Business Briefs
Advance Auto to report fourth quarter and annual results
ROANOKE, Va. — Advance Auto Parts, Inc. (NYSE: AAP), a leading retailer of automotive aftermarket parts, accessories, batteries, and maintenance items, will report its fourth quarter and annual financial results before market open on Thursday, Feb. 16, 2012. The Company will detail its results on a conference call scheduled to begin at 10 a.m. Eastern Time on Thursday, Feb. 16, 2012, which will be made available concurrently on the Company’s website, www.AdvanceAutoParts.com. The call is also available by dialing 866-908-1AAP. The pass code is Advance Auto Parts. A replay of the conference call will be available on the Advance website for one year.
Jefferson Security announces 2011 earnings
SHEPHERDSTOWN — Jefferson Security Bank (OTCBB: JFWV) reported net income of $784,781 for the year ended Dec. 31, 2011, a decrease from $865,296 for the year ended Dec. 31, 2010. As a result basic and diluted earnings per common share were $2.72 and $3 for the years ended Dec. 31, 2011 and 2010, respectively. For the year ended Dec. 31, 2011, the return on average assets was 0.29 percent and the return on average equity was 3.86 percent. The return on average assets was 0.33 percent and the return on average equity was 4.41 percent for the year ended Dec. 31, 2010. Semi-annual dividends of $0.50 per share were declared in 2011 and 2010 for a total dividend of $1 per share for each year.
The Bank’s total assets were $274.7 million as of Dec. 31, 2011, an increase of $9.4 million or 3.5percent from total assets of $265.3 million as of Dec. 31, 2010. Loans, net of reserve, were $136.0 million as of Dec. 31, 2011, down from $141.3 million as of Dec. 31, 2010. Deposits increased to $251.5 million as of Dec. 31, 2011 from $243.2 million as of Dec. 31, 2010. Book value was $67.92 per share as of Dec. 31, 2011 as compared to $68.06 per share as of Dec. 31, 2010.
MTR Gaming Group receives Ohio license
CHESTER, W.Va. — MTR Gaming Group, Inc. (NasdaqGS: MNTG) announced that it has received its license to install and operate video lottery terminals (“VLTs”) at its Scioto Downs racetrack and has submitted its initial $10 million license fee.
With the license secured, the Company will continue its construction of the new facility at Scioto Downs, which will have a beneficial impact on the Columbus, Ohio area in terms of entertainment, significant job opportunities and economic growth. The Company anticipates opening the new facility in the second quarter of 2012.
Construction of the facility started in December 2011 and enclosure of the facility should be completed before the end of January. Scioto Downs will open with 2,125 VLTs and is permitted to increase that number to as many as 2,500. Additionally, there will be a 300-seat buffet, a 100-seat casual dining restaurant, an 82-seat bar/lounge with high-tech sound and lights, and will offer a variety of entertainment options. The racetrack will also benefit from a variety of improvements.
The Company recently installed a webcam at the Scioto Downs site – to follow the construction of the facility, please visit http://www.sciotodowns.com/ and click on the construction webcam link.
Kaplan Bar Review expands into W.Va.
NEW YORK — Kaplan Bar Review, a leading provider of full-service bar preparation, is expanding its bar review program to students preparing for the state bar exams in West Virginia in time for the July 2012 exam. With this expansion to 28 states, plus Washington, D.C., Kaplan Bar Review will be available to nearly 85 percent of the entire bar-taking population.
In a July 2011 bar exit survey of 1,973 bar examinees, at 24 randomly selected locations, who took bar review in states where Kaplan offers full service bar review, examinees who prepared with Kaplan rated Kaplan higher than examinees who prepared with BarBri in five key categories, including exam likeness of the MBE (Multistate Bar Exam) practice questions; essay grading; amount of individualized guidance; amount of student support; and overall course value.
In 2010 (the most recently fully recorded year), 68 percent of bar exam takers (54,448 out of 79,953) passed nationally, although pass rates varied by state. In Arizona and Washington, the pass rates were slightly above the national average at 73 percent and 71 percent, respectively; West Virginia’s 65 percent passage rate was below the national average.
