Hudson Valley Holding Corp. of Yonkers said that its earnings were lower than what it reported last month because of a setback on an investment security.

The actual earnings for the first nine months of the year were $25.4 million—- not the $26 million that the company reported in an earnings release on Oct. 20, Hudson Valley announced today. Earnings per share were $2.48 compared to $2.53 a year earlier.

The company is the parent of Hudson Valley Bank, which operates 28 branches in the region.

“Subsequent to our original announcement, while performing our standard quarter end review of our financial results, we received new information regarding one of our investment securities,” James J. Landy, president and chief executive officer, said in a written statement.

Because of an “unexpected impairment” in the security, the company has revalued the security and taken a pre-tax, non-cash charge of $1.06 million, according to Landy.

Barr Pharmaceuticals Inc., which has generic-drug research operations in Pomona, earned $31 million, or 28 cents a share, on revenues of $737 million in the third quarter.

A year earlier, the company earned $39 million, or 36 cents a share, on revenues of $602 million.

But the company said that by a different calculation – one that does not comply with generally accepted accounting principles – its adjusted earnings per share rose to 83 cents from 71 cents last year.

In July, Israeli drug giant Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, announced plans to buy Barr, which has its Barr Laboratories Inc. subsidiary in Pomona.

Bruce L. Downey, the company’s chairman and chief executive, said sales of generic oral contraceptives in the United States were strong in this year’s third quarter.

He added: “We are pleased that we continued to make progress during the quarter toward completion of the acquisition of Barr by Teva, and we and Teva continue to anticipate completing this transaction prior to the end of the year.”

Barr shares were trading at $62.82, up 50 cents, at 9:40 a.m.

Jerry Gleeson
The Journal News
The parent company of Provident Bank in Montebello said it had higher profits and revenues for the fourth quarter and its full fiscal year, citing loan growth and more efficient operations.
The parent, Provident New York Bancorp, said that for the fourth quarter ending Sept. 30, it had net income of $6.5 million, or 17 cents a share, on net interest income of $25.5 million. For the comparable quarter a year earlier, it had net income of $5.15 million, or 13 cents a share, on net interest income of $22.2 million.
For fiscal 2008, it had net income of $23.8 million, or 61 cents a share, on net interest income of $95.3 million. for fiscal 2007, it had net income of $19.6 million, or 48 cents a share, on net interest income of $84.7 million.
Loans at Sept. 30 grew to $93.5 million, up 5.7 percent from the end of fiscal 2007. Growth was mainly in the commercial sector, the bank said.
The company charged off $1 million in the fourth quarter, compared to $812,000 in the third quarter and $910,000 for the fourth quarter of fiscal 2007. It said it doesn’t originate subprime residential mortgages and doesn’t hold any preferred stock in government sponsored entities that needs to be written down.
Provident’s efficiency ratio improved. The ratio, a figure that reflects the amount of revenue that covers expenses, dropped from 70.1 percent in the fourth quarter of fiscal 2007 to 63.2 percent in the fourth quarter of 2008.

Reach Jerry Gleeson at jgleeson@lohud.com or 914-694-5026.

Purchase-based Nutrition 21 Inc., which markets nutritional supplements, lost $900,000, or a penny a share, during the fourth quarter of its fiscal 2008, the company said this morning.

That was an improvement over the fourth quarter of 2007, when the company lost $8.2 million, or 13 cents a share.

Revenues rose 2 percent to $11 million from $10.8 million.

Earnings before interest, taxes, depreciation and amortization — considered a good measure of a company’s underlying strength — were $800,0000. It was the first time the company had a positive number in more than three years.

Michael Zeher, the company’s president and chief executive, said in a statement released by the company: “The dramatic improvement in the operating results for the quarter reflects the considerable traction that is ongoing in the execution of our new business plan.”

He said the company has re-branded its products under the Iceland Health name, which has saved on promotional expenses.

Students who graduate from Pace University can expect to earn roughly the same as those who graduate from Ivy League colleges, putting Pace among the top 50 colleges in the nation, a survey of salaries has shown.

Pace graduates earn a starting median salary of $53,200, only a few thousand less than graduates of Yale University, according to a recent article in BusinessWeek.

Yale was number one on the list with a starting median salary of $59,100. Other schools listed along with Pace include Dartmouth, Harvard, Princeton, Stanford and Columbia.

The article listed a mid-career median salary of $89,700 and top incomes of $187,000 for Pace graduates. Pace has campuses in Pleasantville, White Plains and Manhattan.

The BusinessWeek list was compiled from analysis on a report published by PayScale that lists Pace University as one of the “Best Northeastern Colleges in the U.S. by Salary Potential.”

Visit BusinessWeek Web site to view the Pace listing.