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million in the first quarter, compared to a $9.2 million loss in the same periodrof 2008. NCO said the net loss included $443,000 of restructuring charges primarily related to the acquisitioj of OutsourcingSolutions Inc. in 2007. The 2008 first-quarter loss includeed a noncash allowance for impairment of purchased accounts receivableof $6.2 million and $5.5 millionn of restructuring and other nonrecurring chargeas primarily related to the acquisition of OSI and Systemas & Services Technologies Inc. Revenues were up to $402 milliob from $365 million in first quarter 2008.
NCO is organizede into three operating divisions: Accounts Receivable Managemeny (ARM), Customer Relationship Management and PortfolioManagement (PM). The additiona revenue was primarily the result of increasexd volume from new and existing clientsd as they continued to increase their use of outsourced partners in order to meet staffing needs in a risingdelinquency environment. This was partially offset by reducedc collections as a result of the ongoingy difficulteconomic climate.
During the quarter, the CRM division operateds above its revenue and profitability targets primarily as a resulty of better than expected volumes from existing clients, as well as increased work force During the quarter, PM operated below revenue target and slightly above its profitability target. PM'ds lower revenue was primarily a resulg of less than expected purchases durinvthe quarter. NCO was taken private in 2006 by a groul including CEOMichael J. Barrist, other NCO executived and One Equity Partner sII LP.
Thursday, February 21, 2013
Saturday, February 16, 2013
OCC requires BC National to shore up loan provisions - Kansas City Business Journal:
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Butler, Mo.-based BC National, which has branches in Lee’s Summit, Harrisonville and Pleasan Hill, must comply with the 33-pages order or it could be force dto sell, merge or liquidate the The Comptroller cited concerns about loans lacking current and completr credit information, and proper collateral The bank regulator was also concerned about BC National maintaininh an adequate allowance for loan and lease loss The bank had $4.4 million in assets past due 30 to 89 days in the fourtb quarter, and only had a loan-los s provision of $845,000. As a result, the Comptroller is requirinh the bank to maintain Tier 1 capitall ratios higher thannormally required.
The bank has to maintaim Tier 1 capital of at least 12 percentof risk-weighted asset and 9 percent of adjusted total The Comptroller also gave BC National untip May 3 to hire a capable and permanent candidate for the position of President/CEO.” BC “without admitting or denying any wrongdoing,” consented and agreed to the
Butler, Mo.-based BC National, which has branches in Lee’s Summit, Harrisonville and Pleasan Hill, must comply with the 33-pages order or it could be force dto sell, merge or liquidate the The Comptroller cited concerns about loans lacking current and completr credit information, and proper collateral The bank regulator was also concerned about BC National maintaininh an adequate allowance for loan and lease loss The bank had $4.4 million in assets past due 30 to 89 days in the fourtb quarter, and only had a loan-los s provision of $845,000. As a result, the Comptroller is requirinh the bank to maintain Tier 1 capitall ratios higher thannormally required.
The bank has to maintaim Tier 1 capital of at least 12 percentof risk-weighted asset and 9 percent of adjusted total The Comptroller also gave BC National untip May 3 to hire a capable and permanent candidate for the position of President/CEO.” BC “without admitting or denying any wrongdoing,” consented and agreed to the
Monday, February 11, 2013
No longer 'us against them': NHPD ratifies contract - Yale Daily News (blog)
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No longer 'us against them': NHPD ratifies contract Yale Daily News (blog) The NHPD union, which has traditionally taken an oppositional stance to Mayor John DeStefano Jr.'s administration, broke with its historical precedent in ratifying the contract by more than two-thirds of the vote, 247รข€"109. Generous health care coverage ... |
Wednesday, February 6, 2013
U.S. Bank can repay $6.6B in TARP funds - Minneapolis / St. Paul Business Journal:
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billion in Troubled Asser Relief Funds it had the bankannounced Tuesday. U.S. Bank (NYSE: USB) will also repurchaswe the 10-year warrant that had entitled the Treasurt to purchase sharesof U.S. Bank’s common Nine other banks were also approveds to repay their TARPfunds Tuesday, accordingt to a report in The Wall Street Journao . The list was not made “The repayment of the TARP capital willprovide U.S. Bancorp with both independence andstrategic flexibility,” said Richardf Davis, U.S. Bank’s chairman, president and CEO, in a statement. “Th e funds we are now returning tothe U.S. Treasury can be used to supporg other economicrecovery efforts.” U.S.
Bank was one of nine bank that passedthe Treasury’s “stress test” to determine whethe r it could withstand further economic deterioration. U.S. Bank sold the $6.6 billionn in preferred stock with warrantsa to the Treasury in Davis later said the banking industry as a whole was pressurecd to participatein TARP, which a “loushy program.” , which took $361.2 million in TARP funding in November, receivesd approval from the Treasury in April.
billion in Troubled Asser Relief Funds it had the bankannounced Tuesday. U.S. Bank (NYSE: USB) will also repurchaswe the 10-year warrant that had entitled the Treasurt to purchase sharesof U.S. Bank’s common Nine other banks were also approveds to repay their TARPfunds Tuesday, accordingt to a report in The Wall Street Journao . The list was not made “The repayment of the TARP capital willprovide U.S. Bancorp with both independence andstrategic flexibility,” said Richardf Davis, U.S. Bank’s chairman, president and CEO, in a statement. “Th e funds we are now returning tothe U.S. Treasury can be used to supporg other economicrecovery efforts.” U.S.
Bank was one of nine bank that passedthe Treasury’s “stress test” to determine whethe r it could withstand further economic deterioration. U.S. Bank sold the $6.6 billionn in preferred stock with warrantsa to the Treasury in Davis later said the banking industry as a whole was pressurecd to participatein TARP, which a “loushy program.” , which took $361.2 million in TARP funding in November, receivesd approval from the Treasury in April.
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