Renasant Corporation Announces 2007 Second Quarter Earnings


TUPELO, Miss., July 25, 2007 (PRIME NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced results for the second quarter of 2007. Basic earnings per share were $0.42 and diluted earnings per share were $0.41 for the second quarter of 2007, compared to basic earnings per share of $0.45 and diluted earnings per share of $0.44 for the second quarter of 2006. Net income for the second quarter of 2007 was $7,087,000 as compared to $7,043,000 for the second quarter of 2006. During the second quarter of 2006, net income included a negative provision for loan losses of $360,000 as compared to a provision for loan losses of $800,000 for the second quarter of 2007.

"We are pleased with our second quarter results, particularly, our ability to offset the negative provision recorded in the second quarter of 2006 with core sources of revenue and expense control," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "In addition, we completed our offering of 2.76 million shares of our common stock in the second quarter of 2007. As we expected, this decreased both basic and diluted earnings per share for the quarter by $0.02."

Total assets as of June 30, 2007 were $2.791 billion, representing a 6.9% increase from December 31, 2006 and an 11.5% increase since June 30, 2006. Total loans grew to approximately $1.978 billion at the end of the second quarter of 2007, an increase of 8.3% from $1.827 billion at December 31, 2006 and an increase of 14.3% from $1.730 billion at June 30, 2006. Total deposits grew to $2.223 billion at June 30, 2007, representing a 5.4% increase from December 31, 2006 and a 12.1% increase since June 30, 2006.

Net interest income grew to $21,519,000 for the second quarter of 2007 compared to $20,942,000 for the same period in 2006. Net interest margin declined to 3.66% for the second quarter of 2007 as compared to 3.96% for the second quarter of 2006. On a linked quarter basis, net interest margin was 3.66% for the second quarter of 2007 as compared to 3.67% for the first quarter of 2007.

Noninterest income increased 16.6% to $12,867,000 for the second quarter of 2007 from $11,033,000 for the second quarter of 2006. Increases in fee income from multiple sources, including insurance, mortgage lending, and loan and deposit fees, contributed to the rise in noninterest income.

Noninterest expense was $23,367,000 for the second quarter of 2007, up 5.9% compared to $22,059,000 for the second quarter of 2006.

Credit quality remained strong during the second quarter of 2007. Annualized net charge-offs as a percentage of average loans were 0.06% for the second quarter of 2007, slightly up from 0.04% for the first quarter of 2007 and compared to a net recovery of 0.20% for the second quarter of 2006. As previously mentioned, the second quarter of 2006 was positively impacted by net recoveries of $877,000. Non-performing loans as a percentage of total loans were 0.38% at June 30, 2007, as compared to 0.62% at December 31, 2006 and 0.45% at June 30, 2006. The allowance for loan losses as a percentage of loans was 1.04% at June 30, 2007, as compared to 1.07% at December 31, 2006 and 1.10% at June 30, 2006.

"As previously announced, we consummated our merger with Capital Bancorp, Inc. of Nashville, Tennessee, on July 1, 2007," stated McGraw. "We welcome the addition of Capital to our team and believe their values, culture and operating philosophy will blend smoothly with ours."

As of June 30, 2007, Capital Bancorp, Inc. had total assets of approximately $614 million, total loans of $517 million and total deposits of $490 million, and operated seven banking locations in the Nashville, Tennessee metropolitan area.

conference call information:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Thursday, July 26, 2007, through the Company's website: www.renasant.com, and through Thompson/CCBN's individual investor center at www.fulldisclosure.com, or any of Thompson/CCBN's Investor Distribution Network websites. The event will be archived on the Company's website for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 866-277-1181 in the United States and entering the participant passcode 24845481. International participants should dial 617-597-5358 and enter the participant passcode 24845481.

About Renasant Corporation:

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of July 25, 2007, Renasant has assets of approximately $3.4 billion and operates 70 banking, mortgage and insurance offices in Mississippi, Tennessee and Alabama.

The Renasant Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2567

Note to Investors:

This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.



 RENASANT CORPORATION
 (Unaudited)
 (Dollars in thousands, except per share data)
                                                       2007
                                             -------------------------
                                               Second         First
 Statement of earnings                        Quarter        Quarter
 ---------------------                       ----------     ----------
 Interest income - taxable
  equivalent basis                           $   44,399     $   42,534

 Interest income                             $   43,541     $   41,710
 Interest expense                                22,022         21,049
                                             ----------     ----------
    Net interest income                          21,519         20,661

 Provision for loan losses                          800            750
                                             ----------     ----------
    Net interest income after provision          20,719         19,911

 Service charges on deposit accounts              4,919          4,844
 Fees and commissions on loans and deposits       4,122          3,728
 Insurance commissions and fees                     918            810
 Trust revenue                                      618            567
 Gain (loss) on sale of securities                   (1)            79
 Gain on sale of mortgage loans                   1,225          1,146
 Other                                            1,066          1,503
                                             ----------     ----------
    Total non-interest income                    12,867         12,677

 Salaries and employee benefits                  13,083         12,927
 Occupancy and equipment                          2,836          2,731
 Data processing                                  1,265          1,202
 Amortization of intangibles                        391            394
 Other                                            5,792          5,247
                                             ----------     ----------
    Total non-interest expense                   23,367         22,501

 Income before income taxes                      10,219         10,087
 Income taxes                                     3,132          3,125
                                             ----------     ----------
    Net income                               $    7,087     $    6,962
                                             ==========     ==========

 Basic earnings per share                    $     0.42     $     0.45
 Diluted earnings per share                        0.41           0.44

 Average basic shares outstanding            17,029,781     15,554,515
 Average diluted shares outstanding          17,292,914     15,865,906

 Common shares outstanding                   18,356,974     15,560,006
 Cash dividend per common share              $    0.160     $    0.160

 Performance ratios
 ------------------
 Return on average shareholders' equity            9.74%         11.05%
 Return on average shareholders' equity,
  excluding amortization expense                  10.07%         11.44%
 Return on average assets                          1.04%          1.06%
 Return on average assets, excluding
  amortization expense                             1.07%          1.10%

 Net interest margin (FTE)                         3.66%          3.67%
 Yield on earning assets (FTE)                     7.25%          7.27%
 Average earning assets to average assets         89.74%         89.13%
 Average loans to average deposits                87.00%         86.12%

 Noninterest income (less securities gains/
    losses) to average assets                      1.89%          1.92%
 Noninterest expense to average assets             3.43%          3.43%
 Net overhead ratio                                1.54%          1.51%
 Efficiency ratio (FTE)                           66.30%         65.87%

 Average balances
 --------------------
 Total assets                                $2,735,556     $2,663,515
 Earning assets                               2,454,953      2,373,908
 Securities                                     476,742        444,420
 Loans, net of unearned                       1,954,517      1,885,122
 Intangibles                                     97,697         98,094

 Non-interest bearing deposits               $  257,273     $  258,071
 Interest bearing deposits                    1,951,730      1,899,474
    Total deposits                            2,209,003      2,157,545
 Other borrowings                               201,743        212,762
 Shareholders' equity                           291,864        255,470

 Asset quality data
 ------------------
 Nonaccrual loans                            $    5,905     $    6,368
 Loans 90 past due or more                        1,648          3,913
                                             ----------     ----------
 Non-performing loans                             7,553         10,281
 Other real estate owned and repossessions        2,309          2,897
                                             ----------     ----------
 Non-performing assets                       $    9,862     $   13,178
                                             ==========     ==========

 Net loan charge-offs (recoveries)           $      277     $      202
 Allowance for loan losses                       20,605         20,082

 Non-performing loans / total loans                0.38%          0.54%
 Non-performing assets / total assets              0.35%          0.48%
 Allowance for loan losses / total loans           1.04%          1.06%
 Allowance for loan losses /
      non-performing loans                       272.81%        195.33%
 Annualized net loan charge-offs /
     average loans                                 0.06%          0.04%

 Balances at period end
 ----------------------
 Total assets                                $2,791,295     $2,754,930
 Earning assets                               2,494,569      2,460,185
 Securities                                     460,606        462,588
 Mortgage loans held for sale                    38,048         29,098
 Loans, net of unearned                       1,977,941      1,889,799
 Intangibles                                     97,286         97,902

 Non-interest bearing deposits               $  274,336     $  273,726
 Interest bearing deposits                    1,949,018      1,991,620
    Total deposits                            2,223,354      2,265,346
 Other borrowings                               218,045        200,764
 Shareholders' equity                           316,634        258,566

 Market value per common share               $    22.74     $    24.68
 Book value per common share                      17.25          16.62
 Tangible book value per common share             11.95          10.33
 Shareholders' equity to assets (actual)          11.34%          9.39%
 Tangible capital ratio                            8.14%          6.05%
 Leverage ratio                                   11.02%          8.85%

 Detail of Loans by Category
 ---------------------------
 Commercial, financial, agricultural         $  265,062     $  243,274
 Lease financing                                  3,409          3,833
 Real estate - construction                     247,241        231,311
 Real estate - 1-4 family mortgages             669,557        654,604
 Real estate - commercial mortgages             715,408        676,015
 Installment loans to individuals                77,264         80,762
                                             ----------     ----------
    Loans, net of unearned                   $1,977,941     $1,889,799
                                             ==========     ==========

                                          2006
                    --------------------------------------------------
 Statement of         Fourth        Third       Second        First
  earnings            Quarter      Quarter      Quarter      Quarter
 ------------       ----------   ----------   ----------    ----------
 Interest income -
  taxable equivalent
  basis             $   41,654   $   40,916   $   38,437    $   36,632

 Interest income    $   40,809   $   40,070   $   37,597    $   35,817
 Interest expense       19,899       18,367       16,655        15,309
                    ----------   ----------   ----------    ----------
  Net interest 
   income               20,910       21,703       20,942        20,508

 Provision for
  loan losses              800          900         (360)        1,068
                    ----------   ----------   ----------    ----------
  Net interest 
   income after 
   provision            20,110       20,803       21,302        19,440

 Service charges on
  deposit accounts       4,809        4,686        4,527         4,424
 Fees and commissions
  on loans and
  deposits               3,530        3,662        3,659         3,003
 Insurance commissions
  and fees                 868          975          868           822
 Trust revenue             625          630          630           630
 Gain (loss) on sale
  of securities             --           --            4            21
 Gain on sale of
  mortgage loans         1,034        1,029          674           760
 Other                     898          731          671         1,773
                    ----------   ----------   ----------    ----------
   Total non-interest
    income              11,764       11,713       11,033        11,433

 Salaries and
  employee benefits     12,234       13,013       12,301        12,212
 Occupancy and
  equipment              2,773        2,788        2,688         2,786
 Data processing         1,124        1,122        1,053           982
 Amortization of
  intangibles              396          398          414           431
 Other                   5,484        5,724        5,603         5,480
                    ----------   ----------   ----------    ----------
  Total non-interest
   expense              22,011       23,045       22,059        21,891

 Income before
  income taxes           9,863        9,471       10,276         8,982
 Income taxes            2,914        2,839        3,233         2,481
                    ----------   ----------   ----------    ----------
   Net income       $    6,949   $    6,632   $    7,043    $    6,501
                    ==========   ==========   ==========    ==========

 Basic earnings per 
  share             $     0.45   $     0.43   $     0.45    $     0.42
 Diluted earnings
  per share               0.44         0.42         0.44          0.41

 Average basic
  shares out-
  standing          15,534,907   15,529,002   15,504,993    15,455,763
 Average diluted
  shares out-
  standing          15,917,314   15,904,213   15,832,310    15,743,906

 Common shares
  outstanding       15,536,475   15,531,611   15,521,611    15,496,004
 Cash dividend per
  common share      $    0.160   $    0.160   $    0.153    $    0.153

 Performance ratios
 ------------------
 Return on average
  shareholders'
  equity                 10.79%       10.70%       11.68%        11.00%
 Return on average
  shareholders'
  equity, excluding
  amortization
  expense                11.17%       11.09%       12.10%        11.44%
 Return on average
  assets                  1.07%        1.05%        1.14%         1.07%
 Return on average
  assets, excluding
  amortization
  expense                 1.11%        1.08%        1.18%         1.12%

 Net interest
  margin (FTE)            3.78%        4.02%        3.96%         3.99%
 Yield on earning
  assets (FTE)            7.23%        7.29%        7.00%         6.86%
 Average earning
  assets to average
  assets                 88.95%       88.46%       88.66%        88.16%
 Average loans to
  average deposits       87.91%       86.55%       85.06%        85.66%

 Noninterest income
  (less securities
  gains/losses) to
  average assets          1.82%        1.85%        1.78%         1.88%
 Noninterest expense
  to average assets       3.40%        3.63%        3.56%         3.61%
 Net overhead ratio       1.58%        1.79%        1.78%         1.73%
 Efficiency ratio
  (FTE)                  65.67%       67.26%       67.22%        66.83%

 Average balances
 ----------------
 Total assets       $2,569,719   $2,517,189   $2,485,527    $2,456,602
 Earning assets      2,285,878    2,226,598    2,203,677     2,165,821
 Securities            439,383      446,098      448,905       412,670
 Loans, net of
  unearned           1,828,637    1,770,135    1,721,426     1,689,106
 Intangibles            98,554       98,955       99,359        99,854

 Non-interest
  bearing deposits  $  260,823   $  269,051   $  258,886    $  256,548
 Interest bearing
  deposits           1,780,128    1,732,532    1,733,865     1,689,671
    Total deposits   2,040,951    2,001,583    1,992,751     1,946,219
 Other borrowings      241,642      239,295      225,201       245,093
 Shareholders'
  equity               255,494      245,946      241,841       239,771

 Asset quality data
 ------------------
 Nonaccrual loans   $    7,821   $    6,264   $    5,978    $    2,509
 Loans 90 past due
  or more                3,467        1,798        1,745         1,546
                    ----------   ----------   ----------    ----------
 Non-performing 
  loans                 11,288        8,062        7,723         4,055
 Other real estate
  owned and
  repossessions          4,579        3,502        3,697         3,922
                    ----------   ----------   ----------    ----------
 Non-performing
  assets            $   15,867   $   11,564   $   11,420    $    7,977
                    ==========   ==========   ==========    ==========
 Net loan charge-
  offs (recoveries) $      566   $      590   $     (877)   $      958
 Allowance for loan
  losses                19,534       19,300       18,990        18,473

 Non-performing
  loans/total loans       0.62%        0.46%        0.45%         0.24%
 Non-performing
  assets/total assets     0.61%        0.46%        0.46%         0.32%
 Allowance for loan
  losses/total loans      1.07%        1.10%        1.10%         1.11%
 Allowance for loan
  losses/non-per-
  forming loans         173.05%      239.39%      245.89%       455.56%
 Annualized net loan
  charge-offs/average
  loans                   0.12%        0.13%      -0.20%          0.23%

 Balances at
 period end
 -----------
 Total assets       $2,611,356   $2,530,892   $2,503,333    $2,509,220
 Earning assets      2,315,431    2,245,428    2,208,320     2,205,706
 Securities            428,065      438,287      434,567       429,169
 Mortgage loans held
  for sale              38,672       32,134       36,519        34,099
 Loans, net of
  unearned           1,826,762    1,761,842    1,729,861     1,664,479
 Intangibles            98,296       98,760       99,159        99,575

 Non-interest
  bearing deposits  $  271,237   $  257,764   $  272,686    $  272,672
 Interest bearing
  deposits           1,837,728    1,727,650    1,710,780     1,759,073
    Total deposits   2,108,965    1,985,414    1,983,466     2,031,745
 Other borrowings      216,423      264,983      252,671       214,054
 Shareholders'
  equity               252,704      250,622      241,043       239,418

 Market value per
  common share      $    30.63   $    28.07   $    26.90    $    24.63
 Book value per
  common share           16.27        16.14        15.53         15.45
 Tangible book value
  per common share        9.94         9.78         9.14          9.02
 Shareholders' equity
  to assets (actual)      9.68%        9.90%        9.63%         9.54%
 Tangible capital
  ratio                   6.14%        6.24%        5.90%         5.80%
 Leverage ratio           8.60%        8.79%        8.67%         8.59%

 Detail of Loans
 by Category
 ---------------
 Commercial,
  financial,
  agricultural      $  236,741   $  231,361   $  230,890    $  206,914
 Lease financing         4,234        4,617        5,284         6,548
 Real estate
  - construction       242,669      234,667      229,969       196,228
 Real estate -
  1-4 family
  mortgages            636,060      614,143      593,174       578,931
 Real estate
  - commercial
  mortgages            629,354      599,314      594,121       595,589
 Installment loans
  to individuals        77,704       77,740       76,423        80,269
                    ----------   ----------   ----------    ----------
   Loans, net of
    unearned        $1,826,762   $1,761,842   $1,729,861    $1,664,479
                    ==========   ==========   ==========    ==========

                                          For the Six Months
                       Q2 2007 -            Ended June 30,
                       Q2 2006    ------------------------------------
                       Percent                                Percent
Statement of earnings  Variance      2007          2006       Variance
---------------------  --------   ----------    ----------    --------

 Interest income -
  taxable equivalent
  basis                   15.51   $   86,933    $   75,069       15.80

 Interest income          15.81   $   85,251    $   73,414       16.12
 Interest expense         32.22       43,071        31,964       34.75
                       --------   ----------    ----------    --------
  Net interest income      2.76       42,180        41,450        1.76

 Provision for loan
  losses                (322.22)       1,550           708      118.93
                       --------   ----------    ----------    --------
   Net interest income
    after provision       (2.74)      40,630        40,742       (0.27)

 Service charges on
  deposit accounts         8.66        9,763         8,951        9.07
 Fees and commissions
  on loans and deposits   12.65        7,850         6,662       17.83
 Insurance commissions
  and fees                 5.76        1,728         1,690        2.25
 Trust revenue            (1.90)       1,185         1,260       (5.95)
 Gain (loss) on sale
  of securities         (125.00)          78            25      212.00
 Gain on sale of
  mortgage loans          81.75        2,371         1,434       65.34
 Other                    58.87        2,569         2,444        5.11
                       --------   ----------    ----------    --------
   Total non-interest
    income                16.62       25,544        22,466       13.70

 Salaries and employee
  benefits                 6.36       26,010        24,513        6.11
 Occupancy and
  equipment                5.51        5,567         5,474        1.70
 Data processing          20.13        2,467         2,035       21.23
 Amortization of
  intangibles             (5.56)         785           845       (7.10)
 Other                     3.37       11,039        11,083       (0.40)
                       --------   ----------    ----------    --------
   Total non-interest
    expense                5.93       45,868        43,950        4.36

 Income before income
  taxes                   (0.55)      20,306        19,258        5.44
 Income taxes             (3.12)       6,257         5,714        9.50
                       --------   ----------    ----------    --------
    Net income             0.62   $   14,049    $   13,544        3.73
                       ========   ==========    ==========    ========
 Basic earnings
  per share               (6.67)  $     0.86    $     0.87       (1.15)
 Diluted earnings
  per share               (6.82)        0.85          0.86       (1.16)

 Average basic shares
  outstanding              9.83   16,296,223    15,482,279        5.26
 Average diluted
  shares outstanding       9.23   16,578,103    15,792,869        4.97

 Common shares
  outstanding             18.27   18,356,974    15,521,611       18.27
 Cash dividend per
  common share             4.35   $    0.320    $    0.307        4.35

 Performance ratios
 ------------------
 Return on average
  shareholders' equity                 10.35%        11.34%
 Return on average
  shareholders' equity,
  excluding amortization
  expense                              10.70%        11.77%
 Return on average assets               1.05%         1.11%
 Return on average assets,
  excluding amortization
  expense                               1.09%         1.15%

 Net interest
  margin (FTE)                          3.66%         3.98%
 Yield on earning
  assets (FTE)                          7.26%         6.93%
 Average earning
  assets to average
  assets                               89.49%        88.45%
 Average loans to
  average deposits                     86.65%        85.47%

 Noninterest income
  (less securities
  gains/losses) to
  average assets                        1.90%         1.83%
 Noninterest expense
  to average assets                     3.43%         3.59%
 Net overhead ratio                     1.52%         1.76%
 Efficiency ratio (FTE)                66.09%        67.03%

 Average balances
 ----------------
 Total assets             10.06   $2,698,373    $2,471,384        9.18
 Earning assets           11.40    2,414,653     2,185,848       10.47
 Securities                6.20      460,669       431,883        6.67
 Loans, net of unearned   13.54    1,920,011     1,705,355       12.59
 Intangibles              (1.67)      97,894        99,649       (1.76)

 Non-interest bearing
  deposits                (0.62)  $  258,845    $  257,740        0.43
 Interest bearing
  deposits                12.57    1,925,746     1,711,890       12.49
    Total deposits        10.85    2,184,591     1,969,630       10.91
 Other borrowings        (10.42)     207,222       235,092      (11.85)
 Shareholders' equity     20.68      273,787       240,912       13.65

 Asset quality data
 ------------------
 Nonaccrual loans         (1.22)  $    5,905    $    5,978       (1.22)
 Loans 90 past due
  or more                 (5.56)       1,648         1,745       (5.56)
                                  ----------    ----------    
 Non-performing loans     (2.20)       7,553         7,723       (2.20)
 Other real estate
  owned and
  repossessions          (37.54)       2,309         3,697      (37.54)
                                  ----------    ----------
 Non-performing assets   (13.64)  $    9,862    $   11,420      (13.64)
                                  ==========    ==========

 Net loan charge-offs
  (recoveries)          (131.58)  $      479    $       81      491.36
 Allowance for loan
  losses                   8.50       20,605        18,990        8.50

 Non-performing
  loans/total loans                     0.38%         0.45%
 Non-performing
  assets/total assets                   0.35%         0.46%
 Allowance for loan
  losses/total loans                    1.04%         1.10%
 Allowance for loan
  losses/non-performing
  loans                               272.81%       245.89%
 Annualized net loan
  charge-offs/average
  loans                                 0.05%         0.01%

 Balances at period end
 ----------------------
 Total assets                     $2,791,295    $2,503,333       11.50
 Earning assets                    2,494,569     2,208,320       12.96
 Securities                          460,606       434,567        5.99
 Mortgage loans held
  for sale                            38,048        36,519        4.19
 Loans, net of unearned            1,977,941     1,729,861       14.34
 Intangibles                          97,286        99,159       (1.89)

 Non-interest bearing
  deposits                        $  274,336    $  272,686        0.61
 Interest bearing
  deposits                         1,949,018     1,710,780       13.93
   Total deposits                  2,223,354     1,983,466       12.09
 Other borrowings                    218,045       252,671      (13.70)
 Shareholders' equity                316,634       241,043       31.36

 Market value per
  common share                    $    22.74    $    26.90      (15.46)
 Book value per
  common share                         17.25         15.53       11.07
 Tangible book value
  per common share                     11.95          9.14       30.72
 Shareholders' equity
  to assets (actual)                   11.34%         9.63%
 Tangible capital ratio                 8.14%         5.90%
 Leverage ratio                        11.02%         8.67%

 Detail of Loans by
  Category
 ----------------------
 Commercial, financial,
  agricultural                    $  265,062    $  230,890       14.80
 Lease financing                       3,409         5,284      (35.48)
 Real estate
  - construction                     247,241       229,969        7.51
 Real estate - 1-4
  family mortgages                   669,557       593,174       12.88
 Real estate
  - commercial mortgages             715,408       594,121       20.41
 Installment loans to
  individuals                         77,264        76,423        1.10
                                  ----------    ----------
   Loans, net of
    unearned                      $1,977,941    $1,729,861       14.34
                                  ==========    ==========

 * Percent variance not meaningful
   Share and per share amounts have been restated to reflect the
   three-for-two stock split issued August 28, 2006


            

Coordonnées