TORONTO, April 26, 2012 /PRNewswire via COMTEX/ –
CONTINUED GROWTH IN SALES AND EARNINGS PER SHARE

Shoppers Drug Mart Corporation

/quotes/zigman/24254 CA:SC
+0.05%

today announced its financial results for the first quarter ended March
24, 2012.

First Quarter Year-Over-Year Highlights

Sales increase of 2.0% to $2.394 billion

Same-store increase of 1.5%

Pharmacy sales increase of 1.6% to $1.168 billion

Same-store increase of 1.1%

Retail prescription count increase of 2.9%

Same-store increase of 2.7%

Front store sales increase of 2.5% to $1.226 billion

Same-store increase of 2.0%

Net earnings per share of $0.56, an increase of 3.7%

Repurchased 1,819,700 common shares at an aggregate cost of $75 million

First Quarter Results (12 Weeks)

First quarter sales were $2.394 billion, an increase of 2.0% over the
same period last year, driven by modest sales growth in pharmacy and
stronger results in the front of the store. On a same-store basis,
sales increased 1.5% during the quarter. A calendar shift that
resulted in the inclusion of an additional statutory holiday (New Years
Day) in the first quarter of 2012, combined with a relatively weak cold
and flu season, served to moderate the rate of increase in
year-over-year sales growth.

Prescription sales were $1.168 billion in the first quarter, an increase
of 1.6% compared to the same period last year, as growth in the number
of prescriptions filled continues to be partially offset by a reduction
in average prescription value. On a same-store basis, prescription
sales increased 1.1% during the quarter. During the first quarter of
2012, the number of prescriptions dispensed at retail increased 2.9%
compared to the same period last year and was up 2.7% on a same-store
basis. Adjusting for the impact of the calendar shift noted above, it
is estimated that the number of prescriptions dispensed at retail would
have increased 3.5% year-over-year and would have been up 3.2% on a
same-store basis. The decrease in average prescription value can be
largely attributed to a reduction in generic prescription reimbursement
rates, the result of recently implemented and ongoing drug system
reform initiatives in certain jurisdictions of Canada, along with
increasing generic prescription utilization rates. Generic molecules
represented 57.6% of prescriptions dispensed in the first quarter of
2012 compared to 56.6% of prescriptions dispensed in the same period
last year. In the first quarter of 2012, prescription sales accounted
for 48.8% of the Company’s sales mix compared to 49.0% of the Company’s
sales mix in the same quarter of last year.

Front store sales were $1.226 billion in the first quarter, an increase
of 2.5% compared to the same period last year, led by strong sales
gains in cosmetics and select convenience categories, notably food and
confection. The Company’s store network development program, which
resulted in a 4.2% increase in selling space compared to a year ago,
was also a contributing factor to sales growth in the front of the
store. On a same-store basis, front store sales increased 2.0% during
the first quarter of 2012, a solid result considering the negative
impact of the calendar shift and seasonality factor noted above.

First quarter net earnings were $119 million compared to $118 million in
the same period last year. On a fully diluted basis, net earnings per
share were 56 cents in the first quarter of 2012 compared to 54 cents
per share in the same period last year, an increase of 3.7%. Strong
sales in the front of the store, combined with a disciplined approach
to managing pricing and promotional activities, served to offset
further downward pressure on sales and margins in the dispensary,
resulting in a 3.6% increase in gross profit dollars compared to the
first quarter of last year. Operating and administrative expenses,
inclusive of depreciation and amortization expense, increased 4.9%
compared to the same period last year, driven largely by higher
store-level expenses, primarily occupancy, wages and benefits related
to the Company’s network growth and expansion initiatives, along with
increased Associate earnings. Other factors that contributed to growth
in net earnings for the first quarter of 2012 were lower finance
expenses and a reduction in the Company’s effective income tax rate.
In addition to the earnings factors noted above, the cumulative impact
of the Company’s share repurchase program had a positive impact on
growth in net earnings per share during the first quarter of 2012, as
there were 2.6% fewer fully diluted shares outstanding compared to the
first quarter of last year.

Commenting on the quarter, Domenic Pilla, President and CEO stated, “We
are encouraged by our first quarter operating and financial results.
This is a solid performance and a good start to the year in what
remains a challenging economic and regulatory environment. Together
with our Associate-owners and their teams at store-level, we continue
to work through the impact of regulatory reforms on our business, while
never compromising on our commitment to providing the best in patient
care and customer service.”

Store Network Development

During the first quarter, 14 drug stores were opened or acquired, six of
which were relocations, and two smaller drug stores were closed. The
Company also completed three major drug store expansions during the
quarter. In addition to this activity, seven existing drug stores were
remodeled, converting them to smaller prototype formats. At
quarter-end, there were 1,334 stores in the system, comprised of 1,263
drug stores (1,206 Shoppers Drug Mart/Pharmaprix stores and 57 Shoppers
Simply Pharmacy/Pharmaprix Simplement Santé stores), 63 Shoppers Home
Health Care stores and eight Murale stores. Retail selling space was
approximately 13.4 million square feet at the end of the first quarter
of 2012, an increase of 4.2% compared to a year ago.

Dividend

The Company also announced today that its Board of Directors has
declared a dividend of 26.5 cents per common share, payable July 13,
2012 to shareholders of record as of the close of business on June 29,
2012.

Normal Course Issuer Bid Program

During the first quarter of 2012, the Company repurchased 1,819,700
common shares under its normal course issuer bid program at an
aggregate cost of $75 million, representing an average repurchase price
of $41.16 per common share. All repurchased shares were subsequently
cancelled.

Other Information

The Company will hold an analyst call at 3:00 p.m. (Eastern Daylight
Time) today to discuss its first quarter results. The call may be
accessed by dialing 416-695-7806 from within the Toronto area, or
1-888-789-9572 outside of Toronto.The seven-digit participant pass
code number is 8845571. The call will also be simulcast on the
Company’s website for all interested parties.The webcast can be
accessed via the Investor Relations section of the Shoppers Drug Mart
website at
www.shoppersdrugmart.ca . The conference call will be archived in the Investor Relations
section of the Shoppers Drug Mart website until the Company’s next
analyst call. A playback of the call will also be available by
telephone until 11:59 p.m. (Eastern Daylight Time) on May 10, 2012.
The call playback can be accessed after 5:00 p.m. (Eastern Daylight
Time) on Thursday, April 26, 2012 by dialing 905-694-9451 from within
the Toronto area, or 1-800-408-3053 outside of Toronto.The seven-digit
pass code number is 7754215.

About Shoppers Drug Mart Corporation

Shoppers Drug Mart Corporation is one of the most recognized and trusted
names in Canadian retailing. The Company is the licensor of
full-service retail drug stores operating under the name Shoppers Drug
Mart (Pharmaprix in Québec). With 1,206 Shoppers Drug Mart and
Pharmaprix stores operating in prime locations in each province and two
territories, the Company is one of the most convenient retailers in
Canada. The Company also licenses or owns 57 medical clinic pharmacies
operating under the name Shoppers Simply Pharmacy (Pharmaprix
Simplement Santé in Québec) and eight luxury beauty destinations
operating as Murale. As well, the Company owns and operates 63
Shoppers Home Health Care stores, making it the largest Canadian
retailer of home health care products and services. In addition to its
retail store network, the Company owns Shoppers Drug Mart Specialty
Health Network Inc., a provider of specialty drug distribution,
pharmacy and comprehensive patient support services, and MediSystem
Technologies Inc., a provider of pharmaceutical products and services
to long-term care facilities.

For more information, visit
www.shoppersdrugmart.ca .

Forward-looking Information and Statements

This news release, including the Management’s Discussion and Analysis,
(collectively, the “News Release”), contains forward-looking
information and statements which constitute “forward-looking
information” under Canadian securities law and which may be material
regarding, among other things, the Company’s beliefs, plans,
objectives, estimates, intentions and expectations. Forward-looking
information and statements are typically identified by words such as
“anticipate”, “believe”, “expect”, “estimate”, “forecast”, “goal”,
“intend”, “plan”, “will”, “may”, “should”, “could” and similar
expressions. Specific forward-looking information in this News Release
includes, but is not limited to, statements with respect to the
Company’s future operating and financial results, its capital
expenditure plans, its dividend and shareholder distribution policies
and the ability to execute on its future operating, investing and
financing strategies.

The forward-looking information and statements contained herein are
based on certain factors and assumptions, certain of which appear
proximate to the applicable forward-looking information and statements
contained herein. Inherent in the forward-looking information and
statements are known and unknown risks, uncertainties and other factors
beyond the Company’s ability to control or predict, which give rise to
the possibility that the Company’s predictions, forecasts, expectations
or conclusions will not prove to be accurate, that its assumptions may
not be correct and that the Company’s plans, objectives and statements
will not be achieved. Actual results or developments may differ
materially from those contemplated by the forward-looking information
and statements.

The material risk factors that could cause actual results to differ
materially from the forward-looking information and statements
contained herein include, without limitation: the risk of adverse
changes to laws and regulations relating to prescription drugs and
their sale, including pharmacy reimbursement programs and the
availability of manufacturer allowances, or changes to such laws and
regulations that increase compliance costs; the risk that the Company
will be unable to implement successful strategies to manage the impact
of the drug system reform initiatives implemented or proposed in a
number of provinces; the risk of adverse changes in economic and
financial conditions in Canada and globally; the risk of increased
competition from other retailers; the risk of an inability of the
Company to manage growth and maintain its profitability; the risk of
exposure to fluctuations in interest rates; the risk of material
adverse changes in foreign currency exchange rates; the risk of an
inability to attract and retain pharmacists and key employees or
effectively manage succession planning; the risk of an inability of the
Company’s information technology systems to support the requirements of
the Company’s business; the risk of changes to estimated contributions
of the Company in respect of its pension plans or post-employment
benefit plans which may adversely impact the Company’s financial
performance; the risk of changes to the relationships of the Company
with third-party service providers; the risk that the Company will not
be able to lease or obtain suitable store locations on economically
favourable terms; the risk of adverse changes to the Company’s results
of operations due to seasonal fluctuations; the risk of an inability of
the Company to respond to changing consumer preferences that may result
in excess inventory, inventory levels that are insufficient to meet
demand or inventory obsolescence; risks associated with alternative
arrangements for sourcing generic drug products, including intellectual
property and product liability risks; the risk that new, or changes to
current, federal and provincial laws, rules and regulations, including
environmental and privacy laws, rules and regulations, may adversely
impact the Company’s business and operations; the risk that violations
of law, breaches of Company policies or unethical behaviour may
adversely impact the Company’s financial performance; property and
casualty risks; the risk of injuries at the workplace or health issues;
the risk that changes in tax law, or changes in the way that tax law is
expected to be interpreted, may adversely impact the Company’s business
and operations; the risk that new, or changes to existing, accounting
pronouncements may adversely impact the Company; the risks associated
with the performance of the Associate-owned store network; the risk of
material adverse effects arising as a result of litigation; the risk of
damage to the reputation of brands promoted by the Company, or to the
reputation of any supplier or manufacturer of these brands; product
quality and product safety risks which could expose the Company to
product liability claims and negative publicity; the risk that events
or a series of events may cause business interruptions; and the risk of
disruptions to the Company’s distribution operations or supply chain
which could affect the cost, timely delivery and availability of
merchandise.

This is not an exhaustive list of the factors that may affect any of the
Company’s forward-looking information and statements. Investors and
others should carefully consider these and other factors and not place
undue reliance on the forward-looking information and statements.
Further information regarding these and other factors is included in
the Company’s public filings with provincial securities regulatory
authorities including, without limitation, the sections entitled “Risks
and Risk Management” and “Risks Associated with Financial Instruments”
in the Company’s Management’s Discussion and Analysis for the 52 week
period ended December 31, 2011. The forward-looking information and
statements contained in this News Release represent the Company’s views
only as of the date hereof. Forward-looking information and statements
contained in this News Release about prospective results of operations,
financial position or cash flows that are based upon assumptions about
future economic conditions and courses of action are presented for the
purpose of assisting the Company’s shareholders in understanding
management’s current views regarding those future outcomes and may not
be appropriate for other purposes. While the Company anticipates that
subsequent events and developments may cause the Company’s views to
change, the Company does not undertake to update any forward-looking
information and statements, except to the extent required by applicable
securities laws.

Additional information about the Company, including the Annual
Information Form, can be found at
www.sedar.com .

Financial Information

To immediately view and download Shoppers Drug Mart Corporation’s first
quarter of 2012 management’s discussion and analysis and unaudited
condensed consolidated financial statements, please access the
following links:

Q1/2012 Management’s Discussion and Analysis

Q1/2012 Unaudited Condensed Consolidated Financial Statements

This information will also be available at
www.sedar.com or by accessing the Investor Relations section of the Company’s website
at
www.shoppersdrugmart.ca .

The Company reports its financial results in accordance with Canadian
GAAP. However, the Q1/2012 Management’s Discussion and Analysis
accessible through the foregoing link contains references to non-GAAP
financial measures, such as operating margin, EBITDA (earnings before
finance expenses, income taxes and depreciation and amortization),
EBITDA margin and cash interest expense. Non-GAAP financial measures
do not have standardized meanings prescribed by GAAP and, therefore,
may not be comparable to other reporting issuers.

These non-GAAP financial measures have been included in the Q1/2012
Management’s Discussion and Analysis as they are measures which
management uses to assist in evaluating the Company’s operating
performance against its expectations and against other companies in the
retail drug store industry. Management believes that non-GAAP
financial measures assist in identifying underlying operating trends.

These non-GAAP financial measures, particularly EBITDA and EBITDA
margin, are also common measures used by investors, financial analysts
and rating agencies. These groups may use EBITDA, EBITDA margin and
other non-GAAP financial measures to value the Company and assess the
Company’s ability to service its debt.

SOURCE Shoppers Drug Mart Corporation

Copyright (C) 2012 PR Newswire. All rights reserved

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CA:SC

Shoppers Drug Mart Corp.

CA

: Canada: Toronto

$
41.73

+0.02
+0.05%

Volume: 443,149
May 7, 2012 5:40p

P/E Ratio14.36
Dividend Yield2.54%

Market Cap$8.78 billion
Rev. per EmployeeN/A

Financial Glossary

Words used in this article:

ALTAVISTA, Va., Apr 26, 2012 (BUSINESS WIRE) –
Pinnacle Bankshares Corporation

/quotes/zigman/183973/quotes/nls/ppbn PPBN
-2.43%

, the one-bank holding
company (the “Company”) for First National Bank (the “Bank”), reported
net income today of $478,000 or $0.32 per basic and diluted share for
the quarter ended March 31, 2012 compared to net income of $126,000 or
$0.08 per basic and diluted share for the same period of 2011. Quarterly
consolidated results are unaudited.

Profitability as measured by the Company’s return on average assets
(“ROA”) was 0.56% for the first quarter of 2012, which is an improvement
over the 0.15% generated during the same time period of 2011. Return on
average equity (“ROE”) for the first quarter of 2012 was 7.03%, compared
to 1.90% for the first quarter of the prior year.

“We are pleased to report improved earnings for the first quarter of
2012 as net income rose 279% compared to the first quarter of 2011. The
increase was primarily due to lower provision for loan losses, which was
made possible by a significant decrease in net chargeoffs associated
with problem loans,” stated Aubrey H. Hall, III, President and Chief
Executive Officer for both the Company and the Bank.

For the three months ended March 31, 2012, net interest income was
$2,942,000 compared to $2,899,000 for the same period in 2011. The
Company’s net interest margin was 3.66% for the quarter ended March 31,
2012, which was the same as the quarter ended March 31, 2011 and
slightly lower than the net interest margin of 3.77% for the quarter
ended December 31, 2012. Yield on earning assets for the first quarter
of 2012 decreased to 4.90% from 5.17% in the first quarter of 2011 and
5.01% for the fourth quarter of 2011. The cost to fund earning assets
was 1.24% in the first quarter of 2012, which was unchanged compared to
the fourth quarter of 2011 and lower than 1.51% in the first quarter of
2011.

The Company’s provision for loan losses was $168,000 in the first
quarter of 2012 compared to $673,000 in the first quarter of 2011. As
stated earlier, the decrease in provision was mainly due to lower
charge-offs and minimal loan growth.

Noninterest income for the quarter ended March 31, 2012 increased
$53,000, or approximately 7%, compared to the same period in 2011. This
increase was due to a 75% or $54,000 increase in fees generated from the
sale of mortgage loans.

Noninterest expense for the quarter ended March 31, 2012 increased by
$60,000, or approximately 2%, compared to the same period in 2011. The
increase in noninterest expense was attributed primarily to increased
advertising expenses, losses associated with nonperforming assets and an
increase in commissions paid in connection with mortgage loan sales.

Total assets at March 31, 2012 were $346,595,000, up approximately 1%
from $342,484,000 at December 31, 2011, and up approximately 2% from
$340,586,000 at March 31, 2011. The principal components of the
Company’s assets at the end of the period were $267,827,000 in net
loans, $37,721,000 in cash and cash equivalents and $27,808,000 in
securities. During the first quarter of 2012, net loans increased by
less than 1% or $704,000 from December 31, 2011 while securities
increased approximately 12% or $3,039,000 from December 31, 2011.

Total liabilities at March 31, 2012 were $319,177,000, up approximately
1% from $315,537,000 at December 31, 2011, as a result of an increase in
savings and NOW accounts of $2,870,000, or approximately 2%, and an
increase in demand accounts of $3,103,000 or approximately 9%. These
increases were partially offset by a decrease in time deposits of
$1,933,000, or approximately 1%. The increase in checking and savings
deposits representing the expansion of core relationships has helped
lower the Company’s cost of funds and also decreased its dependency on
time deposits.

Total stockholders’ equity at March 31, 2012 was $27,418,000, consisting
primarily of $23,459,000 in retained earnings. At December 31, 2011,
total stockholders’ equity was $26,947,000. The Company and the Bank
continue to exceed all minimums to satisfy “well capitalized” regulatory
status.

The Bank’s allowance for loan losses was $4,047,000 as of March 31,
2012, which represents 1.49% of total loans outstanding, compared to
$4,015,000, or 1.48% of total loans outstanding, as of December 31,
2011. The slight increase in allowance was due to an increase in the
bank’s nonperforming loans.

Nonperforming assets (including nonaccruing loans, accruing loans more
than 90 days past due and foreclosed assets) totaled $7,415,000, or
2.14% of total assets, as of March 31, 2012, versus $5,356,000, or 1.56%
of total assets, at December 31, 2011.

“We continue our proactive approach to collections and problem asset
management. Nonperforming assets increased as a result of our aggressive
approach to resolving our criticized and classified credit
relationships. At this point we expect minimal losses from the credits
added to our nonperforming portfolio,” stated Bryan M. Lemley, Chief
Financial Officer of both the Company and the Bank.

Selected financial highlights are shown below.

_______________________________

Pinnacle Bankshares Corporation is a locally managed community banking
organization based in Central Virginia. The one-bank holding company of
First National Bank serves an area consisting primarily of all or
portions of the Counties of Campbell, Pittsylvania, Bedford, Amherst and
the City of Lynchburg. The Company currently operates one branch in the
Town of Altavista, one branch in the Village of Rustburg, one branch on
Timberlake Road and one branch on Wards Road in Campbell County, one
branch in the Town of Amherst, one branch in the City of Lynchburg and
one branch in Bedford County at Forest. First National Bank is in its
104th year in operation.

On April 10, 2012, the Vista Branch Office, located at 1301 N. Main
Street, Altavista, VA was destroyed by a fire that originated in a mulch
bed next to the building beside an entrance. No employees or customers
were injured in the blaze. Cash and coin was recovered and reconciled to
within less than $25. Customer safe deposit boxes were removed from the
site and set up in a temporary location next to the bank’s Main Office
at the corner of 7th and Broad Streets in Altavista. To date
there have been no reports of damaged contents. While the fire was
devastating, the bank was fortunate in a lot of regards, especially that
no one was injured. First National’s Board of Directors has approved
moving forward with rebuilding the Vista Branch indicating the bank’s
commitment to the Altavista community, its clients and the employees.

This press release may contain “forward-looking statements” within
the meaning of federal securities laws that involve significant risks
and uncertainties. Any statements contained herein that are not
historical facts are forward-looking and are based on current
assumptions and analysis by the Company. These forward-looking
statements may include, but are not limited to, statements regarding the
credit quality of our asset portfolio in future periods, the expected
losses of nonperforming loans in future periods, returns and capital
accretion during future periods, and future operating results and
business performance. Although we believe our plans and
expectations reflected in these forward-looking statements are
reasonable, our ability to predict results or the actual effect of
future plans or strategies is inherently uncertain, and we can give no
assurance that these plans or expectations will be achieved. Factors
that could cause actual results to differ materially from management’s
expectations include, but are not limited to, the effectiveness of
management’s efforts to improve asset quality and collections and
control operating expenses, management’s efforts to minimize losses
related to nonperforming loans, changes in: interest rates, general
economic and business conditions, declining collateral values,
especially real estate, the real estate market, the
legislative/regulatory climate, including the effect that Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 and regulations
adopted thereunder may have on us, monetary and fiscal policies of the
U.S. Government, including policies of the U.S. Treasury and the Board
of Governors of the Federal Reserve System and any policies or programs
implemented pursuant to the Emergency Economic Stabilization Act of
2008, the quality or composition of the loan or investment portfolios,
demand for loan products, deposit flows and funding costs, competition,
demand for financial services in our market area and accounting
principles, policies and guidelines. These risks and
uncertainties should be considered in evaluating the forward-looking
statements contained herein, and you should not place undue reliance on
such statements, which reflect our views as of the date of this release.

Pinnacle Bankshares Corporation
Selected Financial Highlights
(3/31/2012 and 3/31/2011 results unaudited)
(In thousands, except ratios, share and per share data)
3 Months Ended Year Ended 3 Months Ended
Income Statement Highlights 3/31/2012 12/31/2011 3/31/2011
————– ———- ————–
Interest Income $3,943 $16,517 $4,116
Interest Expense 1,001 4,426 1,217
Net Interest Income 2,942 12,091 2,899
Provision for Loan Losses 168 2,227 673
Noninterest Income 777 3,253 724
Noninterest Expense 2,839 11,544 2,779
Net Income 478 1,063 126
Earnings Per Share (Basic and Diluted) 0.32 0.71 0.08
Balance Sheet Highlights 3/31/2012 12/31/2011 3/31/2011
————– ———- ————–
Cash and Cash Equivalents $37,721 $37,547 $34,285
Total Loans 271,874 271,138 266,873
Total Investments 27,808 24,769 30,179
Total Assets 346,595 342,484 340,586
Total Deposits 314,433 310,393 310,322
Total Liabilities 319,177 315,537 313,923
Stockholders’ Equity 27,418 26,947 26,663
Shares Outstanding 1,496,589 1,496,589 1,495,589
Ratios and Stock Price 3/31/2012 12/31/2011 3/31/2011
————– ———- ————–
Gross Loan-to-Deposit Ratio 86.46% 87.35% 85.78%
Net Interest Margin (Year-to-date) 3.66% 3.72% 3.66%
Liquidity 18.05% 17.33% 18.39%
Efficiency Ratio 76.07% 75.17% 76.40%
Return on Average Assets (ROA) 0.56% 0.31% 0.15%
Return on Average Equity (ROE) 7.03% 3.95% 1.90%
Leverage Ratio (Bank) 8.67% 8.56% 8.40%
Tier 1 Risk-based Capital Ratio (Bank) 10.65% 10.53% 10.29%
Total Capital Ratio (Bank) 11.90% 11.79% 11.54%
Stock Price $9.48 $8.16 $8.50
Book Value $18.32 $18.01 $17.83
Asset Quality Highlights 3/31/2012 12/31/2011 3/31/2011
————– ———- ————–
Nonaccruing Loans $6,160 $4,708 $7,280
Loans 90 Days or More Past Due and Accruing 0 3 569
Total Nonperforming Loans (Impaired Loans) 6,160 4,711 7,848
Other Real Estate Owned (OREO) (Foreclosed Assets) 1,237 645 951
Total Nonperforming Assets 7,415 5,356 8,799
Nonperforming Loans to Total Loans 2.27% 1.74% 2.90%
Nonperforming Assets to Total Assets 2.14% 1.56% 2.58%
Allowance for Loan Losses $4,047 $4,015 $4,181
Allowance for Loan Losses to Total Loans 1.49% 1.48% 1.54%
Allowance for Loan Losses to Nonperforming Loans 65.69% 85.23% 53.27%

SOURCE: Pinnacle Bankshares Corporation

Pinnacle Bankshares Corporation
Bryan M. Lemley, 434-477-5882
bryanlemley@1stnatbk.com

Copyright Business Wire 2012

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PPBN

Pinnacle Bancshares Corp.

US

: OTCBB

$
9.25

-0.23
-2.43%

Volume: 1,500
April 26, 2012 12:00a

P/E Ratio9.84
Dividend YieldN/A

Market Cap$14,970
Rev. per Employee$187,143

Financial Glossary

Words used in this article:

MONTREAL, April 26, 2012 /PRNewswire via COMTEX/ –
Trough pulp prices and higher costs affect first quarter results
(All financial information is in U.S. dollars, and all earnings per
share results are diluted, unless otherwise noted.)

First quarter 2012 net earnings of $0.76 per share, earnings before
items1 of $1.65 per share

Signed an historic 15-year supply agreement with Appleton Papers

Acquired Attends Healthcare Limited (“Attends Europe”)

TICKER SYMBOL

/quotes/zigman/43290/quotes/nls/ufs UFS
-1.26%

/quotes/zigman/43305 CA:UFS
-0.65%

Domtar Corporation

/quotes/zigman/43290/quotes/nls/ufs UFS
-1.26%

/quotes/zigman/43305 CA:UFS
-0.65%

today reported net earnings of $28million ($0.76 per share)
for the first quarter of 2012 compared to net earnings of $61million
($1.63 per share) for the fourth quarter of 2011 and net earnings of
$133million ($3.14per share) for the first quarter of 2011. Sales for
the first quarter of 2012 amounted to $1.4billion.

Excluding items listed below, the Company had earnings before items1 of $61 million ($1.65 per share) for the first quarter of 2012 compared
to earnings before items1 of $93 million ($2.49 per share) for the fourth quarter of 2011 and
earnings before items1 of $138million ($3.25 per share) for the first quarter of 2011.

First quarter 2012 items:

Premium paid and costs related to the debt repurchase of $50 million
($30 million after tax);

Closure and restructuring costs, including write-down of property, plant
and equipment, of $3 million ($2 million after tax); and

Negative impact of purchase accounting of $1 million ($1 million after
tax).

Fourth quarter 2011 items:

Closure and restructuring costs of $38 million ($23 million after tax),
mostly related to the restructuring of certain U.S. pension benefit
plans; and

Charge of $12 million ($9 million after tax) related to the impairment
and write-down of property, plant and equipment.

First quarter 2011 items:

Closure and restructuring costs of $11 million ($8 million after tax);

Gain on the sale of property, plant and equipment and business of $7
million ($5 million after tax); and

Charge of $3 million ($2 million after tax) related to the impairment
and write-down of property, plant and equipment.

“Our businesses performed well in the quarter, but cyclically low prices
in global pulp markets and higher costs affected results,” said John D. Williams, President and Chief Executive Officer. “On strategy, we announced and completed the acquisition of Attends
Europe further expanding our Personal Care segment and we announced an
innovative 15-year supply agreement with Appleton Papers that will
result in the conversion of high volume communication paper capacity to
specialty paper grades, securing a growing business long-term.”

QUARTERLY REVIEW

Operating income before items1 was $113million in the first quarter of 2012 compared to an operating
income before items1 of $148million in the fourth quarter of 2011. Depreciation and
amortization totaled $97 million in the first quarter of 2012.

(In millions of dollars) 1Q 2012 4Q 2011
Sales $1,398 $1,369
Operating income (loss)
Pulp and Paper segment 107 92
Distribution segment (1) -
Personal Care segment 8 7
Corporate (5) -
Total 109 99
Operating income before items1 113 148
Depreciation and amortization 97 95

The decrease in operating income before items1 in the first quarter of 2012 was the result of lower selling prices for
paper and pulp, higher input costs, transaction costs and the negative
impact of a stronger Canadian dollar. These factors were partially
offset by higher shipments for papers and lower maintenance costs.

When compared to the fourth quarter of 2011, paper shipments increased
4.7% and pulp shipments decreased 3.5%. Paper deliveries of ArivaTM increased 5.1% when compared to the fourth quarter of 2011. The
shipments-to-production ratio for paper was 100% in the first quarter
of 2012, compared to 95% in the fourth quarter of 2011. Paper
inventories decreased by 1,000 tons while pulp inventories decreased by
26,000 metric tons as at the end of March, compared to December levels.

LIQUIDITY AND CAPITAL

Cash flow provided from operating activities amounted to $30 million and
capital expenditures amounted to $29 million, resulting in free cash
flow1 of $1 million for the first quarter of 2012. Domtar's net debt-to-total
capitalization ratio1 stood at 18% at March 31, 2012 compared to 12% at December 31, 2011.

In the first quarter of 2012, Domtar paid $47 million in premiums in
relation to the completion of a tender offer for certain outstanding
Notes. Excluding these premiums, free cash flow was $48 million for
the period ended March 31, 2012.

OUTLOOK

Price realizations in pulp are expected to improve from trough first
quarter prices as a result of recently announced price increases. In
paper, both volumes and prices are expected to positively impact
results due to new business in specialty and packaging papers and price
increases in the process of being implemented. The second quarter will
be affected by the usual seasonal higher maintenance activity.

EARNINGS CONFERENCE CALL

The Company will hold a conference call today at 10:00 a.m. (ET) to
discuss its first quarter 2012 financial results. Financial analysts
are invited to participate in the call by dialing at least 10 minutes
before start time 1 (866) 321-8231 (toll free - North America) or 1
(416) 642-5213 (International), while media and other interested
individuals are invited to listen to the live webcast on the Domtar
Corporation website at
www.domtar.com .

The Company will release its second quarter 2012 earnings on July 27,
2012 before markets open, followed by a conference call at 10:00 a.m.
(ET) to discuss results. The date is tentative and will be confirmed
approximately three weeks prior to the official earnings release date.

About Domtar
Domtar Corporation

/quotes/zigman/43290/quotes/nls/ufs UFS
-1.26%

/quotes/zigman/43305 CA:UFS
-0.65%

designs, manufactures, markets
and distributes a wide variety of fiber-based products including
communication papers, specialty and packaging papers and adult
incontinence products. The foundation of its business is a network of
world class wood fiber converting assets that produce papergrade, fluff
and specialty pulps. The majority of its pulp production is consumed
internally to manufacture paper and consumer products. Domtar is the
largest integrated marketer of uncoated freesheet paper in North
America with recognized brands such as Cougar®, Lynx® Opaque Ultra,
Husky® Opaque Offset, First Choice® and Domtar EarthChoice®. Domtar is
also a leading marketer and producer of a complete line of incontinence
care products marketed primarily under the Attends® brand name. Domtar
owns and operates ArivaTM, an extensive network of strategically
located paper and printing supplies distribution facilities. In 2011,
Domtar had sales of US$5.6 billion from nearly 50 countries. The
Company employs approximately 9,100 people. To learn more, visit
www.domtar.com .

Forward-Looking Statements
All statements in this news release that are not based on historical
fact are "forward-looking statements." While management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based may
change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside of
our control that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors include,
but are not necessarily limited to, those set forth under the captions
"Forward-Looking Statements" and "Risk Factors" of the latest Form 10-K
filed with the SEC as periodically updated by subsequently filed Form
10-Q's. Unless specifically required by law, we assume noobligation to
update or revise these forward-looking statements to reflect new events
or circumstances.

_____________________________________
1 Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.

Domtar Corporation
Highlights
(In millions of dollars, unless otherwise noted)
Three months Three months
ended March 31 ended March 31
2012 2011
(Unaudited)
$ $
Selected Segment Information
Sales
Pulp and Paper 1,191 1,269
Distribution 189 217
Personal Care 70 -
Total for reportable segments 1,450 1,486
Intersegment sales - Pulp and Paper (52) (63)
Consolidated sales 1,398 1,423
Depreciation and amortization and impairment and write-down of property, plant and equipment
Pulp and Paper 93 92
Distribution 1 1
Personal Care 3 -
Total for reportable segments 97 93
Impairment and write-down of property, plant and equipment - Pulp and 2 3
Paper
Consolidated depreciation and amortization and impairment and write-down of property, plant and equipment 99 96
Operating income (loss)
Pulp and Paper 107 209
Distribution (1) 3
Personal Care 8 -
Corporate (5) (1)
Consolidated operating income 109 211
Interest expense, net 71 21
Earnings before income taxes and equity earnings 38 190
Income tax expense 8 57
Equity loss, net of taxes 2 -
Net earnings 28 133
Per common share (in dollars)
Net earnings
Basic 0.76 3.16
Diluted 0.76 3.14
Weighted average number of common and exchangeable shares outstanding
(millions)
Basic 36.7 42.1
Diluted 37.0 42.4
Cash flows provided from operating activities 30 148
Additions to property, plant and equipment 29 13

Domtar Corporation
Consolidated Statements of Earnings and Comprehensive Income
(In millions of dollars, unless otherwise noted)
Three months Three months
ended March 31 ended March 31
2012 2011
(Unaudited)
$ $
Sales 1,398 1,423
Operating expenses
Cost of sales, excluding depreciation and amortization 1,088 1,021
Depreciation and amortization 97 93
Selling, general and administrative 99 90
Impairment and write-down of property, plant and equipment 2 3
Closure and restructuring costs 1 11
Other operating loss (income), net 2 (6)
1,289 1,212
Operating income 109 211
Interest expense, net 71 21
Earnings before income taxes and equity earnings 38 190
Income tax expense 8 57
Equity loss, net of taxes 2 -
Net earnings 28 133
Per common share (in dollars)
Net earnings
Basic 0.76 3.16
Diluted 0.76 3.14
Weighted average number of common and exchangeable shares outstanding
(millions)
Basic 36.7 42.1
Diluted 37.0 42.4
Net earnings 28 133
Other comprehensive income:
Net derivative gains on cash flow hedges:
Net gain arising during the period, net of tax of $(1) and $1 - 4
Less: Reclassification adjustment for losses included in net earnings, 3 -
net of tax of $1 and $1
Foreign currency translation adjustments 19 24
Comprehensive income 50 161

Domtar Corporation
Consolidated Balance Sheets at
(In millions of dollars)
March 31 December 31
2012 2011
(Unaudited)
$ $
Assets
Current assets
Cash and cash equivalents 315 444
Receivables, less allowances of $5 and $5 697 644
Inventories 676 652
Prepaid expenses 26 22
Income and other taxes receivable 43 47
Deferred income taxes 127 125
Total current assets 1,884 1,934
Property, plant and equipment, at cost 8,613 8,448
Accumulated depreciation (5,129) (4,989)
Net property, plant and equipment 3,484 3,459
Goodwill 234 163
Intangible assets, net of amortization 328 204
Other assets 108 109
Total assets 6,038 5,869
Liabilities and shareholders' equity
Current liabilities
Bank indebtedness 13 7
Trade and other payables 637 688
Income and other taxes payable 19 17
Long-term debt due within one year 6 4
Total current liabilities 675 716
Long-term debt 952 837
Deferred income taxes and other 968 927
Other liabilities and deferred credits 434 417
Shareholders' equity
Exchangeable shares 49 49
Additional paid-in capital 2,326 2,326
Retained earnings 686 671
Accumulated other comprehensive loss (52) (74)
Total shareholders' equity 3,009 2,972
Total liabilities and shareholders' equity 6,038 5,869

Domtar Corporation
Consolidated Statements of Cash Flows
(In millions of dollars)
Three months Three months
ended March 31 ended March 31
2012 2011
(Unaudited)
$ $
Operating activities
Net earnings 28 133
Adjustments to reconcile net earnings to cash flows from operating
activities
Depreciation and amortization 97 93
Deferred income taxes and tax uncertainties 3 29
Impairment and write-down of property, plant and equipment 2 3
Gain on repurchase of long-term debt - -
Net gains on disposals of property, plant and equipment and sale of - (7)
business
Stock-based compensation expense 1 1
Equity loss, net 2 -
Other (3) 1
Changes in assets and liabilities, excluding the effects of acquisition
and sale of business
Receivables (36) (111)
Inventories 1 1
Prepaid expenses - (1)
Trade and other payables (85) (29)
Income and other taxes 6 23
Difference between employer pension and other post-retirement 4 2
contributions and pension and other post-retirement expense
Other assets and other liabilities 10 10
Cash flows provided from operating activities 30 148
Investing activities
Additions to property, plant and equipment (29) (13)
Proceeds from disposals of property, plant and equipment - 9
Proceeds from sale of business - 4
Acquisition of business, net of cash acquired (232) -
Other (2) -
Cash flows used for from investing activities (263) -
Financing activities
Dividend payments (13) (11)
Net change in bank indebtedness 6 3
Issuance of long-term debt 300 -
Repayment of long-term debt (187) (1)
Stock repurchase (4) (69)
Other 2 4
Cash flows provided from (used for) financing activities 104 (74)
Net (decrease) increase in cash and cash equivalents (129) 74
Cash and cash equivalents at beginning of period 444 530
Cash and cash equivalents at end of period 315 604
Supplemental cash flow information
Net cash payments for:
Interest 18 14
Income taxes paid 9 2

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted
accounting principles ("GAAP") financial metrics identified in bold as
"Earnings before items", "Earnings before items per diluted share",
"EBITDA", "EBITDA margin", "EBITDA before items", "EBITDA margin before
items", "Free cash flow", "Net debt" and "Net debt-to-total
capitalization." Management believes that the financial metrics
presented are frequently used by investors and are useful to evaluate
our ability to service debt and our overall credit profile. Management
believes these metrics are also useful to measure the operating
performance and benchmark with peers within the industry. These metrics
are presented as a complement to enhance the understanding of operating
results but not in substitution for GAAP results.

The Company calculates "Earnings before items" and "EBITDA before items"
by excluding the after-tax (pre-tax) effect of items considered by
management as not reflecting our current operations. Management uses
these measures, as well as EBITDA and Free cash flow, to focus on
ongoing operations and believes that it is useful to investors because
it enables them to perform meaningful comparisons between periods.
Domtar believes that using this information along with Net earnings
provides for a more complete analysis of the results of operations. Net
earnings and Cash flow provided from operating activities are the most
directly comparable GAAP measures.

2012 2011
Q1 Q1 Q2 Q3 Q4 YTD
Reconciliation of "Earnings before items" to Net earnings
Net earnings ($) 28 133 54 117 61 365
(+) Impairment and write-down of property, plant and equipment ($) 1 2 38 4 9 53
(+) Closure and restructuring costs ($) 1 8 1 1 23 33
(-) Net losses (gains) on disposals of property, plant and equipment and ($) - (5) 5 (3) - (3)
sale of business
(+) Impact of purchase accounting ($) 1 - - 1 - 1
(+) Loss on repurchase of long-term debt ($) 30 - - 3 - 3
(=) Earnings before items ($) 61 138 98 123 93 452
(/) Weighted avg. number of common and exchangeable shares outstanding (millions) 37.0 42.4 41.4 39.7 37.4 40.2
(diluted)
(=) Earnings before items per diluted share ($) 1.65 3.25 2.37 3.10 2.49 11.24
Reconciliation of "EBITDA" and "EBITDA before items" to Net earnings
Net earnings ($) 28 133 54 117 61 365
(+) Equity loss, net of taxes ($) 2 - - - 7 7
(+) Income tax expense ($) 8 57 20 45 11 133
(+) Interest expense, net ($) 71 21 21 25 20 87
(=) Operating income ($) 109 211 95 187 99 592
(+) Depreciation and amortization ($) 97 93 95 93 95 376
(+) Impairment and write-down of property, plant and equipment ($) 2 3 62 8 12 85
(-) Net losses (gains) on disposals of property, plant and equipment and ($) - (7) 6 (4) (1) (6)
sale of business
(=) EBITDA ($) 208 300 258 284 205 1,047
(/) Sales ($) 1,398 1,423 1,403 1,417 1,369 5,612
(=) EBITDA margin (%) 15% 21% 18% 20% 15% 19%
EBITDA ($) 208 300 258 284 205 1,047
(+) Closure and restructuring costs ($) 1 11 2 1 38 52
(+) Impact of purchase accounting ($) 1 - - 1 - 1
(=) EBITDA before items ($) 210 311 260 286 243 1,100
(/) Sales ($) 1,398 1,423 1,403 1,417 1,369 5,612
(=) EBITDA margin before items (%) 15% 22% 19% 20% 18% 20%
Reconciliation of "Free cash flow" to Cash flow provided from operating activities
Cash flow provided from operating activities ($) 30 148 306 257 172 883
(-) Additions to property, plant and equipment ($) (29) (13) (20) (31) (80) (144)
(=) Free cash flow ($) 1 135 286 226 92 739
"Net debt-to-total capitalization" computation
Bank indebtedness ($) 13 25 25 17 7
(+) Long-term debt due within one year ($) 6 2 2 5 4
(+) Long-term debt ($) 952 825 824 837 837
(=) Debt ($) 971 852 851 859 848
(-) Cash and cash equivalents ($) (315) (604) (742) (461) (444)
(=) Net debt ($) 656 248 109 398 404
(+) Shareholders' equity ($) 3,009 3,288 3,194 2,999 2,972
(=) Total capitalization ($) 3,665 3,536 3,303 3,397 3,376
Net debt ($) 656 248 109 398 404
(/) Total capitalization ($) 3,665 3,536 3,303 3,397 3,376
(=) Net debt-to-total capitalization (%) 18% 7% 3% 12% 12%

"Earnings before items", "Earnings before items per diluted share",
"EBITDA", "EBITDA margin", "EBITDA before items", "EBITDA margin before
items", "Free cash flow", "Net debt" and "Net debt-to-total
capitalization" have no standardized meaning prescribed by GAAP and are
not necessarily comparable to similar measures presented by other
companies and therefore should not be considered in isolation or as a
substitute for Net earnings, Operating income or any other earnings
statement, cash flow statement or balance sheet financial information
prepared in accordance with GAAP. It is important for readers to
understand that certain items may be presented in different lines by
different companies on their financial statements thereby leading to
different measures for different companies.

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures - By Segment
2012
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted
accounting principles ("GAAP"), financial metrics identified in bold as
"Operating income (loss) before items", "EBITDA before items" and
"EBITDA margin before items" by reportable segment. Management believes
that the financial metrics presented are frequently used by investors
and are useful to measure the operating performance and benchmark with
peers within the industry. These metrics are presented as a complement
to enhance the understanding of operating results but not in
substitution for GAAP results.

The Company calculates the segmented "Operating income (loss) before
items" by excluding the pre-tax effect of items considered by
management as not reflecting our ongoing operations. Management uses
these measures to focus on ongoing operations and believes that it is
useful to investors because it enables them to perform meaningful
comparisons between periods. Domtar believes that using this
information along with Operating income (loss) provides for a more
complete analysis of the results of operations. Operating income (loss)
by segment is the most directly comparable GAAP measure.

Pulp and Paper Distribution Personal Care (1) Corporate Total
Q1'12 Q2'12 Q3'12 Q4'12 YTD Q1'12 Q2'12 Q3'12 Q4'12 YTD Q1'12 Q2'12 Q3'12 Q4'12 YTD Q1'12 Q2'12 Q3'12 Q4'12 YTD Q1'12 Q2'12 Q3'12 Q4'12 YTD
Reconciliation of Operating income (loss) to "Operating income (loss) before items"
Operating income (loss) ($) 107 - - - 107 (1) - - - (1) 8 - - - 8 (5) - - - (5) 109 - - - 109
(+) Impairment and write-down of property, plant and equipment ($) 2 - - - 2 - - - - - - - - - - - - - - - 2 - - - 2
(+) Closure and restructuring costs ($) 1 - - - 1 - - - - - - - - - - - - - - - 1 - - - 1
(+) Impact of purchase accounting ($) - - - - - - - - - - 1 - - - 1 - - - - - 1 - - - 1
(=) Operating income (loss) before items ($) 110 - - - 110 (1) - - - (1) 9 - - - 9 (5) - - - (5) 113 - - - 113
Reconciliation of "Operating income (loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 110 - - - 110 (1) - - - (1) 9 - - - 9 (5) - - - (5) 113 - - - 113
(+) Depreciation and amortization ($) 93 - - - 93 1 - - - 1 3 - - - 3 - - - - - 97 - - - 97
(=) EBITDA before items ($) 203 - - - 203 - - - - - 12 - - - 12 (5) - - - (5) 210 - - - 210
(/) Sales ($) 1,191 - - - 1,191 189 - - - 189 70 - - - 70 - - - - - 1,450 - - - 1,450
(=) EBITDA margin before items (%) 17% - - - 17% - - - - - 17% - - - 17% - - - - - 14% - - - 14%

"Operating income (loss) before items", "EBITDA before items" and
"EBITDA margin before items" have no standardized meaning prescribed by
GAAP and are not necessarily comparable to similar measures presented
by other companies and therefore should not be considered in isolation
or as a substitute for Operating income (loss) or any other earnings
statement, cash flow statement or balance sheet financial information
prepared in accordance with GAAP. It is important for readers to
understand that certain items may be presented in different lines by
different companies on their financial statements thereby leading to
different measures for different companies.

(1) On March 1, 2012, the Company acquired 100% of the shares of Attends
Healthcare Limited.

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures - By Segment
2011
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted
accounting principles ("GAAP"), financial metrics identified in bold as
"Operating income (loss) before items", "EBITDA before items" and
"EBITDA margin before items" by reportable segment. Management believes
that the financial metrics presented are frequently used by investors
and are useful to measure the operating performance and benchmark with
peers within the industry.
These metrics are presented as a complement to enhance the understanding
of operating results but not in substitution for GAAP results.

The Company calculates the segmented "Operating income (loss) before
items" by excluding the pre-tax effect of items considered by
management as not reflecting our ongoing operations.
Management uses these measures to focus on ongoing operations and
believes that it is useful to investors because it enables them to
perform meaningful comparisons between periods.
Domtar believes that using this information along with Operating income
(loss) provides for a more complete analysis of the results of
operations. Operating income (loss) by segment is the most directly
comparable GAAP measure.

Pulp and Paper Distribution Personal Care (1) Corporate Total
Q1'11 Q2'11 Q3'11 Q4'11 YTD Q1'11 Q2'11 Q3'11 Q4'11 YTD Q1'11 Q2'11 Q3'11 Q4'11 YTD Q1'11 Q2'11 Q3'11 Q4'11 YTD Q1'11 Q2'11 Q3'11 Q4'11 YTD
Reconciliation of Operating income (loss) to "Operating income (loss) before items"
Operating income (loss) ($) 209 91 189 92 581 3 (2) (1) - - - - - 7 7 (1) 6 (1) - 4 211 95 187 99 592
(+) Impairment and write-down of property, plant and equipment ($) 3 62 8 12 85 - - - - - - - - - - - - - - - 3 62 8 12 85
(+) Closure and restructuring costs ($) 11 2 1 37 51 - - - 1 1 - - - - - - - - - - 11 2 1 38 52
(-) Net losses (gains) on disposals of property, plant and equipment and ($) (4) 12 (4) (1) 3 (3) - - - (3) - - - - - - (6) - - (6) (7) 6 (4) (1) (6)
sale of business
(+) Impact of purchase accounting ($) - - - - - - - - - - - - 1 - 1 - - - - - - - 1 - 1
(=) Operating income (loss) before items ($) 219 167 194 140 720 - (2) (1) 1 (2) - - 1 7 8 (1) - (1) - (2) 218 165 193 148 724
Reconciliation of "Operating income (loss) before items" to "EBITDA before items"
Operating income (loss) before items ($) 219 167 194 140 720 - (2) (1) 1 (2) - - 1 7 8 (1) - (1) - (2) 218 165 193 148 724
(+) Depreciation and amortization ($) 92 94 91 91 368 1 1 1 1 4 - - 1 3 4 - - - - - 93 95 93 95 376
(=) EBITDA before items ($) 311 261 285 231 1,088 1 (1) - 2 2 - - 2 10 12 (1) - (1) - (2) 311 260 286 243 1,100
(/) Sales ($) 1,269 1,261 1,246 1,177 4,953 217 190 197 177 781 - - 17 54 71 - - - - - 1,486 1,451 1,460 1,408 5,805
(=) EBITDA margin before items (%) 25% 21% 23% 20% 22% - - - 1% - - - 12% 19% 17% - - - - - 21% 18% 20% 17% 19%

"Operating income (loss) before items", "EBITDA before items" and
"EBITDA margin before items" have no standardized meaning prescribed by
GAAP and are not necessarily comparable to similar measures presented
by other companies and therefore should not be considered in isolation
or as a substitute for Operating income (loss) or any other earnings
statement, cash flow statement or balance sheet financial information
prepared in accordance with GAAP. It is important for readers to
understand that certain items may be presented in different lines by
different companies on their financial statements thereby leading to
different measures for different companies.

(1) On September 1, 2011, the Company acquired 100% of the shares of
Attends Healthcare, Inc.

Domtar Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)
2012 2011
Q1 Q1 Q2 Q3 Q4 YTD
Pulp and Paper Segment
Sales ($) 1,191 1,269 1,261 1,246 1,177 4,953
Intersegment sales - Pulp and Paper ($) (52) (63) (48) (43) (39) (193)
Operating income ($) 107 209 91 189 92 581
Depreciation and amortization ($) 93 92 94 91 91 368
Impairment and write-down of property, plant and equipment ($) 2 3 62 8 12 85
Papers
Papers Production ('000 ST) 870 899 890 875 871 3,535
Papers Shipments ('000 ST) 870 913 901 889 831 3,534
Communication Papers ('000 ST) 753 816 794 784 729 3,123
Specialty and Packaging ('000 ST) 117 97 107 105 102 411
Pulp
Pulp Shipments(a) ('000 ADMT) 389 375 361 358 403 1,497
Hardwood Kraft Pulp (%) 15% 20% 19% 18% 19% 19%
Softwood Kraft Pulp (%) 61% 55% 54% 57% 58% 57%
Fluff Pulp (%) 24% 25% 27% 25% 23% 24%
Distribution Segment
Sales ($) 189 217 190 197 177 781
Operating income (loss) ($) (1) 3 (2) (1) - -
Depreciation and amortization ($) 1 1 1 1 1 4
Personal Care Segment
Sales ($) 70 - - 17 54 71
Operating income ($) 8 - - - 7 7
Depreciation and amortization ($) 3 - - 1 3 4
Average Exchange Rates $US / $CAN 1.001 0.986 0.968 0.980 1.023 0.989
$CAN / $US 0.999 1.014 1.034 1.021 0.977 1.011

(a) Figures are gross of market pulp purchased from other producers on the
open market for some of our paper making operations. Pulp Shipments
represent the amount of pulp produced in excess of our internal
requirement.
Note: the term "ST" refers to a short ton and the term "ADMT" refers to
an air dry metric ton.

SOURCE DOMTAR CORPORATION

Copyright (C) 2012 PR Newswire. All rights reserved

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UFS

Domtar Corp.

US

: U.S.: NYSE

$
84.51

-1.08
-1.26%

Volume: 616,960
May 4, 2012 4:06p

P/E Ratio12.03
Dividend Yield2.13%

Market Cap$3.09 billion
Rev. per Employee$642,184

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CA:UFS

Domtar Corp.

CA

: Canada: Toronto

$
84.09

-0.55
-0.65%

Volume: 31,087
May 4, 2012 5:40p

P/E Ratio11.82
Dividend Yield1.66%

Market Cap$3.05 billion
Rev. per Employee$637,785

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UFS

Domtar Corp.

US

: U.S.: NYSE

$
84.51

-1.08
-1.26%

Volume: 616,960
May 4, 2012 4:06p

P/E Ratio12.03
Dividend Yield2.13%

Market Cap$3.09 billion
Rev. per Employee$642,184

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CA:UFS

Domtar Corp.

CA

: Canada: Toronto

$
84.09

-0.55
-0.65%

Volume: 31,087
May 4, 2012 5:40p

P/E Ratio11.82
Dividend Yield1.66%

Market Cap$3.05 billion
Rev. per Employee$637,785

/quotes/zigman/43290/quotes/nls/ufs

Add to portfolio

UFS

Domtar Corp.

US

: U.S.: NYSE

$
84.51

-1.08
-1.26%

Volume: 616,960
May 4, 2012 4:06p

P/E Ratio12.03
Dividend Yield2.13%

Market Cap$3.09 billion
Rev. per Employee$642,184

/quotes/zigman/43305

Add to portfolio

CA:UFS

Domtar Corp.

CA

: Canada: Toronto

$
84.09

-0.55
-0.65%

Volume: 31,087
May 4, 2012 5:40p

P/E Ratio11.82
Dividend Yield1.66%

Market Cap$3.05 billion
Rev. per Employee$637,785

Financial Glossary

Words used in this article:

FARMINGTON HILLS, Mich., April 26, 2012 /PRNewswire via COMTEX/ –
Agree Realty Corporation

/quotes/zigman/135568/quotes/nls/adc ADC
+0.41%

today announced results for the quarter ended March 31, 2012.

FIRST Quarter 2012 Highlights:

Raised $35.1 million in gross proceeds from secondary common equity offering in 2012

Acquired three net leased properties for $6 million in the auto parts, auto service and financial institution retail sectors

Announced development in Rancho Cordova, CA in the pharmacy sector

Completed Landlord’s work on McDonald’s relocation project in Southfield, MI

$0.40 per share quarterly dividend paid April 10, 2012

First quarter funds from operations (FFO) was $5,507,000 compared with FFO in the first quarter of 2011 of $6,317,000. FFO per diluted share for the first quarter of 2012 was $0.50 compared with $0.63 for the first quarter of 2011. FFO and FFO per share decreased due to an increase in the weighted average shares outstanding as the result of the common share offering in January 2012, the disposition of various non-core properties, and the impact of the Borders bankruptcy in February 2011. A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Net income for the first quarter of 2012 was $4,742,000, or $0.43 per diluted share, compared to net income for the first quarter of 2011 of $4,700,000, or $.47 per share. Total revenues were $9,193,000, compared with total revenues of $9,209,000 in the first quarter of 2011.

“We are pleased with our quarterly results, including our recently completed follow-on equity offering which further bolstered the Company’s strong balance sheet,” said Joey Agree, President and Chief Operating Officer. “This additional capital will further enable the Company to execute on our growing development and acquisition pipeline, which currently consists of approximately $60,000,000 of net lease opportunities in 11 states and 6 retail sectors,” said Joey Agree, President and Chief Operating Officer.

Capital Markets/Balance Sheet

In the first quarter of 2012, the Company completed an underwritten public offering of a total of 1,495,000 shares of common stock, including the exercise of the underwriter’s over-allotment option, resulting in gross proceeds to the Company of approximately $35,100,000. The proceeds were used to reduce amounts outstanding under the Company’s credit facility and for general corporate purposes.

The Company’s debt to total market capitalization was approximately 24% as of March 31, 2012, compared to approximately 32% as of December 31, 2011. The strengthening of the balance sheet resulted primarily from the impact of the follow-on equity offering and the reduction in debt due to the consensual deed-in-lieu of foreclosure process relative to four former Borders properties.

Dividend

The Company paid a cash dividend of $0.40 per share on April 10, 2012 to shareholders of record on March 30, 2012. The dividend is equivalent to an annualized dividend of $1.60 per share and represents a payout ratio of 80% of FFO for the quarter.

Portfolio

At March 31, 2012, the Company’s total assets were $291,583,000 and its portfolio consisted of 85 properties located in 21 states with a total of 3.4 million square feet of gross leasable space. The portfolio was 96% leased at the end of the quarter.

The Company’s construction in progress balance totaled approximately $5,489,000 at March 31, 2012.

Acquisitions

The Company acquired three retail properties during the first quarter for approximately $6 million. The three properties acquired are single tenant buildings net leased to National Tire & Battery (“NTB”), JPMorgan Chase Bank and Advance Auto Parts.

Dispositions

The Company conveyed the former Borders properties in Columbia, Maryland, Germantown, Maryland, Oklahoma City, Oklahoma and Omaha, Nebraska, which were subject to non-recourse mortgage loans in default, to the lender pursuant to a consensual deed-in-lieu-of-foreclosure process during March, 2012 that satisfied the loan of approximately $9.2 million. The Company sold the former Borders office location in Ann Arbor, Michigan for net proceeds of approximately $640,000 in March 2012.

Development Activity

In March 2012, the Company closed on a land parcel in Rancho Cordova, California to be developed for an industry leader in the pharmacy sector. Construction is expected to be completed in the first quarter of 2013.

In addition, the Company has completed landlord’s work in Southfield, Michigan and turned the site over to McDonald’s. Tenant’s construction is expected to be completed by the third quarter of 2012.

Major Tenants

The following is a breakdown of base rents in effect at March 31, 2012 for each of the Company’s major tenants:

Major Tenants (A) Annualized Base Rent Percent of Total
Base Rent
Walgreen (31) $ 11,495,499 34%
Kmart (12) 3,847,911 11
CVS Caremark (6) 2,463,490 7
Total $ 17,806,900 52%
(A) Kmart exercised options to extend the lease expiration date from
September 30, 2012 to September 2014 for two leases amounting
to 142,700 square feet.

Annualized Base Rent of Properties

The following is a breakdown of base rents in effect at March 31, 2012 for each type of retail tenant:

Retail Tenant Annualized Base Rent Percent of Total
Base Rent
National $ 29,623,162 87%
Regional 2,895,990 9
Local 1,401,577 4
Total $ 33,920,729 100%

Lease Expirations

The following table, as of March 31, 2012, sets forth lease expirations for the next 10 years for the Company's freestanding properties and community shopping centers, assuming that none of the tenants exercise renewal options or terminate their leases prior to the contractual expiration date.

Gross Leasable Area Annualized Base Rent
Expiration Number of Square Percent of Amount Percent of
Year Leases Footage Total Total
Expiring
2012 7 20,536 .6% $ 161,123 .5%
2013 24 395,704 12.1% 1,868,100 5.5%
2014 24 381,560 11.6% 1,820,680 5.4%
2015 29 800,095 24.4% 3,946,107 11.6%
2016 15 93,619 2.9% 706,276 2.1%
2017 11 89,369 2.7% 1,520,810 4.5%
2018 8 98,491 3.0% 1,545,574 4.6%
2019 7 85,170 2.6% 1,809,379 5.3%
2020 5 126,991 3.9% 1,510,378 4.5%
2021 7 158,699 4.8% 1,951,200 5.8%
Thereafter 52 1,032,996 31.4% 17,081,102 50.2%
Total 189 3,283,230 $33,920,729

Outstanding Shares and Operating Partnership Units

For the three months ended March 31, 2012, the Company's fully diluted weighted average shares outstanding were 10,754,822. The basic weighted average shares outstanding for the three months ended March 31, 2012 were 10,722,457.

The Company's assets are held by, and all of its operations are conducted through, Agree Limited Partnership, of which the Company is the sole general partner. As of March 31, 2012, there were 347,619 operating partnership units outstanding and the Company held a 97.05% interest.

About Agree Realty Corporation

Agree Realty Corporation is primarily engaged in the ownership, development, acquisition and management of single tenant retail properties leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 85 properties, located in 21 states and containing approximately 3.4 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC."

Forward-Looking Statements

The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward-looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2011. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.

For additional information, visit the Company's home page on the Internet at

http://www.agreerealty.com

Agree Realty Corporation
Operating Results (in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2012 2011
Revenues:
Minimum rents $ 8,480 $ 8,027
Percentage rent 15 16
Operating cost reimbursements 681 733
Development fee income - 411
Other income 17 22
Total Revenues 9,193 9,209
Expenses:
Real estate taxes 606 578
Property operating expenses 428 421
Land lease payments 181 178
General and administration 1,408 1,442
Depreciation and amortization 1,665 1,473
Interest expense 1,136 1,009
Total Expenses 5,424 5,101
Income Before Discontinued Operations 3,769 4,108
Gain on sale of asset from discontinued operations 908 -
Income from discontinued operations 65 592
Net Income 4,742 4,700
Net Income attributable to non-controlling interest 146 160
Net income Attributable to Agree Realty Corporation 4,596 4,540
Other Comprehensive Income, Net of $2 and $4 Attributable to Non-Controlling Interest 51 118
Total Comprehensive Income Attributable to Agree Realty Corporation $ 4,647 $ 4,658
Basic Earnings Per Share
Continuing operations $ .34 $ .41
Discontinued operations $ .09 $ .06
$ .43 $ .47
Dilutive Earnings Per Share
Continuing operations $ .34 $ .41
Discontinued operations $ .09 $ .06
$ .43 $ .47
Weighted Average Number of Common Shares Outstanding - Basic 10,722 9,619
Weighted Average Number of Common Shares Outstanding - Dilutive 10,755 9,648

Agree Realty Corporation
Funds from Operations (in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2012 2011
Reconciliation of Funds from Operations to Net Income: (1)
Net income $ 4,742 $ 4,700
Depreciation of real estate assets 1,434 1,488
Amortization of leasing costs 25 25
Amortization of lease intangibles 214 104
Gain on sale of assets (908) -
Funds from Operations $ 5,507 $ 6,317
Funds from Operations Per Share - Dilutive $ 0.50 $ 0.63
Weighted average number of shares and OP units outstanding - dilutive 11,102 9,996
Supplemental Information:
Straight-line rental income $ 135 $ 35
Stock-based compensation expense 412 359
Deferred revenue recognition 116 172
Scheduled principal repayments 740 1,048
(1) FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT) to mean net income computed in accordance with U.S. generally accepted accounting principles (GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. In addition, NAREIT has recently clarified the computation of FFO to exclude impairment charges on depreciable property. Management has restated FFO for prior periods presented accordingly. Management uses FFO as a supplemental measure to conduct and evaluate the Company's business because there are certain limitations associated with using GAAP net income by itself as the primary measure of the Company's operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself.
FFO should not be considered as an alternative to net income as the primary indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the NAREIT definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that not all REITs use the same definition.

Agree Realty Corporation
Consolidated Balance Sheets (in thousands)
(Unaudited)
March 31, December 31
2012 2011
Assets
Land $106,942 $108,673
Buildings 225,680 229,821
Accumulated depreciation (67,556) (68,590)
Property under development 5,489 1,580
Cash and cash equivalents 465 2,003
Accounts receivable 604 802
Deferred costs, net of amortization 18,712 18,692
Other assets 1,247 963
Total Assets $291,583 $293,944
Liabilities
Mortgages payable $52,940 $62,854
Notes payable 30,385 56,444
Deferred revenue 2,278 2,394
Dividends and distributions payable 4,697 4,071
Other liabilities 3,523 5,957
Total Liabilities $93,823 $131,720
Stockholders' Equity
Common stock (11,435,514 and 9,851,914 shares) 1 1
Additional paid-in capital 216,524 181,070
Deficit (20,897) (20,919)
Accumulated other comprehensive income (loss) (555) (607)
Non-controlling interest 2,687 2,679
Total Stockholders' Equity 197,760 162,224
$291,583 $293,944

SOURCE Agree Realty Corporation

Copyright (C) 2012 PR Newswire. All rights reserved

/quotes/zigman/135568/quotes/nls/adc

Add to portfolio

ADC

Agree Realty Corp.

US

: U.S.: NYSE

$
22.28

+0.09
+0.41%

Volume: 78,357
May 4, 2012 4:01p

P/E Ratio19.86
Dividend Yield7.18%

Market Cap$253.77 million
Rev. per Employee$2.71M

Financial Glossary

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MUNCIE, Ind., Apr 26, 2012 (BUSINESS WIRE) –
First Merchants Corporation

/quotes/zigman/72074/quotes/nls/frme FRME
+0.88%

has reported first quarter
2012 core earnings per share of $.25 compared to $.17 during the same
period in 2011. The increase of nearly 50 percent reflects the
Corporation’s year-over-year improvements in revenue, credit quality and
efficiency. In addition to core earnings of $.25, the Corporation
recorded a gain on its FDIC purchase and assumption agreement with SCB
Bank in Shelbyville, Indiana of $.21 per share. Actual earnings per
share totaled $.46 compared to $.17 during the same period in 2011, an
increase of 171 percent. Total net income available to common
shareholders equaled $13.2 million compared to $4.5 million earned in
the first quarter of 2011.

Michael C. Rechin, President and Chief Executive Officer, stated, “First
quarter 2012 results include numerous positives and jump starts our
company’s new year. Our continued improvement in core earnings, capital
levels, credit statistics, loans outstanding and efficiency gains
sustain our momentum for the future. The strategic fit of the
Shelbyville market into our franchise including the customer mix and
community profile is a perfect addition to our community bank model and
the immediate financial impact is very satisfying. Even more
importantly, our management team is energized by the ability of First
Merchants to once again seize strategic opportunities and to capitalize
on our history of successful operational and cultural integrations.”

Total assets equaled $4.2 billion as of year-end and total loans were
$2.8 billion. The Corporation’s liquidity is optimally deployed in the
bond portfolio, as investment securities totaled $960 million. The
Corporation’s loan-to-deposit ratio is now 86 percent and the
loan-to-asset ratio is 66 percent. After adjusting for fair value, SCB
purchased loans totaled $89.7 million and assumed deposits totaled $98.8
million as of the quarter’s end.

Net-interest income totaled $36.1 million for the quarter and
net-interest margin remained strong during the quarter totaling 3.96
percent as yields on earning assets totaled 4.74 percent and the cost of
supporting liabilities totaled .78 percent. Net-interest margin of 3.96
for the quarter is one basis point better than the first quarter of 2011
and 3 basis points less than 4th quarter of 2011.

Non-interest income totaled $22.7 million for the quarter including the
$9.1 million gain on the FDIC modified whole bank transaction. After
normalizing for bond gains and losses and the FDIC gain, non-interest
income improved by $950,000 over the first quarter of 2011. Non-interest
expense totaled $34 million for the quarter, a slight increase over the
prior year as benefits expense increased by $1.2 million.

Provision expense totaled $4.9 million for the first quarter 2012,
compared to $5.6 million in 2011. Net charge-offs totaled $5.4 million
for the first quarter, down from $7.6 million in the first quarter of
2011. The allowance for loan losses totaled $70.4 million, or 2.5
percent of total loans and 94.5 percent of non-accrual loans. Core
non-performing assets declined by $15 million, year-over-year, and now
total $91.9 million. The SCB loan portfolio added $4.9 million to
non-performing assets producing a consolidated total of $96.8 million.
The new SCB non-performing assets had a book balance of $10 million
adjusted to $4.9 million through fair value accounting.

As of March 31, 2012, the Corporation’s total risk-based capital equaled
16.39 percent, Tier 1 common risk-based capital equaled 9.20 percent,
and tangible common equity ratio totaled 7.07 percent. The one time gain
recorded during the quarter effectively self capitalized the FDIC
transaction as tangible common equity to tangible assets improved to
over 7 percent for the first time since 2001.

CONFERENCE CALL

First Merchants Corporation will conduct a first quarter earnings
conference call and web cast at 2:30 p.m. (ET) on Thursday, April 26,
2012.

To participate, dial (Toll Free) 877-317-6789 and reference First
Merchants Corporation’s first quarter earnings release. International
callers please call +1 412-317-6789. A replay of the call will be
available until May 4, 2012. To access a replay of the call, US
participants should dial (Toll Free) 877-344-7529 or for International
participants, dial +1 412-317-0088. The replay passcode is 10013369.

In order to view the web cast and presentation slides, please go to

http://services.choruscall.com/links/frme120426.html

during the time of the call.

During the call, Forward-Looking Statements about the relative business
outlook may be made. These Forward-Looking Statements and all other
statements made during the call that do not concern historical facts,
are subject to risks and uncertainties that may materially affect actual
results.

Specific Forward-Looking Statements include, but are not limited to, any
indications regarding the Financial Services industry, the economy and
future growth of the balance sheet or income statement.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered
in Muncie, Indiana. The Corporation is comprised of First Merchants
Bank, N.A., which also operates as Lafayette Bank & Trust, Commerce
National Bank, and First Merchants Trust Company as divisions of First
Merchants Bank, N.A. First Merchants Corporation also operates First
Merchants Insurance Group, a full-service property casualty, personal
lines, and healthcare insurance agency.

First Merchants Corporation’s common stock is traded on the NASDAQ
Global Select Market System under the symbol FRME. Quotations are
carried in daily newspapers and can be found on the company’s Internet
web page (
http://www.firstmerchants.com ).

CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands) March 31,
2012 2011
————– ————–
ASSETS
Cash and due from banks $ 60,991 $ 44,283
Federal funds sold 6,092
———
Cash and cash equivalents 60,991 50,375
Interest-bearing time deposits 34,290 61,843
Investment securities 960,032 886,029
Mortgage loans held for sale 22,138 2,111
Loans 2,792,989 2,764,128
Less: Allowance for loan losses (70,369) (80,936)
——— ———
Net loans 2,722,620 2,683,192
Premises and equipment 51,541 51,818
Federal Reserve and Federal Home Loan Bank stock 33,026 33,801
Interest receivable 16,730 17,583
Core deposit intangibles and goodwill 150,486 152,918
Cash surrender value of life insurance 123,355 102,309
Other real estate owned 15,628 17,056
Tax asset, deferred and receivable 32,112 38,224
Other assets 13,417 19,916
——— ———
TOTAL ASSETS $ 4,236,366 $ 4,117,175
========= =========
LIABILITIES
Deposits:
Noninterest-bearing $ 677,643 $ 586,973
Interest-bearing 2,601,935 2,565,363
——— ———
Total Deposits 3,279,578 3,152,336
Borrowings:
Federal funds purchased 10,936
Securities sold under repurchase agreements 139,308 115,684
Federal Home Loan Bank advances 131,496 104,697
Subordinated debentures, revolving credit lines and term loans 115,969 226,400
——— ———
Total Borrowings 397,709 446,781
Interest payable 2,094 3,117
Other liabilities 29,044 52,419
——— ———
Total Liabilities 3,708,425 3,654,653
STOCKHOLDERS’ EQUITY
Preferred Stock, no-par value:
Authorized — 500,000 shares
Series A, Issued and outstanding – 0 and 69,600 shares 67,998
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized — 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding – 90,782.94 and 0 shares 90,783
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
value:
Authorized — 600 shares
Issued and outstanding – 125 shares 125 125
Common Stock, $.125 stated value:
Authorized — 50,000,000 shares
Issued and outstanding – 28,622,586 and 25,650,057 shares 3,578 3,206
Additional paid-in capital 255,116 233,032
Retained earnings 181,664 165,075
Accumulated other comprehensive loss (3,325) (6,914)
——— ———
Total Stockholders’ Equity 527,941 462,522
——— ———
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,236,366 $ 4,117,175
========= =========

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts) Three Months Ended
March 31,
2012 2011
----------- -----------
INTEREST INCOME
Loans receivable:
Taxable $ 35,848 $ 38,738
Tax-exempt 117 102
Investment securities:
Taxable 4,574 4,547
Tax-exempt 2,562 2,553
Federal funds sold 2
Deposits with financial institutions 25 83
Federal Reserve and Federal Home Loan Bank stock 343 341
------ ------
Total Interest Income 43,469 46,366
------ ------
INTEREST EXPENSE
Deposits 4,110 6,866
Federal funds purchased 12 3
Securities sold under repurchase agreements 295 378
Federal Home Loan Bank advances 994 1,001
Subordinated debentures, revolving credit lines and term loans 1,942 2,641
------ ------
Total Interest Expense 7,353 10,889
------ ------
NET INTEREST INCOME 36,116 35,477
Provision for loan losses 4,875 5,594
------ ------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 31,241 29,883
------ ------
OTHER INCOME
Service charges on deposit accounts 2,819 2,779
Fiduciary activities 1,983 2,036
Other customer fees 2,586 2,235
Commission income 1,667 1,888
Earnings on cash surrender value of life insurance 1,378 578
Net gains and fees on sales of loans 1,952 1,873
Net realized gains on sales of available for sale securities 789 463
Other-than-temporary impairment on available for sale securities (400)
Gain on FDIC modified whole bank transaction 9,124
Other income 360 406
------ ------
Total Other Income 22,658 11,858
------ ------
OTHER EXPENSES
Salaries and employee benefits 19,354 17,176
Net occupancy 2,651 2,745
Equipment 1,805 1,783
Marketing 442 382
Outside data processing fees 1,376 1,445
Printing and office supplies 267 288
Core deposit amortization 469 1,101
FDIC assessments 1,117 2,104
Other real estate owned and credit-related expenses 2,186 3,195
Other expenses 4,361 3,662
------ ------
Total Other Expenses 34,028 33,881
------ ------
INCOME BEFORE INCOME TAX 19,871 7,860
Income tax expense 5,500 2,399
------ ------
NET INCOME 14,371 5,461
Gain on exchange of preferred stock for trust preferred debt
Loss on CPP unamortized discount
Loss on extinguishment of trust preferred securities
Preferred stock dividends and discount accretion (1,135) (988)
------ ------
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 13,236 $ 4,473
====== ======
Per Share Data:
Basic Net Income Available to Common Stockholders $ 0.46 $ 0.17
Diluted Net Income Available to Common Stockholders $ 0.46 $ 0.17
Cash Dividends Paid $ 0.01 $ 0.01
Average Diluted Shares Outstanding (in thousands) 28,755 25,763

FINANCIAL HIGHLIGHTS
(Dollars in Thousands) Three Months Ended
March 31,
2012 2011
-------------- --------------
NET CHARGE OFF'S $ 5,404 $ 7,635
AVERAGE BALANCES:
Total Assets $ 4,202,955 $ 4,122,390
Total Loans 2,763,887 2,804,303
Total Earning Assets 3,789,437 3,744,196
Total Deposits 3,163,432 3,218,504
Total Stockholders' Equity 517,774 456,189
FINANCIAL RATIOS:
Return on Average Assets 1.26 % 0.43 %
Return on Average Stockholders' Equity 10.23 3.92
Average Earning Assets to Average Assets 90.16 90.83
Allowance for Loan Losses as % of Total Loans 2.50 2.93
Net Charge Off's as % of Average Loans (Annualized) 0.78 1.09
Average Stockholders' Equity to Average Assets 12.32 11.07
Tax Equivalent Yield on Earning Assets 4.74 5.11
Cost of Supporting Liabilities 0.78 1.16
Net Interest Margin (FTE) on Earning Assets 3.96 3.95

NON-PERFORMING ASSETS
(Dollars in Thousands) March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
------------ --------------- --------------- ------------- -------------
Non-Accrual Loans $ 74,456 $ 69,592 $ 78,933 $ 87,583 $ 87,712
Renegotiated Loans 6,695 14,308 6,701 6,269 2,125
------ ------- ------- ------- -------
Non-Performing Loans (NPL) 81,151 83,900 85,634 93,852 89,837
Real Estate Owned and Repossessed Assets 15,628 16,289 19,425 15,437 17,056
------ ------- ------- ------- -------
Non-Performing Assets (NPA) 96,779 100,189 105,059 109,289 106,893
90+ Days Delinquent 253 580 1,595 227 752
------ ------- ------- ------- -------
NPAS & 90 Day Delinquent $ 97,032 $ 100,769 $ 106,654 $ 109,516 $ 107,645
====== ======= ======= ======= =======
Loan Loss Reserve $ 70,369 $ 70,898 $ 73,074 $ 77,133 $ 80,936
YTD Charge-offs $ 5,404 $ 34,709 $ 26,678 $ 17,063 $ 7,635
NPAs / Actual Assets % 2.28 % 2.40 % 2.55 % 2.67 % 2.60 %
NPAs & 90 Day / Actual Assets % 2.29 % 2.41 % 2.59 % 2.67 % 2.61 %
NPAs / Actual Loans and REO % 3.42 % 3.65 % 3.83 % 3.98 % 3.84 %
Loan Loss Reserves / Actual Loans % 2.50 % 2.60 % 2.68 % 2.83 % 2.93 %
Net Charge Off's as % of Average Loans (Annualized) 0.78 % 1.18 % 1.41 % 1.37 % 1.09 %

CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands) March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
--------------- ----------------- ----------------- --------------- ---------------
ASSETS
Cash and due from banks $ 60,991 $ 73,312 $ 60,166 $ 50,874 $ 44,283
Federal funds sold 6,092
---------
Cash and cash equivalents 60,991 73,312 60,166 50,874 50,375
Interest-bearing time deposits 34,290 52,851 16,115 15,865 61,843
Investment securities 960,032 946,400 937,828 938,366 886,029
Mortgage loans held for sale 22,138 17,864 12,257 4,846 2,111
Loans 2,792,989 2,713,415 2,712,938 2,724,022 2,764,128
Less: Allowance for loan losses (70,369) (70,898) (73,074) (77,133) (80,936)
--------- --------- --------- --------- ---------
Net loans 2,722,620 2,642,517 2,639,864 2,646,889 2,683,192
Premises and equipment 51,541 51,013 51,432 51,851 51,818
Federal Reserve and Federal Home Loan Bank stock 33,026 31,270 31,381 31,384 33,801
Interest receivable 16,730 17,723 17,770 17,001 17,583
Core deposit intangibles and goodwill 150,486 150,471 151,062 151,817 152,918
Cash surrender value of life insurance 123,355 124,329 123,524 102,880 102,309
Other real estate owned 15,628 16,289 19,425 15,437 17,056
Tax asset, deferred and receivable 32,112 36,424 35,804 36,790 38,224
Other assets 13,417 12,613 21,881 30,218 19,916
--------- --------- --------- --------- ---------
TOTAL ASSETS $ 4,236,366 $ 4,173,076 $ 4,118,509 $ 4,094,218 $ 4,117,175
========= ========= ========= ========= =========
LIABILITIES
Deposits:
Noninterest-bearing $ 677,643 $ 646,508 $ 598,139 $ 590,199 $ 586,973
Interest-bearing 2,601,935 2,488,147 2,466,111 2,552,334 2,565,363
--------- --------- --------- --------- ---------
Total Deposits 3,279,578 3,134,655 3,064,250 3,142,533 3,152,336
Borrowings:
Federal funds purchased 10,936 27,946 22,978
Securities sold under repurchase agreements 139,308 156,305 117,097 124,236 115,684
Federal Home Loan Bank advances 131,496 138,095 168,764 74,050 104,697
Subordinated debentures, revolving credit lines and term loans 115,969 194,974 194,961 226,580 226,400
--------- --------- --------- --------- ---------
Total Borrowings 397,709 489,374 508,768 447,844 446,781
Interest payable 2,094 2,925 2,186 3,601 3,117
Other liabilities 29,044 31,655 30,760 31,762 52,419
--------- --------- --------- --------- ---------
Total Liabilities 3,708,425 3,658,609 3,605,964 3,625,740 3,654,653
STOCKHOLDERS' EQUITY
Preferred Stock, no-par value:
Authorized -- 500,000 shares
Series A, Issued and outstanding 68,118 67,998
Preferred Stock, no-par value, $1,000 liquidation value:
Authorized -- 500,000 shares
Senior Non-Cumulative Perpetual Preferred Stock, Series B
Issued and outstanding 90,783 90,783 90,783
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation
value:
Authorized -- 600 shares
Issued and outstanding 125 125 125 125 125
Common Stock, $.125 stated value:
Authorized -- 50,000,000 shares
Issued and outstanding 3,578 3,570 3,567 3,211 3,206
Additional paid-in capital 255,116 254,874 254,801 233,544 233,032
Retained earnings 181,664 168,717 162,669 169,313 165,075
Accumulated other comprehensive income (loss) (3,325) (3,602) 600 (5,833) (6,914)
--------- --------- --------- --------- ---------
Total Stockholders' Equity 527,941 514,467 512,545 468,478 462,522
--------- --------- --------- --------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,236,366 $ 4,173,076 $ 4,118,509 $ 4,094,218 $ 4,117,175
========= ========= ========= ========= =========

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts) March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
------------------ -------------------- -------------------- ---------------- ------------------
INTEREST INCOME
Loans receivable:
Taxable $ 35,848 $ 36,497 $ 37,024 $ 37,457 $ 38,738
Tax exempt 117 93 86 247 102
Investment securities:
Taxable 4,574 4,565 5,078 5,040 4,547
Tax exempt 2,562 2,550 2,529 2,535 2,553
Federal funds sold 1 2
Deposits with financial institutions 25 54 45 100 83
Federal Reserve and Federal Home Loan Bank stock 343 314 323 341 341
--------- --------- --------- --------- ---------
Total Interest Income 43,469 44,073 45,085 45,721 46,366
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Deposits 4,110 4,505 5,046 5,864 6,866
Federal funds purchased 12 3 16 3 3
Securities sold under repurchase agreements 295 363 384 386 378
Federal Home Loan Bank advances 994 1,114 1,089 977 1,001
Subordinated debentures, revolving credit lines and term loans 1,942 1,908 2,699 2,644 2,641
--------- --------- --------- --------- ---------
Total Interest Expense 7,353 7,893 9,234 9,874 10,889
--------- --------- --------- --------- ---------
NET INTEREST INCOME 36,116 36,180 35,851 35,847 35,477
Provision for loan losses 4,875 5,855 5,556 5,625 5,594
--------- --------- --------- --------- ---------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 31,241 30,325 30,295 30,222 29,883
--------- --------- --------- --------- ---------
OTHER INCOME
Service charges on deposit accounts 2,819 3,027 3,169 2,997 2,779
Fiduciary activities 1,983 1,804 1,881 1,929 2,036
Other customer fees 2,586 2,572 2,583 2,634 2,235
Commission income 1,667 1,220 1,528 1,024 1,888
Earnings on cash surrender value of life insurance 1,378 803 644 571 578
Net gains and fees on sales of loans 1,952 2,747 1,768 1,030 1,873
Net realized gains on sales of available for sale securities 789 290 861 825 463
Other-than-temporary impairment on available for sale securities (400)
Gain on FDIC modified whole bank transaction 9,124
Other income 360 508 796 51 406
--------- --------- --------- --------- ---------
Total Other Income 22,658 12,971 13,230 11,061 11,858
--------- --------- --------- --------- ---------
OTHER EXPENSES
Salaries and employee benefits 19,354 19,035 19,964 18,560 17,176
Net occupancy 2,651 2,428 2,530 2,415 2,745
Equipment 1,805 1,672 1,662 1,677 1,783
Marketing 442 650 534 436 382
Outside data processing fees 1,376 1,377 1,391 1,458 1,445
Printing and office supplies 267 340 301 313 288
Core deposit amortization 469 591 755 1,101 1,101
FDIC assessments 1,117 775 1,201 1,451 2,104
Other real estate owned and credit-related expenses 2,186 2,569 2,007 2,843 3,195
Other expenses 4,361 3,999 3,877 4,145 3,662
--------- --------- --------- --------- ---------
Total Other Expenses 34,028 33,436 34,222 34,399 33,881
--------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAX 19,871 9,860 9,303 6,884 7,860
Income tax expense 5,500 2,299 2,561 1,396 2,399
--------- --------- --------- --------- ---------
NET INCOME 14,371 7,561 6,742 5,488 5,461
Loss on CPP unamortized discount (1,401)
Loss on extinguishment of trust preferred securities (10,857)
Preferred stock dividends and discount accretion (1,135) (1,135) (868) (990) (988)
--------- --- --------- ---- --------- ---- --------- -- --------- ---
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS $ 13,236 $ 6,426 $ (6,384) $ 4,498 $ 4,473
=== ========= ==== ========= ==== ========= ==== == ========= === =========
PER SHARE:
Basic Net Income (Loss) Available to Common Stockholders $ 0.46 $ 0.24 $ (0.25) $ 0.18 $ 0.17
Diluted Net Income (Loss) Available to Common Stockholders $ 0.46 $ 0.24 $ (0.25) $ 0.18 $ 0.17
Cash Dividends Paid $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Average Diluted Shares Outstanding (in thousands) 28,755 28,700 26,367 25,783 25,763
FINANCIAL RATIOS:
Return on Average Assets 1.26 % 0.61 % -0.62 % 0.43 % 0.43 %
Return on Average Stockholders' Equity 10.23 5.01 (5.33) 3.87 3.92
Average Earning Assets to Average Assets 90.16 89.66 90.30 90.64 90.83
Allowance for Loan Losses as % of Total Loans 2.50 2.60 2.68 2.83 2.93
Net Charge Off's as % of Average Loans (Annualized) 0.78 1.18 1.41 1.37 1.09
Average Stockholders' Equity to Average Assets 12.32 12.22 11.64 11.23 11.07
Tax Equivalent Yield on Earning Assets 4.74 4.83 5.01 5.04 5.11
Cost of Supporting Liabilities 0.78 0.84 0.99 1.05 1.16
Net Interest Margin (FTE) on Earning Assets 3.96 3.99 4.02 3.99 3.95
LOANS
(Dollars in Thousands) March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
------------------ -------------------- -------------------- ---------------- ------------------
Commercial and industrial loans $ 546,304 $ 532,523 $ 518,848 $ 529,742 $ 529,110
Agricultural production financing and other loans to farmers 97,165 104,526 106,761 99,360 89,032
Real estate loans:
Construction 92,694 81,780 70,044 96,308 103,956
Commercial and farm land 1,229,195 1,194,230 1,196,270 1,171,901 1,199,078
Residential 498,354 481,493 495,954 495,256 504,538
Home Equity 210,564 191,631 196,191 191,839 195,235
Individuals' loans for household and other personal expenditures 78,711 84,172 90,810 94,123 104,701
Lease financing receivables, net of unearned income 3,112 3,555 4,160 4,399 4,706
Other loans 36,890 39,505 33,900 41,094 33,772
--------- --------- --------- --------- ---------
Loans 2,792,989 2,713,415 2,712,938 2,724,022 2,764,128
Allowance for loan losses (70,369) (70,898) (73,074) (77,133) (80,936)
--------- --- --------- ---- --------- ---- --------- -- --------- ---
NET LOANS $ 2,722,620 $ 2,642,517 $ 2,639,864 $ 2,646,889 $ 2,683,192
=== ========= ==== ========= ==== ========= == ========= === =========
DEPOSITS
(Dollars in Thousands) March 31, December 31, September 30, June 30, March 31,
2012 2011 2011 2011 2011
------------------ -------------------- -------------------- ---------------- ------------------
Demand deposits $ 1,470,938 $ 1,438,513 $ 1,360,174 $ 1,363,621 $ 1,318,188
Savings deposits 801,935 757,166 712,545 750,337 765,138
Certificates and other time deposits of $100,000 or more 269,796 264,787 278,115 292,613 318,663
Other certificates and time deposits 566,934 551,247 570,380 597,330 624,032
Brokered deposits 169,975 122,942 143,036 138,632 126,315
--------- --------- --------- --------- ---------
TOTAL DEPOSITS $ 3,279,578 $ 3,134,655 $ 3,064,250 $ 3,142,533 $ 3,152,336
=== ========= ==== ========= ==== ========= == ========= === =========

SOURCE: First Merchants Corporation

First Merchants Corporation
David L. Ortega, First Vice President/Director of Investor Relations, 765-378-8937

http://www.firstmerchants.com/

Copyright Business Wire 2012

/quotes/zigman/72074/quotes/nls/frme

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FRME

First Merchants Corp.

US

: U.S.: Nasdaq

$
12.54

+0.11
+0.88%

Volume: 30,416
May 2, 2012 12:14p

P/E Ratio20.37
Dividend Yield0.95%

Market Cap$356.91 million
Rev. per Employee$202,346

Financial Glossary

Words used in this article:

NEWTOWN, Pa., Apr 26, 2012 (GlobeNewswire via COMTEX) –
TF Financial Corporation

/quotes/zigman/57019/quotes/nls/thrd THRD
+1.02%

today reported net income of $1,155,000 ($0.42 per diluted share) for the first quarter of 2012, an 87% increase when compared with $618,000 ($0.23 per diluted share) for the first quarter of 2011. The Company also announced that its Board of Directors declared a quarterly dividend of $0.05 per share, payable May 15, 2012 to shareholders of record on May 8, 2012.

“The main developments during the first quarter involved significant progress moving problem loans through the resolution pipeline and disposing of commercial real estate we had been holding following foreclosures. Late in the quarter we closed on the sales of two large such properties. Consequently, foreclosed property declined to $10.2 million at quarter end, and total non-performing assets were at 3.48% of total assets, continuing a downward trend from 3.56% at year end 2011 and 4.25% at the end of the first quarter a year ago,” said Kent C. Lufkin, President and Chief Executive Officer.

“Quarterly net income nearly doubled year-over-year, the net interest margin declined slightly but remained at a healthy 3.78%, and notably, our capital ratios continue to be quite strong, with Tier 1 Leverage and Total Risk-Based ratios of 10.14% and 18.23% at March 31,” Lufkin said.

Results for the current quarter included:

— Pre-tax income was $1,473,000 for the quarter, an increase of $783,000
over the first quarter of 2011. The key drivers of this increase were a
$400,000 decrease in the provision for loan losses and a $498,000
increase in non-interest income, mainly the result of a $207,000
increase in the gain on sale of loans and a $264,000 gain related to an
eminent domain matter affecting a parcel of Company property.
— Net interest income was $5,792,000 which was a $24,000 or 0.4% decrease
when compared with the first quarter of 2011. Similarly, the Company’s
net interest margin decreased by 2 basis points to 3.78% from 3.80%. The
yields on the Company’s interest-earning assets fell by 37 basis points
for the first quarter of 2012 compared with the first quarter of 2011,
mainly due to the consequences of record-low market interest rates which
have occurred since the first quarter of 2011, causing mortgage loan
borrowers to refinance their higher rate loans into those with lower
rates and the resulting downward drift in the Company’s loan and
mortgage-backed securities yields. However, the cost of the Company’s
interest bearing liabilities improved by 37 basis points since the first
quarter of 2011, primarily the result of a 31 basis point or 28.7%
improvement in the cost of deposits, due to a favorable change in the
deposit pricing and mix, and the maturity of time deposits which had
been originated during periods of higher market interest rates.
— The provision for loan losses was $500,000 for the quarter compared with
$900,000 for the first quarter of 2011. The allowance for loan losses
stood at approximately $7.0 million at March 31, 2012, and while the
allowance has decreased as amounts which had been assigned to specific
loans are charged off, the allowance as a percentage of loans was a
healthy 1.40% and as a percentage of non-performing loans was 50.3%.
— Overall, asset quality continued to show improvement with total
non-performing assets at 3.48% of total assets, down from 3.56% at year
end 2011 and 4.25% at March 31, 2011. Non-performing loans were $13.9
million at quarter end compared with $12.5 million at December 31, 2011.
Foreclosed property at March 31, 2012 was $10.2 million compared with
$11.7 million at December 31, 2011.
— Loans outstanding were $498.4 million, a $4.4 million or 0.9% decrease
for the first quarter of 2012. Mortgage loans originated for sale were
$15.9 million compared with $5.8 million for the first quarter of 2011.
— At quarter end, total deposits were $562.2 million, a $10.9 million or
2.0% increase when compared with December 31, 2011, and a $14.4 million
or 2.6% increase when compared with $547.8 million at March 31, 2011.
— Non-interest expenses were $91,000 higher in the first quarter of 2012
compared to the first quarter of 2011. Expenses of foreclosed property
were $287,000 for the first quarter of 2012 compared with $61,000 for
the first quarter of 2011.

TF Financial Corporation is a holding company whose principal subsidiary is 3rd Fed Bank, which operates 14 full service retail and commercial banking offices in Philadelphia and Bucks County, Pennsylvania and in Mercer County, New Jersey. Deposits at 3rd Fed Bank are insured up to the maximum amount by the Federal Deposit Insurance Corporation (FDIC). In addition, the Bank's website can be found at
www.thirdfedbank.com . Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by TF Financial Corporation with the Securities and Exchange Commission from time to time. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

T F FINANCIAL CORPORATION
UNAUDITED FINANCIAL
INFORMATION
(dollars in thousands
except per share data) QUARTER ENDED
------------------------------------------------------

3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011
--------- ---------- --------- --------- ---------

EARNINGS SUMMARY

Interest income $ 7,263 $ 7,613 $ 7,908 $ 7,932 $ 7,835
Interest expense 1,471 1,550 1,903 1,943 2,019
Net interest income 5,792 6,063 6,005 5,989 5,816
Loan loss provision 500 850 528 1,450 900
Non-interest income 1,237 1,395 583 903 739
Non-interest expense 5,056 4,565 4,666 4,621 4,965
Income taxes 318 511 314 122 72
Net income $ 1,155 $ 1,532 $ 1,080 $ 699 $ 618

PER SHARE INFORMATION

Earnings per share,
basic $ 0.42 $ 0.57 $ 0.40 $ 0.26 $ 0.23
Earnings per share,
diluted $ 0.42 $ 0.57 $ 0.40 $ 0.26 $ 0.23

Weighted average basic
shares (000's) 2,719 2,711 2,703 2,699 2,696
Weighted average
diluted shares (000's) 2,722 2,711 2,704 2,700 2,696

Dividends paid $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05

FINANCIAL RATIOS

Annualized return on
average assets 0.68% 0.89% 0.62% 0.41% 0.36%
Annualized return on
average equity 5.94% 7.75% 5.63% 3.74% 3.38%
Efficiency ratio (1) 71.93% 61.21% 70.83% 67.05% 75.74%

REGULATORY CAPITAL RATIOS
Tier 1 leverage ratio 10.14% 10.21% 9.87% 9.78% 9.79%
Total risk-based
capital ratio 18.23% 18.56% 17.76% 17.61% 17.45%
Tier 1 risk-based
capital ratio 16.89% 17.31% 16.51% 16.36% 16.20%

T F FINANCIAL CORPORATION
UNAUDITED FINANCIAL
INFORMATION
(dollars in thousands
except per share data) QUARTER ENDED
----------------------------------------------------------

3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011
---------- ---------- ---------- ---------- ----------
AVERAGE BALANCES

Loans $ 493,396 $ 497,258 $ 502,574 $ 499,024 $ 501,543
Mortgage-backed securities 61,971 61,079 66,283 63,940 66,401
Investment securities 67,035 67,843 67,662 68,439 67,035
Other interest-earning
assets 13,619 6,699 3,237 4,420 3,237
Total earning assets 636,021 632,879 639,756 635,823 638,216
Non-earning assets 50,557 52,263 53,907 50,346 48,984
Total assets 686,578 685,142 693,663 686,169 687,200

Deposits 554,523 551,964 555,713 546,215 546,055
FHLB advances and other
borrowed money 47,387 48,109 54,709 57,972 60,446
Total interest bearing
liabilities 601,910 600,073 610,422 604,187 606,501
Non-interest bearing
liabilities 6,523 6,600 7,075 7,039 6,482
Stockholders' equity 78,145 78,469 76,166 74,943 74,217
Total liabilities &
stockholders' equity $ 686,578 $ 685,142 $ 693,663 $ 686,169 $ 687,200

SPREAD AND MARGIN ANALYSIS (TAXABLE EQUIVALENT)

Average yield on:
Loans 5.05% 5.13% 5.26% 5.38% 5.32%
Mortgage-backed securities 3.50% 4.22% 4.20% 4.21% 4.24%
Investment securities 4.27% 4.15% 4.13% 4.28% 4.35%
Other interest-earning
assets 0.06% 0.11% 0.00% 0.09% 0.00%
Total interest-earning
assets 4.71% 4.88% 5.01% 5.11% 5.08%

Average cost of:
Deposits 0.77% 0.82% 1.02% 1.06% 1.08%
FHLB advances and other
borrowed money 3.44% 3.39% 3.43% 3.49% 3.75%
Total interest-bearing
liabilities 0.98% 1.02% 1.24% 1.29% 1.35%

Interest rate spread 3.73% 3.86% 3.77% 3.82% 3.73%
Net interest margin 3.78% 3.91% 3.83% 3.88% 3.80%

NON-INTEREST INCOME DETAIL

Service fees, charges and
other $ 497 $ 456 $ 298 $ 479 $ 465
Bank-owned life insurance 152 157 160 164 157
Gain/loss on sale
investments -- 550 -- 210 --
Gain on sale of loans 324 232 125 50 117
Gain on disposition of real
estate 264 -- -- -- --

NON-INTEREST EXPENSE DETAIL

Compensation and benefits $ 2,874 $ 2,573 $ 2,584 $ 2,622 $ 2,746
Occupancy and equipment 710 719 699 736 818
Professional fees 351 266 263 324 478
Marketing and advertising 85 55 88 102 67
FDIC insurance premiums 151 149 142 151 233
Foreclosed real estate
expense 287 308 317 119 61
Other operating 598 495 573 567 562

T F FINANCIAL CORPORATION
UNAUDITED FINANCIAL
INFORMATION
(dollars in thousands
except per share data) PERIOD ENDED
----------------------------------------------------------

3/31/2012 12/31/2011 9/30/2011 6/30/2011 3/31/2011
---------- ---------- ---------- ---------- ----------
DEPOSIT INFORMATION

Non-interest checking $ 49,408 $ 43,910 $ 46,591 $ 44,817 $ 41,920
Interest checking 69,195 65,677 65,614 58,632 58,428
Money market 154,417 155,010 150,142 149,852 148,713
Savings 108,219 105,617 103,871 104,423 101,445
CD's 180,962 181,074 185,460 194,380 197,247

OTHER INFORMATION

Per Share

Book value $ 27.71 $ 27.33 $ 27.44 $ 26.69 $ 26.32
Tangible book value $ 26.18 $ 25.81 $ 25.91 $ 25.16 $ 24.79
Closing market price $ 24.20 $ 22.72 $ 19.25 $ 21.42 $ 20.83

Balance Sheet

Loans $ 498,356 $ 502,713 $ 515,318 $ 508,371 $ 507,785
Cash and cash
equivalents 22,340 14,928 14,475 8,786 10,668
Mortgage-backed
securities 63,988 58,970 63,029 67,520 61,476
Investment securities 69,556 65,778 65,514 68,551 67,364
Total assets 693,421 681,929 695,168 691,561 684,221
Total deposits 562,201 551,288 551,678 552,104 547,753
FHLB advances and other
borrowed money 46,685 46,908 59,500 55,345 55,387
Stockholders' equity 78,528 77,408 77,499 75,332 74,270

Asset Quality

Non-performing loans $ 13,889 $ 12,541 $ 17,103 $ 18,308 $ 21,064
Allowance for loan
losses $ 6,981 $ 8,100 $ 9,586 $ 9,108 $ 8,906
Net charge-offs $ 1,619 $ 2,337 $ 49 $ 1,248 $ 322
Allowance for loan
losses to
non-performing loans 50.26% 64.59% 56.05% 49.75% 42.28%
Allowance for loan
losses to gross loans 1.40% 1.61% 1.86% 1.79% 1.75%
Non-performing loans to
gross loans 2.79% 2.49% 3.32% 3.60% 4.15%
Non-performing loans to
total assets 2.00% 1.84% 2.46% 2.65% 3.08%
Foreclosed property $ 10,247 $ 11,731 $ 8,909 $ 9,245 $ 8,002
Foreclosed property to
total assets 1.48% 1.72% 1.28% 1.34% 1.17%
Non-performing assets
to total assets 3.48% 3.56% 3.74% 3.98% 4.25%

Statistical

Shares outstanding
(000's) 2,834 2,832 2,824 2,822 2,822
Number of branch
offices 14 14 14 14 14
Full time equivalent
employees 176 168 172 179 177

(1) The efficiency ratio is non-interest expense divided by net interest income plus
non-interest income.

This news release was distributed by GlobeNewswire,
www.globenewswire.com

SOURCE: TF Financial Corporation

CONTACT: Dennis R. Stewart, EVP/CFO
(215) 579-4000

(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.

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THRD

TF Financial Corp.

US

: U.S.: Nasdaq

$
24.75

+0.25
+1.02%

Volume: 2,760
May 1, 2012 3:54p

P/E Ratio15.09
Dividend Yield0.81%

Market Cap$70.50 million
Rev. per Employee$189,255

Financial Glossary

Words used in this article:

ELKIN, NC, Apr 26, 2012 (MARKETWIRE via COMTEX) –
Yadkin Valley Financial Corporation

/quotes/zigman/101558/quotes/nls/yavy YAVY
-2.54%

First Quarter Highlights:

— Net income available to common shareholders for the first quarter of
2012 was $2.7 million, or $0.14 per diluted share.
— Net interest margin increased by 23 basis points to 3.54% due to
continued improvement in our deposit mix, lowering our overall cost of
deposits to 1.04%.
— Adversely classified loans decreased $20 million, nonperforming loans
decreased $4.3 million, and loans 30-89 days past due decreased $15.6
million compared to the previous quarter, which in turn led to
improved credit quality and a decrease in our provision for loan
losses.
— We have fully realized the results of our expense management plan and
believe that we are now operating at a more normalized run rate on
employee and occupancy expenses, even though non-interest expense
increased slightly in linked quarters.
— Non-interest income, excluding securities gains, increased quarter
over quarter, largely due to increases on gains from mortgage loan
sales.
— Leverage ratio, Tier 1 risk-based capital ratio, and total risk-based
capital ratio were 8.6%, 10.9%, and 12.1%, respectively, for the
holding company as of March 31, 2012.

Yadkin Valley Financial Corporation

/quotes/zigman/101558/quotes/nls/yavy YAVY
-2.54%

, the holding company
for Yadkin Valley Bank and Trust Company, announced financial results
for the first quarter ended March 31, 2012. Net income available to
common shareholders for the quarter was $2.7 million, or $0.14 per
diluted share, compared to net income of $2.2 million, or $0.11 per
diluted share, in the fourth quarter of 2011, and a net loss of $1.6
million, or $0.10 per diluted share in the first quarter of 2011.

Joe Towell, President and CEO of Yadkin Valley Financial, commented,
"Our strategic plan continues to yield results with our third
consecutive quarter of meaningful profitability. The Bank's
performance continues to stabilize as we improve key metrics such as
net interest margin, cost of deposits, and the adversely classified
assets ratio.

"Improving asset quality is one of our primary goals for 2012. We are
pleased to see a $20 million decrease in our adversely classified
loans, as we continue to work through problem loans. This decrease in
classified loans, along with lower historical loan charge-offs, led
to a lower provision for loan losses this quarter. Our loan loss
reserve model has been deemed adequate by management and all third
party reviews, and we believe it is on track to cover the potential
losses remaining in our loan portfolio.

"We are excited about our strong net interest margin this quarter.
While we did have some adjustments to our interest income throughout
the second half of 2011, we believe 3.54% is a normalized margin, and
we expect that to increase going forward as we continue to focus on
improving our deposit mix with core deposit acquisition.

"We recently announced the filing of a Form S-1 resale registration
statement. We feel this was a prudent act given the recent activity
we have seen from the United States Treasury Department and the
auctioning of other Banks' preferred stock held under the Troubled
Asset Relief Program (TARP). We want to be ready, should an
opportunity be made available to us. However, filing this form is not
an assurance that the Company's TARP shares will be included in an
auction or sold to one or more investors."

First Quarter 2012 Financial Highlights

Asset Quality

Nonperforming loans continued to decrease, down $4.3 million, to
$66.1 million, or 4.69%, of total gross loans at March 31, 2012,
compared to $70.4 million, or 4.78%, of total gross loans at December
31, 2011. The strategy regarding nonperforming loans continues to
yield results as the inflow to the nonperforming category has slowed
considerably. "We continue to keep tight focus on nonperforming
loans," said Towell. "We believe that as the inflow to the
nonperforming category slows, our credit quality trends are beginning
to show improvement."

Nonperforming Loan Analysis
(Dollars in thousands)
--------------------------------------------

March 31, 2012 December 31, 2011
--------------------- ---------------------
% of % of
Outstanding Total Outstanding Total
Loan Type Balance Loans Balance Loans
------------- ------- ------------- -------
Construction/land development $ 18,708 1.33% $ 19,467 1.32%
Residential construction 4,612 0.33% 7,109 0.48%
HELOC 2,632 0.19% 2,222 0.15%
1-4 Family residential 6,245 0.44% 7,271 0.49%
Commercial real estate 25,664 1.82% 24,915 1.69%
Commercial & industrial 7,782 0.55% 8,896 0.61%
Consumer & other 445 0.03% 475 0.03%
------------- ------- ------------- -------
Total $ 66,088 4.69% $ 70,355 4.78%
------------- ------- ------------- -------

Other Real Estate Owned ("OREO") totaled $28.8 million at March 31,
2012, an increase of $3.8 million compared to $25.0 million at
December 31, 2011. This increase in OREO was the result of $7.1
million in foreclosures for the quarter, offset by dispositions of
$2.4 million. We also recognized $774,000 in additional write downs
on OREO, as management determined changes in asset values due to
market trends. Total nonperforming assets at March 31, 2012 were
$94.8 million, or 4.80% of total assets, a decrease of $482,000 from
December 31, 2011.

During the first quarter of 2012, the provision for loan losses was
$2.4 million, a decrease of $1.2 million from the fourth quarter of
2011. The decrease in provision was driven by a $20 million, or 15%,
decrease in adversely classified loans and a 4.5% decrease in total
loans compared to the previous quarter. Net charge-offs for the first
quarter totaled $5.1 million, or 1.44% of average loans on an
annualized basis, an increase of $600,000 from the fourth quarter. Of
the $5.1 million in net charge-offs, $1.0 million was related to the
valuation and write down of a loan held for potential sale.

At March 31, 2012 the allowance for loan losses was $30.1 million,
compared to $32.8 million at December 31, 2011. As a percentage of
total loans held-for-investment, the allowance for loan losses was
2.17% in the first quarter of 2012, down from 2.26% in the fourth
quarter of 2011. Out of the $30.1 million in total allowance for loan
losses at March 31, 2012, the specific allowance for impaired loans
accounted for $3.4 million, down from $4.1 million in the fourth
quarter. The specific allowance for impaired loans decreased because
our impaired loan balances decreased. The remaining general allowance
of $26.6 million attributed to unimpaired loans was down from $28.7
million at the end of the fourth quarter. This decrease was driven
primarily by continued decreases in loans held-for-investment and
improving trends in loans 30-89 days past due.

Net Interest Income and Net Interest Margin

Net interest income increased $279,000, or 1.7%, quarter over
quarter, totaling $15.9 million for the first quarter of 2012. The
net interest margin improved to 3.54%, up from 3.31% in the fourth
quarter. While we are very pleased with our quarter-end net interest
margin, the 23 basis point increase is really a stabilization of the
margin following several adjustments to interest income that the
Company addressed in the third and fourth quarters of 2011.
Additionally, the managed shift in our deposit mix improved our net
interest margin as cost of total deposits decreased to 1.04% for the
quarter as compared to 1.09% in the fourth quarter of 2011.

Non-Interest Income

Non-interest income decreased $539,000, or 11.5%, to $4.1 million
compared to $4.7 million in the fourth quarter of 2011. Excluding
securities gains, our non-interest income actually increased by
$125,000, largely due to our increase in mortgage income for the
quarter.

Non-Interest Expense

Non-interest expense increased $260,000, or 1.8%, to $14.2 million,
up from $13.9 million in the fourth quarter of 2011. The majority of
this increase was driven by increased cost of operation of other real
estate owned and the timing of several annual expenses in the salary
and benefits line item.

Balance Sheet and Capital

Total assets decreased $16.6 million for the first quarter of 2012 as
part of our continued balance sheet management strategy. Gross loans
held-for-investment decreased $63.1 million compared to the fourth
quarter of 2011, and total deposits decreased $20.5 million. This
deposit decrease continues to be mostly higher-cost time deposits, as
our non-interest bearing demand deposits continue to increase in
volume.

The Bank remains well-capitalized for regulatory purposes. As of
March 31, 2012, the Bank's leverage ratio, Tier 1 risk-based capital
ratio, and total risk-based capital ratio were 8.3%, 10.6%, and
11.9%, respectively. Leverage ratio, Tier 1 risk-based capital ratio,
and total risk-based capital ratio were 8.6%, 10.9%, and 12.1%
respectively, for the holding company as of March 31, 2012. For
capital adequacy purposes, leverage ratio, Tier 1 risk-based capital
ratio, and total risk-based capital ratio must be in excess of 5.00%,
6.00%, and 10.00%, respectively, to be considered well-capitalized.
Regulatory capital ratios for the Company continue to improve due to
positive operating results.

Conference Call

Yadkin Valley Financial Corporation will host a conference call at
10:00 a.m. EDT on Thursday, April 26, 2012 to discuss financial
results, business highlights, and outlook. The call may be accessed
by dialing 877-359-3650 at least 10 minutes prior to the call. A
webcast of the call audio and accompanying visual aids may be
accessed at

http://investor.shareholder.com/media/eventdetail.cfm?eventid=112539&CompanyID=YAVY&e=1&mediaKey=C0BD0B7D7BA30A3E46A5C745FA0F7F34 .
A replay of the call will be available until May 3, 2012 by dialing
855-859-2056 or 404-537-3406 and entering access code 73819351.

About Yadkin Valley Financial Corporation

Yadkin Valley Financial Corporation is the holding company for Yadkin
Valley Bank and Trust Company, a full-service community bank
providing services in 34 branches throughout its two regions in North
Carolina and South Carolina. The Western Region serves Avery,
Watauga, Ashe, Surry, Wilkes, Yadkin, and Iredell Counties. The
Southern Region serves Durham, Orange, Granville, Mecklenburg, and
Union Counties in North Carolina, and Cherokee and York Counties in
South Carolina. The Bank provides mortgage lending services through
its subsidiary, Sidus Financial, LLC, headquartered in Greensboro,
NC. Securities brokerage services are provided by Main Street
Investment Services, Inc., a Bank subsidiary with four offices
located in the branch network. Yadkin Valley Financial Corporation's
website is
www.yadkinvalleybank.com . Yadkin Valley shares are traded
on NASDAQ under the symbol YAVY.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, such as statements relating to future plans and
expectations, and are thus prospective. Such forward-looking
statements include but are not limited to (1) statements regarding
potential future economic recovery, (2) statements with respect to
our plans, objectives, expectations and intentions and other
statements that are not historical facts, and (3) other statements
identified by words such as "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," and "projects," as well
as similar expressions. Such statements are subject to risks,
uncertainties, and other factors which could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, any of the
assumptions could prove to be inaccurate. Therefore, we can give no
assurance that the results contemplated in the forward-looking
statements will be realized. The inclusion of this forward-looking
information should not be construed as a representation by our
company or any person that the future events, plans, or expectations
contemplated by our company will be achieved.

The following factors, among others, could cause actual results to
differ materially from the anticipated results or other expectations
expressed in the forward-looking statements: (1) the rate of
delinquencies and amounts of charge-offs, the level of allowance for
loan losses, the rates of loan growth, or adverse changes in asset
quality in our loan portfolio, which may result in increased credit
risk-related losses and expenses; (2) competitive pressures among
depository and other financial institutions may increase
significantly and have an effect on pricing, spending, third-party
relationships and revenues; (3) the strength of the United States
economy in general and the strength of the local economies in which
we conduct operations may be different than expected resulting in,
among other things, a deterioration in the credit quality or a
reduced demand for credit, including the resultant effect on the
company's loan portfolio and allowance for loan losses; (4) the risk
that the preliminary financial information reported herein and our
current preliminary analysis will be different when our review is
finalized; (5) changes in deposit rates, the net interest margin, and
funding sources; (6) changes in the U.S. legal and regulatory
framework, including the effect of recent financial reform
legislation on the banking industry; and (7) adverse conditions in
the stock market, the public debt market and other capital markets
(including changes in interest rate conditions) could have a negative
impact on the company. Additional factors that could cause our
results to differ materially from those described in the
forward-looking statements can be found in our reports (such as
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K) filed with the SEC and available at the
SEC's Internet site (
http://www.sec.gov ). All subsequent written and
oral forward-looking statements concerning the company or any person
acting on its behalf is expressly qualified in its entirety by the
cautionary statements above. We do not undertake any obligation to
update any forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are
made.

Yadkin Valley Financial Corporation
Consolidated Balance Sheets (Unaudited)

(Amounts in thousands except share and per share data)
December September
March 31, 31, 30, June 30, March 31,
2012 2011 (a) 2011 2011 2011
----------- ----------- ----------- ----------- -----------
Assets:
Cash and due
from banks $ 36,478 $ 40,790 $ 32,315 $ 30,011 $ 31,537
Federal funds
sold 50 50 50 36 50
Interest-
earning
deposits with
banks 67,443 52,078 136,552 99,122 188,003

U.S. government
agencies 23,433 23,726 24,013 34,485 24,262
Mortgage-backed
securities 263,230 232,494 201,586 214,796 208,037
State and
municipal
securities 72,751 73,118 66,369 67,034 68,090
Common and
preferred
stocks 1,111 1,084 1,110 1,144 1,140
----------- ----------- ----------- ----------- -----------
Total
investment
securities 360,525 330,422 293,078 317,459 301,529

Construction
loans 196,991 202,803 229,789 243,681 261,083
Commercial,
financial and
other loans 187,037 200,750 197,672 204,421 216,056
Residential
mortgages 166,563 179,047 179,457 179,372 181,057
Commercial real
estate loans 605,539 631,639 625,193 632,209 646,657
Installment
loans 34,926 35,465 37,125 39,275 40,546
Revolving 1-4
family loans 196,818 201,220 204,364 205,309 207,308
----------- ----------- ----------- ----------- -----------
Total Loans 1,387,874 1,450,924 1,473,600 1,504,267 1,552,707
Allowance for
loan losses (30,062) (32,848) (33,673) (35,652) (35,860)
----------- ----------- ----------- ----------- -----------
Net loans 1,357,812 1,418,076 1,439,927 1,468,615 1,516,847
Loans held for
sale 20,548 19,534 13,801 27,737 32,880
Accrued
interest
receivable 6,932 6,745 6,447 7,066 7,515
Bank premises
and equipment 41,861 42,120 44,074 44,173 46,245
Foreclosed real
estate 28,751 24,966 21,307 22,046 27,461
Non-marketable
equity
securities at
cost 6,130 6,130 7,005 7,814 9,416
Investment in
bank-owned
life insurance 26,091 25,934 25,769 25,602 25,441
Goodwill - - - - 4,944
Core deposit
intangible 3,455 3,733 4,015 4,304 4,602
Other assets 20,530 22,610 22,791 27,057 34,421
----------- ----------- ----------- ----------- -----------

Total assets $ 1,976,606 $ 1,993,188 $ 2,047,131 $ 2,081,042 $ 2,230,891
=========== =========== =========== =========== ===========

Liabilities and
shareholders'
equity:
Deposits:
Non-interest
bearing $ 235,417 $ 229,895 $ 228,448 $ 222,556 $ 222,457
NOW, savings
and money
market
accounts 626,538 625,560 615,303 597,611 631,791
Time
certificates:
$100 or more 356,793 360,388 383,877 409,410 443,312
Other 492,072 515,498 556,484 596,218 662,246
----------- ----------- ----------- ----------- -----------
Total
deposits 1,710,820 1,731,341 1,784,112 1,825,795 1,959,806

Borrowings 105,723 105,539 108,309 103,524 109,452
Accrued
expenses and
other
liabilities 16,571 15,722 16,494 17,656 15,125
----------- ----------- ----------- ----------- -----------
Total
liabilities 1,833,114 1,852,602 1,908,915 1,946,975 2,084,383

Total
shareholders'
equity 143,492 140,586 138,216 134,067 146,508
----------- ----------- ----------- ----------- -----------

Total
liabilities
and
shareholders'
equity $ 1,976,606 $ 1,993,188 $ 2,047,131 $ 2,081,042 $ 2,230,891
=========== =========== =========== =========== ===========

Period End
Shares
Outstanding 19,506,188 19,526,188 19,526,188 19,526,188 16,292,640

(a) Derived from audited consolidated financial statements

Yadkin Valley Financial Corporation
Consolidated Income Statements (Unaudited)

Three Months Ended
(Amounts in thousands except share and per share data)
December September
March 31, 31, 30, June 30, March 31,
2012 2011 (a) 2011 2011 2011
----------- ----------- ----------- ----------- -----------

Interest and
fees on loans $ 18,946 $ 19,186 $ 19,339 $ 20,768 $ 21,349
Interest on
securities 2,006 1,709 2,146 2,255 2,108
Interest on
federal funds
sold 7 6 7 9 6
Interest-
bearing
deposits 37 71 71 90 115
----------- ----------- ----------- ----------- -----------
Total
interest
income 20,996 20,972 21,563 23,122 23,578
----------- ----------- ----------- ----------- -----------

Time deposits
of $100 or
more 1,993 2,271 2,326 2,541 2,938
Other deposits 2,371 2,569 3,120 3,731 4,380
Borrowed funds 725 504 484 539 570
----------- ----------- ----------- ----------- -----------
Total
interest
expense 5,089 5,344 5,930 6,811 7,888
----------- ----------- ----------- ----------- -----------

Net interest
income 15,907 15,628 15,633 16,311 15,690
Provision for
loan losses 2,350 3,627 1,956 10,393 4,867
----------- ----------- ----------- ----------- -----------
Net interest
income after
provision for
loan losses 13,557 12,001 13,677 5,918 10,823
----------- ----------- ----------- ----------- -----------

Non-interest
income
Service
charges on
deposit
accounts 1,343 1,509 1,604 1,437 1,345
Other service
fees 760 874 905 967 962
Net gain on
sales of
mortgage
loans 1,351 1,287 1,122 179 1,899
Income on
investment
in bank
owned life
insurance 157 166 167 161 163
Mortgage
banking
operations 435 6 (21) 103 207
Gains on sale
of
securities - 678 1,556 429 93
Other than
temporary
impairment
of
investments - - (74) (22) (20)
Other 75 140 90 102 142
----------- ----------- ----------- ----------- -----------
Total non-
interest
income 4,121 4,660 5,349 3,356 4,791
----------- ----------- ----------- ----------- -----------

Non-interest
expense
Salaries and
employee
benefits 6,731 6,383 6,198 7,793 7,870
Occupancy and
equipment 1,851 1,781 1,962 2,330 2,170
Printing and
supplies 145 154 141 156 181
Data
processing 387 377 404 381 373
Communication
expense 351 367 372 473 445
Advertising
and
marketing 76 101 127 169 171
Amortization
of core
deposit
intangible 278 282 289 299 305
FDIC
assessment
expense 694 718 79 1,328 1,350
Attorney fees 216 108 95 194 92
Loan
collection
expense 249 319 378 465 433
Loss on fixed
assets 21 13 286 1,195 -
Net cost of
operation of
other real
estate owned 1,229 1,086 759 2,430 794
Goodwill
impairment - - - 4,944 -
Other 1,979 2,258 1,873 2,300 2,725
----------- ----------- ----------- ----------- -----------
Total non-
interest
expense 14,207 13,947 12,963 24,457 16,909
----------- ----------- ----------- ----------- -----------

Income (loss)
before income
taxes 3,471 2,714 6,063 (15,183) (1,295)
Provision for
income taxes
(benefit) - (211) 2,384 5,030 (509)
----------- ----------- ----------- ----------- -----------

Net income
(loss) 3,471 2,925 3,679 (20,213) (786)
----------- ----------- ----------- ----------- -----------
Preferred
stock
dividend
and
amortization
of
preferred
stock
discount 821 771 771 674 771
----------- ----------- ----------- ----------- -----------
Net income
(loss)
available to
common
shareholders $ 2,650 $ 2,154 $ 2,908 $ (20,887) $ (1,557)
=========== =========== =========== =========== ===========

Basic $ 0.14 $ 0.11 $ 0.15 $ (1.16) $ (0.10)
Diluted $ 0.14 $ 0.11 $ 0.15 $ (1.16) $ (0.10)

Weighted
average
number of
shares
outstanding
Basic 19,378,198 19,371,469 19,364,855 18,041,174 16,130,529
Diluted 19,378,198 19,371,469 19,364,855 18,041,174 16,130,529

(a) Derived from audited consolidated financial statements

Yadkin Valley Financial
Corporation
(unaudited)

At or For the Three Months Ended
-------------------------------------------------
December September
March 31, 31, 30, June 30, March 31,
2012 2011 2011 2011 2011
--------- --------- --------- --------- ---------

Per Share Data:
Basic Earnings (Loss) per
Share $ 0.14 $ 0.11 $ 0.15 $ (1.16)$ (0.10)
Diluted Earnings (Loss)
per Share 0.14 0.11 0.15 (1.16) (0.10)
Book Value per Share 4.92 4.77 4.66 4.45 6.11

Selected Performance
Ratios:
Return on Average Assets
(annualized) 0.54% 0.42% 0.56% -3.87% -0.28%
Return on Average Equity
(annualized) 6.48% 6.17% 8.49% -55.25% -4.27%
Net Interest Margin
(annualized) 3.54% 3.31% 3.29% 3.30% 3.07%
Net Interest Spread
(annualized) 3.35% 3.14% 3.11% 3.11% 2.88%
Non-interest Income as a %
of Revenue(6) 23.31% 27.97% 28.11% 36.19% 30.69%
Non-interest Income as a %
of Average Assets 0.21% 0.23% 0.26% 0.16% 0.21%
Non-interest Expense as a
% of Average Assets 0.72% 0.69% 0.63% 1.13% 0.75%

Asset Quality:
Loans 30-89 days past due
(000's) (4) $ 10,245 $ 25,888 $ 23,739 $ 24,368 $ 23,756
Loans over 90 days past
due still accruing
(000's) - - - - -
Nonperforming Loans
(000's) 66,088 70,355 70,775 68,898 71,368
Other Real Estate Owned
(000's) 28,751 24,966 21,307 22,046 27,461
Nonperforming Assets
(000's) 94,839 95,321 92,082 90,944 98,829
Accruing troubled debt
restructurings (000's)
(5) 15,259 17,173 21,809 12,932 14,998
Nonperforming Loans to
Total Loans 4.69% 4.78% 4.76% 4.50% 4.50%
Nonperforming Assets to
Total Assets 4.80% 4.78% 4.50% 4.37% 4.43%
Allowance for Loan Losses
to Total Loans 2.13% 2.23% 2.26% 2.33% 2.26%
Allowance for Loan Losses
to Total Loans Held for
Investment 2.17% 2.26% 2.29% 2.37% 2.31%
Allowance for Loan Losses
to Nonperforming Loans 45.49% 47.31% 47.58% 51.75% 50.25%
Net Charge-offs/Recoveries
to Average Loans
(annualized) 1.44% 1.20% 1.04% 2.73% 1.71%

Capital Ratios:
Equity to Total Assets 7.26% 7.05% 6.75% 6.44% 6.57%
Tier 1 leverage ratio(1) 8.30% 7.99% 7.58% 7.14% 7.07%
Tier 1 risk-based ratio(1) 10.61% 10.23% 9.72% 9.42% 9.39%
Total risk-based capital
ratio(1) 11.87% 11.49% 10.98% 10.68% 10.65%

Non-GAAP disclosures(2):
Tangible Book Value per
Share $ 4.74 $ 4.58 $ 4.45 $ 4.23 $ 5.53
Return on Tangible Equity
(annualized) (3) 6.63% 6.34% 8.49% -58.92% -4.57%
Tangible Equity to
Tangible Assets (3) 7.10% 6.88% 6.57% 6.25% 6.17%
Efficiency Ratio 68.54% 66.41% 59.60% 121.07% 79.86%

Notes:
(1) Tier 1 leverage, Tier 1 risk-based, and Total risk-based ratios are
ratios for the bank, Yadkin Valley Bank and Trust Company as reported on
Consolidated Reports of Condition and Income for a Bank With Domestic
Offices Only - FFIEC 041
(2) Management uses these non-GAAP financial measures because it believes it
is useful for evaluating our operations and performance over periods of
time, as well as in managing and evaluating our business and in
discussions about our operations and performance. Management believes
these non-GAAP financial measures provides users of our financial
information with a meaningful measure for assessing our financial
results and credit trends, as well as comparison to financial results
for prior periods. These non-GAAP financial measures should not be
considered as a substitute for operating results determined in
accordance with GAAP and may not be comparable to other similarly titled
financial measures used by other companies.
(3) Tangible Equity is the difference of shareholders' equity less the sum
of goodwill and core deposit intangible
Tangible Assets are the difference of total assets less the sum of
goodwill and core deposit intangible
(4) Past due numbers exclude loans classified as nonperforming.
(5) Troubled debt restructured loans exclude loans classified as
nonperforming.
(6) Ratio is calculated by taking non-interest income as a percentage of net
interest income after provision for loan losses plus total non-interest
income.

Yadkin Valley Financial Corporation
Average Balance Sheets and Net Interest Income Analysis (Unaudited)

Three Months Ended March 31,
---------------------------------------------------------
2012 2011
-------------------------- --------------------------
(Dollars in Thousands)

Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
---------- -------- ------ ---------- -------- ------
INTEREST EARNING
ASSETS
Total loans (1,2) $1,433,311 $ 18,983 5.31% $1,602,393 $ 21,391 5.41%
Investment
securities 349,550 2,261 2.59% 296,220 2,375 3.25%
Interest-bearing
deposits &
federal funds
sold 50,358 44 0.35% 217,476 121 0.23%
---------- -------- ---------- --------
Total average
earning assets
(1) $1,833,219 21,288 4.66%(6) $2,116,089 23,887 4.58%
-------- --------
Noninterest
earning assets 135,971 148,253
---------- ----------
Total average
assets $1,969,190 $2,264,342
========== ==========

INTEREST BEARING
LIABILITIES
Time deposits $ 843,763 3,859 1.83% $1,167,137 6,114 2.12%
Other deposits 616,823 505 0.33% 605,139 1,204 0.81%
Borrowed funds 104,187 725 2.79% 111,065 570 2.08%
---------- -------- ---------- --------
Total interest
bearing
liabilities 1,564,773 5,089 1.30%(7) 1,883,341 7,888 1.70%

Noninterest
bearing deposits 224,427 218,444
Other liabilities 16,100 14,618
---------- ----------
Total average
liabilities 1,805,300 2,116,404
---------- ----------

Shareholders'
equity 163,890 147,939

---------- ----------
Total average
liabilities and
shareholders'
equity $1,969,190 $2,264,343
========== ==========

-------- --------
NET INTEREST
INCOME/ YIELD
(3,4) $ 16,199 3.54% $ 15,999 3.07%
======== ========

INTEREST SPREAD
(5) 3.35% 2.88%

(1) Yields related to securities and loans exempt from Federal income taxes
are stated on a fully tax-equivalent basis, assuming a Federal income
tax rate of 35%, reduced by the nondeductible portion of interest
expense.
(2) The loan average includes loans on which accrual of interest has been
discontinued.
(3) Net interest income is the difference between income from earning assets
and interest expense.
(4) Net interest yield is net interest income divided by total average
earning assets.
(5) Interest spread is the difference between the average interest rate
received on earning assets and the average rate paid on interest bearing
liabilities.
(6) Interest income for 2012 and 2011 includes $41,000 and $176,000,
respectively, of accretion for purchase accounting adjustments related
to loans acquired in the merger with American Community.
(7) Interest expense for 2012 and 2011 includes $135,000 and $116,000,
respectively, of accretion for purchase accounting adjustments related
to deposits and borrowings acquired in the merger with American
Community.

For additional information contact:

Joseph H. Towell
President and Chief Executive Officer
(704) 768-1133
Email Contact

Jan H. Hollar
Executive Vice President and Chief Financial Officer
(704) 768-1161
Email Contact

SOURCE: Yadkin Valley Financial Corporation

http://www2.marketwire.com/mw/emailprcntct?id=23E9B4F360669018

http://www2.marketwire.com/mw/emailprcntct?id=0C6A998160092564

Copyright 2012 Marketwire, Inc., All rights reserved.

/quotes/zigman/101558/quotes/nls/yavy

Add to portfolio

YAVY

Yadkin Valley Financial Corp.

US

: U.S.: Nasdaq

$
3.18

-0.08
-2.54%

Volume: 18,339
May 1, 2012 3:39p

P/E RatioN/A
Dividend YieldN/A

Market Cap$63.75 million
Rev. per Employee$217,798

/quotes/zigman/101558/quotes/nls/yavy

Add to portfolio

YAVY

Yadkin Valley Financial Corp.

US

: U.S.: Nasdaq

$
3.18

-0.08
-2.54%

Volume: 18,339
May 1, 2012 3:39p

P/E RatioN/A
Dividend YieldN/A

Market Cap$63.75 million
Rev. per Employee$217,798

Financial Glossary

Words used in this article:

IRVING, Texas, Apr 26, 2012 (BUSINESS WIRE) –
Exxon Mobil Corporation

/quotes/zigman/203975/quotes/nls/xom XOM
+0.01%

:

First Quarter
—————-
2012 2011 %
—– —— —
Earnings Excluding Special Items
(1)
——————————–
$ Millions 9,450 10,650 -11
$ Per Common Share
Assuming Dilution 2.00 2.14 -7
Special Items
——————————–
$ Millions 0 0
Earnings
——————————–
$ Millions 9,450 10,650 -11
$ Per Common Share
Assuming Dilution 2.00 2.14 -7
Capital and Exploration
Expenditures – $ Millions 8,834 7,821 13
(1)See Reference to Earnings
———————————————-

EXXONMOBIL'S CHAIRMAN REX W. TILLERSON COMMENTED:

"First quarter results reflect our ongoing focus on developing and
delivering energy needed to support job creation and economic growth.
Despite continuing economic uncertainty, we are progressing our
robust investment plans to meet the energy demands of the future.

"Capital and exploration expenditures were $8.8 billion as we
continue with plans to invest about $37 billion per year over the next
five years.

"We continued to generate strong cash flow from operations and asset
sales with $21.8 billion in the quarter.

"First quarter earnings of $9.5 billion were down 11% from the first
quarter of 2011.

"Oil-equivalent production was down over 5% from 2011. Excluding
the impact of higher prices on entitlement volumes, OPEC quota effects
and divestments, production was down 1%.

"The Corporation distributed more than $7 billion to shareholders in
the first quarter through dividends and share purchases to reduce shares
outstanding."

FIRST QUARTER HIGHLIGHTS

--
Earnings of $9,450 million, which included gains from asset sales of
about $400 million, decreased 11% or $1,200 million from the first
quarter of 2011.

--
Earnings per share (assuming dilution) were $2.00, a decrease of 7%.

--
Capital and exploration expenditures were $8.8 billion, up 13% from
the first quarter of 2011.

--
Oil-equivalent production decreased over 5% from the first quarter of
2011. Excluding the impact of higher prices on entitlement volumes,
OPEC quota effects and divestments, production was down 1%.

--
Cash flow from operations and asset sales was $21.8 billion, including
proceeds associated with asset sales of $2.5 billion.

--
Share purchases to reduce shares outstanding were $5 billion.

--
Dividends per share of $0.47 increased 7% compared to the first
quarter of 2011.

--
ExxonMobil and Rosneft announced the signing of agreements to progress
a long-term Strategic Cooperation Agreement to jointly explore for and
develop oil and natural gas in Russia, and to share technology and
expertise. Additionally, Rosneft will take equity in exploration and
development projects in the United States and Canada.

--
In Romania, ExxonMobil's affiliate drilled a successful deepwater new
play test on the Neptun block in the Black Sea with the Deepwater
Champion drillship and has additional 3D seismic data acquisition
planned to support future drilling opportunities on the block.

--
ExxonMobil participated in a successful exploration well offshore
Tanzania which discovered approximately 5 trillion cubic feet of
recoverable gas in a high quality reservoir. A second exploration well
is planned to test another prospect on the block.

First Quarter 2012 vs. First Quarter 2011

Upstream earnings were $7,802 million, down $873 million from the first
quarter of 2011. Higher liquids and natural gas realizations increased
earnings by $980 million. Lower sales volumes decreased earnings by $850
million. All other items, primarily higher operating expenses and the
absence of gains on asset sales, decreased earnings by $1.0 billion.

On an oil-equivalent basis, production decreased over 5% from the first
quarter of 2011. Excluding the impact of higher prices on entitlement
volumes, OPEC quota effects and divestments, production was down 1%.

Liquids production totaled 2,214 kbd (thousands of barrels per day),
down 185 kbd from the first quarter of 2011. Excluding the impact of
higher prices on entitlement volumes, OPEC quota effects and
divestments, liquids production was down less than 1%, as field decline
was mostly offset by ramp-up of Angola and Iraq projects, and lower
downtime.

First quarter natural gas production was 14,036 mcfd (millions of cubic
feet per day), down 489 mcfd from 2011, mainly due to field decline and
divestments.

Earnings from U.S. Upstream operations were $1,010 million, $269 million
lower than the first quarter of 2011. Non-U.S. Upstream earnings were
$6,792 million, down $604 million from the prior year.

Downstream earnings of $1,586 million were up $487 million from the
first quarter of 2011. Lower margins decreased earnings $40 million.
Volume and mix effects increased earnings by $210 million, while all
other items, mainly gains on asset sales, increased earnings by
$320 million. Petroleum product sales of 6,316 kbd were 49 kbd higher
than last year's first quarter.

Earnings from the U.S. Downstream were $603 million, down $91 million
from the first quarter of 2011. Non-U.S. Downstream earnings of
$983 million were $578 million higher than last year.

Chemical earnings of $701 million were $815 million lower than the first
quarter of 2011. Weaker margins decreased earnings by $520 million.
Other items, including higher planned maintenance and the absence of
favorable tax items, decreased earnings by $300 million. First quarter
prime product sales of 6,337 kt (thousands of metric tons) were 15 kt
higher than last year's first quarter.

Corporate and financing expenses were $639 million, consistent with the
prior year.

During the first quarter of 2012, Exxon Mobil Corporation purchased 66
million shares of its common stock for the treasury at a gross cost of
$5.7 billion. These purchases included $5 billion to reduce the number
of shares outstanding, with the balance used to acquire shares in
conjunction with the company's benefit plans and programs. Share
purchases to reduce shares outstanding are currently anticipated to
equal $5 billion in the second quarter of 2012. Purchases may be made in
both the open market and through negotiated transactions, and may be
increased, decreased or discontinued at any time without prior notice.

Estimates of key financial and operating data follow.

ExxonMobil will discuss financial and operating results and other
matters on a webcast at 10 a.m. Central time on April 26, 2012. To
listen to the event live or in archive, go to our website at exxonmobil.com.

Cautionary statement

Statements relating to future plans, projections, events or
conditions are forward-looking statements. Actual results,
including project plans, costs, timing, and capacities; capital and
exploration expenditures; resource recoveries; and share purchase
levels, could differ materially due to factors including: changes in oil
or gas prices or other market or economic conditions affecting the oil
and gas industry, including the scope and duration of economic
recessions; the outcome of exploration and development efforts; changes
in law or government regulation, including tax and environmental
requirements; the outcome of commercial negotiations; changes in
technical or operating conditions; and other factors discussed under the
heading "Factors Affecting Future Results" in the "Investors" section of
our website and in Item 1A of ExxonMobil's 2011 Form 10-K. We
assume no duty to update these statements as of any future date. References
to quantities of oil or natural gas may include amounts that we believe
will ultimately be produced, but that are not yet classified as "proved
reserves" under SEC definitions.

Frequently used terms

Consistent with previous practice, this press release includes both
earnings excluding special items and earnings per share excluding
special items. Both are non-GAAP financial measures and are
included to help facilitate comparisons of base business performance
across periods. Reconciliation to net income attributable to
ExxonMobil is shown in Attachment II. The release also includes
cash flow from operations and asset sales. Because of the regular
nature of our asset management and divestment program, we believe it is
useful for investors to consider proceeds associated with the sales of
subsidiaries, property, plant and equipment, and sales and returns of
investments together with cash provided by operating activities when
evaluating cash available for investment in the business and financing
activities. A reconciliation to net cash provided by operating
activities is shown in Attachment II. Further information on
ExxonMobil's frequently used financial and operating measures and other
terms is contained under the heading "Frequently Used Terms" available
through the "investors" section of our website at exxonmobil.com.

Reference to Earnings

References to total corporate earnings mean net income attributable
to ExxonMobil (U.S. GAAP) from the income statement. Unless
otherwise indicated, references to earnings, special items, earnings
excluding special items, Upstream, Downstream, Chemical and Corporate
and Financing segment earnings, and earnings per share are ExxonMobil's
share after excluding amounts attributable to noncontrolling interests.

Attachment I
EXXON MOBIL CORPORATION
FIRST QUARTER 2012
---------------------------------------------------------------------
(millions of dollars, unless noted)
First Quarter
-----------------
2012 2011
------- -------
Earnings / Earnings Per Share
Total revenues and other income 124,053 114,004
Total costs and other deductions 106,538 95,087
Income before income taxes 17,515 18,917
Income taxes 7,716 8,004
Net income including noncontrolling interests 9,799 10,913
Net income attributable to noncontrolling interests 349 263
Net income attributable to ExxonMobil (U.S. GAAP) 9,450 10,650
Earnings per common share (dollars) 2.00 2.14
Earnings per common share
- assuming dilution (dollars) 2.00 2.14
Other Financial Data
Dividends on common stock
Total 2,221 2,188
Per common share (dollars) 0.47 0.44
Millions of common shares outstanding
At March 31 4,676 4,926
Average - assuming dilution 4,716 4,971
ExxonMobil share of equity at March 31 157,012 151,480
ExxonMobil share of capital employed at March 31 177,137 171,235
Income taxes 7,716 8,004
Sales-based taxes 8,493 7,916
All other taxes 11,203 10,316
Total taxes 27,412 26,236
ExxonMobil share of income taxes of
equity companies 1,705 1,513

Attachment II
EXXON MOBIL CORPORATION
FIRST QUARTER 2012
---------------------------------------------------------------------------
(millions of dollars)
First Quarter
--------------------
2012 2011
----- ------
Earnings (U.S. GAAP)
Upstream
United States 1,010 1,279
Non-U.S. 6,792 7,396
Downstream
United States 603 694
Non-U.S. 983 405
Chemical
United States 433 669
Non-U.S. 268 847
Corporate and financing (639) (640)
Net income attributable to ExxonMobil 9,450 10,650
Special Items
Upstream
United States 0 0
Non-U.S. 0 0
Downstream
United States 0 0
Non-U.S. 0 0
Chemical
United States 0 0
Non-U.S. 0 0
Corporate and financing 0 0
Corporate total 0 0
Earnings Excluding Special Items
Upstream
United States 1,010 1,279
Non-U.S. 6,792 7,396
Downstream
United States 603 694
Non-U.S. 983 405
Chemical
United States 433 669
Non-U.S. 268 847
Corporate and financing (639) (640)
Corporate total 9,450 10,650
----------------------------------------- ----- ------
Cash flow from operations and asset sales (billions of dollars)
Net cash provided by operating activities 19.3 16.9
(U.S. GAAP)
Proceeds associated with asset sales 2.5 1.3
Cash flow from operations and asset sales 21.8 18.2
========================================= ===== ======

Attachment III
EXXON MOBIL CORPORATION
FIRST QUARTER 2012
----------------------------------------------------
First Quarter
---------------
2012 2011
------- ------
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States 426 428
Canada/South America 248 262
Europe 228 306
Africa 464 561
Asia 802 792
Australia/Oceania 46 50
Worldwide 2,214 2,399
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States 3,932 3,904
Canada/South America 377 468
Europe 4,447 4,783
Africa 12 6
Asia 5,011 5,089
Australia/Oceania 257 275
Worldwide 14,036 14,525
Oil-equivalent production (koebd)(1) 4,553 4,820

(1) Gas converted to oil-equivalent at 6 million cubic feet = 1
thousand barrels

Attachment IV
EXXON MOBIL CORPORATION
FIRST QUARTER 2012
--------------------------------------------
First Quarter
-------------
2012 2011
----- -----
Refinery throughput (kbd)
United States 1,825 1,771
Canada 438 452
Europe 1,481 1,446
Asia Pacific 1,296 1,223
Other 290 288
Worldwide 5,330 5,180
Petroleum product sales (kbd)
United States 2,473 2,475
Canada 423 447
Europe 1,564 1,533
Asia Pacific 1,232 1,218
Other 624 594
Worldwide 6,316 6,267
Gasolines, naphthas 2,522 2,470
Heating oils, kerosene, diesel 2,096 2,034
Aviation fuels 458 464
Heavy fuels 505 555
Specialty products 735 744
Worldwide 6,316 6,267
Chemical prime product sales,
thousands of metric tons (kt)
United States 2,365 2,275
Non-U.S. 3,972 4,047
Worldwide 6,337 6,322

Attachment V
EXXON MOBIL CORPORATION
FIRST QUARTER 2012
------------------------------------------------
(millions of dollars)
First Quarter
-------------
2012 2011
----- -----
Capital and Exploration Expenditures
Upstream
United States 2,422 2,080
Non-U.S. 5,657 4,820
Total 8,079 6,900
Downstream
United States 110 117
Non-U.S. 329 333
Total 439 450
Chemical
United States 74 56
Non-U.S. 239 393
Total 313 449
Other 3 22
Worldwide 8,834 7,821
Exploration expenses charged to income
included above
Consolidated affiliates
United States 103 63
Non-U.S. 417 270
Equity companies - ExxonMobil share
United States 1 1
Non-U.S. 6 1
Worldwide 527 335

Attachment VI
EXXON MOBIL CORPORATION
EARNINGS
-------------------------------------------------------------------
$ Millions $ Per Common Share (1)
-------------------- --------------------------------
2008
---------------
First Quarter 10,890 2.03
Second Quarter 11,680 2.24
Third Quarter 14,830 2.86
Fourth Quarter 7,820 1.55
Year 45,220 8.70
2009
---------------
First Quarter 4,550 0.92
Second Quarter 3,950 0.82
Third Quarter 4,730 0.98
Fourth Quarter 6,050 1.27
Year 19,280 3.99
2010
---------------
First Quarter 6,300 1.33
Second Quarter 7,560 1.61
Third Quarter 7,350 1.44
Fourth Quarter 9,250 1.86
Year 30,460 6.24
2011
---------------
First Quarter 10,650 2.14
Second Quarter 10,680 2.19
Third Quarter 10,330 2.13
Fourth Quarter 9,400 1.97
Year 41,060 8.43
2012
---------------
First Quarter 9,450 2.00
(1) Computed using the average number of shares outstanding
during each period.
The sum of the four quarters may not add to the full year.

SOURCE: Exxon Mobil Corporation

ExxonMobil
Media Relations, 972-444-1107

Copyright Business Wire 2012

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Add to portfolio

XOM

Exxon Mobil Corp.

US

: U.S.: NYSE

$
86.08

+0.01
+0.01%

Volume: 10.65M
April 27, 2012 4:00p

P/E Ratio10.18
Dividend Yield2.65%

Market Cap$404.79 billion
Rev. per Employee$5.56M

Financial Glossary

Words used in this article:

LAKE FOREST, Ill., April 26, 2012 – Brunswick Corporation (NYSE: BC) today has released its first quarter 2012 financial results. A complete and full-text financial results press release is available on the Companys website at http://www.brunswick.com/investors/investorinformation/events-presentations.php.  The results will also be available on the SECs website with the Form 8-K filing of the release at http://goo.gl/wJQN1.

The Company will hold a conference call today at 10 am CDT, hosted by Dustan E. McCoy, chairman and chief executive officer, Peter B. Hamilton, senior vice president and chief financial officer, and Bruce J. Byots, vice president – corporate and investor relations.

Security analysts and investors wishing to participate via telephone should call (866) 730-5763 (passcode: Brunswick Q1).  Callers outside of North America should call (857) 350-1587 (passcode: Brunswick Q1) to be connected.  These numbers can be accessed 15 minutes before the call begins, as well as during the call.  

To listen via Internet go to http://www.brunswick.com/investors/investorinformation/events-presentations.php.  Please go to the website at least 15 minutes before the call to register, download and install any needed audio software.  A replay of the conference call will be available through midnight CDT Thursday, May  3, 2012, by calling (888) 286-8010  (passcode: 34720402) or international dial (617) 801-6888 (passcode: 34720402).  The replay also will be available at www.brunswick.com.

About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill Genuine Ingenuity(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood marine parts and accessories; Land N Sea, Kellogg Marine, and Diversified Marine parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Cabo Yachts, Crestliner, Cypress Cay, Harris FloteBote, Hatteras, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray, Trophy, Uttern and Valiant boats; Life Fitness and Hammer Strength fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables and foosball tables.  For more information, visit http://www.brunswick.com.

# # #

LEMONT, Ill., Mar 20, 2012 (BUSINESS WIRE) –
Consolidated Distribution Corporation(SM), LLC (CDC), the
leading QSR, fast casual and casual dining supply chain solutions
company in the U.S., has opened a new Dallas redistribution center to
further optimize supply chain movement and increase savings for
customers nationwide. It marks the second expansion for CDC beyond its
home market of Chicago following the July 2010 opening of a
redistribution center in Atlanta.

Located in Dallas, the new 50,000-square-foot space will specialize in
the redistribution of ambient goods, including foodservice, janitorial,
sanitation and safety items for CDC customers. With redistribution,
manufacturers ship truckload quantities of slower moving, promotional or
seasonal items to CDC, which in turn ships consolidated full truckloads
of products to foodservice distributors nationwide, resulting in cost
savings and increased efficiencies throughout a restaurant’s supply
chain.

The new Dallas facility will increase the company’s dry capacity for
warehousing and redistribution by 14 percent, according to Thomas Geza
Varga, vice president of business development. Among the CDC QSR
customers that will benefit from the new distribution hub is Unified
Foodservice Purchasing Co-op®, LLC (UFPC). UFPC is the
exclusive supply chain management organization for Yum! Brands, Inc. and
its national restaurant systems — including KFC, Pizza Hut®
and Taco Bell®. UFPC also supports the A&W®
and Long John Silver’s(TM) brands with supply chain services through
contractual agreements.

Through the Dallas hub, CDC also will improve its service offerings to
its growing list of manufacturing customers, including Gold Standard
Food Solutions, LLC (GSFS), which works with growers, importers and
distributors to bring quality food products from the field to businesses.

“We have touted the benefits of redistribution to our own customers for
some time,” said Charles Ecord, managing partner of GSFS. “Through our
partnership with CDC, we can meet the growing customer demand for
efficient, cost-effective supply chain management.”

In addition to the new Dallas hub, CDC operates a 260,000-square-foot
redistribution center facility in Chicago and a 100,000-square-foot
space in metro Atlanta. With its network of redistribution centers, CDC
serves more than 170 distributors delivering to more than 60,000
franchisee/store locations across the U.S. and abroad.

Expected growth for 2012 and expansion of services

Following a strong 2011, CDC is forecasting double digit growth in 2012.

“Our customers are saving money through redistribution, and they are
expanding their operations with us to add more value to their supply
chains,” said Varga. “We also will focus on expanding our own service
offerings to bring further value to our customers.”

CDC has seen growth in kits/LTO promotions and import services among its
customers, and is exploring further expansion with a west coast
warehousing and redistribution center.

To accommodate CDC’s expanded redistribution center network and service
offerings, the company also will increase its staff through direct and
contract employment by 37 percent nationwide.

About Consolidated Distribution Corporation(SM),
LLC (CDC)

CDC is a leading foodservice supply chain solutions company serving the
QSR and casual dining restaurant industry. Founded in 1990 and
headquartered in Lemont, Ill., CDC is the largest independent
multi-concept redistributor in the United States. The company provides
cost-saving efficiencies and network optimization solutions to
franchisors and purchasing co-operatives of some of the most famous
brands in American dining. CDC has established a unique niche by meeting
the diverse needs of its customers: franchisors, purchasing
co-operatives, and franchisees. To learn more, please contact Thomas
Geza Varga at (630) 633-6321, or visit
http://www.CDCSupply.com .

SOURCE: Consolidated Distribution Corporation

Consolidated Distribution Corporation
MEDIA CONTACT:
Thomas Geza Varga, (630) 633-6321
PR@CDCSupply.com

Copyright Business Wire 2012