CarMax
Keith Browning, CarMax’s executive vice president of finance, told the company July 18 that he plans to retire effective Oct. 18. Browning will also retire from his position on the company’s board.
Eastern Virginia Bankshares
CFO and Principal Accounting Officer Douglas Haskett II told Eastern Virginia Bankshares on July 21 that he intends to resign effective Aug. 31. The company said Haskett is leaving to accept a senior level position with an organization located significantly closer to his residence. Haskett will assist in the transition of his duties for the duration of his employment.
EVB filed its second quarter earnings, reporting a net loss available to common stockholders of $151,000. That’s an improvement from the second quarter of 2010, when the company lost $6.34 million. As of the end of the quarter, EVB’s total assets were $1.06 billion. Its total loans reached $752.4 million. Total deposits were $834.4 million. EVB, which entered into a written agreement with regulators during the first quarter in an attempt to get itself on firmer financial footing, had $35.5 million in non-performing assets at quarter’s end. That’s up slightly from a year ago but down by almost $4 million since the end of 2010.
Genworth Financial
The company released preliminary financial results for the second quarter and reported an expected loss of between $92 million and $112 million. That compares with a $42 million profit in the second quarter of 2010. Genworth said the expected loss reflects setting aside an additional $300 million to the reserves for its U.S. mortgage insurance business. That segment is expected to report an operating loss of $250 to $255 million in the second quarter. The company said it had $667 million of cash and highly liquid securities as of the end of the quarter.
James River Coal
McCoy Elkhorn Coal Corporation, a subsidiary of James River Coal, received an imminent danger order from the federal Mine Safety and Health Administration due to a plant operator being observed on top of a machine that was not locked and tagged out but was energized. The plant operator was removed from the machine and trained, which terminated the order.
MeadWestvaco
MWV reported a second quarter profit of $89 million, up from $50 million a year ago. Its revenue reached $1.56 billion during the quarter, a 9 percent increase from the second quarter of 2010. The company’s largest segment is food, beverage and tobacco packaging, where revenue grew 10 percent.
Owens & Minor
O&M reported $29.2 million in second quarter profit, down slightly from $29.5 million a year ago. It had revenue of $2.13 billion, up 6 percent. The company said it expects its full-year revenue to reach between $8.45 billion and $8.61 billion.
Three O&M directors received shares of phantom stock valued at $34.88 per share. The shares will eventually convert to common stock or cash.
Union First Market Bankshares
Rex Hockemeyer, an executive vice president, bought eight shares for $12.55 per share.
Union was the first local bank to file its second quarter earnings. It reported a profit of $6.29 million available to common shareholders, which deducts dividends on preferred stock. Its profit in the second quarter 2010 was $8.2 million.
Union said it had $91.3 million in non-performing assets at quarter’s end, down $10 million from the first quarter of this year but up $13.9 million from second quarter of 2010. Union’s total assets were $3.83 billion at the end of the quarter. It listed $3.07 billion in deposits and $2.82 billion in loans.
CarMax
Keith Browning, CarMax’s executive vice president of finance, told the company July 18 that he plans to retire effective Oct. 18. Browning will also retire from his position on the company’s board.
Eastern Virginia Bankshares
CFO and Principal Accounting Officer Douglas Haskett II told Eastern Virginia Bankshares on July 21 that he intends to resign effective Aug. 31. The company said Haskett is leaving to accept a senior level position with an organization located significantly closer to his residence. Haskett will assist in the transition of his duties for the duration of his employment.
EVB filed its second quarter earnings, reporting a net loss available to common stockholders of $151,000. That’s an improvement from the second quarter of 2010, when the company lost $6.34 million. As of the end of the quarter, EVB’s total assets were $1.06 billion. Its total loans reached $752.4 million. Total deposits were $834.4 million. EVB, which entered into a written agreement with regulators during the first quarter in an attempt to get itself on firmer financial footing, had $35.5 million in non-performing assets at quarter’s end. That’s up slightly from a year ago but down by almost $4 million since the end of 2010.
Genworth Financial
The company released preliminary financial results for the second quarter and reported an expected loss of between $92 million and $112 million. That compares with a $42 million profit in the second quarter of 2010. Genworth said the expected loss reflects setting aside an additional $300 million to the reserves for its U.S. mortgage insurance business. That segment is expected to report an operating loss of $250 to $255 million in the second quarter. The company said it had $667 million of cash and highly liquid securities as of the end of the quarter.
James River Coal
McCoy Elkhorn Coal Corporation, a subsidiary of James River Coal, received an imminent danger order from the federal Mine Safety and Health Administration due to a plant operator being observed on top of a machine that was not locked and tagged out but was energized. The plant operator was removed from the machine and trained, which terminated the order.
MeadWestvaco
MWV reported a second quarter profit of $89 million, up from $50 million a year ago. Its revenue reached $1.56 billion during the quarter, a 9 percent increase from the second quarter of 2010. The company’s largest segment is food, beverage and tobacco packaging, where revenue grew 10 percent.
Owens & Minor
O&M reported $29.2 million in second quarter profit, down slightly from $29.5 million a year ago. It had revenue of $2.13 billion, up 6 percent. The company said it expects its full-year revenue to reach between $8.45 billion and $8.61 billion.
Three O&M directors received shares of phantom stock valued at $34.88 per share. The shares will eventually convert to common stock or cash.
Union First Market Bankshares
Rex Hockemeyer, an executive vice president, bought eight shares for $12.55 per share.
Union was the first local bank to file its second quarter earnings. It reported a profit of $6.29 million available to common shareholders, which deducts dividends on preferred stock. Its profit in the second quarter 2010 was $8.2 million.
Union said it had $91.3 million in non-performing assets at quarter’s end, down $10 million from the first quarter of this year but up $13.9 million from second quarter of 2010. Union’s total assets were $3.83 billion at the end of the quarter. It listed $3.07 billion in deposits and $2.82 billion in loans.