ChoiceOne Financial Services, Inc. of Sparta reported net income for the first quarter of $431,000, a $6,000 increase over the first quarter of 2000.
Earnings per share for the first quarter of 2002 were 29 cents, which was equal to the per share earnings for the same period the year before.
Total assets as of March 31 were $202 million, or $1.3 million higher than a year earlier.
The company saw significant first quarter growth in non-interest income resulting from increased mortgage activity, deposit account charges, higher insurance and investment sales and gains on sales of securities.
ChoiceOne's shares are traded in the over-the-counter market by several brokers. There is no well-established public trading market for the shares, and price information is not published regularly.
In related news, ChoiceOne’s board of directors declared a cash dividend of 17 cents per share on the corporation’s common stock. The dividend is payable June 28 to shareholders of record as of June 13.
I/NET, Inc. (OTC-BB:INNI) earned $89,066 on net revenues of $280,912 for the first quarter ended March 31, compared with a net loss of $121,199 on net revenues of $381,168 in the first quarter last year.
The Kalamazoo-based developer of software, Internet and telematics solutions said revenues from contract work from NASA and Web sit development work from IBM Corp. comprised the bulk of the company’s revenues for the quarter. President and CEO Stephen Markee said work with NASA and IBM continue to provide cash flow.
The company is focusing most of its efforts on development and marketing of its new conversational interface product that allows users to communicate with computer systems “in a natural, conversational way.” The conversational interface software is similar to voice recognition but allows extended dialogues and multiple exchanges of information.
In the past six months I/NET has been marketing the conversational interface technology to the automotive, industrial and telematics industries, and Markee said OEM, Tier 1 and Tier 2 companies in the auto industry continue to express interest in the technology.
Hastings Manufacturing Co. (AMEX:HMF) of Hastings reported net income of $295,643, or 40 cents per share, on net sales of $9.3 million for the first quarter. That compares with net income of $67,621, or 9 cents per share, on net sales of $8.7 million for last year’s first quarter.
Gross profit improved to 31.6 percent of sales in the quarter, compared to 28.7 percent of sales in the same quarter the year before.
In addition to higher net earnings, highlights of the quarter included improved operations and the continued diversification of Hastings’ line of internal engine components.
Hastings attributed the increase in sales to higher sales volumes of its flagship piston ring products in the original equipment and export markets, as well as revenue contributions from new alliances to sell engine components for other manufacturers.
The company signed agreements in 2001 to become the exclusive marketer and distributor of Zollner brand pistons and ACL brand engine components in the United States and Mexico.
Chairman and CEO Mark Johnson said the partnership to market and distribute Zollner pistons and ACL parts, along with Hastings brand piston rings, increases the company’s value as a one-stop engine parts resource for professional engine rebuilders, part warehouses and specialty retailers.
Alternate Marketing Networks, Inc. (Nasdaq: ALTM) reported net sales rose 15 percent to $4.1 million for the first quarter ended March 31, compared with net sales of $3.6 million for the first quarter of 2001.
The Grand Rapids-based national marketing services company attributed the increase to stronger advertising sales, which was offset by a decrease in sales from its logistics group.
The company narrowed its net loss to $84,828 for the first quarter, compared with a net loss of $220,888 for the same quarter a year earlier.
The advertising group saw a slight decrease in gross margin due to increased competitive rate pressure from clients and newspapers.
Chairman and CEO Phil Miller said that while advertising sales remain sluggish industry wide, companies are beginning to look at all alternative media options, including suburban newspaper networks like USSPI.
USSPI added new clients in the first quarter, which Miller attributed to the presence of an Alternate Marketing office in Detroit.
In the just completed quarter, alternate Marketing again reduced its selling, general and administrative expenses by 7 percent over the year-ago period.
During the company’s annual meeting July 23, shareholders will be asked to approve the acquisition of Hencie, Inc., and information technology solutions provider based in Dallas.Macatawa Bank Corp. (Nasdaq: MCBC) board of directors declared a quarterly cash dividend of 8 cents per share payable June 28 to shareholders of record on June 7. It is the seventh successive quarterly cash dividend declared by the banking company and it follows a 4 percent stock dividend paid May 8.