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.

American Electric Power reports third quarter earnings of $443 million

COLUMBUS, OHIO -- American Electric Power today reported 2009 third-quarter earnings, prepared in accordance with generally accepted accounting principles (GAAP), of $443 million, or .93 per share, compared with $374 million, or .93 per share, for third-quarter 2008.

"We're pleased with our results, especially considering the number of factors that worked against us in the third quarter," said Michael G. Morris, AEP chairman, president and chief executive officer, in a prepared statement. "This was the coolest summer in 30 years for the Eastern states that we serve and the fourth-coolest summer in 30 years for our customers in the Southwest Power Pool - Oklahoma, Arkansas, Louisiana and northeast Texas. The cool summer weather reduced both retail and wholesale sales.

"Of course, the economy remains a significant factor," Morris said. "Our sales to industrial customers in the third quarter were down 17 percent from a year ago, but that's a slight improvement from second quarter, when industrial sales were down 20 percent. We did see an increase in sales to several large metals customers from second quarter to third quarter. We hope that's a sign of better things to come, but we don't see it as a cause for celebration yet."

Morris noted that states served by AEP are more industrialized and export oriented than many other areas of the United States, so the impact of the worldwide economic decline on industrial production was more severe in these regions than in other parts of the country.

"The economy will improve, but it's going to take some time," Morris said. "Fortunately, the export market may recover more rapidly. Until then, we will continue to keep tight control on our spending."

Ongoing earnings from Utility Operations increased by $88 million in third-quarter 2009 compared with the same period last year, reflecting increased rates throughout AEP's utility footprint and lower operation and maintenance expenses. These favorable items were somewhat offset by a reduction in both sales to industrial customers and off-system sales and the increase in capital-driven other expenses, such as depreciation and interest expenses, from the prior period.

Retail Sales - Results for third-quarter 2009 improved from the same period last year, primarily because of the impact of rate changes in both AEP's Eastern and Western service areas. The positive impact of the rate changes was somewhat offset by lower sales to industrial customers. Unfavorable weather, primarily in AEP's Eastern service area, decreased margins by $42 million compared with the same period in 2008; cooling degree-days in third-quarter 2009 were 28 percent below normal and 23 percent below the total for the same period in 2009. In AEP's Western service area, cooling degree-days in third-quarter 2009 were 17 percent below normal and 7 percent below the prior period.

Transmission Revenues - Revenues from transmission increased $10 million in third-quarter 2009 from the prior period.

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 also owns the nation's largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. 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.

Portec Rail Products Reports 2009 Third Quarter and Nine Month Operating Results

PITTSBURGH -- Portec Rail Products, Inc. today announced unaudited net income of $2,023,000 or .21 per share for the three months ended September 30, 2009, and $5,362,000 or .56 per share for the nine months ended September 30, 2009. These amounts compare to unaudited net income of $2,516,000 or .26 per share, and $6,264,000 or .65 per share, for the three and nine months ended September 30, 2008, respectively. Average basic and diluted shares outstanding were 9.6 million for all periods presented. Net sales for the three and nine months ended September 30, 2009 were $24.3 million and $73.0 million, respectively, while net sales for the three and nine months ended September 30, 2008 were $29.6 million and $84.7 million, respectively.

Richard J. Jarosinski, President and Chief Executive Officer said, "We are pleased with our financial performance in what continues to be a very challenging economic climate for our industry. We believe that the overall diversification in our markets and product groups continue to help soften the impact on our business from the global economic downturn. Lower traffic volumes continue to be reported by the North American Class 1 heavy-haul railroads. These customers continue to represent a large portion of our sales, and they continue to invest in our products and services. We have also achieved sales levels from new markets for some of our products due to our efforts to continue global expansion of our products and services."

Portec Rail Products, Inc., headquartered in Pittsburgh, manufactures, supplies and distributes a broad range of railroad products, including rail joints, rail anchors and spikes, railway friction management products, railway wayside data collection and data management systems and load securement systems. The Company's largest business unit, the Railway Maintenance Products Division, operates a manufacturing and assembly plant in Huntington, West Virginia, an engineering and assembly facility in Dublin, Ohio (Salient Systems), and is headquartered in Pittsburgh.  For more information, visit www.portecrail.com .

Annual West Virginia Economic Outlook Conference set for Nov. 11 in Charletson

CHARLESTON -- The DOW average has broken the 10,000 mark and oil is back over $80/barrel, and many economists believe the recession is over. Where is the national and West Virginia headed and what are some of the challenges facing the state? 

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

Sponsored by the WVU College of Business and Economics, the conference will open with remarks by James P. Clements, president, West Virginia University. 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.

Dr. Hammond, associate director of the Bureau, has directed the West Virginia Economic Outlook project for 15 years. He has a Ph.D. in business economics from Indiana University. Dr. Wyss, a former senior staff economist with the President’s Council of Economic Advisers, is responsible for Standard & Poor’s economic forecasts and publications and co-authors the monthly Forecast Summary and the weekly Financial Notes. Wyss has a Ph.D. in economics from Harvard University.

Registration is $75 per person or $90 after Nov. 6 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 .

WVU Economic Forecast says Eastern Panhandle job losses should end in 2010

MORGANTOWN —A rebound from job losses in West Virginia’s Eastern Panhandle won’t occur for another year, according to the latest forecast for the region, issued today by West Virginia University’s College of Business and Economics. The Eastern Panhandle Region includes Berkeley, Jefferson, and Morgan counties.

The forecast was presented today at the Eastern Panhandle Region Economic Outlook conference at the Martinsburg Holiday Inn. The conference was sponsored by Centra Bank. The Gateway New Economy Council, the Martinsburg Berkeley County Chamber of Commerce and the Economic Development Authorities of Berkeley, Jefferson, and Morgan counties co-sponsored the event. Additional underwriting support was provided by the McLaughlin Economic Outlook Fund.

“The Eastern Panhandle has been hit hard by the housing correction and the national downturn,” said George W. Hammond, associate director of WVU’s Bureau of Business and Economic Research. “However, the local downturn will likely end soon and growth should be positive in 2010.”

Job losses have been widespread so far in 2009, with most sectors reporting employment declines. Only education, health care, federal government and local government added jobs in the second quarter of 2009, compared to the same quarter of last year.

The residential construction slowdown in the Eastern Panhandle is reflected in data on the value of housing starts from FW Dodge. “The value of residential construction activity in the region during the first eight months of 2009 has fallen by 86.6 percent from its peak level during the same period in 2006,” Hammond said. In addition, single-family house prices in the metropolitan areas including the Eastern Panhandle remain well below last year’s levels.

“Overall, growth will likely return to the Eastern Panhandle next year, as the housing correction abates and the national economy grows,” Hammond said. On average during the next five years, the Eastern Panhandle is forecast to generate job growth close to the national rate and above the state rate. Population growth continues at a rapid rate. The report forecasts the region’s unemployment rate to peak at 8.5 percent in 2010 and fall to 6.5 percent by 2013.

Details of the forecast are presented in the Eastern Panhandle Region Outlook: 2009-2013, available free online at www.bber.wvu.edu .

Century Aluminum Reports Third Quarter 2009 Earnings

MONTEREY, CA -- Century Aluminum Company reported net income of $40.1 million (.45 per basic and diluted common share) for the third quarter of 2009. In the third quarter of 2008, the company reported net income of $35.8 million (.58 per basic and .55 per diluted common share). 

Sales in the third quarter of 2009 were $228.7 million, compared with $552.2 million in the third quarter of 2008. Shipments of primary aluminum for the quarter totaled 146,245 tons compared with 203,618 tons in the year-ago quarter.

For the first nine months of 2009, the company reported a net loss of $181.6 million ($2.56 per basic and diluted common share). These results were negatively impacted by a net after-tax charge of $35.3 million for costs associated with production curtailments at U.S. smelters and a $73.2 million impairment charge associated with the divestiture of our Gramercy, LA and St. Ann, Jamaica equity investments. Results for the nine month period were positively impacted by a net after-tax benefit of $57.4 million primarily from realized and unrealized gains related to the termination of the existing power contract and its replacement with a new power contract at the Hawesville, KY smelter and a $7.5 million tax benefit related to the release of tax reserves no longer required. 

For the first nine months of 2008, the company reported a net loss of $201.6 million ($4.66 per basic and diluted common share). Results were negatively impacted by a net after-tax charge of $466.2 million for mark-to-market adjustments on forward contracts that do not qualify for cash flow hedge accounting. Results for the nine month period were positively impacted by net tax benefits of $15.9 million for various non-recurring items.

Sales in the first nine months of 2009 were $642.4 million compared with $1,568.6 million in the same period of 2008. Shipments of primary aluminum for the first nine months of 2009 were 457,426 tons compared with 601,511 tons for the comparable 2008 period.

"Since the onset of the financial crisis, we have focused on the critical goals of risk reduction and liquidity enhancement," commented Logan W. Kruger, president and chief executive officer. "I am pleased with our meaningful accomplishments toward these objectives. Cost reduction efforts at Grundartangi and Hawesville have yielded tangible results. The agreements underlying Hawesville's new long-term power contract protect the company during these uncertain times and increase our options for this smelter over the longer-term. The Public Service Commission in West Virginia also approved a one year extension on our special rate power contract at Ravenswood, preserving our options at that smelter while we work through improving its cost structure. Importantly, we have reduced our 2011 debt repayment obligation to a manageable level, while deleveraging the balance sheet in the process. Century's financial position is meaningfully stronger today as a result of these efforts."

"Looking ahead, we note some improvement in global economic conditions and are watching closely for consistency in these data," concluded Kruger. "Demand for industrial metals has strengthened in China and in certain other developing regions, and appears to have stabilized in the developed economies. However, capacity restarts and persistently high inventory levels require us to remain cautious. We will maintain an appropriate balance between preserving financial strength and flexibility in the short-term and positioning the company for longer-term growth when we believe conditions are appropriate."

Century's corporate offices are located in Monterey, California. The company has a major production facility in Ravenswood, W.Va.

Alliance Resource Partners reports increased quarterly and record year-to-date financial results

TULSA, Okla. -- Alliance Resource Partners, L.P. today reported increased quarterly and record year-to-date revenues, EBITDA and net income for the three months and nine months ended September 30, 2009.

Comparing the 2009 quarter to the quarter ended September 30, 2008, revenues increased 4.8% to $299.6 million, EBITDA rose 19.7% to $72.8 million, and net income climbed 25.1% to $36.4 million, or .57 of net income per basic and diluted limited partner unit. 

Revenues for the 2009 Period rose 10.3% to a record $932.8 million, compared to the nine months ended September 30, 2008. EBITDA and net income also reached record levels in the 2009 Period, as EBITDA increased 32.1% to $257.7 million and net income jumped 38.0% to $150.4 million, or $2.85 of net income per basic and diluted limited partner unit, both compared to the 2008 Period.

ARLP also announced that the Board of Directors of its managing general partner increased the cash distribution to unitholders for the 2009 Quarter to .76 per unit (an annualized rate of $3.04 per unit), payable on November 13, 2009 to all unitholders of record as of the close of trading on November 6, 2009. The announced distribution represents an 8.6% increase over the cash distribution of .70 for the 2008 Quarter and a 2.0% increase over the cash distribution of .745 for the second quarter of this year.

Alliance Resource Partners is a diversified producer and marketer of coal to major United States utilities and industrial users. ARLP  is currently the fifth largest coal producer in the eastern United States with operations in all major eastern coalfields. ARLP operates eight mining complexes in Illinois, Indiana, Kentucky, Maryland, and West Virginia. ARLP recently initiated operations at a newly constructed mining complex in Kentucky and is constructing a new mining complex in West Virginia. 

Former Governor Gaston Caperton to talk on leadership Nov. 4 at WVU

MORGANTOWN — Former West Virginia Governor Gaston Caperton has been named the first F. Duke Perry Professor of Leadership Studies. He will be on the WVU campus Wednesday, Nov. 4 for a roundtable discussion on leadership. President James Clements will moderate the discussion.

The event will take place at 7 p.m. in the Mountainlair Ballrooms. The event is free and open to the public. A reception will follow.

“Gaston Caperton is a world-class businessman, public servant and educational innovator,” said Lisa DeFrank-Cole, director of the Leadership Studies Program. “We are pleased that he has agreed to serve as the first F. Duke Perry Professor of Leadership Studies. He represents a portrait of what one can accomplish in life through determination and a commitment to the principals of leadership. Our students, and the community, will benefit greatly from his insight and experience.”

Caperton, a former two-term governor of West Virginia, is the eighth president of the College Board, a not-for-profit membership association founded in 1900 that consists of 5,000 of the nation’s leading schools, colleges and universities. Among its best-known programs are the Advanced Placement Program and the SAT.

Caperton has received numerous state and national awards and special recognition, including eight honorary doctoral degrees. He was chair of the Democratic Governors’ Association and served on the National Governors Association Executive Committee. He also served as chair of the Appalachian Regional Commission, Southern Regional Education Board and the Southern Growth Policies Board.

In addition to his public lecture, Caperton will address students enrolled in the Leadership Studies Program in a private lecture that day.

The F. Duke Perry Professor of Leadership Studies was endowed by the Board of Directors of the WVU Foundation in 2007. The endowment honors former WVU Foundation President F. Duke Perry and benefits the Leadership Studies Program in the Eberly College of Arts and Sciences.

Perry led the nonprofit WVU Foundation from 1999 to 2006. During that time, he provided leadership and direction that produced over $900 million in private and corporate gifts to support the mission of West Virginia University.

Massey Energy reports lower third quarter earnings

RICHMOND, Va. -- Massey Energy Co. today reported net income of $16.5 million or $0.19 per share and EBITDA of $112.1 million for the quarter ended Sept. 30, 2009. Massey also reported continuing strong cash generation as cash and restricted cash increased by $102.4 million. Produced coal revenue for the quarter was $535.5 million. These results compared to net income of $51.6 million or $0.61 per share, EBITDA of $158.7 million and produced coal revenue of $666.4 million in the third quarter of 2008.

Commenting on the company's third quarter results, Massey's Chairman and Chief Executive Officer Don Blankenship said, "We are pleased to have increased our cash balance by over $100 million during the quarter, even though it was partially offset by the deposit of a $72 million appeal bond related to the Harman litigation. We achieved the strong cash generation amid difficult conditions in the global coal markets and in spite of operating challenges resulting from a fire that destroyed a key preparation plant in August."

"We also continued to add to our dominant Central Appalachia reserve base and related competitive advantages during the quarter," Blankenship added. "We already have approximately 12 million tons of annual met coal production capacity in place and our recent acquisition of the Alloy assets from Appalachian Fuels gives us yet another opportunity to expand met coal production in the near term. In addition, our reserve exchange with Foundation Coal for the Laurel Creek property will provide longer term benefits such as expanded mining infrastructure and increased consolidation of the region's coal reserves."

The Bandmill preparation plant was destroyed by fire on August 27, 2009. This incident impacted the operations at the Logan County resource group and, to a lesser extent, the Company as a whole during the quarter. Total shipments lost during September as a result of the Bandmill fire are estimated at 0.3 million tons of coal.

The Laurel Creek reserve and asset exchange, which occurred in July 2009, resulted in a $24.9 million non-cash gain which was recognized in the third quarter and was included in other income.

Massey's third quarter operating cash margin per ton was $11.98. Though a strong result, this was down from the near-record high operating cash margin per ton of $16.10 reported in the third quarter of 2008. The decline was driven by a 4 percent decrease in average realized prices on coal shipped and an increase in cash cost per ton of approximately 3 percent as compared to the third quarter of 2008. Average realized prices were impacted most significantly by product mix as utility coal shipments comprised 70 percent of the total tons shipped in the third quarter of 2009 compared to 65 percent in the third quarter of 2008 while higher priced metallurgical coal tons comprised 22 percent of total tons in the third quarter of 2009 compared to more than 24 percent in the third quarter of 2008. The impact of the weaker mix was only partially offset by price increases of 4 percent and 5 percent for utility coal and industrial coal, respectively. The average realized price for metallurgical coal shipped in the third quarter of 2009 declined by 13 percent as compared to the same period in 2008. Average cash cost per ton  for the third quarter of 2009 was $49.81 compared to $48.49 in the third quarter of 2008. The increase was largely the result of higher fixed cost absorption on lower volume shipped.

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

'Summit on Global Competitiveness' set for Thursday at the University of Charleston

CHARLESTON -- Gov. Joe Manchin is hosting a statewide meeting with students, parents, educators, legislators and business leaders to discuss the future direction of education reform in the state this Thursday, Oct. 29, at the University of Charleston. 

“What Must We Do to Prepare for the Future: The Summit on Global Competitiveness,” is being co-chaired by First Lady Gayle Manchin and Ralph Baxter, chairman and CEO of Orrick, Herrington & Sutcliffe LLP. The first lady and Baxter also co-direct the 21st Century Jobs Cabinet of West Virginia.

The summit will include remarks from the governor and national experts like John Chambers, chairman and CEO of Cisco Systems, as well as a video message from Arne Duncan, U.S. Secretary of Education, who is leading the Obama Administration’s educational innovation initiatives. Nearly 300 people are expected to attend.

The summit takes place at the University of Charleston from 8:30 a.m. to 5 p.m. Other speakers include: AFT President Randi Weingarten; NEA Executive Director John Wilson; former U.S. Senator Bill Brock, Urban Institute Senior Researcher Jane Hannaway; and executives from IBM, Frontier Communications, Verizon West Virginia and Cisco Systems. The full program as well as information about speakers and their presentations can be found at www.wv.gov/education/summi t.

Manchin established the 21st Century Jobs Cabinet of West Virginia in 2006 as a leadership board to advise him about p-20 (pre-k through post-secondary) education and to coordinate decision-making among the agencies involved in the state’s educational, job creation and economic development efforts. The Cabinet comprises representatives from the State Board of Education and the Legislature as well as parents, students and business executives.

The cabinet is charged with responsibility to propose and endorse legislation and to oversee the implementation of policy and budget decisions.

For the past 18 months, the Jobs Cabinet has been conducting “community forums” throughout the state to gather ideas from West Virginians about what must be done to better prepare our children for the 21st century economy. These discussions led the jobs cabinet and its partners at the State Board of Education to plan the Summit to bring the concerns of local communities to the forefront and use them to drive a long-term “Action 2020” plan for publicly supported p-20 education in West Virginia.

WVU receives $1.7 million for environmental research center

MORGANTOWN -- West Virginia University's Davis College of Agriculture, Forestry and Consumer Sciences has received $1.7 million from the United States National Oceanic and Atmospheric Administration (NOAA) to establish an Environmental Research Center. The WVU center, to be initially housed in WVU’s Davis College of Agriculture, Natural Resources and Design will help formulate policy and promote economic development focused on a sustainable and productive natural environment.

“The ultimate goal is to improve the quality of life for citizens of West Virginia and beyond,” said Jim Anderson, professor of wildlife and fisheries resources, associate director of the Natural Resource Analysis Center in the WVUDavis College, and the director of the Environmental Research Center.

The center will focus its efforts on the mid-Atlantic Highlands region, extending from southern Virginia to southern New York and including all of West Virginia. 

“The region has one of the most ecologically diverse floral and faunal assemblages in the United States,” Anderson said. “Moreover headwater streams flow to both the Chesapeake Bay and the Gulf of Mexico; factors affecting the highlands also affect coastal zones.”

A number of environmental factors affect the mid-Atlantic Highlands’ land, water, air, and inhabitants. Air quality issues include changing levels of greenhouse gases. Water quality is impacted by acid mine drainage, sedimentation, waste water, and other factors. Invasive plants, microbes, animals, and fungi impact the forests, streams, fields, wetlands and agricultural areas in the region. Social concerns such as low civic engagement, high unemployment, and an aging population compound these issues.

To address these issues, center participants plan to develop an interdisciplinary environmental research program with an emphasis on watersheds, sustainability, environmental restoration, biodiversity, energy and rural development.

“We hope to serve as an impartial liaison between various grass-roots environmental groups, resource management agencies, businesses and industries to effectively create and promote new policies that will lead to a healthy environment and a strong economy,” Anderson said.

Part of that will include the development of integrated education and research programs that will lead to new green technologies aimed at fostering economic growth in rural areas of the state. Creation of graduate and undergraduate-level, multidisciplinary curricula in environmental studies is also on the center’s agenda.

“Development of these programs will support a well-educated work force capable of meeting the demands of high-tech environmental and energy industries,” Anderson said.

Frontier Communications Shareholders approve acquisition of Verizon wireline operations in 14 states, including West Virginia

STAMFORD, Conn. -- Frontier Communications Corporation today announced that its shareholders have overwhelmingly voted to adopt the merger agreement pursuant to which Frontier has agreed to acquire Verizon Communications Inc.’s local exchange businesses in 14 states and certain related customer relationships for long distance services, broadband Internet access and broadband video. The shareholders also voted to approve an amendment to Frontier’s restated certificate of incorporation to increase the number of authorized shares of Frontier common stock, and to approve the issuance of Frontier common stock pursuant to the merger agreement.

"This is a resounding vote of support from our shareholders,” said Maggie Wilderotter, Chairman and CEO of Frontier. “This acquisition will be transformational for Frontier, giving us greater scale, a balance sheet approaching investment grade, and a fantastic platform for growth. Shareholder approval marks an important milestone in the transaction process, and we’re on track for closing during the second quarter of 2010. Our entire team is hard at work with their counterparts at Verizon to ensure a successful integration. All of us at Frontier are looking forward to providing great products and services to our new customers and to welcoming our new employees.”

Closing of the transaction remains subject to customary closing conditions, including receipt of regulatory approvals and completion of financing.

Frontier Communications Corporation is a full-service communications provider and one of the largest local exchange telephone companies in the country serving rural areas and small and medium-sized towns and cities. Additional information about Frontier is available at www.frontier.com .

American Electric Power Declares Quarterly Dividend

COLUMBUS, Ohio -- The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 41 cents a share on the company's common stock.

The dividend is payable Dec. 10, 2009, to shareholders of record as of Nov. 10, 2009, and is the company's 398th consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.

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'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.

Patriot Coal reports lower third quarter earnings

ST. LOUIS -- Patriot Coal Corporation today reported its financial results for the quarter ended Sept. 30, 2009. The company reported revenues of $506.2 million, EBITDA of $25.4 million, net income of $52.8 million and diluted earnings per share of .58 for the 2009 third quarter. For the first nine months of 2009, Patriot reported revenues of $1.5 billion, EBITDA of $78.2 million, net income of $116.4 million, and diluted earnings per share of $1.40.

"We achieved solid EBITDA of more than $25 million this quarter, validating the steps we have taken in our Management Action Plan in 2009. We are seeing positive results from our ongoing emphasis on cash and cost control, as well as rationalization of higher-cost production. We are also benefiting from our commercial initiatives, as we work closely with our customers to restructure certain contracts," said Patriot Chief Executive Officer Richard M. Whiting in a prepared statement. "Productivity this quarter improved at a number of our operations, including mines in our Wells and Corridor G complexes. Additionally, as we further managed our production base by closing the Samples mine, we stepped up our brokerage activity and were opportunistic in purchasing third-party coal."

Tons sold in the third quarter included 6.3 million tons of thermal and 1.5 million tons of metallurgical coal, compared to 7.3 million and 1.0 million tons of thermal and metallurgical coal, respectively, in the 2009 second quarter. Metallurgical volumes were higher in the third quarter as customers took more consistent delivery of contracted tons.

Sales volume in the 2009 third quarter declined 300,000 tons from the prior year, largely a result of rationalized production related to lower demand for thermal coal. For the first nine months of 2009, shipments of 24.6 million tons represented an increase of 5.4 million from the prior year.

Revenues in the 2009 third quarter were $506.2 million, comparable with revenues of $507.0 million in the 2009 second quarter. Slightly higher revenues in the Appalachia Mining Operations segment were offset by slightly lower revenues in the Illinois Basin segment.

Revenues in the 2009 third quarter increased $16.6 million over the prior year amount, as a result of higher average selling prices, partially offset by lower tons sold. Revenues for the first nine months of 2009 compared to 2008 increased $428.5 million.

During the quarter, the Company successfully restructured three thermal coal contracts, resulting in compensation for shortfalls in contracted shipments. These restructurings increased sales contract accretion by $25.0 million in the 2009 third quarter, as shipments in future periods were reduced.

As of September 30, 2009, Patriot had no borrowings on its revolving credit facility, and a cash balance of $48.6 million. Letters of credit at September 30, 2009 were $349 million, leaving unused borrowing capacity of $174 million on its $522.5 million facility. Including the Company's cash balance, Patriot had available liquidity of $222 million at September 30, 2009.

Capital expenditures totaled $19.3 million in the 2009 third quarter, as the Company continued to tightly control spending. Total debt was $205.4 million as of September 30, 2009, consisting mainly of the 3.25 percent convertible debt due in 2013.

"Looking forward, we continue to see signs of strength in the metallurgical coal market, as domestic steel mill utilization has improved for 25 consecutive weeks and currently stands at 62 percent. We expect this market to continue to strengthen throughout 2010," continued Patriot Chief Executive Officer Richard M. Whiting. "At Patriot, we have the ability to essentially double our met volume from the current run-rate of approximately 5.0 million tons to around 9.5 million tons, as market conditions warrant. This ramp-up could take place in a relatively short period of time with a fairly modest capital outlay. Our decisions to increase met production will clearly be based on the pricing and duration of new sales commitments with our long-established customer base."

"In international markets, higher fixed asset investments in China have led to higher steel production and increased met coal imports. While U.S. coal producers have not historically shipped large quantities of met coal to China, there have been a number of U.S. exports to China in recent months," added Whiting. "In fact, Patriot recently entered into an agreement that we believe will represent the first meaningful shipments of U.S. high volatile met coal to China."

"We are also seeing an improvement in customer sentiment on the thermal side, even though inventory levels remain high. In just the last month, customers who had previously indicated that they wanted to discuss delivery deferrals are now indicating that these discussions are no longer necessary. We believe this is the result of concerns over coal supply and permitting issues, as well as higher natural gas prices," noted Whiting.

Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves. The Company's common stock trades on the New York Stock Exchange under the symbol PCX.

United Bankshares reports third quarter, and first nine months earnings

CHARLESTON -- United Bankshares, Inc. today reported earnings for the third quarter and the first nine months of 2009. Third quarter of 2009 earnings were $17.4 million or $0.40 per diluted share while earnings for the first nine months of 2009 were $55.2 million or $1.27 per diluted share.

“We are pleased with the financial performance results for the first nine months of 2009, especially in light of the very challenging economic times,” Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer, said in a prepared statement. “While earnings are down compared to last year, United’s earnings for the first nine months of 2009 compare very favorably to most regional banking companies as evidenced by a return on average assets of nearly 1% as compared to -0.22% for the first six months of 2009 for United’s Federal Reserve peer group of bank holding companies with total assets between $3 and $10 billion.”

Earnings for the third quarter of 2008 were $19.6 million or $0.45 per diluted share. Earnings for the first nine months of 2008 were $70.4 million or $1.62 per diluted share.

United’s asset quality also continues to compare favorably to its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.26% at September 30, 2009 compares favorably to the most recently reported percentage of 3.61% at June 30, 2009 for United’s Federal Reserve peer group. At September 30, 2009, nonperforming loans were $72.9 million or 1.26% of loans, net of unearned income, up from nonperforming loans of $60.5 million or 1.03% of loans, net of unearned income at June 30, 2009 and nonperforming loans of $54.2 million or 0.90% of loans, net of unearned income at December 31, 2008. The increase in nonperforming loans since year-end 2008 is indicative of the current economic conditions. High unemployment levels and the recent economic recession have impacted the performance of both consumer and commercial portfolios. Any probable loss on these loans has been properly evaluated and allocated within the company’s allowance for loan losses. As of September 30, 2009, the allowance for loan losses was $68.1 million or 1.18% of loans, net of unearned income, as compared to $61.5 million or 1.02% of loans, net of unearned income at December 31, 2008. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 93.4% and 113.5% at September 30, 2009 and December 31, 2008, respectively. The coverage ratio for United’s Federal Reserve peer group was 81.1% at June 30, 2009. Total nonperforming assets of $117.6 million, including OREO of $44.8 million at September 30, 2009, represented 1.45% of total assets which also compares favorably to the most recently reported percentage of 2.97% at June 30, 2009 for United’s Federal Reserve peer group.

During the third quarter of 2009, United’s Board of Directors declared a cash dividend of $0.29 per share. The annualized 2009 dividend of $1.16 equates to a yield over 6% based on recent UBSI market prices.

United Bankshares, with $8.1 billion in assets, presently has 113 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI."

W.Va., Ohio Congressional reps form caucus to promote economic development along Ohio River

WASHINGTON -- U.S. Reps. Shelley Moore Capito, R-W.Va., and Steve Driehaus, D-Ohio, today announced the establishment of the bipartisan Ohio River Basin Congressional Caucus. The caucus is dedicated to addressing critical economic, infrastructure, agricultural, environmental, and community issues within the entire Ohio River Basin and watershed. Reps. Capito and Driehaus will serve as caucus co-chairs.

“The Ohio River Valley has long-been a critical economic pipeline that connects manufacturers, farmers and other businesses to markets across our nation and around the world,” said Capito. “And I’m pleased to work with my colleague from Ohio in a joint effort to support the entire Ohio Valley region. The river’s impact is great, and it’s our hope that this important caucus will help support the region’s interests for years to come.”

“The Ohio River is not only central to the history and economy of greater Cincinnati, but it’s critical to commerce, agriculture, and transportation for a huge part of the United States. I’m proud to join with Representative Capito so that we can work to promote and protect the Ohio River Basin and the millions of people whose lives are impacted by the Ohio River,” said Rep. Driehaus.

The Ohio River Valley Sanitation Commission (ORSANCO) recognized Reps. Capito and Driehaus as “Ohio River Champions” in recognition of their leadership in establishing the Ohio River Basin Caucus.

The Ohio River Basin includes 55 Congressional districts in 14 states. The Ohio River Watershed covers 203,940 square miles and is populated by more than 25 million people.

Federal Reserve Bank of Richmond releases Beige Book report

RICHMOND, Va. -- The Federal Reserve Bank of Richmond this week released its Beige Book report detailing economic activity in its region, which includes most of the state of West Virginia. The report is released eight times a year and serves as a snapshot of the economic activity of the region.

Following is the report:

Most sectors in the Fifth District reported either mixed or improving business conditions since our last assessment. Manufacturing continued to lead most other sectors, with solid increases in orders and shipments and even a small gain in employment. Services firms also strengthened, although employment tended to be flat. Finance and real estate (both residential and commercial) firms reported improvements over the last four-to-six weeks, but weaknesses were noted especially in industrial real estate. In contrast, the retail sector tended to be either flat or down in recent weeks.

Temporary employment was more evenly mixed between reports of strengthening and weakening, but with more optimism expressed than earlier. Reports of wage and price changes among sectors indicated little change, although manufacturing and retail price growth slowed slightly.

Retail
Retail contacts generally reported flat or declining sales in recent weeks, although a few reported an uptick in late September and early October. An executive at a sporting goods store said unemployment was keeping his sales flat, while department store executives in some locations reported that sales had dropped. In contrast, several store managers at chain department stores indicated that sales had strengthened. A Charlotte store manager reported strong sales of electronics, especially larger flat screen televisions, but he added that, "we're not coming out of the downturn yet." A contact at a large bookstore said sales were up, but the store was continuing to reduce hours in order to contain expenses. Dealers told us sales of cars and light trucks declined, though not markedly, since the cash-for-clunkers program ended. Merchants continued to cut jobs in recent weeks, but reductions were less widespread than cited in our last report. The rate of retail price increases slowed slightly, while the pace of wage increases edged up.

Services
Revenue growth at services firms strengthened since our last report. Most hospitals and other healthcare facilities had slightly higher consumer demand for services in recent weeks; however, flu outbreaks were not extensive and contacts said they have not had to enact emergency pandemic plans. Executives at telecommunications firms told us their revenues were up. Employment was generally flat, with the exception of some financial services and technical firms where employment increased. An architect in Baltimore also said hiring increased at his firm. Price and wage inflation at services-providing firms was relatively stable since our last report.

Manufacturing
District manufacturing activity continued to advance in September. Contacts reported solid increases in shipments and new orders, and indicated that employment had increased for the first time since December 2007. A contact at a tire plant reported that positive sales transferred into increased production after inventory projections were achieved. Moreover, a machinery parts manufacturer said that automotive demand was tremendous because original equipment manufacturers were rebuilding their inventory. A door manufacturer observed that over the last several months precipitous year-over-year drops in new orders had abated, with new orders now only slightly lower than last year. He was concerned, however, that the firming of new orders would only be temporary due to the ending of the new homebuyers' tax credit. Contacts reported that both raw materials and finished goods prices increased at a slower pace than in our last report.

Port authorities in the District reported stable-to-moderate gains in both import and export activity, but expressed concern about their sustainability. One official saw "light at the end of the tunnel," with month-to-month changes flattening out. Auto imports picked up as auto companies replenished dealer stocks. Another official thought that modest gains over the last month might reverse once the early holiday importing was completed, especially if businesses kept a tight rein on inventory.

Finance
Lending demand around the Fifth District was mixed since our last report, although banks reported modest signs of improvement. Consumer loan demand picked up "modestly," according to several bankers from areas least affected by the economic downturn. However, most borrowers with excellent credit and an established relationship received loans. Some of the gains were attributed to the recent jump in new car sales, but increased borrowing for other consumer durables was also noted. Demand for C&I loans was about evenly split between reports of recent improvement and further weakening. Several banks reported that local businesses with relatively healthy balance sheets thought their markets had finally hit bottom and they were ready to start investing again. However, a number of banks reported sharp declines in loan demand in recent weeks, noting weakness in the energy, auto parts, and metals markets. Finally, mortgage lending in most areas of the District saw a pickup that was widely attributed to first-time buyers and bargain hunters, with both concentrated at the low end of the market. The middle and upper ends of the market remained weak, but one banker noted slight increases in sales to second- and third-time buyers.

Real Estate
Fifth District residential real estate agents generally reported stronger traffic and actual sales of houses priced in the low-to-middle range of their markets, citing first-time homebuyers and the government's tax credit program as the driving force. Several agents reported strong sales in September, based on not only gross sales revenue but also unit sales. One agent expected October to be equally as busy, based on the number of visitors at his open houses. Another agent reported that sales were "up a tad," and that the number of properties that went under contract increased in recent months. In contrast, Realtors in North Carolina reported slow housing markets, due partly to people taking their time to look and others being cautious because of their credit status. Indeed, one agent told us that, "pristine credit is practically required to get financing." Most Realtors reported that the low- to middle-priced houses were their best sellers, and the higher-end properties showed very slow sales in many areas.

While commercial real estate activity in the District remained depressed, most real estate agents reported signs of improvement over the last month at least in terms of expressing interest in long-term expansion. One agent noted an increase in foot traffic from retailers interested in developing new sites next year. Few were willing to commit yet, but an increasing number were revisiting earlier expansion plans that had been put on hold over the last year. Industrial real estate activity in most areas of the District was often described as "dead," and new construction of industrial or office buildings was further deterred by difficulty obtaining financing. Small business startups in Northern Virginia were also having trouble getting financing, often due to an inability to meet higher down-payment requirements.

Tourism
Assessments of tourist activity varied in recent weeks, but were generally on the positive side. Contacts along the coast reported firmer bookings since our last report, facilitated by good weather and increased short-term stays. A contact from Myrtle Beach told us that occupancy rates had risen and were much improved over last year. He noted that, although the average length of stay had declined, more people were traveling to the destination. A contact on the Outer Banks of North Carolina indicated that bookings for the Columbus Day holiday weekend were somewhat stronger than a year ago, which she attributed to "visitors being a little more positive." In contrast, other hoteliers on the coast described business as somewhat weaker compared with our last report. A manager at a mountain lodge in West Virginia reported a 10 percent increase in group bookings over last year, crediting its proximity to neighboring urban areas. Similarly, a manager at a mountain resort in Virginia characterized bookings for the Columbus Day holiday weekend as much stronger, due to warm weather.

Temporary Employment
Fifth District temporary employment agents gave generally mixed reports on demand for workers since our last report. One agent reported stronger demand for his workers, citing the economic recovery and a renewed confidence. In contrast, several contacts reported somewhat weaker demand for workers. However, these contacts expected stronger demand over the next few months because companies were beginning to see increases in activity again and, therefore, would need additional temporary support. Indeed, an agent in the Raleigh, N.C., area was very optimistic for stronger demand over the next several months due to an increase in manufacturing in preparation for the holiday season demand and a temporary increase in businesses hiring office workers.

Agriculture
While agricultural harvesting and field preparation were on schedule, farm income projections weakened somewhat since our last report. Recent weather conditions allowed Fifth District farmers to make steady progress in harvesting, with the corn harvest in full swing in North Carolina and winding down in South Carolina. The corn harvest in Virginia was nearing completion with yields described as good to excellent. In addition, the apple harvest was 80 percent complete in Maryland and 60 percent complete in West Virginia. Farmers in Virginia and South Carolina were harvesting early soybeans, which were in good-to-excellent condition. Results of our recent survey of agricultural credit conditions indicated that farmland values were above both the previous quarter and year-ago levels, but income projections weakened as a result of continued lower commodity prices and weaker demand.

Morgantown's KeyLogic Systems awarded $95 million five-year federal contract

MORGANTOWN, -- KeyLogic Systems today announced the award of a prime contract from the U.S. Department of Energy's (DOE) National Energy Technology Laboratory (NETL) for Project Execution and Integration. The five-year contract is valued at $95 Million.

"We are honored to support NETL and their mission to deliver technological solutions that simultaneously address our nation's three overarching energy issues: affordability, supply security and environmental quality," said KeyLogic Program Manager, Carey Butler.

NETL is one of the U.S. Department of Energy's national laboratories. NETL -- "the ENERGY lab" -- focuses on America's economic prosperity, which requires secure, reliable energy supplies at sustainable prices. NETL implements a broad spectrum of energy and environmental research and development programs through its own research staff and through funded research at other labs, universities, and industries that will return benefits for generations to come.

The KeyLogic Team consists of Deloitte Consulting LLP, URS Washington Division, Project Masters, LAD Studio and The Iridium Group LLC supported by a consortium of universities including: West Virginia University, University of Pittsburgh, Carnegie Mellon University, Virginia Tech, Penn State University and Spelman College.

Specifically, this team will provide support to NETL throughout the energy technology research and development lifecycle, including: Acquisition Planning and Execution; Project Control, Oversight, and Assistance; Validation Assessments and Studies; Project Reviews; Project-Specific Information Management; Dissemination and Interface with Program Outreach; and Project Management Training and Process Improvement.

KeyLogic Systems is a management and IT consulting firm headquartered in Morgantown, WV, serving federal and commercial clients throughout the nation. KeyLogic Systems provides professional services focused on program and project management, business intelligence and portfolio management that support our clients and their missions.

City Holding Company releases third quarter earnings

CHARLESTON -- City Holding Company, a $2.6 billion bank holding company headquartered in Charleston, today announced net income per diluted share for the third quarter of $0.66 compared to a net loss of $(0.16) per diluted share in the third quarter of 2008.

Net income for the third quarter of 2009 was $10.5 million compared to a loss of $2.6 million in the third quarter of 2008. For the third quarter of 2009, the Company achieved a return on assets of 1.60%, a return on tangible equity of 17.49%, a net interest margin of 4.09%, and an efficiency ratio of 48.8%. Net income for the first nine months of 2009 was $31.6 million compared to $23.9 million in the first nine months of 2008. For the first nine months of 2009, the Company achieved a return on assets of 1.62%, a return on tangible equity of 18.1%, a net interest margin of 4.22%, and an efficiency ratio of 49.8%.

City's CEO Charles Hageboeck said in a prepared statement that, "Despite the continuing impact of the recession that the U.S. economy is experiencing, City's earnings have held up relatively well, and we believe that our shareholders will be pleased with our third quarter results during this challenging economic environment. Like many retail-deposit focused banking franchises, City's net interest income has been negatively impacted by historically low interest rates. However our asset quality improved during the third quarter of 2009 with net charge-offs, non-performing assets, and past due loans all declining as compared to the second quarter of 2009. City's franchise has benefited from lower unemployment rates within the markets it serves as compared to state and national averages. The unemployment rate for the markets served by City approximated 8.1% in July 2009 compared to 9.0% for the state of West Virginia and 9.4% for the United States. City's most significant asset quality problems continue to be non-owner occupied residential construction at the Greenbrier Resort in White Sulphur Springs, West Virginia and real estate in the Eastern Panhandle of West Virginia, a distant part of the Washington DC metropolitan area."

On September 30, 2009, the Board approved a quarterly cash dividend to 34 cents per share payable October 31, 2009, to shareholders of record as of October 15, 2009. During the quarter ended September 30, 2009, the Company repurchased 56,323 common shares at a weighted average price of $32.00 as part of a one million share repurchase plan authorized by the Board of Directors in August 2007.

City Holding Company is the parent company of City National Bank of West Virginia. City National operates 68 branches across West Virginia, Eastern Kentucky and Southern Ohio.

Huntington Bancshares reports third quarter net loss of $166 million

COLUMBUS, Ohio -- Huntington Bancshares Incorporated today reported a 2009 third quarter net loss of $166.2 million, or .33 per common share. This compared with a net loss of $125.1 million, or .40 per common share in the 2009 second quarter, and net income of $75.1 million, or .17 per common share in the year-ago quarter. 

The lower loss per share in the current quarter compared with the 2009 second quarter reflected an increase in average common shares on a fully diluted basis to 589.7 million shares in the 2009 third quarter, up from an average of 459.2 million shares on a fully diluted basis in the second quarter.

For the first nine months of 2009, Huntington reported a net loss of $2,724.5 million, or $6.08 per common share, compared with net income of $303.5 million, or .83 per common share in the comparable 2008 period. Results for the first nine months of 2009 reflected $2,606.9 million, or $5.51 per common share, in noncash goodwill impairment charges.

"We believe it is in the best interest of our shareholders to position Huntington for a return to profitability as soon as possible," said Stephen D. Steinour, chairman, president, and chief executive officer. "Fundamental to achieving this objective is growth in pre-tax, pre-provision income, a strong capital position, a liquid balance sheet, and a lower-risk loan portfolio. We made significant progress in each of these areas this past quarter."

"Our reported loss for the quarter of $166.2 million was entirely due to $475.1 million of provision for credit loss expense as our pre-tax, pre-provision income increased $7.8 million, or 3%, from the second quarter," he continued. "Continual improvement in pre-tax, pre-provision income helps set the stage for profitable performance once credit costs return to more historical performance. Contributing to the pre-tax, pre-provision income improvement was a 10 basis point increase in our net interest margin."

"We will continue to manage the company assuming that the economy will remain weak for the foreseeable future. History has shown that meaningful improvement in credit quality, and thereby a return of provision for credit losses to more normal levels, lags improvement in economic indicators. As we entered this year, a key objective was to assure that we had sufficient capital to get through this economic cycle. We believe this objective was accomplished through our capital actions. Going forward, we will continue to seek opportunities to accelerate the resolution of problem credits and position Huntington for its return to profitability. In summary, I am encouraged by the progress we have made. We are more focused and are seeing improvement in underlying performance in a number of key areas. We are getting stronger every day," he concluded.

2009 FOURTH QUARTER EXPECTATIONS
Commenting on 2009 fourth quarter expectations Steinour noted, "Though we expect to continue to make good progress in improving those areas that drive pre-tax, pre-provision income, we continue to feel the effect of the weak economic environment in our markets. It is prudent to manage the company, therefore, with the view that there will be no material turnaround for the foreseeable future. We expect fourth quarter net charge-offs, provision for credit loss expenses, and loan loss reserve levels to remain elevated, reflecting our continued efforts to aggressively address problem loans."

Huntington Bancshares Incorporated is a $53 billion regional bank holding company headquartered in Columbus, Ohio. The company has over 600 banking offices are located in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. 

Fifth Third Bancorp reports third quarter loss

CINCINNATI -- Fifth Third Bancorp today reported a third quarter 2009 net loss of $97 million, compared with net income of $882 million in the second quarter of 2009 and a net loss of $56 million in the third quarter of 2008. After preferred dividends, the third quarter 2009 net loss available to common shareholders was $159 million, compared with net income of $856 million in the second quarter of 2009 and a net loss of $81 million in the third quarter of 2008. In the third quarter, the net loss was .20 per diluted share, compared with net earnings of $1.15 per diluted share in the second quarter and a net loss of .14 per diluted share in the third quarter of 2008.

Third quarter 2009 results included a pre-tax net benefit of $288 million from the sale of Fifth Third's Visa, Inc. Class B common shares. This benefit consisted of a pre-tax gain of $244 million on the sale of the Class B shares and the recognition of a derivative that transfers the conversion risk of the Class B shares back to the Bancorp, and a $44 million net reduction in noninterest expense related to the reversal of an existing litigation reserve. Third quarter results also included the release of additional Visa litigation reserves due to Visa's supplemental funding of its litigation escrow account, which reduced noninterest expense by $29 million. In total, these items benefitted earnings by $317 million pre-tax, or .26 per diluted share after-tax.


Second quarter 2009 results included a pre-tax gain of $1,764 million related to the processing business transaction with Advent International, and a pre-tax charge of $55 million related to the special FDIC deposit insurance fund assessment. Second quarter 2009 net income available to common shareholders also included a $35 million benefit, recorded as a reduction to preferred dividend expense, reflecting the excess of the carrying value of preferred shares over the fair value of the common shares and cash exchanged through our tender offer for Series G preferred stock. Third quarter 2008 reported results included net charges of $83 million pre-tax: a $51 million charge due to the impairment of preferred stock held in Fannie Mae and Freddie Mac, a non-cash charge of $45 million related to Visa's settlement with Discover, a non-cash charge of $27 million to lower the cash surrender value of one of our Bank-Owned Life Insurance (BOLI) policies, and a net benefit of $40 million related to the satisfactory resolution of a court case stemming from goodwill created in a prior acquisition.

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of September 30, 2009, the Company has $111 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart® locations open seven days a week inside select grocery stores and 2,372 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.  Investor information and press releases can be viewed at www.53.com . 

WesBanco Announces Results for the Third Quarter and Nine Months of 2009

WHEELING -- Paul M. Limbert, President and Chief Executive Officer of WesBanco, Inc. (NASDAQ:WSBC) , a Wheeling, West Virginia based multi-state bank holding company, today announced earnings for the third quarter and year-to-date periods ended Sept. 30, 2009.

Net income available to common shareholders for the quarter ended September 30, 2009 was $2.3 million while diluted earnings per common share were .09, as compared to $11.5 million or .43 per common share for the third quarter of 2008, and $4.7 million or .18 per share in the prior quarter ended June 30, 2009. Earnings per common share in the third quarter included a charge of .09 per common share for the unamortized discount on the repurchase of the Troubled Asset Relief Program ("TARP") preferred stock and an additional .03 per share for preferred stock dividends paid in the third quarter. 

For the nine month period, net income available to common shareholders was $11.4 million or .43 per common share, while for the same period in 2008, net income was $32.3 million or $1.22 per common share. Net income before preferred stock dividends and the accounting adjustment for the TARP repayment was $16.6 million year to date.

Highlights for the third quarter and nine months ended September 30, 2009 include the following:
-- Net interest income increased 3.0% in the third quarter as compared to the second quarter of 2009 and 6.0% over the first quarter of 2009 as a result of the acquisition of five former AmTrust Bank branches in the Columbus, Ohio metropolitan area on March 27, 2009. WesBanco purchased approximately $600 million of deposits for a total price of $21.1 million and is now operating the acquired branches under the WesBanco Bank name. Also contributing to improved net interest income were lower rates on interest bearing liabilities, particularly for deposits, as a result of decreasing market interest rates, certificate of deposit maturities and WesBanco's focus on improving the net interest margin by reducing higher cost funding sources. 

-- The provision for credit losses in the third quarter of 2009 increased $9.7 million from the third quarter of 2008. The higher provision expense reflects increased loan charge-offs of $14.0 million. During the quarter WesBanco charged-down two commercial loans by $8.5 million, with $2.0 million of this charge reserved for in the second quarter. One of the charge-offs was caused by a fraudulent equipment leasing scheme which impacted a borrower's equipment leasing activities, and the other loss was on a hotel which was previously identified as impaired. Higher provision expense also reflects the general deterioration of credit quality across all segments of the loan portfolio due to the prolonged recession, which has caused increases in net charge-offs and non-performing assets. The allowance for loan losses increased to 1.74% of total loans at September 30, 2009 as compared to 1.21% at September 30, 2008, and 1.65% at the end of the second quarter. 

-- On September 9, 2009 WesBanco repurchased from the U.S. Department of the Treasury 75,000 shares of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued under the TARP program, at a purchase price of $75 million plus a final accrued dividend of $250,000. The funds used to redeem the preferred stock were derived from security sales and other internal sources, including a special dividend from the bank paid during the quarter that was previously approved by the bank's regulators. The repurchase of the preferred stock resulted in WesBanco recording a $2.3 million charge in the third quarter representing the unamortized discount on the preferred stock, as well as certain unamortized issuance costs. These charges are reflected on the income statement after net income. WesBanco received approval from regulatory authorities and the U.S. Treasury to redeem the preferred stock. WesBanco's consolidated and bank subsidiary capital ratios continue to be in excess of the "well capitalized" benchmarks for regulatory purposes at September 30, 2009 after repurchase of the preferred stock. WesBanco also issued a warrant to the Treasury Department with the preferred stock in December 2008 and is currently negotiating terms for the repurchase of this warrant.

WesBanco is a multi-state bank holding company with total assets of approximately $5.6 billion, operating through 114 branch locations and 138 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco's banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia. WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.