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CFS Bancorp, Inc. Reports Fourth Quarter and 2011 Financial Results

2012-02-06T04:49:00.003-08:00

CFSBANCORP,INC.ConsolidatedStatementsofIncome(Loss)(Unaudited)(Dollarsinthousands,exceptpersharedata)ThreeMonthsEndedYearEnded------------------------------------------------------------DecemberSeptemberDecemberDecemberDecember31,201130,201131,201031,201131,2010-------------------------------------------------------Interestincome:Loansreceivable$8,625$8,871$9,179$35,315$37,682Investmentsecurities2,0151,7942,0537,8948,605Otherinterest-earningassets9480146495483-------------------------------------------------------Totalinterestincome10,73410,74511,37843,70446,770Interestexpense:Deposits1,4641,6022,0326,7368,374Borrowedfunds3042944211,1171,813-------------------------------------------------------Totalinterestexpense1,7681,8962,4537,85310,187-------------------------------------------------------Netinterestincome8,9668,8498,92535,85136,583Provisionforloanlosses12,5422,67382517,1143,877-------------------------------------------------------Netinterestincome(expense)afterprovisionforloanlosses(3,576)6,1768,10018,73732,706Non-interestincome:Servicechargesandotherfees1,1541,2631,2844,6675,114Card-basedfees5205204692,0351,867Commissionincome3610028259168Netgain(loss)onsaleof:Investmentsecurities2657582331,715689Loansheldforsale18876178330178Otherrealestateowned63266(168)2,562(154)Incomefrombank-ownedlifeinsurance180216191812893Otherincome128121110471481-------------------------------------------------------Totalnon-interestincome2,5343,3202,32512,8519,236Non-interestexpense:Compensationandemployeebenefits4,3194,8184,77719,42318,705Netoccupancyexpense6777067352,8182,832FDICinsurancepremiumsandregulatoryassessments4834816602,1212,551Professionalfees3543094331,3852,283Furnitureandequipmentexpense4494364261,8021,973Dataprocessing4334244381,7401,754Marketing244213262914781Otherrealestateownedrelatedexpense,net9066141274,1231,483Loancollectionexpense244117160714638Severanceandretirementcompensationexpense1,375--171,375545Othergeneralandadministrativeexpenses1,4091,0681,2404,7024,230-----------------------------------! -------- ------------Totalnon-interestexpense10,8939,1869,27541,11737,775-------------------------------------------------------Income(loss)beforeincometaxexpense(benefit)(11,935)3101,150(9,529)4,167Incometax(benefit)expense638(84)232945707-------------------------------------------------------Netincome(loss)$(12,573)$394$918$(10,474)$3,460=======================================================Basicearnings(loss)pershare$(1.17)$.04$.09$(.98)$.33Dilutedearnings(loss)pershare$(1.17)$.04$.09$(.98)$.32Weighted-averagecommonandcommonshareequivalentsoutstanding:Basic10,699,99610,693,72410,662,79210,684,13310,635,939Diluted10,742,48010,753,38610,719,88610,740,60210,705,814CFSBANCORP,INC.ConsolidatedStatementsofCondition(Unaudited)(Dollarsinthousands)December31,September30,December31,201120112010-------------------------------------ASSETSCashandamountsduefromdepositoryinstitutions$32,982$33,421$24,624Interest-bearingdeposits59,09084,34437,130-------------------------------------Cashandcashequivalents92,072117,76561,754Investmentsecuritiesavailable-for-sale,atfairvalue234,381218,417197,101Investmentsecuritiesheld-to-maturity,atcost16,37114,38717,201InvestmentinFederalHomeLoanBankstock,atcost6,1888,63820,282Loansreceivable,netofunearnedfees711,226725,467732,584Allowanceforloanlosses(12,424)(17,186)(17,179)-------------------------------------Netloans698,802708,281715,405Loansheldforsale1,124839--Investmentinbank-ownedlifeinsurance36,27536,09535,463Accruedinterestreceivable3,0112,9083,162Otherrealestateowned19,09117,19522,324Officepropertiesandequipment17,53918,05320,464Netdeferredtaxassets16,27317,70817,923Prepaidexpensesandotherassets7,8238,19510,597-------------------------------------Totalassets$1,148,950$1,168,481$1,121,676=====================================LIABILITIESANDSHAREHOLDERS'EQUITYDeposits$977,424$986,441$945,884Borrowedfunds54,20056,11553,550Advancepaymentsbyborrowersfortaxesandinsurance4,2755,8684,618Otherliabilities9,8035,3024,696-------------------------------------Totalliabilities1,045,7021,053,7261,008! ,748Shar eholders'Equity:Preferredstock,$0.01parvalue;15,000,000sharesauthorized------Commonstock,$0.01parvalue;85,000,000sharesauthorized;23,423,306sharesissued;10,874,668,10,877,015,and10,850,040sharesoutstanding234234234Additionalpaid-incapital187,030187,023187,164Retainedearnings72,68385,36583,592Treasurystock,atcost;12,548,638,12,546,291,and12,573,266shares(154,773)(154,766)(155,112)Accumulatedothercomprehensiveloss,netoftax(1,926)(3,101)(2,950)-------------------------------------Totalshareholders'equity103,248114,755112,928-------------------------------------Totalliabilitiesandshareholders'equity$1,148,950$1,168,481$1,121,676=====================================CFSBANCORP,INC.SelectedFinancialData(Unaudited)(Dollarsinthousands,exceptpersharedata)December31,September30,December31,201120112010---------------------------------------Bookvaluepershare$9.49$10.55$10.41Tangiblebookvaluepershare9.4910.5510.41Shareholders'equitytototalassets8.99%9.82%10.07%Corecapitalratio(Bankonly)8.268.879.07Totalrisk-basedcapitalratio(Bankonly)12.6513.5713.32Commonsharesoutstanding10,874,66810,877,01510,850,040Employees(FTE)303311322Numberoffullservicebankingcenters222222ThreeMonthsEndedYearEnded-------------------------------------------------------DecemberSeptemberDecemberDecemberDecember31,201130,201131,201031,201131,2010--------------------------------------------------AverageBalanceData:Totalassets$1,161,928$1,150,149$1,135,865$1,146,118$1,105,333Loansreceivable,netofunearnedfees724,562730,524728,849728,811747,768Investmentsecurities253,061239,655220,489249,953208,450Interest-earningassets1,053,4521,036,0641,015,3741,032,346995,864Deposits979,320972,486946,431973,641905,935Interest-bearingdeposits875,221871,637848,079873,494813,799Non-interestbearingdeposits104,099100,84998,352100,14792,136Interest-bearingliabilities931,800922,049910,765919,886889,444Shareholders'equity114,793116,408114,203115,096112,601PerformanceRatios(annualized):Returnonaverageassets(4.29)%.14%.32%(.91)%.31%Returnonaverageequity(43.45)1.343.19(9.10)3.0! 7Average yieldoninterest-earningassets4.044.114.454.234.70Averagecostofinterest-bearingliabilities.75.821.07.851.15Interestratespread3.293.293.383.383.55Netinterestmargin3.383.393.493.473.68Non-interestexpensetoaverageassets3.723.173.243.593.42Efficiencyratio(1)96.9680.5084.1987.5183.70Cashdividendsdeclaredpershare$.01$.01$.01$.04$.04Marketpricepershareofcommonstockfortheperiodended:Close$4.31$4.34$5.23$4.31$5.23High4.895.705.485.906.24Low4.124.344.604.123.02------------------(1)Theefficiencyratioiscalculatedbydividingnon-interestexpensebythesumofnetinterestincomeandnon-interestincome,excludingnetgainonsalesofinvestmentsecurities.CFSBANCORP,INC.ReconciliationofIncomeBeforeIncomeTaxestoPre-Tax,Pre-ProvisionEarnings,asadjusted(Unaudited)(Dollarsinthousands)ThreeMonthsEnded----------------------------------DecemberSeptemberDecember31,201130,201131,2010------------------------------Income(loss)beforeincometaxes(benefit)$(11,935)$310$1,150Provisionforloanlosses12,5422,673825------------------------------Pre-tax,pre-provisionearnings6072,9831,975Addback(subtract):Netgainonsaleofinvestmentsecurities(265)(758)(233)Net(gain)lossonsaleofotherrealestateowned(63)(266)168Otherrealestateownedrelatedexpense,net906614127Loancollectionexpense244117160Severanceandretirementcompensationexpense1,375--17------------------------------Pre-tax,pre-provisionearnings,asadjusted$2,804$2,690$2,214==============================Pre-tax,pre-provisionearnings,asadjusted,toaverageassets(annualized).96%.93%.77%==============================TwelveMonthsEnded----------------------DecemberDecember31,201131,2010--------------------Income(loss)beforeincometaxes(benefit)$(9,529)$4,167Provisionforloanlosses17,1143,877--------------------Pre-tax,pre-provisionearnings7,5858,044Addback(subtract):Netgainonsaleofinvestmentsecurities(1,715)(689)Net(gain)lossonsaleofotherrealestateowned(2,562)154Otherrealestateownedrelatedexpense,net4,1231,483Loancollectionexpense714638Severanceandretirementcompensationexpense1,375545--------------------Pre-tax,pre-provisionea! rnings,a sadjusted$9,520$10,175====================Pre-tax,pre-provisionearnings,asadjusted,toaverageassets.83%.92%====================Powered By iWebRSS.co.cc

IDC Financial Insights MarketScape Evaluates Commercial Account Analysis Software

2012-02-06T04:49:00.001-08:00

FRAMINGHAM, Mass.--(BUSINESS WIRE)-- A new IDC MarketScape report from IDC Financial Insights assesses seven commercial account analysis software vendors. This comprehensive study, IDC MarketScape: U.S. Commercial Account Analysis Software 2011 Vendor Assessment (Document #FIN231970), was designed to provide bankers with comprehensive information about these solutions and identify which solutions are best suited for different market segments. Key vendors featured include: CSC (Hogan Relationship Pricing Manager), Fiserv (Standard Solutions/Relationship Pricing and Analysis), FIS (Extended Account Analysis), Infor (Complete Billing System), Jack Henry & Associates (Enhanced Account Analysis), Open Solutions (Weiland-Account Analysis), and Oracle. "Today, banks require an effective and efficient account analysis system to provide relationship pricing to their commercial clients," said Jeanne Capachin, research vice president, IDC Financial Insights. "With a growing number of vendors in the market, it is critical to match institution requirements with technology solution characteristics to ensure success. There's no need to buy a BMW if the Volkswagen will provide all the capabilities the bank needs." Banks ranging in size from community banks to the largest global banks are investing in their commercial account analysis solutions in response to both regulatory change and renewed focus on generating non-interest income. This study finds that commercial account analysis solutions are fine tuned for banks of all sizes. Although there are a wide set of vendors serving the commercial account analysis solutions market, this new report will assistance banks of all sizes more easily navigate this market, compare leading vendors, and develop a short list of providers most appropriate to their operational capabilities and custom! er set. IDC MarketScape criteria selection, weightings, and vendor scores represent well-researched IDC judgment about the market and specific vendors. IDC analysts tailor the range of standard characteristics by which vendors are measured through structured discussions, surveys, and interviews with market leaders, participants, and end users. Market weightings are based on user interviews, buyer surveys and the input of a review board of IDC experts in each market. IDC analysts base individual vendor scores, and ultimately vendor positions within the IDC MarketScape, on detailed surveys and interviews with the vendors, publicly available information and end-user experiences in an effort to provide an accurate and consistent assessment of each vendor's characteristics, behavior and capability. For additional information about this study, or to arrange a one-on-one briefing with Jeanne Capachin please contact Sarah Murray at 781-378-2674 or sarahbethmurray@gmail.com. Reports are available to qualified members of the media. For information on purchasing reports, contact insights@idc.com; reporters should email sarahbethmurray@gmail.com About IDC MarketScapes IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendors position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buy! ers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors. About IDC Financial Insights IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the worlds leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email info@idc-fi.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial. Powered By iWebRSS.co.cc

Financial Resolution Center Reports 2012 New Year Resolutions Target Financial Success - Seven Ways to Improve ...

2012-01-16T04:51:00.002-08:00

With a new year comes new beginnings and new resolutions. While the majority of resolutions are about desires like becoming healthier, many people are making resolutions for a financially stable 2012. January is Financial Wellness Month, which creates the perfect opportunity for people to take strides in understanding and rehabilitating their financial condition.Sacramento, CA (PRWEB) January 16, 2012 Consumers should question their confidence in their financial future. There is a fine line between financial distress and a future that is financially stable. Unfortunately, some people are unaware that they are on the verge of financial ruin until it is too late. Becoming financially secure can only be accomplished by consciously recognizing that there is a financial issue. According to the Chief Adviser for Financial Resolution Center, The sooner people realize theyre having issues with debt, the better the chance they have at solution it and becoming financially secure for the future.Financial Resolution Center suggests that individuals make an honest assessment of the state of their financial affairs. Below is a list of warning signs. If at least three of these signs are true, individuals may be moving toward financial ruin.Balancing Bills and Paying Late FeesThe inability to pay bills on time and constant occurrence of late fees are signs of financial trouble. Incurring late fees as a result of a deficiency of money and living pay check to pay check can cause people to go further into debt. Also, only making minimum payments to keep accounts open will never pay off a balance on time or in full. Barely managing revolving debt will only lead to an increase in the balances.Relying on Future IncomeRelying on a future source of income, like a tax refund, is a quick way to create a negative financial situation. Hoping to run into money is an unrealistic way to handle personal finances. This approach will cause future financial problems. Dependent on CreditA consistent dependency on credit cards as a mean! s of add itional income is a financial mistake. Credit cards should be relied upon for big purchases and paid off monthly. Using credit cards to pay for everyday purchases or shifting balances to new cards is a bad financial decision. Should there be any unexpected changes in pricing or interest rates, people who depend on credit will find themselves in financial turmoil.Arguments Over FinancesRegular arguments with a spouse or partner over money are also indications of a poor financial condition. Fights amongst couples over finances are not unusual. However, fighting over finances means that unnecessary spending is being made with money needed to maintain the household.A Lack of Personal SavingsBudgets should allow small amounts of money to be set aside for savings. If there is no room in the budget for savings, the financial situation is not viable. Setting aside money for savings may be tough, but not saving can be detrimental to any financial situation. The Chief Adviser for Financial Resolution Center informs that to be in good financial shape, there should be some form of savings for emergencies. A dependency on credit cards is not a sound financial decision.Spending Money to Pay Overdraft FeesThere are several reasons why a person pays overdraft fees. If these fees are a result of frequently overdrawing an account, then the financial health may be poor. Having these fees occur often will only exacerbate a bad situation because it limits the amount of income available to cover debts.Depleting Retirement SavingsUsing retirement savings to pay for expenses is something frequently done by people in a bad financial position. Financial Resolution Center cautions against taking out more than one 401K loan. Borrowing more than once against a 401k loan can be detrimental to a sustainable financial future. It also threatens any growth potential of a retirement account. Let 2012 be the year to regain financial control. Use Financial Awareness Month as a motivator factor to take the correct steps to a better financial! outlook . For more information on eliminating debt issues, Contact Financial Resolution Center at toll free (888) 272-0227 or online at http://www.financialresolutioncenter.com.###Marketing DepartmentFinancial Resolution Center(888) 272-0227Email Information

Second Quarter Financial Year 2012 (2Q FY2012)

2012-01-16T04:51:00.001-08:00

Revenue: $148.1 million ($172.2 million in 2Q FY2011)EBITDA: $89.3 million ($109.6 million) and Net Profit: $65.4 million ($74.2 million)Earnings per share: 6.1 cents (7.0 cents)Interim Dividend per share: 4.0 cents (4.0 cents)All figures above are for the quarter except for figures in brackets which are for a year earlier unless otherwise statedSINGAPORE, Jan. 16, 2012 (GLOBE NEWSWIRE) -- SGX recorded revenue of $148.1 million ($172.2 million), net profit of $65.4 million ($74.2 million) and earnings per share (EPS) of 6.1 cents (7.0 cents) in 2Q FY2012. This brings SGX's net profit to $152.9 million for the six months ended 31 December 2011 (1H FY2012), 3% aloft than last financial year's $148.4 million. The Board of Directors has declared an interim dividend of 4.0 cents (4.0 cents) per share, payable on 14 February 2012.Mr Magnus Bocker, SGX CEO, said, "SGX reported a net profit of $65.4 million in difficult market conditions following a decline in securities turnover. We continue to expand our products and services, including the start of the world's first clearing of OTC Foreign Exchange Forwards. We also welcomed our first Catalist mineral, oil and gas listing. During the quarter, we effectively transferred customers' positions and margins following the collapse of MF Global. This demonstrates the importance of a strong and capable clearing house. We remain cautious and focused on cost discipline amid global economic challenges."Business HighlightsInvestor sentiment was affected by macroeconomic uncertainty and this led to lower securities trading volumes. Price volatility, on the other hand, led to increased risk management activities by existing and new customers in the derivatives market.Securities: Securities daily average trading value (SDAV) was $1.1 billion ($1.8 billion) and $1.4 billion ($1.7 billion) for 2Q and 1H FY2012 respectively. We expanded the range of investment products for customers by listing six new exchange-traded funds (ETFs) and adding 15 Depository Receipts to our GlobalQ! uote pla tform. To support our members and educate retail customers, we conducted courses on the new requirements for the trading of "Specified Investment Products" effective 1 January 2012.Derivatives: Derivatives1 daily average trading volume (DAV) was up 11% to 274,757 contracts (248,325 contracts) with market share of our key contracts remaining steady. DAV for 1H FY2012 was 22% aloft at 298,796 contracts (245,025 contracts). "After-hour trading" contributed 16% (14%) of the overall volume this quarter. Chinese A50 futures DAV doubled year-on-year to 16,959 contracts (7,851 contracts) and was 36% aloft quarter-on-quarter. Year-on-year DAV of Nikkei options rose 39% to 10,202 contracts (7,318 contracts) and Rubber futures were up 24% to 1,118 contracts (898 contracts). The average monthly open interest of derivatives grew 44% year-on-year to 1,346,544 contracts (932,475 contracts).OTC Derivatives: We started clearing over-the-counter (OTC) Asian Foreign Exchange (FX) Forwards on 24 October 2011. This quarter, we cleared a total notional value of $17.2 billion in Interest Rate Swaps, leading to a cumulative value of $185.8 billion since the launch in November 2010. We also cleared 56,885 lots (41,268 lots) of OTC Commodities resulting in year-on-year growth of 38% while adding OTC coal (CFR China) and naphtha swaps (CFR Japan) to our product suite in December 2011.Membership: The total number of Securities and Derivatives Trading and Clearing Memberships grew 10% year-on-year, from 124 to 136.Equity and Debt Listings: We had nine new listings2, including Lonza Group (our first Swiss listing) and CMNC Goldmine (our first Catalist mineral, oil and gas company). A total of $2.4 billion ($7.3 billion) of equity funds was raised: $214.7 million ($4.9 billion) in IPO funds and $2.2 billion ($2.3 billion) in secondary fund raising. In addition, $19.0 billion was raised through 35 new bond issues ($41.6 billion and 69 new bond issues).Market Development, Risk Management & RegulationWe continue to remain vigilant an! d monito r our risk exposures closely given the market volatility and uncertain conditions. Our robust risk management enabled us to handle the bankruptcy of MF Global swiftly without impacting customers' ability to continue to manage their positions.In addition, in the Securities Market, we continue to uphold the integrity of our market through the enforcement of our Listing Rules.SGX hosted the Chief Regulatory Officers Conference for global market regulators, policy makers and self-regulated organisations to share their experiences on regulatory challenges and global regulatory trends on 1 and 2 December 2011. Valuable insights from the perspectives of Europe, US and the emerging markets were given.We are working on the ASEAN Trading Link, under the auspices of the ASEAN Exchange collaboration, to collectively promote ASEAN as a highly investable asset class.OutlookMarket activity will continue to be influenced by the global economic outlook. SGX's investments and initiatives will be paced accordingly.FINANCIAL PERFORMANCESGX's revenue and EBITDA were $148.1 million ($172.2 million) and $89.3 million ($109.6 million), respectively. On the back of the net profit of $65.4 million ($74.2 million3), SGX's EPS was 6.1 cents (7.0 cents).For the six months ended 31 December 2011, SGX's net profit was $152.9 million ($148.4 million3) with revenues of $326.5 million ($331.3 million) and EBITDA of $204.4 million ($209.3 million). The EPS was 14.3 cents (13.9 cents).Revenues from Derivatives, Depository, Market Data and Member Services and Connectivity grew 7% to $80.3 million ($74.8 million) while Securities and Issuer Services revenues were 31% lower at $67.5 million ($97.4 million). For 1H FY2012, Derivatives, Depository, Market Data and Member Services and Connectivity revenues grew 17% to $170.7 million although Securities and Issuer Services revenues fell 16% to $155.2 million.Expenses decreased by 4% to $68.9 million ($71.7 million). Staff expense was 9% lower at $25.5 million ($28.0 million) mainly due to the red! uced var iable compensation expense in line with lower profitability. This helped offset the increase in base staff costs. Headcount was 608 (584) on 31 December 2011. Technology expenses were 2% lower at $26.3 million ($26.8 million). Processing and royalties declined by 11% to $6.0 million ($6.7 million). The increase in royalties expense on aloft derivatives volumes was offset by lower securities processing costs. Cashflow generated from operations was lower by 6% to $77.2 million ($82.2 million). Capital expenditure amounted to $7.2 million ($23.6 million). Capital expenditure for FY2012 is expected to remain within the range of $40 to $45 million, as previously announced.SGX's total equity was $731.1 million ($720.9 million) on 31 December 2011. The unrestricted cash reserves were $486.7 million ($463.6 million), including the 2Q FY2012 interim dividend payable of $42.7 million ($42.7 million).PERFORMANCE REVIEWSecurities Revenue, 36% (47%) of SGX's revenueSecurities revenue declined by 34% to $53.2 million ($81.1 million) as the SDAV fell by 37% to $1.1 billion ($1.8 billion). The average clearing fees improved to 3.0 basis points (2.8 basis points).Table below summarises the metrics of our Securities market:Derivatives, 25% (20%) of SGX's revenueDerivatives revenue grew 11% to $37.7 million ($33.9 million). Derivatives volume was 8% aloft at 16.8 million (15.6 million) contracts or DAV of 274,757 contracts (248,325 contracts) this quarter on heightened volatility of the underlying equity indices. Futures & Options revenue dropped 3% to $24.6 million ($25.3 million) mainly due to aloft volume rebates on newer contracts and foreign exchange hedging costs. Of note, our Indian Nifty futures, Chinese A50 futures and Japanese Nikkei225 options accounted for 30% of overall volumes, compared to 25% a year ago. The average produce per contract was $1.46 ($1.62). Table below summarises the DAV and market share of key Asian Gateway equity contracts:Structured warrants revenue was steady at $1.2 million ($1.2 mil! lion). T he quarterly average daily trading value grew to $35.5 million ($24.2 million) and the proportion of trades above $400,000 was 57% (41%).Interest income, license and other revenue was 62% aloft at $12.0 million ($7.4 million) mainly driven by: (i) aloft collaterals held of $5.2 billion ($3.3 billion) given increased open interest positions and better management of collateral balances (ii) aloft royalty fees collected from increased DAV; and (iii) revenue from OTC Clearing.In 2Q FY2012, we cleared 56,885 lots (41,268 lots) of OTC Commodities and $17.2 billion ($4.8 billion) in notional value of OTC Financial Derivatives. Iron ore swaps clearing volume grew more than four times to 35,138 lots (7,893 lots) and was 46% aloft quarter-on-quarter. Market Data, 6% (5%) of SGX's revenueMarket data revenue was 13% aloft at $8.9 million ($7.9 million) mainly on increased subscriptions for price information and the revised fee for Derivatives Quote. The average number of securities and derivatives terminals was 44,487 (40,169) and 25,391 (23,576), respectively, in 2Q FY2012. Member Services and Connectivity, 7% (5%) of SGX's revenueMember Services and Connectivity revenue increased by 9% to $10.4 million ($9.5 million).Membership revenue was $1.9 million ($2.3 million) as only one member was admitted to our market compared to 14 members in the same quarter a year ago. Connectivity revenue rose 16% to $8.4 million ($7.2 million) primarily due to revenue from our new Co-Location services since 18 April 2011. The average securities and derivatives connectivity subscriptions were 182 (122) and 605 (604), respectively. Depository Services, 16% (14%) of SGX's revenueDepository revenue was $23.3 million ($23.5 million).Securities settlement revenue increased 7% to $17.3 million ($16.2 million) mainly driven by increased institutional settlement instructions as more institutions utilise SGX Prime, our pre-matching infrastructure, for post-trade settlement efficiency. Contract processing was 24% lower at $4.4 million ($5.8 m! illion) as the number of contracts processed declined 33% to 2.0 million from 3.1 million a year ago. Depository management revenue was flat at $1.6 million ($1.5 million). Issuer Services, 10% (9%) of SGX's revenueIssuer Services revenue was 12% lower at $14.3 million ($16.3 million). Listings revenue decreased 16% to $8.3 million ($9.9 million) as fund raising activities slowed. In 2Q FY2012, the total equity fund raising was $2.4 billion ($7.3 billion): $214.7 million ($4.9 billion) in primary funds raised by nine (12) new listings and $2.2 billion ($2.3 billion) in secondary funds raised. On the fixed income side, 35 new bond issues (69 new bond issues), raising $19.0 billion ($41.6 billion), were listed on SGX.Corporate action revenue was lower at $6.0 million ($6.4 million) due to reduced corporate action activities, 454 compared to 479 a year ago.Footnotes:1Excludes structured warrants, extended settlement contracts and OTC derivatives cleared.22Q FY12: 9 IPOs; 2Q FY11: 12 IPOs.3Excluding the one-off ASX-SGX transaction cost of $7.5 million, SGX's underlying net profit was $81.7 million and $155.9 million, respectively, in 2Q and 1H FY2011.For more information, kindly contact:Please refer to the Appendix for the Financial Highlights.

CNO Financial Drops to Underperform

2012-01-15T03:47:00.003-08:00

We are downgrading our recommendation on CNO Financial Group Inc. (NYSE:CNO - News) to Underperform from Neutral given continued deterioration in the premium revenue of its Bankers Life segment as well as the poignant underwriting as well as pricing risks. The top-line performance of the Bankers Life segment has been deteriorating over the past few years. The reduced earnings from annuities as well as health products are mainly responsible for the weakening performance of the segment. While annuities premium declined as a result of reduced money interest rates, premium from health products declined due to higher lapses of long-term policies as well as reduced prescription drug benefit as well as Private-Fee-For-Service collections. Moreover, CNO Financial has a risky business profile with about $269 million balance outstanding under its senior secured credit agreement as on September 30, 2011. Also, the company has to make high principal as well as interest payments on its outstanding indebtedness. Thus, the company requires poignant amounts of cash each year to fund its operations as well as repay debt. Additionally, the results for the last few quarters reveal that CNO Financial continues to face underwriting as well as pricing challenges in the long-term care business. The current interest rate environment, which is generating spread compression, will continue to exert pressure on the bottom line. However, on the positive side, the cash position of CNO Financial has strengthened over the years. The company has been able to improve its cash position due to substantial growth in cash flow from operating as well as financing activities. Additionally, the value of CNO Financials investment portfolio is steadily increasing. While the values of certain types of securities in CNO Financials investment portfolio, such as asset-backed securities supported by residential as well as commercial mortgages, vary with changes in capital market conditions, the company holds some trading securities to neutralize! the eff ects of interest rate fluctuations on the investment portfolio. Thus, the portfolio is substantially protected from market variations as well as can be expected to continue to grow in future. The Zacks Consensus Estimate for CNO Financials fourth-quarter 2011 earnings is currently 19 cents per share, up 4% year over year. For full year 2011, the Zacks Consensus Estimate stands at 73 cents per share, up about 13% from 2010. CNO Financial competes with AFLAC Inc. (NYSE:AFL - News) as well as Torchmark Corp. (NYSE:TMK - News). Currently, the company carries a Zacks #3 Rank, which translates into a short-term Hold rating. Zacks Investment Research More From Zacks.com Read the analyst report on CNO

Forbes Earnings Preview: PNC Financial Services

2012-01-15T03:47:00.001-08:00

Analysts expect decreased profit for PNC Financial Services (PNC) when the company reports its fourth quarter results on Wednesday, January 18, 2012. Although PNC Financial reported profit of $1.60 a year ago, the consensus estimate calls for earnings per share of $1.41.What to Expect:The consensus estimate remains unchanged over the past month, but it has decreased from three months ago when it was $1.42. Analysts are expecting earnings of $6.20 per share for the fiscal year.Analysts look for income to decrease 19.9% year-over-year to $3.54 billion for the quarter, after being $4.42 billion a year ago. For the year, income is expected to come in at $14.34 billion.Analyst Ratings:The majority of analysts (80%) rate PNC Financial as a buy. This compares favorably to the analyst ratings of its nearest 10 competitors, which average 51.6% buys. Analysts have become more optimistic about the stock recently and the number of buy ratings has risen slightly over the past three months.Trends to Watch For:The companys reported income has fallen in the last four quarters. In third quarter, income fell 5.3% to $3.93 billion. Prior to that, the figure declined 9.1% year-over-year in the second quarter, fell 7.6% in first quarter and slid 12.2% in the fourth quarter of the last fiscal year.The profit drop in the third quarter followed two consecutive quarters of increasing net income. The 24.6% profit drop in the most recent quarter can be compared with two previous quarters of profit growth: 12.2% in the second quarter and 23.8% in the first quarter.Competitors:PNC Financial Services Group is engaged in retail banking, corporate and institutional banking, residential mortgage banking, asset management, and global investment servicing. One of PNC Financials main competitors in the commercial banks industry, Wells Fargo (WFC), will report earnings on January 17, 2012. Other competitors in the financials sector include: Bank of America (BAC), SunTrust Banks (STI), and JPMorgan Chase (JPM).Recent Price! Movemen t:

FBL Financial Group Announces Closing of EquiTrust Life Insurance Company Sale

2011-12-31T04:02:00.003-08:00

WEST DES MOINES, Iowa--(BUSINESS WIRE)-- FBL Financial Group, Inc. (NYSE: FFG - News) today announced it has closed the previously announced sale of its subsidiary, EquiTrust Life Insurance Company, to a controlled affiliate of Guggenheim Partners, LLC in an all-cash transaction with initial sale proceeds of $471.4 million. The initial sale proceeds of $471.4 million consist of the preliminary purchase price of $440 million increased by $31.4 million for the closing net worth adjustment, calculated as the estimated change in EquiTrust Lifes adjusted statutory net worth for the nine-month period since March 31, 2011. The final price will be determined after the year-end statutory balance sheet is completed for EquiTrust Life and a further post-closing adjusted statutory net worth reconciliation is calculated. EquiTrust Life sells fixed and indexed annuities and life insurance nationally through independent agents and marketing organizations. Guggenheim Partners, LLC is a diversified financial services firm with more than $125 billion in assets under management. The acquisition of EquiTrust Life includes all of the independent channel business developed since 2003, as well as a closed block of coinsured business. In conjunction with the closing of the sale of EquiTrust Life, $50 million of FBL Financial Groups $100 million principal amount of 6.10% Senior Notes due 2015, held solely by affiliates, have been redeemed from Farm Bureau Property & Casualty Insurance Company. Additionally, in accordance with the terms of FBL Financial Groups 5.85% Senior Notes due 2014 and 5.875% Senior Notes due 2017, a portion of the sale proceeds will be used to redeem this public debt. These notes, which have a principal amount outstanding of $175 million, are expected to be redeemed on January 30, 2012, at the make-whole redemption price. The ! indent ures ruling these notes have been discharged in conjunction with the closing of the sale of EquiTrust Life. FBL Financial Group is a holding company whose primary operating subsidiary is Farm Bureau Life Insurance Company. FBL Financial Group underwrites, markets and distributes life insurance and annuities to individuals and small businesses. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. For more information, please visit www.fblfinancial.com. Certain statements in this release concerning FBL Financial Groups prospects for the future are forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act. These statements generally can be identified by their context, including terms such as believes, anticipates, expects, plans, may or similar words. These statements involve certain risks and uncertainties that could cause actual results to talk about materially from those expressed or implied in the forward-looking statement. These risks and uncertainties are detailed in FBL Financial Groups reports filed with the Securities and Exchange Commission and include, but are not limited to, difficult conditions in financial markets and the economy, lack of liquidity and access to capital, investment valuations, interest rate changes, competitive factors, the ability to attract and retain sales agents and a decrease in ratings. You should not place undue reliance upon any forward-looking statements. Except to the extent required by applicable law, FBL Financial Group undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. The contents of any websites refe! renced i n this release are not incorporated by reference into this release. FFG-1

Financial Tips for the Year Ahead - Your Money

2011-12-31T04:02:00.001-08:00

Personal finance is more personal than it is finance. Strip away the numbers and the returns and the 50-page financial plans, and what youre left with is people and all of their associated baggage. It is their raw emotions fear, greed, guilt that drive most financial decisions for better or (frequently) for worse. So this column is by the people the most interesting ones who turned up in the Your Money column and the stand-alone reports we co-produced with American Public Medias Marketplace Money radio show in 2011. And its for the people who have set the personal goal in 2012 to do just the bit more to keep their emotions in check and their money under control. This is how some of those characters from columns past intend to do it. DEBT When we last met Mino Caulton, the 19-year-old in Shutesbury, Mass., he was weighing financial aid offers from the variety of expensive universities. He ultimately decided to attend none for the foreseeable future. Though his family was able to demonstrate the great deal of need during the financial aid application process, even the local state university was going to cost them $2,000 out of pocket and require $7,000 in student loans in Year One. I heard that and got this aching, stabbing pain in my forehead, he said. I definitely think its the stupid idea to get into debt when I dont have to. Rather than blindly following his high school classmates heading immediately to college, he spent much of 2011 focusing on two areas of career interest. He works for his local fire department and recently completed his probationary period. And he coached the local soccer team. In the spring, he hopes to take an emergency medical technician course at the local community college, which would cost him nothing; he qualifies for free tuition. Mr. Caulton knows that to advance in coaching in particular, hell probably need the college degree. But hes in no rush to get one, especially if it means putting himself five figure! s in the hole. More high school graduates should be thinking precisely as he does, testing their career interests, dipping the toe in community college and living at home to keep debt at the minimum. UNEXPECTED EXPENSES For people who do graduate with debt, being mindful of expenses is crucial. Michaela Fortin, 22, is one of the luckiest recent college graduates in that respect. She has the job as the sales and marketing coordinator for the Middlebury Inn in Middlebury, Vt., that allows her to afford her $320 in monthly loan payments. And she has training, having worked as senior peer adviser at her alma mater, Champlain College in Burlington, Vt., as part of the colleges personal finance training program, which every student must complete. What she didnt have until this year, however, was much real-world experience. And it was the bit like having cold water splashed in her face. Being unable to predict the unexpected has been the biggest challenge, she said. There were big things, like the need for the car, which then needed new tires. And little things, like the fees for the birth certificate and the replacement Social Security card she needed to start her job. So far she has managed, thanks in part to money that shes earned picking up extra work as the freelance graphic designer. But she doesnt want to rely on that budget padding either. So she plans to use the trick that she picked up in her Champlain training, automating her accounts so that money is locked away for the future, or the unexpected, before she even sees it in her checking account. I want to budget for savings, saving before I have the money, she said, in effect tricking her mind into thinking that the money was never available for everyday spending in the first place. BETTER HALVES To be an entrepreneur is to break many of the rules of personal finance. It means making the big bet. It can mean the lot of credit card debt, too, as Mike Alfred discovered. He is the co-founder of BrightScope! , the co mpany that ranks and provides data on 401(k) plans and investment advisers, and he recently finished paying off about $50,000 of that debt. It can also mean blowing off retirement savings for the while. Putting away $10,000 the year is fine, but most people in start-ups figure its best to put all their available cash into the business in the hope they can sell it later for enough to retire on right then and there. Here, Mr. Alfred diverts from the standard all-in strategy as he recently began saving in his own companys retirement plan. In one sense, this may be about perceptions it might not look so good if Mr. 401(k) was not participating in his own retirement plan. But Mr. Alfred, 30, chalks this up to something else the fact that his girlfriend moved to San Diego this year so the two could move in together. When you get older, you may have the spouse or poignant other that is more conservative than you, he said. And you need to make sure that they feel comfortable building the relationship with the risk-taker. It is the little bit of the compromise, and she convinced me to start again. Alan Wenker, the 48-year-old controller in Maplewood, Minn., who spent the decade hunting for the better 401(k) plan for himself and his co-workers, plans to spend part of 2012 putting things in better order in the event that he dies unexpectedly. My wife could find all of the stuff she needed by digging around in the file cabinet and piecing it all together, he said. But it really shouldnt be something that should be that tough to get.

Is A Career In Financial Planning In Your Future?

2011-12-30T04:09:00.003-08:00

The job goes by a lot of names, including financial planner, financial confidant and personal financial consultant, but it's rarely called what it typically is: financial products sales. Financial planners earn a living by helping people sort through and choose investments, insurance and other financial products. They do retirement planning, college funding, estate planning and general investment analysis. Obtaining New BusinessFinding clients who need those services and building a customer base is crucial to experiencing success as a financial planner, because referrals from satisfied clients are an important source of new business. Whether you find new clients by giving seminars or lectures, through social or business contacts or simply by cold calling, find them you must.Having a broad social network is one reason that many successful financial planners enter the field after working in a related occupation such as accountant, auditor, insurance sales agent, lawyer or securities, commodities and financial services sales agent. What Education Will Lead to Employment?Financial planning employers look for candidates with a bachelor's degree in accounting, finance, economics, business, mathematics or law. Courses in investments, taxes, estate planning and risk management are also helpful. Programs in financial planning are becoming more widely available in colleges and universities.Financial analysts may also seek the Certified Financial Planner (CFP), the Chartered Financial Analyst (CFA) and the Chartered Financial Consultant (ChFC) designations. Generally, a license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds or insurance may need licenses such as the Series 6, 7, or 63. These exams are administered by the Financial Industry Regulatory Authority (FINRA, formerly the NASD) and in order to take most of these exams, sponsorship by a member firm or self-regulatory organization is required. Where do Advisors Work?More than half of all financial ! advisors work for finance and insurance companies, including securities and commodity brokers, banks, insurance carriers and financial investment firms. However, four out of 10 personal financial advisors are self-employed, operating small investment advisory firms, usually in urban areas.According to the Bureau of Labor Statistics, the overall employment of financial analysts and personal financial advisors is expected to increase faster than the average (by 27% or more) for all occupations through 2014. This is a result of the increased investment by businesses and individuals, the rising number of self-directed retirement plans and the growing number of seniors. Personal financial advisors will benefit even more than financial analysts as baby boomers save for retirement and as a better-educated and wealthier population requires investment advice. In addition, people are living longer and must plan to finance more years of retirement. Is Financial Planning the Right Career for You? Take this quiz to help you find out: Quiz: Is Financial Planning Right For You?1. How comfortable are you with making sales?A. I could sell my grandmother a ticket to a SuperNova concert with no guarantee that she'll enjoy the performance.B. I could sell my grandmother that SuperNova ticket, but I would feel guilty if she didn't like the show.C. Only a bad person would sell his or her grandmother a SuperNova ticket.2. At what stage of life are you?A. I just graduated from college.B. I've been out of school for a few years.C. I've been in my line of work for several years, but I'm ready for a change.3. How much of an extrovert are you?A. I have been the president of nearly every club I have ever joined. B. I have enough friends to make me happy.C. A good book, a room to myself and no interruptions is my idea of heaven.4. You could be described as:A. both analytical and a good communicator.B. analytical, but not a good communicator, or a good communicator, but not analytical.C. neither analytical, nor a good communicator.5. At work,! I prefe r to do my job:A. completely independentlyB. somewhat independently.C. as part of a team.6. What appeals most to me about becoming a planner is:A. the challenge of building a client base.B. the creation of my own business.C. the analysis of investments.7. According to the Bureau of Labor Statistics, the median annual income for financial planners was $64,750 in 2010 - this includes commission income. How do you feel about that?A. I've never been average and I'll earn more than the median.B. That would work for me.C. Working for commissions only makes me nervous. ResultsIf you answered mostly As, then financial planning could be the right career for you. You're energized, not terrified, by the idea of earning a substantial amount of your compensation through commissions. If you have the right connections and the energy level to work that network, you could succeed in this tough career.If you answered mostly Bs, then you need a back-up plan. Financial planning might work, but you're likely to end up among the 80% of planners who, according to William F. Cole's "The Complete Financial Advisor," are in the business for less than five years. When sales don't work out, what will you do next and how will you sell yourself to your next employer?If you answered mostly Cs, don't even think about financial planning. If you love the portfolio analysis side, consider working as a financial analyst. If math is your strong subject, go into financial engineering or quantitative analysis. You'll make more money without having to sell all day long.More From Investopedia A Guide To Financial DesignationsThe Workings Of Equity Portfolio ManagementGetting A Job As The Tax Man

Financial market credit tightened at year end: Fed

2011-12-30T04:09:00.001-08:00

WASHINGTON (Reuters) - Banks tightened the screws on lending to major financial market participants in recent months, the U.S. Federal Reserve said on Thursday, reflecting concerns about Europe's banking crisis. The central bank's survey of senior credit officers did not mention Europe directly, but indicated a "broad but moderate tightening of credit terms applicable to important classes of counterparties over the past three months." Large financial firms have been under pressure from worries that Europe's political deadlock may eventually lead to some type of sovereign debt default, saddling institutions with massive losses. The Fed said tighter credit terms were especially evident for hedge funds, real estate investment trusts and non-financial corporations. "These responses reflect an apparent continuation and intensification of developments already in evidence in the last survey in September," the report said. Since then, Europe's crisis has engulfed financial markets in a fear of a possible repeat of the fall of 2008, when massive investment bank failures sent an already weak economy into a nose dive. The European Central Bank's latest attempt to stem the crisis, a 489-billion-euro program of cheap three-year loans for banks, has managed to bring down interbank borrowing costs for now. But few analysts see the situation as sustainable. "I expect (banks) to keep the money in deposits ... because they fear they can run short of liquidity and that they cannot face a bond redemption, (while) deposits are shrinking so they need higher liquidity buffers," ING rate strategist Alessandro Giansanti said. Indeed, despite being awash with liquidity, banks still appear distrustful and prefer to deposit their money at the ECB's overnight facility rather than lend to each other. (Additional reporting by Marius Zaharia in London; Editing by Neil Stempleman; and Jan Paschal)

Morgan Stanley Smith Barney Wealth Management Team in Memphis Joins Williams Financial Group

2011-12-29T04:19:00.002-08:00

DALLAS , Dec. 29, 2011 /PRNewswire/ -- Williams Financial Group, a privately held Dallas -based financial services firm providing securities, brokerage, advisory and investment services is pleased to welcome Dominion Partners, LLC to join its over 280 affiliated independent Financial Professionals. With an exclusive focus on integrated, objective, and conflict-free investment advice, Dominion Partners, LLC began operations on December 15, 2011 in Memphis, TN with approximately $155 million assets under management. The company's co-founders and leadership team are Brian Kinney , Nancy Hughes Coe , and Robert Coe . "The group has an impressive background, deep community ties, and a long history of working together, with collectively 40 years of experience providing private wealth services to clients," states Wilson Williams , CEO of Williams Financial Group. "Dominion Partners was created to enhance our ability to manage our clients' assets objectively and preserve our valued relationships," said Nancy Hughes Coe . "Williams Financial Group and National Financial Services, the clearing firm and subsidiary of Fidelity, are our backbone. We are confident in the strength, stability and scale of WFG and like that it has been based in Dallas for the last 25 years with a strong balance sheet and regulatory framework." Dominion Partners will manage the complex and sophisticated needs of its wealth management clients by offering independent advice consistent with their client-based culture. Their core investment management philosophy consists of a global capital markets perspective utilizing cash, fixed income, all-cap core equity, commodity related funds and alternatives. Dominion Partners An independent private wealth management company headquartered in Memphis, Tennessee offering portfolio management, retirement planning and legacy planning. http://www.dominion-partners.com/ Dominion Partners is a branch office of and Securities offered through WFG Investments, Inc., member FINRA & SI! PC, subs idiary of Williams Financial Group. Investment advisory services provided through WFG Advisors, LP. Dominion Partners 6410 Poplar Avenue, Suite #715, Memphis, Tennessee 38119 | 901.969.2182.Williams Financial GroupWilliams Financial Group is a privately held Dallas -based financial services firm providing securities, brokerage, advisory and investment services to over 280 independent Financial Professionals with clients (individual investors and select institutions) whose combined assets under management are approximately $7.1 billion . http://www.williams-financial.com/ Securities offered through WFG Investments, Inc., member FINRA & SIPC, subsidiary of Williams Financial Group. Williams Financial Group 2711 North Haskell Avenue, Suite 2900, Dallas, TX 75204 | 800.225.3650. Contact: Amy Gottenberg , Director of Marketing agottenberg@williams-financial.com

Broadway Financial Corporation Reports Receipt of Nasdaq Compliance Letter

2011-12-29T04:19:00.001-08:00

LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (the Company) (Nasdaq Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the Bank), today reported that it has received a letter, dated December 27, 2011, from the Nasdaq Listing Qualifications Department stating that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) as the Company has filed with the SEC its Quarterly Report on Form 10-Q for the third quarter of 2011 on December 21, 2011. Rule 5250(c)(1) requires that Nasdaq listed companies file their required periodic financial reports with the Securities and Exchange Commission on a timely basis. About Broadway Federal Bank Broadway Financial Corporation conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the leading community-oriented savings bank in Southern California serving low to moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. The Bank operates three full service branches, two in the city of Los Angeles, and one located in the nearby city of Inglewood, California. Shareholders, analysts and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit our website at www.broadwayfederalbank.com. Broadway Financial CorporationPaul C. Hudson, Chief Executive Officer, 323-556-3231; orSam Sarpong, Chief Financial Officer, 323-556-3224; orinvestor.relations@broadwayfederalbank.com

CIBC Poll: Atlantic Canadians name Paying Down Debt a Top Financial Priority Entering 2012

2011-12-28T05:12:00.003-08:00

TORONTO , Dec. 28, 2011 /CNW/ - A new CIBC (TSX: CM.TO - News); (NYSE: CM.TO - News) Poll conducted by Harris/Decima reveals Atlantic Canadians named paying down debt as a top monetary priority as they enter 2012, along with managing day to day spending as well as budgeting as well as retirement planning. Similar to a findings of a same poll one year ago, Atlantic Canadians will be focusing on debt repayment as well as budgeting in a year ahead.Atlantic Canadians' Top 3 Financial Priorities, year over year:"More Atlantic Canadians are recognizing a importance of managing debt as a component of their overall monetary plan, as well as that is driving an increased focus on debt management as well as day to day budgeting entering 2012," said Christina Kramer , Executive Vice-President, Retail Distribution as well as Channel Strategy, CIBC. "Atlantic Canadians are also increasingly seeing a connection between good management of their day to day budget as well as their longer term monetary goals, recognizing that taking smaller steps today as part of a plan can lead to significant benefits down a road."While paying down debt was a top priority among Atlantic Canadians, nationally, monetary priorities vary across age groups:Among twenty-five - 44 year olds nationally, 23 per cent named paying down debt as their top monetary priority right now, while 14 per cent of this age organisation said building savings was their top priority.Among 45 - 64 year olds, 20 per cent named retirement planning as their top monetary priority right now, followed by paying down debt (16 per cent).Managing day to day spending as well as budgeting was also a key theme in a survey across all age groups. Those 65 as well as over placed a particular emphasis on this aspect of their finances, with 24 per cent in this age organisation naming this as their top monetary priority."It's not surprising to see that a monetary needs of Canadians vary at different stages of life, which speaks to a need for individual monetary advice," said Ms! . Kramer . "For example, baby boomers have a clear focus on retirement, while Canadians over 65 years of age are focused on cash flow management given that many in this age organisation have started drawing on their retirement savings." Ms. Kramer noted that while Atlantic Canadians have a clear sense of their priorities for a year ahead, it is important to recognize that your finances are integrated."Paying down your debt can improve cash flow, which in turn gives you more money to work with each month to put towards your savings goals or longer term goals such as retirement," added Ms. Kramer . "With interest rates low as we enter a New Year, 2012 presents a good opportunity for Atlantic Canadians to make progress on debt repayment as part of their long term monetary plan."While boomers maintained a strong focus on retirement, few Canadians in their 20s as well as 30s ranked retirement planning among their top monetary priorities. Only 5 per cent of Canadians surveyed between a ages of 25-34 years of age said retirement planning was their top priority, while another 8 per cent said it was their second priority."It's understandable that younger Canadians are more focused on managing their mortgage as well as building their savings, though it's never too early to start taking steps to save for retirement, particularly with time on your side to have those savings grow over a years," added Ms. Kramer . "Part of a discussion with a monetary advisor about your needs should include a long range plan for retirement that you can start taking small steps towards today."KEY POLL FINDINGSPercentage of Canadians that name paying down debt as their top one monetary priority by age:Percentage of Canadians that name managing day to day spending as well as household budgeting as their top monetary priority by age:Percentage of Canadians that name retirement planning as their top monetary priority by age:Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, a company's national telephone omnibus surve! y. These data were gathered in a sample of 2,015 Canadians between November 10th to 21st, 2011. A sample ofthis size has a National margin of error of +/-2.2%, 19 times out of 20. The margin of error for a 203 Atlantic Canadians surveyed is +/-6.9%, 19 times out of 20. CIBC is a leading North American monetary institution with nearly 11 million personal banking as well as business clients. CIBC offers a full range of products as well as services through its comprehensive electronic banking network, branches as well as offices across Canada , as well as has offices in a United States as well as around a world. You can find other news releases as well as information about CIBC in our Press Centre on our corporate website at www.cibc.com.

Financial amnesia factor behind crisis

2011-12-28T05:12:00.001-08:00

Fund managers and financial advisers should be forced to study financial history to reduce the likelihood of future market panics and crashes, according to a leading trade body for investment professionals.A report by the Chartered Financial Analyst Society of the U.K. condemns financial amnesia among institutional investors, arguing that a failure to heed the lessons of past bubbles was a key factor behind the global financial crisis.CFA UK, which represents 9,000 investment professionals, argues that the study of financial history should form a major part of all compulsory education for retail and wholesale investment professionals. Financial amnesia disarms individuals, the market and the regulator, the body said. It causes risk to be mispriced, bubbles to develop and crises to break.The education requirements for investment professionals in the U.K. do not oblige them to have any understanding of financial history, added Will Goodhart, chief executive of CFA UK. While the UKs Financial Services Authority sets the framework for the Investment Management Certificate, the countrys most widely recognised qualification for investment professionals, CFA UK sets the questions. Mr. Goodhart suggested that about 15 per cent of the syllabus focus on financial history.The British CFA program should be reformed to include a practical history of financial markets, designed to remind us about the effects of liquidity, psychology and regulatory failure, the report said.It also advised the boards of financial institutions to undertake an annual amnesia check. It would be reassuring to know that once a year the board of a financial services firm had reminded itself that this time it is not different, Mr. Goodhart said.The FSA said that it recognised the importance of having appropriately skilled and experienced people working in financial services, but declined to comment on CFA UKs advice to test financial professionals knowledge of history.It pointed to new requirements for professionals providing advice on retail ! investme nt products. Sheila Nicoll, director of conduct policy at the FSA, said in a speech that the changes would oblige advisers to undertake a level of specialist training equivalent to the first year of a bachelors degree.

Financial Accounting Foundation Extends Deadline for Applying to Participate in Private Company Accounting Standards ...

2011-12-26T04:16:00.003-08:00

NORWALK, Conn.--(BUSINESS WIRE)-- The Financial Accounting Foundation (FAF) today extended to January 6, 2012, the deadline for submitting applications to participate in private company accounting standards roundtable discussions scheduled for January, February, and March. The four roundtables will focus on the FAFs recently released Plan to Establish the Private Company Standards Improvement Council, which is intended to improve the process for setting accounting standards for private companies. Any individual or organization representing private company stakeholders interested in participating in the roundtables should complete and submit an online application form by January 6, 2012, along with a comment letter. The roundtables are scheduled for the mornings of: Renaissance Concourse Atlanta Airport One Hartsfield Centre Parkway Atlanta, Georgia American Airlines Training & Conference Center 4501 Highway 360 South ! Fort Worth, Texas Under the FAF proposal, a new Private Company Standards Improvement Council (PCSIC) would identify, propose, deliberate, and formally vote on specific exceptions or modifications to U.S. Generally Accepted Accounting Principles (U.S. GAAP) for private companies. Throughout the deliberative process, the PCSIC would work closely with the Financial Accounting Standards Board (FASB), which would ratify proposed changes and integrate them into U.S. GAAP. Roundtable participants will include a variety of stakeholders, including private company officers and financial statement preparers, CPA practitioners, and users of private company financial statements. Written comments may be sent to Private Company Plan, Financial Accounting Foundation, 401 Merritt 7, Norwalk, Connecticut 06856-5116. Comments also may be submitted online at: PrivateCompanyPlan@f-a-f.org. Anyone interested in observing the roundtables should preregister for specific sessions. Due to seating limitations, no more than two observers from the same organization will be able to attend. The sessions will be recorded for playback from FAFs webcast archive. The Plan and additional information are available at www.accountingfoundation.org. About the Financial Accounting Foundation The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards an! d their respective Advisory Councils. Financial Accounting FoundationJohn Pappas, 203-956-3440jcpappas@f-a-f.org

SCBT Financial Corporation to Announce Fourth Quarter Financial Results and Host Conference Call on January 27, 2012

2011-12-26T04:16:00.001-08:00

COLUMBIA, S.C.--(BUSINESS WIRE)-- SCBT Financial Corporation (NASDAQ:SCBT - News) will announce fourth quarter financial results in a news release prior to a market opening on January 27, 2012 followed by a conference call at 11 a.m. Eastern Time where management will review earnings and performance trends. SCBT Financial Corporation plans to make a news release and related financial information available on a Investor Relations section of www.SCBTonline.com by 11:00 a.m. Eastern Time on January 27, 2012. Conference Call Information: Callers wishing to participate may call toll-free by dialing (866) 328-3013. The number for international participants is (914) 495-8535. The conference ID number is 39655529. Participants can also listen to a live audio webcast through a Investor Relations section of www.SCBTonline.com. A replay will be available from 2 p.m. Eastern Time on January 27 until 11:59 p.m. on February 10. To listen to a replay, dial (855) 859-2056 or (404) 537-3406. The passcode is 39655529. The event will also be archived and available beginning January 28th by midnight Eastern Time in a Investor Relations section of www.SCBTonline.com. About SCBT Financial Corporation SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding company incorporated under a laws of South Carolina. The Company consists of SCBT, N.A., a largest publicly traded bank headquartered in South Carolina; NCBT, a Division of SCBT, N.A.; and Community Bank & Trust, a Division of SCBT, N.A. Providing financial services for over 77 years, SCBT Financial Corporation operates 70 locations in 16 South Carolina counties, 10 North Georgia counties, and Mecklenburg County in North Carolina. Named in Forbes as one of a 100 Most Trustworthy Companies in America for more than 60 months, SCBT Finan! cial Cor poration has assets of approximately $4.0 billion and its stock is traded under a symbol SCBT in a NASDAQ Global Select Market. More information can be found at www.SCBTonline.com. SCBT Financial CorporationAnalyst ContactJohn Pollok, 1-803-765-4628orMedia ContactDonna Pullen, 1-803-765-4558

Financial aid workshops for those planning to go to college scheduled in area

2011-12-19T04:43:00.001-08:00

Once again, staff members from the financial aid office at Spoon River College along with Liz Gilmore, district representative for CollegeIllinois!, will present free financial aid workshops throughout the colleges district.Students from high school juniors to adult learners as well as parents who would like assistance with understanding or completing the Free Application for Federal Student Aid (FAFSA) will have the opportunity to receive help from financial aid professionals at the events. According to college officials, completing the FAFSA accurately, as well as on time, is the first as well as most important step to obtaining federal as well as state aid.By completing the FAFSA early, students will meet financial aid deadlines at the colleges they are considering as well as apply before limited state funding is exhausted, said Jo Branson, SRC director of financial aid, noting information about FAFSA as well as documentation required will be explained, along with information about various other financial assistance programs that are available.The sessions are open to anyone planning on attending college, not just prospective Spoon River College students. Note that some of the sessions are informational only, while others will include the FAFSA completion workshops. The schedule is as follows:--Tuesday, Jan. 10: Cuba Middle-Senior High School at 6 p.m.--Wednesday, Jan. 11: Lewistown High School at 6 p.m.--Wednesday, Jan. 18: VIT High School at 6 p.m.--Wednesday, Jan. 25: Astoria High School at 6:30 p.m.--Wednesday, Feb. 1: Havana High School at 6 p.m.--Thursday, Feb. 2: Canton High School, informational meeting as well as FAFSA completion from 6:30-8:30 p.m.--Tuesday, Feb. 7: Spoon River Valley High School, informational meeting from 6-7 p.m., FAFSA completion from 7-8 p.m.--Wednesday, Feb. 8: Farmington High School, informational meeting at 6 p.m., FAFSA completion from 6-8 p.m.--Thursday, Feb. 9: Macomb High School, informational meeting as well as FAFSA completion hosted by Macomb Senior High Schoo! l from 6 -8 p.m. Western Illinois University financial aid staff may also be in attendance.--Thursday, Feb. 16: Farmington High School, informational meeting at 6 p.m., FAFSA completion from 6-8 p.m.Those attending FAFSA completion workshops should bring the following documentation:--Completed or estimated 2011 tax information (parents as well as students 1040, 1040A, telefile and/or 1040EZ as well as all W-2 forms).--Student's driver's license as well as Social Security number.--Parents Social Security number.--Records of untaxed income (welfare, social security, AFDC or ADC, as well as veterans benefits).--Current bank statements.--Records of businesses, farm as well as other assets (stocks, bonds, as well as other investments).--A calculator--optional but very helpful.Current as well as prospective SRC students may go to the financial aid offices on the Canton as well as Macomb campuses as well as file their financial aid application electronically. The offices are open from 8 a.m. to 4:30 p.m.The Department of Education (DOE) no longer makes paper FAFSA applications available. All applications need to be completed via the website at www.fafsa.gov. DOE also has made available online the FAFSA on the Web Worksheet to assist in completion of the online application.For more information about the events, FAFSA or financial aid, contact the SRC financial aid office at (309) 649-7030 in Canton or (309) 833-6073 in Macomb.

Mahendraprophecy.com: 2012 Financial Predictions Book Released Worldwide

2011-12-19T04:43:00.000-08:00

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Utilizing astrological methodologies that are basis for some of the most ancient and trusted predictive systems known to man, 2012 Financial Predictions, the sixth book by Mahendra Sharma, was released today. With an extremely high degree of accuracy, Sharmas predictions have been used by governments, financial institutions, professional and individual investors worldwide. 2012 Financial predictions can be purchased at www.mahendraprophecy.com. Applying astrological data that has been a guiding source for thousands of years by current and ancient cultures including Indian, Chinese and ancient Maya, celestial observations/planetary alignments have been used to predict weather patterns, natural disasters, positive and negative energy cycles, and global events. Like move is responsible for high tide and low tide and way all other planets have their own impact in different areas. If you think of current climate change (which was, not surprisingly, an astrological prediction) and how investors base many of their financial decisions today on its impact you begin to see the logic, said Sharma. My predictions are based on information which already exists. I simply take from the science of astronomy and astrology and, instead of applying it to individuals I use in a more elemental wayutilizing similar information about global events, as a result of planetary motion, and how they then shape financial shifts. 2012 Financial Predictions contains detailed monthly trends in major markets and guides the reader to appropriate future investment periods for positive and negative cycles. 2012 monthly cycle predictions embody sections on Metals Gold, silver, copper, Platinum, Energy Oil, Natural gas, Grains, Soft, Treasury Bonds, Indexes S&P, Nasdaq, Nikkei, Hang Sang, ASX, Nifty India,! DAX, CA C, Swiss & FTSE, Canada; Currencies Dollar Index, EURO, Pound, Yen, Swiss Franc, SA Rand, Australian and Canadian dollar, IND Rupee; and Real Estate Born in India into a family of Astrologists, Mahendra Sharma currently lives in Santa Barbara, California with his family. He travels throughout the world advising financial professionals and politicians. His website, www.Mahendraprophecy.com has had nearly 10 million unique visitors since 2001. Investors from around the world look to his insightful advice and predictions to increase the value of their investments. Sharma is the author of five previous international books on global financial forecasts and trends. Photos/MultimediaGallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50110415&lang=en MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50110415&lang=enMahendraprophecy.comMahendra Sharma, 1-805-617-3347Press@mahendraprophecy.com

Financial resolutions that you can keep

2011-12-15T05:15:00.002-08:00

Our New Years resolutions tend to focus on health and wealth. And while its easy to jot them down and share them confidently this holiday season, how many of us will actually arrive at next years party svelte with savings in the bank? Apparently, well have a lot more stick-to-itiveness to see the goals to completion if they are in line with the realities the decade is now facing. As you start to draft your list, and envision how you would like 2012 to look, consider including a few of the suggested goals below.More related to this storyCut your holiday costs by renting that little black dressClick your way to holiday shopping blissStretch your holiday dollars with a group giftIn the 20sThis is the time to educate yourself and resolve to sock away a little bit of savings each month. Saving isnt as difficult as we think, especially if we put the savings on auto pilot, says Karin Mizgala, a certified financial planner and chief executive officer of Money Coaches Canada, a national network of fee-only financial coaches. Ms. Mizgala, based in Vancouver, says she could come up with a list of what we should be doing in the 20s, but after recalling her own experiences, she knows that we need to be realistic. A top priority then should be to put even the smallest amount of money away every month $25. Who cant do this? she asks, adding that saving in the 20s isnt for retirement because no one is thinking about that rather its to help us develop healthy financial skills.The reality is that most people in their 20s wont save much, and will likely end up scraping together just enough money to kick start their goals in their 30s, like saving enough money for a down payment on a house or condo, according to Jason Abbott, a certified financial planner and president of Wealth Designs in Toronto. Mr. Abbott also thinks that this decade should be about financial education. Im not saying you need to take the [Canadian] Securities Course, but you should be educating yourself and attempting to learn the basics of personal ! finance, he says. That means reading books, blogs and staying connected with what is going on. He says he routinely comes across people who are learning lessons in their 40s that they should have figured out in their 20s, such as the true cost of credit card interest charges. Knowledge in the 20s will serve us well with making decisions in the 30s, and help prevent us from piling on debts which will put us in a better position to reach important goals in the decades ahead.In the 30s

Rentech Reports 2011 Activities and Financial Results

2011-12-15T05:15:00.001-08:00

LOS ANGELES--(BUSINESS WIRE)-- Rentech, Inc. (NYSE AMEX: RTK) today reported upon the 2011 activities as well as financial results for a fourth quarter as well as mercantile year ended September 30, 2011. Rentech owns as well as develops technologies which enable a production of certified synthetic fuels, renewable power as well as hydrogen. The Company also manages as well as owns a majority of Rentech Nitrogen Partners, L.P. which operates a nitrogen fertilizer plant. D. Hunt Ramsbottom, President as well as CEO of Rentech, stated, 2011 has been a transformative year for Rentech. By unlocking a value of our nitrogen fertilizer business through a publicly traded MLP structure, we have greatly increased shareholder value during Rentech. Our liquidity position has been enhanced with significant money as well as our ownership in Rentech Nitrogen provides us with equity in a publicly-traded entity as well as a vehicle for on-going money flow from anticipated distributions. Regarding a energy business, Mr. Ramsbottom commented, We are significantly reducing our handling as well as project costs as we evaluate opportunities to grow our businesses through conservative capital deployment. Rentech Nitrogen Partners, L.P. IPO On November 9, 2011, Rentech completed a Initial Public Offering (IPO) of Rentech Nitrogen, a master limited partnership, which now holds Rentechs nitrogen fertilizer assets. In a IPO, 15 million common units representing limited partner interests in Rentech Nitrogen were issued during a price to a public of $20.00 per common unit, for gross proceeds of $300 million. The common units are listed upon a New York Stock Exchange under a ticker symbol RNF. On August 5, 2011, before to a announcement of a IPO, Rentech, which owned 100% of Rentech Nitrogen during a time, had a market capitalization ! of $218 million. Based upon the closing stock price upon December 14, 2011, a market capitalization of Rentech, which now owns approximately 61% of Rentech Nitrogen, was $365 million, as well as a market capitalization of Rentech Nitrogen was $663 million. Rentechs ownership in Rentech Nitrogen is valued during $403 million based upon Rentech Nitrogens closing stock price upon December 14, 2011. Rentech currently intends to maintain the majority ownership interest in Rentech Nitrogen. Rentech Nitrogen used $150.8 million of IPO proceeds to repay in full the outstanding term loan, as well as retained $48 million of cash, which included $8 million to fund identified capital expenditures as well as $40 million for general working capital. The entity is now debt-free as well as has a $25 million undrawn revolving credit facility which can be used to fund Rentech Nitrogens seasonal working capital needs, among alternative things. Rentech received $136.8 million in money in connection with a closing of a IPO as well as owns 23.25 million common units of Rentech Nitrogen. Rentech also owns 100% of a non-economic general partner interest in Rentech Nitrogen. Rentech Nitrogen will pay a quarterly distribution of a Partnerships money available for distribution, as determined by a Board of Directors of the General Partner, to the unit holders. As of December 15, 2011, Rentech Nitrogens anticipated distributions for a mercantile year ended September 30, 2012 are projected to total $2.34 per unit before any debt service related to a potential financing of the ammonia expansion project. Accordingly, Rentech expects to receive approximately $54 million in distributions during mercantile year 2012. Net Operating Loss Carryforwards Rentech estimates which the net handling loss carryforwards (NOLs) applicable to federal income taxe! s curren tly exceed $90 million, after giving effect to a IPO transaction. The Company has a tax benefit preservation plan in place which is intended to protect a value of a Company's NOLs, a use of which could be restricted by certain changes in ownership of a Companys stock. Once a Companys NOLs are fully utilized or expire, Rentechs taxable income, including the share of income from Rentech Nitrogen, will be subject to federal as well as alternative income taxes. Strategy The Company believes which it can use the liquidity as well as management to support a growth of Rentech Nitrogen, as well as to take advantage of opportunities to invest in energy assets. Commenting upon both businesses, Mr. Ramsbottom stated, We have clear opportunities for growth in our fertilizer business given a expansion projects underway as well as potential future expansion as well as acquisition possibilities. With respect to energy, we believe which a changing industry may present opportunities for Rentech to build significant value given our strong money position, stable of technologies as well as core competencies. Nitrogen Fertilizer Strategy Rentech Nitrogen is in a process of expanding the production capabilities as well as product offerings to increase money flow through a following expansion projects: Ammonia Capacity Expansion: Rentech Nitrogen has commenced construction of a project which is designed to increase ammonia production during a facility by approximately 23%, or 70,000 tons annually, for sale or upgrade to additional products, as well as to increase on-site ammonia storage capacity by approximately 20,000 tons. Rentech Nitrogen has completed a feasibility study, completed Front-End Engineering as well as Design (FEED), obtained air as well as construction permits as well as commenced constructio! n of cer tain long lead-time items in order to put a project upon a schedule which coincides with planned downtime for a 2013 plant turnaround. Based upon a engineering work completed to date, a preliminary estimate is which this project could be completed in 24 to 30 months without adding significant downtime to which already planned for a 2013 turnaround. The entire project is expected to cost approximately $100 million, as well as generate attractive project returns given todays environment as well as current expectations for pricing of products as well as costs of natural gas. Rentech Nitrogen currently intends to finance substantially all of a cost of this project with debt financing. However, there is no guarantee which it will be able to obtain debt financing upon acceptable terms or during all. Initial debt financing may be provided by a Partnerships parent, Rentech, Inc. Urea Expansion as well as Diesel Exhaust Fluid Build-Out (DEF): Rentech Nitrogen commenced a project to increase urea production capacity by approximately 13%, or 17,500 tons annually. The additional urea could be marketed as liquid urea or upgraded into UAN, both of which sell during a premium to ammonia per unit of nitrogen. As a part of this project, work has commenced upon a installation of mixing, storage as well as load-out equipment which would enable a production as well as sale of DEF from urea produced during a facility. The urea expansion as well as DEF build-out project is expected to be completed by a end of calendar year 2012 as well as will cost approximately $5.8 million to complete, which has been funded from net proceeds of a IPO. The project is expected to generate attractive returns, given a current environment as well as expectations for pricing of products as well as costs of natural gas. Rentech Nitrogen is also evaluating additional opportunities ! for increased money flow through further expansion as well as potential acquisitions. Energy Strategy The Companys energy strategy includes reduced spending for project development as well as R&D; a acquisition of assets or companies in related businesses which can generate money flow; collaboration with partners who can fund R&D as well as project development, as well as provide related technologies; smaller investments; as well as thresholds for projected returns appropriate to a type of investment. The Company believes that, although a alternative energy space is currently challenging, opportunities exist to create shareholder value through disciplined investment in assets which may be undervalued, as well as could benefit from a Companys technical as well as operational expertise. Rentech does not intend upon the own to fund expensive development activities such as FEED for development projects, but may co-invest alongside partners. For example, Rentech may seek to invest in projects which would mix Rentechs biomass gasification technologies with third-party technology for a production of renewable fuels or power, in which case Rentechs investment may be intended to fund a commercial deployment of a gasifier, which would require $30-$40 million as well as be contingent upon a complete financing package for a project. The Company does not intend to rely upon U.S. Department of Energy (DOE) financing for commercial projects, but may pursue grants as well as alternative forms of support. Consistent with this strategy, Rentechs expenses for project development before financing is in place are expected to be no more than a few million dollars per year, as well as a number of development projects is expected to be limited. Rentech is negotiating with potential partners as well as agencies to fund research as! well as development (R&D) activities. The Companys approach to the Olympiad project in northern Ontario Canada is to seek partners as well as funding sources which would co-fund development activities, as well as to seek a financing package which would limit Rentechs investment in a project. The Company stopped development of large scale projects which required larger development spending by Rentech in order to meet deadlines for government funding. For example, in a fourth quarter of mercantile year 2011, Rentech abandoned the large-scale projects which relied upon DOE funding, as well as impaired a assets which had been capitalized in connection with those projects. Rentech, Inc.: Outlook excluding Rentech Nitrogen Rentech expects to build money as it receives distributions from Rentech Nitrogen in mercantile year 2012, absent any unplanned investments, debt repayment or acquisitions. At a close of a IPO, Rentech had approximately $200 million of money as well as $57.5 million of debt. The Company expects to receive approximately $54 million in money distributions during mercantile year 2012 as a result of the ownership in Rentech Nitrogen. Rentech expects total handling as well as capital expenditures for the alternative energy segment to decline in mercantile year 2012 by approximately 40% from a before mercantile year. Selling, general as well as administrative (SG&A) expenses for mercantile year 2012, adjusted for non-cash compensation expenses, are expected to be slightly down from mercantile year 2011, with a potential for further improvement. Capital expenditures are expected to decline by approximately 85%, primarily due to reduced project development activity. R&D expenses for mercantile year 2012 are projected to decline by more than 50% from mercantile year 2011. This projection for R&D expenses reflect! s activi ties only through completion of a Rentech-ClearFuels Integrated Bio-Refinery (IBR) Project during a Rentech Energy Technology Center (RETC) in Colorado, which requires 2,000 hours of operation as well as is expected to be completed in early April 2012. As a IBR Project concludes, Rentech will assess a need for any continued operation of the Product Demonstration Unit (PDU) as well as Integrated BioRefinery as well as research as well as development activities during RETC. Continuing such activities through a second half of a mercantile year would add an estimated $6-$8 million, including staffing costs, to R&D expense if Rentech elected to continue such operations as well as bear a full cost. Rentech is currently in discussions with potential partners as well as educational as well as government entities regarding funding of R&D activities. Rentech Nitrogen Outlook Rentech Nitrogen reiterates the forecast for money distributions of $2.34 per unit (a forecast which assumed no interest expense) for a mercantile year ending September 30, 2012 which was detailed in a Partnerships IPO prospectus. The Partnership continues to see positive agriculture fundamentals as well as economic incentives for farmers to plant corn as well as use nitrogen fertilizer to increase yields. Pricing is relatively strong for nitrogen fertilizer products in a Mid Corn Belt, which has historically been a top corn producing region of a U.S. Rentech Nitrogen has delivered and/or entered into prepayment contracts for approximately 77,500 tons of ammonia as well as 120,250 tons of UAN, which accounts for 59% as well as 47% of forecasted deliveries for a respective products during mercantile year 2012. Rentech Nitrogen has already purchased or contracted during fixed prices for a natural gas required to produce a tons delivered as well as those unde! r contra ct. Financial Highlights Rentechs financial results reflect a consolidated results of the alternative energy business as well as those of Rentech Nitrogen before to a closing of Rentech Nitrogens IPO as well as a repayment of the term loan. Fiscal Fourth Quarter Ended September 30, 2011 For a fourth quarter of mercantile year 2011 consolidated net loss was $59.1 million or $0.27 per share. Excluding non-recurring items, a Company generated net loss of $0.04 per share for a current period. This compares to a net loss of $9.1 million or $0.04 per share reported in a fourth quarter of mercantile year 2010. Further explanation of net income excluding non-recurring items, a non-GAAP financial measure, as well as a reconciliation of consolidated net income excluding non-recurring items to net income have been included below in this press release. During a fourth quarter of mercantile year 2011, Rentech Nitrogen generated handling income of $10.4 million as compared to $6.4 million during a fourth quarter of a before mercantile year. Rentech Nitrogen generated $12.9 million of Adjusted EBITDA in a fourth quarter of mercantile year 2011, as compared to $9.3 million in a fourth quarter of a before mercantile year. Further explanation of Adjusted EBITDA, a non-GAAP financial measure, as well as a reconciliation of Rentech Nitrogen's Adjusted EBITDA to handling income has been included below in this press release. During a fourth quarter of mercantile year 2011, Rentech Nitrogens average prices for ammonia as well as UAN, the primary products, were $636 per ton as well as $298 per ton, respectively, compared to $398 per ton as well as $168 per ton, respectively, for a comparable period in a before mercantile year. Rentech Nitrogen delivered 18,000 tons of ammonia, 77,000 tons of UAN as well as 7,! 000 tons of alternative nitrogen products during a fourth quarter of mercantile year 2011 as compared to 35,000 tons of ammonia, 100,000 tons of UAN as well as 10,000 tons of alternative nitrogen products during a comparable period in a before mercantile year. Revenues for a fourth quarter of mercantile year 2011 were $38.6 million, as compared to $35.1 million for a comparable period in a before mercantile year. Revenues were derived almost entirely from nitrogen fertilizer products sales, whose sales prices were higher due to stronger demand for a products than in a previous mercantile year period which were partially offset by lower shipments due to a bi-annual plant turnaround during a last two weeks of September. Gross profit margin upon product shipments was 45% for a fourth quarter of mercantile year 2011, up from 23% for a comparable period in a before mercantile year. The increase was primarily due to higher sales prices as well as lower natural gas prices. Gross profit margin for a current period was negatively impacted by $4.4 million of expenses related to a bi-annual plant turnaround. Consolidated SG&A expenses were $5.1 million for a fourth quarter of mercantile year 2011 as compared to $7.1 million for a comparable period in a before year. Current period SG&A expenses were comprised of $3.4 million for a alternative energy business as well as $1.7 million for nitrogen fertilizer business as compared to $5.6 million as well as $1.5 million, respectively, for a fourth quarter of mercantile year 2010. The decrease in SG&A expenses was primarily due to a decrease in stock based compensation. R&D expenses incurred in a alternative energy segment during a fourth quarter of mercantile year 2011 were $9.6 million as compared to $6.3 million for a comparable period in a before mercantile year. The increa! se in R&D expenses was primarily attributable to a fabrication as well as a integration of a Rentech-ClearFuels biomass gasifier during a PDU. During a fourth quarter of mercantile year 2011, Rentech reported a $58.7 million loss due to impairments for a Companys Rialto, Natchez as well as Port St. Joe projects which it abandoned during a quarter. Rentech also extinguished a liability of $7.9 million related to the previously abandoned coal-to-liquids conversion project during the fertilizer plant. Fiscal Year Ended September 30, 2011 For a mercantile year ended September 30, 2011 consolidated net loss was $64.3 million or $0.29 per share. Excluding non-recurring items, consolidated net income was $0.00 per share for a current mercantile year. This compares to a net loss of $42.2 million or $0.20 per share reported in a mercantile year ended September 30, 2010, or a net loss of $0.18 per share excluding non-recurring items. Further explanation of net income excluding non-recurring items, a non-GAAP financial measure, as well as a reconciliation of consolidated net income excluding non-recurring items to net income have been included below in this press release. During mercantile year 2011, Rentech Nitrogen generated handling income of $69.9 million as compared to $20.4 million during a before mercantile year. Rentech Nitrogen generated $79.9 million of Adjusted EBITDA in mercantile year 2011, as compared to $30.9 million in mercantile year 2010. Further explanation of Adjusted EBITDA, a non-GAAP financial measure, as well as a reconciliation of Rentech Nitrogen's Adjusted EBITDA to handling income have been included below in this press release. During mercantile year 2011, Rentech Nitrogens average prices for ammonia as well as UAN, the primary products, were $588 per ton as well as $269 per ton, respectively, comp! ared to $377 per ton as well as $180 per ton, respectively, during a before mercantile year. Rentech Nitrogen delivered 125,000 tons of ammonia, 315,000 tons of UAN as well as 44,000 tons of alternative nitrogen products during mercantile year 2011 as compared to 153,000 tons of ammonia, 294,000 tons of UAN as well as 43,000 tons of alternative nitrogen products during a comparable period in a before mercantile year. Revenues for mercantile year 2011 were $180.1 million, as compared to $131.9 million for a comparable period in a before mercantile year. Revenues were derived almost entirely from nitrogen fertilizer products sales, whose sales prices were higher due to stronger demand for a products than in a previous mercantile year. Ammonia sales volume was lower during mercantile year 2011 as more ammonia was upgraded into UAN to realize higher gross profit margins than in a before mercantile year, as well as a need to build inventory to cover mercantile year 2012 fall sales commitments. Gross profit margin upon product shipments was 45% for mercantile year 2011, up from 24% for a before mercantile year. The increase was primarily due to higher sales prices as well as lower natural gas prices. Fiscal year 2010 gross profit margin was negatively impacted by unplanned repairs as well as maintenance costs. Turnaround expenses for mercantile years 2011 as well as 2010 were $4.5 million as well as $4.0 million, respectively. Consolidated SG&A expenses were $28.0 million for mercantile year 2011 as compared to $28.4 million for a before mercantile year. Current year SG&A expenses were comprised of $22.2 million for a alternative energy business as well as $5.8 million for a nitrogen fertilizer business as compared to $23.9 million as well as $4.5 million, respectively, for mercantile year 2010. The decrease in a alternative ener! gy segme nts SG&A expenses was primarily attributable to a decline in stock-based compensation expense resulting from a reversal of previously accrued expenses related to a Rialto Project. R&D expenses incurred in a alternative energy segment during mercantile year 2011 were $30.0 million as compared to $19.6 million for a comparable period in a before mercantile year. The increase in R&D expenses was primarily attributable to a fabrication as well as integration of a Rentech-ClearFuels biomass gasifier during a Companys PDU. Net of DOE reimbursements, Rentechs remaining costs to complete a Rentech-ClearFuels project are expected to be approximately $1.5 million. During mercantile year 2011, Rentech reported a $58.7 million loss due to impairments for a Companys Rialto, Natchez as well as Port St. Joe projects which it abandoned during a fourth quarter. In mercantile year 2011 Rentech extinguished a liability of $7.9 million related to a previously abandoned coal-to-liquids conversion project during the fertilizer plant. In mercantile year 2011, $13.8 million was recorded as loss upon debt extinguishment as compared to $2.3 million recorded in a before mercantile year. Conference Call with Management The Company will hold a conference call upon Thursday, December 15, 2011 during 11:30 a.m. PST, during which time Rentech's senior management will review a Company's financial results for this period as well as provide an update upon corporate developments. Callers may listen to a live presentation, which will be followed by a question as well as answer segment, by dialing 800-381-7839 or 212-231-2901. An audio webcast of a call will be available during www.rentechinc.com within a Investor Relations portion of a site under a Presentations section. A replay will be available by audio webcast as well as ! teleco nference from 1:30 p.m. PST upon December 15 through 1:30 p.m. PST upon December 22. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 as well as a reservation number 21548867. For a Three Months For a Twelve Months Ended September 30, Ended September 30, 2011 2010 2011 2010 Total Revenues $ 35,095 $ 180,063 $ 131,925 ! Cost of Sales 25,800 26,927 103,486 106,712 Gross Profit 12,819 8,168 76,577 25,213 Selling, General, as well as Administrative 5,062 7,074 28,004 28,410 ! Depreciation as well as Amortization 546 487 2,225 1,947 Research as well as Development 9,569 6,328 30,009 19,641 Loss upon Impairment 58,689 1,190 58,742 1,190 Advance for Equity Investment (7,892 ) - (7,892 ) - Loss upon Disposal of Property, Plant, 594 ! 219 523 191 Total Operating Expenses 66,568 15,298 111,611 51,379 Operating Profit (Loss) (53,749 ) (7,130 ) (35,034 ) (26,166 ) Total Other Expenses (5,357 ) ! (1,912 ) (30,345 ) (15,550 ) (59,106 ) (9,042 ) (65,379 ) (41,716 ) Income tax expense 4 2 3 11 ! (59,110 ) (9,044 ) (65,382 ) (41,727 ) Equity in net loss of investee company - 79 - 544 Loss from Continuing Operations (59,110 ) (9,123 ) (65,382 ) (42,271 ) Income from discontinued operations - 1 - ! 9 Net Loss (59,110 ) (9,122 ) (65,382 ) (42,262 ) 19 94 1,099 94 Net Loss Attributable to Rentech $ (59,091 ) $ (9,028 ) $ (64,283 ) $ (42,168 ) Basic as well as Diluted Loss per Common Share ! Continuing operations $ (0.27 ) $ (0.04 ) $ (0.29 ) $ (0.20 ) Discontinued operations 0.00 0.00 0.00 0.00 Basic as well as Diluted Loss per Common Share $ (0.27 ) $ (0.04 ) $ (0.29 ) $ (0.20 ) Basic as well as Diluted Weighted-Average ! Number of Common Shares Outstanding 223,356 221,731 222,664 216,069 Disclosure Regarding Non-GAAP Financial Measures To supplement a Companys financial information presented in accordance with GAAP, management uses additional measures which are known as non-GAAP financial measures in the evaluation of past performance. These measures include net income (loss) attributable to Rentech excluding non-recurring items as well as Adjusted EBITDA. Management believes which a presentation of such additional financial measures provides useful information to investors regarding a Companys performance as well as results of operations because these measures, when used in conjunction with related GAAP financial measures, provide investors with additional information about a Companys core handling performance as well as a financial analytical framework upon which management bases financial, operational as well as planning decisions. Net income (loss) attributable to Rentech excluding non-recurring items is a presentation of net income (loss) attributable to Rentech adjusted for non-recurring items, such as loss upon impairments as well as extinguishment of debt. Adjusted EBITDA is a presentation of earnings before interest, taxes, depreciation as well as amortizat! ion. Not e which a majority of Rentech Nitrogens depreciation expense is booked to cost of sales. Management believes which Adjusted EBITDA can be a useful indicator of a fundamental handling performance of Rentech Nitrogens business as well as fertilizer production facility. Management believes which Adjusted EBITDA can help investors evaluate Rentech Nitrogens handling performance by eliminating a effects of depreciation as well as amortization, which are non-cash expenses, as well as of interest as well as taxes, which are non-operating expenses. The Company believes which the investors may use Adjusted EBITDA as a measure of a handling performance of Rentech Nitrogen. The Company recommends which investors carefully: review a GAAP financial information (including the Statements of Cash Flows) included as part of the Annual Report upon Form 10-K, the Quarterly Reports upon Form 10-Q, as well as the earnings releases; compare GAAP financial information with a non-GAAP financial measures disclosed in the quarterly earnings releases as well as investor calls; as well as read a reconciliation below. For a Three Months For a Twelve Months Ended September 30, Ended September 30, 2011 2010 2011 2010 ! Net loss Attributable to Rentech $ (59,091 ) $ (9,028 ) $ (64,283 ) $ (42,168 ) Loss upon Impairments 58,689 1,190 58,742 1,190 Advance for Equity Investment (7,892 ) - (7,892 ) - Loss upon Debt Extinguishment - - ! 13,8 16 2,268 $ (8,294 ) $ (7,838 ) $ 383 $ (38,710 ) Net Loss per Share Attributable to Rentech (0.27 ) (0.04 ) (0.29 ) $ (0.20 ) Loss upon Impairments 0.27 0.00 0.26 0.01 Advance for Equity Investment (0.04 ) ! 0.00 (0.03 ) 0.00 Loss upon Debt Extinguishment 0.00 0.00 0.06 0.01 $ (0.04 ) $ (0.04 ) $ 0.00 $ (0.18 ) Weighted-Average Shares Outstanding 223,356 221,731 222,664 216,069 ! Rentech Nitrogen Adjusted EBITDA Reconciliation (Stated in thousands) For a Three Months For a Twelve Months Ended September 30, Ended September 30, 2011 2010 2011 2010 Operating Income $ 6,409 $ 69,854 $ 20,389 Depreciation as well as Amortization 2,514 2,926 ! 10,020 10,542 Adjusted EBITDA $ 12,890 $ 9,335 $ 79,874 $ 30,931 About Rentech, Inc. Rentech, Inc. (www.rentechinc.com) owns as well as develops technologies which enable a production of certified synthetic fuels as well as renewable power when integrated with certain alternative third-party technologies. The Companys clean energy technology portfolio includes a Rentech-SilvaGas biomass gasification technology as well as a Rentech-ClearFuels biomass gasification technology, both of which can produce synthesis gas from biomass as well as waste materials for production of renewable power as well as fuels. The Rentech-ClearFuels Gasifier can also produce renewable hydrogen as a product. Rentech also owns a patented Rentech Process which is based upon Fischer-Tropsch chemistry. The Rentech Process can convert syngas from a Companys own or alternative gasification technologies into complex hydrocarbons which then can be upgraded into fuels or chemicals using refining technology which we license. Rentech also owns, through the wholly owned subsidiaries, a general partner interest as well as approximately 61% of a common units representing limited partner interests in Rentech Nitrogen Partners, L.P. (www.rentechnitrogen.com), a publicly traded limited partnership. Rentech Nitrogen Partners, L.P. manufactures as well as sells ni! trogen f ertilizer products including ammonia, urea ammonia nitrate, granular urea as well as urea liquor in a Mid Corn Belt region of a United States. Safe Harbor Statement This press recover contains forward-looking statements as defined in a Private Securities Litigation Reform Act of 1995 about matters such as: Rentech Nitrogens forecasted money available for distribution for mercantile year 2012 as well as related assumptions (please see pages 69-76 of a Rentech Nitrogen prospectus dated November 3, 2011 as filed pursuant to Rule 424(b)(4) with a Securities as well as Exchange Commission upon November 7, 2011 for further details upon a money forecast as well as the underlying assumptions); our estimated net handling loss carryforwards; our energy as well as nitrogen fertilizer strategies; as well as a outlook for both our energy as well as nitrogen fertilizer businesses in mercantile year 2012. These statements are based upon managements current expectations as well as actual results may differ materially as a result of various risks as well as uncertainties. Other factors which could cause actual results to differ from those reflected in a forward-looking statements are set forth in a Companys before press releases as well as periodic public filings with a Securities as well as Exchange Commission, which are available via Rentechs website during www.rentechinc.com. The forward-looking statements in this press recover are made as of a date of this press recover as well as Rentech does not undertake to revise or update these forward-looking statements, except to a extent which it is required to do so under applicable law. Rentech, Inc.Julie DawoodjeeVice President of Investor Relations as well as Communications310-571-9800 ir@rentk.com

HK tops global survey of financial system health

2011-12-14T03:28:00.001-08:00

HONG KONG (AP) Hong Kong has become a first Asian finance center to top an annual survey of global financial development, overtaking a United States and U.K.The World Economic Forum said Tuesday that Hong Kong, a semiautonomous Chinese territory, leapfrogged from fourth to first thanks to strong scores on non-banking financial services such as initial public offerings and insurance.The U.S. and U.K., struggling to recover from a global financial crisis, slipped on lower scores for financial stability.Singapore dropped one spot to fourth but other Asian nations moved up in a rankings of 60 markets. It's a first time since a Geneva-based WEF began a survey four years ago that a U.S. or U.K. has not come first."Hong Kong's ascent to a top of our index marks a major milestone," said Kevin Steinberg, chief operating officer of World Economic Forum USA."While Western financial centers are understandably focused on short-term challenges, this report should serve as a wake-up call that their long-term leadership may be in jeopardy."Among a top 20, Japan moved up a notch to eighth place and Malaysia climbed one spot to 16th. South Korea jumped six spots to 18th place while China rose three spots to No. 19.Researchers measured factors including a market's business and institutional environment, financial stability and development of stock, bond, currency and derivative markets.They also looked at IPO and takeover activity, which showed "considerable decreases," that could be blamed on a freezing up of securitization markets and financial downturn stemming from a subprime crisis, particularly for Western countries.But in Asian countries, these factors improved because their stronger economies and financial systems made them more resilient, a report said.The index looks at long-term measures to support financial system development and is aimed at helping economies identify areas for reform.

The NFEC to Expand Its Student Financial Education Advocacy Program

2011-12-14T03:28:00.000-08:00

The National Financial Educators Council announces the expansion of their Student Financial Education Advocacy program.Los Angeles, CA (PRWEB) December 14, 2011 The National Financial Educators Council expands the Student Financial Education Advocacy program in 2012 to promote peer to peer communication of positive money management lessons. Currently, the NFEC is seeking teenagers as well as young adults that are passionate about spreading the message of financial literacy to participate in this program. Participants of the Student Financial Education Advocacy program receive assignments based on their interest as well as future employment objectives. Students have a choice of writing, shooting video, conducting social medial promotions, research or direct outreach duties. The Student Financial Education Advocacy program helps high school, as well as college-age youth gain needed skills as well as helps to build their resume. The NFEC provides deserving participants a high-level letter of recommendation as well as a job reference. Considering todays unemployment rate for teens as well as young adults, you felt it was important to help students build their resume as they help us spread the message of financial literacy, states Traci Allan of the NFEC. 2011 marked the first year the NFEC implemented the Student Financial Education Advocacy program, as well as many of the students had successful campaigns. Many chose to write financial literacy articles as well as others filmed videos that depicted the financial challenges many college students are facing. The student team at the University California Riverside put on a half-day event on campus that brought out financial professionals to help about 200 hundred students get the professional financial guidance. The 2012 Student Financial Education Advocacy program includes training on topics that employers are looking for. This program facilities a variety projects that can help participant build their resume as well as receive a high-level recom! mendatio n from the NFEC. To qualify for this project applicants must be over 14 years old as well as have a strong desire to improve their skill sets as they serve their peers. To be considered for this program students are encouraged to use the contact form on the NFEC website. The National Financial Educators Council (NFEC) is one of the leading providers of financial literacy programs in the Country. The NFEC is the producer of Money XLive - a concert style financial literacy event that facilities top celebrities as well as sport stars. The NFEC also is focused on raising awareness about the financial literacy movement through PSA commercials, high-profile financial education events, global outreach programs as well as through the Student Financial Education Advocacy project.###Cecile AbadNational Financial Educators Council714.960.4665 7000Email Information

Senate Republicans block Obama nominee to head consumer financial protection office

2011-12-09T04:00:00.003-08:00

The vote had immediate consequences. Without a director, the agency designed to shield consumers from the excesses behind the 2008 financial crisis is unable to work at full strength.Republicans said which until the Obama administration agrees to changes at the agency, they will keep blocking the presidents pick from taking charge.Obama said immediately after the vote which there was no reason to deny Cordray the top spot. He did not rule out a recess appointment, whereby a president makes a temporary appointment to a government post when Congress is not in session. Under such a move, an appointee can serve until the close of the next session of Congress, which would be the end of 2012.Republicans this year have been successful in stopping the White House from making such appointments.Obama said his message to the Senate was: We are not giving up on this. Were going to keep on going at it. We are not going to allow politics as common on Capitol Hill to stand in the way of American consumers being protected from unscrupulous financial operators.Democrats framed the standoff in domestic terms, saying Republicans wanted to gut an agency combined to look out for consumer interests. Cordray and consumer protection are being blocked simply since Republicans want to protect Wall Street, said Sen. Robert Menendez, D-N.J.The vote to overcome the GOP filibuster was 53-45, seven short of the 60 needed to advance the nomination. One Republican, Sen. Scott Brown of Massachusetts, joined Democrats in support of Cordray. Sen. Olympia Snowe, R-Maine, voted present.While the agency officially began business in July, the deadlock limits what it can do. It can oversee existing bank regulations. But without a director, it cannot issue new rules dealing with entities beyond banks, such payday lenders, private student loan providers and mortgage servicers which have been the source of predatory lending practices.Raj Date, a special adviser to the treasury secretary, said the business is already hard at work, helping to fix ! broken c onsumer financial markets. But, he said, we are usually able to supervise banks, not any of the nonbank companies which were responsible for many of the most problematic products and practices leading up to the financial crisis.The agency was a centerpiece of the financial overhaul bill signed into law last year.Republicans largely opposed which legislation and have since sought to change some of its provisions. They dismissed Democratic claims which they were favoring Wall Street over Main Street in blocking the highly regarded Cordray, now portion as enforcement chief at the bureau.

GOP blocks Obama nominee to head financial agency

2011-12-09T04:00:00.001-08:00

WASHINGTON (AP) The battle over a future of a new financial watchdog office escalated Thursday with Senate Republicans blocking confirmation of a man President Barack Obama named to head a office as well as Obama countering by holding out a possibility of appointing a nominee when Congress is on recess.Senate Republicans were near unanimous in voting to stop a former Ohio attorney general, Richard Cordray, from becoming director of a Consumer Financial Protection Bureau, an group they said had too much power as well as too little accountability.The vote had immediate consequences. Without a director, a group designed to defense consumers from a excesses behind a 2008 financial crisis is unable to operate at full strength.Republicans said that until a Obama administration agrees to changes at a agency, they will keep blocking a president's pick from taking charge.Obama said immediately after a vote that there was no reason to deny Cordray a top spot. He did not rule out a recess appointment, whereby a president makes a temporary appointment to a supervision post when Congress is not in session. Under such a move, an appointee can serve until a close of a next session of Congress, which would be a end of 2012.Republicans this year have been successful in stopping a White House from making such appointments.Obama said his message to a Senate was: "We are not giving up on this. We're going to keep on going at it. We are not going to allow politics as usual on Capitol Hill to stand in a way" of American consumers being protected from unscrupulous financial operators.Democrats framed a standoff in political terms, saying Republicans wanted to gut an group created to demeanour out for consumer interests."Cordray as well as consumer protection are being blocked simply because Republicans want to protect Wall Street," said Sen. Robert Menendez, D-N.J.The vote to overcome a GOP filibuster was 53-45, seven short of a 60 needed to advance a nomination. One Republican, Sen. Scott Brown of Massachusetts, joined Dem! ocrats i n support of Cordray. Sen. Olympia Snowe, R-Maine, voted "present."While a group officially began business in July, a deadlock limits what it can do. It can oversee existing bank regulations. But without a director, it cannot issue new manners dealing with entities beyond banks, such payday lenders, private student loan providers as well as mortgage servicers that have been a source of predatory lending practices.Raj Date, a special adviser to a treasury secretary, said a bureau is "already hard at work, helping to fix broken consumer financial markets." But, he said, "we are only able to supervise banks, not any of a nonbank companies that were responsible for many of a most problematic products as well as practices leading up to a financial crisis."The group was a centerpiece of a financial overhaul bill signed into law last year.Republicans largely opposed that legislation as well as have since sought to change some of its provisions. They dismissed Democratic claims that they were favoring Wall Street over Main Street in blocking a highly regarded Cordray, now serving as enforcement chief at a bureau.There's no disagreement, said Sen. Richard Shelby, R-Ala., about a need to bolster consumer protection. "The only real point of contention is whether a new bureau of consumer financial protection will be accountable to a American people," said Shelby, a top Republican on a Senate Banking, Housing as well as Urban Affairs Committee.Last May almost every Republican senator signed a letter to Obama saying they would oppose any bureau nominee until changes were made in its operation.They're pushing to replace a director with a bipartisan board. They want to subject a bureau, now under a Federal Reserve's jurisdiction, to a congressional appropriations process. They favor giving more banking regulators authority to overrule group decisions."The president knew about these concerns months ago, as well as he chose to dismiss them," said Senate Republican leader Mitch McConnell of Kentucky.Deputy Treasury Secreta! ry Neal Wolin, at a White House briefing Wednesday, disputed a argument that a group lacks accountability. He said it must consult with other bank regulators before issuing rules, has to assess a effect of its manners on small businesses as well as can have its manners overturned by a Financial Stability Oversight Council.Responding to GOP demands that Congress control a agency's purse strings, Wolin said no federal bank regulators have congressionally appropriated dollars. "The reason for that is we want to make sure that our bank regulators are free of political influence," he said.Already this year, one committee in a GOP-led House has voted to slice $200 million from a White House request for a Securities as well as Exchange Commission, which has a major enforcement role. The House has voted to hold a Commodity Futures Trading Commission, which oversees derivatives, to $171 million, less than two-thirds of what Obama sought.Cordray, a five-time "Jeopardy" champion, was nominated to be a agency's first director in July. Obama bypassed Elizabeth Warren, a Harvard University law professor as well as consumer advocate who was instrumental in conceiving as well as setting up a agency.Warren drew sharp opposition from Republicans who considered her too much of an activist. She is running for a Senate seat against Brown, a only Republican to support Cordray.

William Blair's 7 Favorite Financial Stocks for 2012

2011-12-08T04:47:00.001-08:00

Bank of America/Merrill Lynch's top financial stock pick added to this update BOSTON (TheStreet) -- William Blair's financial stock picks for 2011 were a disaster, trailing a broader market by a wide margin, as a industry suffocated under tighter regulations and lower interest rates. But a Chicago-based investment bank, which manages more than $45 billion in assets, is looking to recover in 2012 with financial stocks like MasterCard(MA), which has soared 66% this year, and Aon Corp.(AON), up 13%. William Blair every year offers a top stock picks from individual sectors. In 2011, a firm's selections in a financial sector had a worst performance, falling 25% from Nov. 26, 2010, through Nov. 25, 2011. That compares to a slide of 18.7% on a S&P 500 Financials Index. William Blair analysts last year highlighted five stocks in a financial sector, four of which were big losers. Morgan Stanley(MS) and Och-Ziff Capital Management(OZM) each dropped 46%, Evercore Partners(EVR) slumped 22%, and Affiliated Managers(AMG) fell 8%. Only IntercontinentalExchange(ICE) made investors money. Given a dismal performance in a financial sector over a past year, why should investors come back to William Blair for more? For one, a firm is looking more closely at financial technology and specialty finance, which is much different than a big, beleaguered banks. "Leading financial-services providers to a 2.5 billion underbanked consumers as well as a growing number of unhappily banked consum! ers shou ld drive strong growth," William Blair analyst Adam Klauber wrote in a research note Tuesday. "New technologies and services such as online lending and prepaid cards are examples." William Blair isn't a only investment banking firm out with a list of favorite financial stocks. Earlier this week, Bank of America/Merrill Lynch analysts posted their top stock picks for 2012, selecting Lincoln National(LNC) as a best stock idea from a financial sector. Klauber and William Blair's team of financial analysts see opportunities in other names, saying companies with high barriers to entry, long-term secular growth, international exposure, and visible operating leverage should remain core holdings for investors. The analysts have selected seven financial stocks that they're banking on in 2012, which are outlined below and on a following pages. Visa(V) Company Profile: Visa is a global credit card company. Share Price: $95.69 (Dec. 6) 2011 Return: 36% Investment Thesis: "Visa is well-positioned to continue to capitalize on a electronic payments secular growth trend," William Blair analysts write of Visa, noting that secular growth of electronic payments is expected to average 10% to 12% globally over a next several years. The analysts additionally say that Visa additionally enjoys very high incremental margins, which contributes to a company's attractive margin profile (59% in fiscal 2011) and strong free cash flow. "Visa has a strong balance sheet and generates strong cash flow," a analysts write. "Visa had about $4.1 billion of cash and investments, $2.9 billion of litigation reserves, and no debt on its balance sheet as of Sept. 30, 2011. Guidance calls for more than $4 billion of free cash flow in fiscal 2012." ! TheStreet Mobile Edition TheStreet Ratings updates stock ratings daily. However, if no rating shift occurs, a data on this page does not update. The data does refurbish after 90 days if no rating shift occurs within that time period. IDC calculates a Market Cap for a basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month. *Oil Data in Market Overview is Brent Crude Pricing 2011 TheStreet, Inc. All rights reserved. '); \