Recession's Effects Intensify in Cities

/PRNewswire/ -- Cities' finances continue to weaken under the strain of the recession, resulting in cities being less able to meet their fiscal needs in 2011 and beyond. According to the National League of Cities' annual report on cities' fiscal conditions, financial officers report the largest spending cuts and loss of revenue in the 25-year history of the survey.

In the research brief, "City Fiscal Conditions in 2010" (http://nlc.staging.10floor.com/ASSETS/AE26793318A645C795C9CD11DAB3B39B/RB_CityFiscalConditions2010.pdf), 87% of city finance officers report their cities are worse off financially than in 2009. City revenues - as generated in property, sales, and income taxes - will decline -3.2% in inflation-adjusted dollars according to finance officers. To compensate, city officials are cutting back spending, with expenditures declining by -2.3%. These are the largest cutbacks in spending in the history of the survey and the fourth year in a row that revenue declined.

Financial pressures are forcing cities to layoff workers (79%), delay or cancel capital infrastructure projects (69%), and modify health benefits (34%). There were also significant increases in the number of officers reporting across-the-board services cuts (25%) and public safety cuts (25%). Public safety is usually reduced only as a last resort option.

"This historic recession has forced city officials to make difficult decisions that impact the social and economic fabric of their communities," said Ronald O. Loveridge, mayor of Riverside, CA and president of NLC. He continued, "This recession is making city officials fundamentally rethink and repurpose the provision of services in their communities. Some are innovating and finding creative solutions but, regrettably, without the necessary resources, cities will continue to have a difficult time assisting their residents through these trying economic times."

The ongoing weakness in the housing market, along with poor retail sales, has reduced the available revenue by significant margins. The responses from the finance officers clearly illustrate that the effects of the economic crash are intensifying in cities. Because most tax revenue is collected at specific points during the year, and since it takes time for housing assessments to catch up to current values, cities will still be feeling the full effect of the downturn in 2011. The national economy's slow recovery to date also means the recession's effects will potentially linger in cities for several more years.

"These stark numbers continue the trend we've been seeing for the past several years: lower revenue and reduced services at a time when there is an increased demand for services," said co-author Christopher Hoene, director of the Center for Research and Innovation for the National League of Cities. He continued, "Unfortunately, because of the loss in revenue, cities will face even more difficult circumstances in the months, if not years, to come."

Cities have been forced to confront low consumer spending, unemployment, and cuts in state aid that have severely affected the types of services and the manner in which they are offered by cities. In response, many cities are revisiting the range of services provided and looking for new service-delivery models in order to balance budgets and minimize the impacts of cuts on residents.

"While certain segments of the economy may be under recovery, cities as a whole are not yet experiencing growth," said co-author Michael A. Pagano, dean of the College of Urban Planning and Public Affairs at the University of Illinois at Chicago. He continued, "As a consequence, cities are facing very serious financial hurdles right now in providing basic public services."

NLC conducts the survey each year in partnership with the University of Illinois at Chicago's College of Urban Planning and Public Affairs, a nationally recognized innovator in education, research, and engagement in support of the nation's cities and metropolitan areas. Michael A. Pagano, Dean of the College, has helped conduct the survey and author the report since 1991.

The National League of Cities is the nation's oldest and largest organization devoted to strengthening and promoting cities as centers of opportunity, leadership and governance. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.

Through its Center for Research and Innovation, NLC develops, conducts and reports research on issues affecting cities and towns. The Center assists cities and their leaders to implement innovative practices by providing qualified information and technical assistance.

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Jekyll Island Authority Board Boasts Bright Outlook at Annual Meeting

/PRNewswire/ -- The Jekyll Island Authority (JIA) Board along with executive staff members of the JIA met for its regular monthly meeting. As the designated Annual Meeting, election of new board officers was held. Chairman Bob Krueger has been reappointed to an additional term as Board Chairman by Governor Perdue, Steve Croy was re-elected as Vice Chairman and Mike Hodges was reelected Secretary. Revitalization updates were briefly presented along with reports from the finance, personnel and marketing committees.

"I'm pleased to continue the important work of Jekyll revitalization," said Krueger. "We are in a critical stage, but with the support of this dedicated board, excellent staff and a superb plan I have no doubt that we will accomplish our goals and restore Jekyll Island to its proper place as a premier and unique public beach destination."

Revitalization construction plans on the Flash Foods gas and convenience store and Dairy Queen Grill & Chill restaurant are moving forward. Robert Williams, the Director of Maintenance and Construction for Flash Foods out of Waycross, GA, presented a revised construction plan at the board meeting. Construction has not progressed as quickly as planned due to construction priorities within Flash Foods. The construction is now slated for a completion by January 2011.

Good news was reported on the current state of the JIA's finances, giving this fiscal year a positive start. Revenues for July 2010 exceeded July 2009 revenues by 9% and hotel revenue was up 23%. The largest increases for JIA operations were achieved at the Georgia Sea Turtle Center, Summer Waves Water Park and the parking fees collected at the Greeting Station.

"July is a crucial month for Jekyll financially," said Mike Hodges, Chair of the Finance Committee. "I'm pleased to see such a significant increase in Jekyll Island's earnings in spite of tough economic times."

In addition to the solid financial report, two of Jekyll Island's resorts were acknowledged for their recent awards. The Jekyll Island Days Inn &Suites was the recipient of the Smith Travel Research (STR) Best Performing Award for the Economy Chain Segment as the number one hotel out of 10,000 in its class. Pinkerton & Laws of Georgia, Inc. received the Associated Builders and Contractors, Inc. (ABC) Excellence Award in the commercial $5-$15M category for the construction of the Jekyll Island Hampton Inn & Suites.

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Postal Service Ends Third Quarter With $3.5 Billion Loss

/PRNewswire/ -- The U.S. Postal Service ended the third quarter of fiscal year 2010 (April 1 - June 30) with a net loss of $3.5 billion, compared with a net loss of $2.4 billion for the same quarter last year. Third-quarter mail volume totaled 40.9 billion pieces - down approximately 700 million pieces, or 1.7 percent, compared to a year ago.

Complete USPS third-quarter results include operating revenue of $16 billion, some $294 million less than the same period last year, and operating expenses of $19.5 billion, an increase of $789 million, or 4.2 percent, over the third quarter last year.

The increase in operating expenses was attributable largely to higher workers' compensation expenses due to a non-cash fair value adjustment and higher retiree health benefits expenses. Lower interest rates adversely affected the workers' compensation liability, resulting in a $2 billion expense for the quarter - $870 million higher than the same quarter last year.

A significant portion of USPS losses in the past few years has been due to an unprecedented decline in mail volume - down by more than 20 percent since 2007. The replacement of letter mail and business-transactions mail by electronic alternatives continues to cause downward pressure on mail volume.

The organization's financial situation is compounded by its obligation to pay $5.4 billion to $5.8 billion annually to prefund retiree health benefits. This requirement, established in the Postal Accountability and Enhancement Act of 2006 (PAEA), is an obligation unique to the Postal Service.

Liquidity remains a major concern as the end of the fiscal year approaches. Although cash flow appears to be sufficient for 2010 operations, it is uncertain whether cash flow, together with maximum available borrowing of $3 billion, will be enough to fund the Congressionally-mandated $5.5 billion payment to the Retiree Health Benefit Fund on September 30 and retain sufficient liquidity into 2011, according to Joseph R. Corbett, the Postal Service's Chief Financial Officer.

"Given current trends, we will not be able to pay all 2011 obligations," said Corbett. "Despite ongoing aggressive cost reductions totaling over $10 billion in the last three years, it is clear that a liquidity problem is looming and must be addressed through fundamental changes requiring legislation and changes to contracts."

The Postal Service has incurred net losses in 14 of the last 16 fiscal quarters. The fiscal 2010 year-to-date net loss is $5.4 billion, compared to a loss in the same period last year of $4.7 billion.

Postmaster General John Potter noted that despite the cost-cutting, the Postal Service has continued to maintain a high level of customer service. The third-quarter service score for overnight single-piece First-Class Mail was 96.7 percent on-time, an improvement of 0.4 percent from the same period last year.

"Our dedication to customer service remains a top priority," Potter said. "We continue to provide dependable customer service even as we focus on reducing costs. With the dedicated efforts of our entire organization, we are well on track to achieve approximately $3 billion in total cost reductions in 2010," said Potter.

Cost reductions center on initiatives to improve efficiency and match work hours to reduced mail volume. Other savings are coming from consolidating excess capacity in mail processing and transportation networks, realigning carrier routes, delaying construction of new postal facilities and a variety of other initiatives.

Work hours were reduced by 63 million in the first three quarters of fiscal 2010, or 6.6 percent compared to the first three quarters of 2009. That is the equivalent of about 36,000 full-time employees.

"Securing the fiscal stability of the Postal Service will require continued efforts in all of these areas, as well as further review of retiree health benefit prefunding," said Potter. "It also will require that the Postal Service gain flexibility within the law to move toward five-day delivery, to adjust our network as needed, to develop new products the market demands, and to work with our unions to meet the challenges ahead."

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Synovus Reaffirms Capital Position

(BUSINESS WIRE)--In response to recent questions, Synovus Financial Corp. (NYSE: SNV) today (November 13) reaffirms that it is not under a regulatory requirement to raise additional capital. The company’s capital position remains strong. Synovus is considered well-capitalized by regulatory standards and its ratios compare favorably to those of its peers. As of September 30, 2009, Synovus’ Tier 1 Capital Ratio was 10.48 percent compared to the regulatory minimum of 6.00 percent to be considered well-capitalized. The company’s Total Risk-Based Capital Ratio of 13.84 percent is well above regulatory minimums of 10.00 percent.

Synovus Chairman and CEO Richard Anthony commented, “Synovus continues to manage credit in a proactive and aggressive manner. Given our strength of capital combined with our continued focus on disposing of non-performing assets and improvements in core operating results, we remain confident in our belief that we have the opportunity to achieve profitability during 2010.”

Forward Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, our statements regarding our belief in our opportunity to achieve profitability during 2010 and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward- looking statements in this press release and our filings with the Securities and Exchange Commission. Many of these factors are beyond Synovus’ ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this press release and our filings with the Securities and Exchange Commission include the factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.

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Atlanta CFOs Report on Second-Quarter Hiring Outlook

/PRNewswire/ -- Seven percent of chief financial officers (CFOs) in the Atlanta area expect to add accounting and finance staff during the second quarter of 2009 and 7 percent anticipate reductions in personnel, according to the most recent Robert Half International Financial Hiring Index. The majority of respondents, 85 percent, anticipate no change in hiring.

The local results reflect a two-quarter rolling average based on interviews with 200 CFOs from a stratified random sample of companies in the Atlanta area with 20 or more employees; 1,400 CFOs were queried for the national data. (To view the national results, visit http://www.roberthalf.com/PressRoom.) The studies were conducted by an independent research firm and developed by Robert Half International, the world's first and largest staffing services firm specializing in accounting and finance. Robert Half has been tracking financial hiring activity in the United States since 1992.

"While many companies are maintaining current staffing levels, some are bringing in project professionals, including for senior-level positions, to ensure the completion of key initiatives and assist with rising workloads," said Andy Decker, regional vice president for Robert Half International in Atlanta. "Demand also persists for credit and collections and accounts receivable staff."

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Delta Community Credit Union Shares Earnings with Customers

/PRNewswire/ -- Delta Community Credit Union, Georgia's largest credit union, believes in sharing its financial successes with its customers. A strong capital base and solid financial results in 2008 enabled the credit union to give back approximately $5.0 million to its members as a Patronage Reward and to further strengthen its capital position, which remains significantly above the regulatory target for well-capitalized status.

Under the Patronage Reward, customers earned additional deposit dividends or loan rate rebates based on the amount of business they conducted with the credit union last year. Customers who maintained positive balances in checking, savings, money market and IRAs received a bonus equal to 4.50 percent of the total dividends they earned on those accounts during 2008. Borrowers in good standing received a rebate equal to 2.50 percent of the interest they paid on their loans during the same period.

"The Patronage Reward is just one of the many ways Delta Community gives back to our customers and the communities we serve," said Rick Foley, President and CEO. "In 2008, we opened six new branches and introduced several new products, including the well received 4.50 percent APY StandingStrong CD. We also awarded three scholarships to high school seniors, honored ten young 'Hometown Heroes' for their contributions to the community and gave more than $200,000 to Children's Miracle Network."

"Sharing our earnings with our members is one important difference between Delta Community Credit Union and other financial institutions," Foley continued. "In light of the current economic climate, we believe it's a difference that is more important than ever."

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Chrysler LLC Statement Re Federal Assistance Received

Chrysler Chairman and CEO Bob Nardelli said on behalf of the leadership team, that he was pleased to report that the Company's discussions with the Treasury Department have been completed, and that today (January 2), Chrysler received an initial $4 billion loan to help bridge the current financial crisis.

"We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents who worked with us to meet the loan requirements. This initial loan will allow the Company to continue an orderly restructuring, while pursuing our vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again."

Cerberus Capital Management, LP, informed the Company that productive discussions continue between Chrysler Financial and the U.S. Treasury Department regarding Chrysler Financial's loan and a closing is expected in due course.

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GMAC Receives $5.0 Billion Investment from the U.S. Treasury

/PRNewswire/ -- GMAC Financial Services today announced that it has sold $5.0 billion of GMAC's preferred membership interests and warrants to the U.S. Department of the Treasury as a participant in the Troubled Assets Relief Program established under the Emergency Economic Stabilization Act of 2008. The sale was completed today.

GMAC also announced that General Motors Corp. (GM) and an affiliate of Cerberus Capital Management contributed to GMAC the $750 million subordinated participations in the $3.5 billion senior secured credit facility, as amended, between GMAC and Residential Capital, LLC in exchange for new common equity of GMAC. In addition, GMAC announced that GM and an affiliate of Cerberus Capital Management entered into agreements to purchase $1.25 billion of new common equity. The U.S. Treasury and GM intend to enter into an agreement for the Treasury to fund GM's share of the new common equity.

GMAC also announced that the conditions to its previously announced separate private exchange offers and cash tender offers have been satisfied and that GMAC has accepted all of the validly tendered GMAC old notes and ResCap old notes. The GMAC offers and the ResCap offers are expected to settle promptly.

GMAC received approval of its bank holding company application from the U.S. Federal Reserve Board on Dec. 24, 2008. As a bank holding company, GMAC has improved access to funding to provide financing to consumers and businesses. In particular, the company intends to act quickly to resume automotive lending to a broader spectrum of customers to support the availability of credit to consumers and businesses for the purchase of automobiles.

About GMAC Financial Services

GMAC Financial Services is a global finance company operating in and servicing North America, South America, Europe and Asia-Pacific. GMAC specializes in automotive finance, real estate finance, insurance, commercial finance and online banking. As of Dec. 31, 2007, the organization had $248 billion in assets and serviced 15 million customers. Visit the GMAC media site at http://media.gmacfs.com/ for more information.

Forward-Looking Statements

This press release contains various forward-looking statements within the meaning of applicable federal securities laws, including the Private Securities Litigation Reform Act of 1995, that are based upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.

The words "expect," "anticipate," "initiative," "plan," "intend," "may," "would," "could," "should," "believe," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in or incorporated by reference into this press release, other than statements of historical fact, including, without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially due to numerous important factors that are described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2007, as updated by our subsequent Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. Many of these risks, uncertainties and assumptions are beyond our control, and may cause our actual results and performance to differ materially from our expectations. Factors that could cause our actual results to be materially different from our expectations include, among others, the settlement date of the GMAC offers and the ResCap offers and the success, or lack thereof, of the transactions and other initiatives described in this press release. Accordingly, you should not place undue reliance on the forward-looking statements contained or incorporated by reference in this press release. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.

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Consumer Confidence Study Shows Americans Pulled Back on Spending Long Before Economic Crisis Hit

/PRNewswire/ -- Consumer confidence and spending began slowing as early as Spring 2007, according to a recent analysis by Experian Marketing Services, a part of global information company Experian. The analysis, based on data from Experian(R) Simmons(SM) and Experian Hitwise(R), found that from Spring 2007 to Summer 2008, the percentage of U.S. adults who felt they would be financially better off in the next year dropped considerably from 46 percent to 37 percent.

The analysis, which compared the self-reported economic confidence and spending habits of adult Americans along with online site traffic and searches on major purchase items, revealed consumer behaviors to be a strong indicator of a downturn months before the current economic crisis. Not only did the percentage of confident consumers slump, but the number of adults who felt they would be worse off in the coming year grew by 9 percent to 22 percent.

"Our data shows a clear indication that the preferences and behaviors of consumers trended toward a slowdown well before the economic woes experienced over the past few months," said Joe Paulsen, general manager of Consulting and Analytics for Experian Marketing Services. "Having this level of insight into the confidence levels and buying behaviors of consumers is critical for businesses seeking to better understand and communicate with their customers during challenging economic times."

The analysis also found that:

-- Households earning $250,000 or more were the fastest to abandon the notion they would be somewhat or significantly better off in the coming year, dropping by 40 percent from Spring 2007 to Summer 2008

-- Middle- and upper-middle-income Americans (incomes ranging from $50,000 to $249,000) had the largest declines among those who planned to purchase big- or medium-ticket items within the next month, falling nearly 25 percent

-- From October 2006 to October 2008, overall visits to retail Web sites slowed, with a 4 percent year-over-year decline

-- During the same time period, overall visits to Web sites in the travel category were down 10 percent year-over-year

-- Online searches for major electronic items saw significant, year-over-year decreases, with "televisions" down 33 percent, "laptops" down 48 percent and "computers" down 57 percent

-- While online interest in big-ticket purchases decreased, visits to grocery Web sites are up 29 percent, and visits to coupon Web sites are up 27 percent

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Regions Program Helps Keep Residential Mortgage Foreclosures Low

(BUSINESS WIRE)--Regions Financial Corporation (NYSE:RF) today announced that it has reached out to over 103,000 residential first mortgage and home equity customers in the first year of its program to help customers avoid hardship. As a result, Regions has taken steps including renegotiating the terms of mortgages, keeping families in their homes and allowing the company to maintain a foreclosure rate of less than one percent for residential first mortgages.

“We have always taken a very proactive approach to ensure that customers who encounter financial difficulty know that they have options and we want to work with them,” said David Rupp, Regions’ senior executive vice president, Consumer Services. “Foreclosure is always a last resort and we continue to work with all customers to help them stay in their homes whenever possible. In fact, our foreclosure rate is less than half the national average.”

Regions launched its extensive Customer Assistance Program (CAP) for troubled borrowers in late 2007, well before the full effects of the credit crisis were realized by most consumers and businesses. Through this comprehensive program, the company has taken the initiative to help distressed borrowers on a variety of fronts, including:

Proactive solutions

* Contacting customers with adjustable rate mortgages six months prior to rate adjustments to discuss modification of their existing loan or the establishment of a new loan.
* Identifying loans that may qualify for the FHA Secure home loan program.
* Training customer service associates in finding options for distressed borrowers.

Customer communication

* Distributing information flyers for branches and special mailings providing contact information and loss mitigation options.
* Producing DVDs addressing payment hardship assistance.
* Posting detailed information about assistance available to homeowners on the Regions.com website.

Community-based partnerships

* Implementing the Hope for Homeowners Program, a HUD initiative that provides a refinance option for borrowers who are current or delinquent on their mortgage with a proven inability to make the monthly mortgage payment.
* Funding efforts by NeighborWorks, a nonprofit agency offering borrowers counseling and additional assistance.
* Participating in local foreclosure prevention clinics sponsored by third parties, such as HUD.

Regions does not originate subprime mortgages, option ARMs, negative amortization mortgages or mortgages with below market introductory rates. These are the kinds of mortgages that have been primarily responsible for the rising number of foreclosures throughout the country.

“Regions has a strong record of responsible lending, and in its first year this program has provided even greater resources and options for our borrowers,” said Rupp. “In situations where we hold the first mortgage and can negotiate with willing customers, we are doing all that we can to keep people in their homes.”

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Ford Sells a Portion of Its Stake in Mazda; Two Companies Will Continue Strategic Relationship

-- Ford Motor Company said it will sell a portion of its ownership stake in Mazda Motor Corp., and the two companies will continue their successful strategic relationship. The ratio of Ford's ownership of Mazda stock has been reduced from 33.4 percent to just over 13 percent.

-- The action is in line with Ford's plan to strengthen its balance sheet and ensure it has the resources to fund its product-led transformation plan focusing on the Ford brand worldwide.

-- Under the new agreement, Ford and Mazda will continue their ongoing joint ventures, as well as the sharing of platforms and powertrains. Ford and Mazda's nearly 30-year relationship has been and continues to be an effective way to utilize the resources of both organizations and maximize joint synergies.

-- The divestiture of Ford's shares in Mazda will be accomplished both through the sale of shares to Mazda and the sale of shares to a group of Mazda's strategic business partners.

/PRNewswire-FirstCall/ -- Ford Motor Company (NYSE:F) today announced it has entered into an agreement to sell a portion of its stake in Mazda Motor Corp. and that the two companies will continue their successful strategic relationship that spans nearly 30 years.

In line with Ford's plan to strengthen its balance sheet and ensure it has the resources to implement its product-led transformation plan focusing on the Ford brand worldwide, the company said it is reducing its stake in Mazda from 33.4 percent to just over 13 percent.

Under the agreement, the divestiture of Ford's shares in Mazda will be accomplished both through the sale of shares to Mazda and the sale of shares to a group of Mazda's strategic business partners. The sales of the Mazda shares will net Ford approximately $540 million.

"This agreement allows Ford to raise capital that will help fund our product-led transformation, and at the same time, allows Ford and Mazda to continue our successful strategic relationship in the best interest of both companies," said Ford President and CEO Alan Mulally. "Ford will continue to focus on the Ford brand worldwide and deliver the products our customers really want and value."

Ford and Mazda will continue their ongoing joint ventures, as well as the sharing of platforms and powertrains. Ford will remain Mazda's largest shareholder and will maintain a seat on Mazda's Board of Directors.

"The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda's strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives," said Mazda Chairman, President and CEO Hisakazu Imaki. "We will continue our strategic relationship through our ongoing joint ventures with Ford, as well as the sharing of platforms and powertrains."

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The Board Of Directors Of The Coca-Cola Company Declares Quarterly Dividend; Elects Tuggle As Officer

(BUSINESS WIRE)--The Board of Directors of The Coca-Cola Company today declared a regular quarterly dividend of 38 cents per common share. The dividend is payable Dec. 15, 2008, to shareowners of record as of Dec. 1, 2008.

The Board also elected Clyde Tuggle as a senior vice president of the Company. Mr. Tuggle leads the Company's productivity efforts and oversees the Company’s Public Affairs and Communications and Strategic Security and Aviation functions. Prior to this newly created role, Mr. Tuggle served as president of the Russia, Ukraine and Belarus Business Unit.

A 19-year veteran of the Company, Mr. Tuggle has twice held the role of executive assistant to the Chairman and Chief Executive Officer. From 1998 to 2000, he worked in the Central European Division, first as director of operations development and deputy to the division president, and then as region manager for Austria. Mr. Tuggle was named Worldwide Communications director in 2001 and served as director of Worldwide Public Affairs and Communications from 2002 to 2005.

Mr. Tuggle has a bachelor’s degree in German and economics from Hamilton College, a master’s degree from Yale University and has completed the executive program at the University of Virginia’s Darden Business School.

The Coca-Cola Company is the world's largest beverage company, refreshing consumers with more than 450 sparkling and still brands. Along with Coca-Cola, recognized as the world's most valuable brand, the Company's portfolio includes 12 other billion dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, POWERade, Minute Maid and Georgia Coffee. Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate of 1.5 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate. For more information about our Company, please visit our website at www.thecoca-colacompany.com.

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AGL Resources to Host Third-Quarter 2008 Earnings Conference Call and Webcast

PRNewswire-FirstCall/ -- AGL Resources Inc. (NYSE:ATG) will release its third-quarter 2008 earnings results before the market opens on Thursday, October 30, 2008. The company will hold a conference call to discuss its results on the same day at 8:30 a.m. (ET).

The conference call will be webcast, and can be accessed via the investor relations section of the company's Web site (www.aglresources.com), or by dialing 866/825-1692 in the United States or 617/213-8059 outside the United States. The confirmation code is 45859355. A replay of the conference call will be available by dialing 888/286-8010 in the United States or 617/801-6888 outside the United States, with a confirmation code of 78383201. A replay of the call also will be available on the investor relations section of the company's Web site for seven days following the call.

About AGL Resources

AGL Resources (NYSE:ATG) , an Atlanta-based energy services company, serves approximately 2.3 million customers in six states. The company also owns Houston-based Sequent Energy Management, an asset manager serving natural gas wholesale customers throughout North America. As a 70 percent owner in the SouthStar partnership, AGL Resources markets natural gas to consumers in Georgia under the Georgia Natural Gas brand. The company also owns and operates Jefferson Island Storage & Hub, a high-deliverability natural gas storage facility near the Henry Hub in Louisiana. For more information, visit www.aglresources.com.

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CarMax Announces Workforce Reduction

(BUSINESS WIRE)--CarMax, Inc. (NYSE:KMX) today (October 1, 2008) announced that, as a part of its ongoing plan to control costs and enhance its long-term competitive position, it is reducing its service operations workforce by more than 600 associates. The reductions are being made in a majority of the company’s production superstores, where vehicles are reconditioned.

About a third of the reductions are being made in response to the company’s previously reported lower sales. "Since Memorial Day, we have taken significant steps forward in aligning our costs with current sales levels," said Tom Folliard, president and chief executive officer. "Since that time, we have achieved our store staffing objectives in most departments, but it was necessary to make further reductions in service operations in order to reach these staffing goals."

As part of the company’s long-term initiative to decrease costs in the reconditioning area, CarMax is restructuring its cosmetic operations, which resulted in the remaining reductions. "We believe the steps announced today represent important progress toward our multi-year goal of taking costs out of the reconditioning process while maintaining vehicle quality," said Folliard.

"This was a difficult but necessary decision for us to make," said Folliard. "To ease the transition into the job market for these associates, we are offering severance packages, meeting with them individually to explain the decision and providing them with important information about benefits and pay." In connection with the reductions, the company estimates that it will incur approximately $7 million of severance costs, which will be included in selling, general and administrative costs in the third quarter ended November 30, 2008.

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Immucor Announces Record Fiscal First Quarter Results

PRNewswire-FirstCall/ -- Immucor, Inc. (NASDAQ:BLUD) , a global leader in providing automated instrument-reagent systems to the blood transfusion industry, today reported financial results for the fiscal first quarter ended August 31, 2008. Our first quarter 2009 results include the results of BioArray Solutions beginning August 4, 2008, the date the acquisition was consummated.

Revenue for the fiscal first quarter was a record $73.2 million, up 15% from $63.6 million in the same period last year. Of the $9.6 million total increase in revenues, approximately $7.3 million came from price increases in the United States, approximately $2.5 million came from sales increases including instrument revenues outside the United States, and approximately $2.0 million of the increase is due to the effect of the change in the Euro, Japanese Yen and Canadian dollar exchange rates. Partially offsetting these increases were volume decreases of approximately $2.2 million in the United States comprised of instrument increases of approximately $2.5 million offset by reagent decreases of approximately $3.2 million and a decrease in collagen revenues of approximately $1.5 million resulting from our previously announced decision to cease collagen production. Gross margin was 73.0% in the quarter compared to 72.1% in the prior year quarter.

Net income for the first quarter of fiscal 2009 was a record $20.0 million, up from $17.8 million for the same quarter last year. Diluted earnings per share totaled $0.28 on 71.2 million weighted average shares outstanding, as compared with $0.25 on 71.1 million weighted average shares outstanding for the same period last year.

Instrument revenue was $8.6 million in the first quarter of fiscal 2009, a 68% increase from $5.1 million in the fiscal 2008 first quarter. As of August 31, 2008, deferred instrument revenues, including deferred service revenues, totaled $23.9 million. The revenues on most instrument sales in the United States are recognized over the life of the underlying reagent contract, which is usually 5 years. However, we record the entire cost of sales on an instrument when our contractual obligations related to the sale of the instrument are completed.

Reagent gross margin excluding molecular immunohematology was 80.6% during the first quarter of fiscal 2009 and in the same period last year.

"We are very pleased with our record quarterly financial results and the number of Echo orders received in North America," said Dr. Gioacchino De Chirico, President and Chief Executive Officer. "In the first quarter we received a total of 124 Echo orders, 108 in North America and another 16 Echo orders in the rest of the world. We also received orders for 2 Galileo instruments in North America in the first quarter, and another 10 Galileo orders in the rest of the world for a total of 12 in the quarter." Commenting further, Dr. De Chirico stated, "All-time highs were achieved in revenues, and net income for the quarter as our strategies to grow our business and the execution of our plan once again generated outstanding results." As of August 31, 2008 the Company had received orders for a total of 586 Galileo instruments worldwide, including 323 in Europe, 259 in North America and 4 in Japan, and approximately 553 of these instruments were generating reagent revenues, an increase of 16 in the quarter. As of August 31, 2008 the Company had received orders for a total of 378 Echo instruments worldwide, including 67 in Europe, 304 in North America and 7 in Japan, and approximately 129 of these Echo instruments were generating reagent revenues which is an increase of 38 in the quarter."

Selected Highlights

-- Summary of Instrument Orders

Q1 2009 Orders Cumulative
Instrument N.A.(1) ROW(2) Total Orders (3)
Echo 108 16 124 378
Galileo 2 10 12 586

(1) N.A. - North America (the U.S. and Canada)
(2) ROW - all parts of the world other than North America.

(3) Cumulative Orders - total orders received since the launch of the instrument.

-- Sales of traditional reagent products (i.e. products not using the Company's patented Capture(R) technology), increased $4.2 million, or 9%, from $45.1 million in the first quarter of fiscal 2008 to $49.3 million in the first quarter of fiscal 2009. Sales of Capture products increased approximately $3.2 million to $15.2 million, a 27% increase over the prior year quarter.

-- The gross margin on traditional reagents was 78.7% for the first quarter of 2009, compared with 79.6% in the prior year quarter. The gross margin on Capture(R) products was 86.7% for the fiscal year 2009 first quarter, compared with 84.6% in the prior year quarter.

-- Instrument revenue totaled $8.6 million in the first quarter of fiscal 2009 compared to $5.1 million in the first quarter of fiscal 2008, an increase of 68%. The gross margin on instruments, including the impact of the cost of providing service, was 17.4% for the fiscal year 2009 first quarter, compared to a negative 4.1% for the same quarter last year.

-- The effect on revenues of the change in the Euro, Japanese Yen and Canadian dollar exchange rates was an increase of approximately $2.0 million for the first quarter of fiscal 2009 as compared to the prior year first quarter. The effect on net income of the change in the Euro, Japanese Yen and Canadian dollar exchange rates was an increase of approximately $0.4 million in the quarter ended August 31, 2008 as compared to the prior year quarter.

-- Distribution expenses increased by $0.8 million in the first quarter of fiscal 2009 as compared to the prior year quarter. Distribution costs were impacted in the United States by higher shipping costs of $0.2 million, higher salaries and benefits of $0.1 million, higher depreciation of $0.1 million, and higher rent and utilities of $0.1 million. New affiliates in France and the U.K. contributed $0.1 million of the increase.

-- Selling and marketing expenses increased by $1.9 million in the first quarter of fiscal 2009 as compared to the prior year quarter. Selling and marketing expenses in the United States other than those associated with BioArray increased $0.4 million primarily due to higher salaries. Japan contributed $0.2 million of the increase, BioArray contributed $0.2 million and costs associated with our new affiliates in France and the U.K. contributed $0.7 million.

-- General and administrative expenses increased by $1.6 million for the first quarter of fiscal 2009 as compared to the prior year quarter. General and administrative expenses were primarily impacted by additional costs of $0.7 million from our new affiliates in France and the U.K. and BioArray costs of $0.3 million. In the United States costs other than those associated with BioArray increased $0.3 million.

-- Research and development expenses decreased by $0.2 million in the first quarter of fiscal 2009 as compared to the prior year quarter primarily due to lower consulting fees of $0.4 million which were partially offset by BioArray which contributed $0.3 million in additional research and development expense.

-- Total BioArray operating expenses of $1.1 million included research and development costs of $0.3 million, selling and marketing expenses of $0.2 million, general and administration costs of $0.3 million, and amortization of $0.3 million.

-- Overall, operating expenses increased by $4.0 million in the first quarter of fiscal 2009 as compared to the prior year first quarter primarily as a result our new affiliates in France and the U.K. which contributed $1.5 million, BioArray which contributed $1.1 million, and $1.0 million due to the effect of the change in the Euro, Japanese Yen and Canadian dollar exchange rates. Partially offsetting these cost increases was a reduction of $0.5 million in restructuring costs.

-- The effective tax rate of 35.4% for the first quarter of fiscal 2009 was positively impacted by certain provision to return true-up adjustments totaling approximately $0.4 million that will not be recurring in future quarters of the fiscal year. Excluding these adjustments, the effective tax rate for the first quarter of fiscal 2009 would have been 36.6% compared to 36.4% in the prior year quarter.

-- Cash flow from operations was strong at $21.6 million in the quarter. Cash and cash equivalents decreased $86.0 million to $89.1 million at the end of the first quarter of fiscal 2009 compared to $175.1 million at May 31, 2008 primarily as a result of our BioArray acquisition, which the Company funded with $108.2 million of cash.

After incorporating BioArray in the previous guidance for the fiscal year ending May 31, 2009 as disclosed in its press release dated June 4, 2008, Immucor now expects fully diluted earnings per share in the range of $0.94 to $0.98 for fiscal year 2009. We continue to expect revenues for the fiscal year ending May 31, 2009 to range from $292 million to $300 million. Gross margin is expected to be in the range of 70% to 71%.

Immucor, Inc. will host a conference call October 2, 2008 at 8:30 AM (EDT) to review these results. Investors are invited to participate in this conference call with Dr. Gioacchino De Chirico, President and Chief Executive Officer; Richard A. Flynt, Chief Financial Officer; and Edward L. Gallup, consultant. The call will focus on the results for the first quarter and general business trends. This earnings release will be posted on Immucor's website, as well as any material financial information that may be discussed by Messrs. De Chirico, Flynt or Gallup during this call that is not contained in the earnings release. Both this earnings release and the additional financial information, if any, will be posted as soon as practicable after the call on the investor news section of Immucor's website. To access this information once posted, go to Immucor's website at www.immucor.com and click on "About Us - Press Releases."

To participate in the telephone conference call, dial 1-888-324-7567 pass code BLUD. Replays of the conference call will be available for one week beginning at 12:00 PM on October 2, 2008 by calling 1-800-337-5610. Beginning October 9, 2008, audio of the conference call or a transcript of the audio will be available on the "About Us - Press Releases" page of the Immucor website.

Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of its market segments.

For more information on Immucor, please visit our website at www.immucor.com .

Statements contained in this press release that are not statements of historical fact are "forward-looking statements" as that term is defined under federal securities laws, including, without limitation, all statements concerning Immucor's expectations, beliefs, intentions or strategies for the future. Forward-looking statements may be identified by words such as "plans," "expects," "believes," "anticipates," "estimates," "projects," "will," "should" and other words of similar meaning used in conjunction with, among other things, discussions of future operations, financial performance, product development and new product launches, FDA and other regulatory applications and approvals, market position and expenditures. Factors that could cause actual results to differ materially from those expressed in any forward-looking statement include the following: lower than expected market acceptance of the Company's new Galileo Echo instrument; lower than expected market acceptance of the molecular diagnostic products produced by BioArray; the decision of customers to defer capital spending; the inability of customers to efficiently integrate our instruments into their blood banking operations; increased competition in the sale of instruments and reagents, particularly in North America; product development or regulatory obstacles, including obstacles related to the development of an automated instrument for the molecular diagnostic products produced by BioArray, and regulatory approval of that platform as well as the products currently produced by BioArray; the failure to effectively integrate BioArray operations into the Company's overall operations; the inability to hire and retain key managers; changes in interest rates; fluctuations in foreign currency conversion rates; the inability of the Company's Japanese and French subsidiaries to attain expected revenue, gross margin and net income levels; the outcome of any legal claims or regulatory investigations known or unknown, including intellectual property claims against BioArray; delays in regulatory approvals required to manufacture products previously produced in Houston; higher than expected manufacturing consolidation costs; the unexpected application of different accounting rules; and general economic conditions. In addition, the strengthening of the US Dollar versus the Euro, Canadian Dollar and Japanese Yen would adversely impact reported results. Investors are cautioned not to place undue reliance on any forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission. Immucor assumes no obligation to update any forward-looking statements.

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Third Annual Southeast Venture Conference Set for March 11-12th in Atlanta

PRNewswire/ -- The third annual Southeast Venture Conference (SEVC) is set for March 11-12th, 2009 at the Intercontinental Buckhead Hotel in Atlanta.

The SEVC is the opportunity for private equity investors to network with the most promising emerging growth companies in the southeast region and for pioneering entrepreneurs to make the connections that empower their companies to become tomorrow's business leaders.

The Southeast Venture Conference agenda will feature approximately 40 of the region's top private technology firms, a number of high profile speakers and exclusive panels geared to a national audience of venture capitalists, private equity investors, and executive entrepreneurs.

The SEVC has featured over 80 of the most dynamic technology and business speakers including names like craigslist founder Craig Newmark, Virginia's Governor and Nextel founder Mark Warner, former Apple CEO John Sculley, SAS CEO Dr. Jim Goodnight and Salesforce.com president Jim Steele to name a few.

Presenting companies will range from early stage firms seeking their first institutional round to later stage pre-IPO firms seeking expansion capital based in: Alabama, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and Washington DC.

The sold-out 2007 and 2008 SEVCs held in Research Triangle Park, NC and Tysons Corner, VA respectively -- featured over $80 billion in private equity investment capital in attendance.

"Thanks in large part to the diversity of technology innovation in the region, the Southeast United States now represents the world's 5th largest economy," said SEVC Executive Director Eric Gregg. "The SEVC brings the top emerging technologies from the Southeast together with the nation's top investors helping to fuel the region's continued growth across a number of industries."

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EarthLink Announces Second Quarter Results

PRNewswire-FirstCall/ -- EarthLink, Inc. (NASDAQ:ELNK) today announced financial results for its second quarter ended June 30, 2008. Highlights for the quarter include:

  -- Income from continuing operations of $57.7 million, or $0.51 per share
 -- Net income of $53.3 million, or $0.48 per share
 -- Adjusted EBITDA (a non-GAAP measure) of $80.5 million
 -- Free cash flow (a non-GAAP measure) of $78.5 million
 -- Increased full year Adjusted EBITDA (a non-GAAP measure) guidance to
    $275 million - $290 million

"With our focus on customers' full internet access lifecycle, the strength of the EarthLink brand and our aggressive cost management, we delivered better than expected results across the board," said EarthLink's chairman and chief executive officer Rolla P. Huff. "We are seeing favorable trends in many areas of the business including better than expected passive subscriber additions, lower customer churn from a more tenured customer base and significantly reduced operational costs. As a result, we are once again raising guidance for the full year."

"As our revised guidance also indicates, while we expect to see continued improvements in the business, we do not expect them to be at the magnitude of the prior quarters. We have successfully implemented the vast majority of the larger scale cost reduction initiatives in the restructuring activities initiated last August to optimize our business."

Total company revenues were $245.6 million, a 21.2 percent decrease compared to the second quarter 2007. This result was consistent with management's expectations, strategy and prior public comments that the company focus would be on loyalty and retention of its tenured Internet access subscribers. While this focus on higher value, but fewer subscribers resulted in a decline in revenues, these tenured users also demonstrated significantly lower support cost profiles as compared to newer subscribers. This contributed to the company generating significantly better operating margins and free cash flow (a non-GAAP measure), as noted below.

Profitability and Other Financial Measures

EarthLink continues to focus its business on a more profitable and tenured customer base. This allowed the company to realize a significant decrease in sales and marketing, as well as back office support expenses. EarthLink's sales and marketing expenses were reduced to $25.8 million in the quarter, versus $75.8 million in the second quarter of 2007. Also contributing to the year-over-year expense decrease were benefits realized from our 2007 restructuring activities.

Operations and customer service expense decreased 43.8 percent to $33.6 million compared to the second quarter of 2007. With the strategic focus on more tenured subscribers, EarthLink also benefited from lower bad debt and billing expense. This contributed to a decline in general and administrative expense to $23.8 million for the quarter, down 19.2 percent compared to the second quarter of 2007.

EarthLink reported $57.7 million, or $0.51 per share, in income from continuing operations in the second quarter of 2008, compared to a loss of $(7.0) million, or $(0.06) per share, in the second quarter of 2007. The significant improvement compared to the second quarter of 2007 was due to the revised strategy and focus noted above as well as $40.1 million in equity losses related to Helio that were recognized in the prior year quarter.

EarthLink generated Adjusted EBITDA (a non-GAAP measure, see definition in "Non-GAAP Measures" below) of $80.5 million for the second quarter of 2008, compared to $43.8 million in the second quarter of 2007. This increase was the result of the significant improvement in income from continuing operations noted above.

Net income was $53.3 million, or $0.48 per share, for the second quarter of 2008, compared to a net loss of $(16.3) million, or $(0.13) per share, for the second quarter of 2007. The company's second quarter 2008 results include a loss of ($4.4) million from discontinued operations for the municipal Wi-Fi assets, compared to a loss of $(9.3) million during the second quarter of 2007.

Balance Sheet and Cash Flow

Free cash flow (a non-GAAP measure, see definition in "Non-GAAP Measures" below) was $78.5 million during the second quarter of 2008 compared to $29.6 million during the second quarter of 2007. This improvement reflects the significant increase in Adjusted EBITDA in the second quarter 2008, coupled with a $12.2 million decrease in capital expenditures and subscriber acquisitions in the quarter compared to the prior year quarter.

EarthLink ended the second quarter with $441.6 million in cash and marketable securities, an increase of $121.6 million from March 31, 2008.

Non-GAAP Measures

Adjusted EBITDA is defined as income (loss) from continuing operations before interest income (expense) and other, net, income taxes, depreciation and amortization, stock-based compensation expense under SFAS No. 123( R ), net losses of equity affiliate, gain (loss) on investments in other companies, net, and facility exit, restructuring and other costs.

Free cash flow is defined as income from continuing operations before interest income (expense) and other, net, income taxes, facility exit, restructuring and other costs, stock-based compensation expense under SFAS No. 123( R ), net losses of equity affiliate, gain (loss) on investments in other companies, net, and depreciation and amortization, less cash used for purchases of property and equipment and purchases of subscriber bases.

Adjusted EBITDA and free cash flow are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with U.S. generally accepted accounting principles. Please refer to the Consolidated Financial Highlights for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with U.S. generally accepted accounting principles and Footnote 3 of the Consolidated Financial Highlights for a discussion of the presentation, comparability and use of such financial performance measures.

Business Outlook

These statements are forward-looking, and actual results may differ materially. See comments under "Cautionary Information Regarding Forward-Looking Statements" below. EarthLink undertakes no obligation to update these statements.

For the full year 2008, management is increasing its previously issued guidance. During the first six months of 2008, EarthLink's reputation for world-class customer service contributed to higher than expected passive subscriber additions and better than expected improvements in average monthly customer churn. Additionally, efforts to improve the company's cost structure have surpassed original expectations. As a result of these favorable developments but recognizing that the magnitude of cost improvements will be lower in the remainder of 2008, management now expects to generate income from continuing operations of $180 million to $195 million, Adjusted EBITDA of $275 million to $290 million, and free cash flow of $250 million to $270 million for the full year 2008.

Delta Air Lines Reports June 2008 Quarter Financial Results

Delta Air Lines (NYSE:DAL) today reported results for the quarter ended June 30, 2008.

Key points include:
• Delta’s net income for the June 2008 quarter excluding special charges was $137 million, or $0.35 per diluted share, despite a more than $1 billion year-over-year increase in fuel input costs related to higher prices.1,2,3 • Including special charges of $1.2 billion, Delta’s reported net loss for the June 2008 quarter was $1.0 billion, or $2.64 per diluted share. • Delta’s merger with Northwest Airlines is targeted to close during the fourth quarter of 2008. The company expects approximately $2 billion in annual merger-related synergies by 2012 with cash integration costs of approximately $600 million over three years. • As of June 30, 2008, Delta had $4.3 billion in unrestricted liquidity, including $1 billion available under its revolving credit facility.

Click here to download the file.

Delta Air Lines to Discuss Second Quarter 2008 Financial Results Via Webcast on July 16, 2008

Delta Air Lines (NYSE: DAL) will hold a live conference call and webcast to discuss its second quarter 2008 financial results at 10 a.m. EDT, July 16, 2008.

Richard Anderson - chief executive officer
Ed Bastian - president and chief financial officer

The conference call can be accessed via the Internet at http://www.delta.com/about_delta/investor_relations/webcasts/index.jsp

The webcast replay will be available until Aug. 16, 2008 at the same site shortly after the webcast is complete.

TSYS Signs Multi-Year Agreement with Globalcard of Mexico

BUSINESS WIRE --TSYS announced today that it has signed a payments processing agreement with Globalcard for the launch of its consumer card portfolio. Under terms of the agreement, TSYS will provide account processing services, risk management, portfolio management and reporting tools to Globalcard, a Mexican-based credit card company.

“TSYS has been a major player in the Mexican card market for more than 15 years, and we chose its team for their vast knowledge of our credit card industry,” said Juan Garay, general director of Globalcard. “As we seek to expand our offerings to include better technology and greater service, partnering with a knowledgeable, strategic partner such as TSYS is critical to our long-term success.”

“Our agreement with Globalcard demonstrates our continued commitment to the Mexican credit card market,” said M. Troy Woods, president and chief operating officer of TSYS. “This partnership also stands as an example of the solid international growth our company is achieving as we continue to expand our global presence.”

Financial terms of the agreement were not disclosed.