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Table of Contents
Index to Financial Statements
Trust Preferred Issuance
In February 2004, ETB Holdings formed two business trusts solely for the purpose of issuing capital securities. Both of these trusts issued
Floating Rate Cumulative Preferred Securities, at par with a liquidation amount of $1,000 per capital security. In each case, the proceeds from
the sales of these issuances were invested in ETBH’
s Floating Rate Junior Subordinated Debentures. Key information regarding these issuances
is provided in the following table (dollars in thousands):
Both of these subordinated debentures have annual variable-
rate dividends, payable quarterly, beginning in April 2004. The proceeds will
invested in the Bank; however, a portion is expected to be invested in the Bank in the near future.
NOTE 31—QUARTERLY DATA (UNAUDITED)
Floating Rate
Cumulative Preferred
Securities
Trustee Name
Maturity
Shares
Issued
Liquidation
Value
Annual Dividend Rate
ETB Capital Trust XV
2034
10,000
$
10,000
2.85% above 3
-
month average LIBOR
ETB Capital Trust XIV
2034
5,000
$
5,000
2.90% above 3
-
month average LIBOR
The information presented below reflects all adjustments, which, in the opinion of management, are of a normal and recurring nature
necessary to present fairly the results of operations for the periods presented (in thousands, except per share amounts):
109
2003
2002
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter(1)
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
Net revenues
$
322,170
$
381,087
$
397,705
$
382,746
$
330,877
$
316,062
$
329,605
$
349,320
Cost of services
$
148,575
$
161,266
$
156,190
$
152,354
$
140,752
$
133,795
$
145,521
$
147,156
Income before cumulative effect of accounting change
$
21,482
$
12,687
$
61,403
$
107,455
$
23,432
$
32,790
$
20,678
$
30,364
Net income (loss)
$
21,482
$
12,687
$
61,403
$
107,455
$
(270,237
)
$
32,790
$
20,678
$
30,364
Income per share before cumulative effect of accounting change:
Basic
$
0.06
$
0.04
$
0.17
$
0.30
$
0.06
$
0.09
$
0.06
$
0.09
Diluted(1)
$
0.06
$
0.03
$
0.17
$
0.27
$
0.05
$
0.09
$
0.06
$
0.08
Income (loss) per share:
Basic
$
0.06
$
0.04
$
0.17
$
0.30
$
(0.78
)
$
0.09
$
0.06
$
0.09
Diluted(1)
$
0.06
$
0.03
$
0.17
$
0.27
$
(0.78
)
$
0.09
$
0.06
$
0.08
(1) For the three months ended December 31, 2003, diluted income before cumulative effect of accounting change per share and net income per share are calculated using the ‘if converted’
method, which includes the additional dilutive impact assuming conversion of the Company’s subordinated convertible debt. Under the ‘if converted’ method, the per share numerator
excludes the interest expense from the convertible debt of $7.2 million and the denominator includes the shares issuable from the assumed conversion of the convertible debt of 45.4
million. For all other periods, the ‘if converted’ method is not used as its effect would be anti-dilutive.