Trading Day: Local SEC filings for May 21, 2015

ALR Technologies
The medical device company reported its first quarter earnings for 2015. It reported a net loss of $794,514, compared to its net loss of $713,732 the same quarter last year.

The company also amended its credit agreement with CEO Sidney Chan to increase the borrowing limit on the line of credit from $5.5 million to $7 million.

ALRT has been developing an Internet-based glucose monitoring system over the past two years, over which time it has reported no revenues from sales, while expenses have totaled in the millions – $6.43 million in fiscal year 2014 and $2.99 million the previous year. The company has been focusing on achieving “wide-scale deployment” of the system, called Health-e-Connect.

Altria (MO)
The tobacco giant filed a disclosure report regarding the use of gold and tin in e-vapor products sold by Nu Mark LLC, an Altria operating company. Gold and tin are defined as conflict minerals, the use of which is required to be reported to the SEC.

The company also reported results from its annual shareholders meeting, including director elections and other votes taken.

Apple REIT (APLE)
The real estate investment trust reported an amendment and restatement of its current credit agreement with Bank of America. The agreement was entered into in conjunction with the company’s common shares listing on the New York Stock Exchange on May 18. The agreement allows for a one-year extension of the revolving credit facility maturity, as well as a total credit increase from $965 million to $1.25 billion.

The company said it plans to use borrowings under the agreement for share repurchases in connection with the listing, an included tender offer, acquisitions, hotel renovations, working capital and other general corporate funding purposes, including distribution payments to shareholders.

Apple REIT also filed a tender offer statement regarding its plans to purchase for cash up to $200 million of its common shares, at a price between $19 and $21 per share. The company has said the modified “Dutch Auction” is a way for current shareholders to receive liquidity at a known price, rather than wait until market forces went into effect.

Dominion (D)
The power company announced it sold 2.8 million shares of common stock to UBS Securities LLC. The company said the net proceeds from the offering will be used for general corporate purposes, to finance capital expenditures and to repay short-term debt.

The reported sale price of the company’s common stock on May 20 was $71.89 per share, bringing the value of the sale to $201 million. The offering was expected to close May 27.

The company said the sale completes the planned market issuances of equity for this calendar year. Dominion previously completed “at the market” issuances of common stock of approximately $300 million, bringing the total value of issuances of new equity this year to $500 million.

Eastern Virginia Bankshares (EVBS)
The parent of EVB repurchased warrants for 384,041 shares of its common stock from the U.S. Treasury as another final step in its efforts to exit the TARP Capital Purchase Program. The warrants were originally issued in 2009. EVB paid $115,000 to buy back the warrants.

The company disclosed its first quarter financials, reporting net income of $1.38 million, down from $1.47 million in the same period last year. Its total assets reached $1.19 billion, up from $1.18 billion at the end of December. Its total loans dropped to $803.54 million from $807.54 during the three months ending March 31. Its deposits during that period rose to $958.15 million from $939.25 million. Its nonperforming assets, consisting of foreclosed real estate and bad loans, rose to $9.93 million from $8.51 million during the three months ending Dec. 31.

First Capital Bancorp (FCVA)
The parent of First Capital Bank reported its first quarter financials with net income of $1.06 million, up from $953,000 in the same period last year. Its total assets rose during the three months ending Dec. 31 to $603.09 million from $598.53 million. Its total loans during that period grew to $479.14 million from $473.78 million. Total deposits during the three months grew to $495.98 million from $479.5 million. Its nonperforming assets at quarter’s end were $3.38 million, an improvement from $6.15 million at the end of the first quarter 2014.

Genworth Financial (GNW)
The insurance company reported results from its annual stockholders meeting, including director elections and other votes taken.

Markel (MKL)
The Glen Allen-based insurer increased the salary of chief financial officer Anne Waleski from $500,000 to $550,000. Non-employee directors were also given an increase in annual cash retainer from $60,000 to $75,000. That’s in addition to an annual grant of approximately $100,000 in restricted stock given to non-employee directors.

The company also reported results from its annual shareholders meeting.

MeadWestvaco (MWV)
The packaging giant announced the name of the new company to be formed by its merger with Rock-Tenn Co. will be WestRock Co. The new company will trade on the NYSE under the ticker symbol WRK.

Media General (MEG)
The media company announced the opening of a new Washington, D.C., bureau, to be helmed by former reporter Jim Osman, who will serve as bureau chief. The bureau will provide breaking news and stories of interest to the company’s TV stations in 48 markets and its content-producing digital businesses.

Universal Corp. (UVV)
The tobacco processor reported its first quarter earnings for 2015. Net income totaled $45.8 million, up from $26.6 million the same quarter last year. The company declared a quarterly dividend of $0.52 per share on common shares of the company, as well as a quarterly dividend of $16.875 per share on Series B preferred stock.

An annual shareholders meeting will be held Aug. 4 at 2 p.m. at its headquarters building.

Village Bank & Trust Financial (VBFC)
The parent of Village Bank, which continues to carry out a turnaround plan, reported first quarter net income available to common shareholder of $6.45 million. That’s compared to a loss in the same period last year of $971,000. Its total assets declined from $450.31 million in March 2014 to $439.72 million as of March 31 of this year. In that same 12-month period, its total loans jumped from $282.48 million to $267.54 million. Its deposits declined by nearly $20 million during the year to $376.83 million. Its nonperforming assets declined by nearly $12 million to $19.36 million.

ALR Technologies
The medical device company reported its first quarter earnings for 2015. It reported a net loss of $794,514, compared to its net loss of $713,732 the same quarter last year.

The company also amended its credit agreement with CEO Sidney Chan to increase the borrowing limit on the line of credit from $5.5 million to $7 million.

ALRT has been developing an Internet-based glucose monitoring system over the past two years, over which time it has reported no revenues from sales, while expenses have totaled in the millions – $6.43 million in fiscal year 2014 and $2.99 million the previous year. The company has been focusing on achieving “wide-scale deployment” of the system, called Health-e-Connect.

Altria (MO)
The tobacco giant filed a disclosure report regarding the use of gold and tin in e-vapor products sold by Nu Mark LLC, an Altria operating company. Gold and tin are defined as conflict minerals, the use of which is required to be reported to the SEC.

The company also reported results from its annual shareholders meeting, including director elections and other votes taken.

Apple REIT (APLE)
The real estate investment trust reported an amendment and restatement of its current credit agreement with Bank of America. The agreement was entered into in conjunction with the company’s common shares listing on the New York Stock Exchange on May 18. The agreement allows for a one-year extension of the revolving credit facility maturity, as well as a total credit increase from $965 million to $1.25 billion.

The company said it plans to use borrowings under the agreement for share repurchases in connection with the listing, an included tender offer, acquisitions, hotel renovations, working capital and other general corporate funding purposes, including distribution payments to shareholders.

Apple REIT also filed a tender offer statement regarding its plans to purchase for cash up to $200 million of its common shares, at a price between $19 and $21 per share. The company has said the modified “Dutch Auction” is a way for current shareholders to receive liquidity at a known price, rather than wait until market forces went into effect.

Dominion (D)
The power company announced it sold 2.8 million shares of common stock to UBS Securities LLC. The company said the net proceeds from the offering will be used for general corporate purposes, to finance capital expenditures and to repay short-term debt.

The reported sale price of the company’s common stock on May 20 was $71.89 per share, bringing the value of the sale to $201 million. The offering was expected to close May 27.

The company said the sale completes the planned market issuances of equity for this calendar year. Dominion previously completed “at the market” issuances of common stock of approximately $300 million, bringing the total value of issuances of new equity this year to $500 million.

Eastern Virginia Bankshares (EVBS)
The parent of EVB repurchased warrants for 384,041 shares of its common stock from the U.S. Treasury as another final step in its efforts to exit the TARP Capital Purchase Program. The warrants were originally issued in 2009. EVB paid $115,000 to buy back the warrants.

The company disclosed its first quarter financials, reporting net income of $1.38 million, down from $1.47 million in the same period last year. Its total assets reached $1.19 billion, up from $1.18 billion at the end of December. Its total loans dropped to $803.54 million from $807.54 during the three months ending March 31. Its deposits during that period rose to $958.15 million from $939.25 million. Its nonperforming assets, consisting of foreclosed real estate and bad loans, rose to $9.93 million from $8.51 million during the three months ending Dec. 31.

First Capital Bancorp (FCVA)
The parent of First Capital Bank reported its first quarter financials with net income of $1.06 million, up from $953,000 in the same period last year. Its total assets rose during the three months ending Dec. 31 to $603.09 million from $598.53 million. Its total loans during that period grew to $479.14 million from $473.78 million. Total deposits during the three months grew to $495.98 million from $479.5 million. Its nonperforming assets at quarter’s end were $3.38 million, an improvement from $6.15 million at the end of the first quarter 2014.

Genworth Financial (GNW)
The insurance company reported results from its annual stockholders meeting, including director elections and other votes taken.

Markel (MKL)
The Glen Allen-based insurer increased the salary of chief financial officer Anne Waleski from $500,000 to $550,000. Non-employee directors were also given an increase in annual cash retainer from $60,000 to $75,000. That’s in addition to an annual grant of approximately $100,000 in restricted stock given to non-employee directors.

The company also reported results from its annual shareholders meeting.

MeadWestvaco (MWV)
The packaging giant announced the name of the new company to be formed by its merger with Rock-Tenn Co. will be WestRock Co. The new company will trade on the NYSE under the ticker symbol WRK.

Media General (MEG)
The media company announced the opening of a new Washington, D.C., bureau, to be helmed by former reporter Jim Osman, who will serve as bureau chief. The bureau will provide breaking news and stories of interest to the company’s TV stations in 48 markets and its content-producing digital businesses.

Universal Corp. (UVV)
The tobacco processor reported its first quarter earnings for 2015. Net income totaled $45.8 million, up from $26.6 million the same quarter last year. The company declared a quarterly dividend of $0.52 per share on common shares of the company, as well as a quarterly dividend of $16.875 per share on Series B preferred stock.

An annual shareholders meeting will be held Aug. 4 at 2 p.m. at its headquarters building.

Village Bank & Trust Financial (VBFC)
The parent of Village Bank, which continues to carry out a turnaround plan, reported first quarter net income available to common shareholder of $6.45 million. That’s compared to a loss in the same period last year of $971,000. Its total assets declined from $450.31 million in March 2014 to $439.72 million as of March 31 of this year. In that same 12-month period, its total loans jumped from $282.48 million to $267.54 million. Its deposits declined by nearly $20 million during the year to $376.83 million. Its nonperforming assets declined by nearly $12 million to $19.36 million.

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