West Michigan Quarterly Reports

May 7, 2004
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Wolverine World Wide (NYSE: WWW) reported record first quarter revenue of $224.9 million, a 17.4 percent increase over first quarter 2003 revenue of $191.5 million.

Earnings per share during the just passed quarter grew to 30 cents per share, compared with 18 cents per share reported for the same period last year.

All the company’s major brands contributed to the increase, said Timothy O’Donovan, president and CEO.

The Merrell brand again led sales and profits, posting double-digit sales gains across all geographic regions, with the strongest gains in Europe, he said.

“Looking ahead, our order backlog was up approximately 12 percent at the close of the first quarter of 2004 compared to the prior year. This solid order backlog continues to be achieved across multiple brands.”

As a result, Wolverine is increasing 2004 estimates. The company expects revenue to range from $960 million to $980 million and expects earnings per share to range from $1.44 to $1.52.

X-Rite Inc. (Nasdaq: XRIT) reported record net sales of $28.5 million for the first quarter ended April 3, which represented an increase of 20.8 percent over the year-ago quarter.

“We recorded the highest level of first quarter sales in our history, and have now experienced seven successive quarters of year-over-year revenue growth,” said CEO Michael Ferrara.

Ferrara said X-Rite will introduce seven new color management tools at the DRUPA Printing Trade Fair scheduled for May 6-19 in Germany.

CFO Mary Chowning said X-Rite continues to improve its underlying fundamentals and is seeing revenue growth in all major color businesses and all geographic markets.

The company anticipates double-digit revenue growth and higher operating income throughout 2004 vs. 2003, Ferrara noted.

Knape & Vogt Manufacturing Co. (Nasdaq: KNAP) reported sales of $36.9 million for its third quarter that ended March 27, up 15.3 percent from the $32 million in the same period a year ago. Net income totaled $1.1 million, or 25 cents per diluted share, which compares with $395,387, or 9 cents per diluted share, in the third quarter of the 2003 fiscal year.

Knape & Vogt attributed the sales increase to new customers and new products. The company, which produces drawer slides, shelving, storage and ergonomic office products, reported sales of $5 million in new products during the quarter.

Through the first nine months of the fiscal year, Knape & Vogt’s sales were up 15.3 percent, from $93 million to $107.2 million. Year-to-date net income totaled $2.3 million, or 50 cents per diluted share, which compares with $1.4 million, or 32 cents per diluted share, during the first nine months of FY2003.

To date, new products have accounted for $15.2 million in sales.

Community Shores Bank Corp. (OTC Bulletin Board: CSHB) reported net income of $169,049, or 12 cents per diluted share. That compares with $509,461 in the first quarter a year ago, a period that included a net tax benefit of $327,184 for the effect of cumulative losses during the bank’s first seven quarters of operation.

Pre-tax income was $251,220, a 37.8 percent gain over the $182,277 reported in the first quarter of 2003.

The bank’s assets at the end of the quarter were up 6.6 percent from a year ago, to $201.2 million. Total deposits were up 14.2 percent to $169.5 million and loans grew 6.5 percent from a year ago to $156.6 million.

Independent Bank Corp. (Nasdaq: IBCP) reported first quarter net income of $8.4 million, or 42 cents per diluted share, compared with net income of $8.8 million, or 44 cents per diluted share, for 2003’s first quarter.

The company attributed the decline in earnings to lower net gains on real estate mortgage loan sales, title insurance fees and real estate mortgage loan servicing fees, as well as an increase in non-interest expense.

Independent acquired Chicago-based Mepco Insurance Premium Financing Inc. last April. The 40-year-old Mepco specialized in financing insurance premiums for businesses and extended automobile warranties for consumers.

During the first quarter, Mepco recorded approximately $4.3 million in interest income and fees on loans; $500,000 in interest rate expense; a $200,000 provision for credit losses; $1.7 million in income taxes; and $1 million in net income.

At March 31, Mepco had total assets of $193.7 million.

Adtegrity.com (Pink Sheets: ADTY), a provider of Internet advertising and marketing services, reported net income of $140,404 for the first quarter on revenue of $1.7 million. That compares with net income of $36,620 on revenues of $1.06 million a year ago.

The results reflect continued success in securing favorable rates for its network inventory and an overall recovery in online advertising, the company said.

   

Founders Financial Corp. reported first quarter earnings of $600,984 and basic earnings per share of 79 cents, compared with 82 cents for 2003’s first quarter.

Quarter-end assets grew by 22 percent to more than $250 million at March 31, compared with $205 million at the same point last year.

Net interest income rose 13 percent and trust and investment management revenues increased 26 percent over the year-ago period.

The company announced in April that it had raised $9 million through an offering of trust preferred securities, the proceeds of which the company expects to use to fund future growth of its subsidiary, Founders Trust Personal Bank, said President and CEO Laurie Beard.

ChoiceOne Financial Services Inc. reported first quarter net income of $512,000, an increase of $6,000 over the first quarter of last year. Earnings per share for the quarter were 33 cents, which was equal to the per-share earnings of 2003’s first quarter.

Total assets as of March 31 were $217.05 million, an increase of more than $10 million over the prior year’s first quarter.

The company attributed the increase in net income to a lower provision for loan losses and reduced non-interest expense.

Although earning assets were higher in 2004 than in 2003, historically low interest rates caused a reduction in ChoiceOne’s interest spread, according to the company.

Clarion Technologies Inc. (OTC Bulletin Board: CLAR) reported first quarter revenue of $29.6 million, a 33.3 percent increase over the $22.2 million in the same period of 2003.

Net income for the quarter was $811,000, which compares with $602,000 in the first quarter a year ago that included $210,000 charge for restructuring and impairment credits.

Our sales continue to grow with increased opportunitieswithin our core markets and key customers. We will continue to capitalize onthe consolidation opportunities within the marketplace and execute our operational plan,” President Bill Beckman said.           

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