Printer Friendly

FIRST CONSTITUTION FINANCIAL REPORTS THIRD-QUARTER RESULTS

 FIRST CONSTITUTION FINANCIAL REPORTS THIRD-QUARTER RESULTS
 NEW HAVEN, Conn., Oct. 9 /PRNewswire/ -- First Constitution Financial Corporation (NASDAQ: FCON) reported a third quarter net loss of $24.3 million or $2.22 per share, compared with a net loss of $7.2 million or 66 cents per share a year ago. The loss for the nine-month period ending Sept. 30, 1992, was $56.3 million compared with $25.2 million for the same period a year ago.
 The third-quarter results reflect the $25.4 million write-off of the company's investment in First Constitution Bank as previously announced (the bank was seized by regulators on Oct. 2, 1992). The Federal Deposit Insurance Corporation was appointed receiver for the bank at the request of the Connecticut State Banking Commissioner.
 "Although we are disappointed that the company lost its investment in First Constitution Bank, the company will remain in business as a publicly held company, said John J. Crawford, president and chief executive officer.
 At Sept. 30, 1992, the company held assets of $11.8 million, consisting primarily of liquid interest-bearing investments and recoverable federal income taxes. Book value per share was $1.12. "Currently there is existing shareholder litigation pending against the company and we do not know if any additional claims will be asserted," Crawford stated. "Management and the board of directors are evaluating options to deploy the company's remaining assets." he added. "It is anticipated that in the near future the company will cease to be regulated by any bank regulator."
 First Constitution Financial Corporation common shares are traded on the NASDAQ National Market system. The trading symbol is FCON. There are 10,596,519 shares outstanding.
 FIRST CONSTITUTION FINANCIAL CORPORATION
 Consolidated Statements of Operations
 (in thousands except for share data)
 Three Months Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1992 1991 1992 1991
 Income and expenses
 Investment income (loss) $135 $(6) $783 $108
 Other income 1,508 --- 1,958 ---
 Administrative expenses (355) (220) (799) (776)
 Income (loss) before
 income taxes and equity
 in net loss of subsidiary 1,288 (226) 1,942 (668)
 Income tax expense
 (benefit) 110 90 (1,499) 222
 Equity in net loss of
 subsidiary prior to
 seizure --- (6,885) (34,280) (24,300)
 Loss from seizure of
 subsidiary(a) (25,447) --- (25,447) ---
 Net loss $(24,269) $(7,201) $(56,286) $(25,190)
 Net loss per share: $(2.22) (66 cents) $(5.14) $(2.30)
 Weighted average shares
 outstanding(b) 10,956,019 10,955,082 10,956,019 10,950,437
 (a) Loss from seizure reflects the book value of the company's investment in First Constitution Bank as of the date of seizure, Oct. 2, 1992.
 (b) Weighted average shares outstanding does not include stock options outstanding, which are antidilutive.
 FIRST CONSTITUTION FINANCIAL CORPORATION
 Consolidated Balance Sheets
 (in thousands except for share data)
 Sept. 30, Dec. 31, Sept. 30,
 1992 1991 1991
 Assets:
 Cash and cash equivalents $6,607 $6,434 $8,032
 Investments held for sale 12 889 889
 Income tax receivable, net 4,276 2,750 2,840
 Investment in subsidiary --- 59,727 88,600
 Other assets 938 125 333
 Total assets $11,833 $69,925 $100,694
 Liabilities and Shareholders'
 Equity
 Accrued expenses and other
 liabilities $292 $2,098 $1,441
 Shareholders' Equity
 Preferred shares $1 par value
 Authorized -- 3,000,000 shares
 Issued -- none --- --- ---
 Common shares $1 par value
 Authorized 20,000,000
 Issued 11,058,019, 11,058,019
 and 11,056,502
 Outstanding 10,956,019, 11,058 11,058 11,057
 10,956,519 and 10,955,082
 Additional paid-in capital 150,313 150,313 150,313
 Retained deficit (148,230) (91,944) (60,517)
 Less treasury stock --
 101,500 shares at cost (1,600) (1,600) (1,600)
 Total shareholders' equity 11,541 67,827 99,253
 Total Liabilities and
 Shareholders' equity $11,833 $69,925 $100,694
 -0- 10/9/92
 /CONTACT: George Brooks-Gonyer of First Constitution, 203-867-4090/
 (FCON) CO: First Constitution Financial Corporation ST: Connecticut IN: FIN SU: ERN


CH -- NE005 -- 8382 10/09/92 13:05 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 9, 1992
Words:674
Previous Article:CABOT CORPORATION'S EXECUTIVE COMMITTEE ASSUMES NEW RESPONSIBILITIES
Next Article:FORD SENDING ELECTRIC VEHICLES TO MEXICO
Topics:


Related Articles
FIRST CONSTITUTION FINANCIAL REPORTS SHAREHOLDER VOTING, NEW DIRECTOR
FIRST CONSTITUTION FINANCIAL REPORTS SHAREHOLDER VOTING, NEW DIRECTOR
FIRST CONSTITUTION REPORTS SECOND QUARTER RESULTS
FIRST NATIONWIDE FINANCIAL REPORTS THIRD-QUARTER RESULTS
FIRST CONSTITUTION REPORTS YEAR-END RESULTSS
WEBSTER FINANCIAL CORPORATION REPORTS EARNINGS INCREASE
FIRST NATIONWIDE REPORTS THIRD-QUARTER RESULTS
WEBSTER REPORTS EARNINGS, DECLARES CASH DIVIDEND
CONSTITUTION BANCORP REPORTS NET INCOME FOR FIRST QUARTER
TF FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters