Atlantic Power Corporation Completes the Sale of Its Wind Portfolio and Announces Call of Its Senior Unsecured Notes

DEDHAM, Mass., June 26, 2015 /PRNewswire/ — Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (“Atlantic Power” or the “Company”) announced today that it has completed the previously disclosed sale of its wind portfolio to an affiliate of SunEdison, Inc. (NYSE: SUNE) for cash proceeds of approximately $347 million, net of closing adjustments.  The wind portfolio consisted of five operating wind projects in Idaho and Oklahoma with a net ownership by Atlantic Power of 521 megawatts.   

At closing, the Company also deconsolidated approximately $249 million of project debt and $229 million of noncontrolling interest related to tax equity interests at Canadian Hills and the minority ownership interests at Rockland and Canadian Hills.

Atlantic Power also announced today that it has called for redemption all of its outstanding 9.0 percent Senior Unsecured Notes due November 2018.  The outstanding principal amount to be redeemed is approximately $310.9 million.  The Notes will be redeemed in approximately thirty days at a redemption price equal to 104.50 percent of the principal amount thereof, plus accrued interest. 

“The sale of our wind projects and the redemption of our Senior Unsecured Notes achieve two major components of our plan – cost reduction, including interest expense, and debt reduction.  The combined impact is cash flow positive on an annualized basis,” said James J. Moore, Jr., President and Chief Executive Officer of Atlantic Power.  “These actions also strengthen our balance sheet by reducing our leverage and improve our medium-term debt maturity profile.  We are continuing to explore other opportunities to reshape our remaining corporate debt with a goal of further improving our creditworthiness,” Mr. Moore added.

Net proceeds to Atlantic Power from the wind sale are expected to be approximately $333 million after estimated transaction fees and transaction-related taxes.  Proceeds will be used to fund the redemption of the Senior Unsecured Notes, consistent with the assumptions contained in the Company’s 2015 guidance provided on May 7, 2015.

About Atlantic Power

Atlantic Power owns and operates a diverse fleet of power generation assets in the United States and Canada.  The Company’s power generation projects sell electricity to utilities and other large commercial customers largely under long-term power purchase agreements, which seek to minimize exposure to changes in commodity prices.  Atlantic Power’s power generation projects in operation have an aggregate gross electric generation capacity of approximately 2,137 megawatts (“MW”) in which its aggregate ownership interest is approximately 1,502 MW.  The Company’s current portfolio consists of interests in twenty-three operational power generation projects across nine states in the United States and two provinces in Canada.

Atlantic Power trades on the New York Stock Exchange under the symbol AT and on the Toronto Stock Exchange under the symbol ATP.  For more information, please visit the Company’s website at www.atlanticpower.com or contact:

Atlantic Power Corporation 
Amanda Wagemaker, Investor Relations
(617) 977-2700 
info@atlanticpower.com

Copies of certain financial data and other publicly filed documents are filed on SEDAR at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under “Atlantic Power Corporation” or on the Company’s website.

Cautionary Note Regarding Forward-looking Statements

To the extent any statements made in this news release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and under Canadian securities law (collectively, “forward-looking statements”).

Certain statements in this news release may constitute “forward-looking statements”, which reflect the expectations of management regarding the future growth, results of operations, performance and business prospects and opportunities of the Company and its projects.  These statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “project,” “continue,” “believe,” “intend,” “anticipate,” “expect” or similar expressions that are predictions of or indicate future events or trends and which do not relate solely to present or historical matters.  Examples of such statements in this press release include, but are not limited, to statements with respect to the following:  

  • the sale of the wind projects and redemption of the Senior Unsecured Notes being cash flow positive on an annualized basis;
  • the strengthening of the Company’s balance sheet by reducing its leverage and improving its medium-term debt maturity profile; and
  • the Company’s ability to reshape its remaining corporate debt and improve its creditworthiness.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such performance or results will be achieved.  Please refer to the factors discussed under “Risk Factors” and “Forward-Looking Information” in the Company’s periodic reports as filed with the Securities and Exchange Commission from time to time for a detailed discussion of the risks and uncertainties affecting the Company, including, without limitation, the Company’s ability to evaluate and/or implement potential options, including asset sales or joint ventures, if the valuation of a particular asset or assets is compelling, to raise additional capital for growth and/or potential debt reduction.  Although the forward-looking statements contained in this news release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material.  These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.  The financial outlook information contained in this news release is presented to provide readers with guidance on the cash distributions expected to be received by the Company and to give readers a better understanding of the Company’s ability to pay its current level of distributions into the future.  The Company’s ability to achieve its longer-term goals, including those described in this news release, is based on significant assumptions relating to and including, among other things, the general conditions of the markets in which it operates, revenues, internal and external growth opportunities, its ability to sell assets at favorable prices or at all and general financial market and interest rate conditions.  The Company’s actual results may differ, possibly materially and adversely, from these goals. Readers are cautioned that such information may not be appropriate for other purposes.

SOURCE Atlantic Power Corporation

RELATED LINKS
http://www.atlanticpower.com

Canadian banks’ strong profits buoyed by rising student debt

OTTAWA, June 2, 2015 /CNW/ - As Canada’s ‘Big 6′ banks all reported stronger-than-expected profits last week, newly examined data from Statistics Canada reveals a massive upswing in privately held debt among post-secondary graduates. In only ten years, while bachelor’s degree graduates saw a 5.2 percent increase in public debt, private debt for that group shot up by 53 percent.

“As the upfront costs of post-secondary education continue to rise, more Canadians must rely on debt to pursue their studies,” said Jessica McCormick, National Chairperson of the Canadian Federation of Students. “Higher rates of private borrowing—and the associated interest—mean banks are seeing higher profits on the backs of students.”

Private debt levels for PhD. and Bachelor’s degree holders have jumped between four and 11.5 percent each year between 2000 and 2010. If the same standards used by the Bank of Canada for household debt are applied to private student debt—where annual growth above four percent raises concerns—then there is justifiable cause to sound the alarm. The Canada Student Loans Program expects that over 40 percent of borrowers will need more than the maximum available loans next year.

“Each year, as more students take out the maximum available public loans, they turn to private sources such as bank loans, lines of credit, and credit cards to make ends meet,” added McCormick. “Similar to high household debt, high student debt slows recovery and keeps Canadian graduates from participating fully in the economy.”

A more detailed analysis is available on the Federation’s website:
cfs-fcee.ca/research-policy/fact-sheets-and-advisories

The Canadian Federation of Students is Canada’s largest student organisation, uniting more than one-half million students across Canada. The Canadian Federation of Students and its predecessor organisations have represented students in Canada since 1927.

 

SOURCE Canadian Federation of Students

RELATED LINKS
http://www.cfs-fcee.ca

At-risk Canadians drawn into cycle of debt

KITCHENER, ON, May 4, 2015 /CNW/ – A new “Joe Debtor” study conducted by Hoyes, Michalos & Associates Inc. reveals that, for a core group of Canadians, debt has become a survival tool.

“While the rate of personal insolvencies has fallen in recent years, certain at-risk groups continue to struggle to stay out of debt,” said Douglas Hoyes, a trustee with Hoyes, Michalos & Associates Inc. “Our study of the average insolvent debtor shows that single parents, students and seniors make up an increasing share of insolvent debtors.”

“Struggling Canadians are susceptible to poor credit choices and these choices are increasing their risk of filing bankruptcy” cautioned Ted Michalos, a trustee with Hoyes, Michalos & Associates Inc.  “While credit card debt declined sharply, payday loans and “fast cash” loans are an increasing problem, particularly for seniors; and student loan repayment remains an issue, especially for women.” 

  • Seniors at risk & using payday loans: Debtors aged 60 and older carry the most debt of all age groups, with a total unsecured debt of over $69,000, and almost half of that debt is credit card debt. Moreover, seniors had the highest payday loan debt ($3,693) of all age groups.
  • Parenting alone: Almost 1 in 5 insolvent debtors are lone parents and 3 out of 4 lone parents who become insolvent are female. While they carry less credit card debt than the average debtor, they struggle with fixed repayment debt (like car loans and student loans), and they are more likely to have debt in collections as compared to other debtors.
  • Massive student debt: 13% of debtors have a student loan, up 4.3%; and 60% are female. Female student debtors face an elevated risk of filing insolvency. Jane Student owed $14,748 on student loans at the time of filing, 19% more than males. Although female student debtors earn slightly more than male debtors, they are more likely to have unstable income making it difficult to remain on top of student loan repayment.
  • Credit card debt down: In good news, total unsecured debt levels decreased by 2% over the last two years. Credit card debt has declined steadily since 2010, and was down 12% from two years ago, leading to fewer largely credit card driven insolvencies.
  • Dangerous payday loan usage growing: Overuse of payday loan debt is on the rise. 18% of insolvent debtors have at least one payday loan, compared to 12% two years ago.  The average total payday loan debt increased 12% to $2,749, or 113% of their monthly income. With an average income 6% above that of the typical Joe Debtor, middle income earners, not low income earners, are most likely to use payday loans to excess.
  • Fast cash loans adding up: 5% of debtors have “fast cash” instalment loans, compared to just 1% two years ago, and average loans increased from $2,199 to $3,608. 78% of these borrowers also had a payday loan, so instead of an alternative to payday loans, these easy instalment loans are one more source of cash for financially struggling individuals. 9% of seniors are using payday loans and 62% of seniors with a payday loan were retired, with 35% of all senior payday loan borrowers over the age of 70.
  • Vehicle cost driving debt: Insolvent debtors were more significantly in debt due to vehicle financing than in our previous study. 46% of all vehicles listed were encumbered (up from 43%), with the average secured vehicle loan increasing by 12% from two years ago to $11,358.
  • Debt costs drowning debtors: Joe Debtor pays a blended interest rate of 19%, or approximately $889 per month in interest, an amount equal to 37% of his take-home pay.  High debt service costs cause people to borrow to make minimum payments, starting a downward cycle of higher debt and higher debt service costs. The average payday loan debtor is paying a blended debt servicing cost of more than 56% on his total unsecured debt of $35,799, or almost $1,700 a month.  That is the primary reason why the average payday lender owes a total of 3.5 payday loans and can easily accumulate double digit loans.

 

“For many Canadians facing financial problems, much of their debt is incurred not to fund spending, but to service other debt and cover ongoing interest payments,” says Doug Hoyes. “This is a cycle of debt that ultimately leads to insolvency.”

A complete copy of our Joe Debtor: Marginalized by Debt research study, can be found at www.hoyes.com/press/joe-debtor/.

About Hoyes, Michalos & Associates, Inc.

Hoyes, Michalos & Associates Inc., a consumer proposal and trustee in bankruptcy firm with offices throughout Ontario, helps people in financial difficulty.  Further information is available at www.hoyes.com

KEY SURVEY FINDINGS – JOE DEBTOR

Average Unsecured Debt $56,545


Senior Debtor (60+)


Unsecured Debt

$69,031


Male

58%


Female

42%


Payday Loan

$3,693


Easy Instalment Loan

$3,749


Lone Parent Debtor


Unsecured Debt

$52,928


Male

25%


Female

75%


Payday Loan

$2,638


Easy Instalment Loan

$3,412


Student Debtor


Unsecured Debt

$48,414


Student Debt

$13,818


Male (Student Debt)

40% ($12,431)


Female (Student Debt)

60% ($14,748)


Payday Loan

$2,461


Easy Instalment Loan

$2,894


Payday Loans


Average Payday Debt

$2,749


Number Loans

3.5


Average Loan Size

$794


Easy Instalment Loans


Average Total Debt

$3,608


Average Loan Size

$3,346

 

More data available at:
http://www.hoyes.com/press/joe-debtor/

Additional graphs and images available here:
http://www.hoyes.com/press/joe-debtor/media-graphics/

SOURCE Hoyes, Michalos & Associates Inc.

RELATED LINKS
http://www.hoyes.com

FICO Makes FICO® Scores Available to Financially Struggling Consumers Through Non-Profit Credit and Financial Counselors

SAN JOSE, Calif., April 21, 2015 /PRNewswire/ – FICO (NYSE: FICO), the predictive analytics and decision management software company, today announced that its popular FICO® Score Open Access program is expanding to provide FICO® Scores to approximately one million consumers annually who are in need of credit and financial guidance through qualified non-profit credit counselors and participating government entities.  FICO® Score Open Access, launched by FICO in November of 2013, is enabling tens of millions of Americans to regularly receive – at no cost – the actual FICO® Scores purchased and used by lenders.

FICO® Score Open Access for Credit & Financial Counseling, as the program expansion is called, has been designed to aid consumers who have credit management problems by providing FICO® Scores along with credit education material that helps consumers understand credit scoring and learn about responsible financial health management.  At the same time Experian, one of FICO’s credit bureau partners, has agreed to allow qualified credit counselors to share Experian credit reports with their clients – providing important additional information to consumers who are struggling financially. 

“The Consumer Financial Protection Bureau (CFPB) first drew our attention to financial counselors’ need to share credit scores with consumers in early 2014 as part of the CFPB’s efforts to empower consumers,” said Jim Wehmann, FICO’s executive vice president for Scores. “Because of FICO’s longstanding commitment to consumer financial education, when the CFPB approached us about enabling credit and financial counselors to share FICO Scores they purchase with their clients, we recognized the importance of working with our data partners to make it happen. The popular FICO Score Open Access program has now been extended to approximately one million people who seek assistance each year though these worthy organizations. We consider this a major milestone in our effort to ensure that all Americans have convenient and free access to their FICO Scores.”

“Experian is proud to join FICO and the nation’s credit counselors to lend our support through this important program for people experiencing financial difficulty,” said Genevieve Juillard, president of Experian Consumer Information Services. “It is our mission to be a champion of the consumer, and as the leading provider of consumer credit education and empowerment tools, we are proud to offer Experian’s credit reports in conjunction with the FICO Score to help struggling borrowers.”

“In today’s economy, a good credit history is essential for individuals and families to get and stay ahead,” said Sarah Chenven, director of Programs and Strategic Initiatives at Credit Builders Alliance. “The ability to help underserved consumers in particular access their FICO Scores — and provide educational resources that identify the underlying financial behavior driving those scores — will strengthen nonprofit counselors’ and coaches’ toolkits, and may enhance their clients’ outcomes.”

Eligible credit and financial counseling organizations may participate in the FICO® Score Open Access for Credit & Financial Counseling program in coordination with membership associations, including the Association of Independent Consumer Credit Counseling Agencies and Credit Builders Alliance, and through government and non-government entities, including the Local Initiatives Support Corporation. For more information, financial counseling organizations may visit the FICO Community for credit and financial counseling, a portal created specifically for this program with the support of credit and financial counseling organizations, including Money Management International, Capstone Community Action, GreenPath, and Justine PETERSEN.

The FICO® Score is the score lenders use. FICO is the leader in credit risk scoring, and the FICO® Score is the standard measure of consumer credit risk. Businesses bought more than 10 billion FICO® Scores last year, and the scores are used in 90 percent of consumer lending decisions in the US.  All FICO® Scores based on each of the three major credit bureaus are eligible to be included in this program.

About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.

FICO: Make every decision count™. Learn more at www.fico.com.

For FICO news and media resources, visit www.fico.com/news.

FICO and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

 

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SOURCE FICO

RELATED LINKS
http://www.fico.com

BB&T Receives Financial Education Innovation Award

WINSTON-SALEM, N.C., April 15, 2015 /PRNewswire/ – Nasdaq and EverFi presented BB&T with the Innovation in Financial Education Award, which recognizes significant efforts to improve the financial capability of young Americans. Twenty-five financial institutions were honored with this distinction at a ceremony hosted Tuesday, April 14, at Nasdaq’s Marketsite headquarters in New York City.

Honorees were selected based on a set of criteria that included the scale and reach of their financial education initiatives, the duration of their commitment, and unique employee volunteering activities that supplement their programs.

“The institutions we’re recognizing here today have led exceptional efforts to rethink how financial education is taught in our nation’s schools,” said EverFi Founder and CEO Tom Davidson. “Our global competitiveness is dependent on the next generation understanding how the economy works and how to achieve financial security in their lives. We are grateful to the organizations that are helping pave a brighter future for students today.”

As young adults face increasingly complex financial decisions, BB&T is committed to providing students with the skills and knowledge needed to succeed. BB&T has partnered with EverFi to bring the financial education program to local students at no cost to schools or taxpayers through its BB&T Financial Foundations program and has reached more than 185,000 students since 2010. The web-based program uses the latest in new media technology – simulations, gaming and adaptive-pathing – to bring complex financial concepts to life for today’s digital generation.

A FINRA-funded study released in February 2015 found students who received rigorous financial education in high school saw increased credit scores and decreased chance of credit delinquency as young adults, compared to their peers who did not receive financial education. Data collected from nearly 72,000 students who completed the BB&T Financial Foundations program in the 2013-2014 academic year revealed students’ understanding of credit scores increased by an average 30 percent after interacting with the curriculum.

Administered by teachers in a classroom setting, the web-based course offers more than six hours of programming on a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401(k)’s and other critical concepts that map to national financial literacy standards. The platform uniquely tracks the progress and performance of every student.

About BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $186.8 billion in assets and market capitalization of $28 billion, as of Dec. 31, 2014. Based in Winston-Salem, N.C., the company operates 1,839 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at 
BBT.com.

About NASDAQ
Nasdaq is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to more than 3,500 listed companies with a market value of over $9.1 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaq.com/ambition or www.business.nasdaq.com.

About EverFi
EverFi, Inc., is the leading education technology company focused on teaching, assessing, and certifying K-12 and college students in the critical skills they need for life. The company teams with major corporations and foundations to provide the programs at no cost to K-12 schools. Some of America’s leading CEOs and venture capital firms are EverFi investors including Amazon founder and CEO Jeff Bezos, Twitter founder Evan Williams, and Google Chairman Eric Schmidt.  Learn more at everfi.com.

SOURCE BB&T Corporation

RELATED LINKS
http://www.bbt.com

Credit Repair Companies – Can You Afford to Trust Them?

FORT LAUDERDALE, FLORIDA — In the worst-case scenario, a “credit repair company” could be a “fly by night operator,” who will meet the intended victim at any place but their office, take their money and never be seen again. Still there are other companies who “help” by deleting a few adverse credit entries in a credit report using generally known techniques of dispute but leaving most of the negative entries just as bad off as before they started. Often times this can be worse, leaving the client financially poorer and not at all accomplishing the goal of achieving a good credit rating or at the very least resolving their credit card debt.
 
Even with the best of intentions, in most cases there is not much that the credit repair firm can do, due to their limited knowledge and resources for handling difficult bad credit issues. Most of these companies only know how to, as one credit repair practitioner put it, “We bombard the credit bureaus with letters.” They don’t have a clue as to proper procedure to really address an issue to resolve it, so instead, they antagonize the credit bureaus, which is why so many of these companies give anyone dealing with credit issues a bad name; regardless of how much knowledge or integrity they demonstrate.
 
The good news is that there is a professional and meticulous company that can handle all types of credit debt problems, with the knowledge and experience of knowing how to handle those issues in a manner consistent with the needs of the client. This firm is Frederick David & Associates.
 
The firm’s president, Frederick David, is a credit expert, an Arbitrator as well as a Certified Civil Court Mediator. He doesn’t just read a credit report, he does a thorough credit check by analyzing each entry, discusses with the client what is being reported, and determines the best course of action to take, to look into and resolve any issue affecting their good credit that is lowering their credit scores. This firm does have the experience and knowledge of how to handle all types of negative credit history concerns.
 
Frederick David’s first question to a new client is, “What brings you to me at this time?” What is it that leads you to want to restore your credit now? The credit restoration process now has a focus, to help that person restore their credit profile so they can achieve their goals. Mr. David also provides them with additional credit help through credit counseling, to help them maintain their good credit rating after the adverse credit issues have been resolved.
 
Being a well-organized professional, Frederick David keeps an impressive file of clients’ letters thanking him for the work he has done in their behalf, and speaking of the home they have now qualified for, or the car they have just purchased.

Frederick David & Associates also handles issues for clients facing the possibility of Foreclosure, including Short Sale, Loan Modification, and other alternatives to Foreclosure.

For more information on credit reporting issues call Mr. David at (954) 565-9300, e-mail him or visit the company website at http://fdmediation.com/ or ask for an appointment to see him in Broward County at 3471 N. Federal Highway, Suite 510, Fort Lauderdale, Florida 33306.

Six Tips to Help Manage Debt – and Maintain Financial Health

CLEVELAND, March 23, 2015 /PRNewswire/ – Financial health doesn’t require living debt free. According to the Consumer Financial Protection Bureau, there is nothing wrong with having debt as long as you manage your debt responsibly and are not overwhelmed by the amount of debt you’ve accrued.

The tipping point varies when it comes to managing debt and having debt manage you. Generally speaking, however, it’s best to have a low debt to income ratio, or DTI. DTI refers to the percentage of debt – your total monthly loan payment – to your monthly income before taxes.  You should aim to keep your DTI at 40 percent or less, particularly if you want to qualify for a loan with low interest rates. 

Feel as if you’ve past your personal debt tipping point? KeyBank has some suggestions to help you regain your balance:

  1. Scrutinize your spending habits, focusing on what you buy because you want it, and not because you need it. Consider how often you use credit to buy those extras, and whether you should reserve credit cards for major, significant purchases you can pay off promptly.
  2. Create a budget, and stick to it. Consider tapping online and mobile banking  tools that make it easy to check account balances and transactions.  
  3. Regain control of credit card debt with a debt elimination plan so you make steady progress toward reducing card debt. Tackle your high interest cards or your low balance cards and pay as much as you can on those cards while making minimum payments on other, lower interest or higher balance cards.
  4. Consider debt consolidation and talk to your banker about your specific situation; consolidation might increase the amount of time and money spent to eliminate debt. Once you’re comfortable with your credit card account balances, pick one card to cover unexpected necessary expenses and pay cash or use your debit card for the rest.
  5. Build an emergency fund so you can choose between tapping credit or your emergency fund for unexpected major expenses. Allocate extra income – a bonus or pay increase – toward eliminating debt or boosting your emergency fund.
  6. Be patient.  Regaining control over debt takes time. But the wait is worth it.

This material is presented for informational purposes only and should not be construed as individual tax or financial advice. Please consult with legal, tax and/or financial advisors. KeyBank does not provide legal advice.

About KeyCorp

Key traces its history back more than 160 years and is headquartered in Cleveland, Ohio. One of the nation’s largest bank-based financial services companies, Key has assets of approximately $93 billion. Key (NYSE: KEY) provides deposit, lending, cash management and investment services to individuals, small and medium-sized business under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

For more information about Key, visit www.key.com, or follow Key on Twitter at @KeyBank_News and @KeyBank_Thrive.

Banking products and services are offered by KeyBank National Association. Key.com is a federally registered service mark of KeyCorp. ©2015 KeyCorp. KeyBank is Member FDIC

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SOURCE KeyCorp

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Nelnet Reports Fourth Quarter 2014 Results

LINCOLN, Neb., Feb. 26, 2015 /PRNewswire/ – Nelnet (NYSE: NNI) today reported GAAP net income of $73.6 million, or $1.59 per share, for the fourth quarter of 2014, compared with GAAP net income of $70.5 million, or $1.52 per share, for the same period a year ago.

Excluding derivative market value and foreign currency adjustments, net income was $74.3 million, or $1.60 per share, for the fourth quarter of 2014, compared with $70.1 million, or $1.51 per share, for the same period in 2013.  The company reported an expense from derivative market value and foreign currency adjustments of $0.7 million after tax, or $0.01 per share, for the fourth quarter of 2014, compared with income of $0.5 million after tax, or $0.01 per share, for the fourth quarter of 2013.

“We achieved record earnings in 2014 and are positioned well for success this year,” said Jeff Noordhoek, chief executive officer of Nelnet.  “Our focus continues to be on enhancing our customer experiences, growing in and around our servicing and payment processing businesses, and deploying capital effectively. In 2015, we expect to be able to make investments in diversification and private education loan partnerships, as well as continuing to find federal student loan portfolios to acquire.”

Nelnet operates three primary business segments, earning interest income on student loans in its Asset Generation and Management operating segment, and fee-based revenue in its Student Loan and Guaranty Servicing and Tuition Payment Processing and Campus Commerce operating segments.

The increase in earnings for the fourth quarter of 2014 compared with the same period in 2013 was due to an increase in net interest income earned from the company’s student loan portfolio and an increase in income from repurchases of the company’s debt.  This increase was partially offset by the expected decrease in net income from the company’s Student Loan and Guaranty Servicing operating segment and a decrease in income from gains on investments and investment advisory fees.

Asset Generation and Management

Historically low interest rates continue to provide the opportunity for the company to generate substantial near-term value and cash flow from its student loan portfolio.  For the fourth quarter of 2014, Nelnet reported net interest income of $112.5 million, compared with $108.7 million for the same period a year ago.  Net interest income included $49.2 million and $38.8 million of fixed rate floor income, net of settlements on derivatives, in the fourth quarters of 2014 and 2013, respectively.

In 2014, Nelnet purchased $6.1 billion of student loans, bringing its total student loan portfolio to $28.0 billion as of December 31, 2014.

The company intends to use its strong liquidity position to capitalize on market opportunities to acquire additional legacy Federal Family Education Loan Program (FFELP) and private education loans.

On January 29, 2015, the company acquired a $582.8 million portfolio of FFELP loans.  In addition, Nelnet has entered into agreements to purchase private education loans originated from certain forward-flow loan partners.

Student Loan and Guaranty Servicing

Under the company’s servicing contract with the U.S. Department of Education (Department), the volume of student loans serviced and the number of borrowers serviced increased 21 percent and 11 percent, respectively, as of December 31, 2014, when compared with the end of 2013. The company was servicing $133.6 billion of loans for 5.9 million borrowers on behalf of the Department as of December 31, 2014, compared with $110.5 billion of loans for 5.3 million borrowers as of December 31, 2013. Revenue from this contract increased 12 percent to $32.3 million for the fourth quarter of 2014, up from $28.9 million for the same period a year ago.

The growth in government servicing revenue partially offset the continued expected run off of the company’s commercial servicing portfolio and the impact of federal legislative changes that reduced the revenue earned by guaranty agencies for collections. As a result of these changes and run-off, total revenue from the company’s Student Loan and Guaranty Servicing segment decreased 10 percent, or $6.6 million, to $56.5 million for the fourth quarter of 2014, from $63.2 million for the fourth quarter of 2013. As the volume of loans serviced under the Department servicing contract continues to grow and loans serviced under the legacy commercial programs continue to run off, the company expects the operating margins to tighten.

Tuition Payment Processing and Campus Commerce

For the fourth quarter of 2014, revenue from the company’s Tuition Payment Processing and Campus Commerce segment was $24.7 million, an increase of $5.7 million, or 30 percent, from the same period in 2013.  The increase in revenue was the result of the acquisition of RenWeb in June 2014, in addition to growth in managed tuition payment plans, campus commerce transaction volume, and new school customers.  Operating margin for this segment decreased in the fourth quarter of 2014, compared with the same period in 2013, due to lower margins on new services and the amortization of intangible assets from the acquisition of RenWeb.  Amortization of intangible assets in this segment was $2.1 million and $0.8 million for the fourth quarters of 2014 and 2013, respectively.

Operating Expenses

The company reported consolidated operating expenses of $114.9 million for the fourth quarter of 2014, compared with $111.6 million for the same period in 2013.

Year End Results

GAAP net income for the year ended December 31, 2014 was $307.6 million, or $6.62 per share, compared with GAAP net income of $302.7 million or $6.50 per share, for 2013.  Excluding derivative market value and foreign currency adjustments, net income in 2014 was $284.2 million, or $6.12 per share, compared with $272.5 million, or $5.85 per share, for 2013.  The derivative market value and foreign currency adjustments were income of $23.4 million, or $0.50 per share, during 2014, compared with income of $30.1 million, or $0.65 per share, for 2013.

Non-GAAP Performance Measures

The company provides additional non-GAAP financial information related to specific items management believes to be important in the evaluation of its operating results, including specifically, the impact of unrealized gains and losses resulting from changes in fair values of derivative instruments which do not qualify for “hedge treatment” under GAAP and foreign currency transaction gains or losses resulting from the re-measurement of the company’s Euro-denominated bonds to U.S. dollars.  The company believes these point in time estimates of asset and liability values related to financial instruments that are subject to interest and currency rate fluctuations, and items whose timing and/or amount cannot be reasonably estimated in advance, affect the period to period comparability of the results of the company’s fundamental business operations on a recurring basis.  Accordingly, the company provides operating results excluding these items for comparability purposes.

Forward-looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of federal securities laws.  These statements are based on management’s current expectations as of the date of this release and are subject to known and unknown risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by the forward-looking statements. Such risks include, among others, risks related to the company’s student loan portfolio such as interest rate basis and repricing risk, the use of derivatives to manage exposure to interest rate fluctuations, and the uncertain nature of expected benefits from recent FFELP loan purchases and initiatives to purchase additional FFELP and private education loans; the company’s funding requirements to satisfy asset financing needs; risks related to the company’s ability to maintain and increase volumes under the company’s loan servicing contract with the Department to service federally owned student loans; changes in the educational credit and services marketplace resulting from changes in applicable laws, regulations, and government programs and budgets; risks related to the recent reduction in government payments to guaranty agencies to rehabilitate defaulted FFELP loans and services in support of those activities; and changes in general economic and credit market conditions. For more information, see the “Risk Factors” sections and other cautionary discussions of risks and uncertainties included in documents filed or furnished by the company with the Securities and Exchange Commission, including the cautionary information about forward-looking statements contained in the company’s supplemental financial information for the fourth quarter ended December 31, 2014.  All forward-looking statements in this release are as of the date of this release. Although the company may from time to time voluntarily update or revise its forward-looking statements to reflect actual results or changes in the company’s expectations, the company disclaims any commitment to do so except as required by securities laws.

 

Consolidated Statements of Income

(Dollars in thousands, except share data)

(unaudited)



Three months ended


Year ended


December 31,
 2014


September 30,
 2014


December 31,
 2013


December 31,
2014


December 31,
2013

Interest income:















Loan interest

$

182,783



187,862



165,865



703,007



638,142


Investment interest

1,770



1,562



2,006



6,793



6,668


Total interest income

184,553



189,424



167,871



709,800



644,810


Interest expense:















Interest on bonds and notes payable

72,061



71,937



59,135



273,237



230,935


Net interest income

112,492



117,487



108,736



436,563



413,875


Less provision for loan losses

3,500



2,000



3,500



9,500



18,500


Net interest income after provision for loan losses

108,992



115,487



105,236



427,063



395,375


Other income (expense):















Loan and guaranty servicing revenue

56,538



52,659



63,167



240,414



243,428


Tuition payment processing, school information, and campus commerce revenue

24,688



26,399



18,988



98,156



80,682


Enrollment services revenue

17,791



22,936



21,735



82,883



98,078


Other income

12,906



7,650



15,981



54,002



46,298


Gain on sale of loans and debt repurchases, net

3,594





799



3,651



11,699


Derivative settlements, net

(4,566)



(4,834)



(6,407)



(21,843)



(29,636)


Derivative market value and foreign currency adjustments, net

(1,082)



29,037



752



37,703



48,593


Total other income

109,869



133,847



115,015



494,966



499,142


Operating expenses:















Salaries and benefits

60,609



61,098



52,120



228,079



196,169


Cost to provide enrollment services

11,343



14,178



13,864



53,307



64,961


Depreciation and amortization

5,644



5,493



5,274



21,134



18,311


Other

37,310



36,676



40,349



149,990



149,542


Total operating expenses

114,906



117,445



111,607



452,510



428,983


Income before income taxes

103,955



131,889



108,644



469,519



465,534


Income tax expense

30,036



46,513



37,556



160,238



161,193


Net income

73,919



85,376



71,088



309,281



304,341


Net income attributable to noncontrolling interest

308



157



568



1,671



1,669


Net income attributable to Nelnet, Inc.

$

73,611



85,219



70,520



307,610



302,672


Earnings per common share:















Net income attributable to Nelnet, Inc. shareholders – basic and diluted

$

1.59



1.84



1.52



6.62



6.50


Weighted average common shares outstanding -    basic and diluted

46,390,402



46,432,680



46,502,028



46,469,615



46,570,314


 

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(unaudited)








As of


As of


As of


December 31, 2014


September 30, 2014


December 31, 2013

Assets:








Student loans receivable, net

$

28,005,195



28,701,344



25,907,589


Cash, cash equivalents, and investments

279,604



222,359



255,307


Restricted cash and investments

968,928



940,343



902,699


Goodwill and intangible assets, net

168,782



169,076



123,250


Other assets

675,634



665,527



582,004


Total assets

$

30,098,143



30,698,649



27,770,849


Liabilities:









Bonds and notes payable

$

28,027,350



28,737,456



25,955,289


Other liabilities

345,115



303,636



371,570


Total liabilities

28,372,465



29,041,092



26,326,859


Equity:









Total Nelnet, Inc. shareholders’ equity

1,725,448



1,657,289



1,443,662


Noncontrolling interest

230



268



328


Total equity

1,725,678



1,657,557



1,443,990


Total liabilities and equity

$

30,098,143



30,698,649



27,770,849


 

(code #: nnif)

SOURCE Nelnet

RELATED LINKS
http://www.nelnet.com

Notice Of Exercise Of Warrants To The Certificate Holders Of PPLUS Trust Certificates Series LTD-1 Class B Certificates (CUSIP No. 73941X544)*

NEW YORK, Feb. 6, 2015 /PRNewswire/ — NOTICE IS HEREBY GIVEN that, pursuant to the terms of the Warrant Agreement, dated as of April 7, 2006 (the “Agreement”) between PPLUS Trust Certificates Series LTD-1 Trust (the “Trust”), Merrill Lynch Depositor, Inc., as Depositor (the “Depositor”) and The Bank of New York Mellon, as Warrant Agent (the “Warrant Agent”), pursuant to Section 2.02(a)(i) of the Agreement, the Warrant Agent has received a notice of exercise from the holder of the warrants to purchase the outstanding aggregate amount of the PPLUS Trust Certificates Series LTD-1 (the “Securities”).

The date fixed for the exercise is March 9, 2015 (the “Exercise Date”).  On the Exercise Date, 1,000,000 notional amount of the Securities will become due and payable at an exercise price equal to the sum of the present values, discounted at a rate of 6.7% per annum, of the unpaid distributions due, or to become due, in respect of the distributions to be made to the Class B Certificateholders by the Trust on or after the Exercise Date (the “Exercise Price”).  On and after the Exercise Date, the Securities being exercised will cease to bear interest, and your only remaining right is to receive payment of the Exercise Price upon surrender of the Securities to the Warrant Agent. 

Please be advised that the Certificateholders, by their acceptance of Securities, covenanted and agreed to tender any and all Securities to the Warrant Agent upon the holder’s exercise of Warrants and deposit of the Exercise Price with The Bank of New York Mellon, as Escrow Agent for such Securities in accordance with the applicable procedures in the Agreement. Your rights under the Standard Terms for Trust Agreements, dated November 5, 2004 and together with the Series Supplement, dated April 7, 2006 (the “Trust Agreement”) and the Securities are limited by the terms, provisions and conditions of the Trust Agreement and the Warrant Agreement with respect to the exercise of the Warrants by the holder.

To receive payment of the Exercise Price for the Securities held by you, you must surrender your Securities to the Warrant Agent at the following address:

By Mail or Hand Delivery
The Bank of New York Mellon
111 Sanders Creek Parkway
East Syracuse, New York 13057
Attn: Debt Processing Group   

The method of delivery of the Securities to the Warrant Agent is at your option and risk, but, if mail is used, registered mail is suggested.  Payment of the Exercise Price will be remitted promptly following the Exercise Date and the receipt of the Securities by the Warrant Agent.

Withholding of 28% of gross redemption proceeds of any payment made within the United States may be required by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), unless the Warrant Agent has the correct taxpayer identification number (social security or employer identification number) or exemption certificate of the payee.  Please furnish a properly completed Form W-9 or exemption certificate or equivalent when presenting your securities.

Certificateholders of the Securities who have questions or wish to discuss the exercise may contact The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Bondholder Relations (800) 254-2826.

*The CUSIP number listed above is for information purposes only.  Neither the Trustee, the Depositor, nor the Warrant Agent shall be responsible for the selection or use of this CUSIP number, nor is any representation made to its correctness on the Securities or as indicated in any exercise notice.

By: The Bank of New York Mellon, as Trustee

Dated: February 6, 2015

SOURCE The Bank of New York Mellon, as Trustee

Silicon Harbor Startup SnapCap Projects Job Growth, Expansion in 2015

CHARLESTON, S.C., Jan. 27, 2015 /PRNewswire/ — SnapCap, a web-based alternative finance company based in Charleston, announced it will double the size of its team and move into the new Cigar Factory Charleston later this year.

Logo - http://photos.prnewswire.com/prnh/20150127/171680LOGO

Technology-driven and committed to investing in small business, SnapCap offers a better way to borrow by focusing on performance-based financing, which evaluates the health of a business, not just the business owner’s credit score.

“Part of our role as a new company in Charleston is to create jobs that are fun and innovative – jobs that people are fighting to get,” said Hunter Stunzi, SnapCap co-founder and president. “As laid back as Charleston is on the surface, there is a very hard-working, incredibly smart population of professionals here who are developing meaningful and challenging careers.”

Team expansion
To support its current level of personalized service while positioning for future growth during this pivotal year, SnapCap plans to hire 10 Charleston-based employees this year in the areas of sales support/processing and credit/underwriting. Greg Libon, who recently joined the company as director of sales, oversees the sales organization and will continue to build the team. In his most recent position at PeopleMatter, Libon served as regional account executive, earning the distinction of top performer, achieving 120 percent of quota. Prior to that, he built his career in the finance and banking industry. Also joining the sales team are small business funding consultants, Ben Whitman and Franklin McGuire.

Steve Swanson, who joined SnapCap as an investor in November 2014, will continue to work with the SnapCap leadership to scale the business and drive the strategic direction of the company. Through Steve’s affiliation with the College of Charleston as a member of the Business School Board of Governors, SnapCap has entered into an exclusive arrangement with the College of Charleston to provide internships for finance and business undergraduate students. There are already four students participating in the program.

New office space
Later this year, SnapCap will relocate from its King Street offices to the new Cigar Factory Charleston. The growing team will occupy a 3,200-square-foot 4th floor corner suite overlooking the Cooper River.

“We’re excited about our expansion and move to the Cigar Factory,” said Stunzi. “The redevelopment of the northern half of the Peninsula is symbolic of the growth projected for Charleston over the coming years, and the Cigar Factory will serve as a visibly prominent landmark signaling that growth.”

About SnapCap
SnapCap is a web-based company that is helping lead a revolution in small business finance by reducing the complexities found in the traditional lending process. Committed to investing in small business, SnapCap offers a better way to borrow by focusing on performance-based financing, which evaluates the health of a business, not just the business owner’s credit score. Personal service combined with real-time evaluation technology makes it easier to provide financing solutions with greater speed and accuracy. A single-source lender, SnapCap processes and funds most loans in less than 48 hours. For more information, please visit www.snapcap.com.

Media Contacts:
Melanie Mathos / Bryan Hunter  
Lou Hammond & Associates
843.371.1363 / 843.371.1363   
melaniem@louhammond.com
bryanh@louhammond.com
www.louhammond.com

SOURCE SnapCap

RELATED LINKS
http://www.snapcap.com

NN, Inc. Announces Quarterly Dividend

JOHNSON CITY, Tenn., Jan. 22, 2015 /PRNewswire/ – NN, Inc., (Nasdaq: NNBR) a diversified industrial company, announced today its Board of Directors declared a quarterly cash dividend of $0.07 per common share. The dividend will be paid on March 6, 2015, to shareholders of record as of the close of business on February 20, 2015.

NN, Inc., a diversified industrial company manufactures and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis.  Headquartered in Johnson City, Tennessee, NN has 25 manufacturing plants in the United States, Western Europe, Eastern Europe, South America and China. 

Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “assumptions”, “target”, “guidance”, “outlook”, “plans”, “projection”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “potential” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Company’s ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company’s dependence on certain major customers, and the successful implementation of the global growth plan including development of new products. Similarly, statements made herein and elsewhere regarding pending or completed acquisitions are also forward-looking statements, including statements relating to the anticipated closing date of an acquisition, the Company’s ability to obtain required regulatory approvals or satisfy closing conditions, the costs of an acquisition and the Company’s source(s) of financing, the future performance and prospects of an acquired business, the expected benefits of an acquisition on the Company’s future business and operations and the ability of the Company to successfully integrate recently acquired businesses.

For additional information concerning such risk factors and cautionary statements, please see the section titled “Risk Factors” in the Company’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Except as required by law, we undertake no obligation to update or revise any forward-looking statements we make in our press releases, whether as a result of new information, future events or otherwise. NN, Inc. had sales of $373 million in 2013.

SOURCE NN, Inc.

Tangerine rewards Canadians on ‘Saver Monday’

80 per cent Canadians not participating in Cyber Monday shopping, most would rather save their money

TORONTO, Nov. 28, 2014 /CNW/ - At Tangerine, Saver Monday is the new Cyber Monday as a recent survey shows that most Canadians (80 per cent) aren’t planning to take advantage of what is said to be one of the biggest online shopping days of the year. Instead, Canadians indicated other top financial priorities leading up to the holidays including saving money (55 per cent), paying off credit card debt (31 per cent) and holding onto cash for Boxing Day sales (16 per cent).

To reward those who choose to save and not spend this Cyber Monday, Tangerine is offering a special Saver Monday offer next week. New clients who open their first Tangerine Savings Account or Chequing Account with a minimum deposit of $250 between December 1 and 5, 2014 will receive a $50 gift from Tangerine. Full details on Tangerine’s Saver Monday offer will be posted on Tangerine.ca as of Dec. 1, 2014.

“It’s encouraging to see that many Canadians are sticking to their financial priorities at a time of year when the temptation to spend seems to be everywhere – from deals at physical store locations to online shopping sites,” says Silvio Stroescu, Managing Director of Savings and Investments at Tangerine. “Consistently saving money sometimes means simply resisting the urge to just spend. Those who proactively manage their finances during busy spending seasons like the holidays will be rewarded in the long run.”

When it comes to online shopping, Canadians seem to be aware of the potential drawbacks, with 25 per cent admitting that many of the online purchases they’ve made were unplanned and based on impulse. In addition, over a third (38 per cent) admit to making online purchases they regret, and close to the same amount (33 per cent) said they haven’t returned these items because it’s a hassle.

When it comes to regrettable online purchases, Canadians admit to regretting clothing purchases the most (23 per cent), followed by entertainment items like books and DVDs (10 per cent) and consumer electronics (9 per cent). Almost 60 per cent of Canadians also agree that on the surface, online shopping seems cheaper until shipping and taxes are factored in.

Survey Methodology

From November 24 to November 25, 2014 an online survey was conducted among 1,508 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About Tangerine

Tangerine is a direct bank that delivers simplified everyday banking to Canadians. With more than 1.9 million clients and close to $38 billion in total assets, we are Canada’s leading direct bank. Tangerine offers banking that is flexible and accessible, products and services that are innovative, fair fees, and award-winning client service. From no-fee daily chequing and high-interest savings accounts, GICs, RSPs, TFSAs, mortgages and mutual funds, Tangerine has the everyday banking products Canadians need. With over 1,000 employees in Canada, our presence extends beyond our website and Mobile Banking app to our 24/7 Contact Centres and our Café locations. Tangerine was launched as ING DIRECT Canada in 1997. In 2012 it was acquired by Scotiabank, and operates independently as a wholly-owned subsidiary. For more information, visit tangerine.ca

SOURCE Tangerine

RELATED LINKS
http://www.ingdirect.ca

Post-secondary students get mixed marks when it comes to understanding credit, budgeting: RBC Poll

TORONTO, Sept. 3, 2014 /CNW/ – Both post-secondary students and their parents wish students knew more about personal finance and financial literacy, according to the latest 2014 RBC Student Finances Poll. Almost nine-in-ten students (87 per cent) reported that they still have a lot to learn about managing finances; more than a third (42 per cent) wished they knew the cost of small extras they required and 41 per cent wished they knew more about budgeting. The majority of parents (59 per cent), meanwhile, wished their students knew the importance of saving and early planning.

Students are also concerned about unexpected financial needs, the details of paying back their student loans, and the shape of their finances upon graduation. Students overwhelmingly agree that their parents have been good financial role models, and are very inclined to discuss school-related finances. Credit, however, is more of a mystery.

“Interestingly, while students say they have a lot to learn about managing their finances, credit knowledge remains a bit of a mystery to students and parents alike,” said Melissa Jarman, director, Student Banking, Royal Bank of Canada. “In our report card, students were less knowledgeable about credit than their parents, but some parents didn’t fare all that much better. This shows us that there is a lot for both parents and their children to learn about managing finances to ensure that everyone is getting the right information. Speaking to a financial advisor about managing finances, including credit, is an important step for anyone.”

This isn’t to say that students aren’t interested in their parents’ opinions when it comes to things like taking on debt – in fact, 80 per cent of students responded that they ask their parents about the topic, and consult their parents on financial issues on everything from major purchases to investing.

“Maintaining a strong credit score will help students later in life as their goals change from paying for education to buying their first car, starting a business or buying their first home,” said Jarman. “It’s our job to help people understand how using credit responsibly can help them down the line. Many students get their first credit card when they begin post-secondary education, so this is the time to educate them on responsible credit use.”

To help parents and students increase their financial knowledge, RBC is sharing some myths and realities of credit scores.

Myths & Realities of Credit Scores

  1. Myth: There is no harm paying your bills late as long as it only happens occasionally.
    Reality: Missing even one bill payment can negatively affect your credit rating – this includes your mobile phone, internet and credit card bills.
  2. Myth: Applying for a lot of different credit cards doesn’t affect your credit score.
    Reality: Applying for a lot of different credit cards can hurt your credit score, so don’t apply for a card for the free swag that comes with it – it could end up costing you more in the end.
  3. Myth: In Canada, your credit rating is affected by your age, income and gender. The higher a person’s income, the better that person’s credit rating will be.
    Reality: Your credit rating is based on your record of managing your finances responsibly. Lenders look at how you handle your financial obligations, such as whether you pay your monthly bills on time, carry a balance, or regularly miss payments.
  4. Myth: Checking your own credit will harm your credit standing.
    Reality: Checking your own credit history does not affect your credit rating. In fact, it’s recommended that you request a report on an annual basis to check for errors.
  5. Myth: Asking for lower limit on any credit product will help your credit rating.
    Reality: Lenders like to see a big gap between your available limit and the amount of credit you’re actually using. Apply for the credit you need and use it responsibly. While it’s best to pay off your balance in full each month, you should always make the minimum payment.

About RBC’s financial planning advice, resources and interactive tools
RBC’s Advice Centre offers advice and tools for students. Interactive tools and calculators provide customized information covering many facets of personal finance, including the Student Budget Calculator and the Debt Reduction Plan. With the guidance of RBC advisors who are available to chat live, Canadians have access to free, no-obligation professional advice about RBC products and services and personalized one-on-one service. Further information is available at rbcadvicecentre.com. In addition, RBC’s myFinanceTracker, a comprehensive online financial management tool, offers all personal RBC online banking clients the ability, at no cost, to create a set budget and track their spending habits. As well, RBC Virtual Visa Debit enables clients to pay for online, over the phone, or mail order purchases with funds directly from their bank account.

About RBC Student Finances Poll 2014
The 2014 RBC Student Finances Poll was conducted by Ipsos Reid through a national online survey of 1,180 students aged 17 to 24 and of 971 parents of students in post-secondary school (as of September 2014). Data were collected from June 6 to June 20, 2014. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample’s composition reflects that of the actual Canadian student population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted, probability sample of this size, with 100 per cent response rate, would have an estimated margin of error of ±3 percentage points, 19 times out of 20. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.

ABOUT RBC
Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 40 other countries. For more information, please visit rbc.com.

RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2013, we contributed more than $104 million to causes worldwide, including donations and community investments of more than $69 million and $35 million in sponsorships. Learn more at www.rbc.com/community-sustainability.

SOURCE RBC

Image with caption: “RBC Poll: Are post-secondary students making the grade when it comes to credit knowledge? (CNW Group/RBC)”. Image available at: http://photos.newswire.ca/images/download/20140903_C8244_PHOTO_EN_42583.jpg

Tarena International, Inc. Announces Second Quarter 2014 Results

BEIJING, Aug. 19, 2014 /PRNewswire/ — Tarena International, Inc. (NASDAQ: TEDU) (“Tarena” or the “Company”), a leading provider of professional education services in China today announced its unaudited financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Highlights

  • Net revenues increased by 53.4% year-over-year to US$31.9 million from US$20.8 million in the same period in 2013, exceeding the high end of the Company’s previous guidance of US$30.5 million to US$31.5 million.
  • Gross profit increased by 60.0% year-over-year to US$22.7million from US$14.2 million in the same period in 2013. Gross margin increased to 71.2% as compared to 68.2% in the same period in 2013.
  • Operating income increased by 95.4% year-over-year to US$3.6 million from US$1.9 million in the same period in 2013. Operating margin increased to 11.4% as compared to8.9% in the same period in 2013.
  • Non-GAAP operating income, which excluded share-based compensation expenses, increased by 149.9% year-over-year to US$5.1 million from US$2.0 million in the same period in 2013. Non-GAAP operating margin increased to 15.9% as compared to 9.8% in the same period in 2013.
  • Net income increased by 204.5% year-over-year to US$5.7 million from US$1.9 million in the same period in 2013.
  • Non-GAAP net income, which excluded share-based compensation expenses, increased by 249.1% year-over-year to US$7.2 million from US$2.1 million in the same period in 2013.
  • Cash, cash equivalents and time deposits totaled US$151.5 million as of June 30, 2014, compared to US$38.3 million as of December 31, 2013.
  • Deferred revenue totaled US$20.0 million as of June 30, 2014, compared to US$15.5 million as of December 31, 2013.
  • Total student enrollments in the second quarter of 2014 increased by 35.6% year-over-year to 15,377.
  • Total number of learning centers increased to 103 as of June 30, 2014, from 97 as of March 31, 2014.

“I am delighted to report that we achieved an excellent quarter with record revenue and profit,” said Mr. Shaoyun Han, Tarena’s Chairman and Chief Executive Officer. “Revenue growth was again driven by increase in student enrollments and higher average revenue per student. Our digital art course continued its tremendous growth to remain as our second largest course by student enrollments in the second quarter of 2014. Our online sales and marketing course, which only launched in the fourth quarter of 2013, also experienced strong growth and has already become our fourth largest course, behind Java, digital art and C++. Such strong enrollment results further validated our differentiated education platform, as well as our strategy to diversify our course offerings and revenues by expanding into other high growth disciplines.”

“More importantly, we achieved significant year-over-year improvements in gross margin and operating margin and delivered even stronger growth in operating income. We will continue to execute on our objective and priority for 2014 in improving our center efficiency and utilization to drive sustainable growth in both revenue and profit, “continued Mr. Han.

“In the second quarter of 2014, the Chinese State Council issued ‘The Decision to Accelerate Modern Vocational Education’ in order to encourage the further development of the professional education market and to bridge the structural gap between the demand for and supply of skilled workforce. The number of college graduates in China has risen to a record high of 7.3 million in 2014 and the employment market is becoming increasingly competitive. As a leading professional education service provider with premium brand and reputation, Tarena is well positioned to capture the opportunities presented by this favorable market environment to drive our future growth.” Mr. Han concluded.

Mr. Suhai Ji, Tarena’s Chief Financial Officer, added, “In addition to our solid top line results, we are pleased to see continued strong margin improvement in the second quarter of 2014 as gross margin increased by 300 basis points year-over-year to 71.2%and non-GAAP operating margin increased by 610 basis points year-over-year to 15.9%. We are delivering on the objective we set at the beginning of the year to drive margin expansion in 2014. In the coming quarters, we will remain focused on optimizing our learning center utilization and improving key operating metrics to generate both growth and profitability.”

Second Quarter 2014 Results

Net Revenues

Net revenues increased by 53.4% to US$31.9 million in the second quarter of 2014, from US$20.8 million in the same period in 2013. The increase was primarily due to increased student enrollments and higher average revenue per student, as defined by net revenues divided by student enrollment.

Total student enrollments in the second quarter of 2014 increased by 35.6% to 15,377 from 11,341 in the same period in 2013, which was driven mainly by the number and the popularity of our course offerings. The number of our course offerings increased from 9to 11 in the second quarter year-over-year while the number of our learning centers increased from 76 to 103 in the same period year-over-year to cater to the increased demand for our courses.

Average revenue per student in the second quarter of 2014 increased by 13.1% to US$2,089 from US$1,847 in the same period in 2013. The growth in average revenue per student was mainly driven by the increase of standard tuition fees for our courses and the higher percentage of retail channel in our student enrollment channel mix. Beginning in the second quarter of 2014, we raised the standard tuition fees on some of our courses by RMB1,000 (US$163) per course. While we typically charge students enrolled through the retail channel the standard tuition fee, we generally offer students enrolled through the university channel a discount of approximately RMB4,000 (US$650) per person per course. Our student enrollment mix from retail and university channel was 81%/19% and 72%/28% in the second quarter of 2014 and 2013, respectively.

Cost of Revenues

Cost of revenues increased by 39.2% to US$9.2 million in the second quarter of 2014, from US$6.6 million in the same period in 2013. The increase was mainly due to higher rental cost resulting from increased number of learning centers and expansion of existing learning centers, higher personnel cost and welfare expenses resulting from increased number of teaching and advisory staff at our learning centers and higher average salary, as well as higher depreciation expenses for our learning centers.

Gross Profit and Gross Margin

Gross profit increased by 60.0% to US$22.7 million in the second quarter of 2014, from US$14.2 million in the same period in 2013. Gross margin increased to 71.2% in the second quarter of 2014 from 68.2% in the same period in 2013.The improvement in gross margin was mainly due to increased operational scale and efficiency for our learning centers. Personnel cost and welfare expenses decreased to 10.7% of total net revenues in the second quarter of 2014, from 12.9% in the same period in 2013. Rental expenses decreased to 8.8% of total net revenues in the second quarter of 2014, from 9.5% in the same period in 2013.

Operating Expenses

Total operating expenses increased by 54.6% to US$19.1 million in the second quarter of 2014, from US$12.4 million in the same period in 2013 as a result of increases in our selling and marketing, general and administrative and research and development expenses. Total non-GAAP operating expenses, which excluded share-based compensation expenses, increased by 45.1%to US$17.7 million in the second quarter of 2014, from US$12.2 million in the same period in 2013. Total share-based compensation expenses allocated to the related operating expenses increased by 728.9% to US$1.4 million in the second quarter of 2014, from US$0.2 million in the same period in 2013.

Selling and marketing expenses increased by 34.3% to US$10.3 million in the second quarter of 2014, from US$7.7 million in the same period in 2013. The increase was due to higher personnel cost and welfare expenses related to the growth in our selling and marketing headcount and higher average salary, and expanded marketing efforts primarily as a result of increased spending on advertising as we expanded our network of learning centers. Selling and marketing expenses in the second quarter of 2014 accounted for 32.2% of the total net revenues, compared to 36.8% in the same period in 2013.Advertising and marketing expenses in the second quarter of 2014 accounted for 13.1% of the total net revenues, compared to 16.7% in the same period in 2013.

General and administrative expenses increased by 101.8% to US$7.4 million in the second quarter of 2014, from US$3.7 million in the same period in 2013. The increase was mainly due to higher compensation cost for our increased number of general and administrative personnel to support our growing operations, higher bad debt allowance, higher share-based compensation expenses, and to a lesser extent, higher professional expenses. General and administrative expenses in the second quarter of 2014 accounted for 23.3% of the total net revenues, compared to17.7% in the same period in 2013. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses, increased by 74.1% to US$6.2 million, from US$3.5 million in the same period in 2013. Non-GAAP general and administrative expenses in the second quarter of 2014 accounted for 19.3% of total net revenues, compared to 17.0% in the same period in 2013.

Research and development expenses increased by 37.1% to US$1.4 million in the second quarter of 2014, from US$1.0 million in the same period in 2013. The increase was mainly due to higher personnel cost and welfare expenses of our instructors allocated to their content development activities for our courses. Research and development expenses in the second quarter of 2014 accounted for 4.3% of total net revenues, compared to 4.8% in the same period in 2013.

Operating Income

Operating income increased by 95.4% to US$3.6 million in the second quarter of 2014, from US$1.9 million in the same period in 2013. Operating margin increased to 11.4%in the second quarter of 2014 as compared to8.9% in the same period in 2013.Non-GAAP operating income, which excluded share-based compensation expenses, increased by 149.9% to US$5.1 million in the second quarter of 2014, from US$2.0 million in the same period in 2013. Non-GAAP operating margin increased to 15.9% in the second quarter of 2014 as compared to 9.8% in the same period in 2013.

Interest Income, Net

Net interest income was US$1.0 million in the second quarter of 2014, compared to US$0.5 million in the same period in 2013. Interest income in both periods consisted of interest earned on our cash and time deposits in commercial banks and interest income recognized in relation to our installment payment plan for students. The increase in net interest income was primarily due to higher deposit levels resulting from the Company’s IPO proceeds in April 2014.

Foreign Exchange Gain/Loss

Foreign exchange gain was US$0.8 million in the second quarter of 2014, compared with a loss of US$0.1 million in the same period in 2013. The increase was primarily attributable to the appreciation of China’s RMB against U.S. dollar when a significant portion of the Company’s IPO proceeds was converted into RMB and placed in bank deposits.

Other Income

Other income in the second quarter of 2014 was US$1.0 million, consisting of US$0.8 million in government grant and US$0.2 million in investment income, compared to almost nil in the same period in 2013. The increase was attributable to government grants of RMB5 million received in the second quarter of 2014 and the investment income of short-term wealth management products purchased in the second quarter of 2014.

Income Tax Expense

Income tax expense was US$0.7 million in the second quarter of 2014, compared to US$0.4 million in the same period in 2013.The increase was mainly due to higher taxable income, partially offset by a decrease in the effective income tax rate to 10.5% in the second quarter of 2014 from 17.8% in the same period in 2013.The decrease in the effective income tax rate was primarily due to a tax holiday of a two-year full exemption from 2014 to 2015 followed by a three-year 50% exemption from 2016 to 2018 entitled by one of our wholly owned subsidiaries which is qualified as a “Newly Established Software Enterprise” under the PRC Enterprise Income Tax Law.

Net Income

As a result of the foregoing, net income increased by 204.5% to US$5.7 million in the second quarter of 2014, from US$1.9 million in the same period in 2013. Non-GAAP net income, which excluded share-based compensation expenses, increased by 249.1% year-over-year to US$7.2 million from US$2.1 million in the same period in 2013.

Business Outlook

Based on the Company’s current estimates, total net revenues for the third quarter of 2014 are expected to be between US$38.5 million and US$39.5 million, representing an increase of 35.1% to 38.6% on a year-over-year basis. The Company also expects its total net revenues for the full year of 2014 to be between US$134.5 million and US$136.0 million, representing an increase of 44.9% to 46.6% on a year-over-year basis.

This guidance is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions, which are subject to change.

Conference Call

The Company will host a conference call and live webcast to discuss its financial results for the second quarter of 2014 ended June 30, 2014 at 9:00 p.m. Eastern Time on August 19, 2014 (9:00 a.m. Beijing time on August 20, 2014).

The dial-in details for the live conference call are as follows:

United States:

855 298 3404

International:

+1 631 514 2526

Hong Kong:

800 905 927

United Kingdom:

800 015 9725

China Mainland:

400 120 0539

Conference ID:

1002021

A replay of the call will be available approximately 2 hours after the conclusion of the conference call through August 26, 2014. The dial-in details for the replay are:

U.S. Toll Free:

866 846 0868

International:

+1 800 008 585

Conference ID:                

1002021

Additionally, a live and archived webcast of this call will be available on the Investor Relations section of Tarena’s website at http://ir.tarena.com.cn.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Tarena may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including the business outlook for the second quarter of 2014 and statements about Tarena’s beliefs and expectations, are forward-looking statements. Many factors, risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Tarena’s goals and strategies; its future business development, financial condition and results of operations; its ability to continue to attract students to enroll in its courses; its ability to continue to recruit, train and retain qualified instructors and teaching assistants; its ability to continually tailor its curriculum to market demand and enhance its courses to adequately and promptly respond to developments in the professional job market; its ability to maintain or enhance its brand recognition, its ability to maintain high job placement rate for its students, and its ability to maintain cooperative relationships with financing service providers for student loans. Further information regarding these and other risks, uncertainties or factors is included in Tarena’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tarena does not undertake any obligation to update such information, except as required under applicable law.

About Tarena International, Inc.

Tarena International, Inc. (Nasdaq: TEDU) is a leading provider of professional education services in China. The Company is the largest provider of IT professional education services in China with a market share of 8.3% as measured by revenues in 2013 according to IDC, a third-party research firm. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers courses in nine IT subjects and two non-IT subjects. Its courses provide students with practical education to prepare them for jobs in industries with significant growth potential and strong hiring demand. Since its inception in 2002, Tarena has trained over 155,000 students, cooperated with more than 500 universities and colleges and placed students with approximately 45,000 corporate employers in a variety of industries. For further information, please visit http://ir.tarena.com.cn.

About Non-GAAP Financial Measures

To supplement Tarena’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Tarena’s management uses non-GAAP measures of cost of revenues, operating expenses, operating income, net income, and net income per share, which are adjusted from results based on GAAP to exclude the share-based compensation expenses.

Our non-GAAP financial information provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. These non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

A limitation of using non-GAAP cost of revenues, operating expenses, operating income and net income is that the share-based compensation charge has been and will continue to be a significant recurring expense in the Company’s business for the foreseeable future. In order to mitigate these limitations the Company has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

For further information, please contact:

Christina Zhu
Investor Relations
Tarena International Inc.
Tel: +8610 56219451
Email: ir@tarena.com.cn

 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS






As of



June 30



December 31



2014



2013



US$



US$








ASSETS







Current assets:







Cash and cash equivalents



49,609,069



26,139,255

Time deposits



92,101,664



Accounts receivable, net of allowance for doubtful accounts



18,946,361



15,001,222

Prepaid expenses and other current assets



6,018,695



3,497,332

Deferred income tax assets



1,565,763



1,546,213

Total current assets



168,241,552



46,184,022

Time deposits



9,769,175



12,161,617

Accounts receivable, net of allowance for doubtful accounts



640,752



415,881

Property and equipment, net



13,156,747



12,805,567

Other non-current assets



1,797,879



2,105,832

Total assets



193,606,105



73,672,919








LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’DEFICIT














Current liabilities:







Accounts payable



114,612



217,451

Income taxes payable



3,228,072



3,012,165

Deferred revenue



20,043,271



15,487,494

Accrued expenses and other current liabilities



7,941,867



6,617,558

Total current liabilities



31,327,822



25,334,668

Other non-current liabilities



241,342



243,555

Total liabilities



31,569,164



25,578,223








Commitments and contingencies





Mezzanine equity:







Series A convertible redeemable preferred shares





419,776

Series B convertible redeemable preferred shares





15,747,869

Series C convertible redeemable preferred shares





95,211,135

Total mezzanine equity





111,378,780








Shareholders’ equity (deficit):







Ordinary shares



50,657



12,226

Additional paid-in capital



219,076,654



Accumulated other comprehensive income



1,227,420



1,634,920

Accumulated deficit



(58,317,790)



(64,931,230)

Total shareholders’ equity (deficit)



162,036,941



(63,284,084)

Total liabilities, mezzanine equity and shareholders’ equity (deficit)



193,606,105



73,672,919








 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME








For the Three Months Ended June 30


For the Six Months Ended June 30




2014



2013


2014

2013




US$



US$


US$

US$


Net revenues



31,942,301




20,825,503



56,280,750


 

35,967,104


Cost of revenues(a)



(9,211,736)




(6,615,820)



(17,796,655)


 

(12,629,313)


Gross profit



22,730,565




14,209,683



38,484,095


23,337,791


Selling and marketing expenses(a)



(10,299,493)




(7,670,643)



(19,127,123)


 

(13,188,783)


General and administrative expenses(a)



(7,432,800)




(3,683,816)



(13,190,817)


 

(6,863,215)


Research and development expenses(a)



(1,366,025)




(996,117)



(2,510,837)


 

(1,623,240)


Operating income



3,632,247




1,859,107



3,655,318


1,662,553


Interest income



1,006,550




512,093



1,465,869


 

804,932


Foreign exchange gain(loss)



794,996




(119,937)



877,096


 

(161,338)


Other income



973,929




37,620



1,446,772


 

38,337


Income before income taxes



6,407,722




2,288,883



7,445,055


2,344,484


Income tax expense



(675,919)




(406,789)



(750,343)


 

(416,499)


Net income



5,731,803




1,882,094



6,694,712


1,927,985


Accretion of convertible redeemable preferred shares



Filed Under: Financial News

Consult With A Quality Gold IRA Company Today

The utmost dollar hedge financial investment will always be gold. Investing in gold through possession of the steel itself, shared funds, or gold mining stock offers the most direct counter to the buck. As the buck falls, gold will undoubtedly increase. The future development is visiting be seen in gold. The globe economic climate may continue to be off the gold requirement, yet eventually the tangible value of gold as the basis genuine value-whether acknowledged by reserve banks or not-will never change. Historically, this has always held true, and it consistently will certainly be. Simply puts, we are on a “gold standard” despite the popularity of fiat. You have many choices. In the adhering to paragraphs, you’ll uncover five methods to buy gold. Based upon your level of market experience and familiarity with items, among these will be suitable for you. Historically, lots of civilizations have identified the durability of gold’s value. The response: Gold is the only actual money, and its value can not be altered or managed by federal government fiat-the underlying reason for governments to go off the gold criterion. Since your dollars are going to drop in value, gold is the finest location to protect worth. 2. Gold exchange-traded funds. The recent explosion in exchange traded funds (ETFs) presents an even much more appealing method to invest in gold. An ETF is a sort of stock fund that trades on a stock exchange like an ordinary stock. The ETF’s precise profile is fixed beforehand and does not alter. Therefore, both gold ETFs that trade in the Usa both hold gold bullion as their only property. You could locate these 2 ETFs under the symbol “GLD” (for the streetTRACKS Gold Depend on) and “IAU” (for the iShares COMEX Gold Trust). Either ETF offers a sensible way to hold gold in a financial investment portfolio. 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Once we reach our nationwide credit line, financial policy will certainly be required to pull back. When that occurs, conventional investors and their interest-bearing accounts are visiting be hit hard. The recipient of the dropping buck will certainly be the financier whose holdings stress tangible worth of goods: resources and metals. Those financiers positioned in dollar-based investments are going to suffer the loss of purchasing power when the buck’s value vanishes. Those which have relocated their financial investments to higher ground will benefit from the adjustment. Spending in gold through possession of the metal itself, mutual funds, or gold mining stock supplies the most direct counter to the dollar. The globe economic situation may stay off the gold standard, however eventually the tangible worth of gold as the basis for actual value-whether acknowledged by main financial institutions or not-will never ever adjustment. The answer: Gold is the only genuine cash, and its value can not be changed or controlled by federal government fiat-the hiddening reason for governments to go off the gold criterion. For individuals who are reluctant to spend in bodily gold, however still desire some exposure to the precious steel, gold shared funds provide a practical choice. These funds hold portfolios of gold stocks-that is, the stocks of firms like Newmont Mining that mine for gold.

Newtek Hires Two Senior Executives for Risk Division and Newtek Business Credit

NEW YORK, May 19, 2014 /PRNewswire/ – Newtek Business Services, Inc. NASDAQ: NEWT, The Small Business Authority®, announced today that it has attracted and retained the talents of two senior executives, Susan Streich and Harold Gartner.

Susan Streich will be joining Newtek Business Services, Inc. and Newtek Small Business Finance, Inc., our nationally licensed SBA 7(a) lender, as Chief Risk Officer and Chief Compliance Officer. Ms. Streich has over 30 years of experience as an executive-level finance professional with extensive experience initiating and leading national small business lending departments ensuring their compliance with federal and corporate requirements. Ms. Streich comes to Newtek from Booz Allen Hamilton where she served as a Senior Advisor, Project Lead and Subject Matter Expert for multiple government clients, including the U.S. Department of Treasury, Community Development Financial Institutions Fund and the State Small Business Credit Initiative Fund. Ms. Streich previously worked as a Director at Capital One Bank with an overall loan production exceeding $1.5 billion and as President of Transamerica Small Business Capital.

Harold Gartner joins Newtek as President and Chief Operating Officer of Newtek Business Credit. As a structured finance professional, Mr. Gartner brings nearly 30 years of experience in receivables finance, asset-based lending, factoring, warehouse lending, asset-backed securitization, principal finance, whole loan acquisitions, and corporate M&A. Mr. Gartner’s career includes executive management positions at Morgan Stanley, Chase Manhattan Corporation (now JP Morgan Chase Bank), Nomura Securities International, Daiwa Securities America, ING Capital Markets, and as a small business owner, retained consultant to major institutional clients in the U.S. Capital Markets and Receivables Servicing industries. Mr. Gartner will be based in the Company’s West Hempstead, New York location.

Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, “Susan Streich, with over 30 years of experience in the SBA 7(a) small business lending space, augments the depth of our management team as well as brings us significant experience in lending compliance, policy and procedures. Susan has a tremendous background managing and operating small business lending operations and has an extensive background in credit as well.  Susan will be based in Virginia, geographically giving us a good presence dealing with businesses and all government agencies.”

Mr. Sloane continued, “Harold Gartner will be working very closely with Peter Downs, our President of Newtek Small Business Finance, Inc., to grow our accounts receivable based factoring business, as well as other credit based products as we attempt to transition into a Business Development Company, for which we are awaiting regulatory clearance from the Securities and Exchange Commission. Mr. Gartner’s 25 plus years of experience in receivables financing and capital markets is most welcome to our West Hempstead, New York-based operation.”

About Newtek Business Services, Inc.

Newtek Business Services, Inc., The Small Business Authority®, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek brand. including:

  • The Newtek Advantage: Mobile real-time operating platform for business intelligence. The Newtek Advantage puts all critical business transactions in real-time. Access data on your smartphone, tablet, laptop or PC as it relates to eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
  • Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
  • Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
  • eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
  • Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans.
  • Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
  • Web Services: Customized web design and development services.
  • Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
  • Accounts Receivable Financing: Receivable purchasing and financing services.
  • Payroll: Complete payroll management and processing services.

Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today’s marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.

The Small Business Authority® is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.

Note Regarding Forward Looking Statements

Statements in this press release including statements regarding Newtek’s beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov.

Contact: Simrita Singh
Telephone: (212) 356-9566 / ssingh@thesba.com 
Investor Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@thesba.com 
Contact: Brett Maas
Telephone: (646) 536-7331 / brett@haydenir.com

Logo – http://photos.prnewswire.com/prnh/20140205/NY59564LOGO

SOURCE Newtek Business Services, Inc.

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Your Good Name and Credit Reputation are Important in Tough Economic Times

FORT LAUDERDALE, FLORIDA — In an ever worsening economy your good name and reputation within the community is becoming more important. Creditors have tightened their guidelines effectively barring millions of Americans from borrowing money. Even those with excellent credit are experiencing reduced credit limits and closed equity lines. Mortgage lenders, auto finance companies, credit card issuers and banks have all raised the bar. Borrowers with low credit scores can expect to be denied or to pay significantly higher interest rates than those with excellent credit. Long gone are the days of obtaining credit, goods, benefits, services and/or employment with a 620 credit score. In more instances than not, a consumer will be denied if they maintain a credit score lower than 720.

The terms credit repair, credit restoration and/or credit rehabilitation are somewhat synomous. Those with bad credit cannot afford to ignore the potential benefits of credit repair. In today’s society, credit repair is more important than ever. Approximately 78% of credit profiles contain some sort of error or omission materially impacting credit worthiness. As such, one would be wise to at least explore retaining a reputable credit service organization in the restoration of their own good name and reputation within the community. With that said, Credit Restoration Consultants may be that credit service organization.

Credit Restoration Consultants is a credit service organization specializing in the restoration of consumer credit worthiness as well as identity theft. We assist consumers in achieving a favorable financial credit profile. Everything we do is legal utilizing laws enacted by Congress to dispute negative, erroneous, obsolete, and/or fraudulent information contained within your consumer credit profile.

Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, and the Fair and Accurate Credit Transactions Act, Credit Restoration Consultants will assist a consumer in the submission of disputes electronically, verbally and in writing to the Equifax, Experian and Trans Union consumer reporting agencies in addition to creditors, collection agencies, third-party record providers and state/federal/private regulatory authorities. Keep in mind that anything Credit Restoration Consultants can do – you can do yourself. Where Credit Restoration Consultants has the edge is the fact that we possess the education, knowledge and a source proven method which yields results.

Unlike most credit service organizations that submit the same written dispute letters monthly, Credit Restoration Consultants has devised a strategy whereby disputes are submitted electronically, verbally and in writing over a six month period to the credit reporting agencies, creditors, collectors, and third-party record providers reporting negative, inaccurate, obsolete and/or erroneous information. Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the Fair and Accurate Credit Transactions Act, in addition to laws applicable to a particular state, Credit Restoration Consultants has obtained thousands of deletions and updates for its clients. Credit Restoration Consultants can help remove erroneous and/or inaccurate judgments, liens, bankruptcies, student loans, inquiries, derogatory tradelines, personal identifiers and more! While the credit restoration process can take anywhere from 30 days to six months, most clients see dramatic results in 45-60 days.

Still not convinced as to the benefit of utilizing Credit Restoration Consultants in the restoration of your good name and reputation within the community? You should tune into “The Credit Report with Bill Lewis.” As a nationally known credit repair expert, Bill can be heard weekday’s on the 9′s – both 9:00 a.m. and 9:00 p.m. eastern time – on AM 1470 WWNN in south Florida. For those listening online, streaming audio can be accessed at www.wwnnradio.com/ by clicking on the listen live link.

For more information on Credit Restoration Consultants or to discuss existing special offers, please contact us at (954) 581-5050 or online at www.talkaboutcredit.com

Funny A Restaurant in New Hampshire Bans Politicians LOL

New Hampshire restaurant bans politicians (via AFP)

Cheeseburger and fries, hold the politicians. With Republican presidential hopefuls blitzing New Hampshire ahead of its critical January 10 primary, one small eatery in coastal Portsmouth has had it with gladhanding campaigners disrupting diners. So the hand-drawn, red-white-and-blue sign on the door… [Read more...]

New Hampshire Consumers Are Struggling With High Amounts Of Credit Card Debt

Getting out of debt doesn’t need to becomeas tough as many people make it out to be. There are indeed a number of techniques accessible for those who are serious about making the life change to becoming free from debt. One such technique of this is debt settlement. A terrible trend in the state of New Hampshire that we have been seeing lately is a much bigger number of people located in this state are getting caught up in consumer credit card debt because of how awful the economy is. For such people a debt settlement program can end up being quite helpful. [Read more...]

Student Loan Forgiveness For Teachers


Student Loan Forgiveness For Teachers – How Does It Work?

By Stephen Bis

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Credit Card Debt Soars As Does Student Loan Debt Find Relief For Both Today



Credit Card Debt Decreases, But Cards Still Used Widely (via Credit.com)

Consumers throughout the nation appear to be bettering their payment habits for credit cards, and in turn, improving their credit scores, as a report by Demos indicates average credit card debt dropped in the first few months of 2012 compared to the last report conducted in 2008. According to the…

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Creditinfocenter Releases Android Credit Repair App



Creditinfocenter Releases Android Credit Repair App (via PR Newswire)

PHOENIX, April 18, 2012  /PRNewswire/ — Credit Info Center, the leader in online personal finance self-help information, announces the release of a free credit repair Android app. The app allows users to browse through the process of credit repair, divided into 4 easy-to-understand steps. The new…

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Consumers Paying Credit Card Debt Instead of Mortgages



Consumers Paying Credit Card Debt Instead of Mortgages (via Credit.com)

The latest Credit Risk Index from the credit monitoring bureau TransUnion recently found that consumer credit risk rose at the end of last year for the first time since 2009, and a major driving factor in that uptick was delinquency on mortgage payments, according to a report from Your Money Matters…

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Debt Reduction Law Firms The Truth Exposed

Video originally posted at Debt settlement law firm

The truth is finally out about companies who claim to be a law firm and offer debt relief services to people desperate for help. On Monday July 9th the Illinois Attorney General along with the Illinois Department of Financial and Professional Regulation announced its settlement with Legal Helpers Debt Resolution LLC. According to the suit brought against the law firm by Lisa Madigan, which was filed in March 2011, the law firm unlawfully charged its clients upfront fees to provide debt settlement services with promises to rid them of their debt. [Read more...]

Video About Debt Reduction Services

Editors note: Entertaining but yet educational video about debt reduction programs. It may seem strange at first but the cartoon man definitely makes you understand where he is going with it and you will know more about debt reduction after watching it. [Read more...]