Commercial Federal Raises 2001 Earnings Outlook to Exceed Consensus Estimates.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--Dec. 13, 2001 Commercial Federal Corporation (NYSE NYSE See: New York Stock Exchange :CFB CFB Canadian Forces Base ), one of the largest financial institutions in the Midwest, today announced its earnings outlook would exceed previous consensus estimates for 2001. The Company has increased its earnings per share projections for 2001 to more than $1.86 per share. Commercial Federal projects earnings per share of more than $2.00 for 2002 (or approximately $2.16 per share considering the impact of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142 on the cessation of goodwill amortization). "Commercial Federal continues to outperform its targets and will exceed consensus earnings estimates for the year 2001," said David S. Fisher, executive vice president and chief financial officer. "There has been little change in the level of non-performing assets in the fourth quarter and we remain confident in our ability to increase core profitability from Commercial Federal's Midwestern regional banking franchise and in the quality of earnings going forward." Mr. Fisher concluded, "While we recognize the challenges posed by lower interest rates and current economic conditions, we are aware of no other reasons for the recent higher trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. in our stock. Management's focus remains on executing our business plan and to providing long-term value to our shareholders." This release includes 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. that involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include the economic environment, competition, products and pricing in geographic and business areas in which the Company operates, prevailing interest rates, changes in government regulations and policies affecting 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. companies, and credit quality and credit risk management. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. |
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