WGNB sinks 19% on Q2 earnings loss

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Holding company WGNB Corp. (Nasdaq:WGNB) is down nearly 19% today to a 52-week low after it announced a second-quarter loss of $4.3 million, or $0.71 per share, compared with earnings of $2.3 million, or $0.45 per share, for the same quarter a year earlier. The company’s net loss through June 30 is $2.5 million, or $0.41 per share. The Carrollton, Ga.-based company said it was being impacted by the residential real estate construction and development drop.

“Our earnings in 2008 will be significantly impacted by this downturn in construction and development lending, and this downturn is likely not behind us,” said H.B. Lipham, III, CEO of WGNB, in a statement.

In today’s trading, shares of WGNB are at $6.85, down $1.60 from Thursday’s close. Trading volume was at more than 6,500 shares, compared with the average 2,000.

For detailed price information and recent news stories about WGNB Corp., click WGNB.