Issue of April 3, 2007
YNB restates results, proxy battler returns
An outside investor, Lawrence Seidman, is again gearing up to challenge Yardville National Bancorp’s slate of directors at the company’s annual meeting, to be held this year on July 12.
Mr. Seidman’s challenge was beaten back last year when his slate of three candidates were defeated at YNB’s annual meeting. In a letter dated March 23, addressed to YNB Secretary Daniel O’Donnell, and filed with the U.S. Securities and Exchange Commission, Mr. Seidman stated his nomination of Patrick Robinson, Neal Axelrod and Dennis Pollack for election to YNB’s board at its 2007 annual meeting. Mr. Robinson and Mr. Pollack were part of Mr. Seidman’s 2006 slate. Mr. Axelrod replaces Harold Schecter, who ran on the 2006 slate.
"If the Board desires to discuss this matter for the purpose of reaching an amicable resulution to avoid an expensive proxy contest, please contact (Seidman attorney Peter) Bray," Mr. Seidman’s letter stated. The letter states that Mr. Seidman, affiliated companies of his and his slate of candidates collectively own 994,164 YNB shares.
Mr. Seidman, a former SEC lawyer turned investor, was critical of YNB’s financial condition and management during last year’s proxy fight. He has a long history of buying stakes in small bank and thrift institutions, seeking a presence on their board, then pushing for a sale of the company.
Separately, YNB recently delayed the filing of its 2006 10-K annual report until March 30 as a result of the company identifying "a material weakness related to the Company’s risk rating process and resultant determination of the allowance for loan losses and the provision for loan losses."
In its March 30 filing, YNB reported that for the year ended Dec. 31, 2006 it had $5.3 million in net income, rather than $6.9 million as it reported previously. Earnings per share were $0.46 for the 2006 year rather than $0.61 as previously reported. YNB reported net income of $20.9 million, and earnings per share of $1.89, for the year ended Dec. 31, 2005.
In its 2006 10-K report, the company attributed the decreased income primarily to balance sheet restructuring, and to a lesser extent to outside competition for loans and deposits.
Law firm cited for tech innovation
MantaCole LLC, based in South Brunswick, was selected as the winner of the 2006 Forbes Enterprise Award in the law firm category. The firm, which has offices in Princeton, Philadelphia and Berwyn, Pa. and will shortly open an office in Doylestown, Pa., was recognized for its innovative use of technology to deliver services to clients in the most cost-effective and convenient way.
MantaCole is a full service law firm that operates virtually paperless. It places all documents in digital files, which are accessible by clients through a password-protected and SSL encrypted server. The firm’s Web site is www.theELawFirm.com.
Filene’s Basement opens in Lawrence
Retailer Filene’s Basement has opened an outlet in the Mercer Mall on Brunswick Pike in Lawrence. The Burlington, Mass.-based retailer, known for price mark downs on brand names and designer apparel for men and women, will occupy 29,000 square-feet there.
UDC reports reduced loss
Universal Display Corp. (Nasdaq: PANL), a Ewing-based developer of phosphorescent OLED technology, announced increased revenue but continuing losses in its results for the fourth quarter and year-end 2006.
For the year ended Dec. 31, 2006, UDC had revenue of $11,921,292, compared to $10,147,995 for the year 2005, a 17 percent increase year-to-year. But for 2006, UDC reported a net loss of $15,186,804 or $(0.49) per diluted share, versus a net loss of $15,801,612 or $(0.56) per diluted share for 2005.
For the three months ended Dec. 31, 2006, UDC had revenue of $2,544,282, compared to $2,296,062 for the fourth quarter of 2005. For the fourth quarter of 2006, UDC reported a net loss of $4,408,826 or $(0.14) per diluted share, versus a net loss of $4,641,591, or $(0.17) per diluted share for the fourth quarter of 2005.
Retirement provider changes name
West Windsor-based not-for-profit retirement housing provider Presbyterian Homes & Services, Inc. has changed its name to PHS Senior Living, Inc. "The new name honors the long history, strong reputation and positive attributes of Presbyterian Homes while also signaling our position as a modern company with leading-edge programs, services and amenities," stated Gary T. Puma, PHS Senior Living president and chief executive officer in a release.
Statewide, PHS owns and/or operates 24 retirement properties, with a 25th under development. These include five continuing care retirement communities, four assisted living and 16 affordable housing communities.
PHS also recently formed a new senior living management and development company, Princeton Senior Living, LLC. Princeton Senior Living offers a comprehensive range of servicesincluding development planning, repositioning, marketing, capital needs analysis and moreto providers throughout the U.S.
RWJ hospital opens new facility
Robert Wood Johnson University Hospital Hamilton opened its new Lakefront Tower patient building on April 1. The new four-story building features 64 private patient rooms.