The Brink’s Co.
Brink’s President and CEO Michael Dan exercised options for 293,990 shares worth $19.48 per share or a total of $5.72 million. He then sold 227,682 shares at market price for $7.04 million.
CFO Mark McGettrick received 13,000 shares of phantom stock at no cost. The shares are the equivalent of Dominion common stock based on their price Feb. 9.
Dominion said the Virginia State Corporation Commission issued an order denying a motion by its Dominion Virginia Power subsidiary to defer a required biennial rate review. The company had set up a reserve to cover potential rate credits it would have had to pay to customers. Dominion now believes it will likely not need to utilize those reserves for that purpose and consequently added the cash back into its fourth quarter and year-end earnings. The result is $48 million increase in earnings. That brought Dominion’s 2010 earnings to $2.81 billion.
The local REIT reported net income of $9.6 million for the fourth quarter, up from $4.1 million for the same period in 2009. For the full year 2010, Dynex reported $29.5 million in profit, up from $17.6 million a year ago. The company said it raised and deployed $73.1 million in common equity capital during the fourth quarter. Its investment portfolio was valued at $1.6 billion at year’s end, compared with $900 million at the end of 2009. Dynex primarily invests in residential mortgage backed securities and commercial mortgage backed securities.
The company also rewarded its top executives with shares of restricted stock. Most notably, Dynex CEO Thomas Akin received 100,000 shares at no cost. The shares vest in three equal annual installments.
First Capital Bancorp
The holding company for First Capital Bank reported a loss of $2.17 million for the year. That’s compared with a $307,000 profit in 2009. But it did turn a profit in the fourth quarter of $312,000. Its total assets at year’s end were $536 million, up $5.8 million from 2009. Total loans were down $10.9 million to $386.2 million. Deposits were $462.9 million, up $4.7 million from 2009. First Capital ended the year with $26.82 million in non-performing assets, representing 5 percent of its total assets.
President and CEO Michael Frazier acquired 10,000 shares for $12.81 per share. He owns more than 700,000 shares of Genworth stock. Frazier also was awarded stock appreciation rights to 400,000 shares with an exercise price of $12.75 per share. Those shares vest in four equal installments beginning next year.
Genworth’s other top executives also received rights to similar stock awards for tens of thousands of shares each. They all each were awarded thousands of shares of restricted stock that convert into shares of common stock at no cost.
Massey declared a quarterly dividend in the amount of $0.06 per share to be paid March 31 to shareholders of record on March 17.
CFO Eric Tolbert exercised options for 6,700 shares worth approximately $189,798. He then sold 8,200 shares at market price for approximately $611,000.
The company also disclosed several internal communications related to the pending deal with Alpha Natural Resources by which Alpha is seeking to acquire Massey. The communications include several letters sent to employees of both companies explaining the reasoning behind the deal.
Bruce Thomas, a senior vice president, exercised options for 15,000 shares at $9.08 per share or $136,200. Thomas then sold those shares at market price for $29.43 each or a total of approximately $441,000.
NewMarket’s board approved bonus payments for the company’s named executive officers including: $650,000 to President and CEO Thomas Gottwald; $500,000 to C.S. Warren Huang, president of subsidiary Afton Chemical Corp.; $300,000 to Vice President Bruce Hazelgrove III; $275,000 to Steven M. Edmonds, general counsel; and $200,000 to Principal Financial Officer David Fiorenza.
Owens & Minor
William Simpson, vice president of sales and distribution, exercised options for 6,156 shares for $21.34 per share or $131,369. He then sold 10,562 shares at market price for $30.36 per share or $320,662
O&M CEO Craig Smith adopted a stock trading plan through which he will exercise and sell 56,250 optioned shares. The company said the purpose of the plan is to allow him to spread trades over an extended period of time on pre-arranged dates to reduce market impact and avoid concerns about transactions occurring at times when he could possess material non-public information.
COO Charles Colpo exercised options to acquire 23,625 shares for $19.72 per share or $465,885. He then sold those shares for $30.40 each or a total of approximately $718,200.
Director Marshall Acuff exercised options for 7,500 shares worth $16.05 per share $120,375.
The local video game maker said delayed filing its fourth quarter financials, saying it was unable to do so without unreasonable effort or expense.
Tredegar reported fourth-quarter net income of $7.3 million compared with $10 million (29 cents per share) in the fourth quarter of 2009. Fourth-quarter sales increased to $182.9 million from $161.8 million in 2009. Sales for the year were $740.5 million, up from $648 million in 2009. Profit for the year was $27 million, compared with a 2009 loss of $1.4 million. The company said it took a $4.2 million hit from losses on its start-up operations that commenced in the first quarter of 2010. Those new ventures are known as Bright View Technologies Corp. and Falling Springs, LLC. Tredegar acquired Bright View last February. It manufactures a certain type of optical film the LED and fluorescent lighting industry. Falling Springs operates multiple mitigation banks that create and sell environment impact credits related to wetlands and other protected environmental resources.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]