Massachusetts Auto Insurance Quotes
The Non-life
Insurance – Global Group of Eight (G8) Industry Guide is an
essential resource for top-level data and analysis covering the Non-life
Insurance industry in each of the G8 (United States, Canada, Germany,
France, United Kingdom, Italy, Russia and Japan) countries. The report
includes easily comparable data on market value, volume, segmentation
and market share, plus full five year market forecasts. It examines
future problems, innovations and potential growth areas within the
market.
Scope of the Report
PALOS VERDES ESTATES, Calif. — Malaga Financial Corporation (OTCBB:MLGF), the parent company of
Malaga Bank FSB, today reported that net income for the year ended
December 31, 2009 was $9,494,000 ($1.65 per share basic and $1.64 per
share fully diluted), an increase of $2,418,000 or 34% from net income
of $7,076,000 ($1.24 per share basic and fully diluted) for the year
ended December 31, 2008. This record annual net income resulted in an
ROAE of 16.71% for the year and was achieved in spite of a $1,044,000
increase in FDIC insurance premiums in 2009. Malaga continues to have no
non-performing assets or delinquent loans.
Net income for the fourth quarter was $2,364,000 ($0.41 per share basic
and fully diluted) compared to $1,930,000 ($0.34 per share basic and
fully diluted) for the fourth quarter of 2008, an increase of 22%.
Net income increased in 2009 primarily as a result of a $5,297,000
increase in net interest income due to a $57 million growth in average
interest earning assets and an increase in interest rate spread from
2.74% in 2008 to 3.29% in 2009. The interest rate spread increased
primarily due to our average cost of funds declining faster than our
average yield on interest earning assets.
Malaga recorded a provision for loan losses of $120,000 in 2009 as
compared to $329,000 in 2008. The lower provision in 2009 was
attributable to lower net loan growth of $35 million in 2009 versus $59
million in 2008. Malaga’s allowance for loan losses was $2.8 million, or
0.37% of loans, at December 31, 2009.
Operating expenses increased $1,535,000 or 17% from $8,924,000 in 2008
to $10,459,000 in 2009. This increase was due primarily to a $1,044,000
increase in FDIC insurance premiums. In addition, salaries and related
benefits increased $504,000 due primarily to lower cost offset of
deferred loan origination costs as a result of lower loan origination
volume.
Record Cash Flow in 2009 Drives Debt Reduction of $52 million
MILWAUKEE — Sensient Technologies Corporation (NYSE: SXT) reported that consolidated
revenue for the fourth quarter of 2009 reached $311.5 million, an
increase of 6.0% over the prior year’s comparable period. Diluted
earnings per share for the quarter were 47 cents prior to the previously
announced settlement charges of 14 cents per share. Fourth quarter
diluted earnings per share, as reported, were 33 cents and included
charges for the proposed settlements and related legal costs, net of
insurance reimbursements, related to environmental claims against a
company that Sensient acquired more than twenty years ago. The pre-tax
charges of $11.3 million were reported in the Corporate and Other
operating segment. Prior year fourth quarter diluted earnings per share
were 43 cents.
Without the fourth quarter charges of 14 cents per share, 2009 earnings
would have been $1.92 per share. For the twelve months ended December
31, 2009, Sensient’s reported diluted earnings per share, which include
the charges, were $1.78. Consolidated revenue for 2009 was $1.2 billion
compared to $1.3 billion in 2008.
For the twelve months ended December 31, 2009, foreign currency
translation reduced consolidated revenue and operating income by 4.3%
and 5.6%, respectively. In the fourth quarter of 2009, foreign currency
translation began to add to revenue and operating income as the U.S.
dollar weakened compared to its level in the prior year’s fourth
quarter. In the fourth quarter of 2009, foreign currency translation
added 5.5% and 5.3% to revenue and operating income, respectively.
Cash provided by operating activities for the twelve months ended
December 31, 2009, reached a record level of $138.3 million, compared to
prior year cash flow of $87.0 million. Total debt at December 31, 2009,
was $428.0 million, a reduction of $51.9 million since the beginning of
the year.
Massachusetts Auto Insurance Quotes
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