Stocks To Watch: Athens Bancshares Corporation Reports Financial Final results for the Quarter Ended September 30, 2014

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| Supply: Athens Bancshares Corporation

ATHENS, Tenn., Oct. 31, 2014 (GLOBE NEWSWIRE) — Athens Bancshares Corporation (Nasdaq:AFCB) (the “Organization”), the holding organization for Athens Federal Neighborhood Bank (the “Bank”), today announced its results of operations for the three and nine months ended September 30, 2014. The Company’s net revenue for the 3 months ended September 30, 2014 was $ 750,000 or $ .43 per diluted share, compared to net earnings of $ 497,000 or $ .24 per diluted share for the very same period in 2013. For the nine months ended September 30, 2014, net revenue was $ 2.1 million or $ 1.17 per diluted share, compared to net revenue of $ 1.7 million or $ .81 per diluted share for the nine months ended September 30, 2013.

Results of Operations – Three Months Ended September 30, 2014 and 2013

Net interest earnings following provision for loan losses increased $ 206,000, or 7.44%, for the three months ended September 30, 2014 compared to the three months ended September 30, 2013. Interest earnings increased $ 70,000 when comparing the two periods as each the average yield on interest-earning assets and the average balance on interest-earning assets increased. The average yield on interest earning assets increased from four.90% throughout the 3 months ended September 30, 2013 to four.95% for the comparable period in 2014. The average balance of interest-earning assets increased from $ 275.9 million for the 3 months ended September 30, 2013 to $ 278.eight million for the comparable period in 2014. Interest expense decreased $ 95,000 as each the typical price of interest-bearing liabilities and the average balance of interest-earning liabilities decreased. The typical expense of interest-bearing liabilities decreased from .92% to .76% when comparing the identical two periods due to a decline in market interest rates. The average balance of interest-bearing liabilities decreased from $ 228.2 million for the quarter ended September 30, 2013 to $ 227.7 million for the comparable period in 2014. The provision for loan losses decreased $ 41,000 from $ 73,000 for the quarter ended September 30, 2013 to $ 32,000 for the quarter ended September 30, 2014.

Non-interest revenue improved $ 117,000 to $ 1.4 million for the 3 months ended September 30, 2014 compared to $ 1.3 million for the same period in 2013. The boost was mainly due to increases in income connected to the origination and sale of mortgage loans on the secondary industry, consumer and industrial loan servicing and origination, costs connected to debit card usage and an enhance in income from Valley Title Solutions, LLC, a subsidiary of the Bank.

Non-interest expense decreased $ 103,000 to $ 3.3 million for the quarter ended September 30, 2014 compared to $ 3.4 million for the quarter ended September 30, 2013. The reduce was mainly due to a lower in expenses connected or the Bank’s core processing method conversion in 2013, partially offset by an enhance in marketing and marketing expense.

Revenue tax expense for the 3 months ended September 30, 2014 was $ 367,000 compared to $ 194,000 for the very same period in 2013. The main purpose for the change was the boost in taxable income during the 2014 period.

Outcomes of Operations – Nine Months Ended September 30, 2014 and 2013

Net interest income soon after provision for loan losses improved $ 497,000, or five.94%, for the nine months ended September 30, 2014 as compared to the very same period in 2013. Interest revenue elevated $ 27,000 when comparing the two periods as the average balance of interest-earning assets improved from $ 274.9 million for the nine months ended September 30, 2013 to $ 281. million for the comparable period in 2014, which far more than offset a lower in the average yield on interest-earning assets from four.99% for the duration of the nine months ended September 30, 2013 to four.89% for the exact same period in 2014. Interest expense decreased $ 274,000 as the typical cost of interest bearing liabilities decreased from .97% to .79% when comparing the very same two periods, which much more than offset an boost in the average balance of interest bearing liabilities of $ five.four million, from $ 225.two million to $ 230.six million. The provision for loan losses decreased $ 196,000 from $ 281,000 for the nine months ended September 30, 2013 to $ 85,000 for the nine months ended September 30, 2014.

Non-interest income decreased $ three,000 for the nine months ended September 30, 2014 compared to the very same period in 2013. The reduce was mostly due to a decrease in income connected to the origination and sale of mortgage loans on the secondary industry, partially offset by an improve in investment sales commissions and a acquire on sale of foreclosed real estate.

Non-interest expense decreased $ 183,000 for the nine months ended September 30, 2014 compared to the identical period in 2013. The decrease was mostly due to a lower in 1-time fees connected to the Bank’s core processing system conversion in 2013, which were not repeated in 2014, partially offset by an improve in occupancy and equipment costs due to larger levels of fixed assets and an improve in advertising and marketing expense.

Income tax expense for the nine months ended September 30, 2014 was $ 1.1 million as compared to an revenue tax expense of $ 770,000 for the very same period in 2013. The major purpose for the adjust was the increase in taxable income in the course of the 2014 period.

Total assets increased $ 7. million to $ 301.8 million at September 30, 2014, compared to $ 294.eight million at December 31, 2013. The Bank was deemed well-capitalized under applicable federal regulatory capital recommendations at September 30, 2014.

This release might include forward-seeking statements inside the meaning of the federal securities laws. These statements are not historical details rather, they are statements based on the Company’s existing expectations relating to its company techniques and their intended outcomes and its future performance. Forward-looking statements are preceded by terms such as “expects”, “believes”, “anticipates”, “intends” and comparable expressions.

Forward-hunting statements are not guarantees of future overall performance. Numerous risks and uncertainties could lead to or contribute to the Company’s actual benefits, overall performance and achievements to be materially various from those expressed or implied by the forward-seeking statements. Factors that could lead to or contribute to these differences incorporate, with out limitation, basic economic conditions, which includes adjustments in industry interest rates and adjustments in monetary and fiscal policies of the federal government legislative and regulatory changes and other variables disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

Since of the dangers and uncertainties inherent in forward-searching statements, readers are cautioned not to spot undue reliance on them, whether integrated in this report or produced elsewhere from time to time by the Company or on its behalf. Except as could be essential by applicable law or regulation, the Business assumes no obligation to update any forward-seeking statements.

         
ATHENS BANCSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED Financial HIGHLIGHTS
(Unaudited – Dollars in thousands, except per share amounts)
         
  Three MONTHS ENDED NINE MONTHS ENDED
  SEPTEMBER 30, SEPTEMBER 30,
  2014 2013 2014 2013
Operating Information:        
Total interest income $ 3,449 $ 3,379 $ 10,308 $ 10,281
Total interest expense 431 526 1,360 1,634
         
Net interest income three,018 two,853 8,948 eight,647
Provision for loan losses 32 73 85 281
Net interest revenue following provision for loan losses two,986 two,780 8,863 8,366
         
Total non-interest revenue 1,387 1,270 three,890 3,893
Total non-interest expense 3,256 three,359 9,602 9,785
         
Income before earnings taxes 1,117 691 three,151 2,474
Earnings tax expense 367 194 1,071 770
         
Net income $ 750 $ 497 $ two,080 $ 1,704
         
Net income per share, fundamental $ .46 $ .26 $ 1.25 $ .85
Typical frequent shares outstanding, simple 1,638,797 1,947,833 1,663,191 two,011,161
Net revenue per share, diluted $ .43 $ .24 $ 1.17 $ .81
Average typical shares outstanding, diluted 1,755,569 two,031,640 1,772,047 two,095,835
         
Performance ratios (annualized):        
Return on average assets 1.01% .67% .93% .77%
Return on average equity 7.23 4.54 six.73 five.11
Interest rate spread 4.19 3.98 4.10 4.02
Net interest margin 4.33 4.14 4.25 4.19
         
     
  AS OF AS OF
  September 30, 2014 December 31, 2013
Economic Condition Data:    
Total assets $ 301,824 $ 294,812
Gross loans 245,423 230,638
Allowance for loan losses three,963 four,432
Deposits 246,887 248,172
Securities sold below agreements to repurchase 1,157 1,304
Total liabilities 260,200 253,704
Stockholders’ equity 41,624 41,108
     
Non-performing assets:    
Nonaccrual loans $ 3,530 $ 4,043
Accruing loans past due 90 days 15 47
Foreclosed real estate 1,093 413
Other non-performing assets three 8
     
Troubled debt restructurings(1) $ three,962 $ 4,134
     
Asset high quality ratios:    
Allowance for loan losses as a % of total gross loans 1.61% 1.92%
Allowance for loan losses as a % of non-performing loans 111.79 108.36
Non-performing loans as a % of total loans 1.44 1.77
Non-performing loans as a % of total assets 1.17 1.39
Non-performing assets and troubled debt restructurings as a percentage of total assets two.68 2.71
     
Regulatory capital ratios (Bank only):    
Total capital (to threat-weighted assets) 16.75% 17.01%
Tier 1 capital (to danger-weighted assets) 15.49 15.74
Tier 1 capital (to adjusted total assets) 11.34 10.84
     

(1) Troubled debt restructurings include $ 511,000 and $ 670,000 in non-accrual loans at September 30, 2014 and December 31, 2013, respectively, which are also integrated in non-accrual loans at both dates.

 Athens Bancshares Corporation Jeffrey L. Cunningham President and CEO 423-745-1111 

GlobeNewswire: Latest search results from OrgClass: (1)

Stocks To Watch: CB Financial Solutions, Inc. Finishes Merger With FedFirst Financial Corporation and Announces Preliminary Results of Cash/Stock Elections, Allotments and Prorations

October 31 , 2014 17:01 Print

(WORLD NEWSWIRE)– CB Financial Services, Inc.(“CB “), the holding business for Neighborhood Bank, revealed today that it has actually completed its merger with FedFirst Financial Corporation(“FedFirst “), the holding company for First Federal Savings Bank, reliable after the close of company today. FedFirst has been combined with and into CB, with CB as the making it through entity, and First Federal Savings Bank has been combined with and into Community Bank, with Neighborhood Bank as the surviving entity. CB’s common stock is scheduled to start

trading on the NASDAQ Global Market ® under the sign “CBFV” on Monday, November 3, 2014. Barron P. “Pat” McCune, Jr., CB’s Vice Chairman

, President and Chief Executive Officer, said,”We at Community Bank are enjoyed welcome the excellent lenders of First Federal Cost savings Bank into our household. A stronger Community Bank will now have more capabilities to serve the broadening economy of Southwestern Pennsylvania.” Effective as of the completion of the transaction, previous FedFirst Directors John J. LaCarte, John M. Swiatek, Patrick G. O’Brien and Richard B. Boyer have been designated to the Boards of Directors of CB and Community Bank. In addition, Mr. O’Brien has actually been selected to act as Senior citizen Executive Vice President and Chief Operating Officer of Neighborhood Bank and Mr. Boyer has actually been selected to function as Vice President of Insurance Operations of Community Bank. Mr. O’Brien acted as FedFirst’s Head of state and Chief Executive Officer. Mr. Boyer currently works as President of Exchange Underwriters, Inc., a full-service insurance coverage firm and now an affiliated company of CB. Under the terms of the merger agreement, FedFirst investors were permitted to choose to receive either 1.1590 shares of CB usual stock or$ 23.00 in money for each share of FedFirst typical stock owned, based on proration and allotment to make sure that 65 % of the shares of FedFirst typical stock exceptional immediately before closing were exchanged for shares of CB usual stock and 35 % were exchanged for cash. The deadline for sending cash/stock elections was 5:00 p.m., Eastern Time, on October 24, 2014. Based on the 2,286,008 shares of FedFirst usual stock impressive since the election deadline, the preliminary election outcomes are as follows: the holders of 500,543 shares of FedFirst common stock (approximately 21.9 % of outstanding shares )validly elected to receive stock; the holders of 1,463,779 shares of FedFirst common stock(around 64.0 % of exceptional shares)validly chosen to receive cash; and the holders of 321,686 shares of FedFirst common stock (roughly 14.1 % of exceptional shares )did not make an election. Applying the allotment and proration procedures specified in the merger contract to these preliminary elections results: FedFirst investors who made a valid stock election with regard

  • to their shares of FedFirst typical stock are anticipated to get 1.1590 shares of CB common stock for each of their shares, plus money in lieu of
  • any fractional share of CB common stock; Money elections were oversubscribed, so FedFirst investors who made a valid cash money election with

    • respect to their shares of FedFirst usual stock are anticipated to get$ 23.00 per share in money for around 55 % of their shares and 1.1590 shares of CB usual stock for each of their continuing to be shares, plus money in lieu of
      any
    • fractional share of CB usual stock; and FedFirst investors who did not make an election are anticipated to get 1.1590 shares of CB common stock for each of their shares, plus cash in lieu of any fractional share of CB usual stock. Money in lieu of a fractional share of CB typical stock will be computed based upon the volume weighted typical cost of a share of CB usual stock for
    • the twenty trading days promptly preceding the closing date of the merger. FedFirst shareholders will be informed individually of their individual election outcomes and, if appropriate, proration results once they are completed, which is expected early next week. FedFirst investors with questions concerning their individual election results and, if suitable, proration outcomes, need to call CB’s transfer/exchange representative, Computershare Trust Business, N.A., at 1-855-396-2084, at that time.

      Keefe, Bruyette & Woods, Inc. acted as monetary advisor to CB and Luse Gorman Pomerenk & Schick, P.C. served as legal counsel to CB. Mufson Howe Hunter & Business LLC functioned as financial consultant to FedFirst and rendered a fairness opinion to the Board of Directors of FedFirst in connection with the deal, and Kilpatrick Townsend & Stockton LLP functioned as legal counsel to FedFirst. About CB Financial Services, Inc.

      CB Financial Services, Inc. is the bank holding business for Neighborhood Bank, a Pennsylvania-chartered industrial bank. Community Bank operates sixteen workplaces in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in Southwestern Pennsylvania. Positive Statements This press release might contain”positive statements” within the significance of the Personal Securities Litigation Reform Act. Positive statements are usually recognized by words such as”believe,””strategy,” “anticipate, “”prepare for,

      “” plan, “”outlook,” “estimate,”” projection,”” will,” “should,””task,””goal,”and other comparable words and expressions. These positive statements include particular threats and unpredictabilities. CB undertakes no obligation to revise these

      positive statements

      or to reflect changes in events or scenarios after the date of this news release. CB Financial Solutions, Inc. Barron P.”Pat”McCune, Jr. Vice Chairman, Head of state and Chief Executive Officer -LRB-724-RRB- 225-2400 Relevant Articles other news release by CB Financial Solutions, Inc. GlobeNewswire: Newest search results from OrgClass:( 1)

    Stocks To View: Chemical Financial Corporation Finishes Acquisition of Northwestern Bancorp, Inc .

    October 31 , 2014 17:05 Print

    OTCBB NEWS: Mueller (PAUL) Co. (MUEL: OTC Pink Current)|Paul Mueller Company Reports Third Quarter 2014 Outcomes

    Paul Mueller Company Reports Third Quarter 2014 Results

    Oct 31, 2014

    OTC Disclosure & News Service

    -

    SPRINGFIELD, Mo., Oct. 31, 2014 (GLOBE NEWSWIRE) — Paul Mueller Company (OTC:MUEL) today reported its third quarter report for the period ended September 30, 2014.

    PAUL MUELLER COMPANY AND SUBSIDIARIES
    NINE-MONTH REPORT
    Unaudited
     
    CONSOLIDATED STATEMENTS OF INCOME
                   
        Three Months Ended Nine Months Ended Twelve Months Ended
        September 30 September 30 September 30
        2014 2013 2014 2013 2014 2013
                   
    Net Sales    $ 51,320,000  $ 44,384,000  $ 150,158,000  $ 131,504,000  $  199,911,000  $ 180,369,000
    Cost of Sales    39,525,000  31,301,000  109,904,000  92,486,000  143,928,000  131,667,000
    Gross Profit    $ 11,795,000  $ 13,083,000  $  40,254,000  $  39,018,000  $  55,983,000  $  48,702,000
    Selling, General and Administrative Expense    9,988,000  9,927,000  31,334,000  30,094,000  41,903,000  40,718,000
    Operating Income    $  1,807,000  $ 3,156,000  $  8,920,000  $  8,924,000  $  14,080,000  $  7,984,000
    Other Income (Expense)    (173,000)  (228,000)  (535,000)  (665,000)  (752,000)  (965,000)
    Income before Provision for Income Taxes    $  1,634,000  $ 2,928,000  $  8,385,000  $  8,259,000  $  13,328,000  $  7,019,000
    Provision (Benefit) for Income Taxes    333,000  446,000  2,494,000  1,205,000  (4,402,000)  1,526,000
    Net Income    $  1,301,000  $ 2,482,000  $  5,891,000  $  7,054,000  $  17,730,000  $  5,493,000
                   
    Earnings per Common Share –– Basic $ 1.06 $ 2.02 $ 4.80 $ 5.81 $ 14.44 $ 4.53
      Diluted $ 1.05 $ 2.01 $ 4.77 $ 5.77 $ 14.34 $ 4.49
                   
     
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                   
            Nine Months Ended    
            September 30    
            2014 2013    
                   
    Net Income  $  5,891,000  $  7,054,000    
    Other Comprehensive Income, Net of Tax:        
    Foreign Currency Translation Adjustment (2,107,000)  496,000    
    Amortization of De-Designated Hedges  25,000  17,000    
    Comprehensive Income  $  3,809,000  $  7,567,000    
                   
     
    CONSOLIDATED BALANCE SHEETS
                   
            September 30 December 31    
            2014 2013    
                   
    Current Assets  $  61,653,000  $  57,228,000    
    Net Property, Plant, and Equipment  33,444,000  35,730,000    
    Other Assets  18,907,000  21,313,000    
    Total Assets  $ 114,004,000  $ 114,271,000    
                   
    Current Liabilities  $  55,334,000  $  51,613,000    
    Long-Term Debt  4,512,000  8,776,000    
    Other Long-Term Liabilities  18,581,000  22,141,000    
    Shareholders’ Investment  35,577,000  31,741,000    
    Total Liabilities and Shareholders’ Investment  $ 114,004,000  $ 114,271,000    
                   
     
    SELECTED FINANCIAL DATA
                   
            September 30 December 31    
            2014 2013    
                   
    Book Value per Common Share $ 28.75 $ 25.65    
    Total Shares Outstanding  1,237,379  1,237,591    
    Backlog  $  67,652,000  $  67,387,000    
                   
                   
     
    CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT
              Accumulated    
               Other  
      Common Paid-in Retained    Comprehensive  
       Stock  Surplus  Earnings Treasury Stock   Income (Loss) Total
    Balance, December 31, 2013  $  1,508,000  $ 9,650,000  $  48,382,000  $  (5,102,000)  $  (22,697,000)  $  31,741,000
    Add (Deduct):            
    Net Income     5,891,000      $  5,891,000
    Other Comprehensive Income, Net of Tax         (2,082,000)  (2,082,000)
    Treasury Stock Acquisition       (8,000)    (8,000)
    Deferred Compensation   35,000        35,000
    Balance, September 30, 2014  $  1,508,000  $ 9,685,000  $  54,273,000  $  (5,110,000)  $  (24,779,000)  $  35,577,000
                 
     
    CONSOLIDATED STATEMENT OF CASH FLOWS
            Nine Months    
            Ended     
            September 30,    
            2014    
    Cash Flows from Operating Activities:      
                 
    Net Income  $  5,891,000    
                 
    Adjustment to Reconcile Net Income to      
    Net Cash (Required) Provided by Operating Activities:      
    Pension Contributions (Greater) Less than Expense  (3,432,000)    
    Bad Debt Expense (Recovery)  (46,000)    
    Depreciation & Amortization  4,284,000    
    Deferred Tax Expense  16,000    
    (Gain) Loss on Sales of Equipment  (15,000)    
    Other  50,000    
    Change in Assets and Liabilities, Net of Effect of Acquisitions–      
    (Inc) Dec in Accounts and Notes Receivable  (1,577,000)    
    (Inc) Dec in Cost in Excess of Estimated Earnings and Billings  (188,000)    
    (Inc) Dec in Inventories  (2,683,000)    
    (Inc) Dec in Prepayments  (2,101,000)    
    (Inc) Dec Other Assets  1,290,000    
    Inc (Dec) in Accounts Payable  4,983,000    
    Inc (Dec) Other Accrued Expenses  1,594,000    
    Inc (Dec) Advanced Billings  1,205,000    
    Inc (Dec) in Billings in Excess of Costs and Estimated Earnings  (1,957,000)    
    Inc (Dec) In Other Long-Term Liabilities  (11,000)    
    Net Cash (Required) Provided by Operating Activities  $  7,303,000    
                 
    Cash Flows (Requirements) from Investing Activities      
    Proceeds from Sales of Equipment  39,000    
    Additions to Property and Equipment  (3,459,000)    
    Net Cash (Required) Provided by Investing Activities  $  (3,420,000)    
                 
    Cash Flows (Requirements) from Financing Activities      
    Proceeds (Repayment) of Short-Term Borrowings  147,000    
    Proceeds (Repayment) of Long-Term Debt  (3,829,000)    
    Treasury Stock Acquisitions  (8,000)    
    Net Cash (Required) Provided by Financing Activities  $  (3,690,000)    
                 
    Effect of Exchange Rate Changes  (102,000)    
                 
    Net Increase in Cash and Cash Equivalents  $  91,000    
                 
    Cash and Cash Equivalents at Beginning of Year 179,000    
                 
    Cash and Cash Equivalents at End of Quarter  $  270,000    
                 

    Paul Mueller Company is a manufacturer of high quality stainless steel equipment used worldwide on dairy farms and in wide varieties of industrial applications, including food, dairy, and beverage processing; transportation; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery HVAC; and process cooling.

    This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the factors described on page 35 of the Company’s 2013 Annual Report. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.

    SUMMARIZED NOTES TO THE FINANCIAL STATEMENTS

    (1) Results of Operations:

    A. The chart below depicts the net sales on a consolidating basis for the three months ended September 30.

     
    Three Months Ended September 30
    Sales 2014 2013
    Domestic $ 35,135,000 $ 31,253,000
    Mueller BV $ 16,861,000 $ 14,161,000
    Eliminations ($ 676,000) ($ 1,030,000)
    Net Sales $ 51,320,000 $ 44,384,000
         

    The chart below depicts the net sales on a consolidating basis for the nine months ended September 30.

     
    Nine Months Ended September 30
    Sales 2014 2013
    Domestic $ 98,874,000 $ 90,655,000
    Mueller BV $ 53,268,000 $ 42,949,000
    Eliminations ($ 1,984,000) ($ 2,100,000)
    Net Sales $ 150,158,000 $ 131,504,000
         

    The chart below depicts the net sales on a consolidating basis for the twelve months ended September 30.

     
    Twelve Months Ended September 30
    Sales 2014 2013
    Domestic $ 130,341,000 $ 125,256,000
    Mueller BV $ 71,920,000 $ 57,213,000
    Eliminations ($ 2,350,000) ($ 2,100,000)
    Net Sales $ 199,911,000 $ 180,369,000
         

    The chart below depicts the net income on a consolidating basis for the three months ended September 30.

     
    Three Months Ended September 30
    Net Income 2014 2013
    Domestic $ 268,000 $ 2,107,000
    Mueller BV $ 1,025,000 $ 515,000
    Eliminations $ 8,000 ($ 140,000)
    Net Income $ 1,301,000 $ 2,482,000
         

    The chart below depicts the net income on a consolidating basis for the nine months ended September 30.

     
    Nine Months Ended September 30
    Net Income 2014 2013
    Domestic $ 2,419,000 $ 4,890,000
    Mueller BV $ 3,366,000 $ 2,215,000
    Eliminations $ 106,000 ($ 51,000)
    Net Income $ 5,891,000 $ 7,054,000
         

    The chart below depicts the net income on a consolidating basis for the twelve months ended September 30.

     
    Twelve Months Ended September 30
    Net Income 2014 2013
    Domestic $ 12,808,000 $ 2,545,000
    Mueller BV $ 4,731,000 $ 3,076,000
    Eliminations $ 191,000 ($ 128,000)
    Net Income $ 17,730,000 $ 5,493,000
         

    B. The domestic and consolidated results for the three, nine and twelve months ended September 30, 2014, include a $ 2,900,000 reserve taken in connection with an accident involving a field fabricated tank. The plan to replace the tank, and various contractual and insurance issues, are still uncertain. Because the financial effect cannot yet be determined, the reserve was established for the full contract value of the original order and certain insurance deductibles.

    C. The domestic and consolidated results for the three, nine and twelve months ended September 30, 2014, include $ 2,900,000 reserve taken in connection with an accident involving a field fabricated tank. The plan to replace the tank, and various contractual and insurance issues, are still uncertain. Because the company’s eventual exposure cannot yet be determined, the reserve was established for the full contract value of the original order and certain insurance deductibles.

    D. The results for the twelve months ended September 30, 2014, were favorably affected by a $ 10,120,000 reduction in the valuation allowance against the net deferred tax assets. The change in the valuation allowance did not materially affect Net Income for the twelve months ended September 30, 2013.

    E. The results for the twelve months ended September 30, 2014, included a non-cash, pre-tax adjustment to Other Comprehensive Income of $ 13,230,000 which increased shareholders’ investment. The adjustment was caused by a decrease in the pensions’ underfunded status due to market conditions and actuarial assumptions. The results for the twelve months ended September 30, 2013, included a $ 12,221,000 non-cash, pre-tax adjustment to Other Comprehensive Income which reduced shareholders’ investment. The adjustment was caused by an increase in the pensions’ underfunded status due to market conditions and actuarial assumptions.

    F. The results for the twelve months ended September 30, 2013, were adversely affected by expenses of $ 1,330,000 associated with an arbitration settled on December 19, 2012.

    (2) Summary of Accounting Policies:

    Principles of Consolidation and Lines of Business – The financial statements include the accounts of Paul Mueller Company (“Company”) and it’s wholly owned subsidiaries: Mueller Transportation, Inc.; Mueller Field Operations, Inc.; and Mueller B.V., a Dutch holding company and parent to the companies acquired during 2008. All significant intercompany balances and transactions have been eliminated in consolidation. The Company provides manufactured equipment and components for the food, dairy, beverage, transportation, chemical, pharmaceutical, and other industries, as well as the dairy farm market. The Company also provides field fabrication, service and repair, and construction services in these industries. 

    Joint Ventures – As a part of the acquisitions made during 2008, Mueller B.V. acquired a 49% interest in DEG Engineering GmbH, a German engineering firm that designs and sells heat transfer equipment. The investment in DEG Engineering GmbH was originally accounted for using the equity method and was included in other assets on the Consolidated Balance Sheets, and the equity in the results was included in equity in income (loss) of joint ventures on the Consolidated Statement of Income. The Company routinely evaluates its equity-method investments for impairment and in 2011, the investment in DEG Engineering GmbH was written down to zero.

    Use of Estimates – The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

    Revenue Recognition and Retainages – Revenue from sales of fabricated products is recognized upon passage of title to the customer. Passage of title may occur at the time of shipment from the Company’s dock, at the time of delivery to the customer’s location, or when projects are completed in the field and accepted by the customer. For large multi-unit projects that are fabricated in the plant, revenue is recognized under the units-of-delivery method, which is a modification of the percentage-of-completion method of accounting for contracts. The units-of-delivery method recognizes as revenue the contract price of units completed and shipped or delivered to the customer (as determined by the contract) or completed and accepted by the customer for field-fabrication projects. The applicable manufacturing cost of each unit is identified and charged to cost of sales as revenue is recognized.

    Revenues from long-term, fixed-price contracts that involve only a few deliverables are generally recognized under the percentage-of-completion method of accounting. Under this method, revenues and profits for plant-fabricated projects are recorded by applying the ratio of total manufacturing hours incurred to date for each project to estimated total manufacturing hours for each project. For field-fabricated projects, revenues and profits are recorded by applying the ratio of costs incurred to date for each contract to the estimated total costs for each contract at completion.

    Estimates of total manufacturing hours and total contract costs for relevant contracts are reviewed continually and, if necessary, are updated to properly state the estimates. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Costs and estimated earnings in excess of billings on uncompleted contracts arise when costs have been incurred and revenues have been recorded, but the amounts are not yet billable under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of the contracts. Billings in excess of costs and estimated earnings on uncompleted contracts arise as a result of advance and progress billings on contracts.

    Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings relate to contracts in progress and are included in the accompanying Consolidated Balance Sheets as current assets and current liabilities, respectively, as they will be liquidated in the normal course of contract completion, although completion may require more than one year.

    Contracts with some customers provide for a portion of the sales amount to be retained by the customer for a period of time after completion of the contract.

    Shipping fees charged are included in revenue, whereas sales, use, and other taxes collected from customers are excluded from revenue.

    Trade Accounts Receivable – Trade accounts receivable, reduced by a reserve for doubtful accounts, are reported at the resulting net realizable value on the Consolidated Balance Sheets. The Companies’ reserves for doubtful accounts are determined based on a variety of factors, including length of time receivables are past due, customer credit ratings, financial stability of customers, past customer history, historical trends, and market conditions. Accounts are evaluated on a regular basis and reserves are established as deemed appropriate, based on the above criteria. Increases to the reserves are charged to the provision for doubtful accounts, and reductions to the reserves are recorded when receivables are written off or subsequently collected.

    In certain instances, the Companies invoice customers when a contract is signed in advance of work being performed (commonly referred to as “advanced billing” transactions). In such circumstances, once the contract is signed by the customer to perform the work, the Companies issue an invoice or advance billing. No revenue is recognized on these transactions. The effect on the financial statements is to record an accounts receivable and a liability (advanced billing). These amounts are netted together at each reporting period. 

    Inventories – Effective January 1, 2010, the Company changed the method of valuing its inventory from the single-pool, dollar value, last-in, first-out (“LIFO”) method to the inventory price index computation (“IPIC”) method of LIFO. The IPIC method bases inflation measurements on data published by the U.S. Bureau of Labor Statistics. Under the IPIC LIFO method, the Company will no longer be required to reconstruct base year (1973) cost for new parts. The reconstruction of base year costs for new parts results in a degree of variability as the costs are typically reconstructed through comparisons to similar parts. This variability will not be present in the new IPIC LIFO calculation method, which will also significantly reduce the administrative burden of calculating LIFO inventory. Management believes this will provide a more accurate calculation of the LIFO inventory.

    Property, Plant, and Equipment – Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts, and any resulting gains or losses are recorded in the Consolidated Statements of Income.

    Research and Development – Research and development costs are charged to expense as incurred.

    Impairment of Plant and Equipment – Plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is evaluated by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment is determined by measuring the amount by which the carrying amount of the asset exceeds the fair value of the asset as determined by the future net undiscounted cash flows.

    Statements of Cash Flows – For purposes of the Consolidated Statements of Cash Flows, the Company considers investments with an original maturity of three months or less to be cash equivalents.

    Goodwill, Intangibles, and Other Assets – The Company follows FASB ASC 350– “Intangibles – Goodwill and Other,” with regards to accounting for goodwill and other intangible assets. Amortizable intangible assets with definite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is evaluated by comparing the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment is determined by measuring the amount by which the carrying amount of the asset exceeds the fair value of the asset. 

    The FASB issued ASU 2011-08 – “Testing Goodwill for Impairment,” in September 2011 to amend and simplify the rules related to testing goodwill for impairment. The revised guidance allows an entity to make an initial qualitative evaluation, based on the entity’s events and circumstances, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The results of this qualitative assessment determine whether it is necessary to perform a subsequent two-step impairment test. The amendment was effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, and an early adoption was permitted.

    The Company tests goodwill for impairment as of November 30, or more frequently, if events or changes in circumstances indicate that impairment may be present. For reporting units in which this assessment concludes that it is more likely than not that the fair value is more than its carrying value, goodwill is not considered impaired and the Company is not required to perform the two-step quantitative goodwill impairment test. Qualitative factors considered in this assessment include relevant macroeconomic conditions, limitations on accessing capital, significant fluctuations in foreign exchange rates, industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. For the years ended 2013, 2012, and 2011, the Company assessed qualitative factors in determining whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Based upon the qualitative assessment, no goodwill impairment charge was required for the years ended December 31, 2013, 2012, or 2011.

    Fair Value of Financial Instruments – Financial instruments consist mainly of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and bank borrowings. These instruments are short-term in nature and their carrying amount approximates fair value. The Company estimated the fair value of interest rate swaps by using pricing models developed based on the Euribor swap rate and other observable market data.

    Income Taxes – The Company accounts for income taxes in accordance with FASB ASC 740 – “Accounting for Income Taxes.” Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes, as measured by the enacted tax rates which will be in effect when these differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred income tax assets, the Company considers whether it is more likely than not, according to the criteria of FASB ASC 740, that some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. FASB ASC 740 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority.

    Recent Accounting Pronouncements – In January 2013, the FASB issued ASU 2013-01   “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The update clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. Like ASU 2011-11, ASU 2013-01 is effective for all entities (public and nonpublic) for fiscal years beginning on or after January 1, 2013, and interim periods therein. Adoption of this update had no material impact on the Company’s Consolidated Balance Sheet.

    In February 2013, the FASB issued ASU 2013-02 – “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This update adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (AOCI). The ASU is intended to help entities improve the transparency of changes in other comprehensive income (OCI) and items reclassified out of AOCI in their financial statements. It does not amend any existing requirements for reporting net income or OCI in the financial statements. For public entities, the new disclosure requirements are effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. Adoption of this update had no material impact on the Company’s financial statements.

     CONTACT: FOR FURTHER INFORMATION CONTACT:          Ken Jeffries, Chief Financial Officer          Springfield, Missouri          (417) 575-9000 

    Copyright © 2014 GlobeNewswire. All Rights Reserved

    The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

    OTC Markets Group – News, Filings & Corporate Actions

    Stocks To Enjoy: Southern National Bancorp of Virginia Announces the Consolidation of Its Germantown Branch on March 1st, 2015

    October 31 , 2014 16:30 Print

    Virginia Inc. (Nasdaq: SONA), the holding business for Sonabank, announced the prepared consolidation of its Germantown branch on March 1 st, 2015. All branch staff will certainly keep their tasks with Sonabank, and will be movedtoother branches close

    by. When the Germantown branch is closed, Sonabank will certainly experience substantial cost savings, and the total financial impact of the branch closing will certainly be extremely positive. Over the next month, clients will be notified of the closest branches and given a phone number to

    call with concerns. Southern National Bancorp of Virginia, Inc. is a bank holding business with total properties of$ 883

    million as of September 30 th, 2014. Sonabank supplies a variety of monetary services to people and little and mediumsized businesses. Sonabank has a total of twenty 4 branches, with fifteen of those branches in Virginia, situated in Fairfax County (Reston, McLean and Fairfax), in Charlottesville, Warrenton(2), Middleburg, Leesburg (2), South Riding, Front Royal, New Market, Haymarket, Richmond and Clifton Forge. Sonabank’s other nine branches are in Maryland, in Rockville, Shady Grove, Germantown, Upper Marlboro, Owings, Huntingtown, Brandywine, Frederick and Bethesda. Forward-Looking Statements This news release consists of forward-looking statements within the significance ofthe Personal Securities Litigation Reform Act of 1995 that relate to future events or the future performance of Southern National Bancorp of Virginia, Inc. Forward-looking statements are not assurances of performance or outcomes. These positive statements are based on the existing beliefs and expectations of the respective management of Southern National Bancorp of Virginia, Inc. and Sonabank and are inherently based on substantial business, financial and competitive unpredictabilities and contingencies, many of which are beyond their respective control. In addition, these forward-looking statements go through presumptions with respect to future company strategies and choices that go through change. Real outcomes may vary materially from the prepared for results discussed or implied in these positive statements due to the fact that of numerous possible unpredictabilities. Words like”may,””strategy,” “contemplate,” “expect,””think,””mean,”” continue,””expect,””task,””forecast,””quote,””could,””should,””would,””will,”and comparable expressions, need to be thought about as recognizing forward-looking statements, although other phrasing might be made use of. Such forward-looking statements involve threats and unpredictabilities and could not be realized due to a range of aspects. Extra aspects that might cause real result in vary materially from those expressed in the forward-looking statements are talked about in the guides( such as Annual Reports on Type 10-K, Quarterly Guides on Kind 10-Q) filed by Southern National Bancorp of Virginia, Inc. You ought to think about such aspects and not place excessive dependence on such forward-looking statements. No commitment is undertaken by Southern National Bancorp of Virginia, Inc. to upgrade such positive statements to reflect occasions or scenarios occurring after the issuance of this news release. Devon Porter, Senior citizen Vice President Phone: 540-428-3435 Email: Southern National Bancorp of Virginia Inc. NASDAQ Symbol SONA Site: www.sonabank.com Related Articles other news release by Southern National Bancorp of Virginia, Inc. Southern National Bancorp of Virginia, Inc.

     Washington, District of Columbia, UNITED STATES http://www.sonabank.com Devon Porter, Senior citizen Vice President Phone: 540-428-3435 Email: Southern National 

    OTCBB NEWS: Atheronova, Inc. (AHRO: OTCQB)|AtheroNova Announces Closing of Public Providing of Common Stock and Warrants

    IRVINE, Calif., Oct. 31, 2014/ PRNewswire/– AtheroNova Inc. (OTCBB: AHRO), a biotech business focused on the research and development of compounds to securely regress atherosclerotic plaque and improve lipid profiles in human beings, today announced the closing of its follow-on public offering of 4,000,000 shares of typical stock, with each share of usual stock being offered together with 1.25 warrants to purchase one share of common stock. The securities were sold at a cost to the general public of $ 0.75 per share of common stock and $ 0.00001 per warrant. The warrants have a workout price of $ 4.00 per share, subject to adjustment, and are exercisable instantly and expire 5 (five) years from the date of issuance. The gross earnings from this offering to AtheroNova are approximately $ 3,000,050, prior to subtracting underwriting price cuts and commissions and estimated offering expenses payable by AtheroNova. AtheroNova has actually given the underwriters a 45-day choice to buy up to an added 600,000 shares of its usual stock and/or warrants to acquire as much as an aggregate of 750,000 shares of its common stock. AtheroNova intends to make use of the net earnings from the offering, as well as its other current capital resources, for general corporate functions, including working capital, business expenses and capital expenditures.

    Aegis Capital Corp. is functioning as the sole book-running manager for the providing.

    Merriman Capital is acting as co-manager for the offering.

    The securities described above are being offered by AtheroNova pursuant to registration statements on Type S-1 (Nos. 333-194645 and 199628) consisting of a prospectus. The securities may be provided only by means of the prospectus. An initial prospectus related to the offering was filed with the SEC on October 16 and the final prospectus associated to the offering was filed with the SEC on October 29 and is offered on the SEC’s site located at www.sec.gov. Copies of the last prospectus connecting to the securities being offered may also be acquired from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New york city, NY 10019, email: prospectus@aegiscap.com; or Merriman Capital, Inc., Prospectus Department, 600 California St., 9th Floor, San Francisco, CA 94108; telephone -LRB-415-RRB- 248-5683.

    This press release will not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation or sale would be unlawful previous to the registration or qualification under the securities laws of any such jurisdiction.

    About AtheroNova
    AtheroNova Inc. is a biotechnology company concentrated on the discovery, research, development and licensing of novel substances to safely lower or regress atherosclerotic plaque deposits and improve lipid profiles in human beings. AtheroNova’s lead compound, AHRO-001, straight targets atherosclerosis. In addition to its lead substance AHRO-001, AtheroNova plans to develop numerous applications for its patented and patents-pending treatments in market sectors that include: Cardiovascular Illness, Stroke and Peripheral Artery Disease, all which have been connecteded to atherosclerosis. Atherosclerosis and its related pharmaceutical expenses for these indicators cost consumers more than $ 41 billion each year in the United States alone. To find out more, please check out www.AtheroNova.com.

    Positive Statements
    This news release includes “positive statements”. These statements are based upon the present beliefs and expectations of AtheroNova’s management and undergo significant risks and unpredictabilities. If underlying assumptions show unreliable or dangers or uncertainties materialize, real outcomes might differ materially from those stated in the positive statements.

    Threats and unpredictabilities include but are not limited to, basic industry conditions and competitors; considerable changes in costs related to scientific trials, failure to secure extra funding, the failure to total regulatory filings with the FDA, general economic aspects, consisting of interest rate and currency exchange rate variations; the impact of pharmaceutical market regulation and wellness care legislation in the United States and worldwide; worldwide trends towards wellness care expense containment; technological advances, brand-new items and patents achieved by competitors; difficulties inherent in brand-new item development, consisting of getting regulative approval; AtheroNova’s ability to properly forecast future market conditions; manufacturing troubles or hold-ups; financial instability of worldwide economies and sovereign threat; reliance on the efficiency of AtheroNova’s patents and other defenses for innovative products; and the direct exposure to litigation, consisting of patent litigation, and/or regulative actions. Examples of positive statements in this release include statements concerning the use of proceeds gotten from the providing.

    AtheroNova carries out no commitment to publicly update any positive statement, whether as a result of brand-new details, future events or otherwise. Added factors that might cause lead to differ materially from those described in the forward-looking statements can be discovered in AtheroNova’s 2013 Yearly Guide on Type 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) offered at the SEC’s Internet website (www.sec.gov).

    SOURCE AtheroNova Inc.

    . Copyright © 2014 Public Relations Newswire. All Rights Reserved

    The above press release has actually been supplied by the above company by means of the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are exclusively accountable for the accuracy of such press release.

    OTC Markets Group – News, Filings & & Corporate Actions

    OTCBB NEWS: Naturally Splendid Enterprises Ltd. (NSPDF: OTCQB) | Naturally Splendid and Complete Spectrum Mutually Extend Due Diligence Period

    VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct 31, 2014) – Naturally Splendid Enterprises Ltd. (the “Organization”) (FRANKFURT:50N)(TSX VENTURE:NSP)(OTCQB:NSPDF) announces that Naturally Splendid and Complete Spectrum Laboratories Ltd. (“FSL”) have mutually agreed to extend the due diligence and exclusivity periods beneath the letter of intent (see news release October 7, 2014) to November 30, 2014. The objective of the extension is for the parties to continue their due diligence and to formalize the terms of the proposed license agreement.

    About Naturally Splendid Enterprises Ltd.

    Naturally Splendid has an exclusive sales agreement to market and distribute, in North America, the full complement of patent pending, plant-based omega products developed by Boreal Technologies. The products contain HempOmega™ and H2Omega™, as effectively as the FlaxOmega™, CanolaOmega™, and ChiaOmega™ plant based omega goods. These novel merchandise utilize microencapsulation and are obtainable in both a powder format and an aqueous resolution for elevated flexibility in ingredient applications and stand-alone goods.

    Naturally Splendid’s one hundred% owned NATERA™ line of hemp-primarily based superfood products are carried nationwide by Canada’s top health food distributors and a network of retail stores across Canada such as key retailers and specialty shops. Naturally Splendid’s lately rebranded “NATERA™” line of goods contains all-natural and flavored shelled hemp seeds as properly as natural and flavored hemp protein powders.

    About Full Spectrum Labs Limited

    Full Spectrum Laboratories, LTD. Incorporated in Ireland is a bioresearch and solution improvement firm with operating subsidiaries in Canada and the United States. The company has principally focused on the plant cannabis sativa and has developed quite a few technologies and made many discoveries resulting in four granted patents and more than 11 patent applications, in just below 5 years. FSL at present concentrates on formulation and extraction technologies analytical cannabis testing in Canada advance cannabis plant breeding specializing in CBD expression and cannabinoid bio-synthesis.

    For far more details e-mail information@naturallysplendid.com or get in touch with 604-559-8051.

    On Behalf of the Board of Directors

    J. Craig Goodwin, CEO, Director

    Forward-Seeking Statements

    Information set forth in this news release includes forward-searching statements that are based on assumptions as of the date of this news release. These statements reflect management’s present estimates, beliefs, intentions and expectations. They are not guarantees of future overall performance. Naturally Splendid cautions that all forward hunting statements are inherently uncertain and that actual functionality could be affected by a quantity of material factors, many of which are beyond Naturally Splendid’s manage. Such variables contain, amongst other issues: risks and uncertainties relating to Naturally Splendid’s capacity to full proposed private placement financing. Accordingly, actual and future events, conditions and outcomes might differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward seeking data. Except as essential under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-hunting info.

    NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION Solutions PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS Duty FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    Copyright © 2014 Marketwired. All Rights Reserved

    The above news release has been offered by the above firm by way of the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely accountable for the accuracy of such news releases.

    OTC Markets Group – News, Filings &amp Corporate Actions