Carlino, Chairman
and Chief Executive Officer of Penn National Gaming said, "Third
quarter operating results were impacted by a confluence of factors
including the economy, smoking bans, lobbying costs, personnel
separation payments and disruption related to hurricanes. The company
expects the full year revenue to be around $2,422.4Mn.
Verizon Communications (NYSE:VZ)
reported 59 cents in diluted earnings per share (EPS) in the third
quarter 2008, compared with 44 cents per share in the third quarter
2007. Verizon's total operating revenues grew 4.1% to $24.8Bn in the
third quarter 2008, from $23.8Bn in the third quarter 2007. Data
revenues grew 42.5% over the prior year, to $2.8Bn. The company had
52.6Mn retail data customers in September (approximately three-quarters
of its retail base), a 25.3% increase over the prior year. "The
strategic investments we made over the past few years continue to drive
growth in wireless, enterprise, broadband and video”, said Chairman and
CEO Ivan Seidenberg.
Arch Coal (NYSE:ACI)
today reported third quarter 2008 net income of $97.8Mn, or $0.68 per
fully diluted share, compared with $27.3Mn, or $0.19 per fully diluted
share, in the prior-year period. In response to tightening credit
conditions in financial markets, the company elected to increase its
cash position, which totaled $41Mn at September 30, while reducing its
debt-to-total-capital ratio to 43%. Arch also repurchased 1.5Mn shares
of its outstanding common stock at an average price of $35.62 per share
in the third quarter of 2008. These repurchases were funded by
operating cash flows. The company anticipates 2008 sales volume from
company-controlled operations to be in the 132Mn to 135Mn ton range,
excluding purchased coal from third parties and earnings per fully
diluted share are expected to be in the $2.30 to $2.55 range.
PrivateBancorp (NASDAQ: PVTB)
today reported a net loss for the third quarter 2008 of $7.3Mn, or
$0.23 per diluted share, compared to net income of $9.2Mn, or $0.42 per
diluted share, for the third quarter 2007. The third quarter net loss
was primarily attributed to an increase in the loan loss provision and
expenses associated with the implementation of the previously announced
Strategic Growth Plan. Revenue grew 23% over the second quarter 2008 to
$65.8Mn from $53.5Mn, reflecting an increase in net interest income and
non-interest income. As of September 30, 2008, the Company had total
risk-based capital ratio of 12.09% and Tier 1 risk-based capital ratio
of 9.22%, substantially exceeding the well-capitalized thresholds of
10% and 6%, respectively. The company is currently reviewing if it
would participate in the troubled asset relief program announced by the
Fed.
Disclosure: The author does not own any stocks mentioned in this article.
