EZ Traders Forum

[mykashkow]

WAVAP
Heres a copy of an email I got back from Investor Relations
Page 34 of Wachovia Corp.'s 2002 Annual Report includes verbiage that says
"In connection with the Wachovia merger, we issued 97 million shares of
Dividend Equalization Preferred Shares (DEPs)...". That is the security
referenced by the WAVAP ticker symbol.

Briefly, in connection with the First Union / Wachovia merger, legacy
Wachovia shareholders were given the choice between receiving a 1-time cash
payment of $0.48 per share or 2 DEPs of the new Wachovia. The DEP security
was intended to insure that a holder receives at least $0.30 in dividends
per quarter in respect of each common share of the new Wachovia.

This can get confusing - if you'd like to talk through it, please call me
at 704.374.2645. Of course, Wachovia's common stock trades under the
symbol "WB", which is currently trading around $46.00.

Thank you,
Kim Zweier
I think some might be looking for a possible dividend payment in Dec. but according to this release there will be no div.in Dec. and future div. rights will cease. http://finance.lycos.com/qc/news/story.aspx?symbols=NYSE:WB&story=200310211741_PRN__CHTU024
As the fourth quarter common stock dividend of 35 cents per share will exceed the 30 cents per equivalent share historical dividend of legacy Wachovia, there will be no quarterly cash dividend declared on the Dividend Equalization Preferred Shares (DEPS). Upon payment of the fourth quarter dividend, the future dividend rights of the DEPS will cease because Wachovia's total dividends paid to common stockholders for four consecutive quarters will have equaled at least $1.20 per common share. The DEPS were issued in connection with the merger between First Union Corporation and the former Wachovia Corporation on Sept. 1, 2001. Any body following HNNS? took a dive Fri. 3.6 mil. OS with 2.7mil float from wwhat I can find -- something from latest 10QSB Gross revenues for the nine months ended September 30, 2003 and three months ended September 30, 2003 were $5,880,465 an increase of $2,186,905 or 59% and $2,393,387 an increase of $1,233,653 or 106% respectively, as compared to gross revenue for the nine months ended September 30, 2002 of $3,693,560 and for the three months ended September 30, 2002 of $1,159,733.

Net sales for the three months ended September 30, 2003 were $1,867,888, an increase of $1,008,540 or 117%, as compared to net sales of $859,348 for the three months ended September 30, 2002. For the three months ended September 30, 2003, the revenues with respect to our largest customers were as follows: (i) Eckerd accounted for $201,048 or 8% of sales: (ii) GNC accounted for $630,630 or 26% of sales; (iii) Rite Aid accounted for $125,128 or 5% of sales; (iv) Walgreen accounted for $139,836 or 6% of sales; (v) CVS accounted for $215,568 or 9% of sales and Wal-Mart accounted for $641,340 or 27% of sales. No other account represented more than 5% of sales during the quarter.

Net sales for the nine months ended September 30, 2003 were $4,369,984, an increase of $1,644,155 or 60%, as compared to net sales of $2,725,828 for the nine months ended September 30, 2002.