Archive for 'Small business'

Small Business Loans for Commercial Real Estate Don't Get Any Cheaper

Small Business Loans for Commercial Real Estate Don't Get Any Cheaper-Image via Wikipedia

The Small Business Administration’s (SBA) 504 loan program is providing long-term, fixed rate financing for commercial real estate and the purchase of long-term capital assets at the lowest interest rates since the program’s inception.  The SBA’s lending partners, Certified Development Companies (CDCs) are busy working with small business borrowers who are taking advantage of these great rates to finally purchase or build their own facilities or acquire long term capital assets such as equipment and machinery.

NADCO, the trade association for the nation’s Certified Development Companies (CDCs) reports that the interest rates for both the 20-year SBA 504 loan and the 10-year SBA 504 loan have hit record lows for projects funded in September 2011.

The debentures that funded this month’s 20-year 504 loans were sold to investors at an interest rate of 2.85 % falling below the previous low of 3.88 % in June of 2010.  The 10-year loan debentures were sold at an interest rate of 1.53 % which eclipses the previous low of 1.81 % in November 2010.

The official interest rates should be published by September 12, but it is expected that the low rates for the debenture sales this month will result in estimated effective interest rates for small business borrowers – including servicing fees – of only 4.69 % for a 20-year loan.  For a 10-year loan the estimated effective interest rate is a low 3.75 % for September.

Chris Crawford, NADCO President commented, “This is an incredible rate for a 20-year, fixed rate commercial loan, especially when you consider down payments can be as little as 10%.  For those small businesses that have been considering investing in their own facilities or upgrading their equipment, there has never been a better time to take advantage of these record low interest rates.  Also with commercial properties plentiful and the 20-year interest rate sitting at roughly 4.69 %, the 504 loan is an extremely attractive financing option right now.

The Small Business Administration’s (SBA) 504 loan program provides long-term, fixed rate financing for small business owners nationwide. Since the program’s inception 504 loans have funded over $62 billion in loans to over 130,000 small businesses.  In turn, those small businesses have created or retained over 2.1 million jobs for our national economy.   Certified Development Companies (CDCs) continue to work with small business owners who are taking advantage of these record low interest rates to purchase, build and expand their facilities or purchase capital intensive machinery and equipment.

SBA 504 loans are designed to cover up to 40 % of a project’s costs with a maximum of $5 million in funding, however, the CDC partners with a bank that provides 50% of the project financing and the borrower typically puts in 10% as a down payment.   SBA 504 loans can go as high as $5.5 million for manufacturing projects and most green projects.  In fact, more and more small businesses are seeing the benefit of retrofitting existing properties or building new facilities with energy savings technologies.  SBA 504 loans can fund up to $5.5 million on these projects.   When you add in the bank loan and the small business contribution, total project costs can sometimes go as high as $15 million if the bank decides to fund more than 50%.

There are still deals to be made on commercial properties that are currently on the market at very attractive prices.  If a small business has been considering investing in a building, now is a great time to act.  “With these historical low rates, and no up-front fees, business owners should act now. Our CDC members are working diligently with our bank partners, and we have money available for sound small business projects,” Crawford said.

Crawford went on to say, “There is just no better deal available today for the purchase of real estate or for expansion of existing facilities. I urge any business owner who is seeking financing for commercial real estate or equipment purchases to call their banker or contact the NADCO offices at 703-748-2575 to find a CDC in their area.  A CDC can promptly answer any and all questions and let business owners know if their projects will work for an SBA 504 loan.”

About the National Association of Development Companies (NADCO)

Created in 1981, the National Association of Development Companies is the trade association for America’s Certified Development Companies (CDCs). Certified by the U.S. Small Business Administration, CDCs are community-based economic development organizations that serve their local communities and states, and are dedicated to the promotion of small business expansion and job creation through SBA’s 504 Loan Program. In addition to the 504 program, many CDCs also provide small businesses with access to other Federal, state and local economic development loan programs.

Based in the suburbs of Washington, D.C., NADCO provides legislative and regulatory support for the 504 Loan Program on behalf of CDCs, the program’s lending partners (including first mortgage lenders, attorneys and others allied to the industry), and 504 small business borrowers. For more information, please call Merril Levesque (703) 748-2575 or visit

Penn Liberty Financial Corp. (the “Company”), the holding company for Penn Liberty Bank (the “Bank”), announced that on September 1, 2011 it received $20.0 million from the U.S. Department of Treasury’s (“Treasury”) Small Business Lending Fund (“SBLF”) to be used to further enhance its business lending efforts.  The Company used approximately $10.5 million of the SBLF proceeds to redeem all of the outstanding preferred stock issued to Treasury under the Troubled Asset Relief Program (“TARP”).  The SBLF is a voluntary program intended to encourage small business lending by providing capital to eligible community banks at favorable rates.

“We are pleased to have been selected as one of the few qualified banks in our market to participate in the SBLF program” said Patrick J. Ward, Chairman and Chief Executive Officer.  “By supporting lending to businesses and entrepreneurs through the SBLF we are well-positioned to continue to work within our communities to help enhance job creation and economic growth.  Business loans of up to $10 million to companies with up to $50 million in annual revenue are included in the SBLF’s definition of small business loans.  This definition captures a high percentage of the business loans we fund for our customers.”

One of the key strategies for Penn Liberty Bank is serving small businesses. The Bank holds Preferred Lender Program (“PLP”) status from the U.S. Small Business Administration (“SBA”).  The PLP is the highest lending designation awarded by the SBA and is only presented to lenders who consistently demonstrate their commitment to small business lending and who strictly adhere to SBA guidelines.  The Bank also holds the SBA Express designation which allows the Bank to make timely loan approval decisions.

“The types of small business loans targeted by the SBLF represent a significant portion of our loan portfolio” added Brian C. Zwaan, President and Chief Operating Officer.  “As we celebrate our seventh year of operations, we look forward to continuing our tradition of meeting the needs of entrepreneurs and small businesses in the communities we serve.”

About Penn Liberty Bank

Penn Liberty Bank offers nine conveniently located branches and is a community bank focused on providing personal, high touch service.  Combining state of the art technology with highly talented, customer service oriented employees and a full suite of consumer and business products and services has resulted in the Bank’s growth to over $486 million in assets.

To learn more about Penn Liberty Bank please visit

CONTACT: Patrick Ward of Penn Liberty Bank, +1-610-535-4510

Web Site:

MutualFirst Financial, Inc. (the “Company”) (NASDAQ: MFSF), the holding company of MutualBank (the “Bank”), today announced that it has completely repaid funding under the TARP Capital Repurchase Plan.  MutualFirst redeemed the $32.4 million of preferred stock issued to the Treasury under the TARP Capital Purchase Program (the “TARP”) in December 2008.  In addition to the full redemption of the TARP investment, the Company paid a total of $4.3 million in dividends to the Treasury during the period the investment was outstanding.  Also, the Treasury continues to hold warrants to purchase 625,135 shares of common stock of the Company’s common stock at a price of $7.77 per share.  The Company will attempt to repurchase these warrants from Treasury in the coming weeks, providing an additional return on the taxpayers’ investment.

“Funding under the TARP program allowed added protection to shareholders and depositors at a time when there was much uncertainty in financial markets,” commented David W. Heeter, President and CEO of MutualFirst. Heeter continued. “In addition, our attempt to retire the warrants will eliminate the dilution overhang for our shareholders.”

On August 25, 2011, MutualFirst received an investment of $28.9 million in the company’s preferred stock from the United States Department of the Treasury (the “Treasury”) under the Small Business Lending Fund (the “SBLF”).  The SBLF is a $30 billion voluntary program intended to encourage small business lending by providing capital to qualified community banks at favorable rates.

“The Company has been selected among healthy financial institutions to participate in this important program.  We are pleased to have completed the SBLF capital infusion in support of our small business lending operations and to have completely repaid the TARP investment,” commented David W. Heeter, President and CEO.  Mr. Heeter added, “We believe our participation in the SBLF program is a great opportunity for MutualFirst and MutualBank to continue to meet the credit needs of the small business community.

More details regarding the transactions described above may be found in the Company’s Current Report on Form 8-K filed on August 26, 2011, with the United States Securities and Exchange Commission.

MutualBank, an Indiana-based financial institution, has thirty-two full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana.  MutualBank also has two Wealth Management and Trust offices located in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan.  MutualBank is a leading residential lender in each of the market areas it serves, and provides a full range of financial services including wealth management and trust services and Internet banking services.  The Company’s stock is traded on the NASDAQ National Market under the symbol “MFSF” and can be found on the Internet at

Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

Small Business Owners Get New Source of Funds

MidSouth Bancorp, Inc. (“MidSouth”) (NYSE Amex: MSL) announced today that the U.S. Treasury has selected MidSouth Bank for participation in the Small Business Lending Fund (SBLF), which will allow the bank to extend more commercial loans at low and competitive rates to small businesses across its two-state trade area.

MidSouth Bank’s goal is to put $108 million in new loans on its books over a two-year period. “Working with the U.S. Treasury, the Small Business Administration and the various economic development districts throughout our markets will allow us to increase loans to many small businesses, which in turn will enable them to hire more employees in the areas of Louisiana and Texas,” said Troy Cloutier, Chief Banking Officer at MidSouth Bank.

In general, for a loan to qualify for SBLF funding, a company must have annual sales of less than $50 million and borrowing needs under $10 million. “We are very interested in talking to anyone in Louisiana and Texas about these small business loans. We are urging them to call their nearest MidSouth location and ask to speak to one of our commercial loan officers about getting a loan under the Small Business Lending Fund,” added Cloutier.

Recognized as one of the fastest growing banks in the South, MidSouth now has 40 locations in Louisiana and Texas and $1.2 billion in assets.

Enacted into law as part of the Small Business Jobs Act of 2010, also commonly called the Jobs Act, the SBLF is a $30 billion fund that encourages lending to small businesses by providing capital to qualified community banks with assets of less than $10 billion. By putting Main Street banks and small businesses together, the U.S. Treasury aims to help create jobs and promote economic growth in local communities across the nation.

About MidSouth Bancorp, Inc.

MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, Louisiana with assets of $1.2 billion as of July 31, 2011. Through its wholly owned subsidiary, MidSouth Bank, N.A., MidSouth offers a full range of banking services to commercial and retail customers in Louisiana and Texas. MidSouth Bank has 40 locations and over 50 ATMs.  More corporate information is available at

Forward-Looking Statements

Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties.  Actual results may differ materially from the results in these forward-looking statements.  Factors that might cause such a difference include, among other matters, satisfaction of the closing conditions set forth in the agreements related to the proposed branch acquisition, including receipt of necessary regulatory approval; the success or failure of integrating operations, and the ability to capitalize on growth opportunities upon entering new markets; changes in local economic and business conditions, including, without limitation, changes related to the oil and gas industries, that could adversely affect customers and their ability to repay borrowings under agreed upon terms, adversely affect the value of the underlying collateral related to their borrowings, and reduce demand for loans; increased competition for deposits and loans which could affect compositions, rates and terms; loss of critical personnel and the challenge of hiring qualified personnel at reasonable compensation levels; and other factors discussed under the heading “Risk Factors” in MidSouth’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC on March 16, 2011 and in its other filings with the SEC.

Credit Cards for Small Business Owners: How to Pick a Winner

Credit Cards for Small Business Owners: How to Pick a Winner-Image via Wikipedia

Introductory bonus rewards on new small business credit card offers remain high, according to CreditDonkey Deals report.

CreditDonkey released its top business credit card picks this week, based on bonus rewards. With hundreds of credit card offers available today, CreditDonkey sifts through the offers to help small business owners cut down on the necessary research time to find the cards that offer their business the best deals.

Introductory Bonus Deals for Small Businesses:

  • Ink Cash – Earn up to $250 Bonus Cash Back; 5% cash back on the first $25,000 spent annually on office supplies, cable services, and telecom services; 2% cash back on the first $25,000 spent annually on gas and dining; 1% cash back on all other purchases with no limit on the amount of cash back you can earn – $0 annual fee
  • Ink Bold – Earn 25,000 bonus points after your first purchase; no interest expense and up to 30 days to pay with this pay-in-full charge card – $95 annual fee / no annual fee for first year
  • Starwood Preferred Guest Business Credit Card – Limited Time Offer: Get up to 30,000 Starpoints in your first 3 months of Cardmembership; Receive 10,000 Starpoints after your first purchase, and get an additional 20,000 bonus Starpoints when you spend $4,500 in your first 3 months of Cardmembership – $65 annual fee / no annual fee for first year
  • Gold Delta SkyMiles Business Credit Card – Earn 20,000 miles upon your first purchase on the Card – $95 annual fee / no annual fee for first year

Looking at the bonus deals for the four credit card picks above, small business owners are reminded that not all cards are created equal. Between the bonus rewards, reward categories and fee structures, there are many features for future cardholders to take into consideration.

“The unprecedented move by the Federal Open Market Committee to keep interest rates within their current range of 0.00% to 0.25% for the next two years is expected to keep interest rates low for small business owners,” says Charles Tran, founder of CreditDonkey. “Many small business owners are taking this opportunity to find more capital and expand their business.”

And Tran reminds entrepreneurs that an annual fee shouldn’t necessary be a deal breaker.

“Before you let an annual fee turn you off from a card, you should take the time to look at all of the card benefits,” says Tran. “As long as you are utilizing your business credit card to make purchases you would normally make, earning reward points and hundreds of dollars worth of bonus rewards makes the annual fee more than pay for itself.”

Small business owners can visit CreditDonkey for a free business credit card comparison to find the best offers for your business. CreditDonkey publishes credit card research, informed opinions and trends that empower entrepreneurs to make informed credit decision.


Solar Panel Manufacturer Adds 400 New Jobs

Solar Panel Manufacturer Adds 400 New Jobs

Solar Panel Manufacturer Adds 400 New Jobs-Image via Wikipedia

MEMC Electronic Materials, Inc. (NYSE: WFR), and SunEdison, its solar energy subsidiary, along with manufacturing partner Flextronics (NASDAQ: FLEX), today announced the creation of approximately 400 jobs to ramp production of MEMC solar panels being manufactured at Flextronics’ facility in Newmarket, Ontario. This announcement was made during a dedication ceremony of the new line, which produces MEMC photovoltaic (PV) modules that will be used by SunEdison and its channel partners for solar PV projects.

The companies welcomed the Honourable Sandra Pupatello, Ontario Minister of Economic Development and Trade, to Flextronics’ manufacturing facilities to see the modules being built and to speak with the employees who are benefiting from the new green economy.

“Companies such as MEMC, their SunEdison subsidiary and Flextronics are creating real green jobs in local communities such as Newmarket, and are helping to build a renewable industry in the province through their investment in solar manufacturing,” explained Minister Pupatello. “With each investment, Ontario is building toward an energy economy that will contribute to cleaner air and sustainable jobs for today and tomorrow.”

At the event, Minister Pupatello was joined on a guided tour of the Flextronics manufacturing plant by the Mayor of Newmarket Tony Van Bynen, representatives from the Ontario Power Authority and delegates from the Town of Newmarket (York region). Executives from Flextronics and MEMC were also in attendance, along with more than 350 solar industry employees and stakeholders.

“The new jobs created through this investment make a significant impact on the prosperity and sustainability of our community,” said Mayor Van Bynen. “As a leader in environmental sustainability, we are thrilled to be a part of a growing renewable industry that brings real jobs to our community through companies like MEMC.”

The job creation is a direct result of the 60 percent domestic content requirement of Ontario’s Feed-in Tariff (FIT) Program. MEMC and Flextronics’ panel manufacturing facility signals a long-term investment in the region to help facilitate a sustainable green economy for the foreseeable future.

In addition to job creation through investments in solar panel and racking manufacturing, SunEdison’s Toronto office has grown from two full-time employees in November 2009 to more than 50 employees engaged in the delivery of both ground-mount and rooftop solar projects across the province.

“On behalf of MEMC and our SunEdison subsidiary, we are pleased to invest in this green solar production opportunity that benefits the local economy, creates long-term job opportunities and is good for our environment,” said Ken Hannah, Executive Vice President of MEMC.

“We are very pleased to be expanding the number of green jobs in the Town of Newmarket through the partnership with global leaders in renewable energy such as MEMC and SunEdison,” said E.C. Sykes, President, Industrial and Emerging Industries at Flextronics. “We are committed to providing clean tech manufacturing solutions and we look forward to contributing to the growth of the Cleantech industry here in Ontario.”

About SunEdison

SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed solar energy services for its commercial, government and utility customers. In 2010 SunEdison deployed more than 160 megawatts of solar throughout the world. For more information about SunEdison, please visit

About MEMC

MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for more than 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR” and is included in the S&P 500 Index. For more information about MEMC, please visit

About Flextronics

Headquartered in Singapore, Flextronics is a leading Fortune Global 500 Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer, digital, industrial, infrastructure, medical and mobile OEMs. We design, build, ship and service electronics products for our customers through a network of facilities in 30 countries on four continents. We provide after-market and field services to support customer end-to-end supply chain requirements. By combining design and engineering solutions with core electronics manufacturing and logistics services, vertically integrated with components technologies, we optimize our customers’ operations, lower their costs and reduce time to market. For more information, please visit

99 Cents Only Stores® (NYSE: NDN) Shows Sales Increase of 6.3%

99 Cents Only Stores® (NYSE: NDN) Shows Sales Increase of 6.3%-Image by Litandmore via Flickr

99 Cents Only Stores® (NYSE: NDN) (the “Company”) today reports total sales of $368.3 million for the first quarter of fiscal 2012 ended July 2, 2011.  This represents an increase of 6.3% over total sales of $346.5 million for the same quarter last year.  The Company’s total retail sales for the first quarter of fiscal 2012 were $357.5 million, compared to $336.6 million for the same quarter last year.

Eric Schiffer, CEO, commented, “In the first quarter, we are pleased to report that we achieved 5.9% same-store sales growth for the full quarter and 2.7% same-store sales growth for the last ten weeks of the quarter starting with Easter Sunday.  These sales results are essentially in line with our expectations for the quarter and our guidance for low single digit growth for the fiscal year and we believe underscore the strength of our business model and our ability to attract new customers in a challenging economic environment.”

The Company’s overall same-store sales for the first quarter of fiscal 2012 increased 5.9%.  The number of same-store-sales transactions increased 4.3% and the average transaction size increased to $9.70 from $9.56.  A favorable Easter selling season timing shift affected same-store sales in the first quarter.

Each year, the Easter holiday increases the Company’s sales for at least the three weeks prior to Easter, with the largest impact on the last week before Easter. In fiscal 2011, the Easter holiday fell on April 4, 2010 compared to April 24, 2011 this year. As a result, the first quarter same-store-sales calculation for the first quarter of fiscal 2012, starting on April 3, 2011 and ending on July 2, 2011, includes the three weeks prior to Easter and is being compared to a 13-week period of fiscal 2011 which started on April 4, 2010 and ended on July 3, 2010 and therefore did not include any Easter sales effect.

The Company’s gross and saleable retail square footage at the end of the first quarter were 6.05 million and 4.76 million, respectively, based on 285 stores.  This represents an increase of 3.0% over last year for each of gross and saleable retail square footage.

In fiscal 2012, the Company currently plans to open 16 new stores, which is a store growth rate of approximately 6%. The first new store for the current fiscal year will open on July 21st in Las Vegas, Nevada. The majority of the planned new stores for fiscal 2012 are expected to be in California and to open in the second half of the fiscal year. The Company currently plans to accelerate its store growth rate to approximately 10% in fiscal 2013, with the majority of new stores expected to be in California.

The Company plans to release its financial results for the first quarter of fiscal 2012, after the market closes on Monday, August 8, 2011, followed by an investor conference call the same day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

About 99 Cents Only Stores®

Founded over 25 years ago, 99 Cents Only Stores® currently operates 285 extreme value retail stores consisting of 211 stores in California, 35 in Texas, 27 in Arizona, and 12 in Nevada.  99 Cents Only Stores® emphasizes quality name-brand consumables, priced at an excellent value, in convenient, attractively merchandised stores. Over half of the Company’s sales come from food and beverages, including produce, dairy, deli and frozen foods, along with organic and gourmet foods.  The Company’s New York Stock Exchange symbol is NDN.

Safe Harbor Statement

We have included statements in this release that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. The words “expect,” “estimate,” “anticipate,” “predict,” “believe” and similar expressions and variations thereof are intended to identify forward-looking statements. Such statements appear in this release and include statements regarding the intent, belief or current expectations of the Company, its directors or officers with respect to, among other things, the business and growth strategies of the Company, planned new store openings, our future store opening growth rate and trends affecting the financial condition or results of operations of the Company. The shareholders of the Company and other readers are cautioned not to put undue reliance on such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected in this release for the reasons, among others, discussed in the reports and other documents the Company files from time to time with the Securities and Exchange Commission, including the risk factors contained in the Section – “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Angela Thurstan, 323-881-1272.

Cost Reductions Expected to Lower Annual Expenses by more than $20 million

ITG also Announces Non-cash Goodwill Impairment Charge and Provides Preliminary Second Quarter 2011 Earnings Guidance

Investment Technology Group, Inc. (NYSE: ITG), a leading agency research broker and financial technology firm, today announced a cost reduction plan to improve margins and enhance shareholder returns in the face of continued weakness in institutional equity trading volumes in the U.S. and Europe.

The cost reduction plan is primarily focused on employment, consulting, and infrastructure costs in the U.S. and Europe.  This plan is expected to generate pre-tax cost savings in 2012 of more than $20 million, or approximately $0.30 per diluted share after taxes.  The cost savings will begin to take effect during the third quarter of 2011.  ITG will incur pre-tax charges associated with this plan estimated at between $16 million and $18 million, or between $0.23 and $0.26 per diluted share after taxes, in the second quarter of 2011.

“With U.S. equity volumes during the second quarter at the lowest levels since late 2007, this plan improves profitability and sharpens the focus of our core execution platform while affording us the flexibility to continue to build out our research offering,” said ITG’s Chief Executive Officer and President, Bob Gasser.  “While the reduction in staffing levels is painful, the ITG management team and I believe that these measures are critical to our long-term success.”

ITG today also announced plans to record a second quarter 2011 non-cash goodwill impairment charge in its U.S. reporting unit estimated at between $210 million and $230 million, or between $4.50 and $5.00 per diluted share after taxes.  The impairment was driven by weak institutional equity trading volumes and the decline in industry market multiples.  This non-cash charge brings ITG’s book value more in line with its market capitalization and has no impact on debt covenants, cash flows, or normal day-to-day business operations.

The weak volumes and pressure on revenue capture due to product and client mix shifts continue to weigh on ITG’s results.  ITG expects a U.S. GAAP loss per diluted share for the second quarter of 2011 of between $5.18 and $4.62, including the impact of the goodwill impairment charge, the cost reduction charge and expenses related to the acquisition and integration of Ross Smith Energy Group.  Adjusted earnings per diluted share for the quarter, exclusive of these items, is expected to be between $0.12 and $0.15. ITG management will provide more details during the second quarter 2011 earnings call on August 4th.

The discussion above includes guidance on adjusted earnings per share which is a non-GAAP financial measure that is described in the attached table along with a reconciliation of this non-GAAP financial measure to U.S. GAAP.

About ITG

Investment Technology Group, Inc. is an independent agency research broker that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity, execution services, analytical tools, and proprietary research insights grounded in data.  Asset managers rely on ITG’s independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit

In addition to historical information, this press release may contain “forward-looking” statements that reflect management’s expectations for the future.  A variety of important factors could cause results to differ materially from such statements.  These factors are noted throughout ITG’s 2010 Annual Report, on its Form 10-K, and on its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in our systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of our customers’ trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, our ability to attract and retain talented employees, as well as general economic, business, credit and financial market conditions, internationally or nationally. Our ability to achieve cost savings from this cost reduction plan is also subject to certain risks and uncertainties that could cause such statements to differ materially from actual future results.  The forward-looking statements included herein represent ITG’s views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.

ITG Media/Investor Contact:

J.T. Farley
(212) 444-6259

Reconciliation of U.S. GAAP Guidance to Adjusted Guidance
In evaluating ITG’s financial performance, management reviews results from operations which excludes non-operating or one-time charges.  Adjusted earnings per share is a non-GAAP (generally accepted accounting principles) performance measure, but ITG believes that it is useful to assist investors in gaining an understanding of the trends and operating results for its core businesses. Adjusted earnings per share should be viewed in addition to, and not in lieu of loss per share under U.S. GAAP.
The following is a reconciliation of ITG’s guidance of loss per share for the second quarter of 2011 under U.S. GAAP to adjusted earnings per share:
Three Months Ended
June 30, 2011
Low High
Diluted loss per share – GAAP $      (5.18) $       (4.62)
After-tax adjustments:
Goodwill impairment (a) 5.00 4.50
Restructuring costs (b) 0.26 0.23
Acquisition-related costs (c) 0.04 0.04
Adjusted earnings per share $       0.12 $        0.15
(a)  Reflects a goodwill impairment charge in ITG’s U.S. reporting unit driven by weak institutional equity trading volumes and the decline in industry market multiples.
(b)  Reflects a charge associated with ITG’s second quarter cost reduction plan focused on reducing employment, consulting, and infrastructure costs in the U.S. and Europe.
(c)  During the second quarter of 2011, ITG acquired Ross Smith Energy Group Ltd., a Calgary-based independent provider of research on the oil and gas industry. In connection with the acquisition, ITG incurred legal fees and other professional fees, and costs to terminate a distribution agreement with a third party.

Home Solar Energy on the Cheap

Program Makes Solar Energy an Easy and Affordable Solution for Marylanders

Greenspring Energy, the premier solar installer in the Mid-Atlantic region, today announced the expansion of its partnership with national home solar company SunRun to the state of Maryland. This launch gives homeowners a way to go solar without paying thousands of dollars in upfront costs.

“SunRun has selected Greenspring Energy as a partner in the state of Maryland after successful collaboration in Pennsylvania over the past eight months,” said SunRun President and Co-founder Lynn Jurich. “Greenspring has demonstrated quality and expertise in solar installations, as well as exemplary professional standards, and we are proud to expand to Maryland with them.”

How does it work?  Greenspring Energy conducts a home solar site assessment to determine a household’s typical energy usage and solar potential. From that assessment, a homeowner is presented with a custom-designed solar proposal for a system that will match their budget, most efficiently power their home, and generate the best and quickest return on investment. SunRun owns, maintains and insures the solar panels at no extra cost so homeowners don’t have to worry about high initial investments or the hassles of servicing the system. The customer simply flips a switch to power their home by the sun, and pays a monthly fee for the power they use. Greenspring Energy designs and installs the solar system for the homeowner, providing local support that customers can count on.

“This new option makes it easier and more affordable than ever before for people in the state of Maryland to take advantage of the financial and environmental benefits associated with going solar,” said Paul Wittemann, President and CEO of Greenspring Energy. “There are thousands of homeowners who want to go solar, but haven’t been able to proceed because of the upfront costs. Now they can.”

The benefits associated with choosing solar energy are significant. As utility rates are expected to continue to increase, solar electric and solar hot water systems give consumers the means to take control of their long term utility costs. Households that use solar technology reduce their monthly utility expenditures. Solar products can also increase a home’s value, as more and more people are looking for homes with a low cost of living built in. Solar also reduces a household’s carbon footprint.

SunRun is now available in the Maryland utility territories of BGE, PEPCO, Delmarva, SMECO and Allegheny.

Greenspring Energy is now scheduling home solar site assessments across the state of Maryland, with a goal to help as many homeowners as possible take advantage of this new opportunity. For further information or to schedule an appointment, please call Greenspring Energy at 443-322-7000 or visit

About Greenspring Energy

Greenspring Energy is a locally-owned, full-service solar company that helps customers identify the most efficient solutions to power their homes and businesses using energy from sunlight. An authorized provider of top quality solar electric and solar hot water systems, as well as other energy saving products and services, Greenspring Energy has completed more than 1,000 installations across the Mid-Atlantic region. Established in 2007, the company is headquartered in Timonium, Maryland, with additional operations in Reading, PA and Charlotte, NC.

About SunRun

SunRun, the nation’s leading home solar company, is the smart and affordable choice for homeowners who want a clean alternative to their utility. SunRun offers solar power service, similar to a lease, allowing homeowners an affordable way to upgrade their homes to solar. More than 11,000 homeowners have chosen SunRun across Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, Oregon, and Pennsylvania. SunRun partners with over 25 leading local solar installers, who together employ more than 3,000 green-collar workers. SunRun has raised financing for more than $400 million in solar systems from PG&E Corporation and U.S. Bancorp and $85 million in venture capital from Accel Partners, Foundation Capital and Sequoia Capital. For more information, please visit:

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