutory
Federal income tax rate of 34 percent
Average Balance Sheet with
Interest and Average Rates
Three Month
Period Ended June 30,
2003 2002
----------------------------------------------------------------------
(tax equivalent Interest Average Interest Average
basis, dollars Average Income/ Yield/ Average Income/ Yield/
in thousands) Balance Expense Rate Balance Expense Rate
----------------------------------------------------------------------
Assets
Interest-earning
assets:
Investment
securities:(1)
Taxable $495,838 $4,874 3.93% $437,444 $6,371 5.83%
Non-taxable 69,097 1,030 5.96% 13,020 227 6.97%
Federal funds
sold and
securities
purchased under
agreement to
resell 0 0 0 1,352 7 2.07%
Loans, net of
unearned income
(2) 249,340 3,522 5.65% 222,389 3,756 6.76%
----------------------------------------------------------------------
Total interest-
earning assets $814,275 $9,426 4.63% 674,205 10,361 6.15%
----------------------------------------------------------------------
Non-interest
earning assets
Cash and due
from banks 20,930 18,856
BOLI 14,395 13,641
Other assets 27,338 23,825
Allowance for
possible loan
losses (2,609) (2,296)
----------------------------------------------------------------------
Total non-
interest
earning assets 60,054 54,026
----------------------------------------------------------------------
Total assets $874,329 $728,231
----------------------------------------------------------------------
Liabilities and
stockholders'
equity
Interest-bearing
liabilities:
Money Market
deposits $90,331 264 1.17% $91,934 456 1.98%
Savings deposits 157,419 519 1.32% 157,634 1,053 2.67%
Time deposits 133,797 872 2.61% 102,764 574 2.23%
Other interest
bearing
deposits 67,461 97 0.58% 67,446 197 1.17%
Borrowings 235,974 1,333 2.26% 132,198 1,188 3.59%
Trust Preferred 10,000 122 4.88% 10,000 143 5.60%
Total interest-
bearing
liabilities 694,982 3,207 1.85% 561,976 3,611 2.57%
----------------------------------------------------------------------
Noninterest-
bearing
liabilities:
Demand deposits 120,611 112,506
Other
noninterest-
bearing
deposits 453 509
Other
liabilities 5,369 5,971
----------------------------------------------------------------------
Total
noninterest-
bearing
liabilities 126,433 118,986
Stockholders'
equity 52,914 47,269
----------------------------------------------------------------------
Total
liabilities and
stockholders'
equity $874,329 $728,231
----------------------------------------------------------------------
Net interest
income (tax-
equivalent
basis) $6,219 $6,750
Net Interest
Spread 2.78% 3.58%
----------------------------------------------------------------------
Net interest
income as
percent
of earning-
assets 3.05% 4.00%
----------------------------------------------------------------------
Tax equivalent
adjustment (3) (350) (77)
Net interest
income $5,869 $6,673
----------------------------------------------------------------------
(1)Average balances for available-for- sale securities are based
on amortized cost
(2)Average balances for loans include loans on non- accrual status
(3)The tax-equivalent adjustment was computed based on a statutory
Federal income tax rate of 34 percent
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