Community Bankshares Inc. -SC- Announces First Quarter 2003 Cash Dividend; Cash Dividend for Q1 Up 12.5%.Business Editors ORANGEBURG, S.C.--(BUSINESS WIRE)--Feb. 28, 2003 Community Bankshares Inc., (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per share, payable March 31, 2003 to shareholders of record March 17, 2003. This is a 12.5% increase over the $.08 cents paid during the fourth quarter 2002. Chairman 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. E.J. Ayers stated, "Community Bankshares has consistently increased its dividend for the past ten years, and is pleased to continue the positive trend this quarter, following a 38 percent increase in net income for 2002. We adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. a dividend policy based on a review of earnings, growth, capital and other factors, that our board determined should warrant another increase this quarter. As always, we believe in rewarding our shareholders with higher dividend payments to match the company's strong financial performance." Community Bankshares Inc. recently announced consolidated net income for 2002 of $5,401,000 compared to $3,908,000 for the same period of 2001, an increase of 38.2% or $1,493,000. Basic earnings per share were $1.42 in the 2002 period compared to $1.21 for the 2001 period. 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 were $1.38 in the 2002 period compared to $1.20 for the 2001 period. At December 31, 2002 consolidated assets for Community Bankshares totaled $437.3 million compared to $318.6 million at December 31, 2001, an increase of $118.7 million or 37.3%. Community Bankshares has a dividend reinvestment and additional stock purchase plan. Information on the plan may be obtained from Registrar and Transfer Company, the plan administrator, at 800-368-5948. Community Bankshares' common stock is traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors SCB. Community Bankshares Inc., based in Orangeburg, South Carolina Orangeburg, also known as "The Garden City," is the largest city and county seat of Orangeburg County, South Carolina, United States. The population was 12,765 at the 2000 census. The population has steadily declined since the 1950s. , is the holding company for Bank of Ridgeway A ridgeway is a road or path that follows the highest part of the landscape. Roads and pathways
This press release contains forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to anticipated revenues, gross margins, earnings, and growth of the market for our services and products. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: uncertainties associated with market acceptance of and demand for the company's services and products, impact of competitive products and pricing, dependence on third party suppliers, and uncertainties associated with the development of technology. Investors are directed to the company's 2001 annual report, which is available from the company without charge for a more complete description of the company's business. |
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