TIB Financial Corp.
As the company transitions from seeking capital to life after having found a business partner, TIB Financial Corp. (symbol: TIBB) did its best to put the past behind it with its most recent earnings release.
The company lost $14.1 million in the second quarter of 2010, nearly triple 2009's $4.9 million second quarter loss. The bank cited losses associated with foreclosed real estate, as well as a $2 million increase in its provision for loan losses, as main factors.
TIB also attributed $1.6 million in expenses to its recent search for a capital-rich partner. That investment already appears to have paid off, as North American Financial Holdings Inc. recently agreed to supply the bank with $175 million in capital.
“This additional capital will enable us to refocus on our growth and expansion strategy and continue to provide competitive financial services and lending to the communities we serve," said TIB CEO Thomas J. Longe.
The bank continues to face challenges; for instance, non-performing loans increased roughly 38% from the end of March to June 30. But TIB hopes new loans, including the $3.6 million in new commercial loans issued this quarter, will help its recovery.
TIB Financial Corp. claims roughly $1.7 billion in total assets on its balance sheet, and is headquarter in Naples.
Beasley Broadcast Group Inc.
The choices are limited for companies hoping to increase profits: increase revenue, cut costs, or eliminate expensive debt. Fortunately for shareholders at Beasley Broadcast Group Inc. (symbol: BBGI), company executives were able to do all three.
Beasley Broadcast saw a 5.6% year-over-year increase in revenue in the second quarter of 2010, a 2.6% reduction in overall operating expenses, and a 9.5% cut in interest expense.
The result: a 188% increase in net income, up from roughly $700,000 in 2009 to $2.0 million this year.
Beasley Broadcast CEO George Beasley hopes those gains can continue. “"We intend to remain vigilant with our expense management programs and to further reduce borrowings under our credit facility as well as our leverage ratio,” he said in a release.
“The second quarter results demonstrate that Beasley Broadcast Group is well positioned to benefit both on the top and bottom line from even modest advertising activity increases in our markets,” Beasley said.
Beasley Broadcast Group operates 42 radio stations across the country. The company is headquartered in Naples.
Second quarter revenues increased this year for NeoGenomics Inc. (symbol: NGNM), but rather than retain those earnings, the company elected to re-invest in its own growth.
As a result, a $221,000 increase in sales and marketing expenses plus an added $554,000 in general and administrative expenses — the majority of which was used to hire additional personnel — helped put the firm in the red for the quarter. The company's net loss was $978,000, or $0.03 per share.
Despite a 14% gain in revenue (up to $8.5 million for the quarter), NeoGenomics' margins suffered due to reduced reimbursement rates from insurance providers. Since then, NeoGenomics has taken steps to become an in-network provider, reducing further exposure to similar pricing declines.
Now, the hope is that price stability and an expanded sales force will help future growth.
NeoGenomics Inc., headquartered in Fort Myers, operates laboratory facilities in Irvine, Calif., Nashville, and Fort Myers.