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COOPERATIVE BANKSHARES CEO EXPECTS TO BEAT ESTIMATES
Wilmington, NC –Cooperative
Bankshares, Inc. (NASDAQ:“COOP”) should beat analyst Earnings per
Share (EPS) estimates in 2004 and 2005, CEO Frederick Willetts, III
told investors at the SunTrust Robinson Humphrey Sunbelt Community
Bank Conference.
Willetts said that the 2004
estimate of $1.52 per share reported by analyst Gary Tenner of
SunTrust Robinson Humphrey “may be slightly conservative.” He
additionally said that he would be “profoundly disappointed” if the
company failed to beat Tenner’s 2005 estimate of $1.75 per share.
Cooperative Bankshares, Inc. is the parent company of Cooperative
Bank. Chartered in 1898, Cooperative Bank provides a full range of
financial services through 21 offices in Eastern North Carolina.
Cooperative Bank’s subsidiary, Lumina Mortgage, Inc., is a mortgage
banking firm, originating and selling residential mortgage loans
through offices in Wilmington, North Carolina, North Myrtle Beach,
South Carolina, and
Virginia Beach, Virginia.
SEC Form 8-K has been filed.
For Additional Information
Frederick Willetts, III, President
Todd L. Sammons, CPA, Senior Vice President/ CFO
Linda B. Garland, Vice President/ Secretary
This Press Release, as well as other written communications
made from time to time by Cooperative Bankshares, Inc. and
subsidiaries (the "Company") and oral communications made from time
to time by authorized officers of the Company, may contain
statements relating to the future results of the Company (including
certain projections, such as earnings projections, and business
trends) that are considered "forward‑looking statements" as defined
in the Private Securities Litigation Reform Act of 1995 (the PSLRA).
Such forward‑looking statements may be identified by the use of such
words as "believe," "expect," "should," "planned," "estimated" and
"potential." For these statements, the Company claims the protection
of the safe harbor for forward‑looking statements contained in the
PSLRA. The Company’s ability to predict future results is inherently
uncertain and cautions you that a number of important factors could
cause actual results to differ materially from those currently
anticipated in any forward‑looking statement. These factors include
among others, changes in market interest rates and general and
regional economic conditions, changes in government regulations,
changes in accounting principles and the quality or composition of
the loan and investment portfolios and other factors that may be
described in the Company’s quarterly reports on Form 10-Q for the
quarters ended March 31 and June 30 and in its annual report on Form
10-K, each filed with the Securities and Exchange Commission, which
are available at the Securities and Exchange Commission’s internet
website (www.sec.gov)
and to which reference is hereby made.
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