Your entry is only as good as your exit strategy...
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
TDEY...0145 run forest run...
TDEY... .013
HDSN is really taking over EXTO...
Its a keeper....
LEE...$1.41...
YUP...watching it with..WZE...
WZE... .175 now...
WZE... .165..Chart..wain up here...
We need the volume as a whole...Merkel and that gang of misfits have no sense of urgency...they have to push the market which will flow down to us....red day...no volume..nyse..naz..s&p...
Cmon Exto....
GNBT... .147 almost there...good buying opp imo..with a little bit more of a drop...
Vert just came in on the ask .01...this thing is like a rubber band ready to snap....
GNBT...148 X 149... watch for a little more and a reversal...imo..we shall see..
Great call...Rig..
NEOM...heating up...imo... .015...breaks .017..could run...again
lets go celebrate and roll a few..ah the good ole days...
GNBT... .15....think we get low .14..and reverse...imo...
GNBT...Here is the dip posted this A.M....chart attached..
MSEH.. 0.33 X 0.3399...needs an bounce up right here...needs some volume...
LEE.. $1.34..get the dip while it rests...imo.... averages are lining up perfectly...clear sailing to $3 range imo....
LEE...$1.39.. $1.40's...comin..
LEE...Bangin that table...
LEE...$1.30... flyin..
LEE...$1.20...movin nicely...
POTW...heating up again...
Good Morning..Enjoy and have a great day...
When you see that I am not posting anymore..then you know I found that triple zero and have gone off to that villa in a remote Island....hope my wife finds somebody to stay with..LOL...
They are not winners yet...we shall see..
Thanks for the kind words....Enjoy and have a great day...
DHT... .94...up 17% pre market...
SNV..$1.75 News...
Synovus Reports Profit for Fourth Quarter of 2011
7:00 AM ET 1/24/12 | BusinessWire
Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended December 31, 2011.
Fourth Quarter Results
-- Net income available to common shareholders was $12.8 million for the fourth quarter of 2011, compared to net income available to common shareholders of $15.7 million in the third quarter of 2011 and a net loss attributable to common shareholders of $180.0 million in the fourth quarter of 2010.
-- Diluted net income per common share for the fourth quarter of 2011 was $0.014 compared to diluted net income per common share of $0.017 for the third quarter of 2011, and a net loss per common share of $0.229 for the fourth quarter of 2010.
-- The fourth quarter of 2011 results include net investment securities gains of $10.3 million (compared to $62.9 million for the third quarter of 2011) as well as a $5.9 million charge related to Synovus' indemnification obligation as a member of the Visa USA network.
"We are pleased to report a profit for the second consecutive quarter," said Kessel D. Stelling, Chairman and CEO of Synovus. "Our performance during the quarter was driven primarily by the continued improving trends in credit metrics and the resulting reduction of credit costs. Additionally, we are encouraged that the positive momentum in the loan pipeline, along with reductions in charge-offs and loan sales, contributed to the stabilization of loan balances as compared to the over $400 million decline in the previous quarter. We continue to gain positive traction for long-term, sustained profitability and growth."
Credit Trends
-- Total credit costs declined for the tenth consecutive quarter to $90.5 million for the fourth quarter of 2011, down 36.5% from the third quarter of 2011 and down 67.9% from the fourth quarter of 2010.
-- Net charge-offs were $113.5 million in the quarter, down 18.0% from $138.3 million in the third quarter of 2011, and down 70.5% from $385.2 million in the fourth quarter of 2010. The annualized net charge-off ratio was 2.26% in the fourth quarter, down from 2.72% in the previous quarter, and down from 6.93% in the fourth quarter of 2010.
-- New non-performing loan inflows were $189.2 million in the fourth quarter of 2011, down 14.8% from $222.0 million in the third quarter of 2011 and down 35.8% from $294.9 million in the fourth quarter of 2010.
-- Potential problem commercial loans (consisting of substandard accruing loans but excluding loans 90 days past due and still accruing interest and substandard accruing troubled debt restructurings which are reported separately) declined for the fifth consecutive quarter to $779.6 million, a 17.2% decline from the third quarter of 2011, and a 58.3% decrease from the peak of $1.87 billion in the third quarter of 2010.
-- Total non-performing assets were $1.12 billion at December 31, 2011, down $47.0 million from the previous quarter, and down $162.9 million or 12.7% from the fourth quarter of 2010. The non-performing asset ratio was 5.50% at December 31, 2011, compared to 5.71% at the end of the previous quarter and 5.83% at December 31, 2010.
-- Total accruing troubled debt restructurings (TDRs) increased to $668.5 million in the fourth quarter of 2011 compared to $640.3 million in the previous quarter. At December 31, 2011, over 98% of accruing TDRs are current as to principal and interest.
-- Distressed asset sales were approximately $147 million during the fourth quarter, compared to approximately $169 million in the third quarter of 2011, and approximately $573 million in the fourth quarter of 2010.
-- Total delinquencies (consisting of loans 30 or more days past due and still accruing) were 0.74% of total loans at December 31, 2011, down from 0.99% at September 30, 2011, and 0.82% at December 31, 2010. Total loans past due 90 days or more and still accruing were 0.07% at December 31, 2011, down from 0.13% at September 30, 2011, and 0.08% at December 31, 2010.
Core Performance
Pre-tax, pre-credit costs income was $113.8 million for the fourth quarter of 2011, down $5.6 million from $119.4 million in the third quarter of 2011.
-- Net interest margin was 3.52%, up five basis points from the third quarter of 2011 and up fifteen basis points from the fourth quarter of 2010.
-- The effective cost of funds was down ten basis points, while the yield on earning assets was down five basis points.
-- Non-interest income, excluding net investment securities gains of $10.3 million, was down $7.4 million or 10.5% from the previous quarter. -- Bankcard fees declined $4.4 million from the prior quarter, primarily due to the impact of the Durbin Amendment, which became effective October 1, 2011.
-- Mortgage revenues were down $2.6 million from the prior quarter.
-- Total reported non-interest expense was $219.1 million for the fourth quarter of 2011 compared to $222.6 million for the previous quarter. -- Core expenses (excludes Visa indemnification charge, restructuring charges and credit costs) were down $3.2 million from the third quarter of 2011.
-- Core expenses for 2011 were down $95.3 million or 11.7% from 2010, due primarily to the efficiency initiatives that were announced and implemented in 2011.
-- Total headcount is 5,224 at December 31, 2011, down 885 or 14.5% from December 31, 2010.
Balance Sheet Fundamentals
-- Net sequential quarter loan growth, excluding the impact of loan sales, transfers to loans held-for-sale, charge-offs, and foreclosures was approximately $167 million for the fourth quarter, compared to a decline of approximately $132 million during the third quarter of 2011.
-- On a sequential quarter basis, total loans declined $22.3 million, compared to $402.7 million decrease in the previous quarter.
-- Total deposits ended the quarter at $22.4 billion, down $697.7 million from the previous quarter due primarily to the planned reductions in national market brokered deposits and time deposits. -- Total core deposits ended the quarter at $20.6 billion, down $323.2 million compared to the third quarter of 2011, driven by a $361.0 million decline in time deposits.
-- Non-interest bearing demand deposits were up $117.5 million or 8.9% (annualized) from the third quarter of 2011, and up $1.07 billion or 24.9% from the fourth quarter of 2010.
-- The number of non-interest bearing demand deposit accounts increased by 1,458 accounts, or 1.7% (annualized), over the third quarter of 2011.
-- Non-interest bearing deposits represent 26% of total core deposits at December 31, 2011, up from 20% at December 31, 2010.
-- The effective cost of core deposits (includes non-interest bearing deposits) continued to decline, with an effective cost of 53 basis points for the fourth quarter of 2011, compared to 62 basis points for the previous quarter and 82 basis points in the fourth quarter of 2010.
Regulatory Capital Ratios
-- Tier 1 Common Equity ratio was 8.49% at December 31, 2011 compared to 8.50% at September 30, 2011.
-- Tier 1 Capital ratio was 12.94% at December 31, 2011 compared to 12.97% at September 30, 2011.
-- Tier 1 Leverage ratio was 10.08% at December 31, 2011 up from 9.87% at September 30, 2011.
-- Total Risk-based Capital ratio was 16.50% at December 31, 2011 compared to 16.53% at September 30, 2011.
Stelling concluded, "2011 clearly reflected a turning point for Synovus as we returned to profitability in the second half of the year. Key achievements included positive trends in credit, restructuring of the expense base, redesigning processes to improve the customer experience, key talent additions, and stabilization of loan balances. We have made much progress as our dedicated team has taken on the challenges and opportunities of 2011, and we look forward to continuing that momentum into 2012 and beyond."
Synovus will host an earnings highlights conference call at 8:30 a.m. EST on January 24, 2012. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties can access the slide presentation and listen to the conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the "Live Webcast" icon. RealPlayer or Windows Media Player can be downloaded prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call.
About Synovus
Synovus Financial Corp. is a financial services company with over $27 billion in assets based in Columbus, Georgia. Synovus Financial Corp. provides commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee. See Synovus Financial Corp. on the web at www.synovus.com.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "should," "predicts," "could," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the commercial banking industry and economy in general. These forward-looking statements include, among others, our expectations on credit trends, deposits and our loan portfolio; expectations on growth; statements regarding our continued sustainable profitability in future periods; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this report. Many of these factors are beyond Synovus' ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the year ended December 31, 2010 under the captions "Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors" and in Synovus' quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
Use of Non-GAAP Financial Measures
The measures entitled core deposits, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, core expenses, non-interest income excluding net investment securities gains (losses), and net sequential quarter loan growth (decline) are not measures recognized under U.S. generally accepted accounting principles (GAAP), and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are total deposits, total shareholders' equity to total assets ratio, income (loss) before income taxes, and total non-interest expense, total non-interest income, and sequential quarter total loan growth (decline), respectively.
Synovus believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus' capital strength and the performance of its core business. These non-GAAP financial measures should not be considered as substitutes for total deposits, total shareholders' equity to total assets ratio, income (loss) before income taxes, or total non-interest expense, total non-interest income, or sequential quarter total loan growth (decline) determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies.
The computations of core deposits, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, and core expenses, non-interest income excluding net investment gains (losses), and net sequential quarter loan growth (decline) and the reconciliation of these measures to total deposits, total shareholders' equity to total assets ratio, income (loss) before income taxes, and total non-interest expense, total non-interest income, and sequential quarter total loan growth (decline) are set forth in the tables below.
View data
Reconciliation of Non-GAAP Financial Measures (dollars in thousands) 4Q11 3Q11 2Q11 1Q11 4Q10 ----------------------- ---------------- ---------------- ---------------- ---------------- Core Deposits Total deposits $ 22,411,752 23,109,427 22,875,017 23,205,879 24,500,304 Subtract: Brokered deposits (1,783,174 ) (2,157,631 ) (2,690,598 ) (2,978,615 ) (3,152,349 ) ---------- - ---------- ---- ---------- ---- ---------- ---- ---------- ---- Core deposits $ 20,628,578 20,951,796 20,184,419 20,227,264 21,347,955 ========= ========== ========== ========== ========== ========== Tangible Common Equity To Tangible Assets Ratio Total assets $ 27,162,845 28,253,924 28,313,910 28,678,203 30,093,148 Subtract: Goodwill (24,431 ) (24,431 ) (24,431 ) (24,431 ) (24,431 ) Subtract: Other intangible assets, net (8,525 ) (9,482 ) (10,449 ) (11,424 ) (12,434 ) ---------- - ---------- ---- ---------- ---- ---------- ---- ---------- ---- Tangible assets $ 27,129,889 28,220,011 28,279,030 28,642,348 30,056,283 ========= ========== ========== ========== ========== ========== Total shareholders' equity $ 2,827,452 2,829,448 2,850,938 2,882,605 2,997,918 Subtract: Goodwill (24,431 ) (24,431 ) (24,431 ) (24,431 ) (24,431 ) Subtract: Other intangible assets, net (8,525 ) (9,482 ) (10,449 ) (11,424 ) (12,434 ) Subtract: Cumulative perpetual preferred stock (947,017 ) (944,538 ) (942,096 ) (939,691 ) (937,323 ) ---------- - ---------- ---- ---------- ---- ---------- ---- ---------- ---- Tangible common equity $ 1,847,479 1,850,997 1,873,962 1,907,059 2,023,730 ========= ========== ========== ========== ========== ========== Total shareholders' equity to total assets ratio 10.41 % 10.01 10.07 10.05 9.96 Tangible common equity to tangible assets ratio 6.81 % 6.56 6.63 6.66 6.73 Pre-tax, Pre-credit Costs Income Income (loss) before income taxes $ 26,979 37,118 (43,764 ) (79,864 ) (159,550 ) Add: Provision for losses on loans 54,565 102,325 120,159 141,746 252,401 Add: Other credit costs(1) 35,962 40,211 37,772 35,347 29,305 Add: Restructuring charges 639 2,587 3,106 24,333 2,118 Subtract/Add: Net investment securities (gains) (10,337 ) (62,873 ) (377 ) (1,420 ) 228 losses Add/Subtract: Loss (gain) on curtailment of post- -- -- -- 398 (7,092 ) retirement benefit Add: Visa indemnification charge 5,942 -- 92 4 -- ---------- ---------- ---------- ---------- ---------- Pre-tax, pre-credit costs income $ 113,750 119,368 116,988 120,544 117,410 ========= ========== ========== ========== ========== ========== Core Expenses Total non-interest expense $ 219,082 222,552 222,415 239,716 229,006 Subtract: Other credit costs(1) (35,962 ) (40,211 ) (37,772 ) (35,347 ) (29,305 ) Subtract: Restructuring charges (639 ) (2,587 ) (3,106 ) (24,333 ) (2,118 ) Subtract/Add: (Loss) gain on curtailment of -- -- -- (398 ) 7,092 post-retirement benefit Subtract: Visa indemnification charge (5,942 ) -- (92 ) (4 ) -- ---------- - ---------- ---------- ---- ---------- ---- ---------- Core expenses $ 176,539 179,754 181,445 179,634 204,675 ========= ========== ========== ========== ========== ========== (1) Other credit costs consist primarily of losses on ORE, provision for losses on unfunded commitments, and charges related to other loans held for sale. -----------------------------------------------------------------------------------------------------------------------------
View data
Reconciliation of Non-GAAP Financial Measures (continued) (dollars in thousands) 4Q11 3Q11 2Q11 1Q11 4Q10 ---------------- ------------- ------------- ------------- ------------- Non-interest income excluding investment securities gains (losses), net Total non-interest income $ 73,470 133,392 67,849 64,164 79,890 Subtract/Add: Net investment securities (gains) (10,337 ) (62,873 ) (377 ) (1,420 ) 228 losses ------- --- -------- --- -------- --- -------- --- -------- $ 63,133 70,519 67,472 62,744 80,118 Non-interest income excluding investment securities gains (losses), net === ======= === ======== === ======== === ======== === ======== === Net sequential quarter loan growth (decline) Sequential quarter decline in total loans $ (22,273 ) (402,724 ) (492,612 ) (588,341 ) (995,273 ) Add: Transfers to other loans held for sale 3,457 16,004 11,275 73,442 179,566 Add: Foreclosures 36,331 57,859 60,426 70,170 84,000 Add: Charge-offs excluding transfers to other 78,443 87,660 126,821 98,000 160,306 loans held for sale and loan sales Add: Loan sales 70,808 109,140 126,462 108,719 465,570 ------- -------- -------- -------- -------- Net sequential quarter loan growth (decline) $ 166,766 (132,061 ) (167,628 ) (238,010 ) (105,831 ) === ======= ======== === ======== === ======== === ======== ===
View data
Core Expenses Twelve Months Ended December 31, (dollars in thousands) 2011 2010 ----------------- --------------- Total non-interest expense $ 903,765 1,009,576 Subtract: Other credit costs(1) (149,292 ) (198,425 ) Subtract: Restructuring charges (30,665 ) (5,538 ) Subtract: (Loss) gain on curtailment of post-retirement benefit (398 ) 7,092 Subtract: Visa indemnification charge (6,038 ) -- -------- - --------- Core expenses $ 717,372 812,705 ===== ======== =========
View data
Synovus INCOME STATEMENT DATA Twelve Months Ended (Unaudited) (Dollars in thousands, except per share data) December 31, 2011 2010 Change Interest income $ 1,141,756 1,320,581 (13.5 ) % Interest expense 217,602 334,248 (34.9 ) Net interest income 924,154 986,333 (6.3 ) Provision for losses on loans 418,795 1,131,274 (63.0 ) Net interest income (expense) after provision for losses on loans 505,359 (144,941 ) nm Non-interest income: Service charges on deposit accounts 78,770 105,114 (25.1 ) Fiduciary and asset management fees 45,809 44,142 3.8 Brokerage revenue 26,006 28,184 (7.7 ) Mortgage revenue 20,316 33,334 (39.1 ) Bankcard fees 41,493 41,420 0.2 Investment securities gains (losses), net 75,007 (1,271 ) nm Other fee income 19,953 21,129 (5.6 ) (Decrease) increase in fair value of private equity investments, net (1,118 ) 7,203 nm Other non-interest income 32,638 26,092 25.1 Total non-interest income 338,874 305,347 11.0 Non-interest expense: Salaries and other personnel expense 371,148 418,629 (11.3 ) Net occupancy and equipment expense 114,037 122,046 (6.6 ) FDIC insurance and other regulatory fees 59,063 69,480 (15.0 ) Foreclosed real estate expense 133,570 163,630 (18.4 ) (Gains) losses on other loans held for sale, net (2,737 ) 3,050 nm Professional fees 40,585 45,554 (10.9 ) Data processing expense 35,757 45,478 (21.4 ) Visa indemnification charge 6,038 - nm Restructuring charges 30,665 5,538 nm Loss (gain) on curtailment of post-retirement defined benefit plan 398 (7,092 ) nm Other operating expenses 115,241 143,263 (19.6 ) Total non-interest expense 903,765 1,009,576 (10.5 ) Loss from continuing operations before income taxes (59,532 ) (849,170 ) 93.0 Income tax expense (benefit) 1,312 (15,151 ) nm Loss from continuing operations (60,844 ) (834,019 ) 92.7 Income from discontinued operations, net of income taxes - 43,162 nm --------- --------- --------- Net loss (60,844 ) (790,857 ) 92.3 Net loss attributable to non-controlling interest (220 ) (179 ) (22.9 ) --------- - --------- -- ----- -- Net loss attributable to controlling interest (60,624 ) (790,678 ) 92.3 --------- - --------- -- ----- Dividends and accretion of discount on preferred stock 58,088 57,510 1.0 --------- --------- ----- Net loss attributable to common shareholders $ (118,712 ) (848,188 ) 86.0 = ========= = ========= == ===== == Basic EPS Net loss from continuing operations attributable to common $ (0.151 ) (1.301 ) 88.4 % shareholders Net loss attributable to common shareholders (0.151 ) (1.238 ) 87.8 Diluted EPS Net loss from continuing operations attributable to common (0.151 ) (1.301 ) 88.4 shareholders Net loss attributable to common shareholders (0.151 ) (1.238 ) 87.8 Cash dividends declared per common share 0.04 0.04 - Return on average assets (0.21 ) % (2.61 ) 240 bp Return on average common equity (6.04 ) (40.49 ) nm Average common shares outstanding - basic 785,272 685,186 14.6 % Average common shares outstanding - diluted 785,272 685,186 14.6 nm - not meaningful
View data
Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) 2011 2010 4th Quarter ------------------------------------------ ----------- ----------- Fourth Third Second First Fourth '11 vs. '10 Quarter Quarter Quarter Quarter Quarter Change Interest income $ 273,303 281,970 288,052 298,432 313,557 (12.8 ) % Interest expense 46,147 53,367 57,091 60,998 71,590 (35.5 ) ------- ------- ------- ------- -------- ----------- - Net interest income 227,156 228,603 230,961 237,434 241,967 (6.1 ) Provision for losses on loans 54,565 102,325 120,159 141,746 252,401 (78.4 ) ------- ------- ------- ------- -------- ----------- - Net interest income (expense) after provision for losses on loans 172,591 126,278 110,802 95,688 (10,434 ) nm ------- ------- ------- ------- -------- --- ----------- Non-interest income: Service charges on deposit accounts 19,175 20,039 19,238 20,318 24,248 (20.9 ) Fiduciary and asset management fees 10,763 11,631 11,879 11,537 11,039 (2.5 ) Brokerage revenue 6,939 6,556 6,291 6,220 8,750 (20.7 ) Mortgage revenue 4,847 7,427 5,547 2,495 11,039 (56.1 ) Bankcard fees 7,150 11,562 12,125 10,657 11,431 (37.5 ) Investment securities gains (losses), net 10,337 62,873 377 1,420 (228 ) nm Other fee income 4,310 5,423 5,289 4,931 4,757 (9.4 ) (Decrease) increase in fair value of private equity investments, net (177 ) (771 ) (301 ) 132 1,500 nm Other non-interest income 10,126 8,652 7,404 6,454 7,354 37.7 ------- ------- ------- ------- -------- ----------- Total non-interest income 73,470 133,392 67,849 64,164 79,890 (8.0 ) ------- ------- ------- ------- -------- ----------- - Non-interest expense: Salaries and other personnel expense 93,115 93,184 91,749 93,100 104,744 (11.1 ) Net occupancy and equipment expense 27,338 27,981 28,883 29,834 30,169 (9.4 ) FDIC insurance and other regulatory fees 13,238 15,463 15,956 14,406 16,686 (20.7 ) Foreclosed real estate expense 31,853 37,108 39,872 24,737 20,793 53.2 (Gains) losses on other loans held for sale, net (145 ) (846 ) 480 (2,226 ) 2,976 nm Professional fees 10,321 10,135 10,893 9,236 12,154 (15.1 ) Data processing expense 8,532 9,024 9,251 8,950 12,355 (30.9 ) Visa indemnification charge 5,942 - 92 4 - nm Restructuring charges 639 2,587 3,106 24,333 2,118 (69.8 ) Loss (gain) on curtailment of post-retirement defined benefit plan - - - 398 (7,092 ) nm Other operating expenses 28,249 27,916 22,133 36,944 34,103 (17.2 ) ------- ------- ------- ------- -------- ----------- - Total non-interest expense 219,082 222,552 222,415 239,716 229,006 (4.3 ) ------- ------- ------- ------- -------- ----------- - Income (loss) before income taxes 26,979 37,118 (43,764 ) (79,864 ) (159,550 ) nm Income tax (benefit) expense (378 ) 6,910 (4,764 ) (456 ) 5,884 nm ------- -- ------- ------- --- ------- --- -------- ----------- Net income (loss) 27,357 30,208 (39,000 ) (79,408 ) (165,434 ) nm Net (loss) income attributable to non-controlling interest - - - (220 ) 134 nm ------- ------- ------- ------- --- -------- ----------- Net income (loss) available to controlling interest 27,357 30,208 (39,000 ) (79,188 ) (165,568 ) nm ------- ------- ------- --- ------- --- -------- --- ----------- Dividends and accretion of discount on preferred stock 14,578 14,541 14,504 14,466 14,430 1.0 ------- ------- ------- ------- -------- ----------- Net income (loss) available to common shareholders $ 12,779 15,667 (53,504 ) (93,654 ) (179,998 ) nm == ======= == ======= === ======= === ======= === ======== === =========== = Basic EPS Net income (loss) available to common shareholders 0.016 0.020 (0.068 ) (0.119 ) (0.229 ) nm Diluted EPS Net income (loss) available to common shareholders 0.014 0.017 (0.068 ) (0.119 ) (0.229 ) nm Cash dividends declared per common share 0.01 0.01 0.01 0.01 0.01 - Return on average assets * 0.39 % 0.42 (0.55 ) (1.09 ) (2.12 ) nm bp Return on average common equity * 2.66 3.20 (10.95 ) (18.46 ) (31.80 ) nm Average common shares outstanding - basic 785,289 785,280 785,277 785,243 785,122 nm % Average common shares outstanding - diluted 911,253 911,247 785,277 785,243 785,122 16.1 nm - not meaningful * - ratios are annualized
View data
Synovus BALANCE SHEET DATA December 31, 2011 September 30, 2011 December 31, 2010 ---------------- ----------------- ---------------- (Unaudited) (In thousands, except share data) ASSETS Cash and due from banks $ 510,423 452,034 389,021 Interest bearing funds with Federal Reserve Bank 1,567,006 2,750,953 3,103,896 Interest earning deposits with banks 13,590 21,560 16,446 Federal funds sold and securities purchased under resale agreements 158,916 189,304 160,502 Trading account assets, at fair value 16,866 17,467 22,294 Mortgage loans held for sale, at fair value 161,509 125,379 232,839 Other loans held for sale 30,156 53,074 127,365 Investment securities available for sale, at fair value 3,690,125 3,596,511 3,440,268 Loans, net of unearned income 20,079,813 20,102,086 21,585,763 Allowance for loan losses (536,494 ) (595,383 ) (703,547 ) ------------- --- ---------- ------- ---------- ------ Loans, net 19,543,319 19,506,703 20,882,216 ------------- ---------- ---------- Premises and equipment, net 486,923 488,074 544,971 Goodwill 24,431 24,431 24,431 Other intangible assets, net 8,525 9,482 12,434 Other assets 951,056 1,018,952 1,136,465 ------------- ---------- ---------- Total assets $ 27,162,845 28,253,924 30,093,148 ============= ========== ========== LIABILITIES AND EQUITY Liabilities: Deposits: Non-interest bearing deposits $ 5,366,868 5,249,335 4,298,372 Interest bearing deposits, excluding brokered deposits 15,261,710 15,702,461 17,049,583 Brokered deposits 1,783,174 2,157,631 3,152,349 ------------- ---------- ---------- Total deposits 22,411,752 23,109,427 24,500,304 Federal funds purchased and other short-term borrowings 313,757 328,806 499,226 Long-term debt 1,364,727 1,522,334 1,808,161 Other liabilities 245,157 463,909 260,910 ------------- ---------- ---------- Total liabilities 24,335,393 25,424,476 27,068,601 ------------- ---------- ---------- Equity: Shareholders' equity: Cumulative perpetual preferred stock, no par value (1) 947,017 944,538 937,323 Common stock, par value $1.00 (2) 790,989 790,974 790,956 Additional paid-in capital 2,241,171 2,254,068 2,293,264 Treasury stock, at cost (3) (114,176 ) (114,176 ) (114,176 ) Accumulated other comprehensive income 21,093 32,189 57,158 Accumulated deficit (1,058,642 ) (1,078,145 ) (966,607 ) ------------- --- ---------- ------- ---------- ------ Total shareholders' equity 2,827,452 2,829,448 2,997,918 Non-controlling interest in subsidiaries - - 26,629 ------------- ---------- ---------- Total equity 2,827,452 2,829,448 3,024,547 ------------- ---------- ---------- Total liabilities and equity $ 27,162,845 28,253,924 30,093,148 ============= ========== ========== (1) Preferred shares outstanding: 967,870, at all periods presented (2) Common shares outstanding: 785,295,428; 785,280,277; and 785,262,837 at December 31, 2011, September 30, 2011, and December 31, 2010, respectively. (3) Treasury shares: 5,693,452, at all periods presented
View data
Synovus AVERAGE BALANCES AND YIELDS/RATES (1) (Unaudited) (Dollars in thousands) 2011 2010 ------------------------------------------------------------- ------------- Fourth Third Second First Fourth Quarter Quarter Quarter Quarter Quarter ------------- --------------- --------------- --------------- --------------- Interest Earning Assets ---------------------------------------------------------- Taxable investment securities (2) $ 3,647,459 3,152,589 3,172,818 3,264,581 3,104,004 Yield 2.59 % 3.28 3.46 3.56 3.76 Tax-exempt investment securities (2) (4) $ 25,566 27,903 31,264 44,228 51,400 Yield (taxable equivalent) 6.57 % 6.66 6.73 6.84 7.16 Trading account assets $ 19,107 14,601 16,881 20,281 16,037 Yield 4.87 % 5.76 5.27 5.13 5.86 Commercial loans (3) (4) $ 16,276,207 16,535,371 16,983,912 17,555,733 18,315,882 Yield 4.82 % 4.88 4.92 4.98 4.90 Consumer loans (3) $ 3,871,393 3,869,698 3,879,042 3,914,222 3,988,849 Yield 4.95 % 5.06 5.10 5.25 5.22 Allowance for loan losses $ (587,956 ) (632,082 ) (678,851 ) (698,609 ) (819,176 ) ---------- - ---------- --- ---------- --- ---------- --- ---------- --- Loans, net (3) $ 19,559,644 19,772,987 20,184,103 20,771,346 21,485,555 Yield 5.01 % 5.09 5.14 5.21 5.16 Mortgage loans held for sale $ 161,632 91,257 79,340 152,981 260,759 Yield 4.58 % 5.74 6.16 4.74 4.60 Federal funds sold, due from Federal Reserve Bank, and other short-term investments $ 2,221,728 3,075,470 2,929,515 3,033,284 3,628,939 Yield 0.24 % 0.24 0.25 0.25 0.25 Federal Home Loan Bank and Federal Reserve Bank stock (5) $ 84,171 96,442 104,727 111,096 113,341 Yield 0.93 % 0.90 0.87 0.90 0.59 Total interest earning assets $ 25,719,307 26,231,249 26,518,648 27,397,797 28,660,035 Yield 4.23 % 4.28 4.37 4.42 4.36 ---------------------------- ---------- --- ---------- ---------- ---------- ---------- Interest Bearing Liabilities ---------------------------------------------------------- Interest bearing demand deposits $ 3,457,677 3,302,439 3,379,243 3,526,730 3,864,106 Rate 0.26 % 0.30 0.32 0.33 0.33 Money market accounts $ 6,697,334 6,636,751 6,306,399 6,550,623 6,874,367 Rate 0.57 % 0.73 0.77 0.76 0.84 Savings deposits $ 516,520 521,604 520,518 493,504 484,460 Rate 0.12 % 0.13 0.14 0.14 0.14 Time deposits under $100,000 $ 2,062,171 2,131,453 2,124,525 2,212,215 2,383,411 Rate 1.17 % 1.27 1.38 1.53 1.74 Time deposits over $100,000 $ 2,710,893 2,912,476 2,978,929 3,291,202 3,859,235 Rate 1.40 % 1.49 1.57 1.65 1.77 Brokered money market accounts $ 236,973 325,002 390,048 393,981 423,428 Rate 0.27 % 0.39 0.47 0.51 0.54 Brokered time deposits $ 1,689,538 2,053,811 2,471,620 2,665,314 2,956,904 Rate 1.87 % 1.88 1.87 1.83 1.82 ---------- --- ---------- ---------- ---------- ---------- Total interest bearing deposits $ 17,371,106 17,883,536 18,171,282 19,133,569 20,845,911 Rate 0.82 % 0.95 1.01 1.05 1.14 Federal funds purchased and other short-term liabilities $ 329,343 368,311 449,815 412,008 442,183 Rate 0.26 % 0.28 0.26 0.29 0.33 Long-term debt $ 1,443,825 1,693,673 1,901,130 1,891,576 1,729,991 Rate 2.78 % 2.45 2.30 2.39 2.64 Total interest bearing liabilities $ 19,144,274 19,945,520 20,522,227 21,437,153 23,018,085 Rate 0.96 % 1.06 1.11 1.15 1.23 ---------------------------- ---------- --- ---------- ---------- ---------- ---------- Non-interest bearing demand deposits $ 5,413,322 5,175,521 4,911,044 4,821,237 4,433,849 Net interest margin 3.52 % 3.47 3.51 3.52 3.37 ---------------------------------------------------------- ---------- --- ---------- ---------- ---------- ---------- Taxable equivalent adjustment $ 844 880 893 964 968 (1) Yields and rates are annualized. (2) Excludes net unrealized gains and (losses). (3) Average loans are shown net of unearned income. Non-performing loans are included. (4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis. (5) Included as a component of Other Assets on the balance sheet
View data
Synovus LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION (Unaudited) (Dollars in thousands) December 31, 2011 --------------------------------------------------------------------- Loans as a % Total Non-performing Loans of Total Loans Non-performing as a % of Total Loan Type Total Loans Outstanding Loans Nonperforming Loans ---------------------------------------------- ------------------ ------------------- -------------- --------------------- Multi-Family $ 785,672 3.9 % $ 7,866 0.9 % Hotels 791,444 3.9 6,420 0.7 Office Buildings 775,671 3.9 9,092 1.0 Shopping Centers 979,288 4.9 18,648 2.1 Commercial Development 286,954 1.4 37,225 4.2 Warehouses 489,086 2.4 10,525 1.2 Other Investment Property 449,198 2.2 5,990 0.7 Total Investment Properties 4,557,313 22.6 95,766 10.8 1-4 Family Construction 199,088 1.0 25,535 2.9 1-4 Family Investment Mortgage 976,552 4.9 57,924 6.6 Residential Development 442,844 2.2 114,125 12.9 Total 1-4 Family Properties 1,618,484 8.1 197,584 22.4 Land Acquisition 1,094,821 5.5 234,151 26.5 Total Commercial Real Estate 7,270,618 36.2 527,501 59.7 Commercial , Financial, and Agricultural 5,088,420 25.3 174,328 19.7 Owner-Occupied Real Estate 3,852,854 19.2 93,272 10.6 Total Commercial & Industrial 8,941,274 44.5 267,600 30.3 Home Equity Lines 1,619,585 8.1 24,559 2.8 Consumer Mortgages 1,411,749 7.0 56,995 6.5 Credit Cards 273,098 1.3 - - Other Retail Loans 575,475 2.9 6,366 0.7 Total Retail 3,879,907 19.3 87,920 10.0 Unearned Income (11,986 ) nm - nm Total $ 20,079,813 100.0 % $ 883,021 100.0 % ========== ========= ======= ================= LOANS OUTSTANDING BY TYPE COMPARISON (Unaudited) (Dollars in thousands) Total Loans 4Q11 vs. 3Q11 4Q11 vs. 4Q10 Loan Type December 31, 2011 September 30, 2011 % change (1) December 31, 2010 % change ---------------- ----------------- ------------ ----------------- ------------ Multi-Family $ 785,672 752,638 17.4 % $ 867,328 (9.4 ) % Hotels 791,444 789,477 1.0 865,974 (8.6 ) Office Buildings 775,671 791,441 (7.9 ) 842,657 (7.9 ) Shopping Centers 979,288 1,001,547 (8.8 ) 1,078,122 (9.2 ) Commercial Development 286,954 300,474 (17.9 ) 381,107 (24.7 ) Warehouses 489,086 497,918 (7.0 ) 528,297 (7.4 ) Other Investment Property 449,198 463,014 (11.8 ) 495,617 (9.4 ) Total Investment Properties 4,557,313 4,596,509 (3.4 ) 5,059,102 (9.9 ) 1-4 Family Construction 199,088 221,900 (40.8 ) 332,047 (40.0 ) 1-4 Family Investment Mortgage 976,552 1,020,396 (17.0 ) 1,127,566 (13.4 ) Residential Development 442,844 484,095 (33.8 ) 643,174 (31.1 ) Total 1-4 Family Properties 1,618,484 1,726,391 (24.8 ) 2,102,787 (23.0 ) ---------- --------- ------- ----- ----------------- ------ ------ Land Acquisition 1,094,821 1,119,947 (8.9 ) 1,218,691 (10.2 ) Total Commercial Real Estate 7,270,618 7,442,847 (9.2 ) 8,380,580 (13.2 ) Commercial , Financial, and Agricultural 5,088,420 4,900,931 15.2 5,267,861 (3.4 ) Owner-Occupied Real Estate 3,852,854 3,911,614 (6.0 ) 3,996,949 (3.6 ) Total Commercial & Industrial 8,941,274 8,812,545 5.8 9,264,810 (3.5 ) Home Equity Lines 1,619,585 1,612,798 1.7 1,648,039 (1.7 ) Consumer Mortgages 1,411,749 1,426,024 (4.0 ) 1,475,261 (4.3 ) Credit Cards 273,098 267,810 7.8 284,970 (4.2 ) Other Retail Loans 575,475 550,106 18.3 542,539 6.1 Total Retail 3,879,907 3,856,738 2.4 3,950,809 (1.8 ) Unearned Income (11,986 ) (10,044 ) 76.7 (10,436 ) 14.9 Total $ 20,079,813 20,102,086 (0.4 ) % $ 21,585,763 (7.0 ) % ========== ========== ======= = ================= ====== = (1) Percentage change is annualized.
View data
Synovus CREDIT QUALITY DATA (Unaudited) (Dollars in thousands) 2011 2010 4th Quarter ----------------------------------------------------- --------- ----------- Fourth Third Second First Fourth '11 vs. '10 Quarter Quarter Quarter Quarter Quarter Change ----------------- ----------------- --------- --------- --------- -------------- Non-performing Loans $ 883,021 872,074 885,236 895,726 891,622 (1.0 ) % Other Loans Held for Sale (1) 30,156 53,074 89,139 110,436 127,365 (76.3 ) Other Real Estate 204,232 239,255 244,313 269,314 261,305 (21.8 ) Non-performing Assets 1,117,409 1,164,403 1,218,688 1,275,476 1,280,292 (12.7 ) Allowance for Loan Losses 536,494 595,383 631,401 678,426 703,547 (23.7 ) Net Charge-Offs - Quarter 113,454 138,344 167,184 166,867 385,203 (70.5 ) Net Charge-Offs - YTD 585,849 472,395 334,051 166,867 1,371,452 (57.3 ) Net Charge-Offs / Average Loans - Quarter (2) 2.26 % 2.72 3.22 3.12 6.93 Net Charge-Offs / Average Loans - YTD (2) 2.84 3.03 3.17 3.12 5.82 Non-performing Loans / Loans 4.40 4.34 4.32 4.27 4.13 Non-performing Assets / Loans, Other Loans Held for Sale & ORE 5.50 5.71 5.85 5.97 5.83 Allowance / Loans 2.67 2.96 3.08 3.23 3.26 Allowance / Non-performing Loans 60.76 68.27 71.33 75.74 78.91 Allowance / Non-performing Loans (3) 126.54 145.12 161.55 176.08 192.60 Past Due Loans over 90 days and Still Accruing $ 14,521 26,860 23,235 10,490 16,222 (10.5 ) % As a Percentage of Loans Outstanding 0.07 % 0.13 0.11 0.05 0.08 Total Past Dues Loans and Still Accruing $ 149,441 199,561 199,804 201,754 176,756 (15.5 ) As a Percentage of Loans Outstanding 0.74 % 0.99 0.97 0.96 0.82 Accruing troubled debt restructurings (TDRs) $ 668,472 640,324 551,603 545,416 464,123 44.0 (1) Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, less costs to sell. (2) Ratio is annualized. (3) Excludes non-performing loans for which the expected loss has been charged off. SELECTED CAPITAL INFORMATION (1) (Unaudited) (Dollars in thousands) December 31, 2011 December 31, 2010 ----------------- ----------------- Tier 1 Capital $ 2,780,774 2,909,912 Total Risk-Based Capital 3,544,036 3,742,599 Tier 1 Capital Ratio 12.94 % 12.79 Tier 1 Common Equity Ratio 8.49 8.63 Total Risk-Based Capital Ratio 16.50 16.45 Tier 1 Leverage Ratio 10.08 9.44 Common Equity as a Percentage of Total Assets (2) 6.92 6.85 Tangible Common Equity as a Percentage of Tangible Assets (3) 6.81 6.73 Tangible Common Equity as a Percentage of Risk Weighted Assets (3) 8.60 8.90 Book Value Per Common Share (4) (5) 2.06 2.29 Tangible Book Value Per Common Share (3) (5) 2.02 2.25 (1) Current quarter regulatory capital information is preliminary. (2) Common equity consists of Total Shareholders' Equity less Cumulative Perpetual Perferred Stock. (3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets. (4) Book Value Per Common Share consists of Total Shareholders' Equity less Cumulative Perpetual Preferred Stock divided by total common shares outstanding. (5) Equity and common shares exclude impact of unexercised tangible equity units (tMEDS).
SOURCE: Synovus Financial Corp.
Synovus Financial Corp.
Patrick A. Reynolds, 706-649-4973
Director of Investor Relations
CRWV.. 0.0059...Chart attached..watch...
MTG...MGIC Investment beats by $0.13 on a GAAP basis
7:10 AM ET 1/24/12 | Briefing.com
Reports Q4 (Dec) GAAP loss of $0.67 per share, $0.13 better than the Capital IQ GAAP Consensus Estimate of ($0.80). Total revenues for the fourth quarter were $447.0 million, compared with $361.1 million in the fourth quarter last year. Net premiums written for the quarter were $263.8 million, compared with $271.4 million for the same period last year. CEO is pleased to announce that the co has successfully completed its discussions with the Office of the Commissioner of Insurance for the State of Wisconsin, Fannie Mae and Freddie Mac to receive the necessary waivers and approvals that allow for the continuation of the co's strategy to write new business through a combination of MGIC and, as it is needed, its wholly owned subsidiary, MGIC Indemnity. Culver added that these actions further enable the co to support its policyholders and the US housing market by continuing to write high quality, profitable new insurance on a nationwide basis. FY12 outlook: New insurance written to be modestly higher than 2011. Total paid claims to be lower than 2011. Primary delinquent inventory will continue to decline. New delinquency notices are expected to continue to decline in 2012, on a year over year basis. Cure rates will slowly improve throughout the year Home prices are expected to be flat. Statutory capital will decline.
THQI...News....
UFC(R) Undisputed(TM) 3 Playable Demo Now Available for Free Download on Xbox LIVE Marketplace for Xbox 360 and PlayStation(R)Network
6:00 AM ET 1/24/12 | BusinessWire
THQ Inc. (NASDAQ: THQI) and the Ultimate Fighting Championship(R) organization today announced the UFC(R) Undisputed(TM) 3 playable demo is now available for free download via Xbox LIVE(R) Marketplace for the Xbox 360(R) video game and entertainment system from Microsoft, as well as PlayStation(R)Network for the PlayStation(R)3 computer entertainment system. Consumers will explore a fantasy UFC matchup between current UFC light heavyweight champion Jon Jones and current UFC middleweight champion Anderson Silva. In addition, they will relive a classic PRIDE(R) Mode rivalry between renowned UFC fighters and former champions Quinton "Rampage" Jackson and Wanderlei Silva. The playable demo will also offer mirror matches, enabling consumers to play against friends or opponent AI as the same fighter, in the ultimate test of skill. UFC Undisputed 3 is currently scheduled for release on February 14, 2012 for Xbox 360 and the PlayStation 3 system.
"The playable demo for UFC Undisputed 3 will give consumers their first taste of the virtual Octagon(R) with four incredible fighters and unique gameplay experiences across UFC and PRIDE Mode," said Danny Bilson, Executive Vice President, Core Games, THQ. "We are eager to see how our fans worldwide embrace this engaging and powerful mixed martial arts gameplay experience."
"Fans have been waiting a long time for the next release in the UFC Undisputed franchise," UFC President Dana White said. "We can't wait for players to try the demo and compete with four of UFC's best fighters in Jon Jones, Anderson Silva, Rampage Jackson and Wanderlei Silva."
About UFCUndisputed 3
UFC Undisputed 3 will take players inside the virtual Octagon with focus on intense toe-to-toe combat, impressive visual presentation and significantly increased accessibility, including the debut of PRIDE(R) Mode, two new weight classes and an impressive playable roster of more than 150 UFC fighters. PRIDE Mode will enable players to fight for the first time in the renowned Japanese MMA organization and include official commentators Bas Rutten and Stephen Quadros, authentic environments and notorious MMA rules, including the ability to execute soccer-style kicks, head stomps and ground knees to the head. Finishing an opponent will be more important than ever through devastating new moves, responsive striking controls, refined visual presentation and the introduction of a brand new, graphics-based submission system. In addition, players will now enter the Octagon with a choice between traditional and simplified gameplay control options, enabling them, regardless of skill level, to experience the intensity of UFC and nuances of MMA combat while executing simple standing strikes or more complex ground and transition mechanics.
Players will also experience the excitement of a live UFC event through significant visual improvements, including the introduction of much-anticipated fighter entrances, new camera positions, improved facial animations and a gritty, high contrast appearance. They will enter into battle with an unparalleled choice of more than 150 playable UFC fighters, including talent from the newly added featherweight and bantamweight divisions. Rounding out the virtual UFC experience with a revamped online experience, as well as a variety of new and returning gameplay modes, UFC Undisputed 3 lets players have their fights -- their way -- to deliver the most intense, competitive and engaging experience to date for the franchise.
UFC Undisputed 3 is currently in development for Xbox 360 and the PlayStation3 system, with a scheduled release date of February 14, 2012. For more information on UFC Undisputed 3, please visit www.ufcundisputed.com, facebook.com/UFCUndisputed and twitter.com/UFC_Undisputed.
About Ultimate Fighting Championship(R)
Owned and operated by Zuffa, LLC, and headquartered in Las Vegas, Nev., UFC(R) is the world's premier MMA organization and produces over 12 UFC live Pay-Per-View events annually around the globe. In 2012, FOX will broadcast four fights annually. In spring 2012, The Ultimate Fighter(R), UFC's signature weekly reality TV show, debuts on FX. UFC content is also distributed commercially to bars and restaurants through Joe Hand Promotions in the U.S. Globally, UFC programming is broadcast in over 149 countries and territories, reaching a half a billion homes worldwide, in 20 different languages.
UFC(R) also boasts a powerful presence online, with UFC.com attracting over seven million unique visitors per month, while also possessing one of the most powerful social media followings in all of professional sports. To date, UFC has over six million fans on Facebook and over 400,000 followers on Twitter. In addition, UFC President Dana White is one of the most accessible and most followed executives in sports with more than 1.7 million followers on Twitter. On January 22, 2011, UFC continued to set trends in social media, becoming the first major sports league to stream live, broadcast quality action on Facebook.
Ancillary businesses include best-selling DVDs, a magazine, the best-selling UFC "Undisputed" videogame franchise distributed by THQ, UFC GYM(R), UFC Fight Club affinity program, UFC Fan Expo(R) festivals, branded apparel, trading cards, and articulated action figures.
About THQ Inc.
THQ Inc. (NASDAQ: THQI) is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers, wireless devices and the Internet. Headquartered in Los Angeles County, California, THQ sells product through its global network of offices located throughout North America, Europe and Asia Pacific. More information about THQ and its products may be found at www.thq.com. THQ and the THQ logo are trademarks and/or registered trademarks of THQ Inc.
Microsoft, Xbox, Xbox 360, Xbox LIVE, and all logos are either registered trademarks or trademarks of the Microsoft group of companies in the U.S. and/or other countries.
"PlayStation" is a registered trademark of Sony Computer Entertainment Inc.
Ultimate Fighting Championship(R), Ultimate Fighting(R), UFC(R), The Ultimate Fighter(R), Submission(R), As Real As It Gets(R), Zuffa(R), The Octagon(TM) and the eight-sided competition mat and cage design are registered trademarks, registered service marks, trademarks, trade dress and/or service marks owned exclusively by Zuffa, LLC and licensed to its affiliated entities and other licensees in the United States and other jurisdictions. PRIDE(R), PRIDE FC(TM), PRIDE FIGHTING CHAMPIONSHIPS(R) and BUSHIDO(R) are trademarks of Pride FC Worldwide Holdings, LLC registered in the United States and other countries. All other marks referenced herein may be the property of Zuffa, LLC, its affiliates or other respective owners. All other marks referenced herein may be the property of Zuffa, LLC, its affiliates or other respective owners.
All other trademarks are property of their respective owners.
THQ Forward-Looking Statements: The statements contained in this press release that are not historical facts may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations and projections related to the release of the UFC Undisputed 3 demo are based upon management's current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, business, competitive, economic, legal, political and technological factors affecting our industry, operations, markets, products or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal period ended March 31, 2011 and subsequent Quarterly Reports on Form 10-Q, and particularly the discussion of trends and risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
SOURCE: THQ Inc.
View data
THQ/Global Communications Jaime Jensen, 818-871-5111 jaime.jensen@thq.com or THQ/Corporate Communications Angela Emery, 818-871-8650 angela.emery@thq.com or UFC/Media Relations Ant Evans, 702-588-5516 aevans@ufc.com
APPLE...earnings after hours..as Apple goes the Naz goes..their earnings should set the tone for the rest of the week and into February...key earnings report ...imo...
Many thanks sea....