In the news release, Southside Bancshares, Inc. Announces Third Quarter
Earnings, issued yesterday, Nov. 2, by Southside Bancshares, Inc. over PR
Newswire, the first paragraph, first sentence, should read "Southside
Bancshares, Inc. (Nasdaq: SBSI)" rather than "(Nasdaq: SBIB)" as incorrectly
transmitted by PR Newswire. Complete, corrected release follows:
Southside Bancshares, Inc. Announces Third Quarter Earnings;
NASDAQ National Market Symbol - 'SBSI'
TYLER, Texas, Nov. 2 /PRNewswire-FirstCall/ -- B. G. Hartley, Chairman and
Chief Executive Officer of Southside Bancshares, Inc. (Nasdaq: SBSI), reported
financial results for the third quarter ended September 30, 2005.
For the third quarter ended September 30, 2005 Southside reported net
income of $3,833,000, compared to $4,233,000 for the same period in 2004. The
decrease in net income of $400,000, or 9.4%, is primarily a result of an
increase in provision for loan losses of $485,000, or $320,000 net of tax and
a reduction in income from the sale of available for sale securities of
$351,000 or, $232,000 net of tax. The increase in provision for loan losses
is primarily due to one recovery received during the third quarter ended
September 30, 2004 of $299,000, or $197,000, net of tax, which offset the
provision for losses that would have been required during that quarter.
Earnings per fully diluted share were $0.32 for the third quarter ended
September 30, 2005 compared to $0.35 for the same period in 2004.
Southside reported net income of $11,105,000 for the nine months ended
September 30, 2005 compared to $12,399,000 for the same period in 2004. The
decrease in net income of $1,294,000, or 10.4%, is a direct result of a
reduction in income from the sale of available for sale securities, net of
tax, of $1.6 million when comparing the nine months ended September 30, 2005,
to the same period in 2004. When comparing the nine months ended
September 30, 2005 with the same period in 2004, net income, excluding losses
or gains on sales of available for sale securities, reflected an increase of
$343,000, or 3.2%. Earnings per fully diluted share were $0.92 for the nine
months ended September 30, 2005, compared to $1.02 for the same period in
2004, a decrease of $0.10, or 9.8%. Earnings per fully diluted share
attributable to the sale of securities were $0.13 for the nine months ended
September 30, 2004 compared to zero for the same period in 2005.
The annualized return on average shareholders' equity for the nine months
ended September 30, 2005 was 14.17% compared to 15.94% for the same period in
2004. The annualized return on average assets was 0.88% for the nine months
ended September 30, 2005, compared to 1.11% for the same period in 2004.
The Company continued to experience solid loan growth during the third
quarter ended September 30, 2005, as loans, net of unearned discount,
increased $19.9 million or 3.0%. During the nine months ended
September 30, 2005, loans, net of unearned discount, increased $55.2 million
or 8.8% from December 31, 2004. Loan growth during 2005 was actually stronger
than reported due to the sale of $6.2 million of student loans during the
second quarter ended June 30, 2005. Asset quality improved as non-performing
assets decreased $1.2 million, or 34.5%, to $2.3 million at September 30, 2005
when compared to $3.5 million at December 31, 2004. We believe that the
Company's asset quality ratios as reported in this earnings release remain
sound.
We are pleased to report deposits continued to increase during the third
quarter ended September 30, 2005 by $15.0 million. Overall during 2005,
deposits increased $80.3 million, or 8.5%, to $1.0 billion at
September 30, 2005 when compared to December 31, 2004. We are gratified
deposits continue to grow at an excellent pace as a result of our expanding
branch network and continued market penetration.
In the fourth quarter Southside anticipates opening its 31st banking
center in Palestine, Texas, approximately 50 miles southwest of Tyler. The
addition of the banking center in Palestine should complement and enhance
Southside's southern expansion efforts which already includes banking centers
in Jacksonville and Bullard. Southside has also purchased property in Gun
Barrel City where it plans to open a branch facility in the future. While
continued branch expansion has and will continue to impact short-term
earnings, the Company believes the potential long-term benefits to the Company
greatly outweigh the short-term expense.
The decrease in net income for the three months ended September 30, 2005,
when compared to the same period in 2004, was primarily attributable to an
increase in noninterest expense of $528,000, or 5.3%, an increase in provision
for loan losses of $485,000, or 100% and a decrease in income from the sale of
available for sale securities of $351,000, or 93.6%. Noninterest expense
increased primarily as a result of a $443,000, or 7.0% increase in salaries
and employee benefits due to higher staffing levels, salary increases and
increases in retirement expense.
The following items partially offset the decrease in net income for the
quarter ended September 30, 2005, when compared to the same period in 2004.
Net interest income of $10.4 million for the third quarter 2005, increased
$240,000, or 2.4%, over the third quarter 2004. Average total interest
earning assets, the primary factor in net interest income growth, increased
$181.4 million, or 12.7% from the third quarter 2004, to $1.6 billion for the
third quarter 2005. This more than offset the decrease in the Company's net
interest margin to 2.80% and net interest spread to 2.25% during the third
quarter ended September 30, 2005, when compared to 3.10% and 2.66%,
respectively, for the same period in 2004. Noninterest income, excluding
gains on sales of securities, was $5.4 million for the third quarter 2005, an
increase of $563,000, or 11.8%, over the third quarter 2004. The increase was
primarily a result of an increase in deposit services fee income. Provision
for federal tax expense of $921,000 for the third quarter 2005, decreased
$161,000, or 14.9%, from third quarter 2004 as a result of a decrease in
taxable income. The effective tax rate as a percentage of pre-tax income was
19.4% for the quarter ended September 30, 2005 compared to 20.4% for the
quarter ended September 30, 2004. The decrease in the effective tax rate was
due to the decrease in taxable income as a percentage of total income.
The decrease to net income during the nine months ended
September 30, 2005, when compared to the same period in 2004 was primarily
attributable to a decrease in gains on available for sale securities of
$2.5 million, or 101.3% and an increase in noninterest expense of
$2.2 million, or 7.4%. The decrease in net income for the nine months ended
September 30, 2005, when compared to the same period in 2004, was partially
offset by an increase in net interest income of $1.9 million, or 6.4%, an
increase in noninterest income, excluding security gains, of $1.3 million, or
9.3%, and a decrease in federal income tax expense of $620,000, or 19.8%.
Southside Bancshares, Inc. is a $1.7 billion holding company that owns
100% of Southside Bank. The bank currently has thirty banking centers in East
Texas.
To learn more about Southside Bancshares, Inc., please visit our investor
relations website at http://www.southside.com/investor . Our investor
relations site provides a detailed overview of our activities, financial
information, and historical stock price data. To receive e-mail notification
of company news, events, and stock activity, please register on the E-mail
Notification portion of the website. Questions or comments may be directed to
Susan Hill at (903) 531-7220, or susanh@southside.com
Certain statements of other than historical fact that are contained in
this document and in written material, press releases and oral statements
issued by or on behalf of Southside Bancshares, Inc., (the "Company") a bank
holding company, may be considered to be "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of 1995.
These statements may include words such as "expect," "estimate," "project,"
"anticipate," "believe," "could," "should," "may," "intend," "probability,"
"risk," "target," "objective," "plans," "potential," and similar expressions.
Forward-looking statements are subject to significant risks and uncertainties
and the Company's actual results may differ materially from the results
discussed in the forward-looking statements. For example, certain market risk
disclosures are dependent on choices about key model characteristics and
assumptions and are subject to various limitations. By their nature, certain
of the market risk disclosures are only estimates and could be materially
different from what actually occurs in the future. As a result, actual income
gains and losses could materially differ from those that have been estimated.
Other factors that could cause actual results to differ materially from
forward-looking statements include, but are not limited to general economic
conditions, either globally, nationally, in the State of Texas, or in the
specific markets in which the Company operates, legislation or regulatory
changes which adversely affect the businesses in which the Company is engaged,
adverse changes in Government Sponsored Enterprises (the "GSE") status or
financial condition impacting the GSE guarantees or ability to pay or issue
debt, economic or other disruptions caused by acts of terrorism in the United
States, Europe or other areas or military actions in Iraq, Afghanistan or
other areas, changes in the interest rate yield curve such as flat, inverted
or steep yield curves, or interest rate environment which impact interest
margins and may impact prepayments on the mortgage-backed securities
portfolio, changes impacting the leverage strategy, significant increases in
competition in the banking and financial services industry, changes in
consumer spending, borrowing and saving habits, technological changes, the
Company's ability to increase market share and control expenses, the effect of
changes in federal or state tax laws, the effect of compliance with
legislation or regulatory changes, the effect of changes in accounting
policies and practices and the costs and effects of unanticipated litigation.
At At At
Sept. 30, Dec. 31, Sept. 30,
2005 2004 2004
(dollars in thousands)
(unaudited)
Selected Financial Condition Data
(at end of period)
Total assets $1,733,735 $1,619,643 $1,541,671
Loans, net of unearned discount 679,169 624,019 615,255
Allowance for loan losses 7,038 6,942 6,816
Mortgage-backed and related
securities:
Available for sale 564,547 479,475 415,933
Held to maturity 229,113 241,058 247,256
Investment securities available for sale 109,659 133,535 128,655
Marketable equity securities available
for sale 29,321 26,819 24,818
Deposits 1,021,320 940,986 905,935
Long-term obligations 276,584 351,287 317,688
Shareholders' equity 105,447 104,697 106,600
Nonperforming assets 2,309 3,523 2,060
Nonaccrual loans 1,211 2,248 1,185
Loans 90 days past due 555 827 252
Restructured loans 242 193 179
Other real estate owned 121 214 436
Repossessed assets 180 41 8
Assets Quality Ratios:
Nonaccruing loans to total loans 0.18% 0.36% 0.19%
Allowance for loan losses to
nonaccruing loans 581.17 308.81 575.19
Allowance for loan losses to
nonperforming assets 304.81 197.05 330.87
Allowance for loan losses to total loans 1.04 1.11 1.11
Nonperforming assets to total assets 0.13 0.22 0.13
Net charge-offs to average loans 0.17 0.07 0.03
Capital Ratios:
Shareholders' equity to total assets 6.08 6.46 6.91
Average shareholders' equity to
average total assets 6.24 6.98 6.98
LOAN PORTFOLIO COMPOSITION
The following table sets forth loan totals net of unearned discount by
category for the periods presented:
At At At
Sept. 30, Dec. 31, Sept. 30,
2005 2004 2004
(dollars in thousands)
(unaudited)
Real Estate Loans:
Construction $39,667 $32,877 $42,922
1-4 Family Residential 195,342 168,784 163,319
Other 162,886 153,998 142,400
Commercial Loans 86,280 80,808 76,461
Municipal Loans 112,797 103,963 103,210
Loans to Individuals 82,197 83,589 86,943
Total Loans $679,169 $624,019 $615,255
At or for the At or for the
Three Months Nine Months
Ended Ended
September 30, September 30,
2005 2004 2005 2004
(dollars in (dollars in
thousands) thousands)
(unaudited) (unaudited)
Selected Operating Data:
Total interest income $20,438 $17,163 $58,602 $49,215
Total interest expense 10,050 7,015 27,624 20,106
Net interest income 10,388 10,148 30,978 29,109
Provision for loan losses 485 --- 947 525
Net interest income after provision
for loan losses 9,903 10,148 30,031 28,584
Non-interest income
Deposit services 3,775 3,476 10,849 10,424
Gain (loss) on sale of securities
available for sale 24 375 (32) 2,449
Gain on sale of loans 414 371 1,433 1,258
Trust income 394 320 1,033 894
Bank owned life insurance 231 184 673 628
Other 536 436 1,788 1,227
Total non-interest income 5,374 5,162 15,744 16,880
Non-interest expense
Salaries and employee benefits 6,776 6,333 20,782 19,133
Net occupancy expense 1,056 1,072 3,179 3,099
Equipment expense 204 189 624 549
Advertising, travel & entertainment 440 385 1,457 1,308
ATM expense 165 112 467 479
Director fees 144 145 459 438
Supplies 134 145 455 428
Professional fees 193 344 583 783
Postage 149 140 423 416
Other 1,262 1,130 3,727 3,298
Total non-interest expense 10,523 9,995 32,156 29,931
Income before federal tax expense 4,754 5,315 13,619 15,533
Income tax expense 921 1,082 2,514 3,134
Net income $3,833 $4,233 $11,105 $12,399
Common Share Data:
Weighted-average basic shares
outstanding 11,459 11,504 11,446 11,483
Weighted-average diluted shares
outstanding 12,011 12,170 12,035 12,155
Net income per common share
Basic $0.34 $0.37 $0.97 $1.08
Diluted 0.32 0.35 0.92 1.02
Book value per common share --- --- 9.15 9.25
Cash dividend declared per common share 0.11 0.10 0.33 0.30
Selected Performance Ratios:
Return on average assets 0.88% 1.10% 0.88% 1.11%
Return on average shareholders' equity 14.29 16.16 14.17 15.94
Average yield on interest earning assets 5.28 5.06 5.25 5.02
Average yield on interest bearing
liabilities 3.03 2.40 2.87 2.37
Net interest spread 2.25 2.66 2.38 2.65
Net interest margin 2.80 3.10 2.89 3.08
Average interest earning assets to
average interest bearing liabilities 122.41 122.57 121.95 122.29
Non-interest expense to average total
assets 2.42 2.60 2.56 2.69
Efficiency ratio 62.96 62.45 64.72 64.35
AVERAGE BALANCES AND YIELDS
(dollars in thousands)
(unaudited)
Nine Months Ended
September 30, 2005
AVG. AVG.
BALANCE INTEREST YIELD
ASSETS
INTEREST EARNING ASSETS:
Loans (A) (B) $650,862 $30,043 6.17%
Loans Held for Sale 4,467 160 4.79%
Securities:
Investment Securities (Taxable) (D) 51,893 1,451 3.74%
Investment Securities (Tax-Exempt) (C)(D) 69,499 3,691 7.10%
Mortgage-backed Securities (D) 761,223 25,379 4.46%
Marketable Equity Securities 27,686 736 3.55%
Interest Earning Deposits 666 15 3.01%
Federal Funds Sold 1,168 25 2.86%
Total Interest Earning Assets 1,567,464 61,500 5.25%
NONINTEREST EARNING ASSETS:
Cash and Due From Banks 41,579
Bank Premises and Equipment 30,817
Other Assets 46,520
Less: Allowance for Loan Loss (6,918)
Total Assets $1,679,462
LIABILITIES AND SHAREHOLDERS' EQUITY
INTEREST BEARING LIABILITIES:
Savings Deposits $50,868 $381 1.00%
Time Deposits 347,037 7,871 3.03%
Interest Bearing Demand Deposits 309,039 3,749 1.62%
Short-term Interest Bearing
Liabilities 266,924 6,810 3.41%
Long-term Interest Bearing
Liabilities - FHLB Dallas 290,875 7,875 3.62%
Long-term Debt (E) 20,619 938 6.00%
Total Interest Bearing Liabilities 1,285,362 27,624 2.87%
NONINTEREST BEARING LIABILITIES:
Demand Deposits 274,850
Other Liabilities 14,445
Total Liabilities 1,574,657
SHAREHOLDERS' EQUITY 104,805
Total Liabilities and
Shareholders' Equity $1,679,462
NET INTEREST INCOME $33,876
NET YIELD ON AVERAGE EARNING ASSETS 2.89%
NET INTEREST SPREAD 2.38%
(A) Loans are shown net of unearned discount. Interest on loans includes
fees on loans which are not material in amount.
(B) Interest income includes taxable-equivalent adjustments of $1,713 and
$1,625 for the nine months ended September 30, 2005 and 2004,
respectively.
(C) Interest income includes taxable-equivalent adjustments of $1,185 and
$1,255 for the nine months ended September 30, 2005 and 2004,
respectively.
(D) For the purpose of calculating the average yield, the average balance
of securities is presented at historical cost.
(E) Southside Statutory Trust III
Note: As of September 30, 2005 and 2004, loans totaling $1,211 and
$1,185, respectively, were on nonaccrual status. The policy is to
reverse previously accrued but unpaid interest on nonaccrual loans;
thereafter, interest income is recorded to the extent received when
appropriate.
AVERAGE BALANCES AND YIELDS
(dollars in thousands)
(unaudited)
Nine Months Ended
September 30, 2004
AVG. AVG.
BALANCE INTEREST YIELD
ASSETS
INTEREST EARNING ASSETS:
Loans (A) (B) $600,222 $27,428 6.10%
Loans Held for Sale 3,190 134 5.61%
Securities:
Investment Securities (Taxable) (D) 44,863 741 2.21%
Investment Securities (Tax-Exempt)(C)(D) 75,383 4,006 7.10%
Mortgage-backed Securities (D) 628,673 19,401 4.12%
Marketable Equity Securities 24,010 320 1.78%
Interest Earning Deposits 652 5 1.02%
Federal Funds Sold 8,638 60 0.93%
Total Interest Earning Assets 1,385,631 52,095 5.02%
NONINTEREST EARNING ASSETS:
Cash and Due From Banks 37,900
Bank Premises and Equipment 30,639
Other Assets 39,701
Less: Allowance for Loan Loss (6,524)
Total Assets $1,487,347
LIABILITIES AND SHAREHOLDERS' EQUITY
INTEREST BEARING LIABILITIES:
Savings Deposits $48,091 $152 0.42%
Time Deposits 319,160 5,761 2.41%
Interest Bearing Demand Deposits 279,930 1,311 0.63%
Short-term Interest Bearing
Liabilities 175,668 4,758 3.62%
Long-term Interest Bearing
Liabilities - FHLB Dallas 289,587 7,460 3.44%
Long-term Debt (E) 20,619 664 4.23%
Total Interest Bearing Liabilities 1,133,055 20,106 2.37%
NONINTEREST BEARING LIABILITIES:
Demand Deposits 240,652
Other Liabilities 9,757
Total Liabilities 1,383,464
SHAREHOLDERS' EQUITY 103,883
Total Liabilities and
Shareholders' Equity $1,487,347
NET INTEREST INCOME $31,989
NET YIELD ON AVERAGE EARNING ASSETS 3.08%
NET INTEREST SPREAD 2.65%
(A) Loans are shown net of unearned discount. Interest on loans includes
fees on loans which are not material in amount.
(B) Interest income includes taxable-equivalent adjustments of $1,713 and
$1,625 for the nine months ended September 30, 2005 and 2004,
respectively.
(C) Interest income includes taxable-equivalent adjustments of $1,185 and
$1,255 for the nine months ended September 30, 2005 and 2004,
respectively.
(D) For the purpose of calculating the average yield, the average balance
of securities is presented at historical cost.
(E) Southside Statutory Trust III
Note: As of September 30, 2005 and 2004, loans totaling $1,211 and
$1,185, respectively, were on nonaccrual status. The policy is to
reverse previously accrued but unpaid interest on nonaccrual loans;
thereafter, interest income is recorded to the extent received when
appropriate.
AVERAGE BALANCES AND YIELDS
(dollars in thousands)
(unaudited)
Quarter Ended
September 30, 2005
AVG. AVG.
BALANCE INTEREST YIELD
ASSETS
INTEREST EARNING ASSETS:
Loans (A) (B) $671,882 $10,602 6.26%
Loans Held for Sale 3,791 52 5.44%
Securities:
Investment Securities (Taxable) (D) 46,429 473 4.04%
Investment Securities (Tax-Exempt) (C) (D) 63,334 1,138 7.13%
Mortgage-backed Securities (D) 793,412 8,833 4.42%
Marketable Equity Securities 28,366 283 3.96%
Interest Earning Deposits 550 5 3.61%
Federal Funds Sold 1,185 10 3.35%
Total Interest Earning Assets 1,608,949 21,396 5.28%
NONINTEREST EARNING ASSETS:
Cash and Due From Banks 41,058
Bank Premises and Equipment 31,747
Other Assets 47,395
Less: Allowance for Loan Loss (6,914)
Total Assets $1,722,235
LIABILITIES AND SHAREHOLDERS' EQUITY
INTEREST BEARING LIABILITIES:
Savings Deposits $50,857 $142 1.11%
Time Deposits 361,048 2,981 3.28%
Interest Bearing Demand Deposits 312,195 1,451 1.84%
Short-term Interest Bearing
Liabilities 310,463 2,721 3.48%
Long-term Interest Bearing
Liabilities - FHLB Dallas 259,245 2,416 3.70%
Long-term Debt (E) 20,619 339 6.43%
Total Interest Bearing Liabilities 1,314,427 10,050 3.03%
NONINTEREST BEARING LIABILITIES:
Demand Deposits 286,088
Other Liabilities 15,292
Total Liabilities 1,615,807
SHAREHOLDERS' EQUITY 106,428
Total Liabilities and
Shareholders' Equity $1,722,235
NET INTEREST INCOME $11,346
NET YIELD ON AVERAGE EARNING ASSETS 2.80%
NET INTEREST SPREAD 2.25%
(A) Loans are shown net of unearned discount. Interest on loans
includes fees on loans which are not material in amount.
(B) Interest income includes taxable-equivalent adjustments of $582 and
$557 for the third quarter ended September 30, 2005 and 2004,
respectively.
(C) Interest income includes taxable-equivalent adjustments of $376 and
$429 for the third quarter ended September 30, 2005 and 2004,
respectively.
(D) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost.
(E) Southside Statutory Trust III
Note: As of September 30, 2005 and 2004, loans totaling $1,211 and
$1,185, respectively, were on nonaccrual status. The policy is to
reverse previously accrued but unpaid interest on nonaccrual loans;
thereafter, interest income is recorded to the extent received when
appropriate.
AVERAGE BALANCES AND YIELDS
(dollars in thousands)
(unaudited)
Quarter Ended
September 30, 2004
AVG. AVG.
BALANCE INTEREST YIELD
ASSETS
INTEREST EARNING ASSETS:
Loans (A) (B) $611,003 $9,247 6.02%
Loans Held for Sale 4,067 45 4.40%
Securities:
Investment Securities (Taxable) (D) 41,896 244 2.32%
Investment Securities (Tax-Exempt) (C) (D) 73,639 1,327 7.17%
Mortgage-backed Securities (D) 670,539 7,157 4.25%
Marketable Equity Securities 24,556 123 1.99%
Interest Earning Deposits 573 1 0.69%
Federal Funds Sold 1,304 5 1.53%
Total Interest Earning Assets 1,427,577 18,149 5.06%
NONINTEREST EARNING ASSETS:
Cash and Due From Banks 37,728
Bank Premises and Equipment 30,674
Other Assets 40,766
Less: Allowance for Loan Loss (6,690)
Total Assets $1,530,055
LIABILITIES AND SHAREHOLDERS' EQUITY
INTEREST BEARING LIABILITIES:
Savings Deposits $49,015 $57 0.46%
Time Deposits 319,338 1,966 2.45%
Interest Bearing Demand Deposits 277,401 488 0.70%
Short-term Interest Bearing
Liabilities 196,669 1,696 3.43%
Long-term Interest Bearing
Liabilities - FHLB Dallas 301,677 2,569 3.39%
Long-term Debt (E) 20,619 239 4.54%
Total Interest Bearing Liabilities 1,164,719 7,015 2.40%
NONINTEREST BEARING LIABILITIES:
Demand Deposits 252,296
Other Liabilities 8,834
Total Liabilities 1,425,849
SHAREHOLDERS' EQUITY 104,206
Total Liabilities and
Shareholders' Equity $1,530,055
NET INTEREST INCOME $11,134
NET YIELD ON AVERAGE EARNING ASSETS 3.10%
NET INTEREST SPREAD 2.66%
(A) Loans are shown net of unearned discount. Interest on loans
includes fees on loans which are not material in amount.
(B) Interest income includes taxable-equivalent adjustments of $582 and
$557 for the third quarter ended September 30, 2005 and 2004,
respectively.
(C) Interest income includes taxable-equivalent adjustments of $376 and
$429 for the third quarter ended September 30, 2005 and 2004,
respectively.
(D) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost.
(E) Southside Statutory Trust III
Note: As of September 30, 2005 and 2004, loans totaling $1,211 and
$1,185, respectively, were on nonaccrual status. The policy is to
reverse previously accrued but unpaid interest on
nonaccrual loans; thereafter, interest income is recorded to the
extent received when appropriate.
SOURCE Southside Bancshares, Inc.
-0- 11/03/2005 C DAW065
/CONTACT: Susan Hill of Southside Bancshares, Inc., +1-903-531-7220, or
susanh@southside.com /
/Web site: http://www.southside.comhttp://www.southside.com/investor /
(SBSI)
CO: Southside Bancshares, Inc.
ST: Texas
IN: FIN
SU: ERN
JP-AP
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6321 11/03/200514:30 ESThttp://www.prnewswire.com