Bakersfield

M.D. Atkinson closes on acquisition, Berry reports $21 million first-quarter loss, Valley Republic posts earnings of $3.7 million | News – Bakersfield, California

Bakersfield, California 2021-05-05 17:32:00 –

MD Atkinson Co. Inc., a leading local provider of real estate management services, has acquired a Certified Realty Services account since May 1st.

The deal was added to the portfolio of the 39-year-old company’s Homeowners Association, although the terms were not disclosed.

“We feel that (HOA) will benefit from additional resources and knowledge while leveraging technology to support timely and accurate reporting, accounting and maintenance,” MD Atkinson said in a news release. I am. “These benefits continue to provide the highest quality professional customer service and commitment to the care of our property.”

MD Atkinson manages commercial and residential real estate in Southern and Central California, including the Central Coast.

Local oil producer Berry Corp on Tuesday. Recorded a loss of $ 21 million in the first quarter.

A Dallas-based company with a strong presence in Bakersfield said in a news release that it cut non-energy costs by 11% compared to the fourth quarter of last year. The same comparison states that oil production has increased by 3% to 27,100 barrels of oil equivalent per day.

Berry also announced that it would split the second quarter into 4 cents per share.

In a release, Chairman and CEO Trem Smith said, “The quarter was strong. By managing what is under control, we can achieve production growth by improving capital efficiency and cost structure. Recorded non-energy operating expenses by strengthening. “

He criticized Governor Gavin Newsom’s announcement last month that hydraulic fracturing would be banned in California by 2024. Smith said the governor’s decision would not affect Berry’s activities.

“But this proposal is not in the best interests of Californians and does not support the state’s net carbon-neutral target for 2045,” Smith said. “According to a study, including a Governor-sponsored study, Californians will continue to demand fuel for transportation after 2045, so this ban only shifts the state’s sources from local producers. . Safety standards, to foreign oil producers who do not contribute to our economy and do not share our social or environmental standards. “

Berry shares, traded under the “BRY” symbol on the Nasdaq stock market, closed at $ 6.15 on Tuesday, falling 13½ cents (2.15 percent).

Valley Republic Bank’s parent company reported first-quarter revenue of $ 3.7 million, up 64% from the year-ago quarter.

Assets increased 41% to $ 1.35 billion and deposits increased 43% to $ 1.2 billion over the same period, according to Valley Republic Bancorp.

Bank lending also increased 54% to $ 988 million compared to the first quarter of 2020.

Valley Republic said in a news release that it chose to process all federal paycheck protection programs internally rather than selling them to third parties. He said this has become an industry standard.

“We believed that PPP would be very important to the community we serve, so we focused on successful implementation of the program,” said Geraud Smith, President and CEO, in the release. Work to ensure that these PPP funds are in the hands of business partners within our service area. By processing all loans in-house, you can fulfill your brand’s promises and reaffirm your commitment to the servicing community. “

M.D. Atkinson closes on acquisition, Berry reports $21 million first-quarter loss, Valley Republic posts earnings of $3.7 million | News Source link M.D. Atkinson closes on acquisition, Berry reports $21 million first-quarter loss, Valley Republic posts earnings of $3.7 million | News

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