This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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%.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs