Rochester, New York 5/27/2009 1:06:30 AM
News / Finance

WhisperfromWallStreet.com NYSE Afternoon gainers - AIFC CAPITAL TRUST VI (NYSE: IFC-PM) - VERSO PAPER CORP (NYSE: VRS) - VIRGIN MOBILE USA (NYSE: VM)

Irwin Financial Corp - Verso Paper Corp - Virgin Mobile USA

WhisperfromWallStreet.com NYSE Afternoon gainers - AIFC CAPITAL TRUST VI (NYSE: IFC-PM) - VERSO PAPER CORP (NYSE: VRS) - VIRGIN MOBILE USA (NYSE: VM)

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NYSE Afternoon Gainers

AIFC CAPITAL TRUST VI (NYSE: IFC-PM)

Irwin Financial Corporation (NYSE: IFC), today announced a loss of $94 million for the first quarter of 2009, or $3.17 per diluted share principally due to credit provisions and costs related to its strategic restructuring. The Corporation's first quarter loss compares to a loss of $104 million in the fourth quarter of 2008. In neither period is the Corporation applying the potential benefits of losses for federal or state tax purposes.

"In the first quarter, we completed another step in our restructuring plan to re-focus our bank on small business and community banking with the sale of our home equity servicing assets. Our restructuring started two years ago with the sale of our conforming mortgage business. Since that time we have completed our exit from the national mortgage, equipment leasing, and home equity segments, except for a liquidating portfolio of home equity loans. With the transactions in March, we removed approximately $700 million of these home equity loans and other assets. We increased our deposits in the first quarter and both of our banking subsidiaries remain adequately capitalized," said Will Miller, Chairman and CEO of Irwin Financial.

VERSO PAPER CORP (NYSE: VRS)

Verso Paper Corp. posted a 37 percent decrease in net sales for the first quarter of 2009 compared to the year-ago quarter.

Verso had net sales of over $287 million in the first quarter and sales of over $453 million in first quarter 2008.

The company’s sales decrease is directly related to historically low shipments for coated papers, which are typically used for print ads. Ad spending has been reduced greatly because of current economic conditions, according to Robert Mundy, senior vice president and COO of Verso.

Memphis-based Verso is also reporting net income of $54.5 million or $1.05 per share for the first quarter of 2009, compared to a net loss of $3.1 million or $0.08 per share for the first quarter of 2008.

VIRGIN MOBILE USA (NYSE: VM)

John Feehan, Chief Financial Officer of Virgin Mobile USA, Inc. (VM - News), will present at the Barclays Capital Worldwide Wireless and Wireless Conference at the Crowne Plaza Times Square, New York on Wednesday, May 27, 2009, at approximately 2:45 p.m. EST. Investors may listen to the investor conference webcast by logging onto Virgin Mobile USA's investor relations homepage at http://investorrelations.virginmobileusa.com prior to the start of the presentation. The live webcast will be archived on Virgin Mobile USA's IR website following the conference. Presentation materials will also be available for download on Virgin Mobile USA's Investor Relations homepage.

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