Majority of state's counties report increased unemployment rate in November

CHARLESTON -- West Virginia's unemployment rate climbed two-tenths of a percentage point to 7.9  percent in November 2009. The majority of counties reported increasing unemployment rates as well, according to data released today by Workforce West Virginia.

The number of counties recording an unemployment rate considered much worse than average when compared to the state rate rose in November. This group included Jackson (12.1), Mason (12.4), Calhoun (12.5), Clay (13.1), Pocahontas (13.3), and Roane (13.8). 

The number of counties recording an unemployment rate considered better than average when compared to the state rate declined slightly. This group contained Cabell (6.6), Jefferson (6.4), Marion (6.4), Monroe (6.3), and Putnam (6.0). Once again, Monongalia (4.5) was the sole county recording an unemployment rate considered much better than average when compared to the state rate.

Congress passes transportation bill including millions for West Virginia road projects

WASHINGTON, D.C. -- U.S. Sen. Robert C. Byrd, D-W.Va., who serves as the senior member of the Senate Appropriations Committee, today announced the Congress has cleared and sent to President Obama for his signature the Fiscal Year 2010 Transportation and Housing and Urban Development, and Related Agencies (THUD) Appropriations bill. As part of the funding measure Byrd secured millions of dollars in funding for road projects throughout West Virginia as part of his on-going efforts to provide a safer, more efficient transportation network throughout the Mountain State. 

Funding Byrd included in the transportation appropriations measure for road projects and transportation research programs throughout West Virginia are as follows:

• Corridor H: $4.383 million for the West Virginia Division of Highways (WVDOH) for the continued construction of Corridor H, the only unfinished corridor highway in West Virginia, as part of the Appalachian Development Highway System (ADHS). The $4.383 million Byrd added to the bill would be used primarily for work on the roadway between Bismarck and Forman. The State of West Virginia also receives annual ADHS formula funding as a result of Byrd’s efforts in past transportation authorization measures;

• West Virginia Route 10: $1.948 million for the WVDOH to continue construction and improvements to Route 10 in Logan County;

• Coalfields Expressway: $1.948 million for the WVDOH for the continued construction of the Coalfields Expressway, a proposed 112-mile four-lane, limited-access, highway that will run from I-64-77 in Beckley to U.S. 23 in Pound, Virginia. This funding would be used for work associated with the Allen Creek to Slab Fork area;

• King Coal Highway: $1.948 million for the WVDOH for the continued construction of the King Coal Highway, the 104-mile segment of U.S. 52 that extends from the Robert C. Byrd Freeway near Williamson to Interstate 77 near Bluefield. Funding will be used for construction of an interchange to WV 460 in Mercer County;

• U.S. Route 35: $1.948 million for the WVDOH for continued construction of the West Virginia portion of U.S. Route 35, which runs from the Ohio River east through Mason, Putnam, and Kanawha Counties and connects with Interstate 64 in Charleston. The roadway serves as a vital commercial thoroughfare, with trucks using the road as part of their route through Charleston and onto Cincinnati, Dayton, and Columbus, Ohio, and beyond;

• Wetzel Street Bridge: $487,000 for the WVDOH to replace the current Wetzel Street Bridge in the Town of Hundred which has been closed to traffic;

• Monongalia General Hospital Access Road: $974,000 for the construction of an access road that will provide emergency vehicles, patients, visitors and staff direct access to Monongalia General Hospital in Monongalia County;

• Hardy County Complex Access Road: $1.461 million for the Hardy County Rural Development Authority in Moorefield to construct an access road to West Virginia Eastern Community and Technical College and points beyond; and

• West Virginia University (WVU) Construction Facilities Center: $243,500 for WVU to continue development of Fiber Reinforced Polymer (FRP) composites for various transportation initiatives. FRP is non-corrosive, two times stronger and four times lighter than steel with at least twice the service life.

West Virginia's unemployment rate rose to 7.9 percent in November

CHARLESTON -- West Virginia’s unemployment rate climbed two-tenths of a percentage point to 7.9 percent in November, WorkForce West Virginia reported today. The number of unemployed state residents rose 1,800 to 62,800. Total unemployment was up 30,600 over the year. 

Total nonfarm payroll employment rose 1,300, with a gain of 1,700 in the service-providing sector overpowering a decline of 400 in the goods-producing sector. 

Within the goods-producing sector, declines of 800 in construction and 200 in mining and logging offset a gain of 600 in manufacturing. The service-providing sector saw employment gains of 1,400 in trade, transportation, and utilities, 600 in professional and business services, 400 in government, 200 in educational and health services, and 200 in financial activities. Declines included 800 in leisure and hospitality and 300 in other services. Employment in information was unchanged over the month. 

Since November 2008, total nonfarm payroll employment has fallen 17,500, with losses of 11,800 in the goods-producing sector and 5,700 in the service-providing sector. Declines included 6,500 in trade, transportation, and utilities, 4,800 in manufacturing, 4,700 in mining and logging, 2,300 in construction, 1,300 in leisure and hospitality, 700 in financial activities, 600 in information, and 600 in other services.

Employment gains included 1,900 in professional and business services, 1,400 in educational and health services, and 700 in government. 

West Virginia’s seasonally adjusted unemployment rate inched downward one-tenth of a percentage point to 8.4 percent, while the national rate declined two-tenths of a percentage point to 10.0 percent. 

Four West Virginia companies recognized for energy efficiency

CHARLESTON – Gov. Joe Manchin and the West Virginia Division of Energy today announced that four large West Virginia businesses have received national recognition for their efforts to reduce energy consumption.

Mittal Steel in Weirton, Marble King in Paden City, QuadGraphics in Martinsburg, and Wheeling Nisshin in Follansbee each recently received the U.S. Department of Energy’s Industrial Technologies Program Save Energy Now Awards.

Each of these businesses participated in an onsite energy assessment conducted by the Industrial Assessment Center of West Virginia University, which focused on all energy-using industrial processes.

By implementing recommendations from these evaluations, Mittal Steel was able to achieve more than 15 percent total energy savings and was named an Energy Champion Plant for 2009. The other three companies each achieved a total annual energy savings of more than 7.5 percent and were recognized as Energy Saver Plants for 2009.

Manchin said he applauds their efforts and encourages other West Virginia companies to follow their lead.

“The first step toward energy independence is better energy efficiency, and I appreciate the commitment that our industries are making toward that,” Manchin said. “These investments will help our companies remain competitive, retain their employment base while reducing their environmental impact. These companies have set a good example for all of our industries and I’m pleased the U.S. Department of Energy has recognized their accomplishments.”

Morgantown entrepreneur names SBA's 2009 Minority Small Business Person of the Year

MORGANTOWN – Kathy Clinton, president and owner of Performance Results Corporation (PRC), headquartered in Morgantown, has been recognized as West Virginia’s 2009 Minority Small Business Person of the Year by the U.S. Small Business Administration (SBA) at the 2009 Mid-Atlantic SBIR/STTR Conference on Dec. 1.

“The presentation of this prestigious award affords us the opportunity to recognize the hard work and dedication of not only an outstanding entrepreneur, but the minority small business community as well,” said SBA West Virginia District Director Judy K. McCauley. “PRC, a SBA 8(a) certified, small disadvantaged business, has accomplished tremendous business growth as a participant in the 8(a) program, which is a direct reflection on the entrepreneurial abilities of Kathy Clinton. I am honored to recognize her as the 2009 West Virginia Minority Small Business Person of the Year.”

Clinton received the award in conjunction with SBA’s 27th annual Minority Enterprise Development (MED) Week program. MED Week commemoration activities are designed to recognize outstanding owners of minority small businesses for their individual achievements and contributions to our nation’s economy. The event is a collaborative partnership between the SBA and the U.S. Department of Commerce’s Minority Business Development Agency and has been proclaimed by the President of the United States since 1982.

“I very much appreciate receiving this award from the SBA, which supported me in starting up my business in 2000,” said Clinton. “Being selected as the Minority Small Business Person of the Year reflects not only on the success of PRC but also on the exceptional efforts of PRC’s employees who made this success possible.”

PRC, which began as a small business with three employees in April of 2000, has grown to more than 190 employees working in sixteen cities across thirteen states, with nearly $15 million in revenue in 2008. The company is expected to earn approximately $19 million in revenue for 2009. PRC provides support services and solutions to corporate and government clients in the areas of: facilities, strategic planning and management, administrative support, project management, technical and engineering services, and information technology. The company has a reputation for providing quality services to its customers who include the U.S. Department of Energy, the Centers for Disease Control and Prevention, the U.S. Nuclear Regulatory Commission, and the U.S. Army. PRC also serves in a subcontracting role to a number of large businesses, which include Lockheed Martin, Battelle, URS, and Booz Allen Hamilton.

Governor to host 2009 West Virginia Energy Summit Dec. 8

CHARLESTON - Gov. Joe Manchin, the West Virginia Department of Commerce, along with the Southern States Energy Board will host the 2009 West Virginia Energy Summit, which will be held at the Stonewall Resort on Tuesday, Dec. 8, beginning at 8 a.m.

The theme for this year’s conference is “West Virginia’s Commitment to Energy Security.”

The daylong summit will feature various speakers and representatives from academia, business, technology, research and leaders of the state’s energy industry. The summit brings together stakeholders to discuss how West Virginia will continue to play an important role in the country’s energy future. 

For information on how to register for the summit, please contact: Jeff Herholdt, West Virginia Division of Energy, 304-558-2234.

West Virginia's unemployment rate fell in October

CHARLESTON — West Virginia's unemployment rate declined three-tenths of a percentage point to 7.7 percent in October 2009, according to data released by Workforce West Virginia. Well over one-half of all 55 counties reported declining unemployment rates as well. 

The number of unemployed state residents declined 2,700 to 60,900. Total unemployment was up 30,900 over the year. Total nonfarm payroll employment rose 4,500, with gains of 100 in the goods- producing sector and 4,400 in the service-providing sector. 

Within the goods-producing sector, a gain of 800 in construction offset declines of 600 in mining and logging and 100 in manufacturing. Employment gains in the service-providing sector included 4,600 in government, 1,000 in educational and health services, 700 in professional and business services, and 100 in financial activities. 

Declines included 1,700 in leisure and hospitality, 200 in other services, and 100 in information. Employment in trade, transportation, and utilities was unchanged over the month. 

Since October 2008, total nonfarm payroll employment has plummeted 22,300, with losses of 14,400 in the goods-producing sector and 7,900 in the service-providing sector. Declines included 7,400 in trade, transportation, and utilities, 6,100 in manufacturing, 4,800 in mining and logging, 3,500 in construction, 1,900 in leisure and hospitality, 1,100 in financial activities, 600 in information, and 400 in other services. 

Employment gains included 1,600 in educational and health services, 1,200 in government, and 700 in professional and business services. 

West Virginia’s seasonally adjusted unemployment rate fell from 8.9 to 8.5 percent in October, while the national rate climbed four-tenths of a percentage point to 10.2 percent, the highest in over 20 years.

The number of counties recording an unemployment rate considered much worse than average when compared to the state rate shrank considerably. This group contained Calhoun (11.6), Roane (12.3), and Clay (14.6). 

The number of counties recording an unemployment rate considered better than average when compared to the state rate increased slightly. This group included Mercer (6.4), Preston (6.4), Cabell (6.3), Marion (6.3), Jefferson (6.2), Monroe (6.1), and Putnam (5.7).Once again, Monongalia (4.7) was the sole county recording an unemployment rate considered much better than average when compared to the state rate.

Fairmont woman-owned business lands $1.34 million NASA contract

FAIRMONT, W.VA. –Allegheny Technology Corporation (ATC), a small woman-owned, disadvantaged company, signed their first federal contact with the NASA IV&V Facility in Fairmont earlier this month. The company, based in Weston, W.Va., is a participant in the U.S. Small Business Administration’s 8(a) Business Development Program.

The signing took place at the NASA IV&V Facility on Monday, Nov. 16. Arria Whiston, president of ATC, Judy K. McCauley, director of SBA’s West Virginia District Office, and Dr. Dale S. “Butch” Caffall, director of NASA’s IV&V Facility, participated in the contract signing ceremony.

The $1.34 million dollar NASA contract was awarded for Knowledge and Program Management support. The contract will provide the NASA IV&V Facility with program metric development, strategic planning, and knowledge management support. ATC will be assisting NASA IV&V with developing best practices in industry and specifically addressing the internal drivers for enhancing their ability to share knowledge among projects, customers and stakeholders.

“Allegheny Technology Corporation is a perfect example of SBA’s 8(a) business development program in action,” said McCauley. “The 8(a) program provides excellent opportunities for small firms such as ATC to develop business experience through the federal procurement process.”

“This is very exciting for Allegheny Technology to receive its first SBA 8(a) award from the NASA IV&V Facility,” said Whiston. “This award is another instance of NASA’s commitment to the advancement of the small business community in West Virginia.”

“The 8(a) program will open a lot more doors for Allegheny Technology,” added Whiston. “It is an excellent program for small disadvantaged businesses to obtain federal contracts. The support and guidance Allegheny Technology received during the certification process and business development planning activities from West Virginia District Office has been outstanding.”

The 8(a) program is a program for helping socially and economically disadvantaged entrepreneurs gain access to the economic mainstream of American society. This program has helped thousands of aspiring entrepreneurs gain a foothold in government contracting. Divided into two phases over nine years, certified companies advance from a four-year development stage to a five-year transitional stage.

The program provides access to sole-source contracts, up to a ceiling $3.5 million for goods and services and $5.5 million for manufacturing. While the 8(a) certification program helps firms build competitive and institutional know-how through sole-source contracts, the SBA also encourages participation in competitive contracts as well as commercial contracts.

Whiston  became an entrepreneur in 1998 starting Whiston Accounting which evolved into AW Consulting. Early in 2009, she incorporated the business and became Allegheny Technology Corporation. ATC provides professional services, Program Management and Information Technology solutions for federal, state, and local governments, federal civilian agencies, and commercial clients. The company focuses on areas such as project management, financial analysis, software and systems engineering, as well as training and simulation, and specialized scientific, engineering, and technical support.

To learn more about the SBA and their business development programs, visit the SBA’s web site at www.sba.gov .

Deadline fast approaching for West Virginia SBA awards

CLARKSBURG, W.Va. – The U.S. Small Business Administration is looking for nominations for the 2010 West Virginia Small Business Person of the Year and Small Business Champion awards. The award recipients will be recognized at the SBA’s annual West Virginia Small Business Week Awards Celebration to be held on Thursday, May 13, 2010 at the Tamarack Conference Center in Beckley. All award winners are eligible for regional and national recognition.

Any individual or organization in West Virginia can submit nominations for the Small Business Person and Champion awards. The Small Business Champion awards are selected from individuals or organizations who promote small business, volunteer time and services to small business interest groups, advocate the cause of small business through legislation, or use their professional expertise to assist small business owners. Champions may or may not be small business owners.

The award categories include: Small Business Person; Small Business Exporter; SBA Young Entrepreneur (under age 30); Jeffrey Butland Family-Owned Small Business; Entrepreneurial Success; Financial Services Champion; Home-based Business Champion; Minority Small Business Champion; Veteran Small Business Champion; and Women in Business Champion.

Nominations must be received in the West Virginia District Office by close of business on Monday, Nov. 30, 2009. Small Business Week nomination guidelines and associated forms can be found on the SBA’s West Virginia District Office web page at www.sba.gov/wv (2010 Small Business Week Nomination Criteria under the Spotlight section) of by contacting Rick Haney at the WVDO at (800) 767-8052, ext. 8 (email: richard.haney@sba.gov ).

Economic forecast predicts West Virginia will continue to lose jobs through 2009

CHARLESTON -- West Virginia will continue to lose jobs through 2009, but should begin to see a rebound late next year, according to the latest forecast from West Virginia University’s College of Business and Economics released today at the 16th annual West Virginia Economic Outlook conference in Charleston.

“State jobs evaporated rapidly during the first half of 2009,” said George W. Hammond, associate director of the Bureau of Business and Economic Research. Job losses are expected to slow in the second half of 2009, with job growth not expected to rebound significantly until late 2010.

“This downturn is likely to be the worst we’ve seen since the early 1980s,” Hammond said.

State job losses were severe during early 2009, with 22,600 lost from the second quarter of 2008 to the same quarter in 2009. That translates into a 3 percent decline, which is less severe than the national decrease of 3.9 percent. Also, the state unemployment rate has nearly doubled from 4.3 percent (seasonally adjusted) in the second quarter of 2008 to 8.4 percent in the same quarter of 2009.

The forecast calls for the state to start generating jobs again during the second half of 2010 and to sustain job growth through 2014, assuming the national economy grows steadily during that period.

“State job growth is likely to be slow, about one-half the national rate, during the 2009-14 period,” Hammond said. “To put that in perspective, it is expected to take five years for the state to replace the jobs lost during the downturn.”

According to the forecast, natural resources and mining jobs will decline as the U.S. and world economies gradually emerge from the downturn. Construction employment will grow slowly as the housing correction abates. Also, manufacturing jobs will stabilize during the next five years as U.S. and world demand rebounds and the value of the U.S. dollar falls.

Most jobs are forecast to be generated in the service-producing sectors, particularly professional and business services and health care. Also expected to add jobs during the forecast are trade, transportation and utilities; leisure and hospitality; and government.

Steady job growth contributes to an increase in inflation-adjusted per capita personal income but the rate of job growth in West Virginia is expected to be slower than the national average. That suggests that the income gap with the nation will gradually rise during the forecast.

Job and income growth contribute to population gains, but they will remain very slow during the next five years, according to the forecast. A key factor is the rapid aging of the state’s population. After 2011, the early waves of the baby boom generation begin to hit age 65.

There are substantial risks to the outlook this year, including the possibility of weaker than expected national performance during 2010, the impacts of more strict environmental regulation on industrial activity, increased competitive pressures on the gaming sector and possible efforts to restrain growth in health care spending.

Full details are available in a 50-page publication available from the WVU Bureau of Business and Economic Research for $30 per copy. Contact Jamie Kiszka at 304-293-7831 or via email at Jamie.Kiszka@mail.wvu.edu for more information.

SBA announces new business training opportunities for Iraq and Afghanistan disabled veterans

WASHINGTON – The U.S. Small Business Administration today announced a three-year agreement to expand and deliver entrepreneurship training for service-disabled veterans of the wars in Iraq and Afghanistan. 

The agreement with SBA’s Office of Veterans Business Development will support the expansion of the year-long Entrepreneurship Bootcamp for Veterans with Disabilities (EBV). The expansion of this innovative management training and mentorship program will maximize small business programs for veterans, service-disabled veterans, reserve-component members, and their dependents or survivors.

Additionally, this week SBA launched a new online contracting tutorial on www.sba.gov , as part of its ongoing efforts to expand services to veterans and service-disabled veterans. Veterans and military spouses who own small businesses can utilize this free online course to learn how to identify and take advantage of federal contracting opportunities.

“At this important time, with veterans returning from foreign soil in increasing numbers, we at the SBA are working to ensure they have the resources to successfully start and run their small businesses. As a result of the leadership skills they develop during their service, veterans over-index in entrepreneurial activities,” SBA Administrator Karen G. Mills said today. “Our commitment is to honor that service by helping our nation’s veterans – especially those who return home with disabilities – fulfill the American Dream. Initiatives like the Entrepreneurship Bootcamp and our online training courses give veteran business owners the tools they need to grow, be competitive, and create jobs.”

Working with Syracuse University’s Whitman School of Management, the University of Connecticut School of Business, Mays Business School at Texas A&M, UCLA Anderson School of Management, Florida State University’s College of Business, and the Krannert School of Management at Purdue University, SBA’s grant and other assistance will significantly expand the reach and impact of the EBV initiative and help maximize economic opportunities for U.S. veterans with disabilities. 

The expansion of SBA’s entrepreneurship training initiatives builds on SBA’s support for veterans through its Patriot Express loan program. In less than two-and-a -half year’s time, this pilot loan initiative has supported nearly $400 million in loans to more than 4,700 veterans and spouses looking to establish or expand their small businesses. As a result of the American Recovery and Reinvestment Act, which raised loan guarantees to 90 percent and temporarily eliminated fees, the number of Patriot Express loans increased by more than 20 percent this year over 2008. Local SBA district offices have a listing of Patriot Express lenders in their areas. Details on the initiative can be found at www.sba.gov/patriotexpress .

NTELOS Holdings announces workforce reductions

WAYNESBORO, Va. -- NTELOS Holdings Corp. today announced workforce reductions in its wireless and corporate organizations.  

Workforce reductions will be achieved through the offering of an early retirement incentive plan, the elimination of certain vacant and budgeted positions and the elimination of some jobs, the company said in making the announcement. The reduction is expected to be primarily from support functions.

“We regret the impact this will have on our employees,” said James S. Quarforth, chief executive officer of NTELOS. “Economic conditions over the past year have impacted our wireless business and as the wireless industry matures, it is proper for us to proactively take these measures to support continued growth in adjusted EBITDA and free cash flow.”

These actions will result in approximately $1.5 million in cash severance and other non-cash pension and other post-retirement curtailment and settlement charges in 2009. Collectively, all these workforce reductions will generate net savings and reduce future expenses by approximately $4 million for the year 2010.

NTELOS Holdings Corp. is an integrated communications provider with headquarters in Waynesboro, VA. NTELOS provides products and services to customers in Virginia, West Virginia, Kentucky, Ohio, Tennessee, Maryland and North Carolina, including wireless phone service, local and long distance telephone services, IPTV-based video services, and data services for internet access and wide area networking. More information about NTELOS is available at www.ntelos.com .

First West Virginia Bancorp Announces Third Quarter Earnings

WHEELING, W.Va. -- First West Virginia Bancorp, Inc. President and Chief Executive Officer, Sylvan J. Dlesk, today announced third quarter earnings for the Wheeling, West Virginia, based holding company. First West Virginia Bancorp, Inc. is the parent company of Progressive Bank, N. A., Wheeling, West Virginia.

Net income for the third quarter of 2009 was reported at $468,248 or $.30 per share, compared to $521,905 or $.33 per share reported for the same period a year earlier. The decrease in earnings during the third quarter of 2009 compared to 2008 was primarily attributed to increases in noninterest expenses and the provision for loan losses combined with a decrease in noninterest income, offset in part by increases in net interest income and the decrease in income tax expense. Noninterest expenses rose $166,220 or 9.6% during the three month period ended September 30, 2009 as compared to the same period in 2008 primarily due to the increases in other operating expenses and salary and employee benefits expenses, offset in part by the decrease in occupancy expenses of premises. Noninterest income decreased $33,695 or 9.5% for the three months ended September 30, 2009 as compared to same period of the prior year and was due to the change in the net gains (losses) on sales of investment securities combined with the decreases in service charges and other fee income and in other operating income. During the third quarter of 2009 over 2008, net interest income increased $101,878 or 5.0% and was primarily due to the decrease in the interest expense paid on interest bearing liabilities combined with the increase in the interest and fees earned on loans, offset in part by the decrease in the interest earned on investment securities. During the third quarter of 2009, the Company allocated $30,000 to the provision for loan losses.

For the nine months ended September 30, 2009, net income was reported at $1,538,067 or $.97 per share compared to $1,669,463 or $1.05 per share reported for the same period in 2008. The decline in net income for the nine months ended September 30, 2009 as compared to the same period in 2008 of $131,396 or 7.9% was primarily the result of increases in noninterest expenses and in the provision for loan losses combined with the decrease in noninterest income, offset in part by the increase in net interest income and a decrease in income tax expense. As compared to the same period in the prior year, noninterest expenses increased $355,508 or 6.8% primarily due to the increases in other operating expenses which resulted from increased regulatory assessments, as well as increases in salary and employee benefits expenses and occupancy expenses. Noninterest income fell $49,298 or 4.3% primarily due to the decline in service charges and fees earned on deposit accounts combined with the decrease in other operating income, which were offset in part by the net change in the gains (losses) on sales of investment securities. Net interest income increased $199,220 or 3.2%, primarily due to the decrease in the interest expense paid on interest bearing liabilities, offset in part by decreases in the interest and fees earned on loans as well as the interest earned on investment securities.

First West Virginia Bancorp, Inc. stock is traded on the NYSE Amex under the symbol "FWV."

West Virginia Bankers Association, Mountain State University sign partnership agreement

BECKLEY- Mountain State University and West Virginia Bankers Association (WVBA) officials today   signed an agreement formalizing a partnership between the two that will aid in the continued education and professional development of workers in the banking industry. 

Hundreds of professionals throughout the state of West Virginia belong to the association that represents the banking industry before West Virginia Legislature, the U.S. Congress and many other state and federal regulatory agencies.

Donna Atkinson, Director of Education for WVBA says the Association welcomes opportunities to provide education to its members, as well as others interested in the financial industry. “By working closely with colleges in West Virginia, we have found this to be a very effective way to add our courses to their curriculums. MSU’s leadership programs fit well with the banking industry and we encourage our bankers to take advantage of these programs to enhance and improve their professional development.” says Atkinson.

"The agreement, initiated in late August, focuses on providing MSU’s Bachelor of Science in Organizational Leadership and Master of Science in Strategic Leadership programs as well as Spectrum Business general education options to members of WVBA through classroom (in-seat) and online."

Mountain State University, founded in 1933, is a not-for-profit independent institution based in Beckley, W.Va., serving more than 8,700 students a year in such fields as business, accounting, computer science, information technology, criminal justice, nursing, medical sonography, and leadership. 

Governor, congressmen to meet Tuesday with local officials on future of coal industry

CHARLESTON — Gov. Joe Manchin, U.S. Rep. Shelley Moore Capito, U.S. Rep. Nick Joe Rahall and others are planning to host a private meeting on Tuesday at the governor's office in Charleston on the future of coal in West Virginia with government, industry and labor representatives.

The meeting was brought about at the request of county commissioners from Boone, Kanawha, Lincoln, Logan and Mingo counties who are worried about the future of the coal industry.

Representatives of U.S. Sen. Robert C. Byrd and U.S. Sen. Jay Rockefeller are also expected to attend.

The meeting is closed to the public, but according to a statement issued by the governor's office participants will be available to the media following the meeting's conclusion Tuesday.

Massey Energy declares quarterly dividend

RICHMOND, Va. -- Massey Energy Company today reported that its Board of Directors, at a regularly scheduled meeting, declared a quarterly dividend in the amount of 6 cents per share to be paid on December 31, 2009 to shareholders of record on December 17, 2009.

Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal producer in Central Appalachia and is included in the S&P 500 Index.

State economic forecast to be webcast Wednesday

CHARLESTON — West Virginia University’s Bureau of Business and Economic Research will issue its 2010 economic forecast for West Virginia at its 16th annual Economic Outlook Conference, 8 a.m. to 12:15 p.m., Nov. 11, at the Charleston Embassy Suites Hotel.

The event will be webcast and can be seen at http://webcast.wvu.edu 

WVU President James P. Clements will open the program, which is sponsored by the WVU College of Business and Economics.

David Wyss, chief economist at Standard & Poor’s and well-known commentator on economic issues, will give the outlook for the U.S. economy. George Hammond, author of the West Virginia Economic Outlook, will discuss the forecast for West Virginia jobs, income, population and unemployment rate.

Other speakers include: Sally Cline, commissioner of banking, West Virginia Banking Commission; Dr. Randy Childs, research assistant professor, WVU Bureau of Business and Economic Research; and Mark Muchow, deputy cabinet secretary, West Virginia Department of Revenue.

The conference is also sponsored by AEP Appalachian Power, The Chambers Endowed Program for Electronic Business, Charleston Daily Mail, The Charleston Gazette, Chesapeake Energy Corp., Citigroup Global Markets Inc., Crews & Associates Inc, Raymond James and Associates Inc., The State Journal, West Virginia Department of Revenue, West Virginia Housing Development Fund and West Virginia American Water.

Registration is $75 per person or $90 and includes continental breakfast, copy of the West Virginia Economic Outlook 2010, and presentations by the speakers. Students can attend for $30 with student ID. Call 304-293-7831 or register online at www.bber.wvu.edu .

SBA to host Business Structure and Taxes clinic Nov. 19 in Charleston

CHARLESTON -- The U.S. Small Business Administration and Charleston SCORE Chapter 256 will be conducting a free small business clinic entitled “Business Structure – Taxes vs. Liability” on Thursday, Nov. 19, from 5:30 p.m. to 6:30 p.m. in the 4th Floor Conference Room at 405 Capitol Street in Charleston.

CPA and SCORE member Joetta Kuhn along with Kimberly Donahue, business development specialist for the SBA, will be providing attendees with information to help them understand the balance between taxable income and liability in order to better determine which business structure is right for their business.

“If you’re going into business for yourself— then this is the first hurdle you face. The decision you make here will have long-term ramifications for your company,” said Kuhn. 

This clinic is one in a series of free small business clinics. Future clinics and dates are as follows:

 “Business Loans – No Hype, Just the Facts” - December 3

The clinic is open to the public and is offered at no cost. Registration is requested as seating is limited. Individuals can register online at www.wvscore.org or by calling (304) 347-5463 or (304) 347-5220.

Borders announces plan to close 200 stores, including two in West Virginia

ANN ARBOR, Mich. -- Borders Group's announced that it will close approximately 200 of its Waldenbooks Specialty Retail mall stores in January.

As part of the plan two stores in West Virginia will be closed. In Bluefield, the Borders Express at the Mercer Mall is planned to close and in Morgantown the Waldenbooks at the Morgantown Mall is also set to close. 

In a prepared statement, the company said that the store closure list is not final and is subject to change pending finalization of agreements over the coming weeks. 

"America has a number of malls that continue to do well and draw customer traffic even in the current economy," said Borders Group Chief Executive Officer Ron Marshall. "We believe there remains an opportunity to profitably operate a much smaller Waldenbooks segment that complements our core Borders superstore business and continues to serve readers in their communities. Through this right-sizing, we will reduce the number of stores with operating losses, reduce our overall rent expense and lease-adjusted leverage and generate cash flow through sales and working capital reductions."

As long as the stores remain open, all will honor previously purchased gift cards, and gift cards can continue to be used in any Borders or Waldenbooks location or online at Borders.com. There will be no change in member status for customers who joined the Borders Rewards customer loyalty program at locations slated to close.

With the store closings in January, approximately 1,500 positions -- the majority of which are part-time jobs -- will be eliminated. Employees have been informed of the right-sizing plan and efforts will be made to place qualified individuals in other positions within Borders Group. Displaced employees will receive severance.

The mall-based right-sizing initiative has been ongoing at Borders Group for a number of years as the retailer has closed underperforming Waldenbooks Specialty Retail stores annually as part of its overall turnaround strategy. The company shuttered 112 stores in the segment in fiscal 2008 and from fiscal 2001 through 2007, closed an average of 66 stores per year within the Waldenbooks Specialty Retail segment.

Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading specialty retailer of books as well as other educational and entertainment items. For more information about the company, visit borders.com/media .

Gastar Exploration reports third quarter results

HOUSTON -- Gastar Exploration Ltd. has reported financial and operational results for the three months and nine months ended September 30, 2009. 

Net income for the third quarter of 2009 was $112.3 million, or $2.29 per diluted share, and contained several special items, including a $127.6 million gain on the sale of the Company's Australian assets, a foreign transaction gain of $7.6 million related to the sale of the Australian assets, early debt extinguishment expense of $15.9 million, a $3.3 million unrealized natural gas hedging loss and a $495,000 non-cash warrant derivative loss. For the third quarter of 2008, net income was $3.0 million, or .07 per diluted share, including a $3.4 million unrealized natural gas hedging gain. Excluding the special items, as described above for both periods, the Company would have recorded a net loss of $3.2 million, or .07 per share, for the third quarter of 2009, versus a net loss of $426,000, or .01 per share, for the third quarter of 2008.

Net cash flow from operations for the third quarter of 2009 was a deficit of $2.7 million, down from $16.8 million of positive cash flow for the third quarter of 2008. Company cash flow from operations before working capital changes for the third quarter of 2009 was a deficit of $1.1 million, compared to $7.0 million of positive cash flow in the third quarter of 2008.

Operations Review and Update

In October 2009, the company commenced drilling its first vertical Marcellus Shale well, the Yoho #1, in West Virginia. The well was drilled to a depth of 6,600 feet and is waiting on fracture simulation and flow testing, which is scheduled to be completed during the first half of November. The company is currently seeking pipeline capacity for the well's anticipated production but do not expect any sales until at least mid-2010. For the remainder of 2009 and fiscal year 2010, the company anticipates drilling at least five additional vertical Marcellus wells. 

In the third quarter, the company drilled five shallow vertical wells in Appalachia and now have a total of 15 shallow wells in the area. Currently, eight are on production, and the remaining wells are scheduled to be on production in the next 75 days. This shallow well drilling program continues to be conducted to hold certain leases by production. The company plans to drill up to 15 additional shallow wells by the end of 2010. For the three months ended September 30, 2009, net production from the Appalachia area averaged approximately 0.4 MMcfe per day.

Gastar Exploration Ltd. is an independent energy and production company focused on finding and developing natural gas assets in North America. For more information, visit www.gastar.com .

November Open for Business Report released

CHARLESTON — Gov. Joe Manchin today released the November 2009 Open for Business report highlighting business projects and announcements in West Virginia for the month. The following announcements were contained in the report:

New customer service center to create up to 125 jobs in Kanawha County 

Mountaineer Gas Center announced plans to open a new customer service call center in Charleston. The center is projected to employ 50 people by January 2010 and expand to 125 by June 2010. The center will be operated by NCO Group Inc., a global provider of business process outsourcing services. Mountaineer provides service to about 226,000 West Virginia customers in 48 of the state's 55 counties.

Marion County firms team up on $1.25 million weather service project
A team of technology companies have received a contract valued at $1.25 million over a period of nine months to work on a project for the National Oceanic and Atmospheric Administration (NOAA) – National Weather Service. The project’s goal is to develop a way to collect information from vehicles for weather forecasting and prediction. The team members are Global Science Technology Inc. (GST) and ManTech International, both operating in Fairmont, and New York-based Calmar Telematrics. GST will build a Mobile Platform Environmental Data observation network to validate that the data can support surface transportation weather applications. Calmar Telematrics will integrate the hardware. ManTech International is an innovative technology solutions and technical services provider. 

Monongalia County technology firm wins Navy contract for security solution 

Morgantown-based Augusta Systems Inc. has been awarded a contract from the U.S. Navy’s Office of Naval Research for the development of an intelligent surveillance system. Built on Augusta System’s EdgeFrontier products, the system will integrate multiple types of monitoring technologies to enhance protection of military facilities and assets. EdgeFrontier products provide technology platforms that can be custom tailored to build and manage complex monitoring, control, and automation solutions for security, energy and utility management, asset tracking, building management, and other business functions. 

$150 million wood-fired power plant to generate 40 jobs in Mingo County
American Clean Energy announced plans to build a $150 million wood-fired power plant in Harless Wood Products Industrial Park in Holden, Mingo County. Construction on the 8-megawatt plant is expected to get under way in July 2010 and to generate electricity by the summer of 2011. The company anticipates hiring 50 workers during construction and 40 employees when the plant becomes operational. The West Virginia Economic Development Authority approved a resolution that will allow American Clean Energy to issue up to $100 million in tax-free bonds to construct the facility. 

WVEDA approves $442,350 loan for Raleigh County business
During its October meeting, the West Virginia Economic Development Authority approved a loan for a business in Raleigh County: Bolt Properties LLC, $442,350, to finance land, equipment and building to be leased to Cogar Manufacturing near Beckley. Cogar is a manufacturer and distributor of feeder-breakers, reclaim feeders and bins, crushers, man-trip vehicles and related repair parts. Cogar serves the underground coal, potash, salt and limestone mining industries. Cogar expects its current total of 12 employees to increase up to 30 in the next three years. 

West Virginia businesses travel to China for mine equipment show
The West Virginia Development Office (WVDO) is leading a trade mission to Beijing, China. The group will exhibit at the China Coal & Mining Exhibition, Oct. 27-30 . Held every other year, the show is one of the world's largest exhibitions of products and services for the coal, mining and related engineering industries. Firms exhibiting with the WVDO are ChemBio Shelter Inc., Beaver; ConveyWeigh LLC., Dunbar; Eastern Mining & Industrial Supply, Chapmanville; Lifepod International LLC., Midway; Petitto Mine Equipment Inc., Morgantown; Phillips Machine Service Inc., Beckley; Preiser Scientific, Saint Albans; and Tabor Machine Company, Princeton. Companies traveling with the WVDO but exhibiting on their own are Carbonoks LLC., Poca; Guyan International Inc., Barboursville; J.H. Fletcher & Co., Huntington; Kanawha Scales and Systems Inc., Poca; and Mining Controls Inc., Beckley. 

Toyota to produce RAV4 engines in Putnam County
Toyota Motor Corp. announced plans to produce engines for its RAV4 sport utility vehicles at its plant in Buffalo, W.Va. The plant anticipates producing about 2,000 six-cylinder engines a month for the SUV. The West Virginia plant also produces four-cylinder engines for the Toyota Corolla and Matrix and six-cylinder engines for the Highlander, Sienna and Lexus RX-350. 

WVU receives $1.7 million grant for environmental research center
West Virginia University’s Davis College of Agriculture, Forestry and Consumer Sciences in Morgantown has received a $1.7 million grant from the National Oceanic and Atmospheric Administration. The grant will be used to establish an Environmental Research Center to help formulate policy on economic development and environmental protection. The center’s efforts will focus on the mid-Atlantic region from southern Virginia to southern New York. 

APUS breaks ground for new academic center in Jefferson County
American Public University System (APUS) in Charles Town is expanding. The online university recently broke ground for a new 45,000-square-foot academic center. Located on a brownfield — an abandoned or underused former industrial site — the center is designed to be energy efficient and constructed for LEED-certification (Leadership in Energy and Environmental Design). APUS is a regionally and nationally accredited online institution of higher learning operating through two universities: American Military University and American Public University, serving more than 53,000 adult learners worldwide. 

West Virginia bioscience firms create new industry association
The state’s bioscience firms have formed the BioScience Association of West Virginia. The group of biotech companies and research organizations will be an affiliate of the National Biotechnology Industry Association. The organization will exchange ideas, develop new business relationships and seek economic development opportunities for biosciences in West Virginia. The biosciences industry employs an estimated 6,900 people in West Virginia. The group’s Web site is www.biowv.org .

Study reports plastics industry contributes $2 billion to state’s economy
The plastics industry accounts for more than 22,630 jobs and $2.2 billion in economic activity, according to a 2009 study by the Center for Business and Economic Research at Marshall University. The state’s plastics firms include plastics materials and resins; chemical additives; final and intermediate plastics and polymer products; and services such as compounding and recycling. The study was commissioned by the state Polymer Alliance Zone. 

Morgantown ranks among best places to launch a small business
CNN Money named Morgantown as number seven among small metro areas on its list of best places to launch a small business. The listing cited Morgantown’s combination of city convenience and small town appeal, West Virginia University’s Business Incubator, abundant outdoor leisure activities and proximity to Pittsburgh and Washington, D.C. 

Main Street Point Pleasant wins 2009 Heritage Tourism Award
Main Street Point Pleasant was recently awarded the 2009 Heritage Tourism Award by the Preservation Alliance of West Virginia. The award is presented to an organization for a combined program that includes historic buildings, historic homes and restoration and preservation of history and culture. Main Street Point Pleasant projects include Riverfront Park, historic floodwall murals, Krodel Park holiday light show and the revitalization of the downtown area.

Tax Modernization Group seeks public input; Sets public meeting for Nov. 20 in Charleston

CHARLESTON —West Virginia Department of Revenue Secretary, Virgil T. Helton, and Tax Commissioner, Christopher G. Morris, today announced that the West Virginia Tax Modernization Project will share initial project proposals and will seek public input and ideas to modernize and improve West Virginia taxes.

The West Virginia Tax Modernization Project, chaired by Morris, will hold a public meeting on Nov. 20,  at the Charleston Marriott Town Center, located at 200 Lee Street East in downtown Charleston. Preliminary proposals developed by the Tax Modernization Project will be discussed for additional study, and the public will have an opportunity to comment on the proposals and to submit their oral or written tax modernization ideas and proposals at the meeting, or by emailing proposals to wvtmp@wv.gov .

The goal of the Tax Modernization Project is to improve and modernize West Virginia taxation. With this goal in mind the following four areas have been identified as possible areas to focus on next:
• Telecommunications tax changes;
• Senior Citizen Tax Credit simplification;
• Personal Income Tax changes for low income families; and
• Other tax issues such as property tax and interest on tax and other assessments.

In 2006, Gov. Manchin developed the West Virginia Tax Modernization Project to improve taxation in West Virginia. Based upon the 2006 report to the Governor, numerous policy and State tax code changes have occurred resulting in tax rate reductions, elimination of certain taxes, a simplified State tax structure, and a more efficient and fair tax system in the State. Some of these changes include:

· Reduction of the food tax;
· Creation of the Family Tax Credit
· Elimination of the corporate license tax;
· Doubling of a homestead tax credit for low income seniors;
· Reduction of the corporate net income tax, which began in 2007, from
9.00% to 6.5% in 2014;
· Phase out of the business franchise tax, which began in 2007, from 0.70% to complete elimination of the tax in 2015;
· Simplification of certain tax filing requirements through the Tax Department’s integrated tax system;
· Enactment of safeguards to prevent abuse of certain tax credits;
· Elimination of the State’s alternative minimum tax in 2010; and
· Enactment of tax withholding provisions to ensure that residents and non-resident are treated equally.

The Tax Modernization Project meeting will occur from 10:30 a.m. to 1 p.m. on Nov. 20 at the Charleston Marriott Town Center located at 200 Lee Street East, in downtown Charleston, West Virginia. Written and oral comments and proposals from the public will be accepted at the meeting and by e-mail to wvtmp@wv.gov  prior to and after the meeting.

Dow acquires interest in West Virginia manufacturing operation as part of $175 million deal

MIDLAND, Mich. -- Dow Corning Corporation has acquired two chemical grade silicon manufacturing assets from Globe Specialty Metals, in an acquisition valued at approximately $175 million, the company announced today.

Dow Corning purchased 100 percent of Globe Metais Industria e Comercio S.A., a silicon metal manufacturer in Para, Brazil, which will immediately begin operating as Dow Corning Metais do Para Ltda.

Dow Corning has also acquired a 49 percent interest in Globe Metallurgical Inc.'s silicon manufacturing operation in Alloy, West Virginia (U.S.A.), WVA Manufacturing LLC. The operation will continue to operate as WVA Manufacturing LLC.

Dow Corning, a global leader in silicone-based materials, relies on chemical grade silicon as an essential raw material to manufacture nearly all of its more than 7,000 products.

"These acquisitions offer Dow Corning an even more efficient and stable supply of silicon metal," said Robert Hansen, Dow Corning's executive vice president and general manager of Core Products. "This is yet another step to position ourselves to better serve our customers' needs."

Silicones are important building blocks for products in the construction, personal care, life sciences, energy, automotive and electronics industries, among others.

Dow Corning (www.dowcorning.com ) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company's Dow Corning® and XIAMETER® brands. Dow Corning is equally owned by The Dow Chemical Company (NYSE:DOW) and Corning, Incorporated (NYSE:GLW) . More than half of Dow Corning's annual sales are outside the United States.

MTR Gaming reports lower third quarter earnings

CHESTER -- MTR Gaming Group, Inc. today announced financial results for the third quarter and nine months ended September 30, 2009. Current and prior-year results reflect the presentation of Running Aces Harness Park, Jackson Harness Raceway, the Ramada Inn and Speedway Casino and Binion’s Gambling Hall & Hotel as discontinued operations. 

For the third quarter of 2009, the company’s net revenues from continuing operations were $119.5 million, a decline of 9% from $130.8 million in the same period of 2008. EBITDA from continuing operations was $17.2 million, down 24% (after a severance charge of .1 million and strategic costs associated with lobbying and gaming efforts in Ohio of $3.7 million) compared to $22.7 million in the third quarter of 2008. The decrease in EBITDA from continuing operations is directly attributable to the strategic costs associated with Ohio, as well as increased marketing costs at MTR’s West Virginia property in response to increased competition, primarily from the opening of the Rivers Casino in downtown Pittsburgh, Pennsylvania.

During the third quarter of 2009, corporate operating expenses (exclusive of the $3.7 million of strategic costs associated with Ohio) decreased 35% to $2.2 million compared to $3.5 million in the third quarter of 2008 as a result of cost containment efforts.

The Company reported net income of $577,000 or .02 per diluted share, which included a $2.8 million pre-tax loss associated with MTR’s debt refinancing and the aforementioned $3.7 million of strategic costs associated with lobbying and gaming efforts in Ohio, or .20 per diluted share in the aggregate. Additionally, net income included income from discontinued operations in the amount of $2.7 million or .10 per diluted share, resulting from the reversal of a $2.9 million deferred tax asset valuation allowance associated with certain impairment losses that were recorded in the third quarter of 2008. In the same period last year, the Company reported a net loss of $8.2 million or .30 per share, of which a loss of $11.7 million or .43 per share was from discontinued operations.

Net revenues at Mountaineer Casino, Racetrack & Resort decreased 11% to $68.9 million in the third quarter of 2009 compared to $77.3 million in the third quarter of 2008. Table gaming at Mountaineer generated $11.4 million of revenues compared to $13.2 million in the prior-year period, while revenues from slots decreased by $3.7 million compared to the same quarter in 2008. The decrease in revenue is primarily attributable to competitive pressures and weak economic conditions. The property generated EBITDA of $13.0 million versus $15.5 million in the comparable quarter of 2008.

“The voters of Ohio approved Issue 3 yesterday, which will increase the competition in our regional markets starting around 2013,” said Robert Griffin, President and Chief Executive Officer of MTR Gaming Group. “We are considering several different alternatives in order to proactively prepare for the new competition. Although this may appear to be a negative, we believe that it may result in slots at tracks, as the Governor has proposed, with better economic terms than were originally discussed. To that end we are working diligently to have this initiative reintroduced in the state. In terms of our current operations, we are delighted with the results we have seen thus far at Mountaineer since adding free play on September 1, which has enhanced its competitive position in the Ohio Valley.”

For the first nine months of 2009, MTR’s total net revenues decreased 5% to $350.3 million from $369.5 million in the first nine months of 2008. However, EBITDA from continuing operations decreased less than 1% to $56.6 million (after severance costs of .4 million and strategic costs associated with lobbying and gaming efforts in Ohio of $4.1 million) from $57.0 million in the same period last year. Absent these one-time charges, EBITDA from continuing operations was up 7% from the prior-year period.

The 2009 year-to-date net income was $1.7 million or .06 per diluted share, of which income of $1.4 million or .05 per diluted share was from discontinued operations. In the same period last year, the Company reported a net loss of $13.2 million or .48 per share, which included a loss of $13.5 million or .49 per share from discontinued operations.

Griffin added, “We remain focused on increasing revenue and maximizing profits at our current operations, and we believe the advent of free play at Mountaineer is having a positive effect. Looking into next year, we hope that Ohio voters will approve the referendum allowing for video lottery terminals at racetracks.”

MTR Gaming Group, Inc., through subsidiaries, owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. For more information, visit www.mtrgaming.com .

Petroleum Development Corporation Announces 2009 Third Quarter Results

DENVER -- Petroleum Development Corporation today reported its 2009 third quarter and first nine months operating and financial results.

The company reported a net loss for the third quarter ended September 30, 2009 of $24.5 million, or a $1.44 loss per diluted share, compared with a September 30, 2008 quarterly net income of $126.9 million, or $8.55 per diluted share. The net loss for the third quarter 2009 was due to a $35.0 million net decrease in the non-cash mark to market value of the company's derivative contracts. This unrealized loss was partially offset by a realized gain of $23.2 million during the quarter, resulting in a net loss on derivatives positions in the third quarter 2009 of $11.8 million, compared to a net gain of $166.7 million in the same third quarter period of 2008. Adjusted net income (loss), a non-GAAP measure defined below under Non-GAAP Financial Measures, for the third quarter of 2009 was a net loss of $2.8 million, or a .16 loss per diluted share.

Third quarter 2009 production increased 7.5 percent compared to the same period in 2008, to 10.9 Bcfe from 10.2 Bcfe. During the third quarter 2009 the Company drilled 21.0 total net wells compared to 93.7 total net wells drilled in the same 2008 period.

Adjusted cash flow from operations for the third quarter 2009 was $37.3 million, or $2.20 per diluted share, compared to $59.1 million, or $3.98 per diluted share for the third quarter of 2008. The decrease was primarily the result of a commodity price decline of approximately 59% over the corresponding period of 2008.

During the third quarter 2009, PDC issued common equity of approximately 4.3 million shares for net proceeds of approximately $48.5 million. The proceeds were used to reduce borrowings on the company's credit facility. The offering provided the company improved leverage and coverage metrics, greater liquidity in the event of a prolonged depressed commodity price environment, and financial flexibility to pursue strategic objectives.

Oil and natural gas sales revenues from the company's producing properties for the third quarter 2009 were down 56 percent to $44.0 million, a decrease of $55.4 million from $99.4 million for the same 2008 period. The average realized price of oil and gas, including realized gains and losses on derivatives, decreased approximately 37 percent to $6.02 per Mcfe in the third quarter 2009 compared to $9.49 in the third quarter 2008. The average sales price for oil and natural gas, excluding realized gains and losses on derivatives, during this year's third quarter was $4.02 per Mcfe, a decrease of approximately 59 percent from $9.76 per Mcfe for the same quarter 2008.

Oil and gas production and well operations costs, including production taxes, decreased 33% to $15.2 million, or $1.39 per Mcfe for the third quarter 2009, compared to $22.6 million, or $2.22 per Mcfe for the third quarter of 2008. The reduction was primarily attributable to lower oil field service and equipment costs in the Company's producing basins, and lower production taxes during the period. Production taxes, which fluctuate with oil and natural gas revenues, decreased $4.5 million to $2.6 million for the third quarter 2009 compared to $7.1 million for the same period of 2008.

General and administrative expenses increased to $9.6 million in the third quarter 2009 from $8.1 million in the same 2008 period. The third quarter 2009 expense increase was primarily related to costs associated with increased staffing during the last half of 2008.

The Company's exploration expense decreased from $10.2 million in the third quarter 2008 to $6.6 million in the third quarter of 2009. The decrease was due to $3.9 million of exploration dry hole costs recognized in the third quarter 2008, partially offset by a $2.8 million impairment in the third quarter 2009.

Current 2009 drilling plans continue to be focused primarily in the Rocky Mountain Region. Plans are to drill approximately 103 gross, 82 net, wells in the Rocky Mountain Region and the Appalachian Basin. Exclusive of exploratory wells, through September 30, 2009, the Company has drilled 68 gross wells compared to 277 gross wells for the same 2008 period. One drilling rig has been operating for most of the year in the Wattenberg Field. PDC plans to continue to drill with the one rig in the oil rich sections of the field to take advantage of the relatively favorable oil prices along with high natural gas liquids and Btu content of these wells. The JV is currently formulating an exploration plan for the Marcellus Formation in the Appalachian Basin where PDC has been an operator for over thirty years, and currently operates approximately 2,100 wells within the Marcellus fairway. Seven vertical Marcellus wells have been drilled in West Virginia year-to-date, with plans for one additional vertical test planned this year in Pennsylvania. Ten square miles of 3D seismic were recently shot. Data from this shoot will be used to determine the location and drilling plan of the JV's first horizontal Marcellus well, scheduled for the first quarter of 2010.

Petroleum Development Corporation (www.petd.com ) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

AEP and Alstom commission first of its kind Carbon Capture and Sequestration (CCS) Project

NEW HAVEN -- Federal and state government officials today joined executives from American Electric Power and Alstom at AEP's Mountaineer Plant to formally commission the world's first project to both capture and store carbon dioxide (CO2) from a coal-fired power plant. The officials hailed the project as a significant milestone in the effort to reduce CO2 emissions from the combustion of fossil fuels.

The Mountaineer CCS demonstration project, which began capturing CO2 Sept. 1 and storing it Oct. 2, is designed to capture at least 100,000 metric tons of CO2 annually.

"Commercialization of carbon capture and storage technology is an essential part of a successful strategy to address climate change, not only for the United States, which relies on coal-fired generation for about half of its electricity supply, but also for coal-dependent nations around the world," said Michael G. Morris, AEP chairman, president and chief executive officer. "Coal is a low-cost, abundant fuel source, but its use is a significant source of carbon dioxide emissions. We are pleased to be working with Alstom and our other partners on a project that plays a significant role in the advancement of a technology that will allow us to continue to depend on coal for electricity generation with reduced environmental impact."

Alstom Power President Philippe Joubert said, "We are proud to partner with American Electric Power to demonstrate the technology of capturing CO2 for coal-fired power plants. Mountaineer, which is at the leading edge of all our demonstration projects worldwide, demonstrates the integration of all three stages of the process--capture, transport, and storage. We reaffirm our commitment to making commercial carbon capture offerings by 2015."

Morris and Joubert were joined at the event by West Virginia Gov. Joe Manchin and U.S. Sen. Jay Rockefeller, D-W.Va.

AEP's Mountaineer Plant is a 1,300-megawatt electrical (MWe) coal-fired unit that was retrofitted earlier this year with Alstom's patented chilled ammonia CO2 capture technology on a 20-MWe portion, or "slipstream," of the plant's exhaust "flue gas." The slipstream of flue gas is chilled and combined with a solution of ammonium carbonate, which absorbs the CO2 to create ammonium bicarbonate. The ammonium bicarbonate solution is then pressurized and heated in a separate process to safely and efficiently produce a high-purity stream of CO2. The CO2 will be compressed and piped for storage into deep geologic formations, roughly 1.5 miles beneath the plant surface. Approximately 90 percent of the CO2 from the 20-MWe slipstream will be captured and permanently stored.

AEP has applied for federal stimulus funding to scale up the Alstom chilled ammonia technology to 235 MWe at Mountaineer Plant. The proposed commercial-scale demonstration will capture and geologically store approximately 1.5 million metric tonnes of CO2 per year.

American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.

Alstom is a global leader in the world of power generation and rail infrastructure and sets the benchmark for innovative and environmentally friendly technologies. Alstom builds the fastest train and the highest capacity automated metro in the world, and provides turnkey integrated power plant solutions, equipment and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind. The Group employs more than 81,000 people in 70 countries.

U.S. Commerce Secretary Gary Locke Announces $4 Million grant for Canaan Valley area

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $4 million Economic Development Administration (EDA) grant to the Canaan Valley Public Service District of Davis to build a wastewater collection system that will help mitigate the economic impact of future flood events on local businesses. The project is expected to create 400 jobs and generate $44 million in private investment, according to grantee estimates.

“This EDA grant will help create jobs and generate private sector investment in the Canaan Valley by building the critical water infrastructure needed to support the region’s business community,” Locke said. 

The Department of Commerce is a voice for Main Street businesses that works to grow local economies by fostering innovation and opening markets to U.S. products and services. 

EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster economic growth and job creation. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the global economy.

Additional information can be found online at  www.eda.gov .

U.S. Department of Commerce announces $150,000 grant to Region IV Planning Council

WASHINGTON -- The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $150,000 grant to the Region VI Planning and Development Council of Fairmount to develop a comprehensive, long-term post-disaster regional strategy for communities impacted by severe flooding in 2008. 

“Economic recovery and growth are top priorities for the Obama Administration,” said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. “This EDA grant will develop an economic developmentstrategy that will advance regional competitiveness by working to spur innovation and entrepreneurship, create higher-skill, higher-wage jobs, and promote industry clusters in the wake of severe flood events.” 

“This important EDA funding will allow the Region VI Planning & Development Council to continue to plan and implement economic development projects that are providing a better standard of living for the region’s citizens,” said James L. Hall, Executive Director, Region VI Planning and Development Council.

EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster economic growth and job creation. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the global economy.

Additional information can be found at www.eda.gov .

BB&T Chairman to deliver lecture Nov. 3 at Marshall University

HUNTINGTON – John A. Allison, Chairman of BB&T Corporation, the 10th-largest financial services holding company in the United States, will deliver the 2009 BB&T Discussion on American Capitalism Lecture at 11 a.m. Tuesday, Nov. 3 at Marshall University.

Allison’s lecture, titled “Principled Leadership,” will take place in Corbly Hall 105 on Marshall’s Huntington campus. The event, which is open to the public, is sponsored by the BB&T Center for the Advancement of American Capitalism and Marshall’s Lewis College of Business.

The Center was established in 2008 as part of a $1 million grant from the BB&T Charitable Foundation. It is part of the Lewis College of Business.

“In a time when the ethics and abilities of financial institution executives are under scrutiny, John Allison is an example of what a leader should be,” said Dr. Cal Kent, Vice President for Business and Economic Research, and director of the BB&T Center for the Advancement of American Capitalism. “Under his leadership BB&T has remained profitable by sticking with the fundamental principals of sound banking. His high ethical code permeates the organization. If his example had been followed much of the nation’s current economic misery would not have come to pass. It is an honor to host him on our campus.”

Allison began his service with BB&T in 1971 and has managed a wide variety of responsibilities throughout the bank. He became president of BB&T in 1987 and was elected Chairman and CEO in July 1989. During Allison’s tenure as CEO from 1989 to 2008, BB&T grew from $4.5 billion to $152 billion in assets. In March 2009, he joined the faculty of Wake Forest University School of Business as Distinguished Professor of Practice.

Allison is a Phi Beta Kappa graduate of the University of North Carolina at Chapel Hill, where he received a B.S. degree in business administration in 1971. He received his master’s degree in management from Duke University in 1974. He also is a graduate of the Stonier Graduate School of Banking and has received Honorary Doctorate Degrees from Clemson University (2005), East Carolina University (1995), Mount Olive College (2002), Marymount University (2008), and Mercer University (2009). Allison received the Corning Award for Distinguished Leadership in 2009.

Mylan announces third quarter, first nine months results

PITTSBURGH  -- Mylan Inc.  today announced its financial results for the three and nine months ended September 30, 2009.

Highlights include:
• Adjusted diluted EPS of .32 and .97 for the three and nine months ended September 30, 2009, compared to .23 and .52 for the same prior year periods;
• Total revenues of $1.26 billion for the three months ended September 30, 2009;
• Total revenues of $3.74 billion for the nine months ended September 30, 2009;
• On a GAAP basis, a loss per diluted share of .13 for the three months ended September 30, 2009;
• On a GAAP basis, earnings per diluted share of .29 for the nine months ended September 30, 2009.

Mylan's Chairman and CEO Robert J. Coury said,  "I am particularly pleased with these results in light of the fact that they were achieved through higher volumes, market growth, and multiple new product launches across the globe and not from any one product. This is clearly indicative of the efficient, globally diverse business model that we've created and is reflective of our operators' continued exemplary execution that has led to the accelerated realization of our integration-related synergies."

Coury continued: "We are increasing the range of our full year 2009 adjusted diluted EPS guidance to $1.24 - $1.28, and we are confident that this momentum will continue into 2010 and enable us to once again deliver the revenue and earnings performance growth that we envision."

Mylan previously had three reportable segments, "Generics," "Specialty" and "Matrix." The Matrix segment had consisted of Matrix Laboratories Limited, which had been a publicly traded Indian Company in which Mylan held a 71.2% ownership stake. Beginning this quarter, Mylan has re-evaluated its segment disclosure. Following the acquisition of approximately 24% of the remaining interest in Matrix and the related de-listing, Mylan will report two segments, "Generics" and "Specialty". The former Matrix Segment is included within the Generics Segment. Information for earlier periods has been recast for comparability.

Total revenues for the quarter ended September 30, 2009 were $1.26 billion compared to $1.66 billion for the three months ended September 30, 2008. Included in total revenues for the three months ended September 30, 2008, was $455.0 million of revenue related to the Company's sale of the product rights of Bystolic™. Excluding this, total revenues increased by $62.2 million or 5.2% over the same prior year period. 

Generics revenues, which are derived from sales in North America, Europe, the Middle East and Africa (collectively, EMEA), and Asia Pacific were $1.12 billion in the current quarter, compared to $1.08 billion in the same prior year period.

Total revenues from North America were $502.5 million for the three months ended September 30, 2009, compared to $460.3 million for the same prior year period, representing an increase of 9.2%.

Revenues from products launched in North America subsequent to September 30, 2008, and increased volume were primarily responsible for the increase in revenues, partially offset by unfavorable pricing as a result of additional generic competition on certain products. New products contributed revenues of approximately $60.0 million.

Total revenues from EMEA were $417.6 million in the current quarter, compared to $422.1 million in the same prior year period, a decrease of 1.1%. On a constant currency basis, EMEA revenues increased by approximately 7% over the prior year period. Higher revenues in France, EMEA's largest market, and the U.K. served to offset lower revenue in Germany. In France, revenues increased as a result of higher volumes and new product launches, while prior period revenues in the U.K. were negatively impacted by excess supply that existed in the market at that time.

Sales in Asia Pacific are derived from Mylan's operations in Australia, India, Japan and New Zealand. Asia Pacific revenues were $237.0 million in the current quarter, compared to $226.6 million in the same prior year period, an increase of 4.6%. On a constant currency basis, sales increased approximately 10%, with increased sales in Japan and India offsetting lower revenues in Australia. Also contributing to the increase in Asia Pacific revenues are higher third-party sales of active pharmaceutical ingredients (API). API is also sold to Mylan subsidiaries in conjunction with the Company's vertical integration strategy.

Specialty, consisting of Mylan's Dey business, which focuses on the development, manufacture and marketing of specialty pharmaceuticals in the respiratory and severe allergy markets, reported third party revenues of $150.9 million, an increase of 20.3% from third party revenues of $125.4 million for the three months ended September 30, 2008. Perforomist® Solution, Dey's Formoterol Fumarate Inhalation Solution (Perforomist Solution), and Dey's EpiPen® Auto-Injector (EpiPen Auto-Injector), were the primary drivers of the increase in revenues.

Consolidated gross profit for the three months ended September 30, 2009, was $505.0 million and gross margins were 39.9%, compared to gross profit of $911.1 million and gross margins of 55.0% in the same prior year period, which included the impact of the sale of Bystolic. Gross profit in both periods is negatively impacted by certain purchase accounting related items totaling $71.8 million and $105.4 million for the quarters ended September 30, 2009 and 2008, which consisted primarily of incremental amortization related to purchased intangible assets. Excluding these amounts from both periods and the impact of Bystolic from the prior year, gross margins were 45.6% in the current year compared to 46.7% in the prior.

Earnings from operations were $61.3 million for the three months ended September 30, 2009, compared to $560.8 million for the same prior year period. During the three months ended September 30, 2009, the Company recorded net unfavorable litigation charges of $114.3 million. Included in this amount was a one time, non-recurring, charge of $121.0 million ($83.0 million after-tax) related to the previously announced settlement of an investigation by the U.S. Department of Justice concerning calculations of Medicaid drug rebates. Excluding litigation, as well as the impact of the Bystolic revenue in 2008 and the purchase accounting related items in both periods, as mentioned above, earnings from operations were $247.4 million compared to $211.3 million, an increase of $36.1 million or 17.1% over the prior year. This increase in operating income in the current quarter is due to increased sales and gross profit, as well as lower R&D and SG&A expense. R&D expense decreased by $4.9 million in the current quarter, primarily in Generics, and is reflective of certain restructuring activities undertaken by the Company with respect to the previously announced rationalization and optimization of the global manufacturing and research and development platforms. SG&A expense decreased by $16.0 million in the quarter primarily due to lower costs, including temporary staffing and consulting, related to the integration of the former Merck Generics business, with the majority of such costs having been incurred in the prior year. Additionally, both SG&A and R&D expense in the current quarter were favorably impacted by the effect of the stronger U.S. dollar.

Total revenues for the nine months ended September 30, 2009 were $3.74 billion compared to $3.93 billion for the same prior year period. Included in total revenues were other revenues of $61.1 million in the current year compared to $493.8 million in the same prior year period. The prior year includes $468.1 million related to the sale of Bystolic. Excluding this, other revenue increased by $35.5 million in the current year, primarily the result of approximately $26.0 million of incremental revenue resulting from the cancellation of certain product development agreements.

Net revenues for the nine months ended September 30, 2009, were $3.68 billion compared to $3.44 billion in the same prior year period, an increase of $239.2 million or 7.0%. On a constant currency basis, year-over-year revenue growth would have been approximately 14%.

Generics revenues were $3.41 billion in the nine months ended September 30, 2009, compared to $3.16 billion in the same prior year period.

Total revenues from North America were $1.64 billion for the nine months ended September 30, 2009, compared to $1.31 billion for the same prior year period, representing an increase of 24.7%. This increase was the result of new product revenue of approximately $297.0 million, mainly Divalproex Sodium Extended-Release tablets, Mylan's version of Abbott Laboratories' Depakote® ER, and Levetiracetam, Mylan's version of UCB Pharma's Keppra®, and higher volumes, partially offset by unfavorable pricing.

Mylan's Fentanyl Transdermal System (Fentanyl), Mylan's AB-rated generic alternative to Duragesic®, continued to contribute significantly to both revenue and gross profit despite the entrance into the market of additional generic competition. Sales of Fentanyl have remained relatively strong primarily due to Mylan's ability to continue to be a stable and reliable source of supply to the market.

Total revenues from EMEA were $1.18 billion in the current nine month period, compared to $1.27 billion in the prior year period, a decrease of 7.2%. On a constant currency basis, EMEA revenues would have increased by approximately 5%. Increased revenues in France and Italy, and a full nine months of revenue contribution from the Central and Eastern European businesses acquired in June 2008, served to offset lower revenues brought about by continued pricing pressures in certain European markets, primarily in Germany.

Total revenues in Asia Pacific were $692.2 million in the current nine month period, compared to $678.8 million in the prior year period, an increase of 2.0%. On a constant currency basis, sales in the current year increased by approximately 15%. The increase in Asia Pacific was primarily realized by Mylan's Japanese and Indian subsidiaries, and higher sales of API. These increases were partially offset by lower sales in Australia, which were negatively impacted by the government price reduction of 25% that took place in the third quarter of 2008.

Specialty reported third party revenue of $353.0 million, an increase of $44.6 million or 14.4% from third party revenues of $308.5 million for the nine months ended September 30, 2008. Increased sales of the EpiPen Auto-Injector and Perforomist Solution in the current year were partially offset by lower sales of DuoNeb® as a result of the unfavorable impact of generic competition, which first entered the market in 2007.

Consolidated gross profit for the nine months ended September 30, 2009, was $1.56 billion and gross margins were 41.7%, compared to gross profit of $1.68 billion and gross margins of 42.6% in the same prior year period. Excluding Bystolic and the effect of certain purchase accounting related items described above, which totaled $210.2 million and $335.7 million for the nine months ended September 30, 2009 and 2008, gross margin was 47.3% in the current year period, compared to 44.5% in the prior year period.

Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. For more information, please visit www.mylan.com  .

Summit Financial reports improved third quarter results

MOOREFIELD -- Summit Financial Group Inc. today reported third quarter 2009 net income of $1.4 million, or .19 per diluted share, compared with a net loss of $7.7 million, or ($1.03) per diluted share, for the third quarter of 2008. Third quarter 2009 results reflect a decreased provision for loan losses, increased net interest income and continued control of overhead expenses.

Nonrecurring items for the third quarter of 2009 include $428,000 ($270,000 after-tax or .04 per diluted share) of securities gains; for the prior-year third quarter, nonrecurring items included an other-than-temporary-impairment ("OTTI") charge of $4.5 million ($2.8 million after-tax, or .38 per diluted share) related to the write-down of Fannie Mae and Freddie Mac preferred stock investments. Excluding nonrecurring items from both quarters, pro forma third quarter 2009 earnings were $1.1 million, or .15 per diluted share, compared to a 2008 third quarter net loss of $4.8 million, or (.64) per diluted share.

For the nine months ended September 30, 2009, Summit reported a net loss of $282,000, or (.04) per diluted share, compared with a net loss of $1.3 million, or (.17) per diluted share for the 2008 nine-month period. Excluding nonrecurring charges totaling $5.1 million pretax ($3.2 million after-tax) recorded for both nine-month periods, pro forma earnings for the first nine months of 2009 were $2.9 million, or .39 per diluted share, compared to $2.0 million, or .27 per diluted share, for the 2008 nine-month period.

H. Charles Maddy III, President and Chief Executive Officer of Summit Financial Group Inc., said in a prepared statement, "Our banking business remains healthy, although pressures continue from the impact of the weak real estate market and ongoing recession. We are taking every precaution to strengthen our financial condition and improve efficiencies to position Summit for the longer haul. We are managing our business to control discretionary expenses, expand our net interest margin, grow local deposits, and add capital as needed to remain comfortably in excess of 'well-capitalized' status in accordance with regulatory capital guidelines."

Maddy continued, "Summit Community Bank is located in some of the most dynamic job and real estate markets in the country. Strong population growth and growing household income in Northern Virginia had created extraordinary demand, but even this market finally succumbed to the impact of the recession. The majority of our problem loans have surfaced in Northern Virginia, where demographics still remain more attractive than most areas of the country. However, the market needs time to adjust. We are beginning to see signs of returning health, with firmer housing prices and lower inventories in certain markets. We continue to work with our borrowers to achieve positive outcomes, but final resolution is dependent on improved real estate demand and additional job creation.

"West Virginia, by comparison, has been a much more stable market -- lower population growth and lower loan growth. In West Virginia, we have very few problem assets and appear to be gaining deposit market share, thanks to some of our recently introduced savings products."

Total assets as of Sept. 30, 2009 were $1.58 billion, down $49.3 million, or 3.0 percent, since year-end 2008. Total loans, net of unearned interest and fees, were $1.17 billion, down $38.8 million, or 3.2 percent, since year-end 2008. The $38.7 million, or 18.0 percent, decline in construction and development ("C&D") loans was the primary factor contributing to the loan portfolio decline, while commercial real estate ("CRE") loans grew modestly over the past nine-months (up $5.4 million, or 1.2 percent).

CRE and residential real estate represent the majority of the Company's loan portfolio, accounting for 39.0 percent and 32.1 percent of total loans, respectively. C&D loans accounted for 15.1 percent, down from 17.8 percent at December 31, 2008, while non real estate-related commercial ("C&I") loans accounted for the remaining 10.7 percent of loans.

Summit Financial Group Inc., a financial holding company with total assets of $1.6 billion, operates fifteen banking locations through its wholly-owned community bank, Summit Community Bank, headquartered in Moorefield, West Virginia. Summit also operates Summit Insurance Services, LLC, headquartered in Moorefield, West Virginia.