Virginia Financial Group, Inc. Announces Earnings Guidance for the Fourth Quarter
December 30 2003 - 4:15PM
PR Newswire (US)
Virginia Financial Group, Inc. Announces Earnings Guidance for the
Fourth Quarter CULPEPER, Va., Dec. 30 /PRNewswire-FirstCall/ --
Virginia Financial Group, Inc. today reported that it expects its
2003 fourth quarter earnings per share will range from $.48-.50 per
diluted share, excluding $330,000 in net of tax startup expenses
associated with the acquisition of eight First Virginia Bank
branches. On a GAAP basis, earnings per share are expected to range
from $.43-.45 per diluted share for the 2003 fourth quarter. VFG
now expects that its 2003 earnings per diluted share for the twelve
month period will be in the range of $1.88-$1.90 per share on a
GAAP basis, and earnings per share of $1.93-$1.95 per diluted share
excluding the startup expenses associated with the First Virginia
branch purchase. Jeffrey W. Farrar, Executive Vice President and
Chief Financial Officer, stated "We recognized that the level of
startup expenses associated with the branch purchase have exceeded
previous guidance, and wanted to report such costs. We believe the
integration of the eight First Virginia branches purchased late in
the third quarter is substantially complete, and look forward to
those branches contributing to financial performance in 2004.
Earnings have also been impacted to some degree from a 40% decrease
in mortgage related revenue and losses incurred from the startup of
a loan production office in Lynchburg and a de novo branch in
Fishersville, Virginia. The loan production office will have
approximately $40 million in loans closed by year end, and thus
will begin to contribute to profitability in the first quarter."
The fourth quarter earnings guidance provided in this news release
reflects the projected results for the fourth quarter and an
assessment of current conditions affecting VFG's business for the
remainder of the year. VFG does not intend to update this guidance,
unless unforeseen events make it necessary or desirable to do so.
VFG will announce its finalized fourth quarter and year end
earnings results on Thursday, January 22, 2003 after market close.
This press release contains forward-looking statements as defined
by federal securities laws. These statements may address certain
results that are expected or anticipated to occur or otherwise
state the company's predictions for the future. These particular
forward-looking statements and all other statements that are not
historical facts are subject to a number of risks and
uncertainties, and actual results may differ materially. Such
factors include but are not limited to: general economic
conditions, significant fluctuations in interest rates that could
reduce net interest margin; difficulties in executing integration
plans: reduction of fee income from existing products due to market
conditions; and the amount of growth in the company's general and
administrative expenses. Consequently, these cautionary statements
qualify all forward-looking statements made herein. Please refer to
VFG's filings with the Securities and Exchange Commission for
additional information. Virginia Financial Group, Inc. is the
holding company for: Planters Bank & Trust Company of Virginia
- in Staunton, Second Bank & Trust - in Culpeper, Virginia
Heartland Bank - in Fredericksburg, and Virginia Commonwealth Trust
Company - in Culpeper. The organization maintains a network of
thirty-eight branches serving a contiguous market through the
Shenandoah Valley and central and northern central Virginia.
DATASOURCE: Virginia Financial Group, Inc. CONTACT: Jeffrey W.
Farrar, Executive Vice President and CFO of Virginia Financial
Group, Inc., +1-540-829-1603, or Web site: http://www.vcfc.com/
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