Everglades by Dougherty Names ARI Preferred Website Provider

MILWAUKEE, Jan. 25, 2016 (GLOBE NEWSWIRE) — ARI Network Services, Inc. (NASDAQ:ARIS) announced today that it has signed an agreement with Everglades by Dougherty, a leading fishing boat manufacturer, to offer its international network of more than 40 independent marine dealers with co-op reimbursement on ARI’s award-winning, marine dealer website platform.

“In the competitive marine marketplace, a strong online presence is critical, and ARI’s website solution will empower our dealers to capture local search traffic and generate a strong pipeline of new boat sales leads,” said Shane Kawterski, Everglades Marketing Specialist.

Fully optimized for search engines and mobile browsing, ARI’s marine dealer websites offer industry-specific features including enriched OEM and aftermarket brochures and parts catalogs, a merchandise manager that allows dealers to display their inventory, service scheduling tools and eCommerce functionality.

“We are honored to be selected as the preferred website provider for Everglades by Dougherty,” said Justin Di Vilio, ARI Director of Business Development – Marine. “This co-op program offers marine dealers a distinct advantage by attracting online shoppers and driving qualified leads, ultimately resulting in increased online leads and in-store sales for the Everglades dealer network.”

Dealers interested in learning more about ARI’s marine dealer websites can visit http://arimarine.com or call 800.755.6040.

About ARI

ARI Network Services, Inc. (ARI) (NASDAQ:ARIS) offers an award-winning suite of SaaS, software tools, and marketing services to help dealers, equipment manufacturers and distributors in selected vertical markets Sell More Stuff!™ – online and in-store. Our innovative products are powered by a proprietary data repository of enriched original equipment and aftermarket electronic content spanning more than 17 million active part and accessory SKUs and 750,000 equipment models. Business is complicated, but we believe our customers’ technology tools don’t have to be. We remove the complexity of selling and servicing new and used vehicle inventory, parts, garments and accessories (PG&A) for customers in the automotive tire and wheel aftermarket, powersports, outdoor power equipment, marine, home medical equipment, recreational vehicles and appliance industries. More than 23,500 equipment dealers, 195 distributors and 3,360 brands worldwide leverage our web and eCatalog platforms to Sell More Stuff!™ For more information on ARI, visit investor.arinet.com.

About Everglades by Dougherty

The Dougherty family has spent a lifetime designing, building, running and enjoying what they call “unsinkable offshore boats”. In 1960, company founder Bob Dougherty joined Boston Whaler where he was key in developing the “unsinkable hull”. During his 30-year tenure he perfected the process, introduced the first V-bottom Whaler and became Senior Vice President of Product Development and Engineering. In 2001, Bob Dougherty was ready for a new challenge and Everglades Boats was born. The product line has grown to include center consoles, pilot houses and cabin models from 23 to 43 feet. With over 50 years of dedication to innovation in boat building, Bob Dougherty and the Everglades team continue to innovate upon their line of industry-leading family fishing boats. For more information on Everglades by Dougherty, visit www.evergladesboats.com.

Additional Information

Images for media use only

ARI Logo Hi Res| ARI Logo Low Res

For media inquiries, contact:Colleen Malloy, Director of Marketing, ARI, +1.414.973.4323, colleen.malloy@arinet.comInvestor inquiries, contact:Steven Hooser, Three Part Advisors, +1.214.872.2710, shooser@threepa.com


Lake Geneva, WI, Jan. 22, 2016 (GLOBE NEWSWIRE) —

Spurred on by its partnership with neighboring Geneva National Resort, the 90-acre Geneva Ridge Resort is about to embark on its second and most dramatic phase of an extensive multimillion dollar renovation that began in 2011.

Slated to start January 2015, the $4.5 million in sleek, modern upgrades to the Lake Geneva, WI hotel will include new dining and drinking concepts, an inviting and tech-savvy lobby and reception area accented by a glass-adorned staircase plus a fresh facelift for hallways, restrooms and gift shop – all set to debut in May 2016.

“This rustic 146-room lodge is ready for a high-level redesign that matches the esteemed Geneva National brand with which it is affiliated,” states Geneva National’s president Garth L. Chambers, who adds that a hot new Lake Geneva escape demands a new and stylish name – specifically, The Ridge Hotel. “Four years ago, we pulled The Ridge under the Geneva National Resort umbrella, establishing it as Golf Club lodging – a move that boosted the hotel’s business some 30 percent. These substantial renovations will raise the bar, brand and business further, positioning Geneva National Resort as the most convenient, affordable and high-end option for a full-service golf and meeting experience in the Midwest.”

“Every detail of the redesign has been thoughtfully considered to speak to every generation while creating an unparalleled and welcoming experience for each guest,” states Lori Mukoyma, Vice President at the Chicago office of Callison RTKL, the firm behind the hotel’s current, crisp and comfortable concept.

Channeling the hotel’s picturesque wooded lakeshore property, Mukoyma’s team pulls the outside indoors with a warm grass green and subtle grey-blue palette, natural maple, river rock and water elements, and a unique use of light to create earth-hewn textures.

The re-imagined lobby will draw guests to a buzzing bean + vinecoffee and wine bar with countertop seating set against enticing gathering spaces – from oversized sectionals focused on a large flat-screen TV and groupings of lounge chairs intimately arranged hearthside to a communal table wired with USBs and whimsically shaped “pebble” ottomans strategically strewn about for good measure.

The following updates will further add to the hotel’s playful panache:

  • Replacing the Lakeview Grille with Crafted, a smart, sumptuous new dining venue and cocktail club with panoramic views.
  • Staging a statement entry with a grand 3-D perforated ceiling panel through which light depicting river stones cascades onto the floor.
  • Swapping the former check-in desk with custom reception pods wrapped in warm leather and doused in amber light.
  • Modernizing the first-floor fireplace with stunning linear accents intermixed with wood and stone features.
  • Creating an airy staircase beckoning guests to the lower level with glass railings and a sculptural chandelier reminiscent of floating water bubbles.
  • Installing all new fixtures while fully refurbishing lobby restrooms, wrapping each in shimmering strips of neutral tiles that drift up the walls from the floor.
  • Fusing form with function, seamlessly and artfully blending easily accessible state-of-the-art technology throughout all spaces and furnishings.

The Ridge will remain open throughout the five-month construction project, which will be staged by Corporate Contractors, Inc., of Beloit in order to preserve the comfort and experience of hotel guests. Updated plans and images are available to download by CLICKING HERE and will be presented via The Ridge Hotel’s new website at RidgeLakeGeneva.com.

About Geneva Ridge Resort, now The Ridge Hotel — Only a five minute drive from downtown Lake Geneva and just off the beaten tourist path, the privately owned 146-room Ridge Hotel overlooks acres of secluded and wooded shoreline and the award-winning Geneva National Golf Club. The hotel’s restaurant, cocktail lounge, outdoor poolside terrace, and flexible meeting and banquet spaces offer magnificent panoramic views of the property. Amenities include indoor and outdoor pools, a 12-foot outdoor fire feature, full-service banquet and meeting facilities, an on-site health club, spa, restaurant, cocktail lounge and a forthcoming coffee and wine bar.

About Geneva National Resort — Home of Golf Digest’s “Top Ten Wisconsin Golf Courses,” Golfweek’s Best Resort Courses” and Golf Magazine’s “Top Courses you Can Play,” Geneva National has made legendary golf a tradition for nearly 25 years and features three championship courses uniquely designed by masters Arnold Palmer, Gary Player and Lee Trevino. Join this semi-private club as a member, live in the luxurious 1600-acre lakeshore golf community, or vacation just a nine iron from the tee box at the Inns of Geneva National, award-winning boutique group villas with access to the private wellness center, tennis courts, outdoor pools, hiking paths, room service from the Clubhouse Grill Room and shuttle service to the five-star Hunt Club Steakhouse.

Geneva National Resorts + Hotels • 1221 Geneva National Ave. S. • Lake Geneva, WI 53147 • gnresortshotels.com


Contact: Jesse A. SeykoraDirector of MarketingGeneva National Resort1221 Geneva National Avenue SouthLake Geneva, WI 53125jsekora@gnresort.com262.245.7045

Brady Corporation Announces Earnings Conference Call

MILWAUKEE, Jan. 21, 2016 (GLOBE NEWSWIRE) — Brady Corporation (NYSE:BRC), will announce its fiscal 2016 second quarter financial results on Friday, February 19, 2016.

A conference call will be held beginning at 10:30 a.m. ET (9:30 a.m. Central Time) Friday, February 19, 2016.  Internet users will be able to access the webcast and presentation at http://www.bradycorp.com live and in replay.

This call is being webcast by NASDAQ OMX and can be accessed at www.bradycorp.com.

About BRC

Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places.  Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software.  Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries.  Brady is headquartered in Milwaukee, Wisconsin and as of August 1, 2015, employed approximately 6,400 people in its worldwide businesses.  Brady’s fiscal 2015 sales were approximately $1.17 billion.  Brady stock trades on the New York Stock Exchange under the symbol BRC.  More information is available on the Internet at www.bradycorp.com.

Contact Information:Media ContactKate Venne, 414-469-2768Kate_Venne@bradycorp.com

Plexus Announces Fiscal First Quarter 2016 Financial Results

  • Fiscal first quarter 2016 revenue of $617 million
  • GAAP diluted EPS of $0.42, non-GAAP diluted EPS of $0.47, excluding $0.05 per share of restructuring charges
  • Initiates fiscal second quarter 2016 revenue guidance of $600 – $630 million with diluted EPS of $0.47 to $0.55, excluding any restructuring or other charges

NEENAH, Wis., Jan. 20, 2016 (GLOBE NEWSWIRE) — Plexus (NASDAQ:PLXS) today announced financial results for its fiscal first quarter ended January 2, 2016, and guidance for its fiscal second quarter ending April 2, 2016.

  Three Months Ended  
  Jan. 2, 2016   Jan. 2, 2016   April 2, 2016  
  Q1F16 Results   Q1F16 Guidance   Q2F16 Guidance  
Summary GAAP Items            
Revenue (in millions) $ 617     $600 to $625   $600 to $630  
Operating margin   3.5 %          
Diluted EPS $ 0.42            
Summary Non-GAAP Items            
Non-GAAP operating margin, before restructuring charges (1)   3.7 %     3.3% to 3.6%     3.6% to 4.0%  
Non-GAAP diluted EPS, before restructuring charges (1)(2) $ 0.47       $0.41 to $0.48     $0.47 to $0.55  
Return on invested capital (ROIC)   10.8 %          
Economic Return   -0.2 %          

(1) Restructuring charges of $1.5 million for the three months ended January 2, 2016.

(2) Includes stock-based compensation expense of $0.10 for Q1F16 results and $0.11 for Q2F16 guidance.

Additional Fiscal First Quarter 2016 Information

  • Won 34 programs during the quarter representing approximately $179 million in annualized revenue when fully ramped into production
  • Trailing four quarter program wins total approximately $702 million in annualized revenue
  • Purchased $8.5 million of our shares at an average price of $37.23 per share

Dean Foate, Chairman, President and CEO, commented, “Fiscal first quarter revenue and EPS results were largely in-line with our guidance.  Consistent with the expectations we set last quarter, we are guiding our fiscal second quarter revenue sequentially flat at the midpoint of our guidance range, as new program ramps offset revenue lost from the two previously announced program disengagements. Fiscal second quarter 2016 revenue guidance is $600 to $630 million with diluted EPS in the range of $0.47 to $0.55 before restructuring charges.”

Patrick Jermain, Senior Vice President and CFO, commented, “Our working capital initiatives resulted in the fiscal first quarter cash cycle exceeding our expectations at 71 days and contributed to approximately $10 million in free cash flow during the quarter.  The two lower-margin program disengagements that we outlined during our fiscal 2015 year-end earnings call continue to progress largely as planned.  The subsequent announcements to close our Fremont, California site and end volume manufacturing at our Livingston, Scotland facility are both advancing as communicated.  Assuming stability of our fiscal second half 2016 revenue forecasts, these actions, in combination with other productivity initiatives, further our belief that we will exit fiscal 2016 in our target operating margin range of 4.7 to 5.0 percent.”

Quarterly Comparison         Three Months Ended
          Jan. 2, 2016       Oct. 3, 2015       Jan. 3, 2015
(in thousands, except EPS)         Q1F16       Q4F15       Q1F15
Revenue         $ 616,664         $ 668,730         $ 664,690  
Gross profit         $ 50,059         $ 59,272         $ 61,414  
Operating profit         $ 21,524         $ 28,571         $ 28,783  
Net income         $ 14,448         $ 23,865         $ 23,079  
Diluted EPS         $ 0.42         $ 0.70         $ 0.67  
Adjusted net income*         $ 15,955         $ 23,514         $ 24,770  
Adjusted diluted EPS*         $ 0.47         $ 0.69         $ 0.72  
Gross margin           8.1 %         8.9 %         9.2 %
Operating margin           3.5 %         4.3 %         4.3 %
Adjusted operating margin*           3.7 %         4.3 %         4.6 %
ROIC*           10.8 %         14.0 %         14.4 %
Economic Return*           -0.2 %         3.0 %         3.4 %

*Refer to Non-GAAP Supplemental Information Tables 1 and 2 for reconciliation to GAAP measures

Plexus provides non-GAAP supplemental information, such as ROIC, Economic Return, and free cash flow, because such measures are used for internal management goals and decision making, and because they provide additional insight into financial performance.  In addition, management uses these and other non-GAAP measures, such as adjusted net income and adjusted operating margin, to provide a better understanding of core performance for purposes of period-to-period comparisons.  For a full reconciliation of non-GAAP measures to comparable GAAP measures, please refer to the attached non-GAAP supplemental data.

Market Sector Breakout

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company’s global market sector focused business development strategy.  The Company measures operational performance and allocates resources on a geographic segment basis.  Please refer to the attached supplemental information for a breakout of revenue by reportable geographic segments.  Top 10 customers comprised 60% of revenue during the quarter, up five percentage points from the prior quarter.

Market Sector ($ in millions)         Three Months Ended
          Jan. 2, 2016

  Oct. 3, 2015

  Jan. 3, 2015

Networking/Communications         $ 157     25 %   $ 179     27 %   $ 234     35 %
Healthcare/Life Sciences           191     31 %     183     27 %     196     30 %
Industrial/Commercial           173     28 %     201     30 %     148     22 %
Defense/Security/Aerospace           96     16 %     106     16 %     87     13 %
Total Revenue         $   617         $   669         $   665      

Fiscal First Quarter 2016 Supplemental Information

ROIC for the fiscal first quarter of 2016 was 10.8%.  The Company defines ROIC as tax-effected annualized operating profit, before special items, divided by average invested capital over a two-quarter period for the first quarter.  Invested capital is defined as equity plus debt, less cash and cash equivalents.  The Company’s weighted average cost of capital for the first fiscal quarter of 2016 was 11.0%.  ROIC for the quarter less the Company’s weighted average cost of capital results in an economic return of -0.2%.

Fiscal first quarter cash cycle was 71 days. The Company delivered $21.3 million in cash from operations and used $11.8 million for capital investments during the quarter, resulting in positive free cash flow of $9.5 million.

Cash Conversion Cycle           Three Months Ended
            Jan. 2, 2016

  Oct. 3, 2015

  Jan. 3, 2015

Days in Accounts Receivable             53       53       52  
Days in Inventory             88       85       82  
Days in Accounts Payable             (59 )     (60 )     (53 )
Days in Cash Deposits             (11 )     (12 )     (9 )
Annualized Cash Cycle*             71       66       72  

*We calculate cash cycle as the sum of days in accounts receivable and days in inventory, less days in accounts payable and days in cash deposits. 

Conference Call and Webcast Information:

What:             Plexus Fiscal First Quarter 2016 Earnings Conference Call and Webcast
When:             Thursday, January 21, 2016 at 8:30 a.m. Eastern Time
Where:              Participants are encouraged to join the live webcast at the investor relations section of Plexus’ website, www.plexus.com, or directly at: http://edge.media-server.com/m/p/nnoa2mdj/lan/en

Conference call at +1.800.708.4539 with passcode: 41445105

Replay:             The webcast will be archived on the Plexus website and available via telephone replay at +1.888.843.7419 or +1.630.652.3042 with passcode: 41445105

About Plexus – The Product Realization Company

Plexus (www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model.  This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.

Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Networking/Communications, Healthcare/Life Sciences, Industrial/Commercial and Defense/Security/Aerospace market sectors.

Safe Harbor and Fair Disclosure Statement

The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to: the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the lack of visibility of future orders, particularly in view of changing economic conditions; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the particular risks relative to new or recent customers, programs or services, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the risks of concentration of work for certain customers; the effect of start-up costs of new programs and facilities; possible unexpected costs and operating disruption in transitioning programs, including as a result of a facility closure; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; our ability to manage successfully and execute a complex business model characterized by high product mix, low volumes and demanding quality, regulatory, and other requirements; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; increasing regulatory and compliance requirements; the potential effects of regional results on our taxes and ability to use deferred tax assets and net operating losses; risks related to information technology systems and data security; the effects of shortages and delays in obtaining components as a result of economic cycles or natural disasters; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the potential effect of world or local events or other events outside our control (such as changes in energy prices, terrorism and weather events); the impact of increased competition; and other risks detailed in our other Securities and Exchange Commission filings (particularly in “Risk Factors” in our fiscal 2015 Form 10-K).

(in thousands, except per share data)
          Three Months Ended
          Jan. 2,       Jan. 3,
            2016           2015  
Net sales         $ 616,664         $ 664,690  
Cost of sales           566,605           603,276  
Gross profit           50,059           61,414  
Selling and administrative expenses           27,028           30,940  
Restructuring and impairment charges           1,507           1,691  
Operating income           21,524           28,783  
Other income (expense):                  
Interest expense           (3,534 )         (3,777 )
Interest income           932           897  
Miscellaneous           (1,620 )         138  
Income before income taxes           17,302           26,041  
Income tax expense           2,854           2,962  
Net income         $ 14,448         $ 23,079  
Earnings per share:                  
Basic         $ 0.43         $ 0.69  
Diluted         $ 0.42         $ 0.67  
Weighted average shares outstanding:                  
Basic           33,396           33,602  
Diluted           34,062           34,439  

(in thousands, except per share data)
  Three Months Ended
  Jan. 2,   Oct. 3,   Jan. 3,
  2016   2015   2015
Operating profit, as reported $ 21,524     $ 28,571     $ 28,783  
Operating margin, as reported 3.5 %   4.3 %   4.3 %
Non-GAAP adjustments:          
Restructuring costs* 1,507         1,691  
Operating profit, as adjusted $ 23,031     $ 28,571     $ 30,474  
Operating margin, as adjusted 3.7 %   4.3 %   4.6 %
Net income, as reported $ 14,448     $ 23,865     $ 23,079  
Non-GAAP adjustments:          
Discrete tax benefit, net     (351 )    
Restructuring costs* 1,507         1,691  
Net income, as adjusted $ 15,955     $ 23,514     $ 24,770  
Diluted earnings per share, as reported $ 0.42     $ 0.70     $ 0.67  
Non-GAAP adjustments:          
Discrete tax benefit, net     (0.01 )    
Restructuring costs 0.05         0.05  
Diluted earnings per share, as adjusted $ 0.47     $ 0.69     $ 0.72  
*Summary of restructuring costs          
Employee termination and severance costs $ 1,394     $     $ 144  
Other exit costs 113         1,547  
Total restructuring costs $ 1,507     $     $ 1,691  

 (in thousands)
ROIC and Economic Return Calculations       Three Months Ended       Twelve Months Ended       Three Months Ended
        Jan. 2,       Oct. 3,       Jan. 3,
        2016       2015       2015
Operating profit         $ 21,524           $ 115,436           $ 28,783  
Restructuring and impairment charges         $ 1,507           $ 1,691           $ 1,691  
Adjusted operating profit         $ 23,031           $ 117,127           $ 30,474  
        x   4         x   1         x   4  
Annualized operating profit           92,124             117,127             121,896  
Tax rate       x   12 %       x   11 %       x   10 %
Tax impact           11,055             12,884             12,190  
Operating profit (tax effected)           81,069             104,243             109,706  
Average invested capital       ÷ $ 753,078         ÷ $ 745,611         ÷ $ 759,676  
ROIC           10.8 %           14.0 %           14.4 %
Weighted average cost of capital           11.0 %           11.0 %           11.0 %
Economic return           -0.2 %           3.0 %           3.4 %

  Three Months Ended
Average Invested Capital Jan. 2,   Oct. 3,   July 4,   April 4,   Jan. 3,   Sept. 27,
Calculations   2016       2015       2015       2015       2015       2014  
Equity $ 850,794     $ 842,272     $ 835,063     $ 808,468     $ 792,298     $ 781,133  
Debt – current   2,864       3,513       4,281       4,774       4,793       4,368  
Debt – non-current   259,289       259,257       259,284       260,025       260,990       262,046  
Cash and cash equivalents   (354,728 )     (357,106 )     (354,830 )     (356,296 )     (239,685 )     (346,591 )
  $ 758,219     $ 747,936     $ 743,798     $ 716,971     $ 818,396     $ 700,956  

Free Cash Flow Calculation

The Company defines free cash flow as cash flows provided by (or used in) operations less capital expenditures.  For the three months ended January 2, 2016 cash flow provided by operations was $21.3 million, less capital expenditures of $11.8 million, resulting in free cash flow of $9.5 million.

(in thousands, except per share data)
  Jan. 2,       Oct. 3,
    2016           2015  
Current assets:          
Cash and cash equivalents $ 354,728         $ 357,106  
Accounts receivable   360,220           384,680  
Inventories   549,501           569,371  
Deferred income taxes   10,662           10,686  
Prepaid expenses and other   23,130           22,882  
Total current assets   1,298,241           1,344,725  
Property, plant and equipment, net   313,656           317,351  
Deferred income taxes   3,584           3,635  
Other   36,559           36,677  
Total non-current assets   353,799           357,663  
Total assets $ 1,652,040         $ 1,702,388  
Current liabilities:          
Current portion of long-term debt and capital lease obligations $ 2,864         $ 3,513  
Accounts payable   368,030           400,710  
Customer deposits   71,863           81,359  
Accrued salaries and wages   35,715           49,270  
Other accrued liabilities   40,030           44,446  
Total current liabilities   518,502           579,298  
Long-term debt and capital lease obligations, net of current portion   259,289           259,257  
Deferred income taxes   9,664           9,664  
Other liabilities   13,791           11,897  
Total non-current liabilities   282,744           280,818  
Total liabilities   801,246           860,116  
Shareholders’ equity:          
Common stock, $.01 par value, 200,000 shares authorized,                   
50,558 and 50,554 shares issued, respectively,                  
and 33,276 and 33,500 shares outstanding, respectively   506           506  
Additional paid-in-capital   500,888           497,488  
Common stock held in treasury, at cost, 17,282 and 17,054, respectively   (518,431 )         (509,968 )
Retained earnings   875,165           860,717  
Accumulated other comprehensive (loss) income   (7,334 )         (6,471 )
Total shareholders’ equity   850,794           842,272  
Total liabilities and shareholders’ equity $ 1,652,040         $ 1,702,388  

(in thousands)
        Three Months Ended
        Jan. 2,       Oct. 3,       Jan. 3,
          2016           2015           2015  
Americas       $ 305,097         $ 359,142         $ 335,262  
Asia-Pacific         299,346           319,472           333,377  
Europe, Middle East, and Africa         42,087           42,556           28,079  
Elimination of inter-segment sales         (29,866 )         (52,440 )         (32,028 )
Total Revenue       $ 616,664         $ 668,730         $ 664,690  
Investor and Media ContactSusan Hanson+1.920.751.5491susan.hanson@plexus.com

County Bancorp, Inc. Announces Fourth Quarter Net Income of $2.9 Million and Record Net Income of $11.0 Million for 2015


  • Net income of $2.9 million for the fourth quarter of 2015 and $11.0 million for 2015
  • Earnings per share of $0.48 for the fourth quarter of 2015 and $1.85 for 2015
  • Loan growth of $100.1 million year-over-year

MANITOWOC, Wis., Jan. 20, 2016 (GLOBE NEWSWIRE) — County Bancorp, Inc. (NASDAQ:ICBK) today reported fourth quarter 2015 net income of $2.9 million.  This represents an increase of $0.8 million compared to the net income of the fourth quarter of 2014.  Net income for the year ended December 31, 2015 was $11.0 million which represents the highest annual net income recorded by the Company.  This represents a return on average assets of 1.35% for the year ended December 31, 2015 compared to 1.10% for the year ended December 31, 2014. 

“We are very pleased to share our fourth quarter results, reflecting another strong quarter of loan growth, steady net interest margin, and solid efficiency ratio, all of which contributed to record annual profitability,” said Timothy J. Schneider, President of County Bancorp, Inc. and CEO of its wholly-owned bank subsidiary, Investors Community Bank.  “In alignment with our strategic focus, in November we announced our intention to acquire Fox River Valley Bancorp, Inc. and its wholly owned subsidiary, The Business Bank, with offices in Appleton and Green Bay, Wisconsin.  Subject to customary closing conditions, we are working through the regulatory approval process and anticipate a closing in the second quarter of 2016.  With its commercial banking focus, Fox River Valley brings a solid diversification to our loan portfolio and two strong markets for future growth.  We are very excited about our partnership going forward with Fox River Valley.”

Total assets ended the year at $884.9 million, an increase of $40.1 million over total assets as of September 30, 2015, and an increase of $113.1 million over total assets as of December 31, 2014.  Total loans increased $100.1 million for the year ended December 31, 2015.

Non-performing assets increased to $27.5 million at December 31, 2015, an increase of $13.3 million and $8.8 million from September 30, 2015 and December 31, 2014, respectively. This increase was mainly due to the reclassification of one large relationship; however, we anticipate that it will be resolved in the first half of 2016.

Net income for the quarters ended December 31, 2015 and 2014 was $2.9 million and $2.1 million, respectively, and the increase was primarily the result of loan growth throughout 2015.  Diluted earnings per share increased to $0.48 for the three months ended December 31, 2015 from $0.43 for the three months ended December 31, 2014.  Return on average assets was 1.34% for the three months ended December 31, 2015 compared to 1.11% for the three months ended December 31, 2014. 

Net income for the year ended December 31, 2015 was $11.0 million compared to $8.2 million for the year ended December 31, 2014.  This represents year-over-year growth of 33.7% which was primarily driven by a $2.9 million increase in net interest income and a $0.8 million net recovery of loan losses.

About County Bancorp, Inc.

County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and our wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in Manitowoc, Wisconsin.  The state of Wisconsin is often referred to as “America’s Dairyland,” and one of the niches we have developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending.  We also serve business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin.  Our customers are served from our full-service locations in Manitowoc and Stevens Point and our loan production offices in Darlington, Eau Claire, Fond du Lac, and Sheboygan.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Factors that may cause actual results to differ materially from those made or suggested by the forward-looking information contained in this press release include those identified in County Bancorp, Inc.’s most recent annual report on Form 10-K and subsequent SEC filings.  Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Additional Information for Shareholders

The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval.  In connection with the proposed merger of County Bancorp, Inc. and Fox River Valley Bancorp, Inc., County Bancorp, Inc. filed a registration statement on Form S-4 with the SEC on January 15, 2016. The registration statement includes a proxy statement of Fox River Valley Bancorp, Inc., which also constitutes a prospectus of County Bancorp, Inc., that will be sent to the shareholders of Fox River Valley Bancorp, Inc. Shareholders are advised to read the registration statement and proxy statement/prospectus because it contains important information about County Bancorp, Inc., Fox River Valley Bancorp, Inc. and the proposed transaction.  This document and other documents relating to the transaction filed by County Bancorp, Inc. can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing County Bancorp, Inc.’s website at www.investorscommunitybank.com under the tab “Investor Relations” and then under “SEC Filings.” Alternatively, these documents can be obtained free of charge from County Bancorp, Inc. upon written request to County Bancorp, Inc., Attn: Secretary, 860 North Rapids Road, Manitowoc, Wisconsin 54221 or by calling (920) 686-9998, or from Fox River Valley upon written request to Fox River Valley Bancorp, Inc., Attn: Secretary, 5643 Waterford Lane, Appleton, Wisconsin 54913 or by calling (920) 739-2660. 

    December 31,

  December 31,

Selected Balance Sheet Data:                
(In thousands, except per share data)                
Total assets   $   884,889     $   771,756          
Total loans       748,189         648,122          
Allowance for loan losses       10,405         10,603          
Deposits       672,226         605,469          
Shareholders’ equity       107,024         80,043          
Common equity       99,024         72,043          
Stock Price Information:                
High – Year-to-date   $   24.20        N/A          
Low – Year-to-date   $   15.20       N/A          
Market price (2015)/Book value (2014) per common share   $   19.50     $   16.01          
Common shares outstanding       5,771,001         4,498,790          
Non-Performing Assets:                
(In thousands)                
Nonaccrual loans   $   24,579     $   11,555          
Other real estate owned       2,872         7,137          
Total non-performing assets   $   27,451     $   18,692          
Restructured loans not on nonaccrual   $   610     $   846          
Non-performing assets as a % of total loans     3.67 %     2.88 %        
Non-performing assets as a % of total assets     3.10 %     2.42 %        
Allowance for loan losses as a % of nonperforming assets     37.90 %     56.72 %        
Allowance for loan losses as a % of total loans     1.39 %     1.64 %        
Net charge-off (recoveries) year-to-date   $   (821 )   $   481          
Provision for loan loss year-to-date   $   (1,019 )   $   589          
    For the three months ended   For the year ended
    December 31,

  December 31,

  December 31,

  December 31,

Selected Income Statement Data:                
(In thousands, except per share data)                
Net interest income   $   6,986     $   6,261     $   26,247     $   23,360  
Provision for loan losses       306         589         (1,019 )       589  
Net interest income after provision for (recovery of) loan losses       6,680         5,672         27,266         22,771  
Non-interest income       2,375         1,981         7,685         7,148  
Non-interest expense       4,475         4,290         17,458         17,025  
Income tax expense       1,680         1,281         6,519         4,684  
Net income   $   2,900     $   2,082     $   10,974     $   8,210  
Return on average assets     1.34 %     1.11 %     1.35 %     1.10 %
Return on average shareholders’ equity     9.58 %     8.88 %     9.45 %     9.02 %
Return on average common shareholders’ equity (1)     11.35 %     11.10 %     11.27 %     11.37 %
Efficiency ratio (1)     47.08 %     45.94 %     49.95 %     50.99 %
Per Common Share Data:                
Basic   $   0.48     $   0.44     $   1.85     $   1.73  
Diluted   $   0.48     $   0.43     $   1.82     $   1.69  
Dividends declared   $   0.04     $   –      $   0.16     $   –   
(1) This is a non-GAAP financial measure.  A reconciliation to GAAP is included below.        
Non interest income:                
Service charges   $   295     $   229     $   1,039     $   788  
Loan servicing fees       1,276         1,199         4,924         4,717  
Loan servicing rights       424         105         399         221  
Gain on sale of loans       263         70         429         321  
Income on OREO       5         109         248         618  
Other       112         269         646         483  
Total   $   2,375     $   1,981     $   7,685     $   7,148  
Non-interest expense:                
Employee compensation and benefits   $   2,537     $   2,581     $   10,769     $   10,209  
Occupancy       78         70         338         299  
Information processing       178         234         705         875  
Professional fees       450         170         1,350         866  
FDIC assessment       138         129         459         526  
OREO expenses       23         64         284         750  
Writedown of OREO       74         461         256         1,190  
Net loss (gain) on OREO       (6 )       43         254         278  
Business development       171         11         542         413  
Other       832         527         2,501         1,619  
Total   $   4,475     $   4,290     $   17,458     $   17,025  
Non-GAAP Financial Measures                
Return on average common shareholders’ equity reconciliation:                
Return on average shareholders’ equity     9.58 %     8.88 %     9.45 %     9.02 %
Effect of excluding average preferred shareholders’ equity     1.77 %     2.22 %     1.82 %     2.35 %
Return on average common shareholders’ equity     11.35 %     11.10 %     11.27 %     11.37 %
Efficiency ratio GAAP to non-GAAP reconciliation:                
Non-interest expense   $   4,475     $   4,290     $   17,458     $   17,025  
Less: net loss on sales and write-downs of OREO       (68 )       (504 )       (510 )       (1,468 )
Adjusted non-interest expense (non-GAAP)   $   4,407     $   3,786     $   16,948     $   15,557  
Net interest income   $   6,986     $   6,261     $   26,247     $   23,360  
Non-interest income       2,375         1,981         7,685         7,148  
Operating revenue   $   9,361     $   8,242     $   33,932     $   30,508  
Efficiency ratio     47.08 %     45.94 %     49.95 %     50.99 %

    Three Months Ended
    December 31, 2015   December 31, 2014

Balance (1)



Balance (1)


Investment securities   $   84,667     $   364       1.72 %   $   79,981     $   345       1.72 %
Loans (2)       735,120         8,614       4.69 %       615,772         7,712       5.01 %
Interest bearing deposits due from other banks       16,198         24       0.59 %       19,431         20       0.42 %
Total interest-earning assets   $   835,985     $   9,002       4.31 %   $   715,184     $   8,077       4.52 %
Allowance for loan losses       (9,927 )               (10,671 )        
Other assets       39,642                 43,947          
Total assets   $   865,700             $   748,460          
Savings, NOW, money market, interest checking       172,155         203       0.47 %       144,747         171       0.47 %
Time deposits       421,340         1,493       1.42 %       385,581         1,316       1.37 %
Total interest-bearing deposits   $   593,495     $   1,696       1.14 %   $   530,328     $   1,487       1.12 %
Other borrowings       4,287         55       5.09 %       11,988         118       3.92 %
FHLB advances       59,331         203       1.37 %       22,130         90       1.63 %
Junior subordinated debentures       12,372         61       1.97 %       12,372         120       3.88 %
Total interest-bearing liabilities   $   669,485     $   2,015       1.20 %   $   576,818     $   1,815       1.26 %
Non-interest bearing deposits       65,970                 69,516          
Other liabilities       9,217                 8,374          
Total liabilities   $   744,672             $   654,708          
SBLF preferred stock (3)       15,000                 15,000          
Shareholders’ equity       106,028                 78,752          
Total liabilities and equity   $   865,700             $   748,460          
Net interest income           6,986                 6,261      
Interest rate spread (4)             3.11 %             3.26 %
Net interest margin (5)             3.34 %             3.50 %
Ratio of interest-earning assets to interest -bearing liabilities       1.25                 1.24          
    Year Ended
    December 31, 2015   December 31, 2014

Balance (1)



Balance (1)


Investment securities   $   82,812     $   1,401       1.69 %   $   77,060     $   1,371       1.78 %
Loans (2)       680,279         32,301       4.75 %       590,974         29,416       4.98 %
Interest bearing deposits due from other banks       17,333         65       0.38 %       42,208         110       0.26 %
Total interest-earning assets   $   780,424     $   33,767       4.33 %   $   710,242     $   30,897       4.35 %
Allowance for loan losses       (10,309 )               (10,566 )        
Other assets       41,416                 46,716          
Total assets   $   811,531             $   746,392          
Savings, NOW, money market, interest checking       158,610         746       0.47 %       134,378         639       0.48 %
Time deposits       401,643         5,492       1.37 %       409,175         5,515       1.35 %
Total interest-bearing deposits   $   560,253     $   6,238       1.11 %   $   543,553     $   6,154       1.13 %
Other borrowings       8,088         276       3.41 %       19,992         322       1.61 %
FHLB advances       44,331         606       1.37 %       12,279         581       4.73 %
Junior subordinated debentures       12,372         400       3.23 %       12,372         480       3.88 %
Total interest-bearing liabilities   $   625,044     $   7,520       1.20 %   $   588,196     $   7,537       1.28 %
Non-interest bearing deposits       62,430                 59,956          
Other liabilities       7,947                 7,185          
Total liabilities   $   695,421             $   655,337          
SBLF preferred stock (3)       15,000                 15,000          
Shareholders’ equity       101,110                 76,056          
Total liabilities and equity   $   811,531             $   746,393          
Net interest income           26,247                 23,360      
Interest rate spread (4)             3.13 %             3.07 %
Net interest margin (5)             3.36 %             3.29 %
Ratio of interest-earning assets to interest -bearing liabilities       1.25                 1.21          
(1) Average balances are calculated on amortized cost.                      
(2) Includes loan fee income, nonaccruing loan balances, and interest received on such loans.            
(3) The SBLF preferred stock refers to our Series C noncumulative perpetual preferred stock issued to the U.S. Treasury through the U.S. Treasury’s Small Business Lending Fund program.
(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest bearing liabilities.
(5) Net interest margin represents net interest income divided by average total interest-earning assets.        

Investor Relations ContactTimothy J. SchneiderCEO, Investors Community BankPhone: (920) 686-5604 Email: tschneider@investorscommunitybank.com

Twin Disc, Inc. Announces Fiscal 2016 Second-Quarter Earnings Conference Call and Press Release

RACINE, Wis., Jan. 19, 2016 (GLOBE NEWSWIRE) — Twin Disc, Inc. (NASDAQ:TWIN), today announced that it will release its fiscal 2016 second-quarter financial results before the market opens on Tuesday, February 2, 2016.  In conjunction with the earnings release, Twin Disc will be hosting a conference call to discuss these results and to answer questions at 11:00 a.m. Eastern Time on Tuesday, February 2, 2016.  To participate in the conference call, please dial 888-523-1228 five to 10 minutes before the call is scheduled to begin. The conference call ID is 1184091. A replay will be available from 2:00 p.m. February 2, 2016 until midnight February 9, 2016. The number to hear the teleconference replay is 877-870-5176.  The access code for the replay is 1184091. 

The conference call will also be broadcast live over the Internet. To listen to the call via the Internet, access Twin Disc’s website at http://ir.twindisc.com/index.cfm and follow the instructions at the web cast link. The archived web cast will be available shortly after the call on the Company’s website. 

Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty off-highway power transmission equipment.  Products offered include: marine transmissions, surface drivers, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and control systems.  The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets.  The Company’s worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.

Contact: Jeffrey S. Knutson(262) 638-4242

Jason Industries, Inc. Announces New Organizational Structure

MILWAUKEE, Jan. 19, 2016 (GLOBE NEWSWIRE) — Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (“Jason” or “the Company”), today announced it has realigned its organization to streamline operations, improve customer experience, achieve cost synergies and create long-term value for shareholders. Highlights of the new structure include:

  • Reorganized and streamlined sales organization, targeting core end-markets under two commercial groups
  • Focuses on manufacturing excellence and providing robust commercial services to customers, including the addition of a President and Chief Operating Officer to implement operational excellence initiatives through functional integration

“We have realigned the organization, creating centers of excellence within each function to support the success of our businesses and position the organization to best serve our customers,” said Jeffry N. Quinn, chairman and chief executive officer of Jason. “In addition to improving the way we operate our businesses, streamlining the organization will achieve cost synergies across Jason’s businesses, unlocking unrealized value for our shareholders.”

The Company’s commercial organization has been reorganized to drive profitable growth across Jason with a focus on targeting core end-markets within each segment. Srivas Prasad has been appointed Senior Vice President & General Manager – Seating and Acoustics, and Steve Carollo has been named Senior Vice President & General Manager – Finishing and Components. As part of this restructuring, Florestan von Boxberg and David Cataldi will be leaving the organization. We thank them for their years of service and wish them well. 

While the management structure of the commercial organization has been streamlined, Jason will continue to report separate financial results of the Company’s four segments – Seating, Finishing, Acoustics and Components.

The new structure includes the addition of a President and Chief Operating Officer as a key member of the executive leadership team. This role will have oversight of a streamlined, functional organization with centers of excellence in manufacturing, supply chain, environmental, safety and health, and product development and technology. Implementation of the new structure will integrate functions across Jason’s businesses, driving improved operational efficiency, performance and cost synergies. The Board of Directors has engaged an international search firm to identify a permanent President and Chief Operating Officer.  

In the interim, the Company has engaged Mr. A. Craig Ivey to serve as President, Chief Operating Officer and Global Manufacturing Lead; applying his 35 years of manufacturing, supply chain, business and leadership expertise. Ivey is a partner of Quinpario Partners LLC, an investment and operating company based in St. Louis. He previously served as President and General Manager of the Performance Films division for Solutia Inc., a global specialty chemical and performance materials company. As President and General Manager, Ivey had responsibility for all commercial, manufacturing, technology and strategic aspects of the business.

Quinn will further discuss the details of the new organization during the Company’s upcoming earnings call, scheduled for March 1, 2016. Details of the earnings call will be announced separately.

About Jason Industries

Jason Industries, Inc. is the parent company to a global family of manufacturing leaders within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, Ill.), DRONCO (Wunsiedel, Germany), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Osborn (Richmond, Ind. and Burgwald, Germany) and Sealeze (Richmond, Va.). All Jason companies utilize the Jason Business System, a collaborative manufacturing strategy applicable to a diverse group of companies that includes business principles and processes to ensure best-in-class results and collective strength. Headquartered in Milwaukee, Wis., Jason employs more than 4,400 individuals in 14 countries. To learn more, please visit www.jasoninc.com.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the Company’s businesses are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements.

The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward-looking statements.

More information on potential factors that could affect the Company’s financial condition and operating results is included in the “Risk Factors” section and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in the Company’s other filings with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

ContactsMedia: Melissa Zona 636.751.4057mzona@jasoninc.comInvestors: Chad Paris414.277.2007 investors@jasoninc.com 

First Business Financial Services Inc. Names Edward G. Sloane, Jr. to Serve as CFO

MADISON, Wis., Jan. 14, 2016 (GLOBE NEWSWIRE) — First Business Financial Services, Inc. (Nasdaq:FBIZ), today announced the appointment of Edward G. Sloane, Jr. as Chief Financial Officer, effective January 19, 2016.

Sloane brings to First Business more than 30 years of financial services experience, most recently serving as Executive Vice President, Chief Financial Officer and Treasurer with Peoples Bancorp, Inc., a $3.2 billion holding company in Marietta, Ohio.

“Ed’s experience and expertise are an excellent fit for First Business.  He brings a wealth of experience in acquisitions, strategy development, and investor relations, as well as a deep accounting background,” said Corey Chambas, President and Chief Executive Officer.  “We are very excited to have him join our team.”

In Sloane’s most recent role at Peoples Bancorp, Inc., he completed several bank and non-bank acquisitions.  Prior to that, he spent 19 years with WesBanco, Inc., a financial services company in Wheeling, West Virginia, where he held the positions of Senior Vice President – Strategic Planning & Analysis, Senior Vice President – Controller, and other roles.

Sloane received a BSBA in Accounting from Marshall University in Huntington, West Virginia.  He is a Certified Public Accountant.

Sloane will replace First Business Chief Financial Officer James Ropella, who will continue in the roles of Senior Vice President and Treasurer to facilitate the transition of the Chief Financial Officer position to Mr. Sloane.

About First Business Financial Services, Inc.

First Business Financial Services (NASDAQ:FBIZ) is a Wisconsin-based bank holding company, focused on the unique needs of businesses, business executives and high net worth individuals.  First Business offers commercial banking, specialty finance and private wealth management solutions, and because of its niche focus, is able to provide its clients with unmatched expertise, accessibility and responsiveness.  For additional information, visit www.firstbusiness.com or call 608-238-8008.

The First Business Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=25434

CONTACT:Barbara M. ConleySenior Vice President and General CounselFirst Business Financial Services, Inc.608-232-5902bconley@firstbusiness.com

Wisconsin Firm Ademi & O’Reilly, LLP Investigates Whether Anchor BanCorp Wisconsin Inc. Has Obtained a Fair Price in Its Sale to Old National Bancorp

MILWAUKEE, Jan. 13, 2016 (GLOBE NEWSWIRE) — We are investigating the Board of Directors of ABCW for possible breaches of fiduciary duty and other violations of state law in connection with the sale of ABCW to ONB.

Click here to learn how to join the action: http://www.ademilaw.com/case/anchor or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.

ABCW long-term financial outlook is improving and yet ABCW shareholders will receive only 3.5505 shares of ONB common stock. ONB is well aware of ABCW’s improving financial metrics and is purchasing ABCW at a substantial discount. The merger agreement unreasonably limits competing bids for ABCW by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should ABCW receive and accept a superior bid. ABCW insiders, their affiliates and other major shareholders own significant voting stock, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of ABCW. Our investigation centers on the conduct of ABCW’s Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for ABCW given its current financial condition and prospects. 

If you own stock in ABCW and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, or http://www.ademilaw.com/case/anchor.  

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:Ademi & O’Reilly, LLPGuri Ademi3620 East Layton Ave.Cudahy, WI 53110Toll Free: (866) 264-3995Fax: (414) 482-8001www.ademilaw.com

Old National Announces Largest Partnership in Its History, Expands Into Wisconsin With AnchorBank Partnership

  • Headquartered in Madison, AnchorBank is the Third Largest Bank Headquartered in Wisconsin
  • ONB’s Largest Partnership to Date: $2.2 Billion in Total Assets, $1.5 Billion in Loans, $1.8 Billion in Deposits, and $360 Million in Common Shareholders’ Equity
  • Partnership Includes 46 Banking Centers, 21 in Madison (Also Branches in Milwaukee and Fox Valley)
  • Anticipated Closing in 2nd Quarter 2016 

EVANSVILLE, Ind. and MADISON, Wis., Jan. 12, 2016 (GLOBE NEWSWIRE) — Evansville, Ind.-based Old National Bancorp (NASDAQ:ONB) (“Old National”) and Madison, Wisc.-based Anchor BanCorp Wisconsin Inc. (NASDAQ:ABCW) (“Anchor”), jointly announced today the execution of a definitive agreement under which Old National will acquire Anchor through a stock and cash merger.

With $2.2 billion in total assets, $1.5 billion in total loans, $1.8 billion in deposits, and $360 million in common shareholders’ equity as of Sept. 30, 2015, Anchor is a savings and loan holding company with AnchorBank, fsb (“AnchorBank”) as its wholly-owned subsidiary. Founded in 1919, AnchorBank operates 46 banking centers, including 32 banking centers in the Madison, Milwaukee and Fox Valley (Appleton, Neenah and Oshkosh) “triangle.” Twenty-one of these facilities are located in the capital city of Madison, home to the University of Wisconsin and one of the premier growth markets in the Midwest. This partnership marks a continuation of Old National’s strategy to focus the expansion of its franchise in demographically attractive and economically vibrant markets.

Founded in Evansville, Indiana in 1834, with $11.9 billion in total assets and 160 banking centers as of Sept. 30, 2015, Old National, the parent company of Old National Bank, is the largest financial services holding company headquartered in Indiana. When completed, this transaction will position Old National as the seventh largest deposit holder in the state of Wisconsin and the fifth largest in the Madison MSA.

Under the terms of the agreement, Anchor shareholders may elect to receive either 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they hold, subject to no more than 40% of the outstanding shares of Anchor may receive cash.  Based on Old National’s 10-day average closing share price through January 8, 2016 of $13.34, this represents a total transaction value of approximately $461 million.  The transaction value is likely to change until closing due to fluctuations in the price of Old National common stock and is also subject to adjustment under certain limited circumstances as provided in the merger agreement.  The definitive merger agreement has been unanimously approved by the Board of Directors of both Old National and Anchor.  The transaction remains subject to regulatory approval and the vote of Anchor shareholders.  The transaction is anticipated to close in the second quarter of 2016.

“This partnership, which marks Old National’s entry into the great state of Wisconsin, is a natural extension of our franchise and our growth strategy,” said Old National President & CEO Bob Jones. “Not only does it position Old National in strong, vibrant markets with proven growth potential, it also represents an exceptional cultural fit and an opportunity to continue the strong legacy of service that distinguishes AnchorBank.”

“Today’s transaction is a culmination of the tremendous turnaround at Anchor and a win-win for our communities, customers, employees and shareholders,” said AnchorBank President & CEO Chris Bauer.  “Old National Bank has a strong history of growth and a deep commitment to providing high-quality community banking and a rewarding workplace for its employees. We’re proud to become their newest partner and believe the legacy of AnchorBank’s community-based customer service will continue moving forward.”

Old National was advised by Stephens, Inc. and the law firm of Krieg DeVault LLP.  Anchor was advised by J.P. Morgan Securities LLC and the law firm of Skadden, Arps, Slate, Meagher & Flom LLP.

About Old National

Old National Bancorp (NASDAQ:ONB) is the largest financial services holding company headquartered in Indiana and, with $11.9 billion in assets, ranks among the top 100 banking companies in the U.S. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National’s footprint includes Indiana, Kentucky and Michigan.  In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns Old National Insurance, one of the 100 largest brokers in the U.S. For more information and financial data, please visit Investor Relations at oldnational.com.

About Anchor BanCorp Wisconsin Inc.

Anchor Bancorp is the parent company for AnchorBank, a community-based financial services company providing commercial, retail, mortgage, consumer finance and investment services to businesses and individuals from 46 banking locations throughout Wisconsin. Anchor Bancorp stock (ABCW) is listed on the NASDAQ Global Market and Russell Global Indexes. Visit AnchorBank online at www.anchorbank.com.

Conference Call
Old National will hold a conference call at 10:00 a.m. Central Time on Tuesday, January 12, 2016, to discuss the announced partnership with Anchor.  The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months.  A replay of the call will also be available from 7:00 a.m. Central Time on January 13 through January 27.  To access the replay, dial 1-855-859-2056, Conference ID Code 24106561.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the expected timing, completion, financial benefits and other effects of the proposed merger between ONB and Anchor. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: expected cost savings, synergies and other financial benefits from the proposed merger might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the requisite shareholder and regulatory approvals for the proposed merger might not be obtained; satisfaction of other closing conditions; delay in closing the proposed merger; the reaction to the transaction of the companies’ customers and employees; market, economic, operational, liquidity, credit and interest rate risks associated with ONB’s and Anchor’s businesses; competition; government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of ONB and Anchor to execute their respective business plans (including integrating the ONB and Anchor businesses); changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; failure or disruption of our information systems; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities or unfavorable resolutions of litigations; other matters discussed in this press release and other factors identified in ONB’s Annual Report on Form 10-K and other periodic filings with the SEC. These forward-looking statements are made only as of the date of this press release, and neither ONB nor Anchor undertakes an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this press release.

Additional Information About the Old National Bancorp/Anchor BanCorp Wisconsin Inc. Transaction

Communications in this document do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed merger, ONB will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Anchor and a Prospectus of ONB, as well as other relevant documents concerning the proposed transaction. Shareholders are urged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.  A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about ONB and Anchor, may be obtained at the SEC’s Internet site (http://www.sec.gov).  You will also be able to obtain these documents, free of charge, from ONB at www.oldnational.com under the tab “Investor Relations” and then under the heading “Financial Information” or from Anchor by accessing Anchor’s website at www.anchorbank.com under the tab “About Us.”

ONB and Anchor and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Anchor in connection with the proposed merger.  Information about the directors and executive officers of ONB is set forth in the proxy statement for ONB’s 2015 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 13, 2015.  Information about the directors and executive officers of Anchor is set forth in the proxy statement for Anchor’s 2015 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 27, 2015.  Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available.  Free copies of this document may be obtained as described in the preceding paragraph.

Old National Contacts:Media RelationsKathy Schoettlin – (812) 465-7269/(812) 319-2711Investor RelationsLynell Walton – (812) 464-1366Anchor Contacts:Media RelationsJennifer Ranville (616) 648-9928Investor RelationsBill James – (608) 252-1434