Detwiler, Mitchell & Co. Announces Results for the Third Quarter of 2007.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- Detwiler, Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. & Co. (Pink Sheets:DMCD) reported net income for the three months ended September September: see month. 30, 2007 of $287,000 or $0.10 per share basic and $0.09 per share 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. on 2,866,000 basic and 3,040,000 diluted weighted average shares outstanding. Net income for the three months ended September 30, 2006 was $68,000 or $0.02 per share basic and diluted on 2,966,000 basic and diluted weighted average shares outstanding. Total revenues of $3,829,000 for the three months ended September 30, 2007 increased $483,000 or 14% compared to total revenues of $3,346,000 for the same period in 2006. Net income for the nine months ended September 30, 2007 was $163,000 or $0.06 per share basic and diluted on 2,883,000 basic and 2,925,000 diluted weighted average shares outstanding. Net income for the nine months ended September 30, 2006 was $287,000 or $0.10 per share basic and diluted on 2,977,000 basic and diluted weighted average shares outstanding. Total revenues of $10,431,000 for the nine months ended September 30, 2007 decreased $232,000 or 2% compared to total revenues of $10,663,000 for the same period in 2006. 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. was $3,498,000 at September 30, 2007 does not give effect to the unvested, and therefore unrecorded, contingent deferred bonus obligation of $1,149,000, before related income tax effects. Stockholders' equity at December December: see month. 31, 2006 was $3,168,000 which did not give effect to the unvested, and therefore unrecorded, contingent deferred bonus obligation of $1,617,000, before related income tax effects. The reduction in the unrecorded deferred balance in 2007 principally results from changes made in 2006 to the compensation plan for the Capital markets staff as more fully explained in note 7 to the 2006 consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the Company. Effective January January: see month. 1, 2007, the Company modified the compensation plan for institutional sales staff of the Capital Markets group. Commissions are now paid to the sales staff on a quarterly basis compared to annual payments which were in effect for 2006. The effect of this change lowered cash and commissions payable by approximately $462,000 at September 30, 2007 as compared to the balances that would have resulted from the plan that was in effect for 2006. The Company announced its board of directors approved a new common stock purchase program which provides the Company with the authority to purchase up to 300,000 shares of common stock in open market purchases. This stock purchase program replaces existing stock purchase programs of the Company. At September 30, 2007, the Company had acquired a total of 281,193 common shares which are held in treasury. Additionally, the Company announced a plan to purchase a total of 475,000 shares of common stock from Robert Detwiler, an Officer and Director of the Company. The Company will initially purchase 100,000 common shares in November 2007 at book value as of September 30, 2007. The Company will purchase the remaining 375,000 shares at 31,250 shares each calendar quarter over a three-year period ending December 31, 2010. Any shares purchased will be made at book value per share using the immediately preceding prior period quarter-end data of the Company. Quarterly 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. under this plan may be suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. at any time by the board of directors. Detwiler, Mitchell & Co. (the "Company") is the holding company for its research and asset management businesses which are headquartered in Boston, MA. For more information about the Company, please refer to www.pinksheets.com under the symbol DMCD or to our website at www.dmcos.com. [TABLE OMITTED] [TABLE OMITTED] |
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