First Business Reports Second Quarter Results
13 August 2010 - 10:21PM
First Business Financial Services, Inc. (Nasdaq:FBIZ) today filed
its Quarterly Report on Form 10-Q reporting a net loss of $1.5
million for the second quarter of 2010 as compared to net income of
$260,000 reported in the second quarter of 2009. The second quarter
2010 net loss is a result of a charge to earnings of $2.7 million,
or $1.06 loss per diluted common share, to reflect the impairment
of the Company's goodwill. Excluding the goodwill impairment, net
income was $1.2 million for the second quarter of 2010, or earnings
per diluted common share of $0.46. The goodwill
impairment is an accounting adjustment that does not affect cash
flows, liquidity, regulatory capital, regulatory capital ratios or
future operations. The Company reported a loss per diluted
common share for the quarter of $0.60 versus earnings of $0.10 per
diluted common share for the comparable period of 2009. As
compared to the first quarter of 2010, net income before goodwill
impairment increased 29.5%, from $899,000, or diluted earnings per
share of $0.35.
In addition, the Company reported a net loss of $626,000 for the
six months ended June 30, 2010 versus net income of $66,000 for the
comparable period of 2009. The loss per diluted common share
was $0.25 for the six months ended June 30, 2010 compared to
earnings per diluted common share of $0.03 for the same period in
2009. Excluding the goodwill impairment of $2.7 million, or
$1.06 loss per diluted common share, net income was $2.1 million
for the six months ended June 30, 2010 and earnings per diluted
common share was $0.81.
Corey A. Chambas, President and Chief Executive Officer,
commented, "It's important to understand that this goodwill
impairment is an accounting entry that is not a reflection of our
current operating performance. It is a non-cash expense that does
not affect our regulatory capital or our future earnings capacity.
Exclusive of this goodwill accounting entry, we earned $1.2 million
in the second quarter. This easily exceeds the second quarter of
2009 and the first quarter of 2010. Especially given the
challenging economic environment that persists, our operating
results for the first two quarters of 2010 were very solid."
A complete copy of the Company's Quarterly Report on Form 10-Q
for the period ending June 30, 2010 and all reports filed by the
Company with the SEC may be accessed through the Corporation's
website, www.firstbusiness.com.
About First Business Financial Services,
Inc.
First Business Financial Services (Nasdaq:FBIZ) is a $1.1
billion Wisconsin-based bank holding company that specializes in
focused financial solutions for businesses, key executives, and
high net worth individuals through its operating companies. It is
the 3rd largest Wisconsin-based commercial bank holding company
listed on NASDAQ or the NYSE. Its companies include: First Business
Bank - Madison; First Business Bank - Milwaukee; First Business
Bank - Northeast; First Business Trust & Investments; First
Business Equipment Finance, LLC; and First Business Capital Corp.
For additional information, visit www.firstbusiness.com or call
(608) 238-8008.
The First Business Financial Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2667
This press release includes "forward-looking" statements related
to First Business Financial Services, Inc. (the "Company") that can
generally be identified as describing the Company's future plans,
objectives or goals. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results or outcomes
to differ materially from those currently anticipated. These
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
For further information about the factors that could affect the
Company's future results, please see the Company's filings with the
Securities and Exchange Commission.
CONTACT: First Business Financial Services, Inc.
James F. Ropella, Senior Vice President and
Chief Financial Officer
608-232-5970
jropella@firstbusiness.com
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