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ECB Bancorp, Inc. Reports 2010 Annual And Fourth Quarter Results

Stocks in this article: ECBE

Add as last table of release: Supplemental Quarterly Financial Data (Unaudited).

The corrected release reads:

ECB BANCORP, INC. REPORTS 2010 ANNUAL AND FOURTH QUARTER RESULTS

ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”) today announced its results for the twelve months and three months ended December 31, 2010.

2010 Annual and Fourth Quarter Financial Highlights

For the twelve months ended December 31, 2010, net income was $860,000, a decrease of (42.8%) compared to net income for the twelve months ended December 31, 2009 of $1,502,000. After adjusting for $1,063,000 in preferred stock dividends and accretion of warrant discount, the net loss attributable to common shareholders for the twelve months ended December 31, 2010 was ($203,000) or ($0.07) per diluted share compared to net income of $499,000 or $0.18 per diluted share for the year 2009. As we previously reported, during the fourth quarter of 2010 ECB Bancorp recognized a nonrecurring one-time expense of $1,141,000 for early termination fees payable on certain multi-year support and maintenance contracts in connection with our conversion of East Carolina Bank’s core processing system, scheduled for May 2011. This expense impacted and contributed to the annual and three months ended December 31, 2010 operating loss. Due to the unique, nonrecurring nature of this expense, we believe normalizing earnings to adjust for the impact of this expense, thus presenting on a non-GAAP basis, provides useful comparative information. After backing out the nonrecurring expense of $1,141,000, the comparative annual non-GAAP pre-tax income for 2010 would have been $1,235,000 versus the $1,145,000 for year ending 2009, an improvement of $90,000 or 7.8% in 2010 over 2009.

For the three months ended December 31, 2010, the net loss totaled ($1,124,000), or a (25.3%) increase in net loss from the ($897,000) in net loss for the three months ended December 31, 2009. After adjusting for $266,000 in preferred stock dividends and the accretion of warrant discount, the net loss charged to common shareholders for the three months ended December 31, 2010 was ($1,390,000) or ($0.49) per diluted share, an increase in net loss of (19.6%) compared to the loss of ($1,162,000) or ($0.41) per diluted share for the three months ended December 31, 2009. As was discussed previously, after backing out the nonrecurring expense of $1,141,000 in the fourth quarter, the comparative non-GAAP pre-tax loss for the three months ending December 31, 2010 would have been ($928,000) versus the ($1,750,000) for the same ending period in 2009, an improvement of $822,000 or 47.0%.

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