Business briefs for Oct. 21, 2008
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MidSouth lowers quarterly earnings
MidSouth Bancorp Inc. said Monday that rising expenses and higher provisions for bad loans led to lower third-quarter earnings.
The Lafayette banking company said that for the three months ending in September, it earned $1.9 million, or 28 cents per share, compared to $2.4 million, or 37 cents, a year ago.
MidSouth said the expenses were tied to franchise growth and setting aside an extra $200,000 for loan losses, though they were partially offset by higher revenues.
Shaw Group gets boost in credit
The Shaw Group Inc. said Monday it boosted its available credit agreement with a bank syndicate by $200 million. With other credit arrangements, the Baton Rouge company says it has access to a total of $1.25 billion without further consent.
While not indicating commitments for the financing beyond existing operations, Shaw Chief Financial Officer Brian Ferraioli said the increased credit and extension of the deal through 2011 demonstrated bankers’ confidence in the company despite difficult credit markets.
McMoRan narrows quarterly net loss
McMoRan Exploration Co. said Monday it narrowed its third-quarter net loss as a hurricane-related charge partly offset by a gain on future oil and gas contracts.
The New Orleans company said it lost $6.1 million, or 10 cents a share. That compares with a net loss of $52.2 million, or $1.50 per share, one year ago. Special items during the recent quarter included a $152.6 million charge associated with the September hurricanes. The company said it expects to recover some of those losses through insurance programs.
MidSouth Bancorp Inc. said Monday that rising expenses and higher provisions for bad loans led to lower third-quarter earnings.
The Lafayette banking company said that for the three months ending in September, it earned $1.9 million, or 28 cents per share, compared to $2.4 million, or 37 cents, a year ago.
MidSouth said the expenses were tied to franchise growth and setting aside an extra $200,000 for loan losses, though they were partially offset by higher revenues.
Shaw Group gets boost in credit
The Shaw Group Inc. said Monday it boosted its available credit agreement with a bank syndicate by $200 million. With other credit arrangements, the Baton Rouge company says it has access to a total of $1.25 billion without further consent.
While not indicating commitments for the financing beyond existing operations, Shaw Chief Financial Officer Brian Ferraioli said the increased credit and extension of the deal through 2011 demonstrated bankers’ confidence in the company despite difficult credit markets.
McMoRan narrows quarterly net loss
McMoRan Exploration Co. said Monday it narrowed its third-quarter net loss as a hurricane-related charge partly offset by a gain on future oil and gas contracts.
The New Orleans company said it lost $6.1 million, or 10 cents a share. That compares with a net loss of $52.2 million, or $1.50 per share, one year ago. Special items during the recent quarter included a $152.6 million charge associated with the September hurricanes. The company said it expects to recover some of those losses through insurance programs.
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