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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: sun-tzu who wrote (128837)	10/12/2001 2:36:11 AM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

Providian issues a midnight warning...will be up tomorrow, no doubt!<G/NG> cbs.marketwatch.com Providian warns it won't hit target By CBS.MarketWatch.com Last Update: 12:35 AM ET Oct. 12, 2001 SAN FRANCISCO (CBS.MW) -- Providian Financial Corp. warned late Thursday that it will fall short of its third-quarter earnings estimates, and it will take an $85 million charge tied to problems collecting on finance charges. The company said it expects to make 19 to 21 cents a share, in contrast to its previous projections that it would earn 82 to 84 cents. San Francisco-based Providian (PVN: news, chart, profile) blamed the shortfall on "actions to strengthen the balance sheet in anticipation of continued weak credit conditions." It also reported lower-than-expected revenue from fee and finance charges in September, while credit losses came in higher than expected. Providian said it will have an incremental loan loss provision of about $186 million. It also will take a third-quarter charge of about $85 million tied to delinquent accounts. Official results will be reported Oct. 18, along with revised estimates for the fourth quarter, Providian said. Shares of Providian closed Thursday up 55 cents at $20.38.