Category: Car Insurance


Griffin-American Healthcare REIT II Acquires Medical Office Buildings in Florida, Georgia and South Carolina

Filed Under: Car Insurance, Insurance News, Insurance Tips
Feb.02, 2012


NEWPORT BEACH, Calif., Feb. 2, 2012 /NEWS.GNOM.ES/ – Griffin-American Healthcare REIT II (formerly known as Grubb & Ellis Healthcare REIT II) announced today that it has acquired three medical office buildings in Florida, Georgia and South Carolina for an aggregate purchase price of $25.1 million.  As of Jan. 30, 2012, the company’s portfolio totaled 70 buildings valued at approximately $630 million, based on purchase price.

Totaling approximately 117,000 square feet, the three medical office buildings enjoy high occupancy and are either located on the campus of, or in close vicinity to, a regional medical center.

“We believe the aging of America is driving demand for healthcare services constantly higher throughout the country,” said Danny Prosky.  “Griffin-American Healthcare REIT II is designed to take advantage of this demographic wave through the acquisition of clinical healthcare facilities that produce immediate income for our investors.  These latest additions to our portfolio meet these criteria and build upon our institutional-quality nationwide portfolio.”   

Boynton East Medical Office Building – Boynton Beach, Florida

Boynton East Medical Office Building is a two-story, 28,000-square-foot facility built in 2003 on the campus of the 400-bed Bethesda Memorial Hospital in Boynton Beach, Florida.  The property is 95 percent leased to eight tenants, the largest of which is Bethesda Memorial, which occupies more than 46 percent of the building.

East-West Medical Office Building – Austell, Georgia

East-West Medical Office Building is a single-story, 42,000-square-foot facility built in 1999 in the Atlanta suburb of Austell, Georgia.  The property is 100 percent leased to two tenants, the largest of which is Ortholink Physicians Corporation, which occupies nearly 79 percent of the building.  The 382-bed WellStar Cobb Hospital, which employs more than 11,000 people, is located approximately one-half mile from East West Medical Office Building.

Okatie Medical Office Building – Okatie, South Carolina

Okatie Medical Office Building is a three-story, 47,000-square-foot facility built in 1997 in Okatie, South Carolina.  The property is approximately 91 percent leased to three tenants, including Hilton Head Regional Healthcare System, which occupies nearly 82 percent of the building.

Griffin-American Healthcare REIT II financed the acquisition through the assumption of $11.9 million of existing debt, $12 million in borrowings under its line of credit with Bank of America, N.A., as well as net cash proceeds received from its offering.

As of Sept. 30, 2011, the company’s property portfolio was 97 percent leased with a weighted average remaining lease term of approximately ten years and leverage of 25.6 percent.

Griffin-American Healthcare REIT II has sold approximately 49,142,228 shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $490,386,000 through its initial public offering, as of Jan. 27, 2012.

About Griffin-American Healthcare REIT II, Inc. (formerly known as Grubb & Ellis Healthcare REIT II)

Griffin-American Healthcare REIT II, Inc. is a real estate investment trust that seeks to preserve, protect and return investors’ capital contributions, pay regular cash distributions, and realize growth in the value of its investments upon the ultimate sale of such investments. The REIT is co-sponsored by American Healthcare Investors LLC and Griffin Capital Corporation.  Griffin-American Healthcare REIT II currently owns in excess of $630 million in assets, based on purchase price, and is seeking to raise up to approximately $3.0 billion in equity and to acquire a diversified portfolio of real estate assets, focusing primarily on medical office buildings, skilled nursing facilities, hospitals, and assisted living facilities. For more information regarding Griffin-American Healthcare REIT II, please visit www.HealthcareREIT2.com.

This release contains certain forward-looking statements with respect to whether the three newly acquired medical office buildings meet the company’s clinical healthcare acquisition strategy, whether these facilities will provide immediate income to our investors, and whether the company can take advantage of the “aging of America” and presumed increased demand this demographic change may create for healthcare facilities such as those acquired by the company. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: our strength and financial condition and uncertainties relating to the financial strength of  these three medical office buildings and their tenants; uncertainties relating to the local economies where our real estate investments are located; uncertainties relating to changes in general economic and real estate conditions; uncertainties regarding changes in the healthcare industry; uncertainties relating to the implementation of recent healthcare legislation; the uncertainties relating to the implementation of our real estate investment strategy; the successful transition of advisory and dealer manager services and the ability of our new dealer manager to raise significant capital on our behalf and for our new co-sponsors to successfully deploy it; and other risk factors as outlined in the company’s prospectus, as amended from time to time, and as detailed from time to time in our periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.

THIS IS NEITHER AN OFFER TO SELL NOR AN OFFER TO BUY ANY SECURITIES DESCRIBED HEREIN. OFFERINGS ARE MADE ONLY BY MEANS OF A PROSPECTUS.

SOURCE American Healthcare Investors, LLC


http://www.HealthcareREIT2.com

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Republic First Bancorp, Inc. Reports Financial Results for Quarter and Year Ended December 31, 2011

Filed Under: Car Insurance, Insurance News, Insurance Tips
Feb.01, 2012


PHILADELPHIA, Feb. 1, 2012 /NEWS.GNOM.ES/ — Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the quarter and year ended December 31, 2011.  The Company completed the transformation of its balance sheet through the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This sale substantially reduced non-performing asset balances and immediately improved credit quality metrics during the period.

(Logo: http://photos.NEWS.GNOM.ES.com/prnh/20100707/PH31611LOGO )

The Company also recorded a valuation allowance related to its deferred tax assets in the amount of $14.4 million during the fourth quarter of 2011. The recording of this allowance had no impact on regulatory capital ratios. The valuation allowance represents $14.4 million in unrecorded tax assets that can be used to increase future earnings.

“Strengthening the balance sheet and improving asset quality has been the main focus of our organization over the last two years,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer.  ”The loan sale completed that process and will now enable us to redirect our focus on growth and improved earnings going forward. This transaction represents the final step in the transformation of Republic  into a new bank with a new brand, new management team, improved stores, and a retail model focused on extraordinary customer service.”

A summary of earnings for the three and twelve months ended December 31, 2011 are as follows (dollars in thousands):

Quarter Ended
12/31/11

Year Ended
12/31/11

Income (Loss) From Operations

$           1,315

$         (1,716)

Loss on Loan Sale

14,795

14,795

Income (Loss) Before Income Taxes

(13,480)

(16,511)

Provision (Benefit) for Income Taxes

(4,792)

(6,199)

Provision for DTA Valuation Allowance

14,390

14,390

Net Income (Loss)

$    (23,078)

$    (24,702)

Highlights for the Period Ending December 31, 2011

  • Asset quality trends improved for a sixth consecutive quarter. Non-performing asset balances decreased significantly by $37.4 million, or 68%, to $17.8 million as of December 31, 2011 compared to $55.2 million as of December 31, 2010.
  • Non-performing asset and loan ratios improved significantly year over year.

12/31/11

12/31/10

Non-Performing Loans / Total Loans

1.92%

6.45%

Non-Performing Assets / Total Assets

1.70%

6.30%

Loan Loss Reserve / Total Loans

2.04%

1.84%

Loan Loss Reserve / Non-Performing Loans

106.52%

28.62%

Non-Performing Assets / Capital and Reserves

23.13%

55.46%
  • Total assets increased to $1.0 billion as of December 31, 2011 compared to $876.1 million as of December 31, 2010 which represents growth of $171.3 million, or 20%.
  • Total deposits increased by $194.9 million, or 26%, to $952.6 million as of December 31, 2011  compared to $757.7 million as of December 31, 2010. Core deposits grew by $83.5 million, or 12%, to a total of $785.2 million during the year ended December 31, 2011.
  • Capital levels remain strong with a Total Risk-Based Capital ratio of 13.09% and a Tier I Leverage Ratio of 8.70% at December 31, 2011.
  • The net interest margin increased to 3.59% for the twelve month period ended December 31, 2011 compared to 3.50% for the twelve months ended December 31, 2010. Cost of funds decreased by 10 basis points to 0.95% for the three months ended December 31, 2011, compared to 1.05% for the three months ended December 31, 2010.
  • The SBA Lending Team continued to establish itself as a strong component of the Company’s operating results with the origination of $11 million in new loans during the fourth quarter of 2011. This team is now ranked as the #1 SBA lender in New Jersey and the #39 lender in the nation based on the dollar volume of loan originations.
  • Non-interest income grew to $10.6 million for the year ended December 31, 2011 compared to $2.8 million for the year ended December 31, 2010. This represents a year over year increase of $7.7 million, or 273%, primarily due to the gains recognized on the sale of SBA loans.

Income Statement

Income from operations was approximately $1.3 million for the three month period ended December 31, 2011 compared to $0.2 million for the three month period ended December 31, 2010. The Company reported a loss from operations of $1.7 million for the twelve month period ended December 31, 2011 compared to a loss from operations of $16.8 million for the twelve month period ended December 31, 2010. Please refer to “Non-GAAP Financial Measures” below for a reconciliation of GAAP to non-GAAP items.

Earnings for the three and twelve month periods ended December 31, 2011 were significantly impacted by non-recurring items in the amount of $14.8 million related to the loan sale and $14.4 million for the deferred tax asset valuation allowance. The Company reported a net loss of $23.1 million, or $0.89 per share, for the three months ended December 31, 2011, compared to net income of $1.4 million, or $0.05 per share, for the three months ended September 30, 2011 and net income of $0.2 million, or $0.01 per share, for the three months ended December 31, 2010.  On a year to date basis, the Company reported a net loss of $24.7 million for the twelve months ended December 31, 2011 compared to a net loss of $10.7 million for the twelve months ended December 31, 2010.

The loan loss provision increased to $10.3 million for the quarter ended December 31, 2011 compared to $0.6 million for the quarter ended September 30, 2011 due to the sale of loans and foreclosed properties completed in December that dramatically reduced non-performing asset balances and significantly improved credit quality metrics.  On a year to date basis the loan loss provision decreased by $0.6 million, or 4%, to $16.0 million for the twelve month period ended December 31, 2011 compared to $16.6 million for the twelve month period ended December 31, 2010. The loan loss provision recorded during both 2011 and 2010 was primarily driven by the loan sale and updated appraisals of collateral associated with troubled loans all of which were originated prior to 2008.

The Company continues to lower its cost of funds as evidenced by a decrease of 10 basis points to 0.95% for the three months ended December 31, 2011, compared to 1.05% for the three months ended December 31, 2010. The net interest margin increased to 3.59% for the twelve month period ended December 31, 2011 compared to 3.50% for the twelve months  ended December 31, 2010.

Non-interest income increased to $3.4 million for the three months ended December 31, 2011 compared to $1.6 million for the three months ended December 31, 2010, primarily as a result of a settlement in the amount of $2.0 million related to the resolution of a legal dispute. Non-interest income increased to $10.6 million for the twelve months ended December 31, 2011 compared to $2.8 million for the twelve months ended December 31, 2010 mainly due to the $2.0 million legal settlement along with gains recognized on the sale of SBA loans during 2011.

Non-interest expense increased to $14.1 million for the three months ended December 31, 2011 compared to $9.1 million for the three months ended December 31, 2010 mainly due to other real estate write-downs and expenses totaling $4.8 million which were associated with the disposition of foreclosed assets included in the loan sale completed during the fourth quarter of 2011. Non-interest expense increased to $41.2 million for the twelve months ended December 31, 2011 compared to $33.1 million for the twelve months ended December 31, 2010 as a result of the disposition of foreclosed assets in the loan sale combined with expenses related to the SBA lending team that joined the Company during 2011.

In accordance with the applicable accounting guidance a deferred tax asset valuation allowance was recorded during the period ended December 31, 2011. The Company recorded a provision for income taxes in the amount of $9.6 million for the three month period ended December 31, 2011. This amount was the net result of a $4.8 million tax benefit  calculated based on the operating results during the fourth quarter of 2011 offset by a tax provision in the amount of $14.4 million related to a deferred tax asset valuation allowance recorded during the fourth quarter of 2011.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

Description

December 31,

2011

September 30,

2011

% Change

December 31,

2010

% Change

Total assets

$ 1,047,353

$ 952,801

10%

$ 876,097

20%

Total loans (net)

577,442

621,256

(7%)

608,911

(5%)

Total deposits

952,611

833,289

14%

757,730

26%

Total core deposits

785,246

762,275

3%

701,779

12%

Total assets grew by $171.3 million, or 20%, as of December 31, 2011 when compared to December 31, 2010. The growth in assets was driven by an increase in total deposits to $952.6 million as of December 31, 2011 compared to $757.7 million as of December 31, 2010. Core deposits increased by $23.0 million, or 3%, as of December 31, 2011 compared to September 30, 2011 and increased $83.5 million, or 12%, when compared to December 31, 2010 as a result of the Company’s retail strategy which focuses on relationship banking.

Core Deposits

Core deposits by type of account are as follows (dollars in thousands):

Description

December 31,

2011

September 30,

2011

%

Change

December 31,

2010

%

Change

4th Qtr

2011 Cost

of Funds

Demand noninterest-bearing

$ 129,684

$ 126,310

3%

$ 128,578

1%

0.00%

Demand interest-bearing

109,243

98,293

11%

66,283

65%

0.64%

Money market and savings

400,143

371,293

8%

329,742

21%

0.96%

Certificates of deposit

146,176

166,379

(12%)

177,176

(17%)

1.25%

Total core deposits

$ 785,246

$ 762,275

3%

$ 701,779

12%

0.82%

Core deposits increased to $785.2 million at December 31, 2011 compared to $701.8 million at December 31, 2010 as the Company continues to focus its effort on the gathering of low-cost core deposits. At the same time, the Company reduced the overall deposit cost of funds to 0.84% for the three month period ending December 31, 2011 compared to 0.94% for the three month period ending December 31, 2010. Core deposits, excluding certificates of deposit, grew by $114.5 million, or 22%, as of December 31, 2011 compared to December 31, 2010.

The retail banking strategy has enabled the company to significantly reduce its dependence on wholesale funding sources in the brokered and public fund certificate of deposit market.  Liquidity remains strong as the Company has also currently eliminated the need for outside borrowings.

Lending

Loans by category are as follows (dollars in thousands):

Description

Dec 31,

2011

% of

Total

Sept 30,

2011

% of

Total

Dec 31,

2010

% of

Total

Commercial real estate

$ 353,529

60%

$ 393,652

62%

$374,935

60%

Construction and land development

35,061

6%

52,681

8%

73,795

12%

Commercial and industrial

87,668

15%

79,162

12%

78,428

13%

Owner occupied real estate

93,625

16%

88,677

14%

70,833

11%

Consumer and other

16,683

3%

16,636

3%

17,808

3%

Residential mortgage

3,150

0%

3,175

1%

5,026

1%

Deferred costs (fees)

(224)

(347)

(470)

Gross loans

$589,492

100%

$633,636

100%

$620,355

100%

Asset Quality

The Company’s asset quality ratios are highlighted below:

Quarter Ended

Ratio

December 31,

2011

September 30,

2011

December 31,

2010

Non-performing assets/total assets

1.70%

4.83%

6.30%

Quarterly net loan charge-offs (recoveries)/average loans

6.83%

2.08%

(0.58%)

Allowance for loan losses/gross loans

2.04%

1.95%

1.84%

Allowance for loan losses/non-performing loans

107%

39%

29%

Non-performing assets/capital and reserves

23%

46%

55%

Non-performing assets trended lower for a sixth consecutive quarter. During the fourth quarter of 2011, the Company completed the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This sale dramatically reduced non-performing asset balances and significantly improved credit quality metrics for the period ended December 31, 2011. The loans and foreclosed properties had a book balance of $45.1 million and included $28.4 million of non-accrual loans and other real estate owned.

On a year to date basis, non-performing assets decreased by $37.4 million to $17.8 million, or 1.70% of total assets, at December 31, 2011, compared to $55.2 million, or 6.30% of total assets, as of December 31, 2010. Non-performing assets decreased by $28.2 million on a linked quarter basis as well. The allowance for loan losses as a percentage of total loans increased to 2.04% as of December 31, 2011, compared to 1.84%  as of December 31, 2010.

Every non-performing asset included in the loan sale or currently remaining on the books was originated under the old bank model prior to December 31, 2007.

Capital

The Company’s capital regulatory ratios at December 31, 2011 were as follows:

Republic First Bancorp, Inc.

Regulatory Guidelines

“Well Capitalized”

Leverage Ratio

8.70%

5.00%

Tier 1 Risk Based Capital

11.71%

6.00%

Total Risk Based Capital

13.09%

10.00%

Total shareholders’ equity was $64.9 million at December 31, 2011 which represented a book value per share of $2.50, based on common shares outstanding of approximately 26.0 million.  

The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as established by federal banking agencies.

About Republic Bank

Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit myrepublicbank.com.

Non-GAAP Financial Measures

Income (loss) from operations is not a measure of financial performance under generally accepted accounting principles (GAAP) and should not be construed as substitutes for, or superior to, GAAP net income (loss) as a measure of financial performance. However, management uses both GAAP financial measures and the disclosed non-GAAP financial measures internally to evaluate and manage the Company’s operations and to better understand its business. Further, management believes the inclusion of non-GAAP financial measures provides meaningful supplementary information to and facilitates analysis by investors in evaluating the Company’s financial performance and results of operations. Income (loss) from operations as presented herein is not necessarily comparable to similarly titled measures of other companies.

The following table reconciles reported income (loss) from operations to net income (loss) (dollars in thousands):

For the Three Months Ended

For the Twelve Months Ended

2011

2010

2011

2010

Income (loss) from operations

$    1,315

$171

$  (1,716)

$(16,764)

Loss on sale of loans

14,795

-

14,795

-

Income (loss) before income taxes

(13,480)

171

(16,511)

(16,764)

Provision (benefit) for income taxes

(4,792)

12

(6,199)

(6,074)

Provision for deferred tax asset valuation allowance

14,390

-

14,390

-

Net income (loss)

$(23,078)

$159

$(24,702)

$(10,690)

Forward Looking Statements

The Company may from time to time make written or oral “forward-looking statements”, including statements contained in this release and in the Company’s filings with the Securities and Exchange Commission.  The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.  For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items.  You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “may”, “believes,” “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “objective,” and similar expressions or variations on such expressions are intended to identify forward-looking statements.  All such statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.

Republic First Bancorp, Inc.

Selected Consolidated Financial Data

(Unaudited)

Three months ended

Twelve months ended

(dollars in thousands, except per share amounts)

12/31/11

9/30/11

%

Change

12/31/10

%

Change

12/31/11

12/31/10

%

Change

Income Statement Data:

Net interest income

$           7,489

$           7,639

(2%)

$          7,223

4%

$         30,074

$        30,064

0%

Provision for loan losses

10,300

616

1,572%

(350)

3,043%

15,966

16,600

(4%)

Non-interest income

3,423

3,955

(13%)

1,589

115%

10,581

2,839

273%

Total revenues

10,912

11,594

(6%)

8,812

24%

40,655

32,903

24%

Non-interest expenses

14,092

9,105

55%

8,991

57%

41,200

33,067

25%

Provision (benefit) for income taxes

9,598

509

1,786%

12

79,883%

8,191

(6,074)

235%

Net income (loss)

(23,078)

1,364

(1,792%)

159

(14,614%)

(24,702)

(10,690)

(131%)

Per Common Share Data:

Net income (loss): Basic

$            (0.89)

$             0.05

(1,880%)

$            0.01

(9,000%)

$            (0.95)

$          (0.57)

(67%)

Net income (loss): Diluted

(0.89)

0.05

(1,880%)

0.01

(9,000%)

(0.95)

(0.57)

(67%)

Book Value

$             2.50

$             3.40

$            3.39

$             2.50

$            3.39

Weighted average shares outstanding:

Basic

25,973

25,973

25,967

25,973

18,593

Diluted

25,973

25,973

25,967

25,973

18,593

Balance Sheet Data:

Total assets

$    1,047,353

$       952,801

10%

$      876,097

20%

$    1,047,353

$      876,097

20%

Loans (net)

577,442

621,256

(7%)

608,911

(5%)

577,442

608,911

(5%)

Allowance for loan losses

12,050

12,380

(3%)

11,444

5%

12,050

11,444

5%

Investment securities

179,784

159,992

12%

150,087

20%

179,784

150,087

20%

Total deposits

952,611

833,289

14%

757,730

26%

952,611

757,730

26%

Core deposits*

785,246

762,275

3%

701,779

12%

785,246

701,779

12%

Public and brokered certificates of deposit

70,765

71,014

(0%)

55,951

26%

70,765

55,951

26%

Other borrowed money

-

-

-

-

-

-

-

Subordinated debt

22,476

22,476

-

22,476

-

22,476

22,476

-

Stockholders’ equity

64,851

88,304

(27%)

88,146

(26%)

64,851

88,146

(26%)

Capital:

Stockholders’ equity to total assets

6.19%

9.27%

10.06%

6.19%

10.06%

Leverage ratio

8.70%

10.66%

11.01%

8.70%

11.01%

Risk based capital ratios:

Tier 1

11.71%

12.72%

13.68%

11.71%

13.68%

Total Capital

13.09%

13.97%

14.93%

13.09%

14.93%

Performance Ratios:

Cost of funds

0.95%

0.99%

1.05%

0.99%

1.20%

Deposit cost of funds

0.84%

0.88%

0.94%

0.88%

1.07%

Net interest margin

3.38%

3.57%

3.45%

3.59%

3.50%

Return on average assets

(9.51%)

0.58%

0.07%

(2.68%)

(1.14%)

Return on average total stockholders’ equity

(110.48%)

6.17%

0.71%

(28.68%)

(13.42%)

Asset Quality

Net charge-offs to average loans outstanding

6.83%

2.08%

(0.58%)

2.44%

2.73%

Nonperforming assets to total period-end assets

1.70%

4.83%

6.30%

1.70%

6.30%

Allowance for loan losses to total period-end loans

2.04%

1.95%

1.84%

2.04%

1.84%

Allowance for loan losses to nonperforming loans

106.52%

38.68%

28.62%

106.52%

28.62%

Nonperforming assets to capital and reserves

23.13%

45.68%

55.46%

23.13%

55.46%

* Core deposits equal total deposits less public and brokered certificates of deposit and temporary demand deposits.

Republic First Bancorp, Inc.  Average Balances and Net Interest Income

(unaudited)

For the three months ended

For the three months ended

For the three months ended

(dollars in

December 31, 2011

September 30, 2011

December 31, 2010

thousands)

Interest

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Interest-earning assets:

Federal funds sold and other

 interest-earning assets

$  108,488

$           63

0.23%

$    72,214

$           34

0.19%

$    62,508

$           40

0.25%

Securities

163,999

1,384

3.38%

151,120

1,268

3.36%

151,510

1,296

3.42%

Loans receivable

617,856

8,211

5.27%

637,477

8,528

5.31%

622,913

8,093

5.15%

Total interest-earning assets

890,343

9,658

4.30%

860,811

9,830

4.53%

836,931

9,429

4.47%

Other assets

72,205

71,649

75,300

Total assets

$  962,548

$  932,460

$  912,231

Interest-bearing liabilities:

Demand non interest-bearing

$  127,842

$  120,443

$  114,540

Demand interest-bearing

102,960

$         165

0.64%

100,516

$         159

0.63%

61,010

$         101

0.66%

Money market & savings

385,553

930

0.96%

347,727

868

0.99%

336,752

888

1.05%

Time deposits

228,751

690

1.20%

245,083

781

1.26%

278,900

878

1.25%

Total deposits

845,106

1,785

0.84%

813,769

1,808

0.88%

791,202

1,867

0.94%

Total interest-bearing deposits

717,264

1,785

0.99%

693,326

1,808

1.03%

676,662

1,867

1.09%

Other borrowings

22,476

282

4.98%

22,552

279

4.91%

22,508

279

4.92%

Total interest-bearing liabilities

$  739,740

$      2,067

1.11%

$  715,878

$      2,087

1.16%

$  699,170

$      2,146

1.22%

Total deposits and

 other borrowings

867,582

2,067

0.95%

836,321

2,087

0.99%

813,710

2,146

1.05%

Non interest-bearing liabilities

12,092

8,468

9,052

Shareholders’ equity

82,874

87,671

89,469

Total liabilities and

shareholders’ equity

$  962,548

$  932,460

$  912,231

Net interest income

$      7,591

$      7,743

$      7,283

Net interest spread

3.19%

3.37%

3.25%

Net interest margin

3.38%

3.57%

3.45%

The above tables are presented on a tax equivalent basis.

Republic First Bancorp, Inc.  Average Balances and Net Interest Income

(unaudited)

For the twelve months ended

For the twelve months ended

(dollars in thousands)

December 31, 2011

December 31, 2010

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Interest-earning assets:

Federal funds sold and other

 interest-earning assets

$      62,082

$           145

0.23%

$      31,313

$             80

0.26%

Securities

156,367

5,119

3.27%

175,074

6,176

3.53%

Loans receivable

630,309

33,417

5.30%

659,882

34,293

5.20%

Total interest-earning assets

848,758

38,681

4.56%

866,269

40,549

4.68%

Other assets

73,053

73,961

Total assets

$    921,811

$    940,230

Interest-bearing liabilities:

Demand non interest-bearing

$    119,189

$    116,895

Demand interest-bearing

91,577

$           590

0.64%

58,467

$           427

0.73%

Money market & savings

345,885

3,457

1.00%

320,296

3,689

1.15%

Time deposits

244,741

3,017

1.23%

320,194

4,621

1.44%

Total deposits

801,392

7,064

0.88%

815,852

8,737

1.07%

Total interest-bearing deposits

682,203

7,064

1.04%

698,957

8,737

1.25%

Other borrowings

24,831

1,135

4.57%

35,930

1,508

4.20%

Total interest-bearing liabilities

707,034

8,199

1.16%

734,887

10,245

1.39%

Total deposits and

 other borrowings

826,223

8,199

0.99%

851,782

10,245

1.20%

Non interest-bearing liabilities

9,472

8,781

Shareholders’ equity

86,116

79,667

Total liabilities and

shareholders’ equity

$    921,811

$    940,230

Net interest income

$      30,482

$      30,304

Net interest spread

3.40%

3.29%

Net interest margin

3.59%

3.50%

The above tables are presented on a tax equivalent basis.

Republic First Bancorp, Inc.

Summary of Allowance for Loan Losses and Other Related Data

(unaudited)

Three months ended

Twelve months ended

(dollars in thousands)

12/31/11

9/30/11

12/31/10

12/31/11

12/31/10

Balance at beginning of period

$      12,380

$      15,108

$      10,889

$      11,444

$      12,841

Provisions/(recoveries) charged to operating

expense

10,300

616

(350)

15,966

16,600

22,680

15,724

10,539

27,410

29,441

Recoveries on loans charged-off:

 Commercial

59

-

905

70

1,168

 Consumer

-

1

-

39

3

Total recoveries

59

1

905

109

1,171

Loans charged-off:

 Commercial

(10,682)

(3,342)

-

(15,428)

(19,126)

 Consumer

(7)

(3)

-

(41)

(42)

Total charged-off

(10,689)

(3,345)

-

(15,469)

(19,168)

Net charge-offs

(10,630)

(3,344)

905

(15,360)

(17,997)

Balance at end of period

$      12,050

$      12,380

$      11,444

$      12,050

$      11,444

Net charge-offs/(recoveries) as a percentage

average loans outstanding

6.83%

2.08%

(0.58%)

2.44%

2.73%

Allowance for loan losses as a percentage of

period-end loans

2.04%

1.95%

1.84%

2.04%

1.84%

Republic First Bancorp, Inc.

Summary of Non-Performing Loans and Assets

(unaudited)

December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)

2011

2011

2011

2011

2010

Non-accrual loans:

 Commercial real estate

$                9,667

$              31,096

$              36,642

$              38,187

$              39,302

 Consumer and other

897

910

949

974

690

Total non-accrual loans

10,564

32,006

37,591

39,161

39,992

Loans past due 90 days or more

 and still accruing

748

-

1,338

-

-

Renegotiated loans

-

-

-

-

-

Total non-performing loans

11,312

32,006

38,929

39,161

39,992

Other real estate owned

6,479

13,988

13,109

14,077

15,237

Total non-performing assets

$              17,791

$              45,994

$              52,038

$              53,238

$              55,229

Non-performing loans to total loans

1.92%

5.05%

6.09%

6.21%

6.45%

Non-performing assets to total assets

1.70%

4.83%

5.78%

6.07%

6.30%

Non-performing loan coverage

106.52%

38.68%

38.81%

36.90%

28.62%

Allowance for loan losses as a percentage

 of total period-end loans

2.04%

1.95%

2.36%

2.29%

1.84%

Non-performing assets/capital plus

  allowance for loan losses

23.13%

45.68%

50.88%

52.80%

55.46%

SOURCE Republic First Bancorp, Inc.


http://www.myrepublicbank.com

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How Fastenal Is Vending a Success Story (The Motley Fool)

Filed Under: Car Insurance
Jan.28, 2012

Industrial and construction materials supplier Fastenal (Nasdaq: FAST – News) has significantly upped its market presence lately with the expansion of its industrial vending machines — dubbed a “one-stop shop” to replenish supplies.

Although a two-year-old concept, the whole idea seems to have significantly picked up speed over the past ten months, as these machines doubled their contribution to Fastenal’s fiscal 2011 sales to 16% as compared to year before.

A really good idea
Why would you go to a store and stand in the queue just to buy nuts and bolts or cutting tools when you could have a mini-shop in your very own workplace? That’s exactly the question Fastenal’s been trying to raise through its vending machine concept.

These machines, which stock items ranging from metal cutters and grinding disks to first-aid kits and gloves, are becoming popular with diverse industrial customers including manufacturing plants, energy providers, and construction contractors.

Customers seem to have taken a liking to this idea as it saves time and money, making inventory replenishment much more convenient. Automatic billing saves administrative and processing time too, while inventory levels are monitored by Internet-based software, which alerts Fastenal when supplies reach a certain low level. The restocking is done through a local store.

By the end of 2011, a total of 7,500 machines had been installed at customer locations, up from 1,925 machines just a year earlier. In fact, Fastenal’s base of installed machines increased by an impressive 32% in the recent fourth quarter as compared to the third.

A smart way to save costs
The vending machines are fast reducing Fastenal’s need to open new stores to drive sales, thus saving on costs. In the recent past, the company has been increasing its store count by 14% each year. However, thanks to the vending machine expansions, the company need to add just 5% more, 122 new stores, in 2011. It is almost like Fastenal is opening small stores in client locations themselves.

As a matter of fact, analyst Ryan Merkel from William Blair & Co. believes the introduction of these vending machines could be the largest “land-grab opportunity” in distribution of industrial supplies in the past 20 years. The implementation of this strategy is certainly helping to keep Fastenal one step ahead of industry competitors such as W.W. Grainger (NYSE: GWW – News), which posted revenue growth of only 3.8% over the past three years.

Fastenal’s fast figures
The company plans to install 10,000 vending machines each year over the next few years, and it definitely seems capable of doing so. This debt-free company has an impressive unlevered free cash flow of $138 million in addition to their encouraging recent performance.

In every quarter of 2011, Fastenal saw over 20% revenue growth. The company’s earnings per share also met Street expectations all throughout the year. And in the latest quarter, Fastenal’s profits increased by 34%, to $87.5 million, compared to last year.

Future proof
Fastenal’s management plans to promote these machines aggressively in the future using selling incentives and new software, which could be more cost effective for end users. Overall, I’m feeling good about Fastenal’s future.

To keep an eye on this stock, click here to add it to your Watchlist. It’s free!

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MICRO INTERCONNECTS™ Is On-Schedule to Manufacture Flexible, Phase Stable 67GHz Cable

Filed Under: Car Insurance, Insurance News, Insurance Tips
Jan.27, 2012


PORTLAND, Ore., Jan. 26, 2012 /NEWS.GNOM.ES-iReach/ – MICRO INTERCONNECTS™ is on-schedule to manufacture flexible, phase stable – 67GHz RF microwave cable in 2012. Superior mechanical and electrical performance is achieved using MICRO INTERCONNECTS™ proprietary manufacturing processes and materials, which include VP90 ePTFE micro–porous dielectric tape. All 67GHz RF microwave cable will be offered in several standard sizes. 

(Logo: http://photos.NEWS.GNOM.ES.com/prnh/20120126/CG42965)

To reserve a place in our production pipeline, please contact a MICRO INTERCONNECTS™ Field Applications Engineer at 503-992-6268. A Field Application Engineer will be happy to discuss your high frequency RF microwave requirements.

To learn more about current MICRO INTERCONNECTS™ products, please visit the online cable builder at http://www.microinterconnects.com/cable_builder

MICRO INTERCONNECTS™ is a featured portfolio company under High Speed Interconnects, a holding company focused on growing exceptional interconnect technology companies. http://www.highspeedint.com

Media Contact: Jennifer Scherr High Speed Interconnects, LLC, 480-998-2540, jennifers@highspeedint.com

News distributed by PR Newswire iReach: https://ireach.NEWS.GNOM.ES.com

SOURCE High Speed Interconnects, LLC


http://www.highspeedint.com

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John Hancock Annuities Wins 2011 Dalbar Financial Intermediary Service Award

Filed Under: Car Insurance, Insurance News, Insurance Tips
Jan.26, 2012


BOSTON, Jan. 26, 2012 /NEWS.GNOM.ES/ – John Hancock Annuities was named a service leader by Dalbar in its recently announced 2011 Financial Intermediary Service Awards. Dalbar honored John Hancock Annuities as a leading firm in the post-sale award category among financial intermediary firms, based on testing of advisor calls.

“Winning Dalbar’s Service Award is a reflection of our focus and dedication to the highest standards of quality service,” said John Hatch, Vice President, John Hancock Annuity & Fixed Product Operations. “We have always prided ourselves on providing superior service to our advisors and clients. This award is a testament to the hard work and dedication of our employees and management team.”

Dalbar’s Financial Intermediary Service Award is based on systematic testing of service throughout the year. Dalbar conducts thousands of tests to measure how financial companies respond to the need for service from financial professionals. Companies that exceed a variety of industry benchmarks after one year of testing earn the Financial Intermediary Service Award.

“Financial Professionals have many options when it comes to helping their clients make the right investment choices. Recognizing this, our award-winning firms make servicing them an institutional priority,” said Kathleen Whalen, Managing Director at Dalbar.

About Dalbar
With offices in both the US and Canada, Dalbar develops standards for, and provides research, ratings, and rankings of intangible factors to the mutual fund, broker/dealer, life insurance, property and casualty, and managed account industries. Measurements include investor behavior, customer satisfaction, service quality, communications, Internet services, and financial professional ratings.

About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canada-based financial services group serving millions of customers in 21 countries and territories worldwide. In 2012, John Hancock celebrates 150 years of serving clients across the United States, while Manulife celebrates its 125th anniversary. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were C$492 billion (US$473 billion) as at September 30, 2011. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ’945′ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.

Contact your financial advisor or visit www.jhannuities.com for more information, including product and fund prospectuses that contain complete details on investment objectives, risks, fees, charges, and expenses, as well as other information about the investment company, which should be carefully considered. Please read the prospectuses carefully prior to purchasing. The prospectuses contain this and other information on the product and the underlying portfolios.

Venture Annuities and the optional riders, which are available for an additional fee, are not available in all states; product features may vary, subject to state regulation. Variable annuities are not FDIC insured, are long-term contracts designed for retirement purposes, and are subject to investment risk, including the possible loss of principal.

This material was prepared to support the promotion and marketing of annuities. John Hancock, its distributors, and their respective representatives do not provide tax, accounting, investment, or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used for the purpose of avoiding U.S. federal, state or local tax penalties. Please consult your own independent advisor as to any tax, accounting, investment, or legal statements made herein.

John Hancock Annuities are issued and administered by John Hancock Life Insurance Company (U.S.A.), Bloomfield Hills, MI, which is not licensed in New York. In New York, Venture Annuities are issued and administered by John Hancock Life Insurance Company of New York, Valhalla, NY. John Hancock Annuities are distributed by John Hancock Distributors LLC, member FINRA.

Not FDIC Insured

Not Bank Guaranteed

May Lose Value

Not a Deposit

Not Insured by Any Government Agency

0112:  LIT CODE

© 2012 All rights reserved.


SOURCE John Hancock Annuities


http://www.johnhancock.com

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3M posts small profit increase in 4Q (AP)

Filed Under: Car Insurance, Insurance News, Insurance Tips
Jan.26, 2012

NEW YORK – 3M Co. said Thursday its profit inched 3 percent higher in the fourth-quarter as growth in products for the home, office and automobiles offset declines in its high-tech products.

The maker of everything from Scotch Tape to computer arms also maintained its profit forecast as it expects slower global economic growth for the first half of 2012. The company has continuously expressed caution about economic conditions, citing high commodity and fuel prices as well as the beaten-down housing market.

The Maplewood, Minn., company said Thursday it earned $954 million, or $1.35 per share, in the final three months of 2011, compared with $928 million, or $1.28 per share, a year ago.

Revenue rose 6 percent to $7.09 billion.

Wall Street was banking on even smaller earnings growth. Analysts polled by FactSet expected a profit of $1.31 per share. Revenue matched analysts’ forecast. Shares rose 1 percent in premarket trading.

3M said sales were strongest at its industrial and transportation unit, rising 14 percent. Sales in its biggest segment were driven by abrasives and a number of other products for planes and cars.

Sales rose 6 percent at the consumer and office unit, which makes products most familiar to consumers, like Post-Its and Scotch Tape.

Sales fell again at 3M’s its electronics and communications and display and graphics segments, mostly the result of lower sales of film for LCD TVs.

For all of 2011, 3M earned $4.28 billion, or $5.96 per share, compared with 2010 results of $4.09 billion, or $5.63 per share.

This year, it expects earnings per share between $6.25 and $6.50. Analysts currently predict a profit of $6.33 per share.

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CA Technologies CFO Richard Beckert to Present at Investor Conference

Filed Under: Car Insurance, Insurance News, Insurance Tips
Jan.25, 2012


ISLANDIA, N.Y., Jan. 25, 2012 /NEWS.GNOM.ES/ — CA Technologies (Nasdaq: CA) today announced that Richard Beckert, executive vice president and chief financial officer, will present at the following investor conference: 

Conference: Morgan Stanley 2012 Technology, Media and Telecom Conference

Date:            Tuesday, February 28 at 1:45 p.m. ET

Location:       San Francisco

Live and archived audio webcasts of the presentation, as well as any supporting materials, will be available at http://investor.ca.com/.

(Logo: http://photos.NEWS.GNOM.ES.com/prnh/20100516/NY05617LOGO)  

About CA Technologies

CA Technologies (NASDAQ: CA) is an IT management software and solutions company with expertise across all IT environments – from mainframe and distributed, to virtual and cloud. CA Technologies manages and secures IT environments and enables customers to deliver more flexible IT services. CA Technologies innovative products and services provide the insight and control essential for IT organizations to power business agility. The majority of the Global Fortune 500 relies on CA Technologies to manage evolving IT ecosystems. For additional information, visit CA Technologies at www.ca.com.

Follow CA Technologies

Legal Notices

Copyright © 2012 CA. All Rights Reserved. One CA Plaza, Islandia, N.Y. 11749. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

Press Contacts

 

 

 

Michelle Healy                   

Jonathan Doros

Public Relations            

Investor Relations

(631) 342-4701              

(212) 415-6870

michelle.healy@ca.com       

jonathan.doros@ca.com

SOURCE CA Technologies


http://www.ca.com

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Obama to Republicans: Game on (AP)

Filed Under: Car Insurance
Jan.25, 2012

WASHINGTON – President Barack Obama delivered an election-year broadside to Republicans: Game on.

The GOP, from Congress to the campaign trail, signaled it’s ready for the fight.

In his third State of the Union address, Obama issued a populist call for income equality that echoed the Occupy Wall Street movement. He challenged GOP lawmakers to work with him or move aside so he could use the power of the presidency to produce results for an electorate uncertain whether he deserves another term.

Facing a deeply divided Congress, Obama appealed for lawmakers to send him legislation on immigration, clean energy and housing, knowing full well the election-year prospects are bleak but aware that polls show that the independent voters who lifted him to the presidency crave bipartisanship.

“I intend to fight obstruction with action,” Obama told a packed chamber and tens of millions of Americans watching in prime time. House Republicans greeted his words with stony silence.

The Democratic president’s vision of an activist government broke sharply with Republican demands for less government intervention to allow free enterprise. The stark differences will be evident in the White House’s dealings with Congress and in the presidential campaign over the next 10 months.

In the Republican response to the president’s address, Indiana Gov. Mitch Daniels, who once considered a White House bid, railed against the “extremism” of an administration that stifles economic growth.

“No feature of the Obama presidency has been sadder than its constant effort to divide us, to curry favor with some Americans by castigating others,” Daniels said, speaking from Indianapolis. “As in previous moments of national danger, we Americans are all in the same boat.”

Obama said getting a fair shot for all Americans is “the defining issue of our time.” He described an economy on the rebound from the worst economic crisis since the Great Depression, with more than 3 million jobs created in the last 22 months and U.S. manufacturers hiring. Although unemployment is high at 8.5 percent, home sales and corporate earnings have increased, among other positive economic signs.

Republicans say the president’s policies have undermined the economy.

Obama “had the opportunity and the responsibility to level with the American people, admit that the policies of the past three years have delivered an underwhelming record of economic growth and job creation, and show an interest in changing direction and uniting, not dividing the nation,” said Rep. Tom Price, R-Ga., head of the Republican Policy Committee. “The president failed to meet that responsibility.”

There were brief moments of bipartisanship. Republicans and Democrats sat together, continuing a practice begun last year. The arrival of Rep. Gabrielle Giffords, who survived an assassination attempt, elicited sustained applause and cheering, with chants of “Gabby, Gabby.” Republican Rep. Jeff Flake escorted her into the chamber and Obama greeted her with a hug.

The president received loud applause from both sides when he said: “I’m a Democrat. But I believe what Republican Abraham Lincoln believed: That government should do for people only what they cannot do better by themselves, and no more.”

But all that belied a fierce divide.

Obama ticked off items on a hefty agenda that he wants from Congress — a path to citizenship for children who come to the United States with their undocumented parents if they complete college, tax credits for clean energy, elimination of red tape for Americans refinancing their mortgages, a measure that bans insider trading by lawmakers and a payroll tax cut.

Political reality suggests it was largely wishful thinking on Obama’s part. The payroll tax cut and must-do spending bill are the most likely legislative items to survive the election year.

But Obama’s far-reaching list and the hour-plus speech offered a unique opportunity to contrast his record with congressional Republicans and his top presidential rivals, Mitt Romney and Newt Gingrich.

“Anyone who tells you America is in decline or that our influence has waned, doesn’t know what they’re talking about,” Obama said — a clear response to the White House hopefuls who have pummeled him for months.

In an attack on the nation’s growing income gap, Obama called for a new minimum tax rate of at least 30 percent on anyone making more than $1 million. Many millionaires — including Romney — pay a rate less than that because they get most of their income from investments, which are taxed at a lower rate.

“Now you can call this class warfare all you want,” Obama said. “But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”

Obama calls this the “Buffett rule,” named for billionaire Warren Buffett, who has said it’s unfair that his secretary pays a higher tax rate than he does. Emphasizing the point, Buffett’s secretary, Debbie Bosanek, attended the address in first lady Michelle Obama’s box.

Obama made his appeal on the same day that Romney released some of his tax returns, showing he made more than $20 million in a single year and paid around 14 percent in taxes, largely because his wealth came from investments.

In advance of Obama’s speech, Romney said, “Tonight will mark another chapter in the misguided policies of the last three years — and the failed leadership of one man.”

Obama highlighted his national security successes — the raid that killed Osama bin Laden, the diminished strength of al-Qaida and the demise of Moammar Gadhafi. In hailing the men and women of the military, the commander in chief contrasted their cooperation and dedication with the divisions and acrimony in Washington.

“At a time when too many of our institutions have let us down, they exceed all expectations,” Obama said. “They’re not consumed with personal ambition. They don’t obsess over their differences. They focus on the mission at hand. They work together. Imagine what we could accomplish if we followed their example.”

Obama leaves Washington for a three-day tour of five states crucial to his re-election bid. On Wednesday he’ll visit Iowa and Arizona to promote ideas to boost American manufacturing; on Thursday in Nevada and Colorado he’ll discuss energy; and in Michigan on Friday he’ll talk about college affordability, education and training.

He also addresses a conference of House Democrats focused on their own re-election in Cambridge, Md., on Friday.

Polling shows Americans are divided about Obama’s overall job performance but unsatisfied with his handling of the economy.

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IT Supplies Introduces "Simply Elegant Print & Display Kit"

Filed Under: Car Insurance, Insurance News, Insurance Tips
Jan.25, 2012


ROLLING MEADOWS, Ill., Jan. 24, 2012 /NEWS.GNOM.ES-iReach/ – The Simply Elegant Print & Display Kit exclusively from IT Supplies is a professional quality, easy-to-use solution that turns a simple print into a work of art ready for display in minutes.

The 2-piece kit consists of a cut-to-size adhesive-faced foam board and a sleek 1″ deep recycled poly frame in black or bushed silver.  The frame is a ‘complete frame’ upon delivery, and presents a streamlined 1/4 finished border. The printed image (which can be produced on most any paper, film, or woven material) is simply applied to the foam board and trimmed. It is then placed into the frame for a professional, elegant finished look. The frame itself has an inside adhesive lip which holds the finished mounted image in place. (Other topcoat finishing can be added before placing into the frame.)

The cost-effective Simply Elegant kit is available in three sizes: 8 x 10″, 11 x 14″ and 16 x 20″. “Framing solutions are a key element for the progressive print service provider who delivers installation-ready signs, graphics, photos, museum prints, art panels or décor art for clients across all genres,” shares Jeff Lucido, Sales Manager at IT Supplies. “We are excited to bring this product to the market and will be featuring the product at upcoming industry tradeshows and events.”

The Simply Elegant kit comes in a single or 3-pack, as is priced from $8.49 per unit. Wholesale opportunities are also available, and more information can be found on the company’s website. Contact info is listed below for high resolution images or editorial samples.

About IT Supplies:

IT Supplies has been providing products and services for the digital printing and creative community for over 10 years. The Midwest-based company is an authorized reseller of professional equipment from Epson, Canon, HP and a comprehensive list of other manufacturers; providing printers, inks, media and display solutions for the printing professional.

IT Supplies takes pride in building and maintaining relationships with their customers while providing top-notch service and support, and shipping most orders within 24 hours.

“Everything for the Perfect Print”  -   www.itsupplies.com

Contact:         Greg Lahart, President –         glahart@itsupplies.com
                      Jeff Lucido, Sales Manager –   jlucido@itsupplies.com                 

Media Contact: Susan Patton Bluedogg Innovation: Marketing & Media, 512-590-1659, susan@bluedogginnovation.com

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SOURCE Bluedogg Innovation

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Outreach Services Merger With Cardon Healthcare Creates Largest Provider of Eligibility Services to Hospitals

Filed Under: Car Insurance, Insurance News, Insurance Tips
Jan.24, 2012


THE WOODLANDS, Texas, Jan. 24, 2012 /NEWS.GNOM.ES/ — Cardon Healthcare Network today announced that Outreach Services has agreed to a merger between the two companies. The combined company will be named Cardon Outreach, and will be headquartered in The Woodlands, TX.

The core business of both companies is providing revenue cycle management services to hospitals, for the self-pay segment of their patient populations.  Cardon Outreach will serve over 500 hospitals and clinics nationwide, and handle over $10 billion in patient billings annually, making it the largest independent provider in the sector.

Mark Robinson, who will serve as Chief Executive for Cardon Outreach, said, “The business logic for this merger is simple.  Cardon and Outreach have strong cultural synergy, sharing a patient-centric view and a common set of values.  They have geographically diverse coverage, with few overlapping locations. Both enjoy strong relationships with their clients based on exceptional performance, innovative approaches and a willingness to go the extra mile. Cardon’s industry-leading technology and broader portfolio of services will bring additional value opportunities to Outreach clients. As a combined entity, Cardon Outreach has the strength to deliver the innovative revenue cycle solutions that hospitals need, given the dual challenges of healthcare reform and the struggling economy.”

“We are excited to be partnering with Cardon, a company that I have always admired,” said Greg Moga, founder and President of Outreach Services. “The merger will be good news for Outreach clients, who will benefit from the broader range of services and the technology leadership that Cardon brings to the table.  It will also be good news for Outreach employees, who will enjoy the increased opportunities of a larger organization.”

Doug Cardon, who will serve as Chairman of the Board of Cardon Outreach, said, “I’ve known Greg Moga for many years, and have a lot of respect for what he has accomplished with Outreach Services. I look forward to working with him on the Board, as we write the next chapter in the Cardon Outreach story together.”

About Cardon Healthcare Network, LLC

Founded in 1996, Cardon Healthcare Network, LLC partners with hospitals in recovering revenues associated with uninsured, underinsured and unfunded patients. Cardon offers a suite of services and technology solutions designed to aid healthcare facilities avoid costs, recover revenue, reduce operating and capital expenses, increase productivity, develop staff resources, and apply new strategies for revenue cycle management.

About Outreach Services

Founded in 1991, Outreach Services provides uncompensated care management services to hospitals, healthcare systems and their uninsured and underinsured patients. The services offered by Outreach Services, including Medicaid advocacy, third party liability reimbursement, SSI/SSDI advocacy, and billing, make a substantial difference in quality, productivity, cost-effectiveness, and financial return for the hospital.

SOURCE Cardon Healthcare Network

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