Universal American Corp. will reduce the value of some of its sub-prime holdings by $26.7 million to account for the reduced value of the assets, which has been revised downward to their worth as of Dec. 31.

The Rye Brook-based company took the action, it said today, in agreement with its auditors, after the assets were determined to be overvalued.

The after-tax impairment was shown as an unrealized loss in the preliminary balance sheet data that Universal American presented on Feb. 19 along with its earnings release, it said.

The majority of Universal American’s subprime holdings “have been placed on negative credit watch by rating agencies,” the company said in a statement.

The company said it continues to review the estimated fair value of the securities, believing that their value will further decrease in the first quarter.

Universal American said it believes that it “will recover principal and interest greater than the market prices currently indicate.”

Gamco Investors Inc., the money-management company run by Mario Gabelli, reported its fourth-quarter earnings dropped to $24.1 million from $27 million.

On a per-share basis, the company earned 84 cents during the quarter that ended in December, compared with 94 cents during the fourth quarter of 2006.

Assets under management — the amount of investor money the company held in its mutual and hedge funds — dropped 2 percent to $31 billion during the quarter, as the stock market sagged under the weight of a possible recession.

Progenics Pharmaceuticals Inc., an Eastview-based company that reported last week a key experimental drug failed a late-stage clinical trial, said this morning it lost $15.3 million, or 53 cents a share, during the fourth quarter of last year. A year earlier, the company lost $1.7 million, or 7 cents a share.

Revenues dropped to $15.5 million from $21.9 million. The company’s revenues consist mainly of the reimbursements it gets for its drug research and development initiatives under a collaboration agreement with Wyeth.

The companies are seeking to develop methylnaltrexone, a treatment for patients following colon surgery. Testing on the drug is continuing.

The Yonkers-based parent company of Hudson Valley Bank yesterday restated certain financial statements for 2005, 2006, and the first three quarters of 2007, but it said the changes would not affect figures on profits, net interest income, assets or shareholders’ equity.

In a filing with the Securities and Exchange Commission, Hudson Valley Holding Corp. said the changes affected the statements of cash flows involving operating and investing activities. It said the errors resulted from misclassification of changes in bank-owned life insurance, goodwill, and intangible assets as operating cash flows rather than investment cash flows.

In a separate filing, Hudson Valley Holding reported 2007 annual earnings rose 1.2 percent to $34.5 million, or $3.39 a share, from $34.1 million, or $3.35 a share, in 2006.

Net interest income rose 2.5 percent to $104.1 million last year from $99.6 million in 2006, and total assets rose 2 percent to $2.33 billion from $2.29 billion in 2006.

The company filed the reports after stock markets closed this afternoon. In trading today, the company’s stock rose 50 cents to $59.75 a share.

IntegraMed America Inc., the Purchase-based company that runs fertility centers and vein clinics, earned $3.26 million last year, a 1-percent gain from 2006, the company disclosed in a regulatory filing.

On a per-share basis, earnings were flat at 39 cents a share. Revenues for the year rose 20.3 percent to $152 million from $126.4 million in 2006, according to the Securities and Exchange Commission filing.

Shares of the company ended trading today up 81 cents a share to $9.85 each.

Higher stock-based compensation helped drive up the fourth-quarter loss at Hudson Technologies Inc., a Pearl River-based company that decontaminates large refrigeration equipment.

The company reported this morning it lost $986,000, or 5 cents a share, during the quarter that ended in December, compared with a loss of $110,000, or less than a penny a share, a year earlier.

The company said revenues were $2.73 million, a drop from the $2.77 million in the last quarter of 2006.

Kevin J. Zugibe, the chairman and chief executive, said the loss from the most-recently completed quarter included a non-cash $437,000 share-based compensation expense, higher interest expense on increased debt related to the 2007 stock repurchases, and additional taxes.

“Absent the non-cash expenses, the cash flow of the business remains very strong,” he said.

TAL International Group Inc. of Purchase, a lessor of freight containers and chassis, said yesterday that it had lower fourth-quarter profits on higher revenues.

The company reported net income of $3.4 million, or 10 cents a share, on revenue of $91.4 million. For the comparable quarter a year earlier, it had net income of $14.9 million. or 45 cents a share, on revenue of $79 million. Unrealized losses on interest rate swaps boosted the expense line last quarter.

For 2007, TAL had net income of $38.8 million, or $1.16 a share, on revenue of $343.3 million. For 2006, it had net income of $42.1 million, or $1.26 a share, on revenue of $305.6 million.

Presidential Life Corp. of Nyack reported lower fourth-quarter profits but higher profits for the year.

The company had net income last quarter of $4 million, or 14 cents a share. For the comparable quarter a year earlier, it had net income of $7.93 million, or 27 cents a share.

For 2007, it had net income of $63.7 million, or $2.16 a share. For 2006, it had net income of $49.7 million, or $1.69 a share.

Revenue figures were not released.

Jarden Corp., the consumer products company based in Rye, expects to reach its goal of $3 in earnings per share from continuing operations this year, Chief Executive Officer Martin E. Franklin told analysts this week.

The result is at the low end of the three-to-five year time frame that it targeted in January 2005 to reach the $3 goal. Franklin said the company still plans to achieve $5 in earnings per share from continuing operations by 2011.

BioScrip Inc. of Elmsford, a specialty pharmaceutical healthcare business, today reported higher fourth-quarter profits and revenues.

BioScrip had net income of $2.52 million, or 6 cents a share, on revenue of $309.2 million. For the comparable quarter a year earlier, it had a net loss of $28 million, or 75 cents a share, on revenue of $292.1 million.

The company said it set up a $25.7 million reserve in the earlier quarter.

For fiscal 2007, BioScrip had net income of $3.32 million, or 9 cents a share, on revenue of $1.2 billion. For fiscal 2006, it had a net loss of $38.3 million, or $1.03 a share, on revenue of $1.15 billion.

Barr Pharmaceuticals Inc., the company with research operations in Pomona, earned $32.5 million, or 30 cents a share, during the fourth quarter of last year.

Revenues were $668.7 million, the company reported this morning.

In the fourth quarter of calendar year 2006, Barr, the parent company of Rockland-based Barr Laboratories Inc., changed its fiscal year to end on Dec. 31 instead of June 30. Also, in October 2006, Barr bought Pliva d.d., a Croatian generics pharmaceutical company, for $2.4 billion.

Because of these two moves, the comparison of year-to-year figures is not meaningful, the company said.

Barr shares rose 50 cents yesterday to close at $49.19.

USA Bank of Port Chester lost $4.3 million, or 75 cents a share, for the year ended Dec. 31. A year earlier, the company lost $4.5 million, or $1.11 a share. Assets at Dec. 31 were $169.9 million. USA Bank opened in December 2005 and has a branch in Port Chester at 601 N. Main St.

Regeneron Pharmaceuticals, which has its headquarters in Eastview, lost $13.1 million during the fourth quarter of last year, compared with a loss of $31 million a year earlier, the company reported this morning.

On a per-share basis, the company lost 19 cents a share, compared with 51 cents in the fourth quarter of 2006.
Revenues rose to $64.73 million, from $10.25 million.

Regeneron shares closed at $18.46 yesterday, down 20 cents.

The company announced in November it would receive an $85 million upfront payment from French pharmaceutical company Sanofi-Aventis SA as part of an agreement to develop therapeutic antibodies for arthritis and cancer.

Regeneron and Bayer HealthCare AG are working on a treatment for eye disease in the elderly.

Spar Group Inc., a marketing company in Greenburgh, earned $1.5 million, or 8 cents a share, during the fourth quarter of last year, compared with a loss of $105,000, or a penny a share, a year earlier, the company reported this morning.

Revenues rose 16 percent to $18.4 million from $15.8 million, the company said.

Gary Raymond, the company’s president and chief executive, said Spar’s international revenue is growing strongly and the company has just begun executing a strategy to increase its U.S. revenue.

“As the world retail market becomes increasingly competitive we see many opportunities in the near and long term for our services to help existing and potential clients differentiate themselves in crowded retail markets,” he said.

Universal American Corp., a life and health insurance holding company based in Rye Brook, reported net income of $56.3 million for the fourth quarter, or 61 cents per share. That compares to net income of $64 million, or $1.06 per share, a year earlier. The prior year results included income from discontinued operations and the gain on sale of the Canadian operations of $49.9 million. Net income from continuing operations in the fourth quarter of 2006 was $14.1 million. Total revenues from continuing operations for the fourth quarter of 2007 rose 205 percent to $1.0 billion.

IntegraMed America Inc., the Purchase-based company that runs fertility centers and vein clinics, reported it earned $864,000 during the fourth quarter of 2007, a drop of 47 percent from the final quarter of 2006.

On a per-share basis, the company earned 10 cents, compared with 20 cents a year earlier. But the 2006 results included a special income tax benefit of 821,000, or 10 cents a share.

Revenues rose 40 percent to $45.29 million, the company said.

Jarden Corp., the consumer products company in Rye, reported this morning that it lost $11.2 million, or 15 cents a share, during the fourth quarter of last year, largely due to costs related to with the acquisition of K2 Inc. and stock-based compensation costs.

During the last quarter of 2006, Jarden, which markets Mr. Coffee, Sunbeam and Oster products, earned $35.7 million, or 52 cents a share.

Adjusted net income was $68.7 million, or 89 cents a share, during the most recent quarter, compared with $54.8 million, or 80 cents a share, a year earlier. That is computed not using generally accepted accounting principles.

Sales increased 38 percent to $1.5 billion, the company said.

Jarden shares closed at $24.65 yesterday, up $1.24.

CMS Bancorp Inc. of White Plains, the parent of Community Mutual Savings Bank, said it had a net loss of $130,000, or 7 cents a share, on net interest income of $1.3 million in the fourth quarter. For the comparable period a year earlier, it had a net loss of $13,000 on net interest income of $950,000.

The bank converted to stock ownership on April 4 last year. The company attributed the higher losses to higher legal and compensation-related expenses and a $15,000 loan loss reserve provision.

CMS Bancorp said it would consolidate its Greenburgh and White Plains branches at a new location at the Crossroads Shopping Plaza in Greenburgh, and open a new branch in Mount Kisco. The changes are scheduled for the second quarter.

Reduced expenses helped Drew Industries Inc. of White Plains squeeze more profits out of flat sales in the fourth quarter, the company said yesterday.

A supplier of components for recreational vehicles and manufactured housing, Drew said it had net income of $6.48 million, or 29 cents a share, on net sales of $137.8 million. For the comparable quarter a year earlier, it had net income of $3.65 million, or 17 cents a share, on net sales of $138.1 million.

Drew had lower cost of sales and interest expenses. A cost-reduction program last year eliminated more than 120 salaried workers, closed 18 factories, and consolidated those operations with other factories.

For 2007, it had net income of $39.8 million, or $1.80 a share, on net sales of $668.6 million. For 2006, it had net income of $31 million, or $1.42 a share, on net sales of $729.2 million.

The company said it couldn’t predict how the national economic slowdown would affect sales in 2008. January sales were off 4 percent year over year.

The company reported a 43 percent increase in revenues to $13 million for the second quarter of its fiscal 2008, compared with $9.1 million a year earlier.

The operating loss of $2.8 million was $1.6 million less than a year earlier.

Paul Intlekofer, president and chief executive officer of Nutrition 21, said in a statement released by the company: “We are pleased with the progress that was achieved during the quarter in terms of growing revenues strongly while meaningfully reducing our operating loss. Going forward, we look to make consistent progress on top-line revenues, while we place continued emphasis on achieving profitability in an optimal timeframe.”